Long before a deadly flood hit two hydroelectric dams, scientists warned repeatedly that such projects were dangerous in a fragile region made more so by global warming
.
— NYT: Top Stories
Tag: #Projects
Essential emphasizes need for ongoing infrastructure investment during United for Infrastructure Week
BRYN MAWR, Pa.–(BUSINESS WIRE)–Essential Utilities Inc. (NYSE: WTRG) recognizes United for Infrastructure 2020: A Week to Champion America’s Infrastructure (Sept. 14-21) by raising awareness of the country’s critical need for infrastructure improvements and reporting progress on its planned approximately $950 million capital investment in 2020 in the 10 states where the company provides water and wastewater service as Aqua and natural gas service as Peoples.
“Essential has an immense responsibility to provide our customers safe and reliable utility services,” said Essential Chairman and CEO Christopher Franklin. “As we’ve continued to deliver water, wastewater and natural gas services amidst the challenges of COVID-19, we know that repairing and replacing aging infrastructure remains critical to our mission to protect the public health and strengthen communities.”
In 2017, the American Society of Civil Engineers’ Infrastructure Report Card gave the United States a D+ for the state of its infrastructure.
Infrastructure projects are planned and taking place across Essential’s states in 2020, and some of this year’s projects are highlighted below.
Aqua Pennsylvania – Replacing aging water mains throughout Pennsylvania continues to be a large part of Aqua Pennsylvania’s capital project program this year. Aqua Pennsylvania plans to replace approximately 120 miles of aging water mains to improve distribution and reduce service interruptions caused by main breaks. Aqua Pennsylvania also broke ground on an $8 million, 14,700 square-foot laboratory to support the utility’s microbiologists and chemists who perform about 300,000 tests on 30,000 water samples each year.
Aqua Ohio – Aqua Ohio’s planned water and wastewater system improvements this year include completion of the Struthers water treatment plant modernization project and construction of a new Franklin County operations center. Aqua Ohio also began a project to rehabilitate the Ashtabula water treatment plant. The Ashtabula plant project, which Aqua Ohio expects to complete in 2021, includes an engineering master plan for the plant to address future expansion needs.
Aqua North Carolina – Aqua North Carolina has completed the installation of eight new water treatment systems so far this year with plans to install two more in 2020. Aqua North Carolina is also working on several wastewater projects to improve service and reliability including upgrade projects currently underway for three separate wastewater treatment plants in High Point, New Hanover County and Union County.
Aqua Illinois – Aqua Illinois has completed improvements to the Lake Vermilion dam, investing $20 million in this vital resource. Aqua Illinois is preparing for the future with an intensive study of the Joseph Donovan Regional Water Treatment Plant in the City of Kankakee.
Aqua Texas – Aqua Texas plans improvements to water and wastewater service for customers statewide this year. Projects include expansions of three wastewater treatment plants to serve the growing needs of communities in Chambers, Harris and Montgomery counties.
Aqua New Jersey – This year, Aqua New Jersey’s capital plans include upgrades and integrations to SCADA computer systems that monitor and control several wastewater plants to make operations more efficient and improve service for customers. These improvements will be completed in the fourth quarter. Plans also include improvements to drinking water treatment, including a new filtration system at a northwest New Jersey well.
Aqua Indiana – This year, Aqua Indiana’s capital project plans include an expansion of the Hendricks wastewater treatment plant to serve the growing needs of the Avon and Brownsburg communities and unincorporated areas of eastern Hendricks County. Aqua Indiana expects to begin construction this fall and expects to complete the Hendricks expansion project in the first half of 2022.
Aqua Virginia – This year, Aqua Virginia is installing water meters at two of its largest remaining unmetered systems, Lake Caroline in Caroline County and Captain’s Cove in Accomack County. The installation of water meters at these locations means customers pay only for water they use, while promoting conservation. Meters also enable Aqua to measure water losses from the distribution system and identify leaks in customers’ homes. These improvements will be completed in the fourth quarter.
Peoples – In addition to investments included in its long-term infrastructure improvement plan projects in Western Pennsylvania and Kentucky this year, Peoples began a 7-year project on a pipeline system known as Goodwin Tombaugh, which runs through Greene and Washington counties in southwestern Pennsylvania. The 300-mile pipeline replacement project will transform an old gathering system into a new modern distribution system. The Goodwin Tombaugh project will provide multiple benefits including a reduction of methane emissions and continued safe and reliable service to 1,600 residents.
