With ADNOC acquiring a 35% equity stake in ExxonMobil’s proposed low-carbon hydrogen facility in Baytown, Texas, this ambitious project sets the stage for the world’s largest low-carbon hydrogen production facility. This flagship initiative holds the potential to transform global energy markets and showcases the business opportunities inherent in the energy transition.

The Baytown Project: A Marvel of Sustainable Engineering

The Baytown project is nothing short of a marvel. Leveraging advanced carbon capture and storage technologies, this facility will convert U.S.-produced natural gas into hydrogen, with approximately 98% of carbon emissions removed. The result? Virtually carbon-free hydrogen. Upon completion, the facility will produce up to 1 billion cubic feet of low-carbon hydrogen per day and more than 1 million tons of low-carbon ammonia annually.

This project is more than a technological triumph; it represents a new direction for energy giants. ADNOC and ExxonMobil, two of the world’s largest energy producers, are committed to reducing greenhouse gas emissions and decarbonizing hard-to-abate sectors like transportation and heavy industry.

Opportunities for Business and Global Leadership

For businesses looking to be part of the energy transition, the opportunities are vast. The Baytown facility not only promises to create U.S. jobs but also to enhance U.S. competitiveness in the global hydrogen market. With ExxonMobil and ADNOC at the helm, there is potential for far-reaching supply chain involvement—from construction firms to advanced carbon capture technology providers.

The significance of this project is more than just economic. It positions the U.S. as a leader in clean energy, ensuring that global energy markets can shift toward sustainable alternatives without sacrificing growth or competitiveness. This pioneering approach presents a blueprint for future projects across the world.

A Commitment to Sustainability and Community Development

ADNOC and ExxonMobil are not just focused on environmental sustainability—they are also committed to fostering social and economic development. Following the final investment decision (FID) expected in 2025, ADNOC plans to support community initiatives in the Baytown area, demonstrating a holistic approach to sustainable development that goes beyond the energy sector.

This level of community involvement highlights the growing expectation that major energy projects provide tangible benefits for local economies, aligning corporate strategies with the global sustainability agenda.

A Visionary Path Forward

The partnership between ADNOC and ExxonMobil reflects the possibilities for both energy companies and other industries to seize the opportunities of the energy transition. As demand for low-carbon hydrogen and ammonia rises globally, projects like Baytown serve as a flagship for innovation, collaboration, and economic growth. For businesses with a vision for the future, the Baytown project is a testament to the enormous potential that lies within the energy shift.

As we look ahead, this venture is set to inspire more groundbreaking collaborations, further accelerating the path to a net-zero future. Business opportunities in the energy transition are vast, and projects like this prove that the time to invest in a sustainable future is now.

About The OGM

The OGM is a leading platform for energy, business, and technology insights. With a finger on the pulse of global energy developments, The OGM connects industry professionals with the knowledge and opportunities that drive growth and innovation in a dynamic world.

Investing in Nature’s Guardians

From 2023 to 2026, the Canadian Biosphere Regions Association and 19 UNESCO biosphere regions will benefit from this substantial funding. These regions are not just patches of protected land; they represent a delicate balance where human communities coexist harmoniously with nature. The funding will support a variety of conservation activities, including biodiversity research, habitat restoration, sustainable land management, and deeper engagement with local stakeholders.

Minister Guilbeault emphasized, “Biosphere regions are balancing environment conservation with economic development while considering local social and cultural needs. They are an excellent example of how communities can help tackle global issues like biodiversity loss and climate change.”

Quebec’s Biosphere Regions: A Focal Point

Quebec’s biosphere regions will receive a significant portion of the investment, with $2 million earmarked for Charlevoix, Lac Saint-Pierre, Manicouagan-Uapishka, and Mont Saint-Hilaire. This funding aims to enhance conservation activities through habitat restoration, stewardship, and strategic land acquisitions. Specifically, the Mont Saint-Hilaire Biosphere Region will receive over $650,000, allowing for the legal protection of an additional 90 hectares and the restoration of nine hectares over the next two years.

Éric Malka, Executive Director of Connexion Nature and the Mont Saint-Hilaire Biosphere Region remarked, “This funding is a catalyst for the conservation of natural habitats. It will allow us to accelerate the acquisition and protection of natural habitats, not only in Mont Saint-Hilaire but across all biosphere regions in Canada.”

Expanding Canada’s Conservation Legacy

Today’s funding builds on previous investments, including the $11.3 million allocated since 2021, which has already facilitated the protection of over 71,374 hectares. This area, equivalent to almost three times the size of the city of Laval, underscores the scale of Canada’s commitment to conservation. The investments are designed to help Canada meet its 2030 conservation targets while supporting local communities and ecosystems.

Sherry Romanado, Member of Parliament, highlighted the importance of this funding, stating, “Today’s commitment demonstrates our determination to protect and preserve our precious ecosystems. Together, we are making remarkable progress towards a sustainable future for our communities and for future generations.”

Building a Sustainable Future, One Biosphere at a Time

Canada’s biosphere regions serve as living laboratories where conservation, sustainable development, and community engagement intersect. The Canadian Biosphere Regions Association, along with the 19 designated regions, plays a crucial role in balancing human needs with ecological resilience. These efforts not only protect biodiversity but also contribute to sustainable livelihoods and broader global environmental goals.

Kate Potter, Executive Director of the Canadian Biosphere Regions Association, expressed gratitude for the funding, saying, “Biodiversity conservation is a core element of a biosphere region’s mission. These areas are dedicated to balancing the needs of human communities with the protection of natural ecosystems.”

The Road Ahead: Protecting Canada’s Natural Heritage

As Canada continues its journey toward meeting its 2030 conservation goals, the importance of initiatives like the UNESCO Biosphere Regions cannot be overstated. These regions exemplify what is possible when communities, governments, and organizations work together to protect and preserve our environment. With this funding, Canada is taking a bold step forward, ensuring that its natural heritage remains protected for future generations.

Yves-Gérard Méhou-Loko, Secretary General of the Canadian Commission for UNESCO, aptly noted, “The UNESCO-designated regions are real catalysts for implementing sustainable development goals and achieving the targets of the Kunming-Montréal Global Biodiversity Framework.”

A Collaborative Effort for Lasting Change

The $11.7 million investment is more than just a financial commitment; it is a pledge to safeguard Canada’s biodiversity and set a global example. With continued collaboration among municipalities, donors, volunteers, landowners, and stakeholders, the country is poised to protect even more natural habitats, ensuring that Canada’s rich ecological legacy endures.

Source: Environment and Climate Change Canada

The financing, secured through an innovative club deal structure, includes investments from major players like Infranity, Schroders Capital, Rivage, BNP Paribas Asset Management, and Queensland Investment Corporation (QIC). With an option to expand to €800 million, this deal provides a critical financial backbone to Enfinity’s mission of delivering clean, reliable, and sustainable energy solutions across Italy.

Powering Italy’s Green Future: Enfinity’s Vision Unfolds

Enfinity Global currently manages an impressive 4.8 GW portfolio of solar and energy storage projects in various stages of development across Italy. This extensive pipeline not only positions Enfinity as a leading independent power producer but also underscores Italy’s potential to become a renewable energy powerhouse in Europe.

Carlos Domenech, CEO of Enfinity Global, emphasized the strategic importance of this investment. “We are grateful to our investors for their partnership in building this uniquely positioned 1.5 GW portfolio,” Domenech said. “The energy transition to a sustainable, carbon-neutral economy that powers the future requires significant investments. At Enfinity, we take a long-term view as a responsible asset owner, creating value by being a one-stop solution for customers, investors, and partners.”

Currently, Enfinity is actively constructing 416 megawatts (MW) across 17 projects, each secured by long-term power purchase agreements (PPAs) with investment-grade customers. These projects are a crucial component of Italy’s broader energy strategy, aiming to reduce carbon emissions and boost energy independence.

Strategic Investments and Global Ambitions: Enfinity’s Growth Trajectory

Enfinity’s ability to attract top-tier investors speaks volumes about its growth potential and market confidence. Ricardo Diaz, Americas CEO and Global Head of Capital at Enfinity Global highlighted the importance of capital formation in scaling their operations. “Enfinity’s capital formation efforts are centered around establishing long-lasting relationships that efficiently scale and create value for the entire value chain as we serve customer needs,” said Diaz. “We are focused on serving deep energy markets with the right fundamentals and partnering with strategic investors and leading financial institutions.”

This €500 million deal reflects a broader trend within the renewable sector: large-scale investments fueling the rapid expansion of clean energy projects. As Enfinity continues to advance its 25.1 GW global portfolio, the company’s strategic approach to capital formation will play a pivotal role in driving its ambitious agenda.

Investment Partners Fueling the Energy Transition

The involvement of prominent investors like Infranity, Schroders Capital, and BNP Paribas Asset Management underscores the growing appetite for renewable energy investments in Europe. Garbiñe Unda Barturen, Investment Director at Infranity, expressed the firm’s commitment to Enfinity’s mission. “We are very pleased to support the growth of our partner Enfinity by providing substantial financing to their portfolio of solar PV assets in Italy,” Barturen said. “Future capital needs to finance further energy transition are very substantial, and Infranity will continue to actively support it.”

With the support of these investors, Enfinity Global is well-positioned to accelerate Italy’s clean energy transition, providing a sustainable and economically viable alternative to fossil fuels.

Expert Financial Guidance Paves the Way

The financial intricacies of the deal were expertly managed by Akereos, who served as the sole book-runner, structurer, and exclusive debt advisor to Enfinity Global. Legal guidance was provided by Milbank for Enfinity Global and Ashurst for the investor consortium, ensuring that the complex transaction was executed seamlessly.

A Green Legacy: Enfinity’s Commitment to a Sustainable Future

Founded in 2019, Enfinity Global has rapidly grown into a leader in renewable energy and sustainability services, with a vast portfolio spanning solar and storage projects globally. With offices in the U.S., Europe, Japan, and India, the company is driving forward its vision of a net-zero carbon economy.

Enfinity’s leadership team, which brings over $37 billion of financing experience in the renewable energy sector, remains committed to propelling the global energy transition. As Enfinity continues to build and expand its operations, the company’s investments are set to play a transformative role in reshaping the energy landscape of Italy and beyond.

Source:
Enfinity Global

A Strategic Investment for a Sustainable Future

The partnership between Canadian Solar and PAG is set to close in the fourth quarter of 2024, contingent on standard closing conditions. This strategic move not only strengthens Canadian Solar’s capital structure but also opens new avenues for solar development projects and debt repayment. The deal provides Canadian Solar with the flexibility to optimize its financial footing while fueling its ambitious growth plans.

The secured convertible notes, which will carry an annual interest rate of 6%, are set to mature on December 31, 2029. These notes offer a unique blend of security and growth potential, with holders given the option to require repurchase shortly after December 31, 2027. The notes are convertible into Canadian Solar’s common shares at an initial price of US$18.20—reflecting a 23.4% premium over the company’s last reported stock price of US$14.75. This conversion rate is designed to adjust in line with market conditions, ensuring a fair and flexible investment opportunity.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, expressed his enthusiasm about the partnership: “We are thrilled to partner with PAG, a seasoned investor in the solar industry. The Notes offer us a flexible financing solution that aligns with both our capital requirements and business objectives. This transaction paves the way for long-term strategic collaboration with PAG in solar and clean energy.”

PAG’s Endorsement: A Testament to Canadian Solar’s Market Leadership

Dr. Weijian Shan, Executive Chairman of PAG, praised Canadian Solar’s robust market position and growth trajectory. “With two decades of experience in the solar industry, Canadian Solar has established a solid foundation as a globally leading solar player. Today, it is well-positioned for growth, propelled by its scaled module business, rapidly expanding energy storage segment, and renewable energy development platform. We are pleased to partner with Canadian Solar in the global clean energy transition.”

This investment reflects PAG’s confidence in Canadian Solar’s capabilities and future prospects, underscoring the company’s pivotal role in the global clean energy transition. The partnership is poised to accelerate Canadian Solar’s initiatives in solar and battery energy storage, further solidifying its position as a trailblazer in the renewable energy sector.

Regulatory and Compliance Considerations

It is important to note that the issuance of these securities is exempt from registration under the Securities Act of 1933, as amended, in accordance with Regulation S. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, and there will be no sale of these securities in any state or jurisdiction where such offer, solicitation, or sale would be unlawful.

About Canadian Solar: A Global Leader in Solar Technology

Founded in 2001 in Canada, Canadian Solar has risen to become one of the world’s largest solar technology and renewable energy companies. The company excels in manufacturing high-quality solar photovoltaic modules, providing cutting-edge solar and battery energy storage solutions, and developing large-scale solar power projects. With a robust global pipeline and a track record of over 125 GW of delivered solar modules, Canadian Solar is a cornerstone in the renewable energy landscape.

Since its entry into project development in 2010, Canadian Solar has successfully developed, built, and connected over 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects worldwide. The company currently manages 1.2 GWp of solar power projects in operation, with an additional 6.5 GWp under construction or in backlog, and a pipeline of 19.8 GWp in various stages of development. Additionally, Canadian Solar oversees 600 MWh of battery energy storage projects with a pipeline of around 56 GWh, reflecting its commitment to driving innovation and growth in the clean energy sector.

For more information about Canadian Solar, visit their website or follow them on LinkedIn.

Source: Canadian Solar Inc.

The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, and the Honourable Marie-Claude Bibeau, Minister of National Revenue, announced the enactment of the first four Clean Economy Investment Tax Credits: 

1. The Clean Technology ITC

The Clean Technology ITC supports taxpayers investing in specified clean technologies in Canada. The Canada Revenue Agency (CRA) administers the Clean Technology ITC, assessing claims and issuing payments, while Natural Resources Canada (NRCan) offers guidance on what qualifies as clean technology property. Eligible technologies include clean electricity generation equipment like wind turbines and solar panels, stationary electrical energy storage, low-carbon heating systems such as ground and air source heat pumps, and non-road zero-emission vehicles.

2. The Carbon Capture, Utilization and Storage (CCUS) ITC

The CCUS ITC, jointly administered by NRCan and the CRA, supports taxable Canadian corporations that incur eligible expenditures for qualified CCUS projects. This ITC is available to a broad range of CCUS applications across various industrial sectors. Detailed information on eligible projects, NRCan’s technical guide, how to submit a CCUS project plan, and how to claim the ITCs with the CRA is available on the Clean Economy Investment Tax Credits webpages.

3.  The Clean Technology Manufacturing ITC, 

The Clean Technology Manufacturing ITC supports Canadian companies manufacturing or processing clean technologies and their precursors. It provides support for 30 percent of the cost of new machinery and equipment investments used to manufacture or process key clean technologies, as well as extract, process, or recycle critical minerals.

4. The Clean Hydrogen ITC.

The Clean Hydrogen ITC offers a 15 to 40 percent refundable tax credit for investments in projects producing hydrogen, with the cleanest hydrogen projects receiving the highest levels of support. Equipment needed to convert hydrogen into ammonia for transportation may also be eligible.

Clean Economy Investment Tax Credits

NRCan and the CRA have collaborated to create a seamless service experience for businesses seeking to claim these ITCs, centralized on the Clean Economy Investment Tax Credits webpages. As more information becomes available, including details on the Clean Technology Manufacturing ITC and Clean Hydrogen ITC, this webpage will be updated. The federal government is committed to delivering these ITCs, which are already spurring investments and helping Canadian businesses compete and succeed while reducing emissions. The full suite of ITCs will soon be available to Canadians.

“Clean technology innovation and projects will be a key driver of how we decarbonize, create jobs and bring investment to Canada as we build a prosperous net-zero economy in 2050. Canada’s Investment Tax Credits will reduce emissions and create hundreds of sustainable jobs for Canadians, exemplifying how climate action and economic growth go hand in hand. We are bringing benefits for Canadians today and into the future, and ensuring Canada is a global economic leader of the future,” said Minister Wilkinson.

“Our government is committed to empowering Canadian businesses to excel as global leaders in the pivotal industries that will grow our clean economy. Providing business tax incentives that contribute to Canada’s economic well-being is at the core of the Canada Revenue Agency’s mandate. We will continue to champion Canada’s clean economy, and the visionary businesses investing in it, through our ongoing engagement with industries, stakeholders, and the tax professional community,” added Minister Bibeau.

The federal government is prioritizing a suite of major economic investment tax credits to create jobs and keep Canada on track to reduce pollution and reach net zero by 2050. These ITCs include:

• Carbon Capture, Utilization, and Storage investment tax credit
• Clean Technology investment tax credit
• Clean Technology Manufacturing investment tax credit
• Clean Hydrogen investment tax credit
• Clean Electricity investment tax credit
• Electric Vehicle Supply Chain investment tax credit

The Clean Technology ITC and CCUS ITC are now available for qualifying businesses, with more information on the Clean Technology Manufacturing ITC and Clean Hydrogen ITC to follow. 

To learn more, including how to claim these credits, visit the Clean Economy Investment Tax Credits webpage.

The CRA has established a dedicated team to assess and review Clean Economy ITC claims and set up a dedicated telephone line for related questions. NRCan will evaluate CCUS project plan submissions to verify qualifying properties and provide project evaluations to support CCUS ITC claims filed with the CRA.

Recipients of the CCUS ITC expecting to incur eligible expenditures of $250 million or more must produce construction and completion knowledge-sharing reports and annual operations knowledge-sharing reports, which will be made publicly available to Canadians.

Taxpayers can request a technical opinion from NRCan on whether the equipment in a planned or completed project meets the engineering and scientific requirements of Clean Technology property. This voluntary step provides a technical opinion from NRCan to the taxpayer, which is not binding on the CRA.

The full value of federal ITCs is accessible to those meeting certain labor requirements, including paying prevailing wages and creating apprenticeship opportunities, thus spurring the creation of good-paying, sustainable jobs across various regions and sectors.

With these comprehensive measures, the Government of Canada is ensuring that Canadian industries and workers are not only prepared for a net-zero future but are also leaders in creating a sustainable and prosperous economy.

Sources:

• 2030 Emissions Reduction Plan: Clean Air, Strong Economy
• Canada’s Sustainable Jobs Plan
• Canada’s Carbon Management Strategy
• Clean Economy Investment Tax Credits
• Government of Canada released the 2023 Fall Economic Statement
• CCUS ITC
• Clean Tech ITC
• The Hydrogen Strategy for Canada

Meeting Demand with Unmatched Expertise

The joint venture, a 50/50 collaboration between ABB and Niedax Group, is poised to revolutionize the provision of cable tray systems in the United States, Canada, and Mexico. Recognizing the escalating need for efficient cable management solutions across various industries, the venture aims to deliver unparalleled customer value by amalgamating the strengths and resources of both industry giants.

Pioneering Advanced Solutions

The surge in demand for cable tray systems, driven by the exponential growth in industries reliant on electrical power, underscores the necessity for innovative solutions. With decades of collective expertise in electrification and cable management, ABB and Niedax Group are primed to pioneer advanced solutions that cater to the evolving needs of their clientele.

A Comprehensive Solution Offering

The joint venture will consolidate the North American cable tray businesses of ABB’s Installation Products Division and Niedax Group into a unified entity. Leveraging synergies between the two companies, the venture will offer a comprehensive suite of cable management solutions tailored to meet the diverse requirements of electrical contractors, distributors, and systems integrators.

Driving Innovation through Collaboration

With a shared commitment to excellence and innovation, ABB and Niedax Group are poised to accelerate collaboration and product development within the electrification industry. By harnessing the combined expertise of their teams, the venture aims to drive transformative change and pioneer future-ready cable management solutions.

Ensuring Seamless Transition and Expansion

As part of the joint venture, more than 200 employees across the U.S. and Canada will transition to the new organization. Drawing on the collective talents of engineering, manufacturing, R&D, sales, and product management specialists, the venture is committed to ensuring a seamless transition and driving expansion across North America.

Embracing Sustainable Practices

In line with their commitment to sustainability, ABB and Niedax Group are dedicated to leveraging automated and sustainable manufacturing practices. By embracing cutting-edge technologies and environmentally conscious initiatives, the venture seeks to drive increased efficiency and value within the electrification industry while minimizing its ecological footprint.

Sources:
www.abb.com
go.abb/electrification
www.niedax-group.com

The fundraising effort was begun by a group called the “Friends of Cabot Martin” Committee.

Cabot Martin was a tireless public policy advocate for the province for more than 50 years. He passed away suddenly in September 2022.

Committee Chair, Des Sullivan, noted the enthusiasm and hard work of the “Friends of Cabot Martin” Committee and stated that, “like each of them, every donor deserves immense thanks and appreciation. The fundraising success is a testament to the high esteem in which Cabot Martin was held throughout Newfoundland and Labrador.”

The Fund was established to recognize Martin’s enormous legacy having made major contributions as a former policy advisor to government and as a business leader. His influence on public policy left a significant mark on NL’s natural resource sector especially fisheries, aquaculture, and oil and gas sectors. The Award will encourage the continuation of his work.

The Fund will provide a research grant for a minimum of 10 years. After accounting for administration costs, $18,000 will be available annually to an eligible student, faculty, or staff member of Memorial. Managed by the Memorial’s Harris Center, the grant will be directed toward research in both governance and public policy issues. The annual recipient is required to provide a public lecture giving notice to the broader NL community of the research that the Award supported.

Committee Co-Chair, David Vardy, stated that “the public lecture is an important feature of the Award’s overall purpose. Cabot, as a thinker and a leader in the formulation of public policy, understood that community participation in this arena is vital. I am pleased that Memorial embraced this idea.”

Committee Chair, Des Sullivan, noted that the Award Fund will remain open for donations. Says Sullivan, “Cabot Martin’s public policy contribution to this province, includes his steadfast willingness to speak truth to power. That is something we should all admire and encourage. Martin’s public statements often heralded warnings that there are consequences for our small society when government policy goes awry.”

David Vardy added that “nothing would please the Committee more than that the life of the Award Fund was extended beyond 10 years.”

In addition to Sullivan and Vardy, members of the “Friends of Cabot Martin” Committee include Diana Baird, Jonathan Moir, Carol Osmond, Rob Strong, Phonse Fagan, Con O’Brien, Douglas Moores, and Ray Andrews.

Memorial University has established a Website giving additional details of Cabot’s life and contribution which is found at https://www.mun.ca/give/tribute/cabot-martin/

Information about the Cabot Martin Award, eligibility, and the application process is found here.

Donations to the “Cabot Martin Research Award” may be made on the Web Site or by mailing a cheque or money order payable to:

Memorial University Office of Development
P.O. Box 4200
St. John’s, NL A1C 5S7

Sapphire Technologies, developer and manufacturer of energy recovery systems for hydrogen and natural gas applications, announced that it closed its Series B funding round. The $10 million investment — led by Energy Capital Ventures and joined by Marathon Petroleum, Chevron Technology Ventures, Equinor Ventures and Cooper and Company — will go toward accelerating the commercialization of Sapphire Technologies’ FreeSpin® In-line Turboexpander. Powered by this funding, targeted projections show the turboexpander increasing production by 400% by the end of the year. Moreover, the $10 million will bolster resources and expertise to support Sapphire Technologies’ mission to significantly reduce global carbon emissions.

“Since inception, Sapphire Technologies has prioritized strategic partnerships with the world’s leading energy and venture capital firms, who are supporting our efforts to implement our groundbreaking turboexpander technology on a global scale,” said Freddie Sarhan, CEO at Sapphire Technologies. “We are thrilled to be partnering with investors who believe in our vision and recognize the importance of driving global decarbonization. This funding round marks an exciting milestone for us, enabling the expansion of our portfolio and the markets we serve.” 

The investment aligns with the projected growth of the global market for clean energy technologies estimated to be worth USD 650 billion a year by 2030. Each FreeSpin® system generates 2.6 GWh of clean energy annually and reduces atmospheric CO2e emissions by 2,000 tons. Since launching in 2021, the company secured and began development on installations in Japan and across the U.S. Beyond technological advancements, Sapphire Technologies has experienced an impressive 220% growth in its employee base over the past year and expects continuous expansion in the years to come.

“Sapphire Technologies is delivering a game-changing product that will accelerate the global transition to a lower carbon future,” said Victor Pascucci III, Co-Founder and Managing General Partner at Energy Capital Ventures. “We firmly believe that now is the opportune moment to achieve higher adoption rates for this technology, and we are excited to contribute to the advancement of the decarbonization of the natural gas value chain and future-proofing of the industry.”

About Sapphire Technologies

Sapphire Technologies is driving global decarbonization by developing and manufacturing energy recovery systems that harness the power of gas expansion to produce reliable and clean electricity. Sapphire Technologies’ systems are designed to convert energy wasted in pressure reduction processes into electric power without interrupting operations. By recovering this wasted pressure energy, Sapphire Technologies helps customers maximize efficiencies, improve productivity, reduce carbon emissions, offset electrical costs and achieve substantial financial returns.

For additional information visit: https://www.sapphiretechnologies.com. 

About Energy Capital Ventures (ECV)

Energy Capital Ventures (ECV) is the only early-stage venture capital firm dedicated to the sustainability, resilience and digital transformation of the natural gas industry. In addition to this unique focus that champions innovation in green molecules™, ECV further differentiates itself with a customized engagement and deep integration with its strategic limited partners. This model empowers Energy Capital Ventures to provide a platform for innovation so that the startup ecosystem and natural gas utilities can collaborate on technologies that enable clean, safe, reliable, and cost-effective energy.

Learn more at www.energycapitalventures.com

About Equinor Ventures

Equinor Ventures is Equinor’s corporate venture capital arm dedicated to investing in ambitious early-phase and growth companies. We believe that the innovation, creativity and agility of start-ups can drive change, and transition the energy industry toward a low-carbon future.

About Cooper and Company

Cooper and Company is a private investment company based in Newport Beach, Calif., that acquires and actively develops assets on a long-term ownership basis. It has been a key shareholder of Calnetix Technologies for over 20 years and a capital partner to Calnetix’s innovative subsidiaries.

For more information, visit www.cooperandcompany.org.

Genny Picco, Port Board Chairperson touts the significance of wind to ammonia, “We are announcing an agreement on Pattern’s wind energy to ammonia project which will generate significant wealth, business opportunities, and employment for our region for decades. Pattern Energy is proving to be an ideal development partner and we are excited about the benefits this project will bring in the years to come.”

CEO Scott Penney states, “Pattern Energy is taking a Lease Option on some 6,000 acres of industrial and forest lands owned by the Port. Should it exercise its Option and proceed with the Project, it will construct a 300-megawatt wind energy facility designed to power the production of Green Ammonia for export to global markets. A global leader in renewable energy developments, Pattern Energy’s plans also include additional phases which could include increasing wind energy production utilizing Crown Lands and the expansion of their ammonia production plant on-site at Argentia.“

Key commercial terms include land lease rates at the Port, priority berthing charges, and a wind royalty on electricity sales. The agreement also includes commercial terms for ACI to co-invest in the renewable project as a Limited Partner as well as receive a gross revenue royalty on ammonia sales.

Wade Dawe, President and CEO of Torrent Capital states, “ACI is executing its strategy of working with the Port to capture revenue streams from third-party equity and royalty opportunities. As a partner in ACI, Torrent will take the lead in raising the capital necessary for ACI to exercise its co-investment right in the renewables project.”

“This agreement sets the stage for Pattern Energy to continue development on this exciting project. Pattern Energy has brought the Port in as an equity partner, which will strengthen the Port in its role as the region’s key economic driver,” said Dwight Ball Chairperson of ACI.

About Port of Argentia Inc.

Port of Argentia Inc. is a non-share capital company and owner of the Port of Argentia. Port of Argentia is a heavy industrial seaport located on the southeastern portion of the Island of Newfoundland, in Placentia Bay. Formerly the site of a U.S. Naval Base, Argentia is being redeveloped with a diverse group of port users and tenants involved in marine transportation, renewable energy, manufacturing, construction, offshore oil, mining, and other sectors. With a strategic location near the main shipping lanes between North America and Europe, Argentia offers well-maintained infrastructure and a highly skilled local workforce.

About Torrent Capital Ltd.

Torrent is a publicly traded investment issuer that invests in the securities of private and publicly traded companies. The Company invests in companies that are due to experience accelerated growth or are trading at a discount to their intrinsic value. Torrent offers investors the potential to earn above-market returns while providing transparency, daily liquidity and a modest fee profile compared to competing investment products. Currently, the Company is actively researching investment opportunities in the clean technology sector.

DNV, the global risk management and quality assurance provider, will fully acquire Helsinki-headquartered cyber security services firm Nixu following a public tender offer that resulted in DNV taking ownership of more than 93% of Nixu’s shares. DNV will combine its cyber security businesses with Nixu following a process to acquire the remaining shares in Nixu and de-list the company from the Nasdaq Helsinki Stock Exchange. The 98-million-euro deal will create one of Europe’s fastest-growing cyber security services businesses.

Together, DNV and Nixu will safeguard demanding IT and industrial control system environments and build business resilience across multiple industries – from energy and maritime to telecommunications and financial services. A combined team of more than 500 cyber security experts will provide a market-leading portfolio of consulting and managed services to manage cyber risks. The two companies will also combine their cyber security certification businesses.

“In this decade of transformations, fulfilling our purpose of safeguarding life, property, and the environment is no longer restricted to managing risk for physical systems – it must now cover many distributed and interlinked cyber-physical systems. By joining forces with Nixu we will make cyberspace a more secure place with even greater impact than either company could achieve alone. Together, we will shape the future through cyber security, enabling more than 100,000 customers, their systems and their supply chains to manage emerging risks,” said Remi Eriksen, Group President and CEO of DNV.

Nixu CEO Teemu Salmi will lead the combined cyber security services business, bringing together experts from DNV, Nixu and Applied Risk – an industrial cyber security specialist acquired by DNV in 2021 – into one business. The combined business will operate across Europe from hubs in Norway, Finland, Sweden, Denmark, the Netherlands, Germany, and Romania with a focus on rapid organic growth and further strategic acquisitions and partnerships globally.

“This is an exciting time. With more than 500 cyber security professionals and expertise across multiple disciplines, we are creating a leading European cyber security services business. We have the scale to bring even greater value to our customers and be an exceptional place to work for cybersecurity professionals. DNV and Nixu will not only join forces with each other, but we will also work in partnership with our customers and the security community at large to drive innovation and industry best practices to ensure business resilience and safeguard society,” said Teemu Salmi, CEO of Nixu.

DNV has begun a subsequent tender offer period, inviting holders of remaining shares in Nixu to tender their shares by 16:00 EET on 26 June 2023. DNV has initiated the process to acquire all remaining minority shares in Nixu in accordance with the Finnish Companies Act, before applying to de-list Nixu from the Nasdaq Helsinki Stock Exchange.

About DNV

DNV is an independent assurance and risk management provider, operating in more than 100 countries, with the purpose of safeguarding life, property, and the environment.  Whether assessing a new ship design, qualifying technology for a floating wind farm, analyzing sensor data from a gas pipeline or certifying a food company’s supply chain, DNV enables its customers and their stakeholders to manage technological and regulatory complexity with confidence.  As a trusted voice for many of the world’s most successful organizations, they use their broad experience and deep expertise to advance safety and sustainable performance, set industry standards, and inspire and invent solutions. 

For more information, visit: www.dnv.com

About Nixu

Nixu is a cyber security services company that has been shaping the future through cyber security for over three decades. The company makes cyberspace a secure place and helps clients ensure business resilience with peace of mind. Nixu has Nordic roots and employs around 400 of the best professionals in Finland, Sweden, the Netherlands, Denmark, and Romania. Nixu’s experts are safeguarding the most demanding environments of some of the largest organizations in the world across all industries. Nixu shares are listed on the Nasdaq Helsinki Stock Exchange.

For more information, visit: www.nixu.com.

BlockQuarry Corp., a Texas-based company with commercial-stage operations in the energy and infrastructure industry, is pleased to announce its acquisition of Blockchain Energy Services, LLC, a subsidiary of Pantheon Resources, Inc.

The Company has acquired all of the issued and outstanding shares of Blockchain Energy Services, LLC (“BES”). BES is developing a data processing site in the state of Missouri, specifically designed for cryptocurrency mining and artificial intelligence (AI) clients.

Certain infrastructure is already in place, including a land lease that the Company will assume. The land lease has a five-year term expiring September 2027 and requires annual payments of $18,000 in the first year, increasing 5% per year thereafter. The Company will also take over the existing power agreement for the site that BES has previously executed. The total power capacity for the entire site is 30 megawatts (MW), with 3 megawatts (MW) already built out and ready to be energized.

The Company will issue Pantheon $600,000 worth of Series B Convertible Preferred Stock, based on the equivalent market value of the common shares issuable under the Series B Convertible Preferred Stock.

Alonzo Pierce, president and chair of BlockQuarry, stated, “I am extremely excited about this new acquisition for BlockQuarry. This allows us to expand our business operations and continue to execute our long-term growth strategy of acquiring valuable land and power infrastructure to serve a wide range of clients. We are extremely excited and look forward to sharing some more developments on this in the coming weeks.”

In connection with this agreement, the Company entered into a strategic partnership agreement with Pantheon whereby the Company will fund and develop the infrastructure needed to make the data processing site operational, with Pantheon providing operational and engineering expertise. The partnership has an initial term of 12 months and is thereafter cancelable by either party with 90 days’ notice. The Company will pay 10% of all revenues from the mining site to Pantheon as consideration for the agreement.

Lawrence Davis, chairman of Pantheon Resources, stated, “I am confident that this partnership with BlockQuarry will lead to extraordinary achievements and set new benchmarks in the mining industry. We are immensely proud to embark on this journey with BlockQuarry, and we are eager to unlock the immense potential that lies ahead.”

Jarrod Robertson, CEO of Pantheon, followed, “By leveraging the expertise of both organizations, we are poised to deliver unprecedented value to our stakeholders and the communities we serve.

“BlockQuarry’s unparalleled expertise in advanced mining techniques and technology solutions will be instrumental in shaping the future of our operations. Together, we will pioneer innovative approaches that will redefine industry standards and reshape the mining landscape.”

About BlockQuarry Corp.

BlockQuarry Corp. (BLQC) is a trusted American energy and infrastructure partner dedicated to fostering carbon-negative industrial energy and facilitating its establishment on land. They offer sustainable, renewable and cost-effective energy solutions for businesses that have a need for high-volume power, such as data warehousing, manufacturing, artificial intelligence (AI) and cryptocurrency mining.

www.BlockQuarry.io

About Pantheon Resources Inc.

Pantheon is a leader in infrastructure with a core specialization in designing and constructing power distribution systems for high-voltage sites in addition to providing tailored solutions to meet the unique needs of their clients across a wide range of industries and applications.
As a trusted partner in the energy sector, Pantheon Resources, Inc. continues to drive innovation and excellence, ensuring the highest standards of quality and safety in all its endeavors. Pantheon’s passion for engineering excellence positions them at the forefront of the industry as they continue to contribute to a more resilient energy landscape.

Kongsberg Digital has significantly increased its investment in FutureOn, a Norwegian software company. FutureOn provides cloud-based digital transformation tools that deliver collaborative working environments with access to distributed data, best-in-class industry software and geospatially accurate data visualization.

The value propositions of FutureOn and Kongsberg Digital are highly complementary, as FutureOn is a frontrunner in subsea life-of-field and the project delivery phase of an energy asset life cycle, while Kongsberg Digital focuses on the operational and maintenance phase. 

Following the investment, Kongsberg Digital will hold the majority stake in FutureOn, with Bentley Systems (NASDAQ: BSY) and FutureOn’s management as other key owners. This will strengthen Kongsberg Digital’s position as a leading industrial software as a service (SaaS) company ensuring an end-to-end value proposition from planning to decommissioning.

Since it was founded in 2016, FutureOn has gained a significant market position within key industry segments by providing engineers and decision-makers with a collaborative common data platform for energy projects and subsea assets through the life of a field. The software optimizes cost control, resource management, and project development acceleration. FutureOn’s FieldTwin technology provides cutting-edge solutions for the energy industry across FutureOn’s strong customer and partner portfolio.

“This is a fantastic milestone and strategically important step in the Kongsberg Digital and FutureOn partnership. FutureOn is a frontrunner in developing technology towards the early phase of an asset life cycle, making its technology a perfect fit for our Industrial Work Surface. Building on an already close partnership, Kongsberg Digital will continue to develop and incorporate new technology to enable a true end-to-end delivery throughout the lifetime of an asset. This partnership also plays a key role in extending our offering into the renewable market. Today we have a strong offering for carbon capture and storage and hydrogen. FutureOn’s technology will play a key role in Kongsberg Digital’s strategy towards green energy field developments like the offshore wind”, says Shane McArdle, CEO of Kongsberg Digital.

“FutureOn and Kongsberg Digital are a good match, and our latest cooperation builds on a strong and established partnership. I am very proud of what FutureOn has achieved since we started in 2016, and we look forward to working together to further strengthen Kongsberg Digital’s ambitions of shaping the future of work”, says Pål Roppen, CEO of FutureOn.

Before this investment, Kongsberg Digital held a 17 percent ownership of FutureOn. Shane McArdle has been a board member of FutureOn since Kongsberg Digital made its first investment in FutureOn in November 2021. The company has 38 employees located in Oslo, Norway, with further presence in Houston, London, Dubai, Lyon and Perth. The company will continue as a stand-alone company.

About Kongsberg Digital

Kongsberg Digital is an industrial software company shaping the future of work by changing how businesses design, operate and maintain their assets. Businesses trust them for their innovative carbon capture and storage technology, new energy ventures towards net zero, voyage optimization, emissions reduction, and technology to help balance grids and complex power systems. They are transforming carbon-intensive industries by providing industry-leading solutions that extract value from industrial data. They enable businesses to connect physical assets to an Industrial Work Surface, serving as one common infrastructure for decision-making across the value chain. Today, Kongsberg Digital has almost 1100 employees across the world.

www.kongsberg.com/digital

Three Alberta-led carbon capture, utilization, and storage projects are receiving funding as part of Emissions Reduction Alberta’s international partnership with Accelerating CCS Technologies. ERA is committing $3 million to 3 projects worth over $11 million. Funding is sourced from Alberta’s industry-funded Technology Innovation and Emissions Reduction fund. Additional investment from Norway and the United States was also committed.

“As outlined in Alberta’s new Emissions Reduction and Energy Development Plan, the province continues to advance CCUS as a critical part of achieving Alberta’s aspiration of net zero emissions by 2050. This latest investment of TIER funds through ERA for three Alberta-led CCUS projects is another step forward on this important path,” said Sonya Savage, Minister of Environment and Protected Areas.

These innovative Alberta-based projects were selected through the ACT consortium’s ACT4 Call. Successful projects required a consortium consisting of at least two eligible applicants from at least two countries/regions participating in ACT4 Call. All three projects involve the development, scale-up, field testing, piloting, demonstration, or deployment of technology within Alberta or Alberta-based companies working on technology in a partner’s region.

The three Alberta-led projects selected include:

Carbon Management Canada
Develop a low-cost, high-resolution monitoring technology for CO₂ storage facilities
ERA funding: $1,100,000 | Project value: $6,100,000
Location: Calgary, Alberta | ACT partners: Norway, United States

“This project represents a paradigm shift in how we can monitor the geological storage of CO2 at a very large scale that is cost-effective yet provides assurance of containment and conformance of the CO2 plume. The funding from ERA will enable us to develop this technology as a proof of concept at CMC’s Newell County Facility in Southern Alberta,” said Don Lawton, Director of Science at CMC.

