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HOUSTON, Oct. 23, 2024 /PRNewswire/ -- Shell Energy North America (US), L.P. (SENA), a subsidiary of Shell plc (Shell), has signed an agreement to acquire a 100% equity stake in RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. This acquisition secures long-term supply and capacity offtake for Shell in the deregulated Independent System Operator New England (ISO New England) power market, where SENA has held a contract with RISEC under an energy conversion agreement for 100% of the plant's energy offtake since 2019. "Shell has had a successful integrated gas and power business in the growing ISO New England market for over 20 years, and this acquisition secures valuable trading opportunities by guaranteeing SENA's position in the market," said Huibert Vigeveno, Shell Downstream, Renewables & Energy Solutions Director. "Our strong understanding of this plant's performance positions Shell to capitalise on its value within our existing trading portfolio." RISEC's combined-cycle gas turbine power plant supplies power to the ISO New England power market, where demand is expected to increase in coming decades due to growing decarbonisation efforts in sectors such as home heating and transportation. The acquisition will be absorbed within Shell's cash capital expenditure guidance, which remains unchanged. The transaction is subject to regulatory approvals and is expected to close in Q1 2025. Notes to editors With RISEC signaling an intent to sell, this acquisition allows Shell to continue an energy supply agreement that has been in place since 2019 and secure long-term energy offtake from the plant, maintaining Shell's position in the ISO New England power market. The acquisition preserves SENA's current operations and mitigates market risk by ensuring a reliable and stable power generation source. RISEC's two-unit combined-cycle gas turbine power plant has a maximum capacity of 609 MW and an average operating capacity of 594 MW. Serving the ISO New England market, the plant is located outside Providence, Rhode Island, and has been in operation since its completion in 2002. Combined-cycle gas turbine power plants generate electricity via gas turbines, and capture waste heat to produce steam, which drives steam turbines for additional power: a process which enhances efficiency and reduces emissions compared to single-cycle power plants. Such plants provide reliable, flexible power, which balances the intermittency of renewable energy sources like wind and solar. The acquisition is projected to generate an internal rate of return (IRR) well in excess of the hurdle rate set for Shell's Power business. The parent company of RISEC is 51% owned by funds managed by global investment firm Carlyle. The remaining 49% owner of RISEC is EGCO RISEC II, LLC, a subsidiary of Electricity Generating Public Company Limited (EGCO), a Thai public limited company. SENA is a full-service energy company providing energy solutions across all aspects of the market. SENA has been active in North American wholesale energy markets for over 25 years and is a market leader in wholesale and retail power, natural gas, and environmental products. Cautionary note The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this press release "Shell", "Shell Group" and "Group" are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ''Subsidiaries'', "Shell subsidiaries" and "Shell companies" as used in this press release refer to entities over which Shell plc either directly or indirectly has control. The term "joint venture", "joint operations", "joint arrangements", and "associates" may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term "Shell interest" is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest. Forward-looking Statements This press release contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as "aim"; "ambition"; ''anticipate''; ''believe''; "commit"; "commitment"; ''could''; ''estimate''; ''expect''; ''goals''; ''intend''; ''may''; "milestones"; ''objectives''; ''outlook''; ''plan''; ''probably''; ''project''; ''risks''; "schedule"; ''seek''; ''should''; ''target''; ''will''; "would" and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc's Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release October 23, 2024. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release. Shell's Net Carbon Intensity Also, in this press release we may refer to Shell's "Net Carbon Intensity" (NCI), which includes Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production and our customers' carbon emissions associated with their use of the energy products we sell. Shell's NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell's "Net Carbon Intensity" or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries. Shell's net-zero emissions target Shell's operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell's operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell's operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target. Forward-looking non-GAAP measures This press release may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc's consolidated financial statements. The contents of websites referred to in this press release do not form part of this press release. We may have used certain terms, such as resources, in this press release that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.