About Aqua
Aqua’s water and wastewater utilities serve more than 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Visit Aqua online at AquaAmerica.com, facebook.com/MyAquaAmerica, and twitter.com/MyAquaAmerica.
About Peoples
Peoples is a natural gas provider serving approximately 740,000 homes and businesses in Western Pennsylvania, West Virginia and Kentucky. The company’s mission is to improve the lives of its customers and to help build long-term economic growth for the regions it serves. For more information about Peoples, visit Peoples-Gas.com and follow Peoples on social media @peoplesnatgas.
About Essential
Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. The company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent its views only as of today and should not be relied upon as representing its views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks, uncertainties and other factors that may cause the company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, statements relating to the capital to be invested by the water, wastewater and gas distribution divisions of the company. There are important factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements including the risks and uncertainties described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with the company’s business, please refer to the company’s annual, quarterly and other SEC filings. The company is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
WTRGG
Contacts
Gretchen Toner
Communications and Marketing
484.368.4816
Announcement of Orders for 1 GWh and 500 MWh Energy Storage Projects
Announcement of $10 Million Investment from Strategic Partner
Update on Potential Business Combination Transaction with BRPM II
EDISON, N.J.–(BUSINESS WIRE)–Eos Energy Storage (“Eos”), a leading manufacturer of safe, low-cost, and long-duration zinc hybrid cathode (Znyth™) battery energy storage systems, today announced three business updates and additional details regarding the potential business combination transaction (the “business combination”) with B. Riley Principal Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U) (“BRPM II”), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc. (Nasdaq: RILY) (“B. Riley Financial”), announced on June 24, 2020.
Joe Mastrangelo, Chief Executive Officer of Eos, said, “This is an exciting time for Eos. We are pleased to announce orders to deliver 1.5 GWh of our battery energy storage solution, which will be manufactured in the USA at HI-POWER, our state of the art joint venture multi-gigawatt manufacturing facility, co-owned with Holtec International (“Holtec”), located in Pittsburgh. We have further deepened our relationship with Holtec through their additional investment in Eos. We continue to make progress with our business combination with BRPM II, and we are on track to imminently execute a definitive agreement.”
Joe Mastrangelo, added, “The business combination will allow Eos to achieve its long-term potential and fuel our mission. Our groundbreaking aqueous zinc battery technology is well-positioned to be a leading solution to meet short-term and long-term demand for safe, sustainable, and scalable long-duration clean energy.”
Strategic Agreement for 1 GWh Energy Storage Project with International Electric Power
Eos announced today that it has entered into a binding agreement to supply 1 GWh of standalone battery energy storage systems (“BESS”) to International Electric Power, LLC (“IEP”) for grid connected projects with the Electric Reliability Council of Texas (“ERCOT”). Eos will manufacture, design and deliver multiple integrated AC BESS solutions starting in the third quarter of 2021.
IEP has entered into this partnership with Eos to help lead the long duration energy storage transition to new, safer and more reliable alternative technologies to lithium-ion. IEP also benefits from Eos’ minimal auxiliary power requirements (HVAC systems are not required) and simple operations and maintenance throughout the equipment’s 20 year life expectancy. IEP aims to identify key locations to build these storage projects to maximize revenue streams in the ERCOT market.
“ERCOT is an important and growing market for energy storage. Long term energy storage will help mitigate massive investments that are needed in transmission facilities to relieve congestion,” commented Balki G. Iyer, Chief Commercial Officer of Eos. “We are very excited to be partnering with a high quality developer such as IEP on this important project. Our zinc batteries offer the perfect solution to address the project’s needs. We are particularly proud to announce that we will be supplying the entire 1 GWh from batteries sourced and manufactured here in the USA.”
Peter Dailey, Chief Executive Officer of IEP commented, “ERCOT offers perhaps the most interesting opportunity for battery plays in the United States, including hourly energy arbitrage, ancillaries and congestion revenue rights. IEP is pleased to announce this relationship with Eos, which offers some of the best utility scale battery technology in the market.”
