In The Spotlight
The U.S. Department of Energy has announced the selection of 10 projects as part of a new Advanced Research Projects Agency-Energy program, Duration Addition to electricitY Storage.
SFC Energy: Canadian subsidiary Simark Controls receives large order for SCADA communication systems
New Solar Energy Requirements Drive Need for Power Storage Systems.
A brief launched by the International Renewable Energy Agency during the High-level Political Forum on Sustainable Development discusses global and regional trends in the renewable energy sector.
One of the objectives of the National Solar Mission is “to create favourable conditions for solar manufacturing capacity, particularly solar thermal, for indigenous production and market leadership”. In the nine years since the Mission began — it was launched on January 11, 2010 — this is the...
Ask any expert and they will tell you the future of mobility lies in hydrogen. Everybody agrees that there is a need to leapfrog battery-based mobility and move into hydrogen, simply because while batteries need to be disposed, hydrogen only ends up as water in the tailpipes. But the problem is,...
Instead of working independently, the new thinking in the renewable energy sector is that solar power and wind farm projects must be developed as hybrid projects with battery backup. This strategy of joining forces, it is pointed out, can only spell good news for the energy security of the...
The World Bank approved the Strategic Climate Fund grant and SCF Loan of USD 5.6 million and USD 2 million, respectively to help Nepal channel its energy sources for renewables on February 01, 2019.
Paris, FRANCE — February 6, 2019 — Today’s grid transmission system is becoming increasingly complex and expected to carry bulk power in ways it was never originally designed to do. GE Power’s Grid Solutions business [NYSE:GE] today spotlighted recent Flexible AC Transmission System (FACTS) wins, specifically related to its industry-leading Fixed Series Compensation (FSC) technology that are helping customers navigate the evolving energy landscape. Totaling more than $60 million USD, these contracts reflect grid customers’ confidence in GE’s innovative FACTS solutions.
GE’s Fixed Series Compensation system allows utilities to cost-effectively increase the power transfer capabilities of both existing and new transmission lines, with reduced transmission line losses and overall improved power grid stability. Fixed Series Compensation (FSCs) systems make transmission lines behave as if they are physically shorter, thus giving them an increased ability to carry electric power over longer distances. Recent grid customer contracts for GE’s FSCs include the following:
- LS Power DesertLink: A 500 kV FSC bank will be installed to increase the capacity of a new transmission line to enable the import of more renewable power into California.
- Idaho Power Boise Bench: Upgrade of two existing banks at the Boise Bench substation.
- AEP Kanawha River Project: The 345 kV series capacitor is used to help maintain the reliability on the transmission grid and allows flexibility during maintenance and construction outages. Specifically, the 345 kV Series Capacitor Bank assists in alleviating an Interconnection Reliability Operating Limit (IROL) constraint under certain system conditions and can also assist in mitigating system impacts from Geomagnetic Disturbance events.
- Large electric Wind Developer: GE’s FSCs addressed this customer’s need to build two transmission lines to connect the wind farms to the grid. By adding the Fixed Series Compensation solution, they were able to increase the capacity and ultimately only had to build one transmission line to connect to the grid.
- Large electric TSO in Pacific Northwest: Expansion of existing substation in Oregon to interconnect Avangrid’s planned Montague Wind Power Project to Federal Columbia River Transmission System (FCRTS).
- Large electric TSO in Pacific Northwest: Upgrade of existing facilities to provide interconnection capacity for new large load addition requests in the central Oregon area.
- Eletronorte Miracema: Upgrade of existing facilities to support increased power flow through the North-South Interconnector in Brazil.
- Neoenergia: New transmission line with FSC banks to support expansion of the North-Southeast and North-Northeast interconnections in Brazil and help dispatch energy and provide for future wind power projects.
These projects are utilizing new technologies that have proven to benefit the customer through cost-savings and improved safety, among other things. This includes GE’s newly developed polymer-housed metal oxide varistors (MOVs), which improves cost, lead time and personnel safety as well as a new capacitator factory that produces a 22-inch tall fuse-less capacitor design (normally 13.5-inches). This investment allows GE to design capacitor stack-rack equipment packages that cost less than the traditional design and reduce platform space requirements, bridging the economic competitive advantages of large internally fused capacitor units while retaining all of the operational and technical advantages of fuse-less technology.