SEON, Switzerland and COPENHAGEN, Denmark, Oct. 23, 2024 /PRNewswire/ -- In a groundbreaking collaboration, Mammut, Klimate, ARC, Bofort, and Carbonaide have unveiled a cutting-edge project for carbon dioxide (CO2) removal and its storage in concrete, marking a significant step forward in the fight against climate change. The initiative is championed by none other than world-class climber Adam Ondra. Mads Emil Dalsgaard, Co-CEO of Klimate, was a reliable partner in the project as well as in belaying Adam Ondra during his climb. (©Petr Chodura / Mammut Sports Group AG) As an outdoor sports company that relies on intact nature, Mammut operates in a field of tension: enabling outdoor enthusiasts to have unique experiences in the mountains with durable equipment, while also protecting them from the elements and injuries. However, these products generate emissions throughout their production. Following their ambitious decarbonization strategy, "Do Our Best, Remove the Rest" Mammut aims to halve its emissions by 2030 and reach net zero by 2050. --> Link to project video: https://youtu.be/hIW05-D0i48 From gas to concrete The Danish tech start-up Klimate serves as the linchpin in this alliance, uniting all stakeholders toward a common goal: ARC in Copenhagen captures up to 4 tons of CO2 daily directly from the flue gas of the waste-to-energy plant. Bofort provides the ISO tank for liquefied CO2 and manages its transport to Finland where Carbonaide integrates the captured CO2 into their more sustainable concrete production process, thus binding it permanently. Mammut, as the "buyer" in this project, commits to decarbonizing a total of 90 tons of CO2 by the end of 2025. Despite the innovative removal and storage process, Mammut's primary goal is to reduce its emissions. As Tobias Steinegger, Head of Corporate Responsibility at Mammut, states: "Through this cooperation, we aim to achieve tangible results in carbon removal and inspire other companies to eliminate their residual emissions after making significant efforts to reduce their carbon footprints." Mads Emil Dalsgaard, Co-CEO of Klimate states: "This facility is just the beginning, with this investment paving the way for future scaling and development. We're really proud at Klimate to have Mammut and Adam Ondra as supporters to help make this project a reality." Adam Ondra's ascent: A symbol of commitment The initiative's visual representation features multiple-time World Champion and Olympian Adam Ondra climbing an artificial route on the exterior of CopenHill, one of the tallest of its kind globally. This symbolic climb not only highlights the physical challenges overcome by athletes but also underscores the commitment to environmental stewardship within the sporting community. --> More information about the project: https://mammut.prezly.com/concrete-action-mammut-makes-climate-contribution-with-revolutionary-co-removal-initiative ARC in Copenhagen captures up to 4 tons of CO2 daily which is eventually being integrated by Carbonaide into their sustainable concrete production process. (©Petr Chodura / Mammut Sports Group AG) This symbolic climb not only highlights the physical challenges overcome by athletes but also underscores the commitment to environmental stewardship within the sporting community. (©Petr Chodura / Mammut Sports Group AG) The artificial route on the exterior of CopenHill is one of the tallest of its kind globally. (©Petr Chodura / Mammut Sports Group AG) Adam Ondra’s ascent on the exterior of CopenHill: a symbol of commitment to sustainability.(©Petr Chodura / Mammut Sports Group AG) The initiative’s visual representation features multiple-time World Champion and Olympian Adam Ondra climbing the artificial route on the exterior of CopenHill. (©Petr Chodura / Mammut Sports Group AG)
BANGKOK, THAILAND - Media OutReach Newswire - 23 October 2024 - PTT Global Chemical Public Company Limited (GC) hosts the GC Sustainable Living Symposium 2024: GEN S GATHERING under the theme "Sustainability Made Easy." This fifth iteration of the symposium serves as a powerful platform uniting eco-conscious individuals, or GEN S (Generation Sustainability), from the government, business, and civil society sectors, all aiming to propel Thailand towards a low-carbon society. The event showcases GC's capabilities and technologies in producing high-value, low-carbon, and environmentally friendly chemicals. This encompasses sustainable coating solutions, biochemicals, bioplastics, and Thailand's first