Carbon Upcycling Technologies
Bind CO₂ into a variety of feedstocks to create cementitious materials for use in concrete
ERA funding: $600,000 | Project value: $1,900,000
Location: Calgary, Alberta; Golden, Colorado | ACT partners: United States

“The transition to net zero will take the collective efforts of our communities, industries, and governments. ACT4 is an excellent initiative promoting vital international collaboration. The alternative feedstock assessment is foundational work necessary to accelerate the decarbonization of the North American cement and concrete industry.” said Tiffany Duffy, Director of Business Development at Carbon Upcycling.

Repsol Canada
Investigate the feasibility for permanent storage of CO₂ in depleted gas reservoirs
ERA funding: $1,300,000 | Project value: $3,300,000
Location: Edson, Alberta | ACT partners: United States

“We are grateful for the funding provided by the Government of Alberta through ERA. This project will help to mature and advance CCS technology not only in Alberta and the United States, but it will also provide significant contributions internationally as well. Repsol is eager to lead the project and continue to build our E&P low carbon portfolio.” said David Ramos, Director of Geological Low Carbon Solutions, Repsol.

In total, six projects will be supported under ACT4 Call, including the three ERA-funded initiatives. The total budget of the 6 projects is $23 million (including in-kind and industry funds), of which $16 million is from ACT partners. Projects were selected through a rigorous one-stage evaluation process led by each national funding agency. Additional ACT4 Call projects can be found here.

“This global funding partnership to support these Alberta-based organizations to demonstrate, scale-up and deploy their breakthrough CCUS technologies benefits us all—Alberta is helping to develop the solutions the world needs and the world is recognizing our expertise in CCUS technology,” said Justin Riemer, CEO of ERA.

ACT has established itself as a strong multinational funding approach for research and innovation dedicated to CCUS, an area of intense global interest as a key emissions reduction opportunity for the large industrial sector: power generation, cement production, oil and gas, manufacturing, and more.

“The climate issue is something we need a global approach to. CCUS is an important component of a portfolio of technologies needed to achieve our environmental and economic goals. The knowledge that Alberta has in this space is highly acknowledged and serves our ambition to make CCUS a commercially viable climate mitigation technology.” said Ragnhild Rønneberg, Coordinator, ACT, Research Council of Norway.

In addition to leveraging international funding for CCUS initiatives, the partnership with innovation organizations around the world represents a significant opportunity for future collaboration and knowledge sharing. All projects will present their goals and plans at the Annual ACT Knowledge Sharing Workshop and all recipients are required to produce a final outcomes report that will be shared publicly.

ABOUT EMISSIONS REDUCTION ALBERTA (ERA):

For more than 13 years, ERA has been investing revenues from the carbon price paid by large emitters to accelerate the development and adoption of innovative clean technology solutions. Since they were established in 2009, they have committed $855 million toward 245 projects worth $7 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative GHG reductions of 41 million tonnes by 2030 and 105 million tonnes by 2050.

Potentia Renewables Inc. and Greengate Power Corporation are pleased to announce the close of financing for their Paintearth Wind project currently under construction in Alberta, Canada. The project is owned 75 percent by Potentia and 25 percent by Greengate. The Paintearth Wind project is part of Potentia’s portfolio of almost one gigawatt of new renewable energy projects operating or in construction in Western Canada. It is the third wind energy project successfully developed in partnership with Greengate.

KfW IPEX-Bank, together with Canadian Fédération des Caisses Desjardins du Québec, will provide the project with C$250 million in construction and operational financing. Paintearth Wind will have an installed capacity of 190 MW using 38 wind turbines from Siemens Gamesa Renewable Energy. The project is located 40 kilometers southeast of the Town of Stettler.

“We are pleased to announce the long-term financing for the Paintearth Wind project, which has a 15-year renewable power purchase agreement with a subsidiary of Microsoft Corp. This project will support the transition to a cleaner, more resilient energy system. We thank our development partners, Greengate, and our investors for their support and look forward to delivering energy from this project to the Alberta grid in 2024,” said Ben Greenhouse, Potentia’s CEO.

“It has been a pleasure working with Potentia on this important project. Our long-time partnership with them has been very successful, with Paintearth Wind now being the third wind energy project successfully developed together. With construction underway and financing now in place, we’re excited for Paintearth Wind to soon begin producing clean electricity,” said Dan Balaban, Greengate’s CEO.

Osler, Hoskin & Harcourt LLP acted as legal counsel to Potentia and Greengate during the transaction, with Blakes, Cassels and Graydon, LLP acting on behalf of the lenders.

About Potentia Renewables

Potentia Renewables Inc., a wholly owned subsidiary of Power Sustainable Capital, is a fully integrated developer, owner, and operator of renewable energy assets. Potentia benefits from strong financial support from its shareholder for acquisitions and large project initiatives. With an investor committed to our long-term success and the significance, combined with the industry experience of our team, Potentia has become a leading renewable energy provider and is ideally positioned for continued substantial growth.

For more information, visit www.potentiarenewables.com.

About Power Sustainable Capital

Power Sustainable Capital is a global multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. It has offices in Montréal, Toronto, Shanghai, Beijing and New Jersey. Power Sustainable is comprised of three platforms: the Pacific platform invests in the China equity markets, seeking high-quality, sustainable business models with a fundamentals-based, research-driven investment process; the Energy Infrastructure platform invests in the development, construction and operations of renewable energy infrastructure assets in North America; and private equity investments in Lion Electric and Lumenpulse. The company leverages its investment capabilities and those of its partners to build projects of significance that benefit the planet, assure steady growth, and create long-term value. Power Sustainable is a wholly owned subsidiary of Power Corporation of Canada.

For more information, visit www.powersustainable.com.

About Greengate Power Corporation

Greengate is a privately held renewable energy company based in Calgary, Alberta, with a proven track record of developing precedent-setting renewables projects in Canada. Since 2007, Greengate has successfully developed close to 1.5 GW of operating or in-construction renewable energy projects, including Canada’s largest wind and solar energy projects. Altogether, these projects represent over $2 billion of investment and are expected to produce enough clean electricity to power more than 500,000 homes. Greengate is focused on the development of renewables and next-generation net-zero projects in Alberta and beyond, as it aims to continue playing a leading role in the global energy transition.

For more information, please visit www.greengatepower.com.

Emissions Reduction Alberta is launching a new $50 million Reshaping Energy Systems funding competition made possible through the Government of Alberta’s Technology Innovation and Emissions Reduction fund.

This investment will advance technologies focused on the transport, distribution, storage, and optimization of energy use to reduce emissions, create economic opportunities, and enable a more resilient, efficient, and reliable energy system.

The $50 million Reshaping Energy Systems call for proposals is exploring energy transport and distribution technology, energy storage, digital solutions for energy management, demonstrating grid-interactive building efficiency technologies, low-emission vehicle infrastructure and fleets. Reshaping Energy Systems is not limited to any particular energy carrier (electricity, natural gas, hydrogen, etc.); integration between systems is encouraged.

“Achieving Alberta’s long-term emissions management and energy development goals includes rethinking how energy is transported, managed, responsibly produced and used, and this latest TIER-funded program does just that. This investment will tap into both new and existing technologies to keep the industry competitive and make life more affordable for Albertans,” said Sonya Savage, Minister of Environment and Protected Areas.

“This investment will help support new ways to transport, manage and use Alberta’s energy. Technologies enabled by this funding will help future-proof Alberta’s energy systems, allowing us to support new ways to improve environmental sustainability, industry competitiveness, and reduce costs,” said Justin Riemer, CEO of Emissions Reduction Alberta.

Successful applicants are eligible for up to $10 million with a minimum request of $250,000. The maximum ERA contribution to a single project will be no more than 50 percent of the project’s eligible costs. The application deadline is Thursday, June 15, 2023, at 5 p.m. While technology solutions can originate from anywhere globally, they must be piloted, demonstrated, or deployed in Alberta.

Innovators, technology developers, commercial and industrial building owners, municipalities, Indigenous communities, associations, small and medium-sized enterprises (SMEs), research and development organizations, universities, not-for-profit organizations, and others are invited to apply. An informational webinar will be held on Monday, April 24, 2023, from 2-3 p.m.

“To meet our future energy needs, we must change how we generate, deliver, and consume energy. ERA’s Reshaping Energy Systems funding is critical to address the challenges we are facing. This funding will support the abundant innovation talent available to transition Alberta to a sustainable, affordable, and resilient energy future.” said Anouk Kendall, President of Decentralised Energy Canada.

“A global race towards clean energy systems is taking place and Alberta has the opportunity to be a leader. We have the resources, talent, and ingenuity within our companies, sectors, and regions to win the race, but a coordinated and strategic approach will be critical. ERA is playing a critical role in catalyzing the accelerated deployment of clean energy technologies, innovative partnerships, and enabling infrastructure that will drive environmental outcomes and lead to long-term economic prosperity.” said Brent Lakeman, Director of Hydrogen Initiative, Edmonton Global.

“Innovation is a key focus for our team at ENMAX—to ensure we are driving and creating opportunities for Albertans in how they want to receive, consume, and in some cases, generate electricity. It’s about working together to build a safe and reliable lower-carbon future. ENMAX is pleased Emissions Reduction Alberta is launching this new challenge to advance all elements of the electricity system, including transmission and distribution.” said Mark Poweska, President and CEO of ENMAX.

“Reaching net zero will not occur without meaningful participation from and engagement with Indigenous peoples, communities, and organizations. It’s important that Indigenous-led projects are encouraged through this funding initiative to support increased economic benefits and energy sovereignty for First Nation communities,” said Guy Lonechild, CEO of First Nation Power Authority.

“The pace of technological innovation in the decarbonization of the electrical distribution system requires continuous study and testing of any new solutions. ERA funding provides an opportunity to put these technologies to the test, adapt to the outcomes, and ultimately contribute to the journey towards net zero,” said Grant Wiens, Director of Engineering, Fortis.

Submissions will be selected through ERA’s competitive review process. A team of experts in science, engineering, business development, commercialization, financing, and GHG quantification will conduct an independent, rigorous, transparent review overseen by a Fairness Monitor.

ABOUT EMISSIONS REDUCTION ALBERTA (ERA):

For more than 13 years, ERA has been investing revenues from the carbon price paid by large emitters to accelerate the development and adoption of innovative clean technology solutions. Since we were established in 2009, we have committed $855 million toward 245 projects worth $7 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative GHG reductions of 41 million tonnes by 2030 and 105 million tonnes by 2050.

President Biden will visit Cummins Inc. in Fridley, Minnesota as part of his Administration’s Investing in America tour. During the visit, President Biden will discuss how his Investing in America agenda is supporting manufacturing, innovation and a clean energy economy, as well as creating good-paying jobs in communities like Fridley and across the country.

“I am delighted that we will have the chance to show President Biden the innovative work we are doing at our Fridley plant and our incredible Cummins employees who are doing it,” said Jennifer Rumsey, Cummins President and CEO. “In just a few weeks, we will begin manufacturing one of the key pieces of technology for green hydrogen production that will help decarbonize our economy and drive the clean energy transition – the electrolyzer. Support from the Biden Administration and Congress with legislation like the Bipartisan Infrastructure Law and Inflation Reduction Act are driving the clean energy economy forward in the United States and critical to our decarbonization efforts.”

Coinciding with the visit, Cummins has announced that in addition to recent investments in Fridley, the company is investing more than $1 billion across its U.S. engine manufacturing network in Indiana, North Carolina and New York. The investment will provide upgrades to those facilities to support the industry’s first fuel-agnostic engine platforms that will run on low-carbon fuels, including natural gas, diesel and eventually hydrogen, helping decarbonize the nation’s truck fleets today.

“The historic investments included in those pieces of legislation played a key role in our decision to manufacture products here in the U.S., creating more clean-tech jobs and positively impacting our communities,” Rumsey continued. “The electrolyzer production in Minnesota and investment in our Indiana, North Carolina and New York facilities are reflective of our dual path approach of advancing both engine-based and zero-emission solutions – an approach that is best for all of our stakeholders and our impact on the planet. We can’t do this alone and are grateful for the continued partnership and collaboration with congressional leaders and the Biden Administration.”

Over half of all medium- and heavy-duty trucks on the road in the U.S. today use Cummins engines. This investment is intended to retain the thousands of current engineering and manufacturing jobs and support the creation of hundreds of new jobs across the company’s New York, North Carolina and Indiana footprint as Cummins invests in its people and facilities to grow innovation and manufacturing and accelerate our decarbonization efforts.

The following information highlights the company’s plans to continue investments in its Jamestown Engine Plant in New York and information regarding recent investments in Fridley, Minnesota. Information on additional investment in Indiana and North Carolina will be made public later.

Jamestown Engine Plant and the First Fuel Agnostic Engines Arriving to Customers

The announcement includes Cummins’ plans to invest $452M in its Jamestown Engine Plant (JEP) to upgrade its 998,000 square-foot facilities in Western New York to produce the industry’s first fuel-agnostic internal combustion engine platform that leverages a range of lower carbon fuel types. The X15N is part of the new fuel-agnostic 15-liter engine platform produced at JEP.

Cummins customers, including Walmart, Werner, Matheson, and National Ready Mix, among others, are beginning to test the very first engines of the fuel-agnostic platform, the X15N. Walmart will receive the very first field test unit later in April to take part in the field test of this industry-first, 15-liter advanced engine platform running on renewable natural gas.

Cummins U.S. Electrolyzer Product in Fridley, Minnesota

At the Fridley facility, Accelera by Cummins — Cummins’ zero-emission technology brand – will soon manufacture electrolyzers, which are a critical piece of the green hydrogen economy. Hydrogen produced by electrolyzers can power hydrogen fuel cell vehicles and is used in industrial processes like steel production. Building electrolyzers in Fridley is helping to bring the supply chain for zero-emissions vehicles to the United States – particularly in heavy trucking industries – and employing hundreds of workers in the area with good-paying jobs.  

The Cummins Power Systems factory is a 1.1 million square feet full-service facility, concentrating on design, product, service engineering and manufacturing located just north of Minneapolis. Established in 1969, Fridley employs over 900 and will plan to dedicate 89,000 square feet of the existing facility to electrolyzer production starting April 24. This is a $10 million investment that will support 100 new jobs by 2024.

About Cummins Inc.

Cummins Inc., a global power technology leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from internal combustion, electric and hybrid integrated power solutions to components including filtration, after treatment, turbochargers, fuel systems, control systems, air handling systems, automated transmissions, electric power generation systems, microgrid controls, batteries, electrolyzers and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 73,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.2 billion on sales of $28.1 billion in 2022.

Learn more at cummins.com. 

The Government of Newfoundland and Labrador released its budget and Energy NL welcomes a number of the initiatives, including reinstatement of the offshore seismic program, support for the renewable sector, continuation of the Offshore Exploration Initiative, and assessment of natural gas opportunities. The energy sector continues to be an economic driver, responsible for approximately 20% of provincial GDP and an approximately $100 million contribution to the Future Fund.

“Overall, I see Budget 2023 as positive for the energy sector. The return of the offshore seismic program is important to our industry. Seismic data is used to help determine where exploration should occur and has the best chance of being successful. Moreover, it is used to attract investment into the offshore through the land sale process. Seismic will also play an important role as we look for possible locations to store carbon. Early research indicates our offshore has the potential to store all of Canada’s carbon emissions and seismic data can help us find the pathway to carbon storage and net zero.” said Charlene Johnson, Energy NL CEO

There is an allocation of over $500,000 for the renewable sector, including increasing capacity for environmental assessment and regulatory oversight. Energy NL is pleased to see investment in the environmental assessment process to ensure appropriate protection and progress, not a delayed process. As well, increased resources to develop an efficient and robust regulatory approach are welcomed. Initiatives such as the green technology tax credit and Low Carbon Economy Fund may also help Energy NL members lower their carbon footprint and Energy NL looks forward to learning more about these initiatives and how its members can benefit.

“Continuation of the Offshore Exploration Initiative is important as we have seen the program stimulate important offshore activity, including exploration for this year. The almost $5 million to assess natural gas in the Jeanne d’Arc Basin is also a positive step to help open another energy play for Newfoundland and Labrador. We continue to make significant progress in our energy sector and I look forward to working with Energy NL members and the provincial government to ensure industry growth and success.” said Charlene Johnson, Energy NL CEO

Energy NL represents approximately 500 member organizations worldwide that are involved in the energy sector. Members are active in all areas of the supply and service sector and include a diverse representation of businesses that range from offshore supply vessels and helicopters, carbon reduction and sustainable technologies, health and safety equipment and training, engineering solutions and fabricators to law firms and human resource agencies.

ExxonMobil announced the successful startup of its Beaumont refinery expansion project, which adds 250,000 barrels per day of capacity to one of the largest refining and petrochemical complexes along the U.S. Gulf Coast. Supported by the company’s growing crude production in the Permian Basin, the largest refinery expansion in more than a decade will help meet the growing demand for affordable, reliable energy.

“ExxonMobil maintained its commitment to the Beaumont expansion even through the lows of the pandemic, knowing consumer demand would return and new capacity would be critical in the post-pandemic economic recovery,” said Karen McKee, president of ExxonMobil Product Solutions. “The new crude unit enables us to produce even more transportation fuels at a time when demand is surging. This expansion is the equivalent of a medium-sized refinery and is a key part of our plans to provide society with reliable, affordable energy products.”

The added volume in Beaumont increases its total processing capacity to more than 630,000 barrels per day, making it one of the largest refineries in the United States.

The refinery is connected to pipelines from ExxonMobil’s operations in the U.S. Permian Basin, providing the company with significant strategic advantages. Permian crude oil is processed at the Beaumont refinery where the company manufactures finished products, including diesel, gasoline, and jet fuel. With the completion of the Wink to Webster and Beaumont pipelines, the new crude unit will also be well-positioned to further capitalize on segregated crude from the Delaware Basin.

In 2022, ExxonMobil reached record production at its North American refineries and achieved its highest global throughput since 2012. The company’s commitment and capability to meet society’s energy needs include its willingness to invest, even counter-cyclically.

Construction on the Beaumont expansion began in 2019 and involved 1,700 contractors. ExxonMobil has hired more than 50 full-time employees to help with the operation of the expanded refinery. The company’s extensive project management experience enabled the new crude and hydrotreater units to start up according to the planned cost and schedule.

ExxonMobil’s integrated operations in Beaumont also include chemical, lubricants and polyethylene plants. ExxonMobil has approximately 2,100 employees in the Beaumont area and its operations account for approximately 1 in every 7 jobs in the region.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses – Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources and is one of the largest integrated fuels, lubricants and chemical companies in the world.

In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.

With advancements in technology and the support of clear and consistent government policies, ExxonMobil aims to achieve net-zero Scope 1 and 2 greenhouse gas emissions from its operated assets by 2050.

To learn more, visit exxonmobil.com, the Energy Factor, and ExxonMobil’s Advancing Climate Solutions.

Shell remains the world’s most valuable Oil & Gas brand despite experiencing a 3% brand value reduction, taking its brand value to US$48.2 billion. This is the ninth consecutive year that the British multinational Oil & Gas brand has held the top spot, however, Saudi Arabian Oil and Gas giant, Aramco has reduced the gap at the top.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 50 most valuable and strongest brands in the Oil & Gas industry are included in the annual Brand Finance Oil & Gas 50 2023 ranking.

Savio D’Souza, Valuation Director, Brand Finance, commented:

“The Oil & Gas industry had a record year in terms of profits and cash flow driven by the recovery from the pandemic and geopolitical uncertainty. Geopolitics and economic uncertainty are likely to play a big role in the year ahead too. The challenge for Oil & Gas Brands will be to optimize their brand and business positioning for the Global Energy Transition while balancing their responsibility to provide affordable energy to the world.”

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 150,000 respondents in 38 countries and across 31 sectors.

PETRONAS (brand value down 7% to US$12.7 billion) is again the strongest Oil & Gas brand, a title it has held since 2020. In 2023 its Brand Strength Index (BSI) score went up two points to 89 out of 100, earning a corresponding AAA rating. This high BSI score comes partly as a result of its commitment to the industry-wide energy transition, as it looks to diversify its range of energy options and significantly improve its company-wide sustainability. PETRONAS has committed to allocating 20% of its overall capital expenditure for decarbonization projects and cleaner energy solutions from 2023 to 2026.

Qatargas (brand value up 147% to US$3.1 billion) is the world’s fastest-growing Oil & Gas brand, as well as the fastest-growing brand across all sectors in the Middle East in 2023. It is one of the world’s leading gas-producing brands and is owned by QatarEnergy. This year, it has seen significant growth due to the increase in global demand for its product following the embargo of Russian gas by many countries. It has also benefited from the FIFA Football World Cup which took place in Qatar, for which Qatargas was an Official Sponsor. This has increased its brand awareness outside of its home market and helped boost its BSI score by 5 points to 71 out of 100, with a corresponding AA rating.

As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute, growing rapidly in its significance, is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.

Brand Finance’s research identified Aramco as having the highest Sustainability Perceptions Value of any Oil & Gas brand in the ranking – US$4.5 billion. The brand’s position at the top of the Sustainability Perceptions Value table is not an assessment of its overall sustainability performance, but rather indicates how much brand value the brand has tied up in sustainability perceptions. Aramco, therefore, has the most value at risk in relation to sustainability. Aramco also had a strong Sustainability Perceptions Score of 5.2 out of 10, which it is taking positive steps to protect.

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports that rank brands across all sectors and countries.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Headquartered in London and founded in 2012, JBM Solar leaves the Susgen portfolio as the UK’s largest independent solar and co-located battery storage developer, with a pipeline of 6.1 gigawatts (GWac), split into 3.8 GWac solar, and 2.3 GWac co-located battery storage projects. JBM Solar has built a team of 30 professionals with an extensive track record in the solar sector, and expertise across the entire development process, from land acquisition to construction readiness.

“We are delighted for the JBM team, and we wish them every success in the next chapter of their exciting story with RWE. Susgen is proud to have helped enable the development of a solar and battery pipeline that will deliver a significant proportion of the UK Government’s 2035 70GW solar target” commented Joseph Pillai, CEO of Susgen.

A number of these projects have already secured the necessary planning approvals from the relevant authorities. The first solar and battery storage projects could be operational as early as the end of 2024.

David Cramer, co-founder of JBM Solar added, “The sale marks the start of a new phase for this team, but also closes the door on a very successful chapter in our history. Partnering successfully with Susgen over the last five years and leaning on them for financial and strategic support has enabled JBM Solar to build an outstanding team and an unrivalled pipeline.”

The successful sale of JBM Solar enables Susgen to focus on identifying new partners to accelerate the transition to Net Zero, whilst also enabling the development of a 4GW pipeline under its standalone battery storage developer, Alcemi.

This transaction follows Susgen’s successful exit from Urban Grid to Brookfield Renewable in early 2022. As a result of these investments, Susgen has delivered 30GW of renewable projects across the North American and UK markets.

“Susgen is committed to helping deliver a zero emissions economy and is proud that over the last 10 years, it has helped to fund a pipeline of projects, across all current and former partner platforms, that once constructed will generate enough power to meet the annual demand of 2.5 million households and save 6.5 million tonnes of CO2”, added Joseph Pillai.

BNP Paribas acted as the exclusive financial adviser to JBM solar.

Linklaters, TLT and KPMG also advised on the sale process.

About Susgen

Susgen is a market-leading funder and partner to renewable energy development companies. Since 2012, Susgen has focused on investing in, developing, and managing strategic, scalable portfolios of renewable energy assets to combat climate change.

Susgen has successfully invested in companies that have originated and fully developed 2GW to date and have funded pipelines for Solar PV, Co-Located and Standalone storage, in excess of 30GW. They aspire to invest in the development of a further 15GW of project opportunities over the next three years.

About JBM Solar

JBM Solar is a team of seasoned project development and finance professionals that develops utility-scale solar and co-located battery storage projects across the UK. JBM Solar is at the heart of the UK’s renewables revolution, helping to realize the collective goal of net zero emissions through the deployment of solar energy and flexible generation.

The JBM Solar team has been developing projects since 2012 and is proud to have achieved planning consent status for a number of solar projects across the UK and Ireland. JBM Solar has one of the largest subsidy-free portfolios in the UK.

About RWE

RWE is leading the way to a green energy world. With an extensive investment and growth strategy, the company will expand its powerful, green generation capacity to more than 50 gigawatts internationally by 2030. RWE is investing more than €50 billion gross for this purpose in this decade. The portfolio is based on offshore and onshore wind, solar, hydrogen, batteries, biomass and gas. RWE Supply & Trading provides tailored energy solutions for large customers. RWE has locations in the attractive markets of Europe, North America and the Asia-Pacific region. The company is responsibly phasing out nuclear energy and coal. Government-mandated phase-out roadmaps have been defined for both of these energy sources. RWE employs around 19,000 people worldwide and has a clear target: to get to net zero by 2040. On its way there, the company has set itself ambitious targets for all activities that cause greenhouse gas emissions. The Science Based Targets initiative has confirmed that these emission reduction targets are in line with the Paris Agreement. Very much in the spirit of the company’s purpose: Our energy for a sustainable life.

A local social enterprise operating in the environmental and recycling sector is receiving support from the Government of Newfoundland and Labrador to develop a process for recycling liquid waste and creating compost.

The Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, announced a provincial contribution of $69,000 through the Innovation and Business Investment Corporation in non-repayable funding to Ever Green Environmental. 

Ever Green collects recyclable beverage containers from its four Green Depots located in the St. John’s area. It currently receives and processes approximately 22 percent of all recyclable deposit-return beverage containers in the province and 50 percent of similar containers in the metropolitan area.

The company is handling increasing volumes of ‘pre-market’ aluminum cans containing liquid beer products that cannot be commercially sold and which are discarded as waste. Ever Green’s 22-month project will assess and identify methods of using this liquid waste to create compost on a commercial scale, thereby reducing waste, improving operational efficiencies and diversifying revenues. Ever Green indicates the company is receiving 10 tons of aluminum containers and 30 tons of liquid beer waste annually. Ever Green anticipates these volumes will grow to 30 tons of aluminum and 100 tons of liquid by 2025.

Ever Green is a Newfoundland and Labrador incorporated company that has been operating in the environmental and recycling sector since 1993. Ever Green is also a social enterprise and CRA-registered charity. The company’s mandate is to help individuals recovering from serious mental illness find and maintain meaningful employment. Ever Green is currently helping over 40 employees maintain employment.

“This project will enable Ever Green to diversify its social enterprise and attain more stability, creating valuable work experience and inclusion opportunities for clients. We are pleased to support this work and to help promote innovative solutions that will enhance sustainability,” said Honourable Andrew Parsons, KC Minister of Industry, Energy and Technology.

“The Department of Environment and Climate Change welcomes initiatives that help divert waste, and we are pleased to support an organization with a long history of social inclusion. I commend Ever Green for continuing the work to reduce waste in Newfoundland and Labrador,” said Honourable Bernard Davis Minister of Environment and Climate Change.

“Ever Green is proud to continue finding new partnerships and innovative new approaches that benefit not only our province’s environment but also the people and communities we work with. We are committed to building a greener Newfoundland and Labrador,” said Mike Wadden CEO of Ever Green Environmental.

In an effort to rally businesses and consumers, United launched the United Airlines Ventures Sustainable Flight Fund, a first-of-its-kind investment vehicle designed to support start-ups focused on decarbonizing air travel by accelerating the research, production and technologies associated with sustainable aviation fuel.

The fund starts with more than $100 million in investments from United and its inaugural partners** Air Canada, Boeing, GE Aerospace, JPMorgan Chase, and Honeywell. Through the fund, these and potentially additional corporate participants will invest alongside United in SAF technology and production start-ups identified by United. In the past two years alone, United Airlines Ventures has invested in start-ups such as Cemvita, Dimensional Energy, and NEXT Renewable Fuels.

And in a first among U.S. airlines, anyone who buys a ticket on the United website or app now has the option to contribute to supplement United’s investment in the fund. The first 10,000 people who choose to contribute will each receive 500 MileagePlus Miles as a thank-you.

SAF is an alternative to conventional jet fuel that, on a lifecycle basis, reduces greenhouse gas (GHG) emissions associated with air travel compared to conventional jet fuel alone. SAF, which currently must be blended with conventional jet fuel to meet regulatory requirements for use within the aircraft, is being made from used cooking oil and agricultural waste, and, in the future, could be made from other feedstocks including household trash or forest waste. To date, United has invested in the future production of over three billion gallons of SAF – the most of any airline in the world.***

“Solving climate change is doable but it requires hard work and real leadership,” said United CEO Scott Kirby. “This fund is unique. It’s not about offsets or things that are just greenwashing. Instead, we’re creating a system that drives investment to build a new industry around sustainable aviation fuel, essentially from scratch. That’s the only way we can actually decarbonize aviation.”

UAV Sustainable Flight Fund

The UAV Sustainable Flight Fund is open to investment by corporations across industries and the fund will prioritize investment in new technology, advanced fuel sources and proven producers, all in an effort to scale the supply of SAF. Partners of the fund also have the potential to gain preferential access to environmental attributes associated with United’s supply of SAF.

Companies interested in joining the fund can visit united.com/ventures.

United has already made investments in or signed purchase agreements with companies using a variety of ingredients and technologies to produce SAF, including feedstocks like ethanol, animal byproducts, forestry and crop waste, and municipal waste, as well as early-stage, promising technologies like synthetic biology and power to liquids. United Airlines Ventures will move selected existing SAF investments to establish the UAV Sustainable Flight Fund portfolio.

Consumer Awareness and Call to Action

United is also educating consumers about their air travel carbon footprint and giving them the option to take action.

Starting today on United.com and the United app, United becomes the first U.S. airline to show customers an estimate of each flight’s carbon footprint in their search. Green shading will indicate a lower-carbon option on a per economy seat passenger basis in a customer’s chosen itinerary. A flight’s carbon footprint is measured in kg CO2e (kilograms of carbon dioxide equivalent) and United’s estimates, which could differ from actual flight emissions, are based on aircraft type, flying time, seat capacity and the number of people and cargo on a given flight.

And consumers who book travel through United for travel within or from the U.S. will now see an option to contribute to supplement United’s investment in the UAV Sustainable Flight Fund before check-out. Customers have the choice to contribute $1, $3.50 or $7.00.

The default option for customer contributions is set at $3.50 to illustrate the potential impact of customer action at scale: if the 152 million people who flew on United in 2022 each contributed just $3.50 to the UAV Sustainable Flight Fund, that would be enough to design and build a SAF refinery capable of producing as much as 40 million gallons of alternative fuel annually.

The Federal Government Recognizes the Value of SAF

The 2022 Inflation Reduction Act includes the largest governmental climate change investments in U.S. history – a new blender’s tax credit specifically for SAF along with other critical incentives for clean energy and carbon capture – that will help spur an increase in SAF infrastructure and supply while lowering costs for SAF consumers.

The U.S. military currently uses nearly five billion gallons of jet fuel annually and the Department of Defense will use a jet fuel blend containing at least 10% SAF by 2028 because of the 2023 National Defense Authorization Act.

And according to the U.S. Department of Energy, the country’s vast feedstock resources are enough to meet the projected SAF demand of the entire U.S. aviation industry.

United’s Commitment to Net Zero Emissions by 2050

United aims to be 100% green by reducing its GHG emissions by 100% by 2050, without relying on traditional carbon offsets. In addition to the UAV Sustainable Flight Fund, United has launched a SAF purchasing program called the Eco-Skies Alliance and established a venture fund – United Airlines Ventures – to identify and invest in companies and technologies that can decarbonize air travel. These strategic investments include carbon capture, hydrogen-electric engines, electric regional aircraft and air taxis.

About United

United’s shared purpose is “Connecting People. Uniting the World.” From our U.S. hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates the most comprehensive global route network among North American carriers. United is bringing back our customers’ favorite destinations and adding new ones on its way to becoming the world’s best airline.

For more about how to join the United team, please visit www.united.com/careers and more information about the company is at www.united.com. United Airlines Holdings, Inc., the parent company of United Airlines, Inc., is traded on the Nasdaq under the symbol “UAL”.

For further information about our environmental impact, review United’s Corporate Responsibility Report and Annual Report on Form 10-K, available at crreport.united.com and ir.united.com.

Sproule, a leading global energy consulting and advisory firm, is pleased to announce an agreement to acquire SGS S.A.’s Subsurface Consultancy based in the Netherlands. Geneva-based SGS is a testing, inspection and certification company recognized as the global benchmark for sustainability, quality, and integrity. SSC conducts reserves certification, seismic interpretation, and integrated subsurface studies, and provides expert witness services for clients related to various energy projects globally, but primarily in Europe and the Middle East.

“This acquisition strengthens Sproule’s existing Reservoir Services, Geothermal, and Energy Advisory teams, particularly in the European market. It offers continuity for clients and employees while providing additional scale to our growing platform at a disruptive time in global energy markets,” says Christoffer Mylde, SVP of Corporate Development, Sproule.

This acquisition combines SSC’s deep bench and extensive track record in reservoir studies, expert witness testimony, and advisory services with Sproule’s growing global platform. The combined expertise, industry contacts, and technical acumen will offer an even more compelling value proposition to clients. SSC will be integrated with Sproule’s existing team in the Netherlands. The transaction is set to close on March 1, 2023. 

“This acquisition further cements our business within the European market. It positions us to compete more effectively and deliver better solutions for our global client base, by further deepening our technical and commercial expertise. We look forward to welcoming the SSC team to Sproule, where we will provide critical continuity and offer new services to existing SSC clients,” says Jim Chisholm, CEO of Sproule.

About Sproule

Sproule is a global energy consulting and advisory firm that helps companies, investors, and governments understand value and risk in an increasingly complex energy market. Clients value our solutions and the resulting stakeholder confidence in decisions. Sproule offers trusted advice on evolving energy markets, including decarbonization strategies, net zero pathways, independent assurance for resource reports, optimized turn-key asset management solutions, and strategic advice on M&A transactions across the energy value chain.

sproule.com

About SGS

We are SGS – the world’s leading testing, inspection, and certification company. We are the global benchmark for sustainability, quality, and integrity. Our 97,000 employees operate a network of 2,650 offices and laboratories, working together to enable a better, safer, and more interconnected world.

sgs.com

The Government of Alberta is advancing the province’s global leadership in the circular economy by committing $58 million through Emissions Reduction Alberta to projects across the province worth $528 million in public and private investment. All funding is sourced from the province’s Technology Innovation and Emissions Reduction fund.

Producing high-quality fertilizer for farmers, recycling asphalt from roof shingles, sequestering carbon in concrete, and novel plastics recycling are some examples of the technology solutions receiving funding through ERA’s Circular Economy Challenge.

If successful, these projects will result in cumulative greenhouse gas reductions of up to 4 million tonnes by 2050—equal to offsetting the GHG footprint of 1 million homes. Circular Economy Challenge Funding is expected to create 1835 person-year jobs* in Alberta and have a $350 million GDP impact in the province by 2025.

The investment aligns with provincial initiatives including the proposed Extended Producer Responsibility (EPR) approach, the agricultural plastics recycling initiative, and the Natural Gas Vision and Strategy’s goal to establish Alberta as a center of excellence for plastics diversion and recycling.

“Advancing technology solutions that support a circular economy makes good environmental and economic sense. Circular Economy Challenge projects supported by the TIER fund will help keep valuable materials in the economy and out of landfills, which drives investment, bolsters economic activity, cuts emissions, and creates jobs. It’s a win across the board.” said Sonya Savage, Minister of Environment and Protected Areas

“A more sustainable, diversified provincial economy requires using our resources more wisely, we need to think about waste as a resource rather than a cost. This investment in converting waste into other uses is going to make a real difference,” said Justin Riemer, CEO of Emissions Reduction Alberta

Circular Economy Challenge projects support waste reduction, material and feedstock substitution, value recovery, and reduction of the lifecycle environmental footprint of materials and products. These technology solutions can reduce the impacts of material production, processing, and disposal. The innovations invested in here will support industry competitiveness, new venture creation, and economic diversification.

Projects include:

Northstar Clean Technologies Inc.
Design, build, and commence operations of a new asphalt roof shingles recycling facility
ERA funding: $7.1 million | Project cost: $20.6 million

Sparks Eggs
Dehydrate inedible eggs from an existing grading and packing facility into a powder to be used for pet food and animal feed
ERA funding: $500,000 | Project cost: $1 million        

Rimrock Renewables LP.
Treat the biproduct of the anaerobic digestion process to produce fertilizer, peat, cattle bedding, and clean water on-site
ERA funding: $8.4 million | Project cost: $19 million        

Hydrovac Waste Solutions Ltd.
Divert slurry from the landfill and recover valuable products from the hydro-vacuum process
ERA funding: $1.7 million | Project cost: $8 million

Carbon Upcycling Technologies
Demonstrate a commercial-scale carbon sequestration and utilization technology for the cement and concrete sector
ERA funding: $4.4 million |Project cost: $11 million

Phyto Organix Foods Inc.
Construction of a large-scale, commercial, net zero yellow pea fractionation facility
ERA funding: $10 million | Project cost: $231 million

Suncor Energy Inc.
Recover Vanadium, a valuable critical metal/element, from the fly ash by-product of coke-fired boilers and use it in the growing energy storage market
ERA funding: $7 million | Project cost: $36 million

INCA Renewtech
Construct and operate a first-of-kind commercial facility to create a sustainable, advanced bio-composite material made from hemp stalk
ERA funding: $10 million | Project cost: $174.5 million

Circular Rubber Technologies Inc.
Reclaim rubber from end-of-life, high-grade tires from industrial activities and sell the end product back to manufacturers for use in new tires
ERA funding: $3.2 million | Project cost: $16 million
        
RBW Waste Management Ltd.
Install and commission a recycling system for high-density polyethylene containers used to transport liquid and solid wastes and process them into new products
ERA funding: $700,000 | Project cost: $1.4 million

“Government of Alberta funding through Emissions Reduction Alberta is critical to fulfilling our objective of meeting consumer demand for healthy, functional proteins and food co-products that are produced in a sustainable way. This project creates the opportunity to add value to Alberta’s pulse resources, diversify our economy, and directly help mitigate global food security risks while doing so with a differentiated carbon and water sustainability footprint,” said Chris Theal, President & CEO of Phyto Organix Foods Inc.

“The Suncor team and our partners are excited to advance this project which has the potential to produce commercial quantities of a critical metal used in the production of grid-level energy storage solutions. The Alberta Vanadium Project is consistent with Suncor’s leading position in developing new lines of revenue that also support greater adoption of low carbon sources of energy,” said Todd Pugsley, Director, Technology Development – Bitumen Value Chain, Suncor

“This support of Circular Rubber Technologies’ project is pivotal in advancing Canada’s circular economy. CRT is constructing the world’s first commercial-scale rubber devulcanization facility for industrial tires, its first state-of-the-art facility in Alberta, set to begin production in Fall 2023. ERA accelerates bringing CRT’s product – the world’s cleanest, highest quality rubber reclaim – to a $45 billion global market.” said Maartje Van Der Sande, CEO of Circular Rubber Technologies (CRT)

“Circularity in our economy will be integral to Alberta’s decarbonization efforts. Circular Economy Challenge funding signals the government’s commitment to supporting innovative companies like Carbon Upcycling, as we collaborate with industry partners and look to achieve commercial-scale impact in the cement industry,” said Ryan Bourns, Business Development Partnerships Manager, Carbon Upcycling

“Circular Economy Challenge funding will facilitate our company to meet zero-waste and sustainability goals for our food processing facility in Calgary. We will reduce our greenhouse gas emissions and transform our current waste product into a new ingredient for the pet food industry, creating a circular economy and permanent sustainable waste management solution,” said Scott Brookshaw, Executive Vice President of Sparks Eggs, Division of Golden Valley Foods Ltd.