“Demands on transmission systems continue to grow as new power generation sources continue to develop in new locations around the world and especially in North America. The quality and reliability of GE’s products combined with the outstanding work from our project teams is key to our continued success,“ said Emanuel Bertolini, Region Leader Americas at GE’s Grid Solutions.
GE is a worldwide leader in executing and delivering series compensation projects, with more than a century of experience designing transmission networks including the first series compensation project in 1928. Today, GE has led the industry by delivering over 40,000 Mvars of series compensation systems in the last six years, providing superior systems through innovative products that result in project cost savings, and increased quality and reliability.
Notes to Editors
About GE Power:
GE Power is a world energy leader providing equipment, solutions and services across the energy value chain from generation to consumption. Operating in more than 180 countries, our technology produces a third of the world’s electricity, equips 90 percent of power transmission utilities worldwide, and our software manages more than forty percent of the world’s energy. Through relentless innovation and continuous partnership with our customers, we are developing the energy technologies of the future and improving the power networks we depend on today. For more information please visit www.ge.com/power, and follow GE Power on Twitter and on LinkedIn.
For more information, contact:
Allison J. Cohen
GE Power – Grid Solutions business
External Communications Manager
WILMINGTON, North Carolina—February 5, 2019—Global Nuclear Fuel (GNF) announced today the signing of an agreement with ENUSA Industrias Avanzadas S.A. S.M.E (ENUSA) to extend the GNF ENUSA Nuclear Fuel S.A. (GENUSA) joint venture.
Incorporated in 1996, GENUSA markets and sells nuclear fuel to boiling water reactor (BWR) operators across Europe. The agreement will extend the operation of GENUSA for an additional six years.
“GNF is committed to the BWR market worldwide and we are pleased to continue to provide customers in Europe with state-of-the-art fuel technology and services by extending the GENUSA joint venture,” said Amir Vexler, CEO of GNF and president of the GENUSA Board of Directors.
"Extending the GENUSA joint venture with GNF is very important for ENUSA because it provides stability to our relationship at a time when GENUSA has the majority share of the European BWR fuel market," said Roberto González, Business Development & Technology Director at ENUSA and member of the GENUSA Board of Directors.
In 2018, GENUSA was awarded contracts to manufacture fuel for the Olkiluoto Nuclear Power Plant in Eurajoki, Finland and for two of the three units at the Forsmark Nuclear Power Plant near Forsmark, Sweden. Fuel for these plants is being manufactured by ENUSA in Spain at its Juzbado nuclear fuel fabrication facility. ENUSA has manufactured and delivered nearly 11,000 fuel bundles for customers in Europe since the Juzbado facility began operating in 1985.
Global Nuclear Fuel (GNF) is a world-leading supplier of boiling water reactor fuel and fuel-related engineering services. GNF is a GE-led joint venture with Hitachi, Ltd. and operates primarily through Global Nuclear Fuel-Americas, LLC in Wilmington, N.C., and Global Nuclear Fuel-Japan Co., Ltd. in Kurihama, Japan.
ENUSA Industrias Avanzadas S.A. S.M.E. is a Spanish company supplying its customers the latest-generation of solutions in the nuclear fuel cycle including management and supply of enriched uranium, fuel manufacturing, related engineering and fuel services and irradiated fuel management.
GNF ENUSA Nuclear Fuel S.A. (GENUSA) is a Spanish company based in Madrid, jointly owned by GNF and ENUSA to market and sell nuclear fuel and related services to the European boiling water reactor plants.
Country’s utilities and government regulators are focused on aggressive electrification, decentralization, and digitization efforts, report finds
A second structural impediment to fully realizing DER benefits is the current grid planning approach, which biases grid design toward traditional infrastructure rather than distributed alternatives, even if distributed solutions better meet grid needs. Outdated planning approaches rely on static assumptions about DER capabilities and focus primarily on mitigating potential DER integration challenges, rather than proactively harnessing these flexible assets.
Section II demonstrated how California could realize an additional $1.4 billion per year by 2020 in net benefits from the deployment of new DERs during the 2016-2020 timeframe. This state-wide methodology was then applied to the planned distribution capacity projects for California’s most recent GRC request, showing how the deployment of DERs in lieu of planned distribution capacity expansion projects in PG&E’s next rate case could save customers over $100 million.