Sustainable Aviation Fuels (SAF) production. Additionally, GC highlights its role in fostering national growth through allnex, aligning with future trends to become a Specialty Hub in Southeast Asia. The event took place on 18 October 2024 at Paragon Hall, 5th floor, Siam Paragon. Held on 18 October 2024, at Paragon Hall, 5th floor, Siam Paragon, the event was graced by Mr. Prasert Jantararuangtong, Deputy Prime Minister and Minister of Digital Economy and Society. He delivered a keynote address, stating, "The government will continue to collaborate with all sectors to tackle Thailand's environmental crisis. We have established national energy policies and plans to achieve net-zero greenhouse gas emissions by 2065, and we are dedicated to making this a reality." Mr. Narongsak Jivakanun, Chief Executive Officer of GC, stated, "GC aspires to be a global role model in sustainability under our vision 'To be a leading global chemical company for better living.' We have been committed to creating a balance in sustainability through the application of the Circular Economy principle across three dimensions: environmental, social, and governance, for over 10 years. In 2021, GC set a target to achieve net-zero greenhouse gas emissions by 2050, aiming to become a low-carbon organization through well-defined action plans, measurement, and verification. Our ongoing efforts align with key agreements from numerous global leadership summits, where world leaders have emphasized the urgent need to address climate change and promote sustainability." GC has made significant strides towards its net-zero emissions target by implementing over 200 projects. These include the adoption of the 5Rs, utilization of renewable energy, integration of technology and digitalization to enhance plant efficiency, and a comprehensive carbon management plan. This plan is being executed in collaboration with the PTT Group and encompasses carbon capture, utilization, and exploration of opportunities in the hydrogen business – crucial initiatives for achieving Net Zero in Thailand's industrial sector. Furthermore, GC collaborates with government agencies, private organizations, and communities in forest planting and conservation efforts, spanning terrestrial, mangrove, and community forests. This extends to research on alternate wetting and drying techniques in rice cultivation. The GC Sustainable Living Symposium 2024: GEN S GATHERING marks its fifth year, providing a platform for knowledge exchange and collaboration to mitigate global warming and foster a sustainable future. The event invites everyone to embrace Net Zero Lifestyles and features an exhibition of eco-friendly products and innovations. Highlights include environmentally friendly coating solutions for various industries, ranging from automotive coatings and container paints to furniture coatings and packaging. Coating Resins from allnex, a global leader in sustainable chemicals, offer safe usage, reduced waste during production, and enhanced environmental friendliness. The event also showcases biochemical and bioplastic products, including biodegradable plastics such as coffee capsules, packaging, and filaments for 3D printing. GC is the first Thai company to upgrade its refinery with advanced distillation technology to accommodate used cooking oil as feedstock. This initiative adds value to used oil by transforming it into Sustainable Aviation Fuel (SAF), a renewable and sustainable energy source with a low-carbon lifecycle that minimizes environmental impact. Commercial production is slated for January 2025. The product has received ISSC Plus and ISSC Corsia sustainability and carbon reduction certifications, assuring effective management throughout the value chain. "We envision a future where manufacturing transitions towards high-value, low-carbon products," said Narongsak. "This shift is not merely a response to market demands but an investment in low-carbon solutions that will enable the manufacturing sector to collectively achieve net-zero emissions." The GC Sustainable Living Symposium 2024: GEN S GATHERING is a significant step towards igniting creativity and uniting GEN S in transforming Thailand and the world towards true sustainability. Hashtag: #GC #GenS #GenSGathering #GCSustainableLivingSymposium2024 #GenSStandingForSustainablity #GCChemistryforBetterLivinghttps://www.pttgcgroup.com/en/newsroom/newsLINE: @GCofficialFacebook: @GC.CorporateOfficialThe issuer is solely responsible for the content of this announcement.