IEP is a technology agnostic power producer which seeks to build, own and operate a portfolio of generation assets that offer investors attractive financial returns. IEP’s core competencies in asset operations and optimization, energy market analysis and contracting, and project financing and deal execution, enables it to manage all aspects of a transaction.
500 MWh Long Duration Energy Storage Project with Carson Hybrid Energy Storage
Eos announced that it has entered into an agreement to supply Carson Hybrid Energy Storage, LLC (“CHES”) with 500 MWh of integrated AC BESS. Eos will manufacture, design and deliver its zinc-based battery solutions to CHES starting in the first quarter of 2023. These safe, sustainable, long duration battery solutions will be used in parallel with existing power generation and substation architecture to store renewable energy generated capacity, and to provide power quality and better resilience to the California Power Grid.
“The recent rolling blackouts in California call for another transformation in energy, this time related to supply. We believe long duration energy storage is going to play a pivotal role in this transformation over the next three to five years,” commented Balki G. Iyer. “Eos is delighted to be partnering with an innovator such as CHES, which is seeking to build this project to provide solutions around a premium zone in Los Angeles. Eos’s zinc batteries are non-flammable, built with environmentally friendly materials, and are manufactured right here in the USA. They are a perfect fit for addressing the need which we have seen from some of our recent projects in California on a smaller scale.”
Peter Reardon, President of CHES, commented, “California needs fire safe, large scale energy storage located in our cities and towns to provide grid reliability as we move towards our zero carbon future. The recent blackouts showed that California cannot rely on out of state imports during climate induced heat waves affecting regions and not individual states. CHES is committed to developing safe energy storage solutions located in the Los Angeles basin. We seek to partner on this project and a second project with LA’s Load Serving Entities (LSE) that value our safe, city based product. With support from Southern California Edison, we are going to maximize the benefit of an existing interconnect to allow for this important energy storage resource to be located in the Los Angeles basin. Choosing Eos was easy, as their zinc aqueous technology is safe from fire, made in the USA, and provides green jobs. We will implement a pilot 1 MW behind the meter project in the Los Angeles basin in 2021 and then scale rapidly.”
Headquartered in California, CHES operates under the California Independent System Operator Corporation (“CAISO”) tariff as a grid connected generator.
Investment from Strategic Partner
Eos announced a new investment from strategic partner Holtec. Following the prior investment of $12 million, Holtec is investing an additional $10 million to help support the acceleration of the order book over the last several months. If the potential business combination with BRPM II is consummated, the terms of Holtec’s additional $10 million investment are expected to be consistent with the terms of the private investment into public equity that was announced in conjunction with the proposed business combination on June 24, 2020.
“We believe Eos is well-positioned as the leading energy storage system alternative to lithium-ion. We are excited to further strengthen our relationship through our investment, and look forward to participating in their future growth as an investor, a manufacturing partner, and as a future customer,” said Dr. Kris Singh, President and CEO of Holtec International.
Holtec is a privately-held supplier of equipment and systems for the energy industry. In September 2019, Eos and Holtec announced the formation of HI-POWER, LLC, a multi-gigawatt manufacturing joint venture to produce Eos’ next generation of aqueous zinc batteries. The state-of-the-art HI-POWER manufacturing facility is located in Pittsburgh, PA.
Business Combination Transaction Update
On June 24, 2020, Eos and BRPM II announced the execution of a letter of intent for a business combination transaction, which would result in Eos becoming a public reporting company.
Eos and BRPM II anticipate executing a definitive agreement for the business combination imminently. If the definitive agreement for the business combination is executed as anticipated, the potential business combination is expected to be completed during the fourth quarter of 2020, subject to certain closing conditions, including but not limited to approval of the business combination by BRPM II’s stockholders and other customary closing conditions.
”We are pleased with our steady progress to enter into a definitive agreement for a business combination of BRPM II and Eos,” said Dan Shribman, Chief Executive Officer and Chief Financial Officer of BRPM II and Chief Investment Officer of B. Riley Financial. ”We believe the business combination will serve as the catalyst to accelerate the growth of Eos’ disruptive technology. We look forward to sharing our full business plan with the market shortly.”