Motivated by the challenge faced in designing a grid appropriate to the 21st century, this report first focuses on determining the quantifiable net economic benefits that DERs can offer to society. The approach taken builds on existing avoided cost methodologies – which have already been applied to DERs by industry leaders – while introducing updated methods to hardto-quantify DER benefit categories that are excluded from traditional analyses. While the final net benefit calculation derived in this report is specific to California, the overall methodological advancements developed here are applicable across the U.S. Moreover, the ultimate conclusion from this analysis – that DERs offer a better alternative to many traditional infrastructure solutions in advancing the 21st century grid – should also hold true across the U.S., although the exact net benefits of DERs will vary across regions.
Designing the electric grid for the 21st century is one of today’s most important and exciting societal challenges. Regulators, legislators, utilities, and private industry are evaluating ways to both modernize the aging grid and decarbonize our electricity supply, while also enabling customer choice, increasing resiliency and reliability, and improving public safety, all at an affordable cost.
The share of renewables in overall power generation is rapidly increasing, both in developed and developing countries. Furthermore, many countries have ambitious targets to transform their power sector towards renewables. To achieve these objectives, the structure and operation of existing power grid infrastructures will need to be revisited as the share of renewable power generation increases.
Renewable energy technologies can be divided into two categories: dispatchable (i.e. biomass, concentrated solar power with storage, geothermal power and hydro) and non-dispatchable, also known as Variable Renewable Energy or VRE (i.e. ocean power, solar photovoltaics and wind). VRE has four characteristics that require specific measures to integrate these technologies into current power systems: 1) variability due to the temporal availability of resources; 2) uncertainty due to unexpected changes in resource availability; 3) location-specific properties due to the geographical availability of resources; and 4) low marginal costs since the resources are freely available.
A transition towards high shares of VRE requires a re-thinking of the design, operation and planning of future power systems from a technical and economic point of view. In such a system, supply and demand will be matched in a much more concerted and flexible way. From a technical perspective, VRE generation can be ideally combined with smart grid technologies, energy storage and more flexible generation technologies. From an economic perspective, the regulatory framework will need to be adjusted to account for the cost structure of VRE integration, to allow for new services and revenue channels, and to support new business models.
There are several technological options that can help to integrate VRE into the power system grid: system-friendly VREs, flexible generation, grid extension, smart grid technologies, and storage technologies. New advances in wind and solar PV technologies allow them to be used over a wider range of conditions and provide ancillary services like frequency and voltage control. Flexible generation requires changes in the energy mix to optimise production from both dispatchable and non-dispatchable resources. Smart grid technologies can act as an enabler for VRE integration, given their ability to reduce the variability in the system by allowing the integration of renewables into diverse electricity resources, including load control (e.g. Demand Side Management (DSM), Advanced Metering Infrastructure (AMI), and enhancing the grid operation and therefore helping to efficiently manage the system’s variability by implementing advanced technologies (e.g. smart inverters, Phasor Measurement Unit (PMU) and Fault Ride Through (FRT) capabilities).
Energy storage technologies can alleviate short-term variability (up to 2 Renewable Energy Integration in Power Grids | Technology Brief several hours), or longer-term variability through pumped-storage hydroelectricity, thermal energy storage or the conversion of electricity into hydrogen or gas.
Two immediate applications for deploying innovative technologies and operation modes for VRE integration are mini-grids and island systems. The high costs for power generation in these markets make VREs and grid integration technologies economically attractive since they can simultaneously improve the reliability, efficiency and performance of these power systems. This is, for example, the case of the Smart Grid demonstration project in Jeju Island, South Korea.
Furthermore, the right assessment and understanding of VRE integration costs are relevant for policy making and system planning. Any economic analysis of the transition towards renewables-based power systems should, therefore, consider all different cost components for VRE grid integration, such as grid costs (e.g. expansion and upgrading), capacity costs and balancing costs. Integration costs are due not only to the specific characteristics of VRE technologies but also to the power system and its adaptability to greater variability. Therefore, these costs should be carefully interpreted and not entirely attributed to VRE, especially when the system is not flexible enough to deal with variability (i.e. in the short-term).
Moreover, RE integration delivers broader benefits beyond purely economic ones, such as social and environmental benefits. Even though not straightforward, these externalities should be considered and quantified in order to integrate them into the decision-making process and maximise socio-economic benefits.
Due to the rapid technological progress and multiple grid integration options available, policy makers should build a framework for RE grid integration based on the current characteristic of the system, developing technological opportunities and long-term impacts and targets. In particular, policy makers should adopt a long-term vision for their transition towards renewables and set regulatory frameworks and market designs to foster both RE development and management of greater system variability. Such regulatory frameworks could include new markets for ancillary services and price signals for RE power generators that incentivise the reduction of integration costs.