SINGAPORE, Oct. 23, 2024 /PRNewswire/ -- CHINT, a global leader in smart energy solutions, has launched the NIPower DC7000 Fusion Power Module, the latest offering of its prefabricated skid power module solutions for data centers. With this new power module, customers will have the opportunity to get ahead of the energy demands of today's evolving data centers, including those handling high-density applications and large-scale AI workloads amidst decreasing physical footprints. The power module delivers high density, high performance and high availability with a streamlined carbon footprint thanks to factory prefabrication and modular construction. It integrates a selection of CHINT's self-developed, self-produced products into an all-in-one, prefabricated, high-performing module achieving an efficiency of as high as 97%. This modularity also allows for improved deployment time by 75%. In addition, it has a hot-swappable design feature for all modules that allows for increased availability. The power module is also streamlined in size, making it the most compact 100kW/3U module to date. This design offers customers up to 40% space savings, enhancing flexibility for space and layout in data center conversions. It also enables companies building data centers to achieve higher construction scores by utilizing the Prefabricated Prefinished Volumetric Construction (PPVC) method. "Artificial intelligence and other high-demand applications are driving the need for data centers to scale up their capacity at a faster pace. At CHINT, we have been exploring innovation opportunities that deliver greater data center performance and minimize environmental externalities," said Paul Lee, Director, Asia Pacific Strategic Segments, CHINT Global. "NIPower DC7000 is a showcase of how data center capabilities can push boundaries on the back of a lower carbon footprint. With this integrated solution, data center operators can also scale and execute without extensive work required on their existing configurations." Lim Say Leong, Technical Director Asia Pacific, CHINT Global, added, "We are excited to be partnering with and enabling customers to build the next generation of data centers that not only use renewable energy, but also provide high electrical density to maximize space, utilize the latest technologies and be scalable enough for deployment. We look forward to collaborating with them to maximize the potential of the NIPower DC7000 in their data centers, whether it's for new or existing set ups." Building on four decades of innovation and industrial expertise, CHINT is expanding its comprehensive product portfolio with the NIPower DC7000 Fusion Power Module. Its products include other leading power solutions in renewables, commercial, and industrial segments. These end-to-end solutions support businesses in more than 140 countries in areas of low-voltage, power transmission and distribution, water, gas and electricity metering, green energy and more. In addition, CHINT's key production factories have achieved net zero carbon emission, giving customers the peace of mind of their products being sustainably manufactured. NIPower DC7000 Fusion Power Module comes as an integrated assembly of medium voltage transformer, medium and low-voltage switchgear, electrical components, and monitoring system, all independently developed and produced by CHINT. These products ensure the safe and reliable operation of IT and power equipment. The Power Module is currently ready for Singapore, Indonesia, Malaysia, Thailand, and the Philippines. This line up will soon be added to other countries in Asia Pacific. About CHINT Global CHINT Global, at the forefront of delivering smart energy solutions, operates in over 140 countries. Committed to innovation, sustainability, and the development of green and low-carbon technology, CHINT continues to explore new ways to improve energy efficiency and reduce environmental impact, striving towards a brighter, greener future for all. For more information about CHINT Global and its initiatives, please visit www.chintglobal.com.