“Rimrock Renewables is honored to be recognized by the Government of Alberta through ERA as an innovator in the development of alternative energy solutions to support the Canadian energy transformation. Funding from partners like the ERA is key to accelerating our shovel-ready project and making an immediate impact on Canada’s emission reduction goals,” said Scott McLean, Director of Rimrock Renewables and Executive Vice President of Operations of Tidewater Renewables Ltd.

“This funding will enable INCA Renewtech to significantly accelerate the construction of our state-of-the-art hemp processing and composites manufacturing factory. We will purchase waste straw from farmers currently growing hemp for plant-based protein and transform this renewable resource into advanced bio-composites for the automotive, marine, wind energy, and consumer plastics industries,” said Davd Saltman, Chairman & CEO of INCA Renewtech

“With funding from the Government of Alberta through ERA, we can reliably scale up a cleantech process that recycles hydrovac waste into valuable products for cement production. This will keep materials out of landfills while helping Alberta’s cement and hydrovac industries get closer to meeting their sustainability and net-zero emission goals,” said Ash Thibault, Vice President of Hydrovac Waste Solutions.

“The Government of Alberta and ERA’s contribution to our innovative and proprietary clean technology process is hugely supportive in the commercialization of our first scale-up asphalt shingle reprocessing facility in Alberta. This landmark facility will be the first in North America and launches our scalable business model to deploy our circular economy, clean technology solution across Canada and the US,” said Aidan Mills, President and CEO of Northstar Clean Technologies Inc.

“Plastic recycling has been a longstanding aspiration of RBW Waste Management Ltd. Circular Economy Challenge funding allows this to become a reality. Plastic waste received at our facility will be converted to new recycled plastic products, reducing waste and reliance on virgin materials to make industrial products, while promoting a circular economy model for high-density polyethylene plastics,” said Rick Williams, President of RBW Waste Management Ltd.

Projects were selected through ERA’s competitive review process. A team of experts in science, engineering, business development, commercialization, financing, and greenhouse gas quantification conducted an independent, rigorous, transparent review overseen by a Fairness Monitor.

All ERA funding recipients are required to produce a final outcomes report that is shared publicly for the broader benefit of Alberta. Funding recipients will be required to report on project outcomes, achievements, and lessons learned including GHG reductions, job creation, and other environmental, economic, and social benefits.

ABOUT EMISSIONS REDUCTION ALBERTA (ERA):

For more than 13 years, ERA has been investing revenues from the carbon price paid by large emitters to accelerate the development and adoption of innovative clean technology solutions. Since we were established in 2009, we have committed $884 million toward 246 projects worth $7.1 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative GHG reductions of 40 million tonnes by 2030 and 99 million tonnes by 2050.

Canada’s Top 100 Corporate R&D Spenders posted $13.92 billion in joint research and development spending in Fiscal 2021. This was a hefty increase of 10.9% over Fiscal 2020 among the 99 companies for which complete data were available, according to Research Infosource Inc., which released its annual ranking.

Leading the pack with $1.07 billion of R&D spending in Fiscal 2021 was Shopify Inc., with an impressive growth of 44.6%, moving them into the #1 spot on the list. Constellation Software Inc. ($965.2 million, up 19.3%) and TELUS Corporation ($799.0 million, up 44.5%) took second and third spots respectively.  In Fiscal 2021, 92 companies reported revenue totaling $378.19 billion. Overall research intensity (R&D as a percent of revenue) among these companies was 3.1%.

Of the 99 firms for which complete data were available, an overwhelming majority (71) expanded their R&D spending, compared to 28 firms where R&D spending declined.

“Fiscal 2021 was a solid year for corporate R&D spending growth”, said Ron Freedman, CEO of Research Infosource.  “A majority of firms grew their R&D spending, often by double and triple digits.”

Twenty-five (25) Top 100 companies gained membership in Research Infosource’s $100 Million Club of companies that posted over $100 million of R&D spending in Fiscal 2021.  Club members accounted for combined R&D spending of $11.06 billion or 79% of total Top 100 R&D spending in Fiscal 2021.

The Fiscal 2021 leaders in R&D spending growth by tier were:

• Large R&D spenders tier ($100 million or more of R&D spending in Fiscal 2021): Repare Therapeutics Inc., (107.8%), Shopify Inc. (44.6%) and TELUS Corporation (44.5%).
• Medium tier ($30 million-$99.9 million): MDA Ltd. (791.9%), Titan Medical Inc. (346.9%) and BELLUS Health Inc. (132.5%).
• Small tier (less than $30 million of R&D spending): Eupraxia Pharmaceuticals Inc. (501.9%), Acceleware Corp. (413.0%) and Edesa Biotech, Inc. (403.7%).

About Research Infosource

Research Infosource is Canada’s source of R&D intelligence.  Drawing from proprietary databases, Research Infosource publishes Canada’s Innovation Leaders, which includes Canada’s Top 100 Corporate R&D Spenders, Canada’s Top 50 Research Universities, Canada’s Top 40 Research Hospitals and Canada’s Top 50 Research Colleges.  As well, Research Infosource publishes specialized reports.

University Business Incubators Global has released the top lists and top challengers as assessed by the World Benchmark Study 2021–22.

UBI is a Stockholm-based innovation intelligence company and community known for the assessment and mapping of business incubators and accelerators.

Achievement of top challenger status among North American peer organizations means that Memorial University’s Genesis demonstrates exceptional value for client startups, value for the local ecosystem and overall attractiveness as an organization.

Top challengers are organizations with performance and impact scores resulting from the World Benchmark Study 2021–22, making it stand out among peers in its region.

“Following a rigorous data-driven approach, we assessed and benchmarked incubation organizations across the world,” said Joshuah Sowah, head of research, at UBI Global. ”Our study is in tune with the multiple facets of the international incubation ecosystem and illustrates critical challenges and opportunities the participating organizations face.”

“This recognition is a huge achievement for the Genesis community,” said Michelle Simms, president and CEO, of Genesis. “To be a top challenger in North America for the second time, and the only Canadian incubator recognized in this category, means that we’re fostering a globally competitive startup ecosystem here in Newfoundland and Labrador. Our staff, clients, partners and stakeholders have created a community with enormous impact and we’re delighted to see that reflected in the UBI study.”

For the full World Rankings Report 2021–22 of business incubators and accelerators, please visit online.

About Genesis

Genesis, established in 1997, exists to help build amazing companies. Genesis clients and graduates have raised more than $680 million in private investment, generated more than $220 million in annual revenues and created more than 2,500 jobs. Genesis alumni are among some of the top companies in Canada, including Verafin, Rutter, Mysa, Virtual Marine and Genoa Design. To learn more about Genesis and its innovative programming, visit Genesis online.

About UBI Global

UBI Global is a Swedish-based innovation intelligence company and community specializing in mapping, highlighting and connecting the world of business incubation. Through a community of more than 1,000 member organizations from more than 90 countries worldwide, UBI Global provides matchmaking, ranking, benchmarking and research services to corporations and business incubation organizations. Previous results from UBI Global’s studies have been featured on BBC Radio, The Chicago Tribune, Le Figaro, Der Standard, The Huffington Post, The Irish Times, France 3 and many other media outlets around the world.

Windward, the leading Maritime AI™ company, announced a 3-year enterprise contract with one of the world’s largest publicly traded international oil and gas companies. This American supermajor is the most recent partner, alongside Shell and bp, to utilize Windward’s solution to enhance due diligence and streamline trade compliance processes, empowering them to conduct business as usual in the current precarious oil trading ecosystem.

The ongoing Russia-Ukraine war has seen the introduction of new regulations by the Office of Foreign Assets Control and other Western coalition members, including a price cap on Russian oil which came into effect on December 5th, and an upcoming cap on all Russian oil products set for February 2023. These regulations hold all players in the maritime industry accountable for higher levels of due diligence.

Adding to these complexities, there has been a 319% increase in dark activity connected to Russian oil in 2022 compared to 2021. As such, counterparty due diligence has become a necessity for any stakeholder in the maritime trade industry to make sure they aren’t conducting business with bad actors, particularly those involved in trading oil and clean products.

The company will use Windward’s platform to screen all vessels associated with the company in any capacity, including chartering, procurement, and all activity involving the supermajor’s ports and terminals facilities. Windward’s platform will quickly and effectively verify that potential business partners are not a compliance risk and flag any suspicious behavior, enabling them to conduct business with confidence.

“We are thrilled to announce that another supermajor has chosen to employ our best-in-class technology for regulatory compliance and risk analysis, a critical step that all oil and gas industry stakeholders should take given recent sanctions and the increased complexity of the trade,” said Ami Daniel, Co-Founder and CEO of Windward. “The current regulatory climate requires all industry stakeholders to take a step into the future and digitalize their due diligence and sanctions compliance processes, and we are proud to facilitate this transformation in the global energy industry.”

Windward’s Maritime AI platform is powered by advanced machine learning and behavioral analytics models, providing customers with insights into vessel behaviors, ownership structures, and company risks, and predicting in real-time which companies and vessels are likely to be at high risk. Windward’s solutions enable companies across the maritime trade industry to streamline business operations.

About Windward

Windward (LSE: WNWD), a publicly traded company on the London Stock Exchange, is the leading Maritime AI™ company, enabling organizations to achieve business and operational readiness. Windward’s AI-powered solution allows stakeholders including banks, commodity traders, insurers, and major energy and shipping companies to make real-time, predictive intelligence-driven decisions, providing a 360° view of the maritime ecosystem and its broader impact on safety, security, finance, and business.

For more information visit:https://windward.ai/.

Paradigm Flow Services Limited, a World leading flow remediation and fire protection service company, has secured a substantial growth funding package from mid-sized SME lenders ThinCats. The loan will facilitate the accelerated growth of Paradigm’s fleet of specialized equipment to meet the high level of demand for both its unique pipeline remediation and fire protection technologies. The transaction was introduced and advised by Bridge and York Capital Partners and Stronachs provided legal support for Paradigm. Clyde & Co supported ThinCats on legal and Azets conducted FDD.

Paradigm will utilize the loan to expand its Dry-Flo® Waterless Digital Deluge Dry Testing fleet which provides customers the ability to not wet test for up to 10 years whilst staying compliant with international standards. Paradigm will also expand its Flexi-Coil® Flexible Composite Coiled Tubing fleet, which is used for pipeline cleaning, typically when other options have been exhausted and also for the installation of their short-lead time flexible in-riser velocity and gas lift strings.

Julian Manning, the CEO of Paradigm Group, commented, “We are very pleased to have agreed terms with ThinCats to provide us with a loan facility to meet our immediate growth needs for both our Production Enhancement and Fire Protection Service lines. As we continue to invest in new assets to meet demand, this loan facility will allow us to further accelerate our plans and build upon the solid all-around performance achieved by our Flow Services team in 2022. The expanded equipment portfolio will also make our lower carbon and overall cost technologies more accessible to both new and existing customers.”

Dave Parr, Director of Business Development adds, ThinCats commented: “Paradigm has a strong track record in delivering innovative technologies which have delivered immediate customer value and significantly lowered carbon impact by disrupting conventional practices. We are delighted to be supporting such a trailblazing business and to once again be working with the excellent team at Bridge and York.”

John Blanchflower, CEO of Bridge and York Capital Partners concludes: “B&Y has worked with the Paradigm Group since 2016 and originated funding to assist in their growth. Warren Daley from B&Y commented that it has been a pleasure to work with Robert and the team at PFS and see the development of such key disruptive technologies which add so much to the operations in the offshore space, and beyond in the case of DryFlo®.”

For all inquiries, please mail info@paradigm.eu or visit paradigm.eu for more information

Next Hydrogen Solutions Inc., a designer, and manufacturer of electrolyzers are pleased to announce that it has been awarded $5.1 million from Sustainable Development Technology Canada for the development and demonstration of the Company’s next-generation electrolysis technology.

This collaborative project with a budget of over $12 million will run to the end of 2024, resulting in cost and performance improvements to Next Hydrogen’s current line of electrolysis products (up to 2.25 MW) and the launch of next-generation large-scale electrolysis modules (over 7 MW). With the launch of these products, Next Hydrogen will be well-positioned to support the needs of its customers for both near-term market demonstrations and commercial large-scale green hydrogen systems.

The project includes the close participation of a consortium of strategic partners focused on validating these products for subsequent market deployment projects. This development program will include the building of a technology demonstration unit that will undergo extensive testing at the Alberta Carbon Conversion Technology Centre in Calgary, Alberta, a purpose-built demonstration facility operated by InnoTech Alberta.

“We are delighted with SDTC’s decision to support this Next Hydrogen-led consortium project,” says Raveel Afzaal, President and CEO of Next Hydrogen. “The collaboration with key industry partners provides an unprecedented opportunity to accelerate the adoption of our innovative green hydrogen products in the marketplace. We look forward to providing updates on our development progress and related market deployment projects.”

About Next Hydrogen

Founded in 2007, Next Hydrogen is a designer and manufacturer of electrolyzers that use water and electricity as inputs to generate clean hydrogen for use as an energy source. Next Hydrogen’s unique cell design architecture supported by 39 patents enables high current density operations and superior dynamic response to efficiently convert intermittent renewable electricity into green hydrogen on an infrastructure scale. Following successful pilots, Next Hydrogen is scaling up its technology to deliver commercial solutions to decarbonize transportation and industrial sectors.

Chevron New Energies, a division of Chevron U.S.A. Inc., and Svante announced that Chevron is the lead investor in Svante’s Series E fundraising round, which raised $318 million that will be used to accelerate the manufacturing of Svante’s carbon capture technology.

“We are advancing a full value chain carbon capture, utilization, and storage (CCUS) business and believe Svante is poised to be a leader in enabling carbon capture solutions,” said Chris Powers, vice president of CCUS with CNE. “Innovation is key to enabling these types of breakthrough technologies and lower carbon solutions, and we look forward to applying our experience and expertise to help drive this effort forward.”

Since its founding in 2007, Svante has developed carbon capture and removal technology using structured adsorbent beds, known as filters. This funding will support Svante’s commercial-scale filter manufacturing facility in Vancouver, which is anticipated to produce enough filter modules to capture millions of tonnes of carbon dioxide (CO₂) per year across hundreds of large-scale carbon capture and storage facilities.

“We are proud that Chevron and a group of existing and new strategic and financial investors have demonstrated their confidence in Svante to be a key player in building a commercially viable carbon management industry,” said Claude Letourneau, President, and CEO of Svante. “We are working to remove the biggest barriers to rapid deployment of industrial carbon capture by building this manufacturing facility, which we expect will enable us to expand our order book rapidly.”

The size and cost of installing carbon capture technology have been a barrier to industry adoption. Svante’s modular solid sorbent technology is designed to capture CO₂ from industrial flue gas. It then concentrates it into a high-purity, 95-percent pipeline-grade CO₂ to prepare for storage or further industrial use. Its approach is tailored specifically to the challenges of separating CO₂ from nitrogen in diluted flue gas, which is typically emitted at low pressures, and in dilute concentrations. Svante’s technology is targeted toward industrial decarbonization activities in fields including hydrogen, pulp and paper, lime, cement, steel, aluminum, and chemicals. Svante’s filters are also available for direct air capture and carbon dioxide removal.

In 2021, Chevron launched CNE to accelerate lower carbon business opportunities in CCUS, hydrogen, renewable fuels and products, offsets, and emerging technologies. Chevron plans to invest $10 billion in lower carbon projects through 2028 and remains committed to collaborating in new ways to accelerate progress.

Chevron Technology Ventures made an initial investment in Svante in 2014. In 2020, Chevron launched a project to pilot Svante technology to capture CO₂ from the post-combustion of natural gas. The project has received funding from the U.S. Department of Energy (project #DE-FE0031944). In collaboration with Svante and the National Energy Technology Laboratory, the technology will be tested at Chevron’s Kern River facility in San Joaquin Valley, California, with startup underway this month.

Other fundraising round participants include existing shareholders Temasek, OGCI Climate Investments, Delek US, and Hesta AG, and new investors, 3M Ventures (the venture capital arm of 3M Company), Full Circle Capital, GE Vernova, Japan Energy Fund, Liberty Media, M&G Catalyst, Samsung Engineering, TechEnergy Ventures, and United Airlines Ventures. J.P. Morgan Securities LLC served as Svante’s lead placement agent with RBC Capital Markets as co-lead placement agent. Full Circle Capital acted as financial advisor to Svante in connection with the transaction.

About Svante

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.

To learn more about Svante, click here or visit www.svanteinc.com.

About Chevron

Chevron 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.

For more information, please visit www.chevron.com.

The Honourable Andrew Furey, Premier of Newfoundland and Labrador; the Honourable Andrew Parsons, Minister of Industry, Energy and Technology; the Honourable Seamus O’Regan Jr., federal Minister of Labour and MP for St. John’s South – Mount Pearl; and Florian Villaumé, CEO of techNL, announced $9.6 million in joint funding to establish an Innovation Centre for remote operations. This new dynamic space will serve as a hub for some of the province’s greatest homegrown technology talent, capabilities, and companies.

The establishment of an Innovation Centre for remote operations will build on exceptional levels of innovation, diversification, and collaboration. Multiple sectors and communities in the province will benefit, including technology, energy, healthcare, mining, ocean, aquaculture, and fisheries. This Innovation Centre will foster collaboration and technology growth to accelerate the development of the innovation-driven economy in Newfoundland and Labrador.

The Government of Newfoundland and Labrador is providing $7.1 million over six years through the Innovation and Business Development Fund. The Government of Canada, through the Atlantic Canada Opportunities Agency, is contributing $2.5 million over the next three years towards the Innovation Centre.

The Innovation Centre for remote operations will be located at 710 Torbay Rd in St. John’s, which was previously leased by RONA. The Centre will integrate light industrial work in warehouse space, office/hot desk space, and event space for programming. The center will address the current needs of established companies, while helping to guide rising companies pursuing remote operations in sectors such as oceans, energy, and defense, with applications for other industries.

The Innovation Centre for remote operations initiative is led by techNL, in partnership with Energy NL, Canada’s Ocean Supercluster, and Energy Research and Innovation Newfoundland and Labrador, with support from many other companies and organizations.

Investments in the province’s tech and innovation sector mean more jobs and a stronger economy for the province. The technology and innovation sector is a significant employer, with approximately 600 firms and over 8,000 employees in Newfoundland and Labrador.

Quotes

“The announcement is about providing another building block to further advance the technology community, and create more opportunities for partnerships, synergies, and collaboration. Together, we are going to further transform Newfoundland and Labrador’s tech ecosystem, and encourage innovation for all stages of business. I am so excited to see this come to fruition, and can’t wait for what lays ahead.” said Honorable Andrew Furey, Premier of Newfoundland and Labrador.

“A lot of hard work and considerable effort by industry associations, research organizations, and those working towards advancing tech in our province has gone into achieving this new space. The new Innovation Centre was a key priority for the Premier and for me as Minister, and I am so happy to work with all partners to get it over the finish line,” said Honorable Andrew Parsons, Minister of Industry, Energy and Technology.

“We’ve always been globally competitive. We’ve historically been at the center of commerce and trade. And whenever the ground has shifted beneath our feet, we’ve always figured out how to regain our balance and excel. We excel at tech. Creativity is in our DNA. So, let’s take on the world.” said Honorable Seamus O’Regan Jr. Minister of Labour and MP for St. John’s South – Mount Pearl, on behalf of the Honourable Ginette Petitpas Taylor, Minister responsible for the Atlantic Canada Opportunities Agency.

“Our vision is to create a world-class ecosystem for remote operations. This funding will establish a collaborative innovation space built to address the technology development needs of established and growing companies through proximity to other innovators, collaboration, programming, access to special technology assets, and visibility. It will attract companies, partners, and investment from outside the province to our ecosystem and contribute to our vision to make the local technology sector the most sought-after technology sector in Canada.” said Florian Villaumé, CEO of techNL.

“This Innovation Centre is the largest infrastructure project we’ve seen for the Newfoundland and Labrador tech sector. The Centre will help transform the economy and encourage youth to stay in the province to work in a world-class ecosystem. We are known for our collaborative environment and the Innovation Centre will build on that unique strength.” said Jacqueline Lee, Chair of techNL and CEO of PolyUnity.

Pason Systems Inc. is pleased to announce that it has increased its non-controlling investment in Intelligent Wellhead Systems Inc. through the acquisition of outstanding common shares of IWS for an aggregate purchase price of $7.9 million and an agreement to invest up to $25 million in preferred shares of IWS. The preferred share investment consists of an initial subscription of $10 million, with up to a further $15 million in future tranches of preferred shares subject to the continued growth and success of IWS. These funds will support IWS’ ongoing growth initiatives and accelerate the development and deployment of IWS technologies.

“We remain encouraged and excited about IWS’ team, technologies, and growth prospects. As we’ve experienced within our core drilling-related business, customer demands and requirements for high-quality data continue to increase in the completions sector. IWS is well-positioned to support operators with these increasing needs. As an example, IWS’ InVision Technology Platform has gained traction while enabling automated valve management processes for continuous frac operations in a safe and efficient manner, increasing the number of frac stages per day for several operators. Over the past year, IWS has seen strong growth in the adoption of its technologies, and we expect this additional capital will accelerate IWS’ ongoing growth,” said Jon Faber, President and Chief Executive Officer of Pason.

Intelligent Wellhead Systems Inc.

The InVisionTM platform for completion operations, from Intelligent Wellhead Systems, improves wellsite safety and efficiency with Wellsite Instrumentation, Digital Valve Controls, and Remote Monitoring solutions. Utilizing its customer’s standard operating procedures, IWS creates a Digital HandshakeTM to minimize human errors during operations activities.

For more information about IWS, visit the company’s website at www.bettercompletions.com or contact info@bettercompletions.com.

Pason Systems Inc.

Pason Systems Inc. is a leading global provider of specialized data management systems for drilling rigs. Our solutions, which include data acquisition, wellsite reporting, remote communications, web-based information management, and analytics, enable collaboration between the rig and the office. Through our subsidiary, Energy Toolbase (“ETB”), we provide products and services for the solar power and energy storage industry. ETB’s solutions enable project developers to model, control, and monitor the economics and performance of solar energy and storage projects. Pason’s common shares trade on the Toronto Stock Exchange under the symbol PSI.

For more information about Pason Systems Inc., visit the Company’s website at www.pason.com or contact investorrelations@pason.com.

HIGHLIGHTS:

• A new award of 6.5 MW will add to iSun’s already completed 257.1 MW of projects in Vermont
• $3.1 new contract highlights iSun’s continued leadership in advancing the implementation of solar energy

“We are very pleased by our continued progress in securing awards for solar projects throughout New England, with the latest win in Middlebury, Vermont,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “This demonstrates the continued strong customer demand for solar energy in our markets, and the success of our team in cultivating long-term customer relationships for iSun. The transition to clean energy remains the most important initiative of our generation and we are proud to assist more communities in achieving alternative energy solutions.”

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility-scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery-backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities.

Please visit www.isunenergy.com for additional information.

RailVision was launched in 2020 with the objective of helping the railway industry reduce its fuel consumption and lower greenhouse gas (GHG) emissions. Fuel is the largest cost to railroad companies after labor. While the railroad industry is open to innovations that will drive efficiencies, tools typically used by the sector to address the issue of high fuel costs are limiting, antiquated, and necessitate complicated integrations.

RailVision’s flagship EcoRail app was launched in 2021 to mitigate skyrocketing fuel prices by lowering consumption, reducing emissions, improving crew safety, monitoring operation compliance, and reducing wear on equipment for the $100B North American rail industry. EcoRail is a lightweight app used on a crew tablet. As it embraces a user interface similar to Google Maps, the app is easy for railroad engineers to adopt. In early demonstrations, EcoRail delivered meaningful fuel cost savings of 10 – 15% and in turn, lower GHG emissions.

“The rail industry is the backbone of global supply chains and is responsible for moving the majority of the world’s raw and finished materials. It also happens to be the most efficient – and environmentally friendly – transportation industry by nearly four times, yet is often overlooked in terms of opportunities for growth and innovation,” says Dev Jain, founder, and CEO of RailVision. “This seed investment enables us to disrupt this status quo by developing technology that can drive growth and introduce innovation to this strong but stable industry, while further reducing its environmental impact. The funding also enables us to significantly expand our reach and deliver a robust solution for the larger Class I market.”

Over the past year, EcoRail has been in pilot testing with several companies, including Genessee & Wyoming, Metrolinx, Port of Montreal, and Via Rail. The app is now commercially available for deployment by all passenger and freight shortline railroads.

“RailVision takes a lightweight, software-only approach but with heavy savings for train operators,” said Reilly Brennan, General Partner at Trucks Venture Capital. “By using RailVision’s product, trains will burn less fuel, save more money, and make transportation better. We’re excited to see where the team takes the product in the future.”

RailVision’s product makes for a more economical option for trains compared to trucks. “The idea behind our vision is to not only highlight what’s possible in the railway industry but to also champion the adoption of rail with the goal of reducing heavy congestion and pressure currently placed on public roads, which will significantly lower GHG emissions,” says Jain.

“There is huge growth and impact potential in the rail sector yet not enough people are thinking about it,” says Mike Winterfield, Managing Partner of Active Impact Investments, Canada’s largest climate tech seed fund. “Two impressive early pilots with major railways captured our interest and prompted our investment. Based on the traction RailVision has achieved to date, they are now very well positioned to attract a team that will help the company deliver significant savings to its customers.”

About RailVision

RailVision Analytics is developing in-cab technology for passenger and freight trains to drive efficiency and growth in the rail industry. RailVision’s EcoRail app directly reduces fuel consumption and GHG emissions through improved train handling.

For more information, visit RailVision.ca.

“Climate change represents a challenge to the world economy of unprecedented urgency and scale, leaving no industry or business process unaffected. Meeting this challenge will require an equally unprecedented level of commercial ingenuity and innovation,” said Karl Beinkampen, MMV Managing Director, who will co-lead the MMV Climate Technology Fund. “We believe there is a growing investment opportunity to support the companies and founders who are building solutions to mitigate, measure, and manage climate change. MMV’s investment capabilities, access to fund and founder networks, and early-stage business expertise will enable the next generation of climate innovators to scale over time while creating a more sustainable future.”

With this new fund, MMV will manage over $1 billion in investment capital – including the funds managed by its other Boston-based team and Europe and Asia-Pacific (APAC) team investing in digital health, financial technology, enterprise SaaS, and cybersecurity companies across the globe. Following its new fund and geographic expansion announced earlier this year, MMV’s Europe and APAC team also considers investment opportunities in the climate tech sector in Europe and the APAC region.

“We look forward to building on the success the MMV fund family has achieved over the past eight years as we launch this new fund focused on a critical and rapidly growing sector,” said Doug Russell, who has served as Managing Director and Head of MassMutual Ventures since its formation in 2014. “While we will concentrate on the climate tech sector, we will primarily target investments in undercapitalized markets that have the potential to generate strong investment returns and drive the breakthrough innovations that are needed to decarbonize the world.”

About MassMutual Ventures

MassMutual Ventures (MMV) is a multistage global venture capital firm with teams based in Boston, Singapore, and London, managing over $1 billion in investment capital. We help accelerate the growth of the companies we partner with by providing capital, connections, and advice. With our deep expertise and extensive Fortune 500 network, MMV helps entrepreneurs build compelling and scalable companies of value.

For more information, visit www.massmutualventures.com.

Throughout the G20 Summit, the Prime Minister announced support to help make Canada an even more active and engaged partner in the Indo-Pacific, including by making investments to expand trade and investment to benefit Canadian businesses and their workers, promote security and stability in the region, increase pandemic resilience, and build a cleaner future for everyone.

At the Summit, Prime Minister Trudeau announced that Canada will invest $750 million to significantly expand FinDev Canada’s global efforts to meet the demand for infrastructure and enhance the reach and impact of Canada’s private sector activities. The additional capital will enable FinDev to increase its engagement in the Indo-Pacific and help respond to the region’s huge infrastructure needs, address existing funding gaps, and support broader regional progress toward ending poverty, fighting climate change, and building a future that works for everyone. This will help improve lives, connect people, spur economic growth, and contribute to a cleaner future while offering Canadian expertise and a development model that is accountable and leaves no one behind.

The Prime Minister made the announcement at a Partnership for Global Infrastructure and Investment event co-hosted by the President of the United States of America, Joe Biden, the President of the European Commission, Ursula von der Leyen, and the President of Indonesia, Joko Widodo.

In Bali, Prime Minister Trudeau continued to push for ambitious action on climate change and the environment by urging countries to adopt a robust post-2020 Global Biodiversity Framework at COP15 in Montréal next month to halt biodiversity loss and ensure a healthy future. He emphasized the importance of increasing efforts to protect the environment, fight climate change, and protect people’s livelihoods from its devastating effects. He announced that Canada will provide:

• $20 million to restore and protect mangroves in coastal communities in Indonesia, which will help prevent biodiversity loss and store carbon to fight climate change;
• $15 million to support Indonesia’s efforts to scale up its climate change adaptation and mitigation efforts in response to rising sea levels, environmental degradation, and biodiversity loss;
• $10 million for the Oceans for Prosperity initiative to continue improving the sustainable management of coral reef ecosystems to support local communities in Indonesia; and
• $3 million to help Indonesia restore coastal and marine ecosystems – essential carbon-storing ecosystems – to better adapt to and mitigate the impacts of climate change.

The Prime Minister also highlighted recent progress in advancing negotiations toward a Canada-Indonesia Comprehensive Economic Partnership Agreement, which would create jobs and opportunities for people and businesses in both countries. This could include meaningful opportunities for Canadians across a broad range of sectors, including agriculture and agri-food, advanced manufacturing, clean tech, natural resources, and services. Canada and Indonesia launched negotiations in 2021 and held three rounds of negotiations in 2022.

At the Business 20 (B20) Summit, attended by private sector delegates from across the G20, Prime Minister Trudeau delivered a keynote address where he highlighted the potential emerging technologies have to cut pollution and grow the clean economy to benefit everyone. He also stressed the urgent need to accelerate the transition to clean energy and underlined that Canada is rapidly becoming the provider of clean energy and clean technologies that the world needs, particularly in critical minerals, batteries, and electric vehicles.

During the Summit, G7 Leaders and Indonesia issued a joint statement announcing a new Just Energy Transition Partnership (JETP) with the Government of Indonesia to accelerate its clean energy transition in an inclusive way. Canada will allocate $550 million to Indonesia from existing climate commitments under this new partnership. Canada is also contributing to the coal phase-out and the clean energy transition in Indonesia through its commitment of $1 billion to the Climate Investment Funds’ Accelerating Coal Transition Program, of which Indonesia was one of the first funding recipients.

The COVID-19 pandemic has had devastating impacts, particularly on people in low- and middle-income countries. To further protect global health and prevent future pandemics, Prime Minister Trudeau announced a new commitment of $50 million to the new Pandemic Fund – a key G20 initiative hosted by the World Bank – to help fill critical gaps in pandemic prevention, preparedness, and response capabilities in low- and middle-income countries in key areas like investing in the health care workforce and strengthening disease surveillance. He also announced a $15 million allocation to manufacture mRNA vaccines and technologies in Africa, Asia, and Latin America, building on $15 million in Canadian funding announced at the G20 Summit in 2021, and a $15 million allocation to increase the manufacturing of and equitable access to vaccines for low- and middle-income countries in the Americas.

At the G20, Prime Minister Trudeau announced an additional $500 million to provide military support to the Armed Forces of Ukraine. He also announced new sanctions on 23 members of the Russian justice and security sectors involved in gross and systematic human rights violations against Russian opposition leaders. Throughout his meetings with G20 and guest leaders, he reiterated the importance of continuing to support Ukraine and remaining united in the face of Russian aggression.

The Prime Minister also announced that Canada is extending the Canadian Armed Forces (CAF) training mission of recruits of the Armed Forces of Ukraine in the United Kingdom until the end of December 2023. This training began in August 2022 and is part of Operation UNIFIER.

Given the presence of Russia at the G20 table, the Prime Minister used his G20 interventions to condemn Putin’s attacks on Ukraine and the rules-based international order. He also stressed the consequences of Russia’s aggression on people, and food and energy security, particularly in the Global South. We continue to be steadfast in our support for Ukraine.

On November 16, in response to Russia’s latest attacks on Ukrainian cities and civilian infrastructure, NATO and G7 Leaders issued a joint statement reaffirming their steadfast support for Ukraine and their commitment to hold Russia accountable. Prime Minister Trudeau also held calls with the President of Ukraine, Volodymyr Zelenskyy, and the Prime Minister of the United Kingdom, Rishi Sunak, as well as the President of Poland, Andrzej Duda.

The “Friends of Cabot Martin” Committee announced that they intend to raise funds from the general public to finance a “Cabot Martin Award for Research in Regional Policy and Development” at Memorial University. Martin was a tireless advocate for the province for more than 50 years. He passed away suddenly in September 2022.

The Award will honor Martin who defended the province’s claim to ownership of our offshore resources and later participated in the negotiations which led to joint management of these resources in the 1985 Atlantic Accord. The Accord guaranteed that provincial royalty revenues would be treated the same as if the resources were located on land.

Cabot Martin’s vision held a large resource focus and it had a unity of purpose: the economic independence of the province, managing our petroleum and fishery resources, and, more recently, renewables such as wind and green hydrogen, to wrest control of our destiny and shape a better future.

 As much as he was associated with the advancement of the petroleum industry, Cabot was a tireless promoter and protector of the fishery. He was a persistent advocate of the adjacency principle giving the first claim to inshore fish harvesters of the resource. He also voiced the precautionary principle in fishery management and the need to guard against overfishing. As fish stocks became threatened, he was a pioneer in the development of the province’s aquaculture industry.

Committee Member Ray Andrews commented, “Cabot’s unwavering enthusiasm to support the NL fishery, especially the inshore, was evidence in his untiring efforts, which on some occasions were considered outside the box.”

In all matters, Cabot Martin believed that the best public policy decisions resulted from informed citizen engagement. Above all else, this informed his ardent criticism of the Muskrat Falls project.

Committee Chair, Des Sullivan, stated “the Cabot Martin Research Award will be conferred each year for six years, valued at up to $15,000, and based on criteria to be developed and applied by Memorial University. A key component of this award would require the successful candidate to deliver a public lecture on the conclusion of their findings.

Sullivan says “he is hopeful that, in addition to members of the public, the offshore oil and fishing industries will give their support and contribute to the Award.” 

Committee Member, David Vardy, commented that “the funds will be directed toward governance and policy issues which were so central to Cabot’s thinking, his writings and his public commentary.”

Added Vardy, “Cabot was a tireless promoter of the resources of the province. Advancing applied research projects, even on a modest scale, seems a fitting way to acknowledge the life that he spent promoting responsible resource development based on sound public policy.”

Committee Member, Pat Laracy added: “Cabot had an insatiable curiosity which led him into many ventures throughout his life, all of which were motivated with the best interests of the province in mind.”

Other Members of the “Friends of Cabot Martin” Committee include Diana Baird, Jonathan Moir, Carol Osmond, Rob Strong, Phonse Fagan, Con O’Brien, and Douglas Moores.

The Harris Centre at Memorial University is mandated to encourage and support “regional public policy and development” in the province.

Memorial University has established a Web Site giving additional details of Cabot’s life and contribution which is found at https://www.mun.ca/give/tribute/cabot-martin/

Donations to the “Cabot Martin Research Award” may be made on the Web Site or by mailing a cheque or money order payable to:

Memorial University

Office of Development
P.O. Box 4200
St. John’s, NL A1C 5S7

ABOUT KRAKEN ROBOTICS INC.

Kraken Robotics Inc. is a marine technology company dedicated to the production and sale of software-centric sensors, subsea batteries, and underwater robotic systems. The company is headquartered in Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. In July 2021, Kraken acquired PanGeo Subsea, a leading services company specializing in high-resolution 3D acoustic imaging solutions for the sub-seabed used to mitigate risk in offshore installations. PanGeo with offices in Canada, the United States, and the United Kingdom is now a wholly-owned subsidiary of Kraken. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

www.krakenrobotics.com

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According to the World Nuclear Association, the nuclear energy sector requires a $7,5 billion investment in refurbishment and maintenance of currently operating nuclear power plants to keep its energy production stable in order to meet the country’s growing demand.

The Watts Bar plant in Spring City (Tennessee) has recently undergone a major refurbishment to optimize power production for more than 900,000 homes. Sarens, world leader in heavy lifting, engineered transport, and crane rental, has worked on the replacement of four steam generators.

According to data from the US Energy Information Administration (EIA), the 1% annual increase in US energy demand until 2050 will force a boost in the generation of electricity from clean sources to the detriment of those that produce greenhouse gases (mainly by burning coal and gas), and the renovation and maintenance of the facilities in which this energy is generated. In fact, the demand for new, optimized nuclear reactors will require more than $1 trillion in global investment.

Currently, 20% of all energy consumed in the USA comes from the 93 nuclear power plants distributed throughout the country, which represents 55% of all greenhouse gas emission-free energy in the country and 30% of the total produced worldwide. This requirement leads nuclear power operators – 30 companies, spread across 30 different states – to invest approximately $7.5  bn in maintenance and upgrades at plants built mostly between 1967 and 1990 to keep their production stable and to avoid downtimes caused by technical failures.

One of the plants that have recently undergone major renovation work is Watts Bar in Spring City (Tennessee), one of the most modern plants in the USA. As part of its maintenance and refueling process, the Tennessee Valley Authority (TVA) decided to undertake the replacement of four steam generators and relied on the international expertise of Sarens.

Sarens team lifted two concrete dome sections using a Terex-Demag CC8800 crane and built two lift and support frames for the 3-foot thick concrete cutout, which was then water blasted for removal. Subsequently, two Steel dome liner sections, four steam generator cubical roof sections, and finally, four old steam generators were removed. Once the support structures had been replaced, the Sarens team proceeded to erect the new steam generators, weighing approximately 800,000 pounds, over 68 feet long, 16-foot diameter, and 168-foot radius.

Thanks to these renovations and improvement work, the Watts Bar power plant will be able to maintain a stable energy production rate for a longer period of time. Prior to its shutdown, the facility had produced more than 11.4 billion kilowatt-hours during its 18-month operation cycle, enough to fully cover the energy demand of more than 912,000 households in the region.

This is not the first time Sarens has undertaken a steam generator replacement project. Back in 2014, it was directly involved in the work on two units at the Prairie Island Nuclear Generating Plant near Red Wing in Minnesota. Outside the USA, one of its major milestones was its involvement in the construction work at the new Hinkley Point C power station in England, where the SCG-250 crane, also known as Big Carl, the world’s largest crane, with a maximum load moment of 250,000 tons, allowing it to lift more than 5,000 tons, was used for the first time.

About Sarens

Sarens is the global leader and reference in crane rental, heavy lift, and engineered transportation services. With state-of-the-art equipment, value engineering, and one of the world’s largest inventories of cranes, transporters, and special rigging equipment, Sarens offers creative and intelligent solutions to today’s heavy lifting and engineering transport challenges.

With more than 100 entities in 65 countries operating without borders, Sarens is an ideal partner for small to large-scale projects. Sarens currently employs 4,543 highly qualified professionals who are ready to serve the needs of any client worldwide and in all market sectors.

https://www.sarens.com/

This milestone demonstrates the commercial readiness of Hydrostor’s Advanced Compressed Air Energy Storage (A-CAES) technology to provide clean energy security. A-CAES uses existing supply chains and proven equipment to provide affordable, large-scale, and emission-free long-duration energy storage. A-CAES technology delivers an alternative to Pumped Hydro Energy Storage (PHES) for bulk energy storage, with the additional benefits of more flexible siting, shorter development and construction times, and a lower environmental impact.