About Eos Energy Storage
At Eos, we are on a mission to accelerate clean energy by deploying stationary storage solutions that can help deliver the reliable and cost-competitive power that the market expects in a safe and environmentally sustainable way. Armed with a patent for a membrane-free zinc battery technology, Eos has been pursuing this opportunity since 2008 when it was founded. Eos Energy Storage has 10+ years of experience in battery storage testing, development, deployment, and operation. The Eos Aurora® system integrates the Company’s aqueous, zinc battery technology (Znyth®) to provide a safe, scalable, and sustainable alternative to Lithium Ion.
To learn more about Eos, please visit: https://eosenergystorage.com.
About B. Riley Principal Merger Corp. II
B. Riley Principal Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U) (“BRPM II”) is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses, and is sponsored by an affiliate of B. Riley Financial, Inc. (Nasdaq: RILY). BRPM II is focused on pursuing a business combination with established businesses with an aggregate enterprise value of approximately $400 million to $1 billion that would benefit from access to public markets and the operational and strategic expertise of B. Riley’s management team and board of directors. For more information, visit https://brileyfin.com/principalmergercorp.
Additional Information and Where to Find It
If a legally binding definitive agreement is entered into, a full description of the terms of the business combination will be provided in a proxy statement for the stockholders of BRPM II (the “Business Combination Proxy Statement”), to be filed with the U.S. Securities and Exchange Commission (the “SEC”).
Investors and security holders of BRPM II are advised to read, when available, the preliminary Business Combination Proxy Statement and the definitive Business Combination Proxy Statement, and any amendments thereto, because these documents will contain important information about BRPM II and the proposed business combination. The definitive Business Combination Proxy Statement will be mailed to BRPM II’s stockholders of record as of a record date to be established for the special meeting of stockholders relating to the proposed business combination. Stockholders will also be able to obtain copies of the Business Combination Proxy Statement, without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: B. Riley Securities, Inc., 299 Park Avenue, 21st Floor, New York, New York 10171, by telephone at (800) 846-5050 or by email at prospectuses@brileyfbr.com.
Forward Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside BRPM II’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability of BRPM II to enter into a definitive agreement with respect to the proposed business combination with Eos or to complete the contemplated business combination; matters discovered by BRPM II or Eos as they complete their respective due diligence investigation of the other; the risk that the approval of the stockholders of BRPM II for the potential business combination or any other closing condition is not obtained; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of funds available in BRPM II’s trust account following any redemptions by BRPM II stockholders, competition, and the ability of the combined company to grow, manage growth profitably and retain its key employees; the ability to meet NYSE’s listing requirements following the consummation of the business combination; costs related to the proposed business combination; the risk that the potential business combination disrupts current plans and operations; and those factors discussed in BRPM II’s registration statement for the initial public offering filed with the SEC. BRPM II does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Participants in the Solicitation
BRPM II and its directors and executive officers may be considered participants in the solicitation of proxies with respect to the business combination described herein under the rules of the SEC. Information about the directors and executive officers of BRPM II and a description of their interests in BRPM II will be contained in the Business Combination Proxy Statement when it is filed with the SEC. This document can be obtained free of charge from the sources indicated above.
Non-Solicitation
The disclosure herein is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of BRPM II, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Contacts
For Investor Relations
Ed Yuen
For Media Relations
Balki G. Iyer
National EPC energy firm, majority owned by funds managed by Ares Management Corporation, achieved significant milestone in August 2020
EDISON, N.J.–(BUSINESS WIRE)–CS Energy, LLC, a leading integrated energy firm that designs and builds optimized projects in the solar, storage and emerging energy industries, announced today that it has reached a major milestone: completing the installation of 1 gigawatt of solar energy projects.
The 1 GW achievement puts CS Energy in a distinguished category. According to Solar Power World’s Top Solar Contractors* rankings, fewer than 10 EPCs have installed 1 GW of solar as of 2020, but with CS Energy’s consistent 20 percent annual growth rate, the milestone was reached quickly. The company closed 2018 with 650 MW of completed solar projects and ended 2019 with 820 MW. In 2020, CS Energy reached 1,000 MW, despite industry contractions resulting from the COVID-19 pandemic.