Source: IEA-ETSAP and IRENA
NEW ORLEANS, Feb. 15, 2019 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until March 25, 2019 to file lead plaintiff applications in a securities class action lawsuit against Arlo Technologies, Inc. (NYSE: ARLO), if they purchased the Company's shares issued in connection with its August 3, 2018 initial public offering ("IPO"). This action is pending in the United States District Court for the Northern District of California.
What You May Do
About the Lawsuit
Arlo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 3, 2018, the Company disclosed that shipments of Arlo Ultra, its recently-announced flagship security camera system, were delayed due to "a quality issue with the battery from one of its suppliers" discovered during the final testing phase, and that as a result it lowered its Q4 2018 financial guidance.
On this news, the price of Arlo's shares plummeted 42% from its IPO price.
The case is Wong v. Arlo Technologies, Inc. et al, 19-cv-00372.
About Kahn Swick & Foti, LLC
KSF, whose partners include the former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC
GUELPH, Ontario, Feb. 15, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has won three solar power contracts with Alberta's Ministry of Infrastructure, for a total of 94 megawatts (MWp) of solar power system in southeast Alberta, with an average contracted PPA price of 48.05 Canadian dollars per megawatt-hour (MWh). When in operation, these solar plants will provide 55 percent of the electricity needs for Alberta provincial government. This is likely the largest public sector solar energy procurement contract in Canada in 2019.
"We see great potential in the Alberta solar market, and we're pleased to supply subsidy-free solar power to meet Alberta's clean energy needs. We hope these 94 MWp solar project contracts serve as a catalyst for solar industry growth in Canada, specifically in Alberta," said Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are delighted to partner with Conklin Métis Local 193, the indigenous community, who owns a 50-percent equity stake in the Hays, Jenner and Tilley solar projects."
In the fall of 2018, Canadian Solar entered into a 50-percent equity partnership with Conklin Métis Local 193 on the three projects. The Conklin Métis are an indigenous community based in the rural hamlet of Conklin, part of the Athabasca Oil Sands region in eastern Alberta.
"We are extremely excited about our partnership with Canadian Solar, a global leader in solar energy. As a Métis community, we highly value the opportunity to invest in renewable energy projects within Canada," said Shirley Tremblay, president of the Conklin Métis Local 193. "This partnership will help us diversify our investment portfolio, and its financial benefits will support key social and economic initiatives within our community. We applaud the Government of Alberta and Canadian Solar for their progressive mentality and look forward to a long-lasting, prosperous relationship."
The three projects in the contracts are the Jenner, Tilley, and Hays solar projects. Once completed in early 2021, these solar plants are expected to generate enough power for more than 20,000 homes. During the construction of the three solar projects, an estimated 270 jobs will be created in Alberta.
All three projects are expected to use bifacial solar panels, which generate up to 20 percent more energy than standard solar modules due to their ability to produce electricity from both their front and back sides. These modules are particularly well-suited to snowy climates like Alberta in the winter, as snow will increase reflection of sunlight.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale power projects in various stages of development. Over the past 18 years, Canadian Solar has successfully delivered over 32 GW of premium quality modules to customers in over 150 countries around the world. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 26, 2018. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
SOURCE Canadian Solar Inc.
JUNO BEACH, Fla., Feb. 15, 2019 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $1.25 per share, up approximately 13 percent versus the prior-year comparable quarterly dividend. This increase is consistent with the plan announced in 2018 of targeting 12 to 14 percent annual growth in dividends per share through at least 2020, off a 2017 base. The dividend is payable on March 15, 2019, to shareholders of record on Feb. 28, 2019.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns two electric companies in Florida: Florida Power & Light Company, which serves more than five million customer accounts in Florida and is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold; and Gulf Power Company, which serves more than 460,000 customers in eight counties throughout northwest Florida. NextEra Energy also owns a competitive energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune's 2019 list of "World's Most Admired Companies" and ranked among the top 25 on Fortune's 2018 list of companies that "Change the World." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
SOURCE NextEra Energy, Inc.