Silver City will be capable of storing enough renewable energy to provide reliable power for up to 200,000 homes over 8 hours during times of peak demand, providing access to secure and low-cost electricity for consumers in the remote mining community of Broken Hill, NSW. Over the 50+ year lifetime of Silver City, more than 11 million metric tons of carbon dioxide will be displaced which is equivalent to annual emissions of roughly 50,000 cars.

Siting flexibility allows Hydrostor to target specific problems and capture new value steams, including fringe-of-grid applications such as at Broken Hill, Renewable Energy Zones (REZs), and off-grid applications. ARENA CEO Darren Miller said new technologies for medium-duration storage will help to improve the economics of energy storage and help realize the goal of more commercially feasible projects.

“Whether it be through pumped hydro or new innovative solutions like compressed air storage, medium and long duration storage is going to be vital to supplying power during the evening and morning peak-demand periods as Australia looks towards achieving 82 percent renewable energy by 2030.”

“Hydrostor’s innovative solution provides us with another option to add to the mix. As a fuel-free storage technology, A-CAES has similar applications to pumped hydro, such as providing dispatchability required to ensure the reliability of the power system as more solar and wind power is installed.”

“We are grateful for the financial support provided by ARENA and look forward to continuing working with stakeholders to advance critical infrastructure that enables a reliable clean energy transition,” said Curtis VanWalleghem, Hydrostor’s Chief Executive Officer.

About Hydrostor

Hydrostor is a long-duration energy storage solutions provider that provides reliable and affordable utility integration of long-duration energy storage, enabling grid operators to scale renewable energy and secure grid capacity. Hydrostor supports the green economic transition, employing the people, suppliers, and technologies from the traditional energy sector to design, build, and operate emissions-free energy storage facilities. Hydrostor has developed, deployed, tested, and demonstrated that its patented Advanced Compressed Air Energy Storage (“A-CAES”) technology can provide long-duration energy storage and enable the renewable energy transition. A-CAES uses proven components from mining and gas operations to create a scalable energy storage system that is low-impact, cost-effective, 50+ year lifetime and can store energy from 5 hours up to multi-day storage where needed. With investment support from Goldman Sachs Asset Management, the Canadian Pension Plan, and the Business Development Bank of Canada, Hydrostor has projects worldwide in various development stages for providing a capacity of over 200 MW each.

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About Silver City

The Silver City Energy Storage Centre (“Silver City”) is an Advanced Compressed Air Energy Storage project that will have the ability to produce 200 MW of power and store up to 8 hours of energy. The project is located in Broken Hill New South Wales Australia and will create over 350 full-time equivalent peak construction jobs, with the majority of these workers being sourced from the local Broken Hill Region. In addition to the direct jobs generated during the construction and operation phases, the project will require significant quantities of New South Wales goods and services. During the 50+ year project life, approximately half of all operations expenditures will be purchased from the local region, equivalent to a total of $460 million or roughly $12 million per annum. Silver City will provide an emission-free long-term grid reliability solution to the remote mining community, and enable the community to grow over time, serving increasing electrical loads in the most cost-effective manner for the grid.

To learn more, visit https://www.silvercityenergystorage.com/

For more information on ARENA, visit arena.gov.au

Consumer Genius owns and operates various web platforms where consumers apply for products such as auto loans, personal loans, mortgage loans, or life insurance. Consumer Genius also offers non-financial products and services such as home services, solar, windows, and roofing. Consumer Genius was also recently named Canada’s 33^rd Fastest Growing Company by Globe & Mail and Report on Business Magazine.

Paul Hadzoglou is the President of the Canadian FinTech Giant, Consumer Genius Inc. “We are happy to accept the award for the Best International Lead Generation & Customer Acquisition Strategists from Corporate Vision.” Says Paul. “We have worked hard to create the right platforms for consumers to apply for various products or services with a seamless and fast process, without the hassle, and are glad to be recognized for our achievements. We thank Corporate Vision.”

Consumer Genius owns platforms such as Loanz, CarsFast, Tap Into My Equity, Solar Quotes Genius, and Canadian Life Rates. As a consumer, you can visit the platform, answer a few basic questions, and be immediately connected with a pre-vetted service provider for the service or product that you are looking for. Consumer Genius selectively chooses which service providers are able to connect with its consumers, thereby maintaining a high level of customer satisfaction from its tens of thousands of customers. All of the processes are fully digital, and consumers are able to apply for products and services straight from their cell phones or laptops. Applying for a product or service through one of the Consumer Genius websites is fast, easy, and efficient, and saves consumers time and money endlessly searching for the right providers to work with.

About Corporate Vision 

Corporate Vision is published monthly on its digital platform with the mission to deliver insightful features from across the global corporate world. Launched with an eye towards bettering business practices across the board, they focus on spotlighting advances in the HR, marketing, coaching, and recruitment spheres. To put it simply, they want to shine a light on the gatekeepers of better business. Those that help build, through no small amount of creativity and expertise, develop an altogether more productive, more efficient world of work. Their inclusions represent opportunities to help accelerate companies to new heights, in new ways.

About Consumer Genius Inc. 

Established in 2015, Consumer Genius Inc. is the parent company of many of North America’s fastest-growing online platforms. Consumer Genius operates in Canada, the United States, the United Kingdom, and Australia in the financial and non-financial sectors. The various platforms that Consumer Genius owns and operates allow consumers to search through reviews, ratings, offers, and real-time rates, empowering them to make quicker decisions on which lender to borrow from, or which vendor to use for a particular service. Furthermore, they provide borrowers with the ability to apply for services from multiple lenders, car loans, Insurance firms, personal loans, credit card rates, small business loans, and even debt consolidation and credit rebuilding services. They combine expert advice and the best financial tools, providing their customers with the knowledge and information required to make the smartest financial decisions. Over 60,000 Consumers apply for a loan or financial service or product through the platforms owned and operated by Consumer Genius Inc. every single month and over $2 Billion in application volume is processed through Consumer Genius Inc.’s platforms every year. Amongst its vast portfolio of brands, Consumer Genius also owns top North American brands such as Loanz.com, LendingArch, Juggling Debt, Crush Leads, CarsFast.ca and BestLendersFor.com

The biogas plant will use green sustainable feedstock – agricultural and industrial organic waste – to produce biogas which can either be injected into the existing natural gas grid or be liquified for use as green fuel for transportation. The plant will recirculate the organic materials as nutrients (fertilizer) for agriculture production in the region and produce biogen CO₂ which can be used in the production of e.g., green ammonia.

The plant will deliver on both the long-term need for energy security and independence, decarbonization of hard-to-abate sectors, as well as provide circular solutions to environmental concerns in agriculture.

“We continue to see great potential in an efficient conversion of organic waste to green gas and green fuels – and believe that advanced bioenergy plays a key role in the green transition of the transportation sector and replacement of fossil natural gas. Securing the site in Belgium together with our local partner Cryo Advise represents an important milestone in what we consider one of the key projects of our Advanced Bioenergy Fund. We look forward to finalizing the development of the project which will contribute significantly to the reduction of greenhouse gas emissions and create new local jobs,” says Thomas Dalsgaard, Partner at CIP.

The Danish biogas technology provider, Lundsby Biogas A/S, will as a minority shareholder take part in the development of the project.

CI ABF I is investing in advanced bioenergy plants in Europe and North America. It enables institutional investors to contribute to the energy transition and participate in the decarbonization of hard-to-abate sectors through the production of advanced biofuels and biogas. The fund reached a second close of ~EUR 500 million in September 2022 and has a target fund size of EUR 1 billion. In addition to the biogas plant in Belgium, CI ABF I is currently building a pipeline of advanced bioenergy projects across its target markets in Europe and North America.

About Copenhagen Infrastructure Partners

Founded in 2012, CIP today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore- and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity and storage, Power-to-X, and advanced bioenergy.

CIP manages ten funds and has to date raised approximately EUR 19 billion for investments in energy and associated infrastructure from more than 135 international institutional investors. CIP will accelerate its role in the global energy transition and aims to have EUR 100 billion under management in green energy investments by 2030. CIP has approximately 350 employees and offices in Copenhagen, London, Hamburg, Utrecht, New York, Tokyo, Singapore, Seoul, and Melbourne. For more information, visit www.cip.dk

About Cryo Advise

Cryo Advise is a project development and consulting company in the field of LNG and BioLNG. Cryo Advise sees (Bio)LNG as part of the fuel mix of the future due to economic and environmental benefits. Cryo Advise uses its 30 years of experience in cryogenics to ensure that small and medium-sized (Bio)LNG systems are developed at the highest level, built with high reliability, and operated under the safest conditions.

The necessity for intermediary markets is eliminated, and direct communication between consumers and sellers is made possible through the Metaverse’s centralized e-commerce platform. According to a report by Analytics Insight, the worldwide Metaverse market is expected to increase from $51.7 billion in 2021 to $1.3 trillion in 2030, a CAGR of 47%.

What is iShopMeta?

To put it simply, iShopMeta is the Amazon of Metaverse. iShopMeta is the first physical products and NFT marketplace focused on creators powered by Defi. The mission is to spread awareness of NFT and DeFi by developing the most accessible, creator-friendly, multi-chain functional, and cutting-edge NFT marketplace possible by integrating the strengths of DeFi and eCommerce. It’s fair to say that eCommerce, NFT, DeFi, and the Metaverse all find common ground in iShopMeta.

iShopMeta, the first and only genuine NFT marketplace in the world is a big reason why the marketplace is the only true innovator in the NFT crypto and Web3 area. Because of the blockchain, there will be no secrets or hacks in this metamall world. This is a great opportunity for companies to raise brand awareness, give convenient payment options for repeat customers, and cultivate lasting bonds with their clientele. After all, that’s the ultimate goal of any enterprise.

Users can communicate and do business in a fully immersive virtual environment thanks to the iShopmeta Marketplace. The new Metaverse universe, powered by blockchain technology, will provide companies with a one-of-a-kind chance to promote their products, offer non-fungible tokens, the digital twins of the physical products sold, and cultivate more meaningful connections with their customers.

Major retailers may set up virtual stores in a 3D environment and offer customers real and digital goods.

When should you consider joining iShopMeta?

iShopMeta was created to make it easier for businesses to adapt to the world as it is. They are changing the business world forever.

The Metaverse’s equivalent to Amazon is iShopMeta. They will aid in adjusting to the New Frontiers in Trading (NFTs) and the Metaverse market. Highlight your brand and products by forging a closer connection with the customer and improving product sales.

In reality, the iShopMeta NFT marketplace already has 700+ brands signed up to sell and ship consumer products.

Stay ahead of the trend by activating a new distribution channel, issuing NFTs, and beginning Web3 sales immediately.

For all your shopping needs, go no further than iShopMeta, the world’s first and only Immersive Commerce, NFT, and consumer goods Marketplace.

According to Christofir Krihkori, founder and CEO of e-commerce platform iShopmeta, iCommerce entails more than simply recreating your brick-and-mortar store in a digital environment; it also involves establishing ties with a hitherto untapped distribution channel. Now is your chance to join the future of retail before the rest of the pack catches on to the revolutionary potential of iShopMeta. Due to the adage “opportunity never knocks twice,” here is your chance to learn about the iCommerce era with iShopmeta, even if you missed out on the development of eCommerce two decades ago. Visit www.iShopMeta.com and click “Sell on iShopMeta” to get started.

Manure storage on dairy farms results in the release of methane, a highly potent greenhouse gas. CalBio brings technology and operational experience to help dairy farmers build digesters and methane capture projects to convert this methane to beneficial use as renewable natural gas, which is considered carbon negative on a lifecycle basis under California’s Low Carbon Fuel Standard. Per the agreement, Chevron will provide additional funding for as many as seven digesters and one central upgrading facility across a cluster of dairy farms in Merced County.

The cluster of digesters has been awarded California Department of Food and Agriculture grants, which must be augmented with additional capital to complete the projects. When complete – expected in 2023 – Chevron will take 100 percent of the renewable natural gas produced to market in the California vehicle fuels market.

“This project brings together support from many groups, including seven California Dairy farmers, who are national leaders in milk and cheese production; Chevron, one of California’s largest energy companies; and grant funding from the California Department of Food and Agriculture. The strong support from these partners will help California with its emission reduction targets,” said Neil Black, president of CalBio. “These projects are also benefiting the local community through job creation and protecting local air and water quality.”

As part of its lower carbon objectives, Chevron is complementing the strength of its traditional products business with new offerings that help customers support a lower carbon future. Carbon-negative renewable natural gas produced from dairy biomethane is an essential part of its portfolio of solutions.

“We are excited to continue our partnership with CalBio and work with local communities and farmers to develop lower carbon fuel solutions,” said Andy Walz, president of Americas Fuels & Lubricants for Chevron. “The investment underscores our commitment to produce 40,000 MMBTU/D of the RNG by 2030 and grow the lower carbon businesses that we believe will be a bigger part of the future.”

ABOUT CALIFORNIA BIOENERGY

CalBio is a leading developer of dairy digesters for generating renewable electricity and vehicle fuel in California. Founded in 2006, CalBio has worked closely with the dairy industry and state agencies to develop programs to help the state achieve its methane reduction goals while delivering a new revenue source to California dairies. For more information, visit: www.calbioenergy.com

ABOUT CHEVRON

Chevron 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.

Eversource Energy and National Fuel Gas Co. are the latest prominent publicly traded utility companies to invest in ECV’s innovation in “green molecules™.” ECV will accelerate its deployment of capital at the Seed-plus and Series A stage in game-changing companies with exceptional leaders that address the natural gas industry’s ESG imperatives and enable its digital transformation.

ECV coined the phrase, green molecules™, to define technologies encompassing the decarbonization, sustainability, and digitization of the natural gas industry. As they relate to the natural-gas value stream, those technologies affect the use of hydrogen, renewable natural gas, carbon-capture utilization and sequestration, climate tech, decarbonization, ESG modeling and accounting, workforce and customer safety, methane detection and leak prevention, business process optimization, customer experience, and robotics. Many other venture capital firms focus on green-electron solutions particular to electrification or are broad generalist funds. Consequently, they do not realize the full potential of a diverse energy portfolio and holistic customer energy needs.

“Adding Eversource and National Fuel Gas Company to our platform categorically demonstrates the strategic importance and market validation of the work we are doing to advance innovation in green molecules™,” said Vic Pascucci, ECV co-founder, and managing general partner. “We could not be more excited about the future of our fund and its mission to accelerate clean innovation in the natural gas industry.”

ECV portfolio company Cemvita, which uses synthetic biology to decarbonize heavy industry, is emblematic of the firm’s green-molecule™ investment thesis. Cemvita is currently developing bio ethylene with Oxy and sustainable aviation fuel with United Airlines. The company is also enabling “gold hydrogen” with Chart Industries and other corporate partners in addition to numerous other exciting decarbonization efforts in biomining and biomanufacturing.

“Innovation is key to providing safe, reliable, and sustainable energy to the neighborhoods we serve,” said Bill Akley, Eversource Energy’s gas business president. “Energy Capital Ventures’ advocacy for green-molecule™ innovation helps us evolve our business to provide a better tomorrow for the communities we serve. Achieving greenhouse-gas reductions for our state mandates will require innovation and new solutions that don’t exist today across our entire energy sector. ECV is enabling the investments in our industry that advance these emissions reductions by bringing needed innovations to market.”

“ECV’s green-molecule™ revolution and natural gas industry digital transformation represents a total addressable market worth trillions of dollars worldwide,” Pascucci said. “That market continues to grow as the natural-gas infrastructure enables not just today’s sources of clean, safe, reliable cost-effective energy, but tomorrow’s sources as well.”

“Innovation is a core guiding principle at National Fuel,” said David Bauer, National Fuel Gas Co. president, and CEO. “Energy Capital Ventures enables us to access an entire ecosystem of new and emerging technologies that will help us better serve our communities, steward the environment and deliver safe energy. Our team is a proud supporter of ECV and its mission.”

Eversource and National Fuel join existing ECV strategic LPs: Avista Corp. (NYSE: AVA), Black Hills Energy (NYSE: BKH), NiSource (NYSE: NI), Southwest Gas Holdings (NYSE: SWX) and Spire (NYSE: SR).

“These additional partners will better enable us to drive breakthrough innovations through the Energy Capital Ventures platform. Together, we can transform how energy is delivered to customers and truly advance our industry,” said Suzanne Sitherwood, Spire CEO and founding ECV limited partner. “The more ECV grows, the more we can push the boundaries of what’s possible in delivering the affordable, reliable, clean natural gas that customers depend on.”

About Energy Capital Ventures

Energy Capital Ventures (ECV) is the only early-stage venture capital firm dedicated to the ESG imperatives and digital transformation of the natural gas industry. In addition to this unique focus that champions innovation in green molecules™, ECV further differentiates itself with a customized engagement and deep integration with its strategic limited partners. This model empowers Energy Capital Ventures to provide a platform for innovation so that the startup ecosystem and natural gas utilities can collaborate on technologies that enable clean, safe, reliable, and cost-effective energy. Learn more at www.energycapitalventures.com.

The Iberville facility employs 300 people, including production, engineering, and quality specialists who design and manufacture cable trays for the North American market and international customers. The integration of new automated equipment, ABB robotics technology, and an advanced design lab, along with more than 32,500 square feet of building improvements, is expected to boost the total production capacity of the 102,000 square-foot sites by more than 30 percent. Among the products manufactured in Iberville are Microlectric® meter sockets as well as Superstrut® metal framing and Joslyn® Hi-Voltage switches assembled for electric utility customers.

“ABB’s latest investment is part of a five-year strategy to advance our digital capabilities and foster continued innovation,” said Matthias Heilmann, President of ABB Electrification’s Installation Products division. “Expanding production, integrating new technology, and bringing together our product design and engineering teams further strengthens our ability to deliver smart, safe, and sustainable solutions to Canadian and global customers.”

“This investment marks the next stage of our commitment to growth in Canada,” says Alain Quintal, Vice President and General Manager of ABB Electrification’s Installation Products division in Canada. “Building on our heritage and team’s expertise enables us to continue to deliver for our customers and to offer flexible career opportunities to be an employer of choice in the community where we’ve operated for over a century.”

ABB previously announced a $12 million investment in its Installation Products Division manufacturing facility in Pointe-Claire, Canada. These investments are part of a five-year strategy to integrate new digital processes and automation to enhance and expand efficiency and sustainability across its operations.

Part of ABB’s Electrification business area, the Installation Products Division, formerly Thomas & Betts, is a global leader in the design, manufacture, and marketing of products used to manage the connection, protection, and distribution of electrical power in industrial, construction, and utility applications. With more than 200,000 products under more than 38 premium brand names, ABB Installation Products solutions can be found wherever electricity is used.

ABB is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation, and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. www.abb.com.

“As the Inflation Reduction Act makes solar more accessible, we expect a large increase in the number of homeowners looking to go solar. It’s critical that the industry makes the solar experience as quick and easy as possible, from the first call to the proposal and financing to installation,” said Sam Adeymo, CRO and co-founder, of Aurora Solar. “With Dividend, Mosaic, and Sungage Financial joining Aurora’s partner ecosystem — which makes financing accessible in one easy portal — we will collectively help the solar community sell, finance, and install solar faster and more effectively than ever before.”

Key financing partners within the Aurora partner ecosystem include:

• Dividend is a leading fintech point-of-sale lender to solar and home improvement contractors. In addition to its industry-leading suite of financial products, Dividend developed a comprehensive technology platform for its solar partners to streamline the financing process, manage project pipelines, and receive top-class support in every deal. The company currently operates nationwide through its network of solar and home improvement partners. The Dividend platform enables homeowners to access financing through a seamless and hassle-free customer experience.

• Mosaic makes financing solar, solar plus energy storage systems, and other sustainable home improvements accessible and affordable for homeowners by providing a fast and easy way to apply for financing. Customers are referred by approved solar installers and home improvement contractors, as well as other ecosystem partners, and can get a credit decision in minutes for no money down loans with fixed interest rates and multiple term options. Since 2012, Mosaic has helped more than 275,000 households switch to sustainable home improvements with its financing products.
• Sungage Financial is shaping the residential solar industry by offering reliable and flexible financing solutions with some of the lowest monthly payments in the industry. Sungage enables solar installers to build strong and resilient businesses while helping families save money and live more sustainably.

About Aurora Solar

Aurora is creating a future of solar for all. The company is putting the power of data and technology into the hands of every solar professional to make solar adoption simple and predictable. The cloud-based platform uses data, automation, and AI to streamline workflows and grow solar businesses faster. More than 7,000 of the industry’s top organizations rely on Aurora and over 10 million solar projects have been designed with the platform globally. The San Francisco-based company was the only climate tech business named to the 2022 Forbes AI 50 and was voted the best solar software by Solar Power World in 2021. For more information, visit www.aurorasolar.com and follow on Twitter @AuroraSolarInc.

In order to allow as many climate-conscious individuals as possible to participate, Terra.do is taking the unprecedented step of offering them the same terms as the marquee investors in its seed round that closed in June of this year. That seed round raised $5 Million in funding led by Avaana Capital, with participation from notable VCs and more than 150 individuals in the climate community. 

“It is on all of us to contribute to fixing the climate crisis, not just corporations,” said Anshuman Bapna, co-founder and CEO of Terra.do. “To raise such substantial funds to date through community-focused funding signals a widespread desire among individuals to address the climate crisis. As a company, we are focused on being a key player to develop professionals’ skill sets and connect them to hiring managers within companies focused on climate change. We are gratified to have the support of a group of global individuals working in harmony to ensure that together we can work to solve this crisis.”  

The crowdfunding round will contribute to Terra.do making thousands of hours of climate education and professional development content freely available on its app and website. The company’s new, free mobile app on the Apple App Store and Google Play Store, already offers unique, insider access to climate professionals and hiring managers at top climate tech companies. The app facilitates direct connections between climate employers and prospective talent through innovative climate job fairs and offers access to Terra.do’s highly sought-after and extremely effective climate fellowships. It is a key starting point for professionals looking to build their careers and a community in climate-related work.  

Thousands of mid-career professionals from more than 25 countries have participated in and completed the company’s cohort-based learning programs, which range from comprehensive climate landscape overviews to deep-dives subjects such as venture capital, climate-resilient agriculture, and other relevant subjects. Fellows have access to mentors who are experts in climate science, policy, business, and finance.

Terra.do will host its next online job fair on September 14, in partnership with Venture for ClimateTech. The job fairs provide those seeking to kickstart their climate career with an actionable opportunity to meet cutting-edge climate startups across industries. The job fairs will be exclusively offered and available on the Terra.do app throughout the year. 

As part of the company’s mission to educate a wide range of professionals about climate change, Terra.do offers a scholarship program for journalists to attend their flagship Climate Change: Learning for Action program. The 12-week intensive is a deep dive into the entire landscape of climate change and the solutions being worked on to address it. For more information and to apply for the journalist scholarship, visit terra.do/journalist.

About Terra.do

Terra.do is a global climate career platform founded in 2020 by Anshuman Bapna, Dr. Kamal Kapadia, and Mayank Jain with the mission to get 100 million people working in climate by 2030. The platform brings together a wide-ranging community of professionals from critical climate industries such as energy, mobility, and regenerative agriculture and top experts in areas such as policy, science, and finance. Its immersive, cohort-based climate learning programs boast several thousand graduates from 25+ countries. Through Terra.do’s job fairs, the talent drops to employers, and rich network, its members have found roles in hundreds of leading climate tech companies and Fortune 100 sustainability teams and founded dozens of climate startups. For more information, visit www.terra.do

A global pandemic, geo-political uncertainty, and climate-related events have led to an unpredictable market where supply and demand continue to shift, leaving supply chain, logistics, and transportation professionals scrambling for visibility. As organizations undergo efforts to navigate instabilities in the market, access to readily available and actionable freight rate data has emerged as a strategic priority. In this new context, ocean shipping and air cargo transportation costs have been elevated to company board-level discussions. Additionally, in an increasingly data-driven world, procurement, finance, and other corporate functions cannot operate effectively without data that is fit for purpose.

 Xeneta stands in stark contrast to other shipping rate and index solutions by providing organizations with the world’s largest, neutral, and most accurate data source of real-time, on-demand ocean container and air freight rate market intelligence, whether for long-term contracts or spot trades. The Xeneta platform delivers the one-two punch that modern companies look for in digitizing their overall freight procurement or selling operations by providing access to an unrivaled amount of rate data (with 10 million rates added a month), as well as incorporating advanced analytics and visualization. The all-in-one platform delivers further value by providing data and insights on capacity, reliability, blank sailings, detention and demurrage, dynamic load factor, emissions data, and more.

 Xeneta’s novel crowdsourced approach levels the playing field for the ocean and air freight buyers and sellers offering benchmarking, tendering, budgeting, planning, and reporting capabilities. Amidst global supply chain and logistics challenges, Xeneta’s intelligence ensures that companies’ cargoes get to where it needs to be when it needs to be there, all at the right price.

“While global trade tries to get back on its feet after a couple of years of uncertainty, it’s clear that the overall logistics industry requires a re-think of how freight is bought and sold. This new funding will help us accelerate the development of our platform and add even more datasets to enrich our expert industry analyses to further drive transparency in the market,” said Xeneta CEO and Co-founder Patrik Berglund. “We are proud to have a renowned global fund like Apax Digital and its expert operational team to work alongside us as we enter our next stage of growth.”Mark Beith, Partner at Apax Digital, who joins the company’s Board of Directors, said: “Buyers and sellers of freight have been flying blind in a complex and opaque market. Xeneta’s world-leading dataset and cutting-edge platform provide unique access to granular real-time information and insight, enabling data-driven freight sales and purchases. This delivers compelling value for their blue-chip customer base – not just in sales or procurement, but also in budgeting and reporting, and increasingly in ESG monitoring. We’re thrilled to partner with Patrik and the Xeneta team and help deliver their vision.”

 Xeneta’s customer portfolio includes amongst others: Electrolux, Unilever, Nestle, Zebra Technologies, Thyssenkrupp, Volvo, General Mills, Procter & Gamble, and John Deere.

About Xeneta

Xeneta is the leading ocean and air freight rate benchmarking and market analytics platform transforming the shipping and logistics industry. Xeneta’s powerful reporting and analytics platform provide liner-shipping and air cargo stakeholders the data they need to understand current and historical market behavior, reporting live on market average and low/high movements for both short- and long-term contracts. Xeneta’s data comprises more than 300 million contracted container and air freight rates and covers more than 160,000 global trade routes. Xeneta is a privately held company with headquarters in Oslo, Norway, with regional offices in New Jersey, USA, Hamburg, Germany, and Copenhagen, Denmark. To learn more, please visit www.xeneta.com. 

About Apax and Apax Digital

The Apax Digital Funds specialize in growth equity and growth buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax’s deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit www.apaxdigital.com.

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see www.apax.com.

Yield Fund II will follow a similar structure to Yield Fund I, focusing primarily on accessing private market drilling and production opportunities, which can provide investors with potential hedges against inflation and stock market volatility. In addition, investing in oil and gas may potentially reduce investors’ tax liabilities, an ever-important factor as investors turn their focus to year-end financials.

“The current market has a significant number of high-quality investment opportunities, especially given record high oil and gas prices, and our new Yield Fund II is designed to help investors capitalize on these two factors,” says EnergyFunders CEO Laura Pommer. “We anticipate that oil and gas prices will stay around these levels for quite some time, and small, efficient companies like those EnergyFunders partners with are able to move quickly to add and optimize production.” 

With more than a year now at the helm of EnergyFunders, Pommer has nothing but confidence for the future. “Our investors are thrilled to have access to this unique asset class, and though the last year has been filled with plenty of sociopolitical and economic uncertainty, we are pleased with the performance of our portfolio of current investments,” she says.

Yield Fund I has notched impressive results, notably the Parker 10 well, which returned initial capital within two months of production. Yield Fund II will once again have the benefit of EnergyFunders’ unmatched team of experts evaluating and selecting all projects. Potential investors can contribute to any of these funds by creating an investor profile on the company’s website at www.EnergyFunders.com.

About EnergyFunders:

EnergyFunders is an industry-leading investment firm offering private-market energy deals, sourced and vetted by industry experts. The company’s funds include investments in oil and gas wells, as well as mobile Bitcoin mining units powered by wellsite natural gas. By removing the middlemen between investors and the wellhead, the company offers consumers direct ownership in LLCs that invest in oil and gas wells and Bitcoin mines. In addition to potential high returns, EnergyFunders’ investors may also enjoy favorable tax deductions from direct oil and gas ownership, plus potential for passive income and inflation protection. To invest or to learn more, please visit www. EnergyFunders.com.

General Partners Jesse Devitte and Travis Connors co-founded Building Ventures in 2017. Both experienced investors with ties to the industry, Connors, and Devitte noticed the need for innovation in built environment technology and the opportunity to partner with industry entrepreneurs. “Real estate and construction are notoriously slow-moving, change-resistant industries,” said Devitte. “However, society has progressed to hold higher expectations for our built environments, from the quality and origin of materials used, to the overall environmental impact, from construction process to daily operation. We’re investing in the founders and technologies at every stage of the building cycle that is ultimately making spaces we use healthier, more practical, and less wasteful.”

Since its inception, Building Ventures has focused on funding companies in their “sapling” stage—typically seed or series A—when the startup is still early enough in its formative development that the team’s experience, expertise, and network can help it attract the best talent and the optimal early customers to help it grow and reach its potential. More than two-thirds of the capital currently under management at Building Ventures comes from LPs and strategic partners who are leading global general contracting firms, innovative builders, and design firms—the same people actively searching for improvements and solutions.

Over the last five years Building Ventures has funded 20 startups, including Dandelion (the nation’s leading geothermal company), Measurabl (the leading ESG platform for commercial real estate), Canoa (design platform enabling sustainable office design) and Join.build (decision-making platform for preconstruction). Fund II will double down on this focus, startups improving the full building lifecycle: design, build, operate, and experience.

Building Ventures began investing from Fund II in early 2022 and has deployed capital investments in:

• Animated Insights: a leading provider of digital twin technology solutions across industry and infrastructure.
• Extracker: provides financial transparency to the construction industry by making change orders collaborative.
• Skillit: a powerful recruiting platform that provides construction companies access to a growing network of qualified workers.

“We invest in founders who are in love with the problem they’re trying to solve, and we continue to do so in Fund II,” said Connors. “While it’s easy to be enamored with cutting edge technology or a really clever sales motion, we have to believe deeply in the capability of the founders we partner with to build a large-scale business that can have the industry impact our world needs.”

Building Ventures’ team members are seasoned investors and startup operators with deep industry expertise, offering entrepreneurs valuable input and guidance from their personal experience and providing their portfolio access to their vast industry connections. Newly appointed Partner Heather Widman, a three-year veteran of the firm in her previous position as Principal, brings more than fifteen years of tech and startup operating leadership in roles covering product management, marketing, customer experience, and sales. Partner Allen Preger oversees Building Ventures Innovators Network (BVIN), a proprietary community of more than one hundred industry leaders committed to creating a better-built world.

About Building Ventures

Building Ventures is an early-stage venture capital firm dedicated to investing in startups reshaping the way we design, build, operate, and experience our built environment. Learn more about the team and our portfolio companies at http://buildingventures.com and follow us on Twitter and LinkedIn. Built environment entrepreneurs can connect with us at buildingventures.com/connect.

The Independent Electricity System Operator (IESO) has also launched the Save on Energy First Nations Community Building Retrofit Program which is open to all on-reserve First Nations communities connected to the Ontario electricity grid. It provides up to $100,000 in funding as well as technical support to communities to improve the energy efficiency of band-owned facilities and manage their electricity use more effectively. 

A variety of energy-efficiency measures are available under the program, including indoor and outdoor lighting; heating, ventilation, and air conditioning controls; and more complex retrofit projects in facilities such as arenas and wastewater treatment plants. The newly launched program complements other Save on Energy programs supporting Indigenous communities. Summerhill is based in Ontario and is responsible for ensuring successful operations and delivery of programs they deliver on behalf of the IESO. To deliver the First Nation Community Building Retrofit Program Summerhill is partnering with two Indigenous-led and run organizations: First Nations Power Authority (FNPA) and Cambium Indigenous Professional Services (CIPS), as well as a diverse set of audit and direct install suppliers who are actively engaged in similar commercial auditing and installs through Ontario First Nations Power Authority (FNPA), will be providing the staff to engage directly and coordinate the application intake, community meetings, Band Council Resolution approvals, review and finalization of project plans and coordinating with the community on the details of the direct install and community install the track. 

FNPA was established in 2011 as a not-for-profit organization to facilitate the development of First Nations-led power projects and to promote Indigenous participation in power procurement opportunities. FNPA currently has 166 members including 76 Indigenous and 90 industry members. 

FNPA bridges the gaps between industry, government, and Indigenous communities to evaluate and develop Indigenous energy-saving projects and First Nation-owned power generation projects. FNPA leverages project development expertise, a network of industry experts, and technical advisors to develop projects resulting in increased economic benefits for First Nation communities.

Three Sixty Solar was founded with a mission to bring solar energy to people and places where it could never go before. By installing solar panels vertically rather than spread out through endless fields, Three Sixty enables operators to save more than 90% of the land they would have otherwise required to install the same amount of power with traditional ground-mounted solar. Three Sixty Solar believes this is a ground-breaking concept that could hold great disruptive potential across the global solar industry.

Three Sixty Solar CEO, Brian Roth notes, “Today’s announcement is the culmination of an extensive effort by our entire team, numerous partners, consultants, and stakeholders. Public listing on a senior exchange is an excellent launchpad to earn immediate attention from the investment community, and through this, we hope to build many positive long-lasting relationships across the nation. We believe we have a unique opportunity to be a significant player in the solar industry and to change the way solar energy is deployed around the globe for decades to come. We look forward to the continued participation of our early and future stakeholders as we continue to build shareholder value in our exciting venture.”

About Three Sixty Solar Corp.

Three Sixty Solar Ltd. is an all-Canadian enterprise that focuses on solar equipment supply to the global market. The company’s premier product line is the patent-pending SVS series commercial solar tower. According to Statistics MRC, the solar farm sector is set to grow to around $296 billion by 2028. Three Sixty Solar’s unique tower concept is a high-density, clean energy solution that uses up to 90% less land space than conventional solar farms and can co-locate adjacent to homes, retail, agriculture, and industry, thus minimizing line loss and maximizing energy delivery in places where renewables have been difficult to install until now. In multi-tower applications, developers can utilize the spaces between towers to better leverage land assets through additional revenue-generating activities. Designed to withstand major instances of extreme weather, Three Sixty Solar offers a clean energy solution with minimal environmental and habitat impact. To find out more, visit http://www.threesixtysolar.com, and please watch our video. To stay informed, please sign up to receive news alerts and follow on Instagram, Twitter, and Facebook.

About the NEO Exchange

The NEO Exchange is a recognized Canadian exchange for senior public companies and investment products. Operating since mid-2015, NEO was launched with the stated purpose of providing Canadians with a stock exchange that puts the interest of capital-raising companies, investors, and their dealers first. Today, NEO represents close to 10% of all volume traded in Canadian-listed securities and has more than 70 ETF listings, Closed-End Funds, and corporate listings. NEO is focused on senior companies because of the belief that companies need to be truly ready before they go public. This is reflected in stringent listing requirements and a strong focus on liquidity and disclosure. For more information visit: https://www.neo.inc/.

The Offering was announced on Aug. 4, 2022, when TC Energy entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and Scotiabank under which they agreed to purchase from TC Energy and sell to the public 28,400,000 Common Shares. The purchase price of $63.50 per Common Share (the Offering Price) resulted in total gross proceeds of approximately $1.8 billion. TC Energy has also granted the underwriters an over-allotment option to purchase up to an additional 2,840,000 Common Shares at the Offering Price, exercisable for a period of 30 days after the closing of the Offering.

TC Energy intends to use the proceeds of the Offering, directly or indirectly, together with other financing sources and cash on hand, to fund costs associated with the construction of the Southeast Gateway Pipeline, a US$4.5 billion, 1.3 billion cubic feet per day, a 715-kilometer offshore natural gas pipeline in the southeast region of Mexico. Pending such use, the net proceeds from the Offering may temporarily be used to reduce indebtedness or invested in short-term liquid investments.

About TC Energy

We’re a team of 7,000+ energy problem solvers working to move, generate and store the energy North America relies on. Today, we’re taking action to make that energy more sustainable and more secure. We’re innovating and modernizing to reduce emissions from our business. And, we’re delivering new energy solutions – from natural gas and renewables to carbon capture and hydrogen – to help other businesses and industries decarbonize too. Along the way, we invest in the communities where we live and work to strengthen community resilience and build a stronger future, together.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP.

Speakers include Minister of International Cooperation of the Arab Republic of Egypt Rania Al-Mashat, EIB Vice-President Ambroise Fayolle, Director of the EUI School of Transnational Governance Alexander Stubb, Chief Executive Officer and General Manager of Enel Francesco Starace, and Chairman and Chief Executive Officer of Liebreich Associates Michael Liebreich.

The discussions will explore the best practices in the areas of a global just energy transition and innovation in new technologies that will determine the success of this make-or-break decade for climate change. The conference will also feature a special session on the upcoming COP27 in Egypt, which represents a pivotal moment for international climate negotiations, with issues like sustainable finance coming to the forefront. This session will provide insights into the key themes of COP27 and will discuss how financiers, businesses, policymakers, and scientists can come together to make the best possible contributions and ensure COP27 is a success.

The conference is organized in the framework of the EIB Climate Chair at the European University Institute’s School of Transnational Governance.

EIB Vice-President Ambroise Fayolle commented: “The COVID-19 pandemic and Russia’s war against Ukraine are a human tragedy and impact global energy and food security. Both crises also have significant consequences for the global fight against climate change. This conference we are hosting with the European University Institute presents an important opportunity to take stock and discuss how businesses, cities, governments, and financial institutions can collectively accelerate their support for a just energy transition, drive innovation in new technologies and support the successful outcome of the COP27 climate conference. I want to thank our partners at the European University Institute for the excellent cooperation in promoting best climate policy practices across the world.”

H.E. Dr. Rania A. Al-Mashat, Egypt’s Minister of International Cooperation said: “The main objective of the COP27 climate conference in Egypt later this year will be to move from pledges to implementation. However, global climate financing is significantly lower than needed and is also unevenly distributed, with Africa receiving less than 5.5%. Hence, innovative solutions, such as de-risking instruments and blended finance, are therefore more important than ever in attracting investment for green, sustainable, inclusive, and resilient development – particularly within developing countries and emerging economies. This requires multi-stakeholder engagement, including cooperation between governments, multilateral development banks, and the private sector.”

Professor Alexander Stubb, Director of the School of Transnational Governance said: “Climate change is a defining challenge of our time, which will impact generations to come. It is even more crucial to step up efforts in light of the ramifications of the war in Ukraine. We are delighted to partner with the European Investment Bank to discuss concrete steps on the energy transition and innovation in a joint conference, building among others on the excellent research by the EIB Climate Chair team at the EUI’s School of Transnational Governance.”

Professor Jos Delbeke, the European University Institute’s EIB Chair on Climate Change Policy and International Carbon Markets added: “My team brings together the best talents for research and teaching in support of climate innovation and a just energy transition around the world. We work closely with our partners at the European Investment Bank to inform policymaking on climate change. This conference will allow us to take discussions on climate finance, the energy transition, and innovation further and to prepare for the successful outcome of COP27 later this year.”

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union and is owned by the EU Member States. It makes long-term finance available for sound investment in order to contribute toward EU policy goals both in Europe and beyond. The European Investment Bank is active in around 160 countries and is the world’s largest multilateral lender for climate action projects. The EIB Group has adopted its Climate Bank Roadmap to deliver on its ambitious agenda to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and to deliver more than 50% of EIB finance for climate action and environmental sustainability by 2025. As part of the roadmap, all new EIB Group operations have been aligned with the goals and principles of the Paris Agreement since the start of 2021.