“This is an incredible milestone, and one only possible because of the hard work and dedication of our team,” shared Matthew Skidmore, CEO of CS Energy. “I am so proud of our talented workforce, which has completed CS Energy projects to the highest standards of quality and safety across the country. We’re excited to put our deep experience to work for our clients as we begin installing the next gigawatt.”
CS Energy has completed nearly 200 solar projects across 16 states, in a mix of utility-scale solar projects and energy storage projects. Much of the 1 GW has been completed in the last three years as the firm manages increasingly larger projects, such as a recent 29 MW solar project in New Jersey. The growth coincides with funds managed by the Infrastructure and Power strategy of Ares Management Corporation taking majority ownership of the company in 2018.
“We made a strategic investment in CS Energy knowing the firm had the capabilities to expand its impact on renewable energy projects across the country,” shared Keith Derman, Partner and Co-Head of Ares Infrastructure and Power. “We are thrilled that CS Energy has been able to achieve such a substantial milestone and consider it a testament to the company’s legacy of experience and reliability.”
The 1 GW accomplishment comes as CS Energy garners additional recognition from the solar industry. CS Energy was named the nation’s number-one commercial solar installer in 2019 by global research firm Wood Mackenzie. With more than 10 percent of the U.S. market share, CS Energy installed as much as the second- and third-ranked companies combined. In 2020, CS Energy once again made Solar Power World magazine’s annual list of Top Solar Contractors, ranking in the Top 10 for national EPCs, and as the #1 solar contractor in both New York and New Jersey.
Additionally, the company utilizes its expertise to lead a variety of solar industry subsectors. CS Energy is considered an expert in landfill solar installations, having installed more than 160 MW on top of closed capped landfills. CS Energy is also on the forefront of Solar + Storage projects: the company has installed more than 135 MWh of energy storage projects and is ranked as the #2 Solar + Storage installer in the nation by Solar Power World.
Starting with just 12 employees in 2004, the company has grown to a highly skilled team of more than 160 people. CS Energy began in the solar industry as part of The Conti Group, a construction and engineering firm that has been operating for more than 115 years. Building on the organic success in the solar industry, the group branched out into Conti Solar, a wholly owned subsidiary of The Conti Group, in 2017. Conti Solar was majority acquired by funds managed by the Infrastructure and Power strategy of Ares Management Corporation in 2018 the company rebranded as CS Energy.
“CS Energy is thriving from the roots planted at The Conti Group—roots in skilled construction, quality customer service, and an educated leadership group. It’s been a pleasure to see CS Energy deliver on our shared vision of creating a nation-leading integrated energy company,” said Kurt Conti, Chairman of the Board of The Conti Group.
* https://www.solarpowerworldonline.com/2020-top-solar-contractors/
About CS Energy
CS Energy is an industry-leading engineering, procurement and construction (EPC) energy firm that designs and builds optimized projects in solar, energy storage, and emerging energy industries. CS Energy’s attention to detail, flawless execution and highly talented workforce has enabled the company to successfully design and install over 1 GW of solar projects across the United States. CS Energy leverages strong relationships with solar developers, IPPs, utilities, off-takers, suppliers, and landowners to help our customers streamline the project development process, lower project costs, and create value for all stakeholders. Majority-owned by Ares Infrastructure and Power, CS Energy has an experienced and committed management team and the financial resources required to continue expanding its solar and energy storage business as a trusted and long-term partner.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity and Real Estate. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management’s global platform had approximately $165 billion of assets under management as of June 30, 2020 with more than 1,300 employees operating across North America, Europe, Asia and Australia, pro forma for the acquisition of SSG Capital Holdings Limited which closed on July 1, 2020.
About Ares Infrastructure and Power
Ares Infrastructure and Power (“AIP”) strategy seeks to provide flexible capital for cash-generating assets across the climate infrastructure, natural gas generation, and energy transportation sectors. AIP leverages a broadly skilled and cohesive team of more than 25 investment professionals with deep domain experience and has deployed nearly $9 billion of capital in more than 200 different infrastructure and power assets and companies.
About The Conti Group
The Conti Group is a privately held group of companies spanning the construction, engineering, renewable energy, real estate, technology and biotech markets whose mission is to create positive impact and great value for customers, partners, employees, and society.
Contacts
CS Energy Media:
Dianaliz Santiago-Borcan
732.520.5143