STOCKHOLM, Oct. 23, 2024 /PRNewswire/ -- The H&M Foundation today announces a significant shift in its overall strategic direction, focus on supporting the textile industry in halving its greenhouse gas emissions every decade by 2050, while promoting a just and fair transition for both people and the planet. The innovation challenge Global Change Award 2025 (GCA) is the first initiative to reflect this shift. Global Change Award 2025 GCA is now seeking innovative ideas addressing different high emission areas across the textile industry value chain, including sustainable materials and processes, responsible production, mindful consumption, and 'wildcards' that support the GCA purpose. Today, only a fraction of philanthropic capital is directed to climate. "The textile industry needs all hands-on deck if we are going to meet our climate goals by 2050, and we must ensure this transition is fair for everyone. I really believe that innovation is key to decarbonising the industry, and that the Global Change Award can play a role in identifying and growing future changemakers whose ideas can have a transformative impact if given the right support," says Karl-Johan Persson, Board Member of the H&M Foundation. Since GCA launched in 2015, 46 innovations have received support and a combined grant of 8 million euros. While it continues to award 10 winners every year, with each receiving 200,000 EUR, there are other key updates to the GCA: New focus area – decarbonising the textile industry. Holistic approach – equipping changemakers with a holistic people and planet mindset. Wider range of changemakers – switching to a nomination-based process, instead of an open application system. Systems change approach – equipping changemakers to consider the entire textile value chain and its interconnectedness while also considering the impact on people. "While the industry is hungry for innovation, the holistic perspective to decarbonisation is often lacking, and the critical early stages of an innovator's journey overlooked – this is where philanthropy can make a real difference", says Annie Lindmark, Programme Director for Innovation at the H&M Foundation. In addition to financial support, winners will gain access to a powerful network of mentors, collaborators, and industry leaders to help bring their solutions to life. Together with partners Accenture and KTH Royal Institute of Technology, H&M Foundation will invite the winners to participate in a yearlong, tailormade Changemaker Programme. The Global Change Award 2025 winners will be announced in April 2025. CONTACT: Jasmina Sofić, Media Relations Responsible, +4673 465 59 59
The 2024 accelerator brought the number of companies supported by SparkLabs Cultiv8 to over 50. More than $AUD 750 million has been raised by their portfolio companies, which boast a combined value of more than $1.75 billion and have created over 750 jobs globally. ORANGE, Australia, Oct. 23, 2024 /PRNewswire/ -- Close to 200 agtech investors, innovators and researchers have gathered in Orange this week as part of SparkLabs Cultiv8 2024 Showcase, a pitch event for the companies supported by the accelerator this year. This year marked the second clean-technology specific program which focuses on agriculture and food production. SparkLabs Cultiv8 Co-founder and Partner Jonathon Quigley said the companies offered a range of ways to reduce emissions from the global agri-food system. "We're really excited by the range of innovations we're showcasing in Orange this week," he said. "From companies making high-value nutraceutical ingredients from food waste; to brewing palm oil from yeast; to reducing methane from cattle – all these companies can help us produce food more sustainably and support a more climate resilient agriculture system." Participant Tom Collier, whose company, Levur, is developing a sustainable, yeast-based alternative to palm oil, said the program is helping them drive global traction. "SparkLabs Cultiv8 has been a game-changer as we progress on our journey to market," he says. "Their access to world-class strategic and technical expertise has been essential in positioning Levur for rapid growth." Created in 2017 in partnership with Asia's largest accelerator, SparkLabs Group, SparkLabs Cultiv8 has become a leader in supporting sustainable agriculture and food production through innovation. The 2024 graduating companies are: Alkiira Therapeutics specialises in Australian grown, Australian made botanical extracts and nutraceutical ingredients for global markets, valorising untapped waste streams from local agriculture. Bovotica is adding mass and reducing gas in cattle via a proprietary technology probiotic/prebiotic feed supplement that decreases methane production by 80% and increases weight gain by 10%. Carbon Friendly provides end-to-end carbon technology solutions that enable the agricultural industry to develop and monetise large-scale carbon inset and offset projects. Levur is revolutionising the oil industry with its sustainable, yeast-based alternative to palm oil to replace unsustainable plant and animal oils in the cosmetics and food sectors, offering a scalable solution to pressing environmental challenges. Nitronic is developing technology to produce on-site, zero-carbon fertilisers, reducing the emissions associated with the production and transport of nitrogen-based fertilisers. NonTox has developed plant-based bioherbicides and disinfectants to replace more harmful chemicals in agriculture, food production and community applications. Pyx Global is developing advanced digital architecture to ensure secure exchange of data and credentials along supply chains. Teramax has developed environmentally-compliant biodegradable mulch films for agriculture, replacing plastic with a compostable, soil-friendly alternative in a range of horticultural production settings. Unibaio has created a microparticle from natural origins that makes agricultural chemicals more effective. Unibaio's particles can be added to herbicides, pesticides, fungicides and fertilisers to reduce the amount required by 80%.
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