The EIB Institute was set up within the EIB Group (European Investment Bank and European Investment Fund) to promote and support social, cultural, and academic initiatives with European stakeholders and the public at large. It is a key pillar of the EIB Group’s community and citizenship engagement.

The European University Institute (EUI) is an international postgraduate teaching and research institute based in Florence, Italy. It was founded in 1972 by the six founding Member States of the European Communities and today is supported by 23 contracting states from the European Union. The EUI offers Ph.D. and postdoctoral programs in Economics; Political and Social Sciences; History; and Law and is home to the Robert Schuman Centre for Advanced Studies and the School of Transnational Governance. www.eui.eu

The EUI School of Transnational Governance was established in 2017 to provide excellent training on policymaking beyond the state. It offers executive training for professionals and a Master’s in Transnational Governance; organizes high-level policy dialogues; and hosts Policy Leader Fellows and Young African Leaders, Fellows. The European Digital Media Observatory (EDMO) is based at the School of Transnational Governance.

Based in the firm’s Houston office, Mr. Kohl joins the investment banking practice, bringing over a decade of energy industry experience, having advised on over $10 billion in completed transactions over the last five years across every major basin in the U.S. Mr. Kohl’s principle the focus will be serving client needs around A&D advisory, M&A advisory, structured transactions, strategic and portfolio management, and fairness and solvency opinions.

“I am very pleased to have Daniel join Opportune where he will grow our investment banking practice and bring meaningful value to clients,” said David Baggett, Manager Partner of Opportune. “Daniel’s extensive energy industry experience and well-earned reputation will be a great asset to our clients as we continue to build our investment banking team.”

Before Opportune, Mr. Kohl served as Head of A&D Advisory at UBS where he managed and directed all A&D and technical advisory efforts for the energy investment bank. He began his career at Chevron where he worked in various technical roles with a focus on the Appalachian Basin shale plays.

“I am honored to join Opportune where we will bring additional capabilities to this immensely successful platform,” added Mr. Kohl. “I look forward to working with an outstanding team of dedicated professionals to deliver superior advisory services for our clients.”

Mr. Kohl holds an M.S. from The Pennsylvania State University and a B.S. from Washington and Lee University. He is also a FINRA Series 79 and 63 registered representative.

About Opportune Partners LLC

Opportune Partners LLC is an independent investment banking and financial advisory affiliate of Opportune LLP. Opportune Partners LLC is a member of the Opportune Network and is a member of FINRA and SIPC. Opportune Partners LLC is not engaged in the practice of public accountancy. For more information on Opportune LLP and Opportune Partners LLC, please visit www.opportune.com.

About Opportune LLP

Opportune LLP is a leading global energy business advisory firm specializing in adding value to clients across the energy industry, including upstream, midstream, downstream, power and gas, commodities trading, and oilfield services. Opportune’s service lines include complex financial reporting, disputes, and litigations, enterprise risk, investment banking, outsourcing, process and technology, reserve engineering and geosciences, restructuring, strategy, and organizational design, tax, and transactional due diligence, and valuation. For additional information, please visit www.opportune.com.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes around 100 reports, ranking brands across all sectors and countries. The oil and gas industry’s top 50 most valuable and strongest brands in the world are included in the annual Brand Finance Oil & Gas 50 ranking.

Shell’s brand is increasingly focused on developing an energy transition strategy as it aims to become a net-zero emissions energy business by 2050, in step with society’s progress towards the goal of the Paris Agreement on climate change. While the energy transition brings risks to Shell, it also creates new opportunities for the brand to develop. Increasingly, it appears likely to sustainably lead the global oil and gas industry to transition to a net-zero energy system.

David Haigh, Chairman, and CEO of Brand Finance commented:

“The energy transformation is both the greatest challenge and the greatest opportunity facing the oil and gas sector. The industry can be both optimistic and realistic about the risks and opportunities that lie ahead, but it will be tough for brands to simultaneously navigate the recovery from Covid, the conflict in Ukraine, and broader concerns about environmental sustainability in the future. Shell, Aramco, and others will be challenged to transform in coming years to leverage their brands to deliver for their customers.”

Aramco retains second place globally with 16% brand value growth

Saudi oil giant Aramco (brand value up 16% to US$43.6 billion) is the world’s second most valuable oil and gas brand and has substantially recovered its brand value lost during the pandemic. Aramco has been serving significantly increased demand for oil and gas products, correlated with large fiscal stimulus programs initiated around the world last year.

The increase in demand saw Aramco’s third-quarter profits more than tripled year-on-year, helping push its market valuation to US$2 trillion. In a sign of confidence and ambition for continued growth, Aramco announced plans to increase its production capacity from 12 million barrels a day to 13 million by 2027. The company has continued to invest heavily in its brand to support growth in both core and growth businesses through a global campaign as well as investments in sports – from Formula 1 to golf.

Aramco is well placed to drive significant further brand value growth supported by surging commodity prices driven by the recovery in global energy demand as key economies reopen and travel restrictions ease amidst higher COVID-19 vaccination rates around much of the developed world.

ADNOC grows strongly, benefits from top brand guardian CEO in the industry

Abu Dhabi National Oil Company (ADNOC) continues to achieve significant ongoing growth in brand value, having delivered 174% growth in brand value since the start of its brand transformation journey in 2017. This year, its brand value is up a further 19% to US$12.8 billion, and ADNOC has improved its ranking by one place to become the ninth most valuable oil and gas brand in the world.

Beyond the oil and gas sector, ADNOC was also the UAE’s most valuable brand overall, and the second most valuable brand in the Middle East region. With an eye on the future, and in line with the UAE leadership’s 2050 net-zero strategy, ADNOC is embracing the energy transition through several strategic initiatives including its global clean energy joint venture with TAQA and Mubadala on renewable energy and green hydrogen. The ADNOC brand is also likely to benefit from UAE’s effort to become a global sustainability leader as the nation plans to host COP28, the 2023 UN Climate Change Conference.

Further, ADNOC’s Dr. Sultan Ahmed Al Jaber is the top brand guardian CEO for the global oil and gas sector according to Brand Finance’s Brand Guardianship Index. Since becoming ADNOC’s Group CEO in 2016, Dr. Sultan has led a rapid and comprehensive transformation of the business, strengthening the company’s overall performance and helping to foster a more commercial mindset. 

As the CEO of one of the world’s leading oil companies, Dr. Sultan has taken a progressive yet pragmatic position in relation to the global energy transition; extending ADNOC’s legacy as a responsible oil and gas producer, by further reducing the company’s carbon intensity, while driving investment in new energy technologies, such as hydrogen. Within the Brand Guardianship Index, Dr. Sultan performs particularly well on “strong strategy & long-term vision, net positive online coverage, and employee approval rating. Since Dr. Sultan became CEO of ADNOC in 2016, the ADNOC brand value has grown by 22% per year on average.

China’s PetroChina and Sinopec struggle, behind continuing COVID curtain

In China, the largest two oil and gas brands remained PetroChina (brand value down 6% to US$29.7 billion) and Sinopec (brand value down 5% to US$25.2 billion) which were ranked as the third and fourth most valuable brands globally. Each of the challenges faced by Western oil and gas brands has been exacerbated in China: the continuing COVID curtain of restrictions has subdued demand for oil and gas products.

Petronas is the world’s strongest oil and gas brand with an AAA rating

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in more than 35 countries and across nearly 30 sectors. Petronas (brand value up 13% to US$13.6 billion) is the strongest brand in the ranking with a Brand Strength Index (BSI) score of 87.7 out of 100 and a corresponding brand rating of AAA.

Petronas is well placed to further strengthen its brand as it aims to sustainably provide a diversified range of energy options and fuels as it targets net-zero carbon emissions by 2050.

Devon triples in brand value to be the world’s fastest-growing oil and gas brand as merger completes

Devon (brand value triples to US$2.3 billion) was the fastest-growing brand globally in the oil and gas sector. Devon’s brand value tripled and was ranked as one of the top 50 oil and gas brands in the world for the first time as a result of the completion of its merger with peer WPX Energy last year. As a result, the combined brand value has increased substantially, with the combined brand focusing on onshore exploration and drilling in the continental USA, primarily in the Delaware Basin of Texas, and to a lesser extent, operations in New Mexico and North Dakota. The brand is benefiting from higher commodity prices and an increased focus on addressing environmental, social, and governance priorities.

About Brand Finance  

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes nearly 100 reports that rank brands across all sectors and countries.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

“Our mission at Rent-A-Center has always been to increase access to a better quality of life for people underserved by mainstream financial systems. Our commitment to making a positive impact goes beyond our customers. It applies to co-workers, the communities we operate in, shareholders, and society broadly. I am proud to say our inaugural Sustainability Report shows this commitment and our focus on business practices that minimize harm and maximize positive impacts on people and the planet moving forward,” said Mitch Fadel, Chief Executive Officer.

In addition to disclosing metrics to show alignment with the Sustainability Accounting Standards Board (SASB) and the Global Reporting Initiative (GRI), the report also provides detailed information on the Company’s priority ESG issues targeted for 2022 and beyond.

• Climate & Environment: Identify where to minimize our environmental risks through conducting a comprehensive greenhouse gas inventory as well as a climate risk assessment
• Best Practices for Account Management: Focus on enhancing our culture around coworker training and development opportunities
• Data Management & Tools: Prioritize the development of tools, processes, and systems required to operationalize ESG performance
• Governance for Sustainability: Develop ESG performance targets for the board and senior leadership responsibilities, as well as training on ESG issues across roles

About Rent-A-Center, Inc.

Rent-A-Center, Inc. is a leading provider of technology-driven, flexible, no-debt obligation leasing solutions that offer underserved consumers access to and potential ownership of high-quality durable goods that enhance the quality of life. The Company’s omnichannel model utilizes proprietary data and technology to facilitate transactions across a wide range of retail channels including its own Acima virtual lease-to-own platform, Rentacenter.com, e-commerce partner platforms, partner retail stores, and Rent-A-Center branded stores. For additional information about the Company, please visit our website Rentacenter.com or Investor.rentacenter.com.

Source and Image: www.rentacenter.com

About ComboCurve

Headquartered in Houston, ComboCurve is a smart, scalable energy tech company that provides decision-makers the ability to value assets, de-risk decisions, and save time through an intuitive cloud-based collaborative platform. For more information visit combocurve.com or follow them on Twitter or LinkedIn.

About Dragoneer Investment Group

Dragoneer is a growth-oriented investment firm with over $27 billion in long-duration capital. Dragoneer has a history of partnering with management teams to grow exceptional companies characterized by sustainable differentiation and superior economic models. The firm’s track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, Alibaba, Atlassian, AppFolio, Bytedance, Ceridian, Chime, Datadog, Doordash, Duck Creek, PointClickCare, Procore, Slack, Samsara, ServiceTitan, Snowflake, Spotify, Uber, UiPath and others.

About Bessemer Venture Partners

Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 135 IPOs and 200 portfolio companies in the enterprise, consumer, and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast and has $9 billion of capital under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing, and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).

Additionally, based on a Visual Capitalist report, Facebook ranks sixth on an exclusive group of trillion-dollar companies. Though it dipped in and out of the club in July 2021, as of August 2021, it was firmly footed with a $1.01 trillion valuation. 

Facebook’s Profit Grew by 101% to $10.4 Billion in Q2 2021

The Economist ranks Zuckerberg fourth among CEOs who have created the highest shareholder value. Apple CEO Tim Cook tops the list with an increase of $2.101 trillion in market cap during his 10-year tenure. That translates to an average of $210.3 billion every year. 

Satya Nadella ranks second, having led Microsoft to an increase of $1.986 trillion over 7.5 years. That translates to $263.3 billion every year, a higher growth rate than that of Apple.

Only six publicly traded firms in history, Facebook included, have hit a market capitalization of $1 trillion or more. Facebook is the youngest company ever to achieve this valuation milestone. Top on the list is Apple, which is 45 years old and has a valuation of $2.48 trillion. The 46-year-old Microsoft is second with $2.20 trillion and Saudi Aramco is third with $1.88 trillion at 88 years.

In Q2 2021, Facebook reported revenue growth at 56%, hitting $28.6 billion. Profit during the period grew by an impressive 101%, reaching $10.4 billion. The ad spend on Instagram and Facebook shot up by 50% globally despite a 12.4% decline in Facebook ad reach.

Source(s) and Image(s): Wette.de, The Economist, Visual Capitalist, Facebook.com

This is their first private equity investment. The debt is being provided by some of the leading Energy Access lenders including FMO, the Dutch entrepreneurial development bank, and Sunfunder, a solar finance company providing debt capital to solar enterprises in emerging markets.

Bill Lenihan, Chief Executive Officer of ZOLA Electric, said, “We are beyond grateful and proud to close this $90 million funding round. Businesses are judged by the company they keep, and we are thrilled to have the backing of these leading energy operators and investors. The world needs energy access, energy equality, and it needs to be done in a way that protects our environment while supporting economic development. Digital renewable energy can help us accomplish these weighty objectives, and as a leading energy access technology company, this is what we intend to achieve.”

Today, ZOLA delivers energy to approximately 1.5 million users, across over 10 countries, predominantly in Africa but recently expanded to Asia and South America. Its products are distributed through leading integrators and developers including EDF, Shell, Econet/DPA and to emerging DRE (distributed renewable energy) integrators like Blue Camel in Nigeria.

Edouard Bulteau, Principal at TotalEnergies Ventures, commented, “Energy is reinventing itself, and we need to find a path to a low-carbon future while meeting the energy needs of the society. Developing renewable energy solutions dedicated to emerging markets is key to reach this goal and represents a huge investment opportunity. This is why TotalEnergies Ventures is delighted to support ZOLA, a leading company in this area, in their latest fund raise.”

In these markets, the lack of primary power results in the installation of millions of back-up solutions (diesel generators, lead acid batteries) that are poorly integrated, difficult to manage, unreliable, costly, dirty, and lack intelligence. As a result, socio-economic development, healthcare and education is hindered. ZOLA’s objective is to drive energy access to the 2.2 billion people and hundreds of millions of businesses that currently lack it.

Nancy Pfund, Founder and Managing Partner at DBL Partners, said, “DBL’s mission has always been to drive top tier venture capital returns and positive social and environmental change. ZOLA embodies our mission in every way, and we are excited to see the company build the same success in clean energy in Africa and other emerging markets that we have had with clean energy investments in the United States. DBL firmly believes that access to clean,
affordable, and reliable energy is a global movement, and the time is now.”

Sources and Images: ZOLA Electric

According to GlobalData’s latest report, ‘Blockchain in Oil and Gas, 2021 Update – Thematic Research’, blockchain has come a long way in recent years, but it remains a nascent technology. It was not until 2017 that blockchain properly captured the attention of enterprises. Since then, companies have identified use cases focused on addressing actual problems to better understand the technology itself.

Ravindra Puranik, Oil & Gas Analyst at GlobalData, comments: “Blockchain as a service (BaaS) holds the key to driving mainstream adoption of blockchain technology. It allows companies to experiment with blockchain applications without being concerned about developing expensive in-house resources. Integrating blockchain into core technologies facilitates ease of use, making it a more attractive option for digital transformation efforts.”

Blockchain technology allows companies to track everyday workflows while eliminating the requirement of central recordkeeping. This could overhaul traditional workflow management in the oil and gas industry and drive operational efficiency and optimize costs. In anticipation of these benefits, several leading oil and gas companies, including ADNOC, BP, Eni, Equinor, Gazprom, Repsol, and Shell are developing blockchain platforms for their applications.

Ravindra adds: “Companies today are striving to reduce operational costs amid the demand uncertainty brought about by the COVID-19 pandemic and the likely shift towards low-carbon energy sources. In this scenario, blockchain could prove to be a boon for them. The technology has diverse applications in areas such as procurement and logistics, energy trading, and land and lease compliances among other things.”

Source: GlobalData

Our approach is based on the belief that innovative usage of data and technology can fundamentally transform and improve the world we live in. RBC Tech for Nature brings together charitable partners, technology experts, the public and private sector, as well as RBC’s own unique capabilities to build the multi-partner coalitions needed to work towards solving our shared environmental challenges.

“The effects of climate change connect us all. The actions we take today can prepare us with the solutions needed to protect our shared future,” said Valerie Chort, Vice President of Corporate Citizenship for RBC and Executive Chair of the RBC Foundation. “At RBC, we believe climate change is one of the most pressing issues of our time. That’s why we continue to invest in a diverse set of partners and technologies solving environmental challenges – and support innovative ideas that move us towards a sustainable economy.”

There has never been a greater opportunity for leadership, collaboration, ingenuity, and vision as it relates to the environment. Through the support of RBC Tech for Nature, our partners will be enabled to accelerate and scale the solutions needed to address our most pressing environmental challenges. Below are examples of our partners and their innovative solutions:

●      Canadian Red Cross: The Canadian arm of the largest global humanitarian network is collaborating with RBC to integrate data science into their emergency management framework. This innovative, enhanced approach to assessing disaster risk and improving beneficiary support will make milestone improvements for aiding individuals facing environmental crises.

●      Earth Rangers: The largest program of its kind globally, engaging over 200,000 Canadian children in environmental education and activities. RBC Tech for Nature supports the Earth Rangers app, a platform that encourages youth to participate in a wide range of real-world environmental actions as well as track participation and calculate the resulting impact.

●      Energy Futures Lab: An award-winning multi-sectoral collaboration platform that enables innovators to explore and shape Canada’s energy future. The initiative explores and tests how digital innovations can help solve the climate challenge, while accelerating the transition to a sustainable energy system.

●      Second Harvest: An innovative online platform that connects food businesses with surplus food to local social service agencies to supply hunger relief or meal programs. The surplus food can be offered and rescued on-demand, and ultimately reduces the amount of food destined for landfill.

●      SIKU: An online platform and mobile app managed by the Arctic Eider Society that enables Indigenous communities to document their knowledge and observations in real time, while maintaining intellectual property rights. Their aggregated insights – including centralized Inuktitut language/terminology data and systems for tracking sea ice conditions, wildlife, climate changes, and location names – are used for the benefit of Indigenous communities and their regions as a whole.

●      Swim Drink Fish: An organization that envisions a world with swimmable, drinkable, fishable water for everyone. Using technology to educate and build a movement of citizen-scientists dedicated to protecting local waters, Swim Drink Fish crowdsources its water conditions data through its mobile app. Using that data, it then distributes water safety information for beaches, lakes, rivers, and swimming holes to millions of people each year.

●      Thames21: An environmental charity educating and engaging people in practical volunteering activities to care for rivers, streams and ponds across London, UK. Building an innovative, new education program using digital visualization tools, Thames21 is helping secondary students better understand water issues and provide the tools needed to take action. Their visualization tools will bring together several computer models, including from the University of Oxford’s Environmental Change Institute and the University of Reading’s Integrated Catchment Model, to help bring water issues to life.

In addition to accelerating and scaling technology innovations, RBC Tech for Nature also supports projects that improve the availability and accuracy of environmental data, influence positive behavior change as it relates to environmental conservation, and result in tangible outcomes for more sustainable communities.

RBC Tech for Nature is a core pillar of RBC’s Climate Blueprint – our enterprise approach to accelerating clean economic growth and supporting clients in the transition to a low-carbon, sustainable economy – and contributes to the United Nations Sustainable Development Goals.

To view the updated list of RBC Tech for Nature partners, visit RBC.com/techfornature.

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 84,000+ employees who bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries.Learn more at rbc.com.‎

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

When we stop moving, we stop using energy at the level we did. On top of a dramatic decrease in oil and gas consumption, oil prices have drastically declined. As a result of these two factors, oil companies and contractors have laid off employees for 12-18 months who work offshore. For many employees, suppliers and oil companies, work is on hold for months and months. It is rough times. So now what?

Offshore Newfoundland, the industry that produced over $120 BILLION in revenue and nearly $50 BILLION in investments over the last three decades. And yet, our saving grace, our prominent employer, our foundation and security are evaporating right before our eyes. We better make some bold moves fast.

Isolation can teach us a lot. A Vietnam war veteran, who was held in captivity for decades, said, “I learned quickly that the restriction I felt while living in captivity, was not isolation; it was the limits of my mind. That’s how I survived. People who didn’t survive didn’t understand that.”

During this Covid-19 isolation time, his sentiments have stuck with me. If we are going to survive we better get out of isolation and into a mindset of possibility and opportunity.

I believe radical times call for extreme action, and this time is one of massive opportunity if we embrace it. I’m not talking about a slightly different version of the offshore industry. I’m not talking about waiting for the oil price market to recover. I’m not talking about hoping Covid-19 will go away. No, none of that is going to give us the offshore industry we deserve, let alone make it a stronger-than-ever version of itself. I’m talking about making an offshore market with radical changes in the system.

Just like any product or service we need to package it up and present it in such a way that people can’t resist it. We need to make a market.

Here’s one strategy that could work.

The Newfoundland Offshore Land Lottery.

We have over 650 PROVEN oil prospects offshore Newfoundland. Each prospect is identified as oil potential. History has proven that our seismic offshore Newfoundland yields good results. Each prospect offshore has the potential to be the next significant oil discovery. What if we gave away 20 or our 650+ land prospects to 20 lucky lotto winners?

In other words, 20 opportunities would become available to existing oil companies in the region and also to any other qualified global company who wanted to drill for oil offshore Newfoundland. Not only would it put all eyes on this province as a hot-bed to invest, but it would spud an oil bonanza!

Taking it even further, what if Canada became majority share holders in its oil projects as Norway did. Would that provide us with the possibility of a robust industry and owners ultimately financial gains that lead to the largest trust fund in the world, just like Norway? I believe the answer to that, is yes.

If we were smart, we would do this we would have oil finds. With oil discoveries, we could follow Norway and rather than spending all the revenue from oil discoveries, we could re-invest it so that things don’t get overinflated in the short-term, and we have a nest egg in the long term. A trust fund that keeps us debt-free and secures the future is precisely the goal to go after.

ENVISION IT:
The land lottery would go something like this:

OIL COMPANIES: ENTER TO WIN A PACKAGE DEAL OF OPPORTUNITY, OFFSHORE NEWFOUNDLAND

20 oil companies will become lotto winners of highly lucrative land offshore Newfoundland. They pick their land parcel. This land lotto is your once-in-a-lifetime opportunity to drill and discover oil, while the rest of the world is on hold. As a lucrative land winner you will have 7 global advantages:

1. Newfoundland is virtually Covid virus-free, which means with the right Covid-19 back-to-work protocols in place, the oil company could be drilling for oil here within the next 12 months. Utilizing the existing workforce, workers will not have to be brought in from other regions, keeping everyone safer.
2. Right now, as a lottery winner, there is a ONE TIME ONLY opportunity to get your offshore land parcel of their choice, saving the oil company millions upon millions of dollars as the project must be approved in a super-fast time frame for drilling and have partnership options with the province and Canada.
3. Through our land survey system, our land has been identified as a qualified lead for oil discovery. That means the oil company has an identified prospect for oil recovery and may strike oil. The chances are at least one in ten. The seismic is showing incredibly good results. This is proven to be the case as Equinor just discovered two deepwater plays. (Nov. 2020)
4. The Canadian federal government would have to guarantee 20 land lottery winners environmental approvals within 90 days, which means drilling plays are up and running in record time.
5. We have a stable government and country with strong leadership.
6. We have an established oil industry that is ready to support oil companies drilling.
7. Canada will partner with the oil companies offering tax incentives, operational and procedural expedition, and elevate the chances of success. Cutting taxes for the offshore oil and gas industry will reduce costs and stimulate investment in the sector. A one year tax holiday during the lottery would be ideal.
8. To be eligible the oil companies would have to commit to drilling within the 12 months of winning the offshore land lottery.

Being The Obvious Choice

For most oil and gas companies that are looking to get back on track with oil drilling, this option would be an obvious choice above ALL OTHER GLOBAL OPTIONS because of the cumulative benefits to get in the game.

Oil companies would be thinking, “Offshore Newfoundland, free open drilling, proven oil reserves, exceptional seismic, guaranteed environmental approval timelines, and one of the healthiest places in the world to operate, as far as Covid-19 is concerned, and a strong partner in Canada as an equity stakeholder. I like it!”

For Newfoundland and Canada the lottery would be a gold mine. 20 companies would drill offshore Newfoundland all within a year. Think about the level of business that would happen with 20 drilling plays happening here, simultaneously. Billions in expenditures would start to flow into the country.

The more we drill the more we will find oil. It is that simple. The chances of finding oil in a land lottery are incredibly high. So while the oil industry around the globe is virtually on hold, Offshore Newfoundland could overtake places like Guyana and could then positioned to become the next North Sea. It’s a win-win for all.

Now I don’t know about you, but I believe this is a really smart thing to do because:

• A land lottery would work.
• A land lottery would set our oil industry up to be the most lucrative resource rich place in the world.
• A land lottery would be the most progressive play we have ever experienced in this province and indeed Canada.
• It would mean royalties for Newfoundland and Canada for decades to come.
• It would mean unprecedented numbers of jobs.
• It would mean a dynamic and booming supply base and the provincial economy overall.
• It’s a solution to the most challenging time the world has known. In this lottery scenario, 20 companies win, so that everyone wins!

You have to ask yourself, are we going to keep ourselves in the constraints of business in the past?
Are we going to sit there and tweak this or that to create marginal gains? Are we going to play the safe card not believing we deserve to prosper?
Or are we going to blow the doors off of er?

The Land Lottery is the play. There is no time to hesitate. It would have to packaged right, delivered with alacrity and Canada would have to collaborate. We would have to act with precision. And most of all we have and remove our man-made-limitations,

Canada and Newfoundland need to get into equity positions in these projects. They need to put the money where the mouth is because if we don’t believe in our resources, who will?

Some would argue it’s too risky but this is not a Muskrat Falls level of risk. We have 30 years of history of proven oil and proven finds. We have Norway to see what’s possible. We have proven infrastructure to support our investment of taxpayers money. We understand that oil is the number one commodity on the planet and its demand rises as we progress. We know oil and gas are not going anywhere for the next 40 years. We know that oil and gas is THE KEY to bringing in renewables. We aren’t getting there without it.

This is a no brainer.

Long May Your Big Jib Draw!

Source & Graphics: Government of Newfoundland and Labrador

____________________________________________________________________________

For further discussions on the solutions
and vision for Newfoundland’s Offshore
oil industry please contact the author:
Ms. Tina Olivero:
Tinaolivero@theogm.com
709 770 0677

The Ocean Supercluster has goal of collaborating with, supporting, and elevating, game-changing innovation projects that will be technologically advanced in terms of ocean related products and services. These innovations will be for sale locally and to the world.

A major key to success of the OSC is the pipeline of project opportunities. There is on-going focus of the management team on identifying potential collaborators and helping organizations develop and mature project ideas to meet the requirements of the OSC. Most recently the Ocean Supercluster announced a primary initiate called the Ocean Startup Project.

The Ocean Startup Project

The Ocean Supercluster, which is one of the federal government’s five superclusters introduced under the Innovation Superclusters Initiative, is rolling out a new program to support ocean technology start-ups. 

The Ocean Startup Project aims to increase industrial use of marine technologies and grow the ocean industries workforce by helping businesses hire employees.

The program will identify academic prospects with high potential for commercialization, showcase industry issues and develop solutions with global market potential, and award grants.

The Ocean Supercluster, which focuses on industries like marine renewable energy, fisheries, aquaculture, oil and gas, defence, shipbuilding, and transportation, has partnered with six Atlantic Canadian incubators, accelerators and support organizations for this project: Creative Destruction Lab, Genesis, Innovacorp, New Brunswick Innovation Foundation, PEI BioAlliance and Springboard Atlantic.

This project represents a total investment of up to $6.8 million, including over $4.4 million from the federal government ($3.9 million from the Innovation Superclusters Initiative and $535,000 from the Atlantic Canada Opportunities Agency) and $2.4 million in contributions from Atlantic provincial governments and the six project partners.

Kendra MacDonald, CEO, Ocean Supercluster, said , “The Ocean Startup Project represents an unprecedented collaboration and investment to grow more ocean companies in Atlantic Canada. This is an incredibly important part of building capacity, expanding our capabilities, and setting ourselves up for success as we embark on what we know will become a $3 trillion global ocean opportunity by 2030.”

What you need to know about writing your business into your will

If you’re a sole trader or the sole owner of a business (with 100 per cent of the company), then writing the business into your will is quite simple. It becomes much more complex if you’ve got a partner or shareholders and therefore own less than 100 per cent of the company because while your shares can be passed on, you need to consider the impact that would have on the company.

Take for example a situation where you have a 50/50 split with a partner, and you have three children. If you pass away and split your shares evenly with your children, then your partner suddenly has controlling power over the company. Of course, giving the shares to just one child might not be a great idea either, for the harmony of the family, so you’ll need to consider exit provisions as part of your will.

The other thing you need to consider is whether your spouse or children want to take over the business in the first place. Children are in the habit of wanting to branch off and live their own lives, and your spouse might not have the interest or capabilities to run your business.   

In these cases, it’s important to think about just who would be next in line to take over the business, and how your family might still benefit from it into the future. After all, a failed business ceases to benefit the family, and most people look for someone in the family to train to replace them as the owner of the business, to ensure it becomes a multi-generational venture.

 Who you should talk to about writing the business into your will?

To make sure that the business can be fairly distributed as part of the overall will, it’s important to get the business properly valued. You should talk to a solicitor that specializes in will and estate planning and that also has experience in handling the transfer of businesses. That solicitor will likely not be able to conduct a valuation of the business themselves but will know of accountants or other specialists that can conduct such an audit.

The solicitor, however, will also help talk you through the implications of your decision – are you potentially going to disrupt the business down the track in the way you bequeath it?

What might the business look like after a generation or two? These are the important thought processes that a good solicitor will help walk you through.  

Additionally, if you co-own the business with others, be that through partnership, or a corporation structure, you’ll likely want to get your solicitor to help you, and your co-owners, develop a buy-sell agreement, which will control what will happen to your ownership interest in the business in the event of a death.

In many cases, co-owners will want to have the option to buy your share of the business, rather than have that control over the business go to someone they’re not necessarily familiar with or want to work with.

What happens if you don’t get your business into your will?

If you pass away without having drafted a will, then the state basically decides where each of your assets goes. It has a specific order that is set in stone for this; if you have a spouse then all assets will move to him/her. If not, it goes to your children, and so on and so forth down the family chain, based on their inherent closeness to you.

The state is completely arbitrary about this, and therefore completely fair, but in the context of a business, this might not be the ideal solution. For example, the business might end up in the hands of your spouse or children, who don’t want it or have the capabilities to run it, rather than a more distant relative that you’ve been training to take over.  

Or your share of the business could be split in order to fairly distribute it among multiple people, and that could have disastrous implications for the health of a business that has previously been a partnership or sole traders.

Ensuring your business is cared for after you pass

You should make sure that you have a will for all your assets, however, the ongoing health of your business absolutely requires one. You want to make sure your family is looked after by having the right person (or people) take over, and you want to see the business continue to thrive. Make sure you keep this part of the will regularly be updated, too, as the value of the business and its assets will shift from year to year.

Husky’s decision to review and consider a sale of non-core Downstream assets comes as it increasingly focuses on core assets in its Integrated Corridor and on its Offshore business in Atlantic Canada and the Asia Pacific region. The potential disposition is being undertaken independent of the outcome of Husky’s proposed acquisition of MEG Energy.

“Our retail network and the Prince George Refinery are excellent assets, with exceptional employees, which have made solid contributions to Husky over the years,” CEO Rob Peabody said. “However, as we further align our Heavy Oil and Downstream businesses to form one Integrated Corridor, we’ve taken the decision to review and market these non-core properties.

“We expect the businesses will be highly marketable, attracting strong interest and valuations. Husky delivers value to its customers and we anticipate that high level of quality and service will continue whether or not the businesses are sold.”

Husky’s retail and commercial network consist of more than 500 stations, travel centres, cardlock operations and bulk distribution facilities from British Columbia to New Brunswick. The myHusky Rewards loyalty program has about 1.6 million members.

The 12,000 barrel-per day Prince George Refinery is located in Prince George, B.C. and processes light oil into low-sulphur gasoline and ultra-low sulphur diesel, along with other products. It supplies refined products to retail outlets in the central and northern regions of B.C.

TD Securities Inc. is acting as financial advisor, with Torys LLP as legal advisor.

Source and Pictures:  Husky Energy

]]> https://ourgreatminds.com/2018/12/10/robert-richey-oil-price-on-the-way-up/ Mon, 10 Dec 2018 21:19:07 +0000 https://theogm.com/?p=18383 By Tina Olivero – The OGM –

Robert Glenn Richey, Jr., Ph.D. is a Harbert Eminent Scholar in Supply Chain Management. Having followed international oil and gas distribution for two decades, he branched out to teach supply chain management, distribution, and import-export on six continents including the oil and gas-rich regions in the Middle East, North Africa, South America, the Gulf of Mexico, and Scandinavia.

Interviewing Richey has been an interesting mission for The OGM as Richey answers some of today’s pressing questions about the price of oil. He predicts an oil price upturn and here’s why!

“Over the last four weeks of November, while oil prices and energy stocks have plunged, at the same time, insider buying in energy companies jumped. That’s a great indicator that oil prices have hit bottom and are on the way up. OPEC cuts and the increased consumption of energy over the holiday season will only push the price of oil higher.”

What are the current oil price factors?

Richey’s wholistic oil perspective describes what he believes are the top oil price factors.  He says, “At the highest level, the primary factor impacting oil price, is, of course, supply and demand and market sentiment. Market sentiment relates to both investor sentiment and consumer sentiment. Supply and Demand are dynamically complex and heavily influenced by sentiment and government intervention. But I would summarize it this way:

• World economic growth and oil demand
• Seasonal usage
• Supply Disruption. For example a supply chain inefficiency such as a trucking crisis, natural disaster, hurricane, or man-made disasters like Iraq
• Industry-based production agreements for supply management (OPEC)
• Interventionism in free markets (Canada and perhaps the USA)

Globally, what’s happening with oil price?

OPEC

OPEC has a heavy hand in determining global prices since they still account for 60% of the petroleum traded internationally. Despite two years of attempts to control costs and lower breakeven points, the major OPEC players need cash. We tend to think of these economies as being similar to our own, but that isn’t the case. When the monarchy stops paying for things, the people get upset and soon the King is out of a job.  Salman has a number of internal issues (as well as a significant international issue) to manage, and he still funds his government largely through oil and gas. He even uses Oil and Gas revenue to import sand to the dessert for construction purposes! He needs to be heavily in the black. When financial analysts report the Saudi breakeven price, always expect that price to ignore much of the country’s future (and perhaps hidden) domestic policy.

OPEC likes to float policy and price changes to the media to test the water for where production might land.  It seems that once again, consumers and the media were caught off guard, but I don’t believe the sky is falling. Short-term estimates suggest Brent around 72-75$ in early 2019 and WTI around $65-$68(USD). 

Derek Leith at EY suggests a 2019 price near $70. US shale producers are pencilling in $55-$60-a-barrel prices for their 2019 budgets. Deloitte thinks the Saudis will back off the 500000 bbl reduction.

RUSSIA

Russia is a different story as Putin sees O&G (largely gas) as an opportunity to expand his influence and recent events show how serious he is about that expansion, especially towards the EU.

QATAR

Qatar has declared to leave the OPEC group. This is a small hit for the collective in terms of revenue, but a big blemish when it comes to keeping the group cohesive. As the power players construct more policy in isolation, expect smaller economies with healthier corporations and lower breakeven points to create turmoil.

IRAN

Iran is an unknown variable. Pending relationship problems with the West, who knows what will happen here!

USA

US production is stepping back from the “drill baby drill” 2017 run towards $54/bbl. President Trump pushed heavily for increased production but seems to be stepping back from that original move. It may be that his team recognizes the impact oil company success has on our North American economies. Lower gas prices help manufacturing, transportation, and the customer at the pump, but the profitability of O&G companies impacts the nation’s economic status. Since the Trump administration views the economy as its main calling, expect O&G companies to be provided the opportunity to improve top-line revenue. This is also related to Canada’s direct call for reduced production.

ALBERTA, CANADA

Alberta has increasingly become a cornerstone of the new North American oil and gas economy. The region has contributed substantially to our increasing oil and gas independence. OPEC production cuts will only make this region more important, and production from the region stands to reduce some of the price volatility in North America if the market is allowed to adjust. I fully understand the concerns Suncor Energy Inc., Husky Energy Inc., and Imperial Oil have with future government-mandated production cuts in Alberta and Canada. That type of move is more traditional to state-owned companies, resources, and nations that don’t subscribe to free market-based economies.

When you are encouraged by the market to increase capacity, and then you are told by your government that you will not be using that capacity – business strategy breaks down, and oil prices climb.

Rather than cut production, perhaps the Canadian government should push companies like Cenovus and CNR to become more efficient making them more price competitive and extending that savings to the local customer.

OFFSHORE NEWFOUNDLAND CANADA

If the Hibernia type mega oil field is what industry expects, it could be a huge economic gain for Canada similar to the deep water success of Norway in terms of production and innovation.

However, if the government insists on manipulating the market, don’t expect exploration bids to continue at a lucrative pace. Exploration is one of the most expensive parts of the oil and gas business and in a world where fracking is cheap, interventionism could have a negative impact on the future of the Canadian natural resource exploration and expansion.

What is the ideal oil price for global economic prosperity and why?

That’s a great question, and the answer is a balance.  Truthfully, if anyone could pinpoint the answer to this question, he or she would be one of the most important people in the world right now. Ten out of the last eleven US recessions have been correlated with economic downturns preceded by oil price hikes. Major price fluctuations interfere with consumer’s spending and business strategies. We need stability, and that is why our countries have pushed for energy independence, but complexities in global supply make oil prices volatile and difficult to predict.

What’s going to happen with new energy plays?

We should all be looking for new sources of energy and have goals of improving environmental conditions and our general quality of life.  However, I honestly believe we aren’t there yet. For alternative sources to make a real impact, there will have to be a Schumpeterian shock.

While our politicians and green parties fight the environmental fight, the consumer keeps on trucking via oil and gas. This is why the projections continue to show growth well into the middle of the 21st century. Unless the customer is forced to change, oil and gas consumption will continue to grow.

Consumer behaviour experts seem to think that providing premier parking spots for electric cars and minor tax advantages for solar will dramatically change behaviour.  I’m here to tell you, that is like trying to melt the Columbia Ice-field with a hairdryer.

My research shows that even the most environmentally oriented customer will “morally disengage” from alternative forms when they incur new costs. Liberal-leaning college students like electric cars for environmental reasons, but as a group refuses to spend more on alternative transport.  They don’t even want to spend more on recycled commodities (e.g., paper). Only extreme changes in policy and major world events will change this behaviour.

Consider the fact that 17 countries have now proposed some form of ban on non-electric vehicle sales with start dates from 2020 to 2050, yet the worldwide consumption projections continue to grow.

For environmental adjustment to take place, it must be global. For instance, in Alabama, we ship dirty coal to Colombia in exchange for clean burning coal. It is a 4-hour flight to Colombia from here, so that’s not doing a lot to help the environment of the Americas, but it does comply with our national environmental policy. It isn’t a solution that works. Again, we aren’t there yet. Nevertheless, emission reduction is a major environmental issue and political platform, so expect the electric and alternative options to become more of an issue past 2050.

What’s the long-term vision for oil price and production?

