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EQT Infrastructure to acquire Statera, a leading battery storage and flexible generation platform supporting the UK’s renewable energy transition
- EQT Infrastructure has agreed to acquire Statera, a UK-based battery storage and flexible generation infrastructure developer and operator with 1GW of flexible generation in operation and under construction, enough to power around 750,000 homes
- Demand for stability services and dispatchable generation from batteries is expected to grow at speed as a result of rapid deployment of intermittent renewable generation and the gradual decommissioning of thermal capacity
- EQT Infrastructure is committed to further investing in Statera’s ongoing development of battery storage and other flexible energy projects, which is expected to play an integral part in helping the UK reach its Net Zero targets
STOCKHOLM, Nov. 6, 2023 /PRNewswire/ — EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT Infrastructure”) has agreed to acquire Statera Energy Limited (“Statera” or the “Company”) from InfraRed Capital Partners.
The UK energy landscape is steadily decarbonizing. In parallel to renewable energy gaining traction and thermal generation being phased out, the sector is experiencing a surge in electrification. Previously fossil fuel-driven areas such as heat and transportation are transitioning to electricity. In this evolving situation, the role of energy storage and flexible generation becomes paramount, ensuring a smooth energy transition and maintaining grid stability. Statera is well-positioned to benefit from and meet the increasing demand in this space.
Established in 2015 and headquartered in London, Statera is a prominent player in the UK’s battery storage and flexible energy generation sector, with a robust development track record. In addition to being an early entrant in the battery space, it recognized the importance of other key flexible technologies, namely pumped hydro and green hydrogen production, which are expected to aid the UK’s transition to a predominantly intermittent renewable energy supply. Statera has 1GW of flexible generation in operation and under construction, enough to power around 750,000 homes, and a total project pipeline of over 16GW, with plans to deliver 7.5GW of flexibility assets by 2030.
EQT Infrastructure will support the Statera management team and platform by providing access to growth capital to accelerate the deployment of flexible generation across the UK. It will also draw upon its significant experience of owning and developing companies that are driving the energy transition, as well as the expertise of its 600-person strong global network of Industrial Advisors.
Francesco Starace, Partner within the EQT Infrastructure Advisory Team, said: “In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative. Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal.”
Tom Vernon, Founder and CEO of Statera, added: “It is essential that flexible generation and energy storage technologies are deployed at scale to enable the vast amounts of renewables required to decarbonize power systems. Statera directly addresses this challenge by developing and operating projects which provide the resilience and flexibility required to balance the grid. InfraRed and the team at Statera have been critical components of our success to date, and I am hugely excited to embark on our next phase of growth, in partnership with EQT. This transaction is a significant milestone, and the scale of EQT’s financial support and global footprint means Statera is well positioned to deliver its pipeline of battery, pumped hydro and green hydrogen technologies.”
Stephane Kofman, Head of Capital Gain Funds at InfraRed Capital Partners, said: “Having identified early on the fundamental need for flexibility and storage, we are very pleased to have worked closely alongside management to create a company that is a now a market leader and is playing a key role in facilitating the UK’s energy transition to a low carbon, high renewables future. Throughout our ownership we have continued to support management in evolving and implementing the company strategy, growing the operational and development asset base, actively mitigating revenue volatility and helping to add key infrastructure capabilities across the organisation.”
The transaction is subject to customary conditions and approvals. It is expected to close around the end of the year.
DC Advisory served as financial advisor and Simpson Thacher & Bartlett LLP as legal advisor to EQT Infrastructure.
With this transaction, EQT Infrastructure VI is expected to be 20 – 25 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on the target fund size.
The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.
Contacts
EQT: EQT Press Office, [email protected], +46 8 506 55 334
Statera: Elizabeth Adams, [email protected], +44 7974 982331
InfraRed Capital Partners: [email protected]
The following files are available for download:
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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View original content:https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-q1-announcement-2024-302109147.html
- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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View original content:https://www.prnewswire.co.uk/news-releases/biovaxys-technology-corp-provides-bi-weekly-mcto-status-update-302108920.html
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