MECCA, Calif. and HOUSTON, Feb. 15, 2019 /PRNewswire/ -- Sunpin Solar, a California-based solar developer, and Direct Energy Business, part of Direct Energy, one of North America's largest energy and energy-related services providers, and a subsidiary of Centrica PLC, announce a renewable energy power purchase agreement (PPA) for the full output of the recently completed ColGreen North Shore Power Plant. The renewable energy PPA covers the full 96.75 MW DC / 74.8 MW AC capacity of the solar project and will serve Direct Energy Business' retail energy customers in California. This agreement is one of the first instances an energy service provider (ESP) has enabled a project of this size in California.
"California is a very competitive market for utility-scale solar developers, and I am proud of the Sunpin Solar team for the successful implementation of this new innovative Structured PPA with Direct Energy Business. This agreement sets the stage for our plans to build at least another 200 MW of solar in California," said Tom Li, President of Sunpin Solar.
Situated on 485 acres of land in the city of Mecca, CA, near the Salton Sea, the project has been operational since January 2019. The ColGreen North Shore Solar Power Plant is interconnected to the Imperial Irrigation District (IID) Utility grid and has delivery capability into the California Independent System Operator (CAISO) territory. The single-axis tracking system has an expected annual production of over 210,000 MWh, which would be enough solar energy to power 22,300 homes per year according to the U.S. Environmental Protection Agency's Greenhouse Gas Equivalencies Calculator.
"Energy Service Providers like Direct Energy Business can enable investments in renewables to help California reach its energy policy goals," said David Brast, Senior Vice President, North America Power and Gas, Direct Energy Business. "As California continues to evolve into a competitive energy market, we will work with suppliers like Sunpin Solar to deliver more energy choices for our Direct Access (DA) and Community Choice Aggregation (CCA) customers. This renewable energy PPA with Sunpin Solar is an important milestone in this journey and aligns with Centrica's commitment to provide products and services that lead to a lower carbon future."
The ColGreen North Shore Solar Power Plant displaces the CO2 equivalent of over 100,000 acres of trees and will offset greenhouse gas (GHG) emissions of over 32,000 vehicles driven each year, per the U.S. Environmental Protection Agency's Greenhouse Gas Equivalencies Calculator. The project created 425 local jobs at the peak of construction in an area classified as disproportionately burdened by pollution and with population characteristics more sensitive to pollution by the CalEPA. The completion of the project was celebrated with a ribbon-cutting ceremony on February 15th.
About Sunpin Solar
Sunpin Solar is a leading solar energy development and investment company that acquires develops and finances utility-scale solar projects globally. Based in Irvine, California, Sunpin Solar is primarily focused on superior project development, asset management, financing, engineering, procurement, construction management and operations of commercial and utility photovoltaic solar plants. Sunpin Solar has developed and built projects in California, Massachusetts, Maryland, Illinois, and several other states. Sunpin Solar currently has more than 600 MW's in its development pipeline. For more information, please visit: www.sunpinsolar.us
About Direct Energy
Direct Energy is one of North America's largest retail providers of electricity, natural gas, and home and business energy-related services with over four million customers. Direct Energy gives customers choice, simplicity, and innovation where energy, data, and technology meet. A subsidiary of Centrica plc (LSE: CNA), an international energy and services company, Direct Energy, its subsidiaries and/or affiliates, operate in 50 U.S. states plus the District of Columbia and four provinces in Canada. To learn more about Direct Energy, please visit www.directenergy.com.
SOURCE Direct Energy
NEW YORK--(BUSINESS WIRE)--Energy Impact Partners (EIP), the leading utility-backed energy investment and innovation firm, today announced that it has provided up to $20 million in financing facilities to Palmetto Clean Technology, a platform technology & fulfillment company focused on the distribution and democratization of clean energy products.
“We are continually focused on reinventing the clean technology sector and bringing innovation through software, fulfillment, customer service and structured finance,” said Chris Kemper, Founder, CEO, and Chairman of Palmetto. “We aim to deliver a platform to enable other entrepreneurs to launch, build and scale their own businesses by utilizing our platform. These funds will help facilitate growth of the platform and shorten the cash flow cycles that have been the root problem for many in this industry.”
This announcement comes on the heels of Palmetto’s last capital raise in the fall, of $6 million. The round was led by Greycroft, with participation from Lerer Hippeau, Box Group, and NBA commissioner emeritus David Stern.
“We continue to see opportunities in both the direct-to-consumer and cleantech sector. Palmetto offers a similar business-to-business-to-consumer platform that provides homeowners a seamless way to go solar and save money while doing so,” said Alan Patricof, Founder of Greycroft.