If you watch the nightly news, you might expect that we will all be driving electric cars soon. That isn’t what the US energy information administration is forecasting. They report that the 2747 billion light vehicle miles recorded in 2016 will reach 3302 billion miles by 2050.  The growth trend is steady. Only domestic shipping shows a 1% mileage decrease heading towards 2050, which I find highly unlikely as we continue to UBERize urban freight delivery. We are probably trading modes of transportation and consuming more oil and gas in the process.

The long-term vision is efficiency, innovation, and exploration of alternative sources. The reality is that fossil fuels remain highly sought after and will continue to be one of our most important resources.

OGM INTERVIEW

This interview with Robert Richey is brought to you by The OGM.
Robert Glenn RICHEY, Jr., Ph.D.
Harbert Eminent Scholar in Supply Chain Management
Harbert College of Business @ Auburn University
446 Lowder Hall: 405 West Magnolia Ave., Auburn, AL 36849
Text/Mobile: 205-310-5973

57 of the world’s 100 largest oil and gas firms are using, or have plans to use predictive analytics.
How will predictive analytics transform oil and gas?
Are we ready?

A new industry report produced by Lloyd’s Register (LR) – reveals the pace, development and adoption of predictive analytics in the oil and gas sector. The report brings in to focus how different companies are using predictive analytics and to what extent companies are transforming their own technology and data capabilities to predict a better performing and sustainable future between operators, service providers and technology makers.

Industry executives and other experts interviewed for this report have identified several fields of predictive and other advanced analytics application – and the industries where they are being used – that hold potential for oil and gas. The report indicates adoption is a reality now.

Key findings of Lloyds predictive analytics report :

• 57 of the world’s 100 largest oil and gas firms are using, or have plans to use predictive analytics.

Proving return on investment (ROI) to management may take time, but is feasible Companies using predictive analytics in unconventional wells have often been able to tie its use to demonstrable gains in improved drilling accuracy, efficiency or cost savings. Doing the same for predictive use in maintenance and safety is less straightforward when avoidance of incidents or downtime are the main benefits. Efficiencies from these can be quantified, however, and 2–3 more years of running and validating algorithms and accumulating databased evidence should help many firms to demonstrate returns they have difficulty proving today. Predictive analytics is delivering benefits today Based on publicly available evidence, 57 of the world’s 100 largest oil and gas firms are using, or have plans to use, predictive analytics. Over half of these companies (34) report that their use of such tools has had a positive impact of varying degrees. Within the top 100, evidence of predictive adoption and use is most extensive upstream, in oil-field equipment and services, exploration and production. It is the largest firms in terms of revenue and market capitalisation (mainly integrated oil and gas companies) that appear to have advanced furthest with the technology.

• 34 of these 57 companies are using or have plans to use predictive analytics

Fields of application are widening beyond reservoir performance Several large oil and gas companies have put predictive analytics to good use upstream, earning returns from improved performance of unconventional wells. Maintenance, safety and production control are newer areas of adoption. Companies are exploring future uses of predictive tools in combination with emerging technology capabilities such as machine vision4 and behavioural analytics. Use cases in other industries may hold potential in oil and gas Industry firms are scanning the health, aerospace, financial services and other industries for examples of predictive analytics use in equipment diagnostics, prognostics and maintenance, pricing and risk management. Other relevant use cases include machine vision in the automotive, sport and healthcare industries; behavioural models in the retail and financial services industries; and enhanced route optimisation used by transport and logistics firms. Data quality issues hamper predictive analytics use, but these can be surmounted Data quality and availability are viewed as the chief impediments to the use of predictive analytics in the industry. Oil and gas companies collect masses of data, but often can only access a small portion of it.

Standardising disparate sources of data can also be difficult. Experts say, however, that data quality need not be perfect, and that workarounds are possible. Using advanced data science, for example, companies can filter data to overcome quality problems.

New data sources are gradually becoming available Accessing the external data and expertise needed to make predictive analytics work requires oil and gas firms to widen the scope of their interaction. For example, the world’s technology giants support open platforms for developing algorithms, as well as data lakes and cloud platforms that provide great analytics power. Some executives interviewed for this study say their firms are benefiting from access to data and expertise on such platforms.

• Companies using predictive analytics are benefiting by:

– $325,000 per rig using machine learning to predict drill-bit locations
– saving costs of $7 million on gas pipelines in the eastern US through predicting failures

• Research proves predictive analytics are being tested and applied in:

– machine learning to improve safety improvement capabilities
– in unconventional wells to change management attitude
– behavioural modelling to reduce the frequency of safety incidents
– exploring fully automated drilling platforms
– automated analysis of subsurface data
– designing the ‘rig of the future’.

• Respondents believe Artificial Intelligence (AI) is unlikely to be applied beyond niche applications for another three (3) years.

The research sought the insights and opinions of leaders across the sector, such as: Eric Abecassis, CIO, Schlumberger, Stephen Ashley Manager, Digital Transformation Solution Centre, Oil & Gas Technology Centre, Willem van Asperen Director, applied artificial intelligence, PA Consulting Group, Richard Barclay Manager, Advanced analytics, ConocoPhillips, Margery Connor Leader, Data science capability and Technology, Chevron, Daniel Jeavons General manager – data science, Shell, Michael Jones Senior director of strategy and M&A, Halliburton Digital Solutions, Adam Judelson Founder and CEO, Cognotient, Neil Kavanagh Chief science & technology manager, Woodside Petroleum, Narayan Laksham Founder and CEO, 4casting Systems, Joel Meltzner CEO and president, i4 Insight, and Morten Møller Pedersen Deputy asset manager, Maersk Drilling.

“This report makes clear that the oil and gas industry still has much to do to lay a solid foundation for using predictive technologies effectively,” says Nial McCollam, Chief Technology Officer of LR. “Companies will do this by solving data quality and standardisation issues, and establishing the external relationships that will give them access to the large volumes of data they need.”

Making the most of data requires more than advanced analytics tools and skilled data scientists. The report reinforces the fundamental need to successfully collect and transmit data to help with better decision making. McCollam says: “Recent advances in data analytics technologies – predictive analytics in particular – and networked sensors offer companies the opportunity to greatly widen and systematize the scope of their forecasting to include operational processes up and down the value chain.”

Adoption: a myth or a reality?

Contributors to the report highlight the critical areas for predictive analytics including demand forecasting, oil and gas trading, spare parts inventory management, transport route optimisation, process control and facility management.

“The Technology Radar report finds that many of the industry’s largest companies are actively developing predictive capabilities using internal and external resources,” says McCollam. “At least one-third of the top 100 industry players by size are generating a beneficial impact from using this technology. Sure, there is a long way to go, but adoption and new ways of thinking and working is becoming a reality.”

By using large volumes of historic seismic and production data, existing and new sensors, and powerful algorithms, companies have unlocked insights not previously available to them, which has boosted efficiency and productivity, reduced downtime, and earned them demonstrable returns along the way. Unconventional wells, mainly in North America, have been the biggest early beneficiaries of predictive analytics to date.

What does the future hold?

Predictive analytics are now coming to bear in asset maintenance – human and equipment. McCollam says: “Foreseeing and preventing events that lead to injury, loss of life or environmental damage is a key part of predictive analytics – and even more so in driving efficiencies and enhancing performance.”

“The ability to predict erosion and lifespans of equipment such as drills, pumps and other rig equipment promises considerable savings. And we are also seeing companies begin to experiment with predictive analytics in behavioural modelling to help identify symptoms of unsafe human behaviour, and predicting when certain behaviour traits are likely to create high-risk situations.”

“Along with our clients and partners, we believe that the use of predictive analytics can lead to both improved performance and enhanced safety and better risk management. Encouragingly, the findings of this special edition of the LR Technology Radar show that this potential is beginning to convert into reality.

The report highlights how the experience of predictive analytics used in consumer markets can provide better insights into how more accurate predictions are generated when multiple sets of data from different sources are layered up.

“Distilling these lessons can only help oil and gas companies to adapt using cases perfected elsewhere, and inspire us to develop innovative ones of our own. However, the report also highlights that governments, regulators and industry leaders have a critical part to play by fostering environments in which oil and gas companies can share data with confidence, and without fear that the data that is shared will be turned against them from an environmental performance or safety perspective.”

This is the fourth year LR has conducted its award-winning Technology Radar research. Whilst earlier editions have focused on macro energy insights of the oil and gas sector and low carbon power generation, this time around, the research concentrates on predictive analytics in oil and gas, with a focus on operation performance, safety, technology, analytics design, machine learning, human behaviour, policy, safety, public appetite and acceptance.

The 2018 Technology Radar Oil & Gas report is published as of November 12, 2018.
Go to www.lr.org/predictiveanalytics to download the 2018 Technology Radar Oil & Gas report and findings.

About Lloyd’s Register (LR)

Started out in 1760 as a marine classification society. Today, one of the world’s leading providers of professional services for engineering and technology – improving safety and increasing the performance of critical infrastructures for clients in over 75 countries worldwide. The profits generated fund the Lloyd’s Register Foundation, a charity which supports science and engineering-related research, education and public engagement around everything they do. All of this helps us stand by the purpose that drives their purpose of Working together for a safer world.

In a world of increasing complexity – overloaded with data and opinion – we know that our clients need more than technology to succeed. They need an experienced hand. A partner to listen, cut through the noise and focus on what really matters to them and their customers. Our engineers and technical experts are dedicated to assurance. That means a commitment to embracing new technology, and a deep-rooted desire to drive better performance. So we consider our customers’ needs with diligence and empathy, then use our expertise and over 250 years’ experience to deliver the smart solution for everyone.

After all, there are some things technology can’t replace.

About the Technology Radar series

Global research, sector insights and in-country reports and industry surveys form part of the Technology Radar series managed by the energy business of LR. The reports combine LR’s expert knowledge with third-party insights, to provide data-driven findings on the role of innovation, technology, safety and sustainability in the current and future energy industry.

Our role at LR is to ensure that we provide that independent viewpoint help government, energy producers, manufacturers, regulators and policymakers to the energy industry extract energy safely, and to deliver energy sustainably, with minimal risk to people and to the environment, and in socially responsible ways. We recognise that true value can be created by nurturing stakeholder relationships, based on trust and understanding.

LR is addressing the industry’s most significant technology and sustainability challenges by interacting and working with energy stakeholders on an ongoing basis. Through interviews with senior industry practitioners and surveys of energy professionals, the Technology Radar series provides a compelling insight into the latest industry thinking, trends and insights.

Source: Lloyd’s Register for graphics and content

 Newfoundland and Labrador will have the fastest economic growth in the Atlantic provinces in 2019 as it rebounds from this year’s decline, according to APEC’s latest Atlantic Report. Growth continues in the Maritimes but at a slightly softer pace than in 2018.

Outlook by Province

It is not until we lose our health that we seek diligently to regain it. Sadly at that point, it’s most often too late, and it always has a cost of time, money and opportunity.

Cancer is one of the most destructive illnesses facing the world today and it is an epidemic appearing at exponential rates. Our lifestyle is the foundation of a sustainable, healthy life. There are also genetic and environmental variables that come into the equation. So in the midst of a Cancer crisis we are forced to find solutions to Cancer that attack not only the illness but also find a cure with many variables in play.

So what’s it going to take to cure Cancer?

Researchers and Cancer Specialists are searching for answers worldwide. Some are working on a hypothesis; others are collaborating, others are in the midst of test trials, others are finding solutions in uncustomary ways.  We are at differing stages of progress. We don’t have the cure for Cancer yet, so it’s an open-ended global catastrophe that’s calling for the resolution.  Do you think that it’s about time?

Nature’s Way – Does Seaweed hold the key?

It has been said that the cures for our ailments lay in nature. Many medicines of the world have been derived from nature, and much more will come from nature in the future.

The coastal waters surrounding Newfoundland and Labrador support rich seaweed growth with approximately 300 species inhabiting sub-arctic waters, and yet little work has been carried out on their biological activities. It is theorized that seaweed has healing properties and for Cancer, it just may hold the key.

Seaweed has developed over time to adapt and survive the harsh conditions of the Atlantic Ocean.  As a result, it has evolved with superior defense systems and important biological activities which can be of considerable value. In understanding seaweeds superior properties, it is critical to investigate the potential of this untapped resource as a source of novel bioactive compounds. Research is proving that seaweed has vast and varied applications which will benefit the health and well-being of society.

Oceans Ltd. research stops growth of human cancer cells in mice

Terry Fox said, “When I started to run, I said that if we all gave one dollar, we’d have $22 million for Cancer research, and I don’t care, man, there is no reason that isn’t possible. No reason!”

Ironically, in the same location where Cancer advocate Terry Fox dipped his foot in the ocean and began his cross-Canada run for Cancer, St. John’s, Newfoundland is also home to Cancer Researchers at Oceans Ltd. who are advocating the same philosophy as Terry Fox – there is a cure!

Overlooking the sheltered city of St. John’s, on LeMarchant Road, this corner lot and its special location is the setting for some of the greatest research minds in the province working on a cure for Cancer.

True research is to see what nobody else has yet thought to be possible and that is the case with Judith Bobbitt, CEO of Oceans Ltd.  Judith Bobbitt is a Scientist from St. John’s who has looked for the answers to Cancer in seaweed.

In-vivo tests are conclusive in stopping the growth of human cancer cells in mice

Following five years of dedicated research on cold water seaweeds, the team at Oceans Ltd. has made progress. In the Ocean’s Ltd. biology laboratories, the company has produced an extract which has been shown conclusively through in-vivo tests to stop the growth of human cancer cells injected into mice.

The pure compound which contains the bioactivity has been isolated from this extract. To date, the research team at Oceans Ltd. has tested over 60 species of Newfoundland and Labrador seaweeds before identifying a select few that exhibit strong antimicrobial, anticancer, antioxidant, and anti-aging activity.The next step for the Oceans Ltd. research team is to carry out in-vivo studies on mice for verification that the pure compound has the same anti-cancer activity.  Then the anti-cancer drug can be synthesized for human use.

Research continues into next phase developments, and this team needs support. You can help be a part of that research and potentially the cure for Breast Cancer. Oceans Ltd. is a private company, and therefore not eligible for any of the cancer research funds raised from public donations by the various cancer foundations in Canada, yet they are doing incredible, game-changing work.

If you believe that there is a cure waiting to be found or that there is research that will lead to the cure, you and your organization can support that belief by supporting this Cancer research at Oceans Ltd. Curing Cancer is foremost one of our top priorities as a planet and as a people. We dedicate this research to Judith’s nephew who lost his life to Cancer last year, to all those who have lost the battle with Cancer, and to all those that contract Cancer but will be saved in the future!

If you feel strongly that there is a cure for Cancer and you’d like to help, please make your contributions to the Oceans Ltd. Research team please contact Judith Bobbitt at OceansLtd.com or  jbobbitt@oceansltd.com

Go Fund Me contributions are appreciated and most welcome

Download this article in PDF form

FULL PRINTABLE PDF VERSION HERE:
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seaweed-cure-for-cancer

A Word About Wind is a rapidly expanding international membership that provides intelligence, insight and connections to senior industry decision makers.

The community of over 2,500 individuals represents some of the very best finance houses, banks, venture capitalists, and private equity investors in the world. Through their programs, exclusive members-only networking initiatives and events, influence, educate and inform the people who drive and shape international wind energy.

Membership enables the wind community to make better-informed investment decisions, deepen industry knowledge, benefit from concise, informed deal information and ultimately get the inside track on what’s happening in wind.

6th Annual Guide to the Top 100 Power People

A Word About Wind has published its sixth annual guide to the Top 100 Power People, in association with Sentient Science. The report ranks the major influencers in the global wind energy sector and offers in-depth interviews with leading investors, utilities and developers in the space.

This year’s report has a particular focus on the growing significance of the US market, as reflected in the ranking of Philip Anschutz, American multi-billionaire and owner of the Power Company of Wyoming, at number one.

Anschutz, who has made a reported $12bn fortune in sectors including oil, heads the 2017 list of 100 most influential players in wind energy.

According to the annual Top 100 Power People, a report published by industry intelligence service A Word About Wind, in association with headline sponsor Sentient Science, the report ranks the major influencers in the global wind energy sector and offers in-depth interviews with leading investors, utilities and developers in the space.

A key theme in this year’s ranking is the US wind energy markets is continued resilience in the face of the potential challenges posed by President Trump’s administration.

Anschutz has secured the top spot by providing a welcome to the industry. Anschutz’s estimated $12bn wealth is largely due to the oil drilling company he took over from his father in the 1960s, as well as his work in sectors including entertainment, real estate, telecoms and transportation. Anschutz is known for investing in industries that are on the cusp of major change, and the planned 3GW wind farm on his land in Wyoming is a testament to the business tycoon’s conviction that wind is on the rise. If completed as planned, the project will be the largest onshore wind farm in North America.

“While our focus is global, this year’s Top 100 Power People ranking has been significantly influenced by determined participants in the US wind sector – from financial service providers to developers and utilities – who have refused to let their enthusiasm be dampened by Trump’s public derision of renewables,” said Richard Heap, Editor, A Word About Wind.

“Aside from this, the fact that our top spot has been taken by Philip Anschutz, a man with a highly successful track record in business but little previous involvement in clean energy, is a testament to the exciting position the wind industry finds itself in,” he added. “It shows that people are starting to realise that renewables, even without their other benefits, simply make the most business sense – both in the US and worldwide.”

The report features E.On’s Anja-Isabel Dotzenrath on this year’s cover. Dotzenrath is another major player who remains optimistic about the future of the US renewables industry, citing E.On’s ‘ambitious plans’ in North America, which she views as a ‘very attractive’ market.

Dotzenrath’s market perspectives are accompanied in the report by additional in-depth interviews with sector experts. Jens Tommerup of MHI Vestas explores the implications of increasing turbine sizes, and discusses the future of offshore, while Ward Thomas of Sentient Science explains how developments in materials science are reducing the cost of wind energy.

BlackRock’s David Giordano also offers his thoughts on the world’s largest wind and solar fund, and on the pressure to improve the grid through transmission lines.

The Top 100 Power People was initially launched at A Word About Wind’s annual conference, ‘Financing Wind’. The 2017 event took place with panel discussions with senior investors and industry leaders.

See: www.awordaboutwind.com/events/

REPORT ACCESS:

www.awordaboutwind.com/reports/the-top-100-power-people-in-wind-2017

For further information, please visit:

AWordAboutWind.com

Photo: Forbes

Cenovus welcomes Harold N. Kvisle and Keith A. MacPhail as new members of its Board of Directors. Mr. Kvisle and Mr. MacPhail bring a wealth of oil and gas experience at both the executive and Board level.

Mr. Kvisle served as President and Chief Executive Officer of Talisman Energy Inc. from September 2012 to May 2015 and was a director of the company from May 2010 to May 2015. From 2001 to 2010 he was President and Chief Executive Officer at TransCanada Corporation. Prior to joining TransCanada, Mr. Kvisle held engineering, finance and management positions with two other Canadian oil and gas companies. He is currently Chairman of ARC Resources Ltd., a director of Cona Resources Ltd. and a director of Finning International Inc.

Mr. MacPhail is currently Chairman of Bonavista Energy Corporation and was Executive Chairman of the company from 2012 to 2018, Chairman and Chief Executive Officer from 2008 to 2012 and President and Chief Executive Officer from 1997 to 2008. Prior to joining Bonavista, he held progressively responsible positions with Canadian Natural Resources Limited, ultimately serving as Executive Vice-President and Chief Operating Officer. Mr. MacPhail is also currently Chairman of NuVista Energy Ltd.

Cenovus would like to extend its sincere thanks and best wishes to Ian W. Delaney, who has retired from the Board of Directors. Mr. Delaney has been a Director since Cenovus’s inception in 2009.

Cenovus Energy Inc.
Cenovus Energy Inc. is a Canadian integrated oil and natural gas company. It is committed to maximizing value by responsibly developing its assets in a safe, innovative and efficient way. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and British Columbia. The company also has 50% ownership in two U.S. refineries. Cenovus shares trade under the symbol CVE, and are listed on the Toronto and New York stock exchanges. For more information, visit cenovus.com.

Publisher and CEO, Tina Olivero says, “Creating a globa publication that bridges to readers and buyers around the globe is what we do.  Perhaps our client wants to attract investors or garnish new hires from around the world, we pride ourselves in finding creative ways to make that happen. We love the challenge of using new programmatic technology and algorithms to bridge the gap between the seeker and the solution. It’s a creative process that bridges the business development gap for our clients. I’m hoping in the not too distant future there won’t be any such thing as marketing, just ‘direct to sale’. That would make life alot easier for everyone. We have the solution that’s the closest thing to it!”

The OGM network spans over .5 million viewers online and has special print distribution for exhibitions and subscribers. It’s world class presentation puts it in a league unto itself. It’s credible, positive and always focused on connecting and uniting the industry.  The game of business takes a tribe of committed and dedicated people and The OGM has the privilege of working with those people every day.

Take a video adventure through some of The OGM’s great brands and realize just how many companies entrust their message with The OGM.

Ask us about programmatic solutions where we can reach people who searched for your product or services by broadcasting out to over 2000 other magazines, thereby reaching 1-2 MILLION viewers in a month! The results are simply the most cost effective in comparison to any other medium on earth. Programmatic solutions are the future folks, so learn everything you can about it.

LEARN ABOUT PROGRAMMATIC NATIVE CONTENT
Find out more on programmatic native content right here:

SEE PROGRAMMATIC IN ACTION
See how our clients used programmatic native content to fill up their CAD training program with strategic content, a multi-media mix, and a lead generator.

HERE’S WHAT OUR CLIENT HAD TO SAY:
“Rounding up students for our CAD training was a real challenge and to be hones, we were getting nowhere. After several months of spending huge sums on traditional advertising, in came Tina Olivero from The OGM who completely revamped our marketing approach. It felt a bit like Gordon Ramsey Boot Camp. But coming out the other side, we began to see real results. The problem flipped to being overwhelmed by responses!  The winning formula Tina developed combined targetted social media with sponsored content. In simple terms, our internal team managed the social media messaging which included a link to the OGM article with a call to action. The key her was the combined effects of targeted social media messaging reinforced by the OGM article which was effectively a third-party recommendation. Three months on and we’re still up there on google with a constant stream of inquiries from around the globe. The world is suddenly much smaller!”  Gareth Owen – Partner and General Manager, Metroworth & North Atlantic Technical.

Enjoy the ride!

Tina Olivero

GREAT BRANDS IN THE OGM

YES! I WOULD LIKE TO ACHIEVE MY BUSINESS GOALS WITH THE OGM. Please contact me.

As seen in her biography below, Charlene has more than 11 years of experience representing not only her own constituents as a Member of the House of Assembly but all residents of the province as a cabinet minister for seven of those years.  This experience honed her ability to forge and manage complex relationships with a wide range of stakeholders and to represent their best interests. These skills are critical to speaking on behalf of Noia’s core membership – the supply and service sector – as well as working with all parties – including operators, the regulator, trade associations, educational institutions and government bodies – to advance the timely development of the industry.

“While these have been challenging times in the oil & gas industry, the prospects for our offshore look very bright and with greater collaboration with industry stakeholders, opportunities abound,” said Charlene Johnson. “I am both excited and enthusiastic to work with the Noia membership to spearhead that collaboration in order to advance our shared goals. Working together we will be well positioned to face the current and future challenges and poised to take advantage of the many potential opportunities both at home and abroad.”

“Not only is Charlene a demonstrated leader, but her experience as a cabinet minister, participating in cabinet discussions and on numerous cabinet committees, along with her roles as Minister of Environment and parliamentary secretary to the Minister of Natural Resources, enabled her to gain significant knowledge of the oil & gas industry, including legislation and policy, as well as the environmental assessment process,” added Bell. “We look forward to Charlene’s contributions to Noia and to the industry as we look ahead to the future.”

Charlene Johnson will assume her duties as Noia CEO effective January 9, 2018.

Charlene Johnson Biography

Charlene Johnson was a Member of the House of Assembly, Government of Newfoundland and Labrador, from 2003 to 2014. As a senior cabinet minister, during her tenure she led a number of high profile departments, including Finance and Human Resource Secretariat, President of Treasury Board; Innovation, Business and Rural Development; Child, Youth and Family Services; and Environment and Conservation. She was also the minister responsible for the Status of Women and parliamentary secretary to the Minister of Natural Resources. Prior to the Government of Newfoundland and Labrador, Charlene worked as a policy analyst for the Nova Scotia Utility and Review Board. 

Originally from Gull Island, NL, Charlene has spent the past three-plus years in Brunei. During her time overseas, she completed a Diploma in Business Administration, Heriot Watt University, Edinburgh, Scotland and will receive her Master of Business Administration (with Distinction) from that school on December 3, 2017. This complements her Bachelor of Science in forest engineering from the University of New Brunswick (2000) and Master of Applied Science in environmental engineering from Memorial University (2001).

Canada’s energy-producing provinces are benefiting from an oil price rebound and price stabilization well above levels seen in early 2016. Production is resuming and increasing as projects initiated before the collapse in oil prices come onstream. Overall the Canadian energy industry is looking up.

In Alberta, there is a strong recovery in oil exports from a year ago when wildfires curtailed output. Newfoundland and Labrador will also see double-digit export growth as the offshore Hebron oil platform are expected to begin operations at the end of 2017 and Vale’s Long Harbour processing facility begin ramping up production.

THE OGM + PETER HALL

Here at The OGM, I had the privilege of interviewing the esteemed export expert, Peter Hall. Peter joined Export Development Canada (EDC) in 2004 and brings with him over 25 years of experience in economic analysis and forecasting. Peter is responsible for overseeing EDC’s economic analysis, country risk assessment, and corporate research groups. In addition to preparing strategic advice for senior management at EDC. Peter confirms that the climate for exports is on the rise and Canadian companies should be aligned with globalization and export returns.

The OGM: What do you expect in terms of export and growth in 2017/18?
Peter Hall: We are still benefitting in 2017 from the rebound of commodity prices in the energy sector. They hit their floor in January of 2016 and have made their way up from there. There are a lot of things that don’t happen instantly when something like that occurs. Average pricing is really a big factor in terms of the double-digit increases we see in 2017.

Carrying forward, what we see next year, is projects that were on hold during this period were not actually cancelled. That’s the kind of thing that can happen when you get a major shake-up in oil prices like we had. Because those who are assessing projects are asking what is viable and what can be done, typically what we see happening is parties get around the table and look at contract prices and declare that there’s no way to make it work. That crisis kicks off a different conversation. Those who were depending on income streams from energy contracts find room to rewrite those contracts, making concessions and ultimately making the project work, because it’s a case of either doing some business or no business at all.

So all these doom and gloom stories we saw in the press, about how everything is in a tailspin and everything is a catastrophe is not the ultimate reality. It’s quite the opposite. Time and time again we have seen how the oil industry gets back on its feet and creates new opportunities and rapid rebound numbers. The outcome is that oil and gas companies are actually making money on much lower world oil prices, and are recovering decently.

The OGM: What are the key factors that are contributing to this recovery?
Peter Hall: The old adage says that necessity is the mother of invention. And that has been true with the oil price drop. It’s what leads us to innovation. But when you plunge into crisis-pricing you get something even better – you get transformation. The transformation we are seeing includes viable supply chain options, increased innovation and advances in technology, and capitalizing on the new digital economy. A past example of a critical innovation is the development of horizontal drilling techniques that lowered costs and optimized wells in unprecedented ways.

The OGM: What is the export potential for energy companies and suppliers?

Peter Hall: While growth has struggled for many years beyond the last recession, we see a world that has huge oil demand. We forecast that activity is on the way up and the global economy is in true recovery. Evidence of pent-up demand exists in the United States and Western Europe. Emerging market populations may not all be growing, but hundreds of millions are getting wealthier, bringing a large boost to global demand. These are all factors. As well there is a re-inclusion of sectors of the population that have been left behind because of meagre growth in the post-recession years. Given all these factors, the growth that is budding in the US, Western Europe, and key emerging markets suggests that prices in the oil sector could actually be more robust than we expect them to be. Our forecasts show sustained growth over the next five years.

The OGM: How does globalization impact economics?
Peter Hall: I believe that one of the biggest impacts is an exaggerated business cycle. Globalization and technological advancement have produced longer longs, higher highs, and lower lows in the world economy. The problem with this is understanding exaggerated business cycles. It has taken a long time to include or re-include the Great Recession’s displaced workers. At long last, that’s happening. The US and Western Europe are indicating declining unemployment rates. Better yet, in the United States, we are seeing an about-face in jobs for millennials, which will greatly stimulate the economy. The reality is, the confidence in the United States economy is at some of its highest levels ever. In the US and Western Europe, these are the greatest times since the great recession.

That’s a good news story for oil demand overall. We’ve been waiting seven years for a true recovery, and I believe it is here now. And better times are ahead. We predict that this growth cycle could last anywhere from 3-8 more years. Some people may call me wildly optimistic for saying that, but if you accept the notion of exaggerated economic cycles, it’s easier to understand my perspective.

Learn more about going global in this informative, free webinar!

What is CETA?

CETA : A Progressive Trade Agreement for the Middle Class

Recently, I saw a headline that said – “It’s morning in America’s fossil fuels business”. Alluding to President Trump signing off on two totemic pipeline projects and “burdensome regulations” on miners and drillers were dismissed. It is obvious, that the intention is to open up more federal land for them along with tax policies that favour exports and penalise imports. U.S. President Donald Trump, as most of us already know, has plans to support domestic oil and gas industry, job creation and local manufacturing. As stated in the official Donald Trump’s vision, he is going to unleash an energy revolution that will bring vast new wealth to his country. The new President is going to encourage the use of natural gas and other American energy resources that will both reduce emissions but also reduce the price of energy and increase economic output. Very appealing and very contradictory at the same time.

Although, as we are humbly watching events in the Whitehouse, we see other possible outcomes. For instance, one proposed House Republican corporate tax reform could even lead to radical changes not only in U.S. crude oil and petroleum products flows but in the global markets as well. I don’t agree with the idea that what is good for America’s fossil fuels business is also good for the whole industry. If we take a deeper look into this situation, it might even reveal the opposite. Yes, these new regulations will help local families and create new jobs (as promised), yes, it might also raise the value of American products in the global market, but there are other important things as well. The world has just witnessed that excess supply pushes oil prices down and with the US increased exports, it’s possible that we will end up with oversupply in the global market once again.

It was a shock to major global companies when the President signed an executive order to withdraw from the Asia-Pacific accord. It was never ratified but it was very important still. This created a stormy reaction that is developing in various forms globally, in the press and in social media. To those who were wondering if Donald Trump will keep his promises, I could suggest holding tight as we can clearly see that the end of these trade deals, is just the beginning. “And the world keeps turning” – as Megan Hess from Bloomberg commented on this matter.

The world indeed is still turning but this will have a notable impact not only on manufacturers but on the energy industry as well. Tax policy is being changed and it will affect export crude oil, export refined products, equipment and chemicals. Some see the benefit in it, others discuss hardly predictable import expenditures. What is to come next? No one knows.

So, all in all, Trump’s plan for American energy strength is causing a commotion. I believe that it is very important to be able to evaluate the long-term effects of every decision we are to make. Maybe some see a morning in the America’s fossil fuels business, but as a specialist working globally, I do not.

When everything is ever-changing, I find it very important to be able to stop and take a minute to contemplate and discuss important matters. Attend industry conferences. Gather the facts. Get your voices heard. Speak up and offer differing perspectives. If there’s one thing great about social media, it’s an opportunity to “share” what we know and transfer knowledge in new and creative ways.

___________________________________________________________________________

U PUBLISH IT

This article was submitted and published through the U PUBLISH IT PORTAL. The opinions of this article are those of the author and not necessarily the publisher. U PUBLISH IT is a FREE information sharing portal designed for industry to write about the industry, in a way that will benefit the industry. Consider it an educational portal for sharing and advancing energy, and therefore the energy solutions needed for our world.

To submit your articles, presentations and thoughtful perspectives, please go to:
https://ourgreatminds.com/u-publish-it

While that day’s vote by BG shareholders – waved through with more than 99 percent approval – had never been a concern, van Beurden had faced a tough battle to convince his own shareholders that he was not overpaying for BG as the oil price plunged. When Shell investors had finally voted the day before, some 17 percent still did not back the deal. Van Beurden says the takeover taught him “how tough it is to get it right.”

“Although I think I was mentally and otherwise very well prepared for the ride, it was quite a ride.”

On the last Thursday in January, the day Royal Dutch Shell’s £35bn takeover of BG Group got the final seal of approval from BG shareholders, Ben van Beurden was not planning a celebration.

Shell’s chief executive was instead preparing to get on with the detailed work of integrating the two companies: some 200 senior staff from Shell and BG had been assembled in The Hague, ready to spend Friday and the weekend working out what would happen when one of the biggest deals in history finally completed.

But with the full top teams from both sides brought together for the first time, the occasion developed something of a party atmosphere. “It almost felt like you were getting together for a big wedding and this was the night before, where both sides of the families would meet and somehow sort of compare notes and talk about the future,” van Beurden, 58, recalls.

“So while it wasn’t meant to be a celebration, actually it turned into a celebration of both what we had done together but also what we were going to do in the future. There was champagne, food and a lot of good talk.”

Van Beurden and his colleagues might well have been in need of a drink after the gruelling nine-and-a-half month takeover campaign.

While that day’s vote by BG shareholders – waved through with more than 99 percent approval – had never been a concern, van Beurden had faced a tough battle to convince his own shareholders that he was not overpaying for BG as the oil price plunged. When Shell investors had finally voted the day before, some 17 percent still did not back the deal. Van Beurden says the takeover taught him “how tough it is to get it right”.

“Although I think I was mentally and otherwise very well prepared for the ride, it was quite a ride.”

With hindsight, would he have done anything differently? Van Beurden, normally ready with a well-rehearsed answer, hesitates for some 10 seconds. “I don’t think so, actually,” he eventually responds. “It was a very intense period that’s absolutely true. I think it ended well. Now that we have had a chance to understand in more detail what exactly we acquired, we have only on balance some positive surprises. What we had hoped to find, we have found. We have found no real negatives in there. So in that sense, absolutely no regrets.”

Van Beurden, a Shell lifer who had been at the helm just 15 months when he launched the takeover bid, smiles as he adds: “The only regret you could have is: why didn’t we do it 10 years ago? But that’s a different story, that’s not for me.”

If the courtship leading up to the oil industry wedding of the century was controversial, Shell now seems to be enjoying a honeymoon period. The “positive surprises” resulted in it last month upgrading its view of “synergies” from the deal to $4.5bn from $3.5bn, which was already $1bn above the original estimate.

Although investors may have been cheered, those synergies have equated to devastating job cuts for staff. “There is a correlation, because of course staff costs are roughly 40 percent of our operating costs,” van Beurden says.

In May, Shell announced a further 2,200 job losses, added to the 2,800 originally expected from the deal. These came on top of the 7,500 cuts made as Shell slashed costs to cope with the oil price fall; from a combined Shell-BG head count of almost 100,000, at least one in eight is going.

Van Beurden offers little comfort when asked if there could be more to come. “There could be, yeah, absolutely. Much will depend on how the environment will continue to develop.”

He adds: “There will always be also, in the absence of large deals, the continuous improvement drive which may result in jobs either not being required any more, or going to different parts of the globe, or general efficiencies or shutting things down. You can never say that you are done with staff reductions.”

As well as shedding jobs and slashing spending to beneath a cap of $30bn a year, Shell has also announced a $30bn divestment programme that could see it exit up to 10 “mature” basins. Inevitably this has raised fears about Shell’s future in the North Sea, where it has some 65 interests and operates more than 30 platforms.

“We will not leave the UK altogether,” van Beurden pledges. He highlights the company’s current $4bn North Sea investment programme, but also admits almost all of this relates to two major new projects west of Shetland. Most of its other assets are much older. With Shell seeking to retain “high quality assets that have longevity”, is it looking to exit everything else?

“No, not necessarily all of it,” van Beurden says. “But we will be looking again at what is the set of assets that we want to hold on to, where do we believe we will produce it right to end of life, and where do we have a better option to sell it to a better owner of that asset,” he says.

“It is a normal part of the life cycle in our industry. Everything gets to the point of maturity where the future value in it doesn’t warrant the future capital that you need to harvest that value, or where it makes more sense to have that harvesting being done by somebody else.”

Van Beurden says he believes the oil price volatility that has rocked the industry will continue, perhaps for “a few years to come”, but is bullish that, in the longer term, prices will rise.

“The fundamentals I think are pretty clear cut, that supply and demand are getting back into balance,” he says. “In my mind there is more upward pressure on the price than there will be downward pressure in the long run – but how we are going to get to a higher oil price level will be a bumpy ride, and at what level it will settle is very, very hard to predict.”

With volatile prices and the BG merger already to contend with, it is perhaps little wonder that van Beurden was opposed to Brexit and the added uncertainty it would bring.

He recalls waking at home in the Netherlands on the morning of June 24 for his usual 6 am workout and switching on his phone to see a news alert. It was 5 am in the UK and the result was just becoming clear. Was he surprised? “I must admit in the lead up to it I had a very strong feeling that this could well happen,” he says. “So in a way, no, I wasn’t terribly surprised when I saw the first news when I woke up, but I had hoped for a different outcome so it was a sense of disappointment.”

In a speech delivered an hour before our interview, van Beurden made clear that he hopes free trade and free movement of people between Britain and the EU will be retained.

If they are not, he says, while it wouldn’t “fundamentally impact” Shell’s operations, it would “give complications that would be unwelcome”. He is reticent to comment on the wider political implications, but foresees “a certain degree of reflection of, how did we get here, what needs to happen next.”

“If you want to look for a silver lining, you would expect there to be a positive aspect in that reflection as well,” he says.

Where van Beurden is more outspoken politically is on the question of how the world can attempt to meet the agreed UN goal of limiting global warming to less than 2C, which would require a drastic reduction in carbon emissions.

Our interview takes place at the Olympic Park in Stratford, where Shell is holding a four-day event encouraging everyone from experts to school kids to consider options for the UK’s energy future. l has a “responsibility” to “help tackle” the energy challenge.

An oil company discussing how to save the planet is bound to raise hackles. Alert to the risk of accusations of greenwashing, van Beurden freely admits that Shell will only go green “when it makes business sense.”

“You cannot expect us to act against our economic interest,” he says. “I cannot invest in loss-making propositions or propositions that are 100pc dependent on election outcomes, on whether we will continue to receive government support.”

Shell does have a “modest” renewable energy business with small-scale investments in solar, wind, and biofuels. But while it has identified this as a potential growth area, van Beurden won’t put any number or “fanciful targets” on its potential scale.

He contrasts Shell’s annual $30bn investment – overwhelmingly in oil and gas – with what he says is the total $5bn annual investment of the top 10 solar companies. “These top 10 solar companies don’t make any profit, have never paid any cent of dividend in their history. So I cannot invest $15-20bn in solar and wind, which is quite often what people somehow hope us to do, and also still at same time pay a dividend. We have to find ways to make these business models work.”

Shell’s core long-standing policy demand is for carbon taxes to drive the switch to cleaner fuels. “Putting a price on carbon, a significant price on carbon, is one of the most important things governments can do,” he says.

Cutting emissions sufficiently to curb warming will require “very very profound” changes to the energy system, but van Beurden insists Shell believes it is “do-able.”

“If I say ‘it’s unlikely’, quite often we get characterised as being in denial, or almost wishing that it would not come about,” he says. “I would much rather say, well, it’s going to be very, very tough to achieve it and therefore we need to act, sooner rather than later, and we need to act more profoundly than what we are doing. Setting targets is just not good enough.”

He dismisses as a “red herring” the theory of a “carbon bubble”: the idea that fossil fuel companies like Shell are themselves overvalued if the targets are to be met, because their oil and gas reserves could become “unburnable.”

“Even in a 2C world, the world will still need significant investments of oil and gas. And there will be new business models that we can participate in. I am convinced we can thrive in that world as well,” he says.

“So we are not in denial, we are not afraid of that either. But what I am concerned about is that the level and intent of policy action is just not sufficient, and that somehow there is a notion out there that there is a simple solution to this.

“It will be difficult, it will be complex, and the sooner we start with real action, the better it will be.”

That is the prevailing question that marks an opportunity in the alternative trading and investing space.

Spawned from the knowledge revolution, investments these days are more about taking what you know, your research, your hunches, your views and your values and putting them into the things that you believe in, by investing in them.  We are simply too informed to rely on traditional methods of investing.

We want to be self-expressed with investments that we understand and believe in.

Tim Pickering, Founder, CEO, & President of Auspice Capital

Alternative investment pioneer Tim Pickering is a man who knows his stuff. With a champion background in trading and investment, former VP of Trading at Shell (North America) while starting at  TD Securities (Toronto) in their elite trading development program and ultimately holding the Senior position for the Energy Derivatives portfolio; Tim is a thought-leader and a man of change influence.

Tim’s philosophy is, “The energy industry is volatile based on human behaviours, and it is our goal to harness that volatility and put it to work for energy investors around the globe.”

Tim believes, “Canadian investors are underserved in the area of Alternative investments.  Alternatives are slow to be embraced, harnessed and marketed and we saw the opportunities in changing that. We see Alternative investments doing well in other regions of the world and we wanted to bring quantitative Alternative investment opportunities to Canada.”

Markets go where they go, but rather than be reactive, Auspice Capital is scientifically strategic. Tim says, “A market such as crude oil is either going up or down. That’s just a fact, and what we do is participate in the market movements in the way that is agnostic to price direction.  We are indifferent to the news of the day – for example, the rhetoric from OPEC. We focus on the price and volatility of assets to tell us what the opportunity is. If you have a view on something, how do you invest in that view? We support people based on their opinions and beliefs about what they’d like to invest in, and that is non-correlated to the stock market.”

7 Facts you must know about Canada as a world oil powerhouse

1. Canada has the third-largest oil reserves in the world next only to Venezuela and Saudi Arabia.
2. Canada is the Unites States number one supplier of oil.
3. As of 2015, Canada supplied 43% of the imported crude to the United States.
4. All of OPEC combined supplies 36% of imported crude to the United States.
5. Saudi Arabia supplies 14% of the United States imported oil.
6. Today, without Canada there is no energy security in the United States.
7. 99% of Canada’s oil currently goes to the United States.

Tim says, “The Canadian oil play is the third largest oil reserve in the world, and as a long-term resource it is positioned as a world leader when you consider all parameters. While some say that the Oil Sands is only valuable based on price, that is not a fact. The Oil Sands is partially impacted by price.  The Oil Sands is such a massive reserve with a long lasting timeline that it is extremely important, regarding world oil supply.”

Tim elaborates on the big picture perspective, “What makes the Canadian Oil Sands number one in the world is the fact that it responds to our human concerns. For example, The Canadian Oil Sands cumulatively outperforms other energy Nations when you consider the entire picture.  Considerations such as human rights, industry standards, environmental regulations, freedom of speech, innovation, efficiencies, health and safety, transparency, good governance, democracy, climate change regulations, energy security, social progress, freedom of the press, and I could go on and on. So Canada is in a great position because of the inclusive position of all variables in play.”

The Energy East Pipeline

Tim says, “We have to realize that our oil resources belong to Canadians, and for us to progress we need to get the best value for our oil on the world market.  That means we need to stop importing foreign oil from energy places that have human rights violations and less stringent environmental considerations.  We need to harness our potential and operate with integrity in the safest environment.  We have the highest regulations, the highest standards, the best human rights policies, and progressing socially it makes the most sense to utilize our infrastructure.  We can’t rely on the fact that we have essentially one buyer, the US for our oil. So that means we need to be strategic and do things like developing a pipeline that links to eastern Canada so that we are not importing 500,000 to a million barrels of oil a day. Rather we want to be exporting our oil and positioning Canada for global oil demand in a diversified global market.”

“Clearly Canada has done a poor job of managing the message about the facts we have talked about here.  The oil companies have to step up, the provincial and federal governments have to step up, and we need to be better at educating the world about our reserves and our leadership.  As we diversify and globalize the world is clearly going to prefer a long term sustainable supply of oil that considers human concerns and makes them a priority above all,” Tim explains.

Tim’s perspective that the Energy East Pipeline is, “It’s probably not going to move ahead until after the Quebec provincial election.  It’s probably going to take a few years to get approved as it’s largely a question of politics.”

Auspice Capital

Auspice Capital is bullish on oil long-term. Tim delivers the facts, “Oil demand “is increasing” and that’s why we are bullish on oil. When I look at the world energy nations and consider all factors, Canada seems like the best place to me.   Tell me another oil producing nation that you’d like to take a vacation in.  That is a very telling statement.”

Tim believes that in the future, non-correlated alternative investments will be a core holding in all portfolios. He says, “Our goal was to provide Alternative investments because we knew they would no longer be viewed as risky, but as conservative and prudent, given their measurable value to investment portfolios.”

As one of Alberta’s 50 most influential people, Tim paints a picture of secure investment based on sound fundamentals. He says, “As oil demand increases, global buyers will search for secure long-term sustainable solutions. Canada needs to reduce our dependency on the US as a buyer, we also need to improve our messaging, we need to get oil more readily available to our nation, and we need to promote the access to trading Canadian oil on world markets. So if you have an opinion on oil in Canada, you can invest in oil in Canada.”

Oil Price

Global oil demand is increasing and is expected to reach 100 million barrels a day by 2021. Demand isn’t expected to peak for several decades. So the long term demand for oil as a commodity is not disappearing.

Tim explains the price of oil, “The energy market is prone to cycling high and low.  The current situation is a lot better than the past two oil drops, like in 1999 at $12 WTI and in 2008, when the price dropped to $30 WTI. Both of those drops were due to a drop in demand.  This situation is different. The oil price drop, this time, came because of too much oil. In other words too much supply.  That is different than demand.  So we are in a far better situation.  The world hasn’t stopped needing crude oil, so the demand is there, and the current oversupply is modest.”

That puts Canada in a good position because we have a long-term safe supply. Now we need people to access it.  We have to give people with a view oil, an opportunity to invest, and that’s how Auspice Capital transpired.

To learn more about Auspice Capital go to www.auspicecapital.com

That’s why cloud-based software catching on like wildfire. And why wouldn’t it, accounting in the clouds means you have a clear overview of your current financial position, in real-time.

 It’s faster, cheaper and much more efficient.

Cloud accounting such as QuickBooks in the Cloud is specifically designed for small businesses to work faster and smarter and allows you to sync your banking and credit card transactions in real time – thus making the process of reconciling accounts far less tedious.

The Cloud

So what does it mean to have your accounting software in “the cloud”. Think about it this way, every time you access data, stored in a safe place online, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub of where you work from. You are no longer tied to your desk. Cloud computing gives any business the freedom to be entirely transient. The bottom line – no more lugging laptops or having to wait to get to the office to work.  Simply log in from where ever you are and off you go.

Intuit QuickBooks in the Cloud

quickbooks.intuit.com

Our company adopted QuickBooks Online as a very inexpensive alternative that allows us to keep accounting up-to-date, in real-time. Every time a transaction is made it doesn’t have to be recorded, it’s simply downloaded from the bank statement directly to the QuickBooks Online software in the cloud. Voila – no more data entry.

All you have to do is assign it a designation as an expense or purchase and it takes care of the rest. And once established the program intuitively assigns those for you with repeat transactions.  It is highly intuitive.

As well taxes are automatically calculated so when it come time for tax payments, all the work is already done, including removing taxes from purchases. How much simpler can it get?

And then there’s the saving of time. The QuickBooks Online program is so efficient that what once took two accounting people to do, it takes a fraction of the time. Our small business can run, operate and reconcile accounts and have everything up to date with a maximum of 6 hours a week spent on accounting. That means far less expense, much more time for business and more free time overall. A welcome change.

You can use Quickbooks Online from any device with an internet connection. Online accounting means small business owners stay connected to their data and their accountants from any location with internet access. There is no need to install and run applications on a desktop computer. Instead, you pay for the software by monthly subscription. Our subscription costs about $30 bucks a month – so it’s much cheaper than old, expensive desktop accounting software. Software updates are delivered faster and more easily in the cloud. You don’t need to worry about installing the latest version; you’ll get access to new features instantly, and there are no “upgrades” that you have to pay extra for.

QuickBooks in the clouds manages invoicing, bank reconciliation, bookkeeping, taxes, it runs reports of any basic accounting kind, and it’s equipped to do so at the times of years you need them. This makes quarterly, and yearly comparisons a breeze. As well, you can work securely online with your accountant or team – from anywhere. QuickBooks Online makes it easier to sync files in real time. Transactions are categorized automatically, so you can quickly keep tabs on what you earn and spend.

Cloud Security

From a security perspective, cloud computing is a dream. You don’t have to worry about equipment being stolen, a natural disaster or a corporate leak of information. Your business is secure as long as you keep your login details secure. All of this means no losses, no downtime, and no unforeseen circumstances. In addition to this, if you invite users to view your data, you can control the level of access that they have. This is much more secure than the old-fashioned way of emailing your files or sending out a USB stick with your data on it or sharing screens where some information should be shared and other information should not.

The beauty of this software is the flexibility it gives you to run your business from work, home, or on the go. You can be confident that you have an up-to-date picture of how your business is doing, no matter where you are. I can’t say enough about this new accounting option – other than, “thank God and it’s about time”!

https://quickbooks.intuit.com/

Smart investors also know that the best investments are usually the ones that most people don’t see. The ones that change the game of energy through innovation, efficiencies or new models of progress entirely. Some of the companies we’ve seen popping up this year that fall into the innovative efficiency category include; ambyint for their well optimization and Absolute Combustion International for their flameless burner solutions. Both of these companies are based out of Calgary, Alberta.

With oil prices are firming up around the US $50 mark investor caution is starting to ease up, and eyes are once again looking over the fence to see what may be on the horizon. Don’t get me wrong; the industry still struggles and it’s not over yet. But at least everyone’s breathing again, and the rebuild and adjustment phase seem to be settling in.

It certainly has been a shock to the oil industry to see oil prices virtually cut in half. It’s a matter of dollars and cents; take your paycheque and cut it in half and see how you fare. That’s what happened to the oil and gas industry in 18 months, and the effects are felt around the globe.

So you can look at all the chaos and demise, or you can see through the lens of a savvy investor. There’s a silver lining in every situation, and low oil prices are not the only thing that happened in this economic downturn. The visionary realises that companies were forced to get leaner, smarter, more innovative and the stronger. We’ve seen the cream rise to the top, and the strongly-rooted, sustainable companies are weathering the storm.

It’s these innovative, and resilient companies that show promise for investment. These companies that bend with the wind, create opportunity out of adversity and re-architect themselves for a sustainable future. And let’s not forget the companies start-ups that are born out of a recession. They hold the gold because necessity is the mother of invention. And if it’s necessary it’s going to be utilised.

Right now American oil production is down, global consumption is up, and supply and demand are headed toward a much-needed balance. Given the shock wave of the downturn of the price of oil and such little investment has occurred, we can mostly likely expect a ripple effect that supports the theory that demand will exceed output in the not too distant future. If this is the case, it may be perfect timing to find the Phoenix that’s about to rise out of the ashes.

Will the price of oil stay at US $50 or will it plummet again? Experts say that it’s going to be a tumultuous road and that we should expect highs and low yet we are on a path of recovery overall. The key is to look at the long-term picture rather than act and react on the short-term lows and highs.

Don’t follow mainstream media and sensationalism, rather keep your eyes on the horizon and see the long term picture of oil recovery in the next two years.

Overall investors need a long-term view in the midst of short-term adversity. Companies worth investing in will be the ones that consistently prove earnings in tight markets like those of today and create an innovative plan for profitability in the future. Find them!

Tina Olivero

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The NOIA conference was less about vision, exploration and future projects and more about addressing the challenges of the day – “oil price”.

Presentations focused on cost savings, efficiencies and maintaining profitability in an industry under pressure. Speakers included industry professionals, government, and organization who had a common theme in their message. It’s a time of adjustment, a time of innovation and a time of exponential change.

And why wouldn’t it be about the price of oil and its impact? In the last 18 months the price of oil has been cut in half. Think about that in personal terms. Your paycheck has just been cut in half. How do you live? What do you do? What cutbacks to you take? What are your priorities? How do you simplify and modify? What do you keep and what do you eliminate? That’s the challenge of oil companies, major contractors, and suppliers in the oil base today.

For the oil industry dealing with half of their revenue base has led to hundreds of thousands of jobs in the energy industry, being cut worldwide. There are drastic reductions in spending, transport, logistics, exploration, production, sales, and future projects. Times are tough around the globe. Many call it a time of crisis.

But is all lost?

The oil and gas industry presenting at the NOIA conference thinks not. After all, the world’s leading commodity is oil and gas and it attracts the greatest minds in the world. Rather than being defeated they’ve strategically channeled those great minds into an entirely new way of operating. 
With resiliency and creativity, the people of the oil and gas sector now have a new level of industry conversations that transform and recreate. It’s actually a time of rebirth through efficiency, business process, operational overview, collaboration, standardization, simplification and a reduction of operational costs.

This is a time of cultural and behavioral change. That means the vision, focus, and conversations that make business work have been catapulted to an entirely new level. Leadership is now more about being the facilitators of new regimens of efficiency and powerful innovation. Concepts of integrity, transparency, sharing, collaboration and industry partnership are not just “key” they are now non-negotiable.

Esteemed speakers on the topic of oil and gas innovation and efficiency included:
Naheed Nenshi, The Mayor of Calgary
Paul Fulton, President of Statoil Canada
Stephen Marcos Jones, Director of Business Excellence, with Oil & Gas UK
Hakon Skretting, Regional Director, TSOK, The Norwegian Oil & Gas Partners
Knut Boe, President, North Sea Canada, Technip

The conversations of the morning rang in similar fashion.  Embracing rapid change and moving forward is a navigational challenge in which they all had similar plans. We can expect to see three main operational themes emerging:

1. Simplification
2. Standardization
3. Industry collaboration

Each of these variables will emerge with the advancement of technology and new global communication systems. Resource allocation will be aligned with all that elevates these three themes and supports them in coming to fruition.

All that brings adversity also brings us together and today’s adversity will foster intricate industry networks that will lead to new solutions and results. Given we are on the cusp of  globalization this can only be a good thing.  I have the sneaking suspicion that it’s getting us ready for the new energy world that’s about to emerge.

Business is nothing more than a network of conversations

New operational efficiencies in the oil and gas industry will include systems that prove themselves in reducing cost and increasing profitability. Some of the trends include access to global virtual resources, detailed and shared inventories, sharing expertise and past experience, virtual hiring, the internet of things, big data, operations in the cloud, more efficient software and hardware, and advanced communication systems.

At the heart of each of these modifications and adjustments is “new conversations”.

So what we really have is a communications challenge. The goal now becomes more about enhancing the networks of conversations and the number of conversations we have that can strategically and succinctly lead us to a new world order. All of this bodes well for the world that’s globalizing and streamlining simultaneously. It seems that these new operational models will be the foundation for what’s to come and therefore are a necessary course of correction that will result in a sustainable new energy future.

Crisis forces change and it’s a good thing because people have conversations they wouldn’t have in the past. So rather than slashing costs by putting pressure on the supply base of the oil and gas industry, it’s a time to look at the big picture and optimize the entire offering where project durations are reduced, simplicity offers direct cost reduction, waste is eliminated, optimized efficiencies are implemented and technology ensures communication and operations effective overall.

The game of lean operations ensures we architect business with what we “need” rather than what we “want”. The model ensures a foundation for success in the midst of fluctuating market costs, emerging global markets and unpredictable variables. How we modify and move forward will inevitably provide us with the much-needed foundation for the new energy, globalized world of tomorrow

Tina Olivero

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The New Reforms

The new measures are being put in place by using absolute transparency in the tendering process which will be participated in by several national and foreign private investors. Moreover, everything is being supervised by multiple third party firms with enough autonomous power to supervise the different reforms being implemented at the various levels. All of these were approved at the national level by President Enrique Peña Nieto and was done with the backing of the national legislature. All of these key decisions were revealed to the public by the Mexican Energy Secretary Pedro Joaquin Coldwell (pictured above) during the inauguration of a regional oil and gas forum in Mexico City, the capital.

Prominent Backing

The statements by Mr. Coldwell were backed up by AMEXHI Chair Dr. Enrique Hidalgo. AMEXHI is the Mexican, equivalent of the International Association of Oil & Gas Producers (IOGP) which hosted a dinner at Hacienda de los Morales to mark, the beginning of the first regional forum. The theme of the forum was “future proofing the oil and gas industry” and included discussions on preparations deployed to tackle the high cost of products in a low oil price environment while maintaining the highest levels of safety standards by bringing the interests of the regulators and streamlining the processes.

Related Fields

As IOGP chair, Monica Hausenblas pointed out, the future of oil and gas will play a very important role in the development of energy solutions in the near future in every sector of human life just it has done in the last 150 years. After all, current traditional energy sources account for about 50% of the world’s current energy needs including over 90% of automobile energy requirements. In the context of other relatable fields like climate change, she said, “An energy transition is about the structure of the economies we, as society, design. If the world is to address climate change whilst continuing to provide additional energy for development, society must broaden its point of view. This means looking at a blend of power sources, mobility fuels, and industrial processes”.

IOGP

IOGP is one of the premier authorities in the production world of oil and gas with operation centres in the Americas, Africa, Europe, the Middle East, the Caspian, Asia and Australia producing more than a third of the total requirement for heat light and transport. Not only that, they are the primary decision makers in relation to improvement areas like health, safety etc. in related fields.

For further information on the IOGP/AMEXHI Regional Forum, visit www.iogp.org/mexico.

Tina Olivero

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With the oil and gas climate as it is today and the Muskrat Falls Project in overruns and off schedule, that will be no easy task. But this highly qualified Chemical Engineer, who also holds a Bachelor of Law from Dalhousie University, is confident it can be done.

Fortis Inc.

Stan Marshall’s claim to fame was his successful path in the growth and profitability of Fortis Inc. Fortis is a leader in the North American electric and gas utility business, with total assets of approximately $29 billion and fiscal 2015 revenue of $6.7 billion, a product of the hard work and dedication of Stan Marshall. Fortis’s regulated utilities serve more than 3 million customers across Canada, the United States, and the Caribbean. 

Under Stan’s vision of profitable growth through strategic acquisitions, Fortis’s regulated electricity and gas utility business grew in size and geographic diversity, and his accomplishments include the corporation’s expansion in western Canada through the acquisition of the Aquila electric utility in Alberta and British Columbia in 2004, the acquisition of Terasen Gas in British Columbia in 2007 and the acquisition of New York State utility Central Hudson Gas and Electric in 2013. That level of performance takes a leadership mindset. It means working with the end in mind and working back from there. It takes integrity, strong direction, and focus. It takes a powerful no-BS attitude, a lot of travel, endless late nights and weekends, crazy schedules, and very little down time. That’s what great entrepreneurs do!

Fortis utilities, including Newfoundland Power, employs more than 10,000 people through its power utilities and other lines of business. That business includes Fortis Properties and the management of hotels and commercial real estate across Canada, including prime real estate in downtown St. John’s. This level of business parallels well with Nalcor energy and its future potential and growth, making Stan Marshall a perfect fit for Nalcor Energy.

Retiring in 2014 from Fortis at the age of 64, Stan left his position as President, CEO, and Director of the Board of Directors of Fortis Inc. His career with Fortis spanned 35 years and he succeeded in a leadership role as President and CEO of Fortis for 18 years. 

CEO of Nalcor Energy

Energy Minister Siobhan Coady said, “Mr. Marshall brings a wealth of experience and knowledge. His accomplishments in developing Fortis into Canada’s largest gas and electrical distribution utility and extremely successful company are well known and celebrated. He grew the corporation’s total assets from less than $1.0 billion in 1996 to $18.6 billion. His leadership and expertise will help develop Nalcor, including the Muskrat Falls Project, for the benefit of the people of the province.”

Judging by his Curriculum Vitae, Stan Marshall is probably the most effective leader that Nalcor Energy could have attracted for the challenges of the day. It is a privilege to have a leader of his magnitude willing to guide, execute and mentor Nalcor Energy through unprecedented challenging times.  It won’t be easy. 

Every company that grows effectively has massive changes, breakdowns, and breakthroughs. Fortis success was not always a smooth ride and it presented monumental challenges as it attained annual goals and milestones. Success at Fortis meant long working hours, creative collaboration, acquisitions, many flights, working to maintain a deep understanding of potential growth opportunities, clearly defined internal operations, and harnessing the key people who could make things happen in the vast energy industry potential. Stan said, “Opportunity and challenge are at the opposite sides of the same coin.” 

Clearly a man of great intelligence and wisdom, Stan Marshall’s performance speaks for itself. His tenacity and perseverance, along with the Nalcor team and the energy industry participants working in collaboration, can take Nalcor Energy to its full capacity. “It is a great honour,” Stan said, “but also a great responsibility to lead Nalcor at this very critical time in its development. You can be assured that I will lead Nalcor on a course that is in the best long-term interest of the people of this province.”

Everything happens for a reason and for the sake of our children and generations to come,  I’m hoping that the reason leads to Offshore Newfoundland and Labrador oil and gas developments being even greater than that of the North Sea.

NEW ANNOUNCEMENT

Today the Interim Board of Directors for Nalcor Energy is appointed, effective 5:00 pm April 26, 2016. The interim chair of the board will be Mr. John Green, Q.C., who brings significant experience in the oil and gas, electricity, mining and forestry and other Nalcor Energy board members include Donna Brewer, Heather Jacobs, Q.C., Dr. Chris Loomis and H. Stan Marshall (CEO of Nalcor Energy).

Not excluding the people of the province of Newfoundland and Labrador from the Nalcor Energy board, it is important to note that this is an “interim” board.  It is a temporary board solution and the public will be invited to apply for board positions if desired.

_____________________________________________________________________

Tina Olivero

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My last article: The Truth About an Entrepreneur’s Life

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While there are many different ideas and theories about the price of oil the reality is there are too  many variables to be 100% accurate with any prediction. The only thing we can say with certainty is that the price of oil  is uncertain.  Therefore, we have a responsibility to architect a business model that works in good times and in bad. Watch this video as it takes you on an informative and exciting trip of oil price fluctuations over time.  The animated roller coaster graphically illustrates the price of oil from 1946 until 2015.  Seen in such a concentrated time line we realize that fluctuations are as normal as the sun coming up and that short term price drops are exactly that – short term.

Nick Cunningham of Oilprice.com describes the oil crisis by classifying the top five variables that will determine the trajectory of oil prices over the next 12 months- from January 2016 to January 2017.   In no specific order he says:

“1. China’s Economy. China is the second largest consumer of oil in the world and surpassed the United States as the largest importer of liquid fuels in late 2013. More importantly for oil prices is how much China’s consumption will increase in the coming years. According to the EIA, China is expected burn through 3 million more barrels per day in 2020 compared to 2012, accounting for about one-quarter of global demand growth over that timeframe. Although there is much uncertainty, China just wrapped up a disappointing fourth quarter, capping off its slowest annual growth in over a quarter century. It is not at all obvious that China will be able to halt its sliding growth rate, but the trajectory of China’s economy will significantly impact oil prices in 2015.

2. American shale. By the end of 2014, the U.S. was producing more than 9 million barrels of oil per day, an 80 percent increase from 2007. That output went a long way to creating a glut of oil, which helped send oil prices to the dumps in 2014. Having collectively shot themselves in the foot, the big question is how affected U.S. drillers will be by sub-$60 WTI. Rig counts continue to fall, spending is being slashed, but output has so far been stable. Whether the industry can maintain output given today’s prices or production begins to fall will have an enormous impact on international supplies, and as a result, prices.

3. Elasticity of Demand. The cure for low prices is low prices. That cliché can be applied to both the supply and demand side of the equation. Will oil selling at fire sale prices spur renewed demand? In some countries where oil is more regulated, low prices may not trickle down to the retail level. Countries like Indonesia are scrapping subsidies, which will be a boon to state coffers but will diminish the benefits to consumers. However, in the U.S., gasoline prices are now below $2.40 per gallon, more than 35 percent down from mid-2014. That has led to an uptick in gasoline consumption. In the waning days of 2014, the U.S. consumed gasoline at the highest daily rate since 2007. Low prices could spark higher demand, which in turn could send oil prices back up.

4. OPEC’s Next Move. OPEC deserves a lot of credit (or blame) for the remarkable downturn in oil prices last year. While many pundits have declared OPEC irrelevant after their decision to leave output unchanged, the mere fact that oil prices crashed after the cartel’s November meeting demonstrates just how influential they are over price swings. For now OPEC – or, more accurately, Saudi Arabia – has stood firm in its insistence not to cut production quotas. Whether that remains true through 2015 is up in the air.

5. Geopolitical flashpoints. In the not too distant past, a small supply disruption would send oil prices skyward. In early 2014, for example, violence in Libya blocked oil exports, contributing to a rise in oil prices. In Iraq, ISIS overran parts of the country and oil prices shot up on fears of supply outages. But since then, geopolitical flashpoints have had much less of an effect on the price of crude. During the last few weeks of 2014, violence flared up again in Libya. But after a brief increase in prices, the markets shrugged off the event. Nevertheless, history has demonstrated time and again that geopolitical crises are some of the most powerful short-term movers of oil prices.”

Tina Olivero

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As the Oil & Gas business slows, certain economic opportunities arise. When the price of oil is mostly stable for an extended period of time, like it has been from 2006 to 2014 (hovering between $60 and $90 per barrel), the US energy industry becomes accustomed to certain levels of income. Thanks to human nature, oil people begin to believe that the price can never drop again. Of course, when that income is interrupted, oil producers, suppliers and the support industries begin to liquidate assets to meet their obligations. As a result, cash buyers are presented with tremendous low-risk opportunities that can create wealth for generations.

At a family Office conference recently, I was visiting with a family who is living proof of this wealth generation. The father had used his life savings to purchase assets during the Resolution Trust days of the 1990’s. The Resolution Trust (RTC) was established by the US Office of Thrift Supervision to manage the implosion of the US Savings & Loan industry which began in July 1982 with the failure of Penn Square Bank in Oklahoma City. Penn Square was a large energy lender and the first of 139 Oklahoma banks that failed in the 1980’s – all a result of the decline of the price of oil.

This savvy buyer bought several large commercial buildings and vacant lots in a large Texas City for pennies on the dollar from the RTC. Today, those properties are cash-flowing 100% of the purchase price monthly. He reported that his family fortune had grown from $1 million to $200 million by owning and managing assets purchased during a two year period in the early ‘90’s.

If Prices Stay Low for 6 Months

Unlike the mostly efficient public stock markets, the oil business is “slow” inefficient money. Things do not happen overnight. The actions of the global oil producers that caused the decline in price towards the end of 2014 took place the second quarter of 2014, not the day before prices began to drop. If crude oil prices remain low for 6 months or longer, oil producing countries will begin to waver, affecting the global economy in a very negative way. Locally, in North America, the first thing that will happen if prices stay depressed for 6 months is that oil operators will change their short-term plans as drilling prospects and work overs of existing wells that were worth the risk at $90/barrel no longer look promising.

The net result is that operators will cancel near term plans and oil rigs will begin to be taken out of service (stacked).  In October 2015, this process is well underway, but still a work in progress. In February 2015, this had already started as the Permian Basin working rig count was down 30% from October 2014 to Jan 2015 and the skyline of Odessa Texas is littered with non-working rigs. When a rig is stacked, all the people working on that rig become jobless. Much like a small mobile

city, each large horizontal drilling rig supports 100 direct daily jobs and affects 1000’s of indirect jobs. The services of fuel, food, filters, supplies, lube oils, transportation and housing are affected as the layoffs and slowdown cause them to lose business. After exhausting their savings, out of  town laborers will begin to return to their permanent homes vacating living quarters. Towards the end of this six month period, banks will start to call personal loans and begin the foreclosure process on assets. All of these things slowly ripple up the economic food chain, eventually hitting the bottom line of hundreds of publically traded companies. Oilfield suppliers will begin to have auctions, many times selling products at no reserve for pennies on the dollar.

People with CASH will create generational wealth.

Here is a real world example of this fundamental truth in action. The price of oil had declined from around $40 per barrel in 1980 to a rock bottom price of $10.25 per barrel on March 31, 1986. I remember numerous times, bidding at public auctions in Midland/Odessa, Texas in the summer of 1986 when the hammer went down on millions of feet of new oilfield tubulars at cents per linear foot (assets that six months earlier were selling for $4.50 per foot). Auctions like this happened for 24 months after the price of oil declined as banks, oil companies and private lenders had to sell assets to pay down debt. Within 2 years after these sales, the assets had been turned for a significant profit. If you understand the oil business and can manage the assets, you know that certain equipment is always in demand in the field. Remember, when prices fall, the oil business does not stop, it just slows, there is always demand for energy.

One bright star in this mix: producers with experienced management, who own diversified oil production without debt will continue to receive income. Marginal wells will be shut-in, while more profitable wells with low break-even costs will be profitable, be produced and drilled.

If Prices Stay Low for 12 Months

If prices stay depressed for 12 months or more, oil operators will begin to adjust their long-term plans as they focus in on their core producing properties and drilling prospects (called high-grading the portfolio in the oil business). In October 2015, this is underway now. Oil companies with current debt will sell off very high quality, long lived producing properties to focus on their core holdings.  If prices stay down long enough, they will begin to sell core production that, in their mind, has no further development potential. At this point, a very large number of professionals will leave the energy business, never to return. Credit facilities will dry up and very low risk deals will not be funded because traditional bankers are “scared of the space”.   Tremendous opportunities will exist for the well-financed buyer as credit tightens in the industry. Assets like tank farms, pipelines and rolling stock will no longer meet market expectations and be sold by Master Limited Partnerships (MLP’s) that must adjust their capital structure and increase profitability.

Ruling Principal:  When People Are Scared, Wealth Is Created.

MLP’s will cut their distributions as the amount of product flowing through their pipelines reduces. New pipeline projects will be cancelled. Saltwater haulers and disposal facilities will suffer as operators reduce production and make cheaper arrangements for disposal forcing facilities to narrow their margins. Auctions will increase as higher quality producing properties and equipment come to market for far less than replacement cost. CASH buyers will be able to make instant deals at half appraised value, just because they can close in a week. The slow moving oilfield will SLOWLY OVERCORRECT, creating opportunity. Real estate will be purchased for twenty five percent of replacement cost. Assets will come to market via the bankruptcy court, BUYERS WILL CREATE WEALTH. Here are examples of the opportunities that are coming for the cash flush buyer in 2015/16.

A. In January, 2015, a natural gas producer was informed by his bank that he would have to liquidate the production that secured a loan and repay the debt – production that is profitable at less than $1.00/Mcf.

B. In January 2015, an operator called and asked if we would finance his purchase of 1,000,000’ of new production rods. One of his suppliers needed cash that day to pay the bank and was willing to take ten cents per foot for the same rods that had been purchased in October ‘14 for $1.10/ft.

C. In the late 1990’s, I personally know of banks that foreclosed on Permian basin oil and gas production of 1000 barrels per day, selling that production for less than $4,000,000. In 2015, that production is still cash-flowing and at $40/barrel is worth $30 million, having paid out 5x since the sale. In August 2015, drilling has all but ceased, US active rig count is down 60% from June of 2014, and this is just the beginning.

Economic Rules That Guide Us

Below are some economic rules that make the next three years the most opportune time to buy energy production and supporting assets in the past 30 years.

• Economic Rule 1: There are no greater assets to own, in certain or uncertain economic times, than producing energy in the ground.
• Economic Rule 2: The oil business does not stop, it just slows when prices decline.
• Economic Rule 3: The demand for energy will continue to grow as global populations grow.
• Economic Rule 4: Oil is a required commodity for the human race, not a desired commodity.
• Economic Rule 5: Oil will remain the primary fuel source for the planet for the next 50 years.

Visit our website and contact us to learn about strategic opportunities that create wealth.

WWW.LEDGERPETROLEUM.COM

One of his best known malapropisms, and one that is oft repeated by many of us, is in the title of this article. And this one is unquestionably applicable to the cycles of boom and bust that we are used to in the oil industry.

We’re all a bit funny; it seems we have a somewhat limited recall of some of those experiences that were less than pleasant. And that can be a good thing. When things in the industry are good and things are moving forward, we are fully submerged in the momentum and roll with it, never quite sure how long it will last but enjoying the ride.

But, like every industry, eventually this boom cycle cools down. Basic economic theory teaches that economies can’t exist in an environment of uncontrolled, never-ending growth. Every economy and every industry will eventually go through a cycle of contraction and control.

And although this cooling off phase can hit us where it hurts, it’s not necessarily a bad thing in the bigger picture. It gives those of us directly involved in the industry a chance to catch our breath, regroup and plan for the future.

Those who view the contraction with the most dread are inclined to be those who are the least prepared for change. These are the folks who have overextended themselves and have lost not just their equity but also their vision, and thus, value, in their business.

Those who have planned their growth in a more deliberate manner tend to be better prepared to weather the storm and are more likely come out of it in a position to benefit from the deals that will always inevitably appear.

The big question is, how do you make sure that you are a survivor? And, more importantly, how do you position yourself to take advantage of the emerging opportunities? Follow these 5 tips to help guide you in the right direction.

1. Take stock of what you have. This includes people, materials, equipment, etc. Are you utilizing all of your assets to their full extent?

2. Continue networking with others in your field. Perhaps there are some items that are bogging you down in your business that you can trade or sell to others who generally need the same items as you do.

3. Do NOT stop marketing. Many businesses fall into the unfortunate trap of pulling back on, or discontinuing their marketing efforts when times get tough. Marketing is seen as an ‘option’. But if you stop marketing, you lose your business presence and have to start all over again once the economy improves. Rather than stopping your marketing, make more judicious choices, ensuring that you are getting the most out of your reduced marketing budget. This is likely a good time to look at hiring the expertise of a marketing professional who can point you in the right direction.

4. Look for opportunities to create allegiances with those providing complementary services. We don’t need to tell you that word of mouth is, and always will be, a huge factor in obtaining business, due to the built-in element of trust. Strong alliances can help ensure that you are getting business that would most likely go to someone else.

5. Stop listening to every analyst and economist offering their two-cents worth on what’s happening. Or at least, take it with a grain of salt. Just a few months ago, scores of economists were forecasting a price per barrel free-fall to less than $30 per barrel; in some cases, even as low as $20 per barrel. Well, that hasn’t happened, has it? And although we would all like a higher price than we are currently dealing with, relatively stability in the current market is better than what their dismal forecasts.

We also all know that it is just a matter of time until this correction has run its course, the political obstacles are behind us, and the industry once again makes it’s adjustments and start to grow. While you’re waiting for this to happen, evaluate where you have been and where you want to be when the dust settles. Look straight ahead to the future and ensure you are marketing your business so you will be in a position to capitalize on the opportunities when they arise!

Until next time…

Are you ready to grow your business now? If you’re ready to take the next step and make your business more profitable, call me directly at 403-879-4297 or email me at admin@agapimarketing.com

Though the price drop took many by surprise, it didn’t take long for the industry to respond. In early 2015, we saw deep cuts to capital budgets as well as substantial layoffs. Now, with short-term price expectations moderately low or, at the very least, uncertain, we expect to see continued reduced interest in upstream investments and greater investment risk or “hurdle rates” for new investments.

Managing oil price uncertainty requires companies to focus on strengthening financial, portfolio, and operational resilience. Companies that adopt this approach will not only weather a lower-price environment, they’ll position themselves for even greater success when prices rebound.

Financial resilience: Companies must learn to manage the imbalance between new levels of cash generation in a lower-priced environment and their internal and external obligations. This means optimizing capital structure, restructuring the balance sheet, refinancing certain loans if possible, and raising equity. Financial resilience also requires strong working capital, that cash balances are optimized, and that tax and corporate structures are configured for maximum benefit. It is important to review the company’s dividend structure and determine if cash flows are sufficient — at a variety of price points — to maintain existing payout levels. If cash flows aren’t at the level they need to be, the company can consider divesting assets or business units to generate cash. Understanding and managing possible impairment risks is another way companies can strengthen financial resilience.

Portfolio resilience: Portfolio management is a crucial component of weathering oil price volatility. Companies must consider the implications and risk exposures when investment assumptions no longer hold true. Optimizing the portfolio obviously involves restructuring capital allocations away from high-cost, lower-return projects and carving out underperforming assets if necessary. For companies with stronger balance sheets, it also means considering whether to pursue strategic acquisitions to expand into growth markets. However, it also involves maintaining optionality so that companies can respond to events quickly and effectively.

Operational resilience: Executives must gain a thorough understanding of short-term and full-cycle marginal and break-even costs, and use that knowledge to challenge operational assumptions. In the current environment, it’s more critical than ever to deliver capital projects on time and on budget. Leadership teams must be willing to take bold action, such as re-scoping, deferring, and even stopping projects that are not on track. Companies should also be transforming their business models to lower their cost base as well as renegotiating their supply chain arrangements to reduce expenses and collaboratively drive efficiency.

While every oil and gas company can benefit from strengthening financial, portfolio, and operational resilience, not everyone is impacted in the same way. Majors continue to survive, and even thrive, viewing the new normal as opportunity to pursue affordable acquisitions. Similarly, most national oil companies are equipped to survive price fluctuations despite intense fiscal and political pressures. It’s the smaller independents, especially those that are highly leveraged or insufficiently hedged, that are most vulnerable.

No one knows how long the conditions we see today will last or whether it is, in fact, the new normal. The only constant is that uncertainty, in one form or another, will always exist in the energy industry. Regardless of where commodity prices settle, energy executives that focus on building resilience will maintain their competitiveness and position their companies to thrive in any oil-price scenario.

Andy Brogan is EY’s Global Oil & Gas Transactions Advisory Services Leader. He is based in London, United Kingdom. For more information and to access EY’s report, Resilience in a time of volatility: oil prices and the energy industry, visit ey.com/oilandgas.

The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.

Even rudimentary research and development work in most Canadian industries can qualify for the federal government’s Scientific Research and Experimental Development tax credit program, among other tax incentives. That’s why determining your company’s eligibility is well worth exploring with the tax professionals at Collins Barrow Calgary LLP.

Recognizing that innovation — by opening the door to new growth opportunities — is the cornerstone of business and the future of environmental sustainability, the Canadian government created SR&ED tax incentives. They’re designed to encourage and reward companies engaged in developing new products and enhanced processes and technologies.

Yet with oil prices so depressed, companies in the industry are taking a hard look at the cost side of their businesses. Despite all the exciting innovations in the R&D space, many are naturally reluctant to take chances on investing in new products and services.

“Being open to change doesn’t only make sense, it makes dollars and cents,” says Terry Booth, FCA, CF, a partner with Collins Barrow Calgary and widely considered an industry leader in Western Canada’s technology and innovation fields. Before returning to public practice, Terry served as Chief Financial Officer of several early-stage technology companies, including a publicly-traded biotechnology company.

“It’s time for technology companies serving the oil and gas sector to learn what tax incentives are out there so they can pull out of the tough times stronger than ever,” he notes. “The fact is, they’re probably already conducting qualifying R&D work but, lacking professional tax guidance, are failing to take full advantage of existing federal and provincial government tax incentive programs.”

Knowing what you can claim under the SR&ED program, for example, requires an in-depth understanding of the eligibility requirements, a rigorous approach to understanding a company’s future expenditure plans, and a thorough knowledge of the application and filing processes.