“For the everyday consumer to focus on the renewable energy initiative is at an all-time high right now," said former NBA Commissioner, David Stern.
EIP invested in Palmetto via their Energy Impact Credit Fund (EICF), the company’s credit platform. The financing will be used to expand Palmetto’s North American presence, increase staffing and develop programs to drive sales.
Harry Giovani, Managing Partner at EICF, commented: "We have been looking at this space for a long time and were extremely impressed with Palmetto's management and employee talent, as well as the way that all employees are laser-focused on driving the strategic vision of the firm. Chris has built a world class organization and we are excited to welcome them to the EIP family."
Greg Richards, EICF Managing Director, added: "Working in partnership with Chris and senior management, we were able to create a customized financing structure that benefits all stakeholders, positions Palmetto for sustained growth and helps the company achieve its strategic goals."
Palmetto is the leading clean technology software and fulfillment platform company. Palmetto is scaling the deployment of consumer cost-saving clean technology products such as energy storage, solar power, demand management systems, energy efficiency and beyond. Through our advanced technology, we are gaining intelligent insights to reduce cost of customer acquisition among other obstacles that have limited success of the overall sector. Palmetto continues to innovate a proprietary product pipeline, which will lead the sector in shaping consumer energy consumption behavior. Palmetto is based in Charleston, South Carolina with offices throughout the United States including Charlotte, San Francisco and Salt Lake City. For more information please visit www.Palmetto.com.
About Energy Impact Credit Fund
EIP established the Energy Impact Credit Fund to support U.S.-based small- and middle-market businesses, with a specific focus on energy-related investments. The group offers debt financing solutions such as first- and second-lien secured term loans and unsecured debt, leveraging EIP's existing infrastructure, deal flow, expertise in equity investing, and utility partner network to broaden the firm's financial solutions.
About Energy Impact Partners
Energy Impact Partners is a strategic private equity firm established in 2015 that invests in innovative technologies, services, and products throughout the energy supply chain from generation to consumption. It provides its strategic partners with critical information helping them plot a path into the future. Through close collaboration with its investor base, EIP seeks to bring the best companies, buying power and vision in the industry to bear on the emerging energy landscape. EIP’s utility partners include Southern Company, National Grid, Xcel Energy, Ameren, Great Plains Energy, Fortis Inc., AGL, Avista, MGE Energy Inc., TEPCO, PTT Public Company Limited, OGE Energy Corp., TransCanada, and Alliant Energy. The firm has already deployed over $200 million into advanced energy technology companies. For more information, visit www.energyimpactpartners.com.
CAMDEN, N.J.--(BUSINESS WIRE)--American Water (NYSE: AWK), the nation’s largest publicly traded water and wastewater utility company announced James Merante has been named vice president and treasurer effective immediately following approval by the company’s board of directors.
Prior to his current role, Merante was vice president, Internal Audit, and served as divisional chief financial officer for the company's Mid-Atlantic Division. Merante began his career in public accounting with “Big 4” accounting firm KPMG and held various executive positions in the media industry including vice president of operations and director of finance at a large publicly traded media company. He is licensed as a Certified Public Accountant in Pennsylvania.
The company also expanded Brian Chin’s role as senior vice president of Strategic Financial Planning to include the Treasury function, where he had previously served as interim treasurer.
In his current role, Chin leads the company’s financial integration of strategy, acquisitions, tax and financial planning & analysis. He has approximately two decades of experience covering the utilities and power markets, regulatory frameworks and environmental policy. Prior to American Water, Chin served as the lead utility equity analyst for Bank of America Merrill Lynch and Citigroup. In that role, he focused on utilities including water, infrastructure, power generation and renewables. He has deep experience in financial modeling, valuation and risk assessments.
Chin received his MBA from the Fuqua School of Business at Duke University and his undergraduate degree in business from the Haas School of Business at the University of California, Berkeley.
About American Water
With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 7,100 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to an estimated 14 million people in 45 states and Ontario, Canada. American Water provides safe, clean, affordable and reliable water services to our customers to make sure we keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.
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The U.S. Department of Energy has announced the selection of 10 projects as part of a new Advanced Research Projects Agency-Energy program, Duration Addition to electricitY Storage.
The Solar Energy Industry Association (SEIA) recently concluded a year-long series of white papers examining state-level efforts to modernize the American utility grid. As we’ve previously explored, the creation of a stable, sustainable electric grid is a vital step towards a future in which consumers have greater choice over the source of their power.