Eligible private companies can recoup more than 40 percent of qualifying expenditures in the form of cash refunds, while larger private and public companies can receive tax credits amounting to well over 30 percent of their expenditures. What’s more, rather than losing any previously unused SR&ED tax credits, they can be carried back for 3 years and forward for 20 years. Plus, for certain Canadian-controlled private corporations, the credit is refundable even if no tax is owed.

Nor does the support available to clients of Collins Barrow Calgary end with navigating the complexities of SR&ED claims and other available tax credits. We advise emerging and established midsized enterprises on debt and equity financing, succession planning, and cost and revenue controls so they can gain the financial traction they need to increase stakeholder value, grow, and compete.

For genuine insights, combined with objective, actionable audit, tax, and advisory advice, turn to Collins Barrow.

Author Chris Coben, CA, is a manager with Collins Barrow Calgary LLP. Terry Booth can be reached at 403.298.1597 or by email at tdbooth@collinsbarrow.com.

• The vendor missed his promised delivery date to a Northern Canadian operation accessible only by a seasonal ice road. When the equipment was finally ready, the ice road had thawed and the custom gear had to be delivered by air for an additional $35,000.
• A company discovered that a portable-power substation that was meant to be pushed into position by a loader arrived with the power-cable couplers mounted precisely where the loader would contact and therefore damage them. Workers had to remove, relocate, and rewire the couplers.  Unfortunately this cost remained hidden as it wasn’t reported back to purchasing.
• An open-pit operation in Western Canada ordered equipment from a lower-cost foreign vendor. Upon arrival they discovered its design, protective relays, and transformer were all in violation of Canadian electrical codes. The equipment could not be used.

Surprises like these wreak havoc on budgets and timelines. When you start your project by defining the “Best Value”, (as opposed to TCO alone), you can avoid unpleasant surprises and drastically improve ROI on your mission-critical electrical equipment. The Best Value Model delivers a more sophisticated view of TCO by analyzing eleven crucial considerations:

1)    Initial capital equipment cost  

Initial price is the easiest value to quantify, but paying too much attention to the lowest upfront cost can be counterproductive, especially when reliability and quality come into question.

2)    Upfront design engineering time

Extensive preliminary engineering is required to ensure new equipment will meet load demands and provide seamless integration with existing electrical distribution systems. Vendors with deep design and application expertise can supplement both internal engineers and external consulting firms to reduce overall engineering costs.

3)    Schedule

When delivery deadlines are missed, you can incur costs related to downtime, idle employees and contractors, logistics, and lost production. Vendors should be evaluated for a proven track record of on-time delivery.

4)    Installation and commissioning cost (vs. rework) – Commissioning costs can vary widely.  Purchasing lower-cost equipment only to find it requires days of reworking because it is out of specification, defective or is unsuited to actual conditions wastes labor hours and results in additional costs and expensive downtime.

5)    Maintenance costs

It is vital to understand that different components in custom-designed electrical equipment may have vastly different maintenance requirements beyond stated routine maintenance costs.

6)    Downtime

In any process industry, downtime is costly. To avoid downtime, the vendor’s reputation for making reliable equipment should be taken into consideration.

7)    Energy savings

You can maximize energy efficiency by ensuring that as a minimum, equipment is chosen that meets electrical-code requirements and applicable national standards. For example, both Canada and the U.S. regulate transformer efficiency.

8)    Savings realized from innovation

Innovative new equipment can help reduce costs through direct or indirect labor cost reduction, lower maintenance costs, process improvement and higher output.

9)    Quality

Higher-quality design engineering, integrated components, manufacturing processes and assemblers all contribute to the quality that reduces the chance of catastrophic equipment failure. Better quality can mean avoiding the total costs of repair or replacement, downtime and lost production, removal and reinstallation, delivery, and engineering to integrate newer equipment.

10) Customer service and vendor experience

Oil fields tend to be in remote, difficult to access locations. When problems arise, you need answers, replacement parts, and engineering expertise immediately. Does the vendor offer that level of service so you can avoid downtime?

11) Safety

Custom-engineered electrical systems should be designed for safety. For example,  equipment can be designed with control panels and operator interfaces physically removed from breakers and hazardous zones; advance safety interlocks can be set to reduce hazards during maintenance; and designs should include arc flash relays, ground-fault relays and circuit protection.

These eleven considerations are part of the formula for determining Best Value, which will give you a far more complete reflection of the long-term performance of suppliers and their equipment. To learn more, download the white paper, “Beyond Total Cost of Ownership: The Best Value Purchasing Model for Custom-Engineered Electrical Equipment” at www.Littelfuse.com/TCO.

That much travel breaks down small-minded thinking and geographic, cultural, economic and societal boundaries fall away; a new understanding emerges. A higher understanding that we are “all one” on the planet, and that the way we work and play has an impact around the globe.

The oil and gas industry is well known for also being global and transient, giving the people who work in it a clear understanding that the world is our oyster and we can play in it, in many expressions.

The currency that makes a global energy economy run is money. Money is the exchange that makes it all work and investors around the world congregate at stock exchanges to put their money where their visions take them.

At the heart of the global investment community is The London Stock Exchange (LSE). In November 2014, I had the pleasure of visiting London’s finance district and logically ending up on the doorstep of the London Stock Exchange for an in-depth look at its global operations.

The London Stock Exchange certainly doesn’t look like those old pictures we have in our minds, with traders on the floor, stocks flying high and low and the bust and boom energy that we once knew. In fact, it’s quite the opposite. Now the front lobby of the LSE dawns a classic London ambiance with top level professional overtones and an energy that just makes you want to be there.

Yes this is where it all happens, the home of international companies, from more than 115 different countries across the globe, who indulge in the deepest pool of international capital in the world.

Companies come to the LSE because it is at the heart of the world’s leading investment community. It has access to international capital
like no other, and it has a long proven level of sustained liquidity. The LSE is well known for its innovative approach to public offerings and it is the world’s key equity financial centre because it has more international assets under management than any other financial centre in the world.

Initially, geography was the primary reason for the LSE becoming the grandfather exchange of the European World. Accessible by the established old world, the new world and third world markets the LSE grew to become an attractive exchange as clients were able to access overseas investors through widely used and well understood capital raising routes. This is an attractive proposition as companies are able to raise capital through a global investor network, accessing a range of funds such as sovereign wealth funds, global institutional funds, tracker funds, specialist sectorial funds, geographic funds and others.

More international companies choose London for the listing home than any other exchange. Close to 40% of all international companies are listed in London. Not withstanding a strong historical growth regime, the LSE has a tried and tested market competence that allows them to develop a powerful financing infrastructure and an international investment mindset. There are more international oil and gas companies listed in London than anywhere else in the world supporting the industry sectors of exploration, production and distribution. Today, there are currently 20 Canadian businesses listed in London with a combined market cap of $18 billion on the LSE.

What’s most attractive about the LSE is its range of ways to get you to market. The LSE offers a choice of routes to market to cater to all sizes, strategies and development stages of business. There are five main categories of support progressive company growth which include:

• Concept and seed stage of business development
• The Elite program for start ups and early stage development
• The AIM program for company expansion
• The High Growth Segment for consolidation and further capital raising
• The Standard and Premium Main Markets for the diversification of investors, mergers and acquisitions and International expansion

Our company, Publishing World Inc. is now 23 years old. The OGM has become a global brand with energy cities all over the world interested in how they too can expand and capitalize in this era of globalization and technological advancement. When I think about the opportunities that can be harnessed with the support of multi-tier investor strategies like those of the LSE, I think it’s time to go public! Visit www.londonstockexchange.com to learn more.

Taxes account for the most expensive burden you’ll experience in your lifetime, says engineer-turned-independent financial planning coach Rao K. Garuda.

In addition to federal, state, city and death taxes, there are 59 other varieties. Relatively few taxes, however, account for the bulk of the burden on citizens, says Garuda, whose clients include retirees, people planning for retirement, physicians, business owners and other professionals.

He thinks his fellow Americans deserve a shot at keeping more of their money.

“When I came to the United States, I had less than $10 in my pocket, but I had an excellent education as an engineer. When I married a physician, I realized how expensive it is to make a good living here,” says Garuda, (www.aca-incorp.com), who quickly applied his analytical engineering mind to understanding the complicated tax system.

“Since this country has given me so much, I wanted to repay my fellow Americans with strategies for keeping more of their own money.”

Garuda identifies some of the most expensive and common tax hurdles affecting Americans and offers advice on troubleshooting our tax system.

Problem: The IRA tax: great on the front end, terrible down the road.
Solution: An IRA is tax-deferred, which means it will accumulate value over time. But when you withdraw from it, you will be heavily penalized with high taxes. That’s why you should convert this asset to a Roth IRA, which allows your money to grow tax-free. Since the money put in was already taxed you don’t have to pay any taxes when you take it out, and, overall, you’ll save a significant amount of money.

Problem: Too many people don’t take advantage of creating tax-free income via insurance products.
Solution: From a financial perspective, retirees and professional planners run into a significant issue: seniors, blessed with good health, who outlive their money. But with certain insurance products, retirees can create tax-free income while covering the later years of retirement – and protect their wealth if they become severely ill. There are certain insurance products tied to the stock market that can help people accumulate assets in the long run. Many of these products offer a tremendous upside for potential without the downside of increased risk.

Problem: Missed opportunities – people who don’t take advantage of free money in a 401k.
Solution: Perhaps the company you work for is, like many others, bureaucratic to the point of being impractical. Your employer may not have done the best job communicating details about benefits such as matching 401k contributions, or you may not have taken the time to learn them. Now’s the time; this is free money! If your employer is offering a 50 percent match on your first 6 percent of contributions to the 401k, you should be contributing at least 6 percent. Educate yourself on your company’s plan so you can take full advantage.

About Rao K. Garuda

Rao K. Garuda, CLU, ChFC, is president and CEO of Associated Concepts Agency, Inc. – “The Missing Piece” of financial planning — founded in 1978, and a popular speaker at seminars and conferences for financial industry professionals. He came to the United States from India 35 years ago with a degree in engineering and, after marrying a physician, realized he had to learn how to reduce the couple’s taxes. Disappointed in the financial advice he received from professionals, he went to business school and developed expertise in tax reduction, and protecting money from stock market losses. Rao is a founding member of First Financial Resources, a national organization with over 75 partners in the USA; a life member of the Million Dollar Round Table (MDRT), and a life member of MDRT’s Top of the Table for 21 consecutive years.

Want to get started on proactive corporate governance? Here are two practices I recommend.

Customized Governance Programs

Customized governance programs designed with step-by-step implementation plans that include board orientation, coaching, and support set up a board to succeed. Organizations should be wary of boilerplate governance policies and processes, and instead have their governance frameworks tailored to meet their specific needs. It is paramount that companies have solid governance frameworks in place, with informed directors and officers who are trained to understand what governance is, why it is important, and how to use it to discharge their fiduciary duties, and fulfill their supervisory and management obligations.

Strategic Governance Audits

Organizations can utilize governance audits to monitor and improve their governance practices.  Governance audits include a thorough review of the existing policies and processes and a report to the board on the overall governance health of the company.  The purpose of the report is to provide an assessment of the organization’s current state of affairs that the board can rely on to proactively identify and effectively mitigate risk. Having an independent outside consultant perform the audit ensures an objective review of the policies and processes. A fresh set of eyes can often spot weaknesses and identify risks that someone within the company may not be able to see due to their vantage point. The deluge of shareholder activism in 2012 is top of mind with boards. Governance audits are increasingly being utilized to provide not only valuable insights, but also some peace of mind.

Danielle is the founder and president of GovernancePro Corporate Services Inc., a board advisory firm based in Calgary, Alberta. For over a decade, she has provided professional governance advice, education, and support to various for-profit and not-for-profit organizations. Danielle’s hands-on experience in the boardroom (as both a director and governance officer), legal background, and formal education in management consulting enable her to fully understand a business, crafting tailored solutions that increase board effectiveness and safeguard compliance.

Money-changers have facilitated inter-country trading since ancient times. They are mentioned in the Bible, where it states they carried out transactions outside the temples even before the Christian era.

In today’s world, markets have become extremely sophisticated with technological advances. One particular sector has profited from these enhancements: the FX markets. The requirement to exchange goods and services helped facilitate the FX markets in its most basic physical state after the barter system was no longer used. The exchange of money or items that were used as the equivalent of money gave way to a new exchange for goods or services on a worldwide platform. Fees or commissions are charged by the money-changers of the modern era in this facilitation of foreign exchange.

The foreign exchange market in its current form was initiated during the 1970s after the Bretton Wood system gave way. This previous system had fixed rates of exchange and had set the rules and regulations between industrialised countries regarding foreign exchange. After the Second World War, it was replaced by a floating exchange rate system.

The most significant leap in information technology was the change from the open cry system, carried out on exchanges such as the London International Financial Futures Exchange (Europe’s largest derivatives exchange), to the electronic trading platform. LIFFE was established in 1982, after the removal of currency controls in the U.K. in 1979. The exchange was developed along the same criteria as the Chicago Board of Trade and the Chicago Mercantile Exchange in the U.S.

On 24^th November 2000, the last three of what were once 26 open cry pits on LIFFE closed because LIFFE had progressed with LIFFE Connect, their electronic trading system for all aspects of the derivatives markets, including foreign exchange and commodities in various types of contracts.

This allowed clients the opportunity to have a variety of trading software platforms to encourage traders to trade on LIFFE Connect. In time, this led to traders from varied and diverse time zones to trade in global fx and commodities markets throughout the world. Eventually, LIFFE Connect sold their trading platform to the Tokyo Financial Exchange, the Chicago Board of Trade, and the Tokyo Stock Exchange. LIFFE was ultimately bought by Euronext and became Euronext LIFFE in 2002, possibly due to its late entry into electronic trading through LIFFE.

There were significant improvements in the electronic-screen-based trading as both computer hardware and software improved, allowing today’s investors, other participants, and even the man on the street access to the fx and commodities markets to trade with nothing more than a laptop, a dongle, and some downloaded software. However, it is more advisable to leave the trading to professional traders than take the huge risks involved. But the siren song beckons to many investors since the returns from the fx are potentially among the highest of any investment asset class.

The ultimate evolution has been the implementation of automated algorithmic trading, which takes emotions out of the investment decision process. This approach uses computer software to make programmed decisions regarding whether to buy or sell positions in the markets.

These innovations have decisively led to the fx and commodities markets being seen as the purest examples of Adam Smith’s free market definition. Defined in Wikipedia as “A market structure in which the distribution and costs of goods and services, wage rates, interest rates—along with the structure and hierarchy between capital and consumer goods—are coordinated by supply and demand unhindered by external regulation or control by government or monopolies” (http://en.wikipedia.org/wiki/Invisible_hand).

These markets trade a staggering $4 trillion per day. The fact that the market is globally decentralised and has high volumes, which are transacted through the markets daily, means that access to the capital invested is very quick. This transparency allows exchange rates to be set by the law of supply and demand, averting the risk of control measures being put into place and showing that discipline leads to profitability even in this particular trade.

Trading takes place 24 hours a day in all time zones from Monday morning to Saturday morning. It is anchored around financial centers throughout the world, which determine the relative values of currencies and commodities in various countries. The opportunity to leverage on these markets means that the initial investment is a fraction of the money at work in the markets. For example, in a trade with margin where the amount of money invested can be a multiple of the initial sum up to 400 percent, a $400,000 trade in a currency would only require an investment of $1,000.

Carbon is the latest commodity to be developed in relation to new emissions standards set by the Kyoto Protocol framed by the United Nations. This agreement binds industrialised countries and urges governments worldwide to prevent carbon emissions.

However, the over-the-counter nature of the carbon market in the Middle East has led to a plethora of companies being set up. It is the selling brokers of the carbon products setting the price which is not listed on a proper exchange market. Instead of buyers and sellers setting the price through interaction of demand and supply, there is no clear price determinant in this market, leading to utter unpredictability and broker-led pricing. With a number of companies charging as much as 40 percent of the initial investment in fees from the clients, they are still able to return a profit to these investors, which is a business model not often seen.

The carbon market will continue providing finance for innovative energy sources, although not potentially in its current form. It may come into the existing commodities markets under a new title such as green energy, just as oil and gas is at present within the Natural Resources section. This may allow green energy to be traded, although this might be done through the electricity market, where Scotland has 25 percent of Europe’s renewable energy resources.

With the advancement of market trading onto handheld devices, the man on the street has accessibility to these markets like never before. Investments in these markets should represent 10 percent to 20 percent of everyone’s portfolio. However, with increased accessibility to the markets through improved information technology, one should be extremely careful since this type of direct investment can prove very difficult for the novice self-investor.

David Ballatine is the Chief Investment Officer at Alfa Financials (Dubai).

Over the past two years, Deloitte has been ­studying the ­“productivity gap”—the growing ­disparity ­between productivity (defined as the ­average value produced per hour worked) in the ­Canadian and U.S. economies. At basic ­­parity in the early 1980s, today ­Canadian output per worker is only 86% of the U.S. output.

Interestingly, however, productivity growth in Canadian ­mining and oil and gas ­sectors ­outperformed their U.S. counterparts by 1.6% between 2000 and 2008 (the most ­recent years for which there is appropriate data). That said, in both countries the results were still negative (-9.5% growth in Canada) and, owing to the value of mining and oil and gas as a component of Canadian GDP (they ­combine for around 10.25%), overall ­productivity in these sectors remain a drag on the Canada-U.S. productivity gap.

But the situation—at least as far as the oil and gas sector is concerned, if not the ­overall ­Canadian economy—is anything but doom and gloom.

And That’s Where Newfoundland & Labrador Come In.

For one, Newfoundland and Labrador was the only province to help close the Canada-U.S. productivity gap in the period from 2000 to 2010, during which nearly all sectors in the province exhibited productivity growth above their national counterparts for overall ­productivity growth of three times the national average.

Second, the province’s mining and oil and gas sectors have been a powerhouse, with ­exceptional productivity growth of about 6% and a major share of 27% of provincial GDP, and, as noted, have been helping to balance out ­declines elsewhere in the country. Alberta, for ­instance, which accounts for nearly two-thirds of ­Canada’s mining and oil and gas GDP, had slower productivity growth than the Canadian sector average.

It all goes back to investments made in the 1990s to develop the province’s offshore ­resources, investments that are now paying significant dividends. But Newfoundland and Labrador shouldn’t be sitting around on these laurels. Indeed, the current drag from Alberta on productivity will eventually reverse as the billions in investment being made in the oil sands will gradually pay off. That will be good for everyone, including Newfoundland and Labrador.

In the meantime, there’s work to do. ­Businesses, governments, and academia all have a role to play. Companies should be ­looking where ­possible at national and i­nternational ­expansion, at leveraging new capital ­equipment, at creating more ­clusters, and, finally, at not just ­inventing but ­regularly reinventing themselves. ­Government should be ­encouraging foreign direct ­investment, ­improving the responsiveness and ­flexibility of the immigration system, providing ­incentives for companies to grow rather than for ­remaining small, expanding trade, and ­fostering ­fact-based decision-making. And academia should be looking at the extent to which we have proven adept at ­commercializing on our research efforts: while Canadian science and ­engineering ­academics are thoroughly ­competitive in publishing, they are much less so in the ­development of saleable intellectual property. Universities, we think, should see themselves as part of a larger system that ­fosters the ­commercialization of new ideas and ­develops a corresponding curriculum that supports ­productivity growth.

The example of Newfoundland and ­Labrador offshore shows that, in order to narrow the ­productivity gap, we have to ensure that the­ ­investments being made today come to fruition. In general, our research in this area proves we are not limited by anything except our attitude.

Geoff Cochrane is a partner in Deloitte’s ­Assurance & Advisory practice, based in St. John’s. You can reach him at gcochrane@deloitte.ca. For more information on Deloitte’s ­productivity enhancement recommendations, please see “The future of productivity: Clear choices for a competitive Canada.”

In everyday life, we may refer to someone as a “Jack-of-all-trades,” to highlight their wide-ranging skills. However, all too often we forget the original ending of that phrase: namely, “master-of-none.” When we try to be all things to all people, we are setting ourselves up for underachievement from the outset.

Consider a fairly typical scenario in the oil and gas industry. You run a supply company that is doing well, with new orders coming in as fast as you can process them. At the same time, though, problems start arising. Maybe it’s a staffing concern, or an occupational health and safety issue. Whatever it is, you know that there is a problem, but you aren’t sure of how to start fixing it. Some will try and ignore it and hope it goes away. Others may spend time, energy, and money reinventing the wheel, coming up with internal procedures for dealing with it.

Instead, I would like to suggest looking outside your own operations. This can be accomplished simply by observing how other companies approach the problem, and adopting the best practices. You may also brainstorm solutions at industry trade shows or get-togethers. Alternatively, and perhaps the most straightforward approach of all, you can forge strategic partnerships. This may be accomplished through hiring a consultant, setting up a referral arrangement with another firm, or even a merger with or acquisition of another company that has expertise in that area. The structure by which your firm achieves the delegation of non-essential business activities is not important. What matters is finding others whom you trust and respect to complement your operations.

Knowing your firm’s core competencies–those areas where you truly excel–means knowing what value you bring to your clients and customers. If we are truly honest with our clients (and indeed, ourselves), we would recognize not just those areas where we excel, but also those where we may fall short. This is not a threat to your business, but an opportunity; by leveraging strategic relationships, your firm can focus on those things you do well, while allowing your business partners to handle the rest. This helps build confidence in your firm, as it indicates to your clients that any services you provide will be of the highest caliber. Remember, even the best general practioner isn’t expected to be a top surgeon besides.

Allow me to present another example, this time from my work in the financial industry. The genesis of our firm, Boomer Financial, may well mirror your own experiences. Boomer Financial is the coming together of individual financial advisors with the same goals in mind: fewer clients with more attention given to each, a consistent financial planning system for individuals and businesses, and a focus on client needs over sales. While the goals are the same, we each come from starkly different backgrounds, with differing areas of expertise. With individuals focusing on employee benefits, insurance planning, and investments, each member of the team can truly specialize. Our firm began, in essence, as a strategic partnership; a merger of individual, sole proprietors with varied skillsets.

Furthermore, our approach to our profession reflects this concept as well: we act as strategic partners to our clients. Through our work protecting, growing, and optimizing clients’ finances, we afford them the ability to focus on what is important to them, both personally and professionally.

With this successful formula, we have recently expanded our capabilities further with an outside strategic partnership with DLC Mortgages & More, Ltd. Through this alliance, we provide financial advisory services to their clients. In return, we have a trusted partner that can provide our clients with lending, tax, and payroll services. This mutually beneficial arrangement was accomplished without the need for added cost or training of current personnel. More importantly, all our clients are now better served.

Ultimately, the best thing for your clients, and your business, is to always strive to be the best at what you do, and build relationships with others for doing everything else. By making your firm the expert in its niche, and creating a network of experts for everything else you will form a wall around your clients that no competitor will be able to breach.

Due to geopolitical risks and the increased sanctions on Iran’s oil, along with the increase in the money supply through quantitative easing, Mario Draghi, president of the European Central Bank, stated that, in the third quarter of 2012, traders pushed prices up on their perceptions of the pricing-in of quantitative easing expectations.

The sanctions on Iran are having a pronounced mark on oil production with approximately 1mbpd being cut from the Iranian oil production, reflecting in a $7 billion reduction in the balance of payments. This is having a material effect on Iranian oil production.

This scenario is expected to push oil prices even higher, and the price of oil would again be relative to the increase in worldwide equity prices this year. These are reflected in country specific funds that have underlined the weakness in the price of oil.

Due to the increased production from Saudi Arabia of approximately 500,000 bpd more than a year ago as well as increased production from the USA, this additional flow has allowed the price of oil to look relatively cheap compared to the increase in economic activity.

Oil demand has been hampered by the depths of the recession in Europe and the United States along with their stubborn levels of high unemployment. Although there is still uncertainty about whether Spain will follow Greece with requirements for a bailout, Greece is requiring subsequent tranches for its sovereign debt. Now the eurozone is expecting economic activity
to lightly contract, although the U.K. and the United States are starting to show some green shoots of recovery.

This has had consequences in China regarding whether to increase the production of goods, and in Australia where they are supplying the commodities to produce the goods and subsequent energy demands for China. China’s manufacturing output increased for the first time in a quarter with improving returns in growth-linked assets. China’s manufacturing purchasing managers’ index increased significantly from 49.8 in September to a high of 50.2 in October. China, the second-largest consumer of oil behind the U.S., shows manufacturing and oil consumption on the rise.

The graphical information for both the oil chart and the S&P correlate as closely as any two separate markets can. The decision-making process in oil companies and the price of oil are largely shaped by the increase in equity prices worldwide and the demand for oil by industrial output.

Looking at the charts before the 2008 banking crisis (in the United States and Europe with its subsequent downturn) and then post 2009 upturn have shown that a 2012 barrel of oil looks underpriced comparatively to the new resilience in the equity markets, which would suggest an oversupply.

With the S&P and the Dow Jones Industrials advancing on their respective 2008 highs and nearing a four-year economic cycle, it is increasingly becoming possible that there could be profit taking leading to a correction in the share price within the next year, which will have a significant effect on the price of a barrel of oil. In the short term, however, there may be an increase in both equities and the price of oil due to the factors above.

The most significant immediate political factor was the too-close-to-call presidential race in the USA with both candidates according to the polls running neck and neck. The bounce in share prices, if Mitt Romney had been voted in with his substantial financial background, did not occur.

CNN reported “President Obama, meanwhile, had unveiled a new plan in April 2012 to limit oil market speculation as a way to address high gas prices angering Americans as the campaign for the November election heats up.”

And a once in a decade change in the Communist Party’s leadership could lead to uncertainty in the political direction of China. From the projected release of economic data in the United States when this article was written, the U.S. manufacturing activity was due to be published by the Institute of Supply Management. The U.S. was also going to release the initial jobless claims and state the ADP report for nonfarm payrolls.

OPEC quoted the following projections:

“The OPEC forecasts that world demand is projected to grow by 900,000 b/d. In 2013, growth is expected to be 800,000 b/d. Non-OPEC supply is expected to increase by 700,000 b/d this year and 900,000 b/d next year. And demand for OPEC crude in 2012 is projected to average 29.9 mb/d and 29.5 mb/d in 2013. In addition, OPEC spare capacity remains at relatively comfortable levels and total commercial stock levels are healthy.”

With oil hitting the critical $85 a barrel, which OPEC likes to maintain as a significant support level, there may be a reduction in supply. With oil currently at $86.30 as of November 1, 2012, we have initial support levels at $84.33 followed by $80.49 with resistance levels at $89.13 and $92.40 and then $96.32.

As seen in the graph below, the oil market has not spiked again like its pre-2008 level; the market appears to be relatively linear, trading within two preserved channels. However, if there is to be any significant effect in the supply or demand for oil, you could see speculators entering the market, causing a significant increase or decrease in the cost per barrel.

The question is not “if” but “when” there is a correction in the equities markets, the price of oil will be reduced by free market forces. On the other hand, President Obama wants to create this reduction through legislation, by limiting the number of oil speculators in the market. Just like King Canute, you only find your feet wet when the sea comes in, and this type of legislated restriction on a free market would do nothing to reduce the price of oil but only reduce the liquidity of the market.

Businesses can now join a barter network to move excess inventory in exchange for goods and services. In a barter network, the trades aren’t usually direct—most businesses

receive a barter credit for their goods or services sold to another member, which then gets banked into their barter account. Barter sales are recognized by the Canada Revenue Agency.
Members also usually pay a monthly fee, then transaction fees, usually a percentage of the value of the deal.

The types of services available through a barter network are diverse from restaurants, trades people to business services such as accountants and lawyers, and health professionals, such
as opticians, dentists, and massage therapists.

For a great number of companies, cash can generally be tight. Participation with a barter network helps to reduce the dependency on cash. When making purchases on barter, the business owner benefits by having the ability to buy items at their own cost of goods, versus the retail cash value. Pam McCarthy, Owner of Five Star Events, a Calgary-based event planning company, has used barter to purchase such things as web and graphic design, letterhead and business cards, and telemarketing services.

“I have made some quality contacts, and have had the opportunity to utilize other member services that I wouldn’t have otherwise been able to purchase if I was paying cash. It’s a win-win situation for my business.”

Kellie-Rae Mallette, president of Headquarters Management, a Calgary-based accounting firm, has used barter for home and office renovations, health-care, and car repairs. Mallette has also used barter to reward her staff by giving them a percentage of barter sales. The staff in turn then uses the barter to purchase restaurant, golf, or spa gift vouchers.

Small companies may derive other benefits from barter, including exposure. Barter brokers are assigned to member accounts helping individual businesses promote their product and service offerings directly to the other members. For Mallette at Headquarters Management, one barter job can spark many referrals and ultimately more accounting business.

“The people we’ve met through the barter network have become trusted alliances and they have also referred cash business to us. Our business has only benefited from being a member.”

In these times when businesses are struggling, the barter network is a powerful tool that can help give you a competitive edge over your competition.

For more information about how you can get started with barter, please visit www.exmerce.com.

As turmoil and market uncertainties dominate European economies, many Euro investors are growing uneasy. Typically in times like these, savvy investors turn to hard assets—traditionally ‘bricks and mortar’. But with many Euro area countries teetering, eyes are being cast overseas in a search for other, more promising, assets such as oil and gas as safe havens.

Threats of disruption plague many oil producing regions of the world, but there’s an increasingly attractive haven hiding at the top of the list: Canadian energy assets, most notably properties currently in production. Ranked by Forbes in October 2011 as the Number One best country for business, Canada has the world’s second-largest reserves of recoverable oil and gas, second only to Saudi Arabia, and is the world’s third largest producer of natural gas. It’s a stable, strong and healthy economy anchored by a wealth of natural resources, but that’s not all: Canada is at the forefront of modern and innovative technologies to produce them. And the country has a ready market for its production: it has long been the largest exporter of oil and gas to the US, the world’s most prolific user. Moreover, with new pipelines and terminals currently under regulatory review, there is high potential for future oil and gas export to an energy hungry Asia.

So how do Euro investors tap this country’s future bonanza? One company leading them into the Canadian advantage is Proven Oil Canada, which provides the perfect opportunity for German investors looking for healthy returns with minimum risk. “The company name gives an idea of the basic business model and investment strategy,” explains Managing Director Monika Galba. “POC invests only in producing oil and gas fields with considerable additional potential. The ‘proven’ not only stands for the technical term ‘proven reserves’ but also that each and every investment has to be audited by an independent expert in accordance with established investment criteria, laid out to industry rules.” The approach provides strong confidence for even the most conservative investor.

The sequence is solid. Investors’ funds are used first to source opportunities in Canadian producing properties on the market which already have a firm record of at least two years’ production. That production record and future potential is analyzed through an in-depth study by leading long established reservoir engineering firm Sproule Associates of Calgary, who then provide POC with an independently determined dollar value. Should that analysis demonstrate strong upside potential for continued commercial production which would meet the funds’ investment criteria, the investment will proceed. At this point, POC and Sproule join forces with oil and gas technology leader Schlumberger Ltd, with whom an alliance has been formed. A top choice, Schlumberger has eight decades of experience, operates in 80 countries, employs 105,000 experts applying the most advanced reservoir simulation and production technologies such as horizontal drilling and multiple fracturing.

“POC and the expert teams of Schlumberger and Sproule then work on the development plan which provides the road map for unlocking the upside potential in the oil and gas fields,” says Galba. Following completion of this approved action plan, field operations then commence.

Starting with a property’s proven record, the formula clearly demonstrates its value as an investment. Typically, only up to 20 percent of a conventional field’s volumes are recovered by natural pressures or pumping. Usually a further 35% can be produced using secondary methods like water flooding, or tertiary methods such as CO2 or gas injection. Moreover, investing in already producing wells ensures infrastructure connection to markets, and there is no exploration drilling risk. “We are not engaged in any kind of exploration,” says Galba. “The focus is on producing existing fields with high additional potential for optimization.” POC makes all its investments in Western Canada, mostly in the province of Alberta which produces about 80 percent of the country’s oil and gas. No investments in oil sands production are made.

Current investors seem happy: Since 2009, POC has invested in several hundred wells which currently produce some 5,300 barrels per day, providing strong returns for their 6,000 investors. That should bode well for new investors as well as the many repeat investors. The company’s stated investment philosophy is to double an investor’s capital before tax over a period of four to eight years. That means a good guaranteed return. Any surpluses go to reinvestment. After the four or eight-year period, the producing fields are sold to top off the doubling of capital.

Galba explains the return advantage. “As investments are restricted to producing fields only, there is always a minimum distribution paid out to the investors of at least 10 percent annually, which is distributed on a preferential basis,” she says. “Over four to five years, the oil and gas fields are developed; the production is considerably optimized, and eventually the enhanced production is brought to the market and sold.”

“With this extremely client-friendly business model, POC has been able to raise more than 300 million CAD since 2009 on the German market which has been successfully invested in producing Canadian oil and gas fields,” says Galba. One thing that initially helped bolster investors’ confidence was that POC’s fundraising programs were some of the first approved under strict German government rules for investing in Canadian oil and gas.

No doubt the upcoming fund will boost the momentum even further. POC’s next offer will focus exclusively on Western Canadian natural gas properties. Why? Because the authoritative International Energy Agency’s 2011 World Energy Outlook touts clean-burning gas as the fuel of the future—to replace nuclear and coal electrical generation, for LNG to slake China’s burgeoning energy demand, and increase in gas-fueled transport and more. And gas prices today are at their lowest in years, offering up a plethora of purchase opportunities with upside potential.

Forbes Best Countries For Business 2011

Rank/Country

1. Canada
2. New Zealand
3. Hong Kong
4. Ireland
5. Denmark
6. United Kingdom
7. United States
8. Germany
9. Saudi Arabia
10. Russia
11. Syria
12. Venezuela
13. Iran

“Tools for measuring, such as those of the International Standards Organization (ISO), are like a scoreboard,” says Green, and are essential for objectively evaluating how a company is performing. “You need to have a scoreboard to really see how your business is doing. And once you can get a handle on your company’s performance, then you’re better prepared to get the most benefit from a quality management system,” he explains.

The first step is assessing what you want to measure and improve in your business and determine a benchmark. You could use ISO, one of the most popular quality management systems, to implement standards that guarantee conformity and quality of products and services. Once the system is in place, your company would be audited by an independent third party and, if all of the requirements are met, awarded official certification. These documented processes allow a company to ensure that it remains in line with its benchmark. Ultimately, it would develop new norms for its processes.

Measuring your company’s performance allows for a host of benefits: standardized processes, more efficient and focused training for employees, quicker detection of problems, more effective solutions and better customer service, to name a few. Entrepreneurs can also improve communications, enhance supplier relationships and increase employee participation in the company.

Measuring key indicators

“Many entrepreneurs don’t appreciate the long-term value of measuring performance because they’re caught up in daily firefighting or consider it too time-consuming,” says Green. “But if they want to compete in a tougher business environment, they need to arm themselves with concrete facts and data.”

Although many entrepreneurs may assume Do you measure up? measurable data is limited to obvious areas such as costs, other “key indicators” are also vital: quality, delivery deadlines, safety, environmental impact and employee satisfaction.

Quality can easily be measured in terms of the number of returned products, credit memos or client complaints.

Meeting promised deadlines and product delivery times are strong indications of a company’s well-being. “Speed is a valuable asset in a company competing for business today,” says Green.

Entrepreneurs should also collect data on safety performance, which is not limited to the manufacturing environment. “You may need to know, for example, how many people are out with back problems, driving-related injuries or repetitive strain injuries in your company,” explains Green.

Environmental impact is an increasingly important measurement, particularly if you want to include the ISO 14001 Environmental Standard in your management system. “Knowing how much waste you generate or how much pollution you are adding to the environment is an important part of being a good corporate citizen and improving productivity,” he says. Finally, assessing employee satisfaction is crucial for entrepreneurs. A reliable rule of thumb is that happy employees are more productive employees. An employee survey could be a useful tool to indicate the level of satisfaction. “You can use the results to improve, for example, your employee reward system,” he says.

Largely, it’s an “efficient management of assets” issue. Thus, a company’s problem-solving baseline requires knowing: what they have, where it is and how it is utilized, along with assessing if it could be better used elsewhere or retired or disposed of. Bottom line success is impossible without a good handle on “where you are,” which demands accurate and appropriate data.

Begin by understanding the CRE/FM organization’s value proposition. Why are the managed assets needed, and how do they support the corporate mission? Then, clearly define services offered, and how they are performed – it is the application of the industry’s best practices around service delivery and asset management. These services must then be supported by an effective organization and enabling technology. Together, they deliver good, reliable and appropriate data for making informed management decisions.

Focus also on reliability-centered portfolio maintenance and management in a way that prioritizes and invests capital appropriately. Basic blocking-andtackling includes focusing on mission-critical assets—going beyond fundamental Preventive Maintenance (PM) and break-fix maintenance to avoid detrimental revenue losses from downtime or disasters.

If assets are well-maintained, the focus turns to whether assets are being used as originally intended and performing as expected. Using an enterprise asset-management system integrated with service management, such as within an Integrated Workplace Management System (IWMS), can provide service life and performance information, and total cost of ownership (TCO) leading to ROI enhancement. And all these details can be measured and benchmarked across the enterprise, enabling more informed decisions around purchasing, deferred maintenance and capital renewal budgeting for current/future bottom-line impacts.

The key is to optimize and standardize (utilizing best practices) because that creates the greatest efficiencies, driving down costs, with fewer bad decisions. And from a more tactical standpoint, efficiencies not only create cost savings but can also generate revenue, directly contributing to the bottom line:

• Optimizing utilization of owned space offers the opportunity to sub-lease, if not dispose of under- utilized space.
• Commit to an energy program whereby opportunities to reduce energy consumption through investment in newer building equipment and technologies can provide near-term ROI.
• Streamline and standardize processes allowing staff to concentrate on value-added activities.

Savings can be impressive, as much as eight per cent by streamlining lease administration activities, saving 10-15 per cent by streamlining space management activities and 15 per cent across the board savings if properties and portfolios are well managed. By making decisions at the right time, managers can also avoid paying premiums.

Alternative work programs, a growing trend also known as workplace mobility, are a major contributor to the bottom line. Although the oil and gas industry has not quickly embraced this, mobile workers are a CRE/ FM reality with significant financial impact. Adapting corporate policy enabling workers to work anywhere 24/7, not tethered to desks, not only significantly reduces the corporate portfolio’s footprint, but drives up productivity, directly adding dollars to the bottom line.

Re-allocating space can reduce a company’s RE portfolio by double digits, instead of typical reductions in e.g., energy usage. Some innovative companies have reduced their space by 25-50 per cent.

Overall, moving assets from the cost side to a direct bottom line contribution falls into two buckets: supporting revenue growth or optimizing profitability. Increasing the asset value, reducing environmental impact and allowing employees to be more productive all add a positive impact on revenue. Reducing costs, assuring critical asset uptime and optimizing asset flexibility all contribute to profitability.

Enablement starts with ensuring that RE/FM operations are strategically aligned with the corporate mission. Optimize work performance to assure a consistent and standardized level of asset performance. Perform core RE/FM functions efficiently and understand the state of assets being maintained. Decide which issues matter most and which are simply a nuisance. Manage highimpact assets proactively and look for opportunities to streamline operations using good data to stay on top of assets controlled.

Finally, look at ways to enhance workforce productivity through alternative work strategies and optimized work environments. By making it more effective for people to do their job, they will invariably perform better, with every dollar cut from RE operational costs turning into pure profit.

Phil Wales is CEO of Houston-based eBusiness Strategies LLC.