RIC Energy to Partner with Goldman Sachs Renewable Power on the Development of 47 MW of Community Solar Projects

RIC Energy

RIC Energy (RIC) and Goldman Sachs Renewable Power LLC (GSRP) have announced a partnership to develop a portfolio of solar projects in New York

NEW YORK, NEW YORK, USA, March 4, 2021 /EINPresswire.com/ — RIC Energy (RIC) and Goldman Sachs Renewable Power LLC (GSRP) have announced a partnership to develop a portfolio of solar projects in New York. Under this partnership, GSRP will acquire 47 megawatts (MW) of community solar facilities located in upstate New York from RIC.

“We are extremely excited to be working with the very capable team at GSRP to help foster the renewable energy transition and achieve New York State’s renewable energy goals while providing quality jobs to upstate communities,” said Jonathan Rappe, CEO of RIC Energy USA. “We hope to be able to further leverage our expertise in project development with the added support from GSRP.”

The nine facilities involved are located throughout National Grid and NYSEG service areas and will generate bill credits to be sold directly to the utilities’ customers, allowing nearly 10,000 households to support clean, local and sustainable energy production.

“A tremendous amount of effort has gone into these projects in working with municipalities to ensure that we are maximizing the ecological and economic benefit to the host communities while minimizing the impact,” said Ivaylo Tomchev, Director of Project Development at RIC. “We are thrilled to be working with an investment partner who understands this dynamic well and is as committed as we are to preserving that balance.”

For more information on RIC Energy, visit www.Ric.Energy.

About RIC Energy
RIC Energy is a leading renewable energy project developer focused on delivering renewable energy and energy storage facilities throughout the United States at the community scale. It is affiliated with the global RIC Energy Group, which also provides engineering, construction, financing and operational expertise across the renewable energy value chain and throughout the world. Please visit www.ric.energy for more info.

About Goldman Sachs Renewable Power LLC
Goldman Sachs Renewable Power LLC is a privately held company managed by the Renewable Power Group of Goldman Sachs Asset Management (GSAM). GSRP is the sponsor of more than 800 solar projects across 27 U.S. states that collectively have a capacity of more than 2.3 gigawatts of clean, renewable power. GSAM’s Renewable Power Group is comprised of investment professionals with leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. The team takes a long-term ownership approach to the operations and management of renewable assets and benefits from Goldman Sachs’ extensive network of relationships, leading institutional infrastructure and in-house industry knowledge and experience. The Renewable Power Group is part of GSAM, one of the world’s leading asset managers with approximately $2.0 trillion in assets under supervision globally as of December 31, 2020.

Erin Kelly

Source: EIN Presswire

Maryland Energy Administration Provides $6.5 Million for Energy Efficiency Upgrades – 1,200 Low-to-Moderate Income Homes

BALTIMORE, MD, UNITED STATES, March 4, 2021 /EINPresswire.com/ — Today the Maryland Energy Administration (MEA) announced $6.5 million in grant funding for fiscal year (FY) 2021 Low-to-Moderate Income Energy Efficiency (LMI) grant. Local governments and nonprofits apply for funding to complete energy efficiency projects specifically designed to serve LMI communities. Funds were regionally distributed across 26 awards to upgrade over 1,200 homes with cost-effective energy efficiency measures that range from lighting to weatherization. This project is funded by the Strategic Energy Investment Fund.

“This energy efficiency program improves the health and safety of Marylanders who are most in need,” said Governor Larry Hogan. “Our administration is proud to support this vital program, which maximizes the ability of the state government to partner with businesses and nonprofits to create jobs and help low-to-moderate income communities thrive.”

“This year, the State of Maryland in partnership with local businesses, governments, and nonprofits was able to help over 1,200 low-income households across the state reduce their utility bills,” said Dr. Mary Beth Tung, MEA Director. “Upgrading energy efficiency in homes is a sustainable investment, which makes economic and environmental sense.”

BlockChain Frontiers Foundation, Inc. (BFF) is a nonprofit located in Prince George’s County that works to develop sustainable principles, policies, and community programs that enhance citizen health and housing while reducing the cost of living. BFF will use their $716,787 grant to conduct energy audits and install cost-effective energy efficiency measures based on audit findings in 80-100 homes in Calvert, Charles, Prince George’s, and St. Mary’s counties.

Civic Works is Baltimore’s Service Corps and an AmeriCorps organization that works to strengthen communities through education, workforce development and community service. Civic Works received two FY21 grants of just over $1 million, and will provide energy audits for up to 600 homes and whole house improvements to approximately 50-200 in Baltimore City and Baltimore, Carroll, Cecil, Harford, Howard, and Montgomery counties. Additional energy upgrades will consist of LED light bulbs, low-flow showerheads, and faucet aerators.

SAFE Housing, Inc. works to help economically disadvantaged people obtain or create safe, energy efficient housing. SAFE Housing will use their FY21 grant of $239,558 to implement whole home/whole building upgrades on approximately 30 homes in Allegany, Garrett, and Washington counties. Households that have been deferred due to health and safety concerns will receive energy audits that focus on health and safety measures such as mold remediation, and cost-effective energy efficiency measures to improve the quality of life for residents.

A full list of FY21 LMI grantees available online. LMI grants are competitively awarded for energy efficiency projects that generate significant energy savings and pass on the benefits of the savings to Maryland’s LMI residents. Projects that maximize energy savings per dollar of MEA investment and the number of LMI residents served receive priority. Key selection criteria for these projects was ensuring the project could move forward, following federal and state guidance, in light of COVID-19 to help Marylander’s reduce their energy costs when savings will be needed most.


The Maryland Energy Administration (MEA) advises the governor and general assembly on all energy matters. MEA develops and administers programs and develops policy to support and expand all sectors of Maryland’s economy to the benefit of all Marylanders to implement legislation. For more information about the Maryland Energy Administration, visit www.Energy.Maryland.gov and follow us on Facebook, Twitter and LinkedIn.

Kaymie Owen, CMP
Maryland Energy Administration
+1 443-694-3651
email us here
Visit us on social media:

Source: EIN Presswire

Amantya Technologies and Aarna Networks Partner to Enable Fully Automated 5G Core Service Management and Orchestration

SAN JOSE, CA, USA, March 4, 2021 /EINPresswire.com/ — Amantya Technologies, a best-in-class product engineering services company operating in the 5G space, and Aarna Networks, a leading 5G network and edge computing application management software company, today announced a partnership to fully automate 5G Core Service Management and Orchestration.

The Amantya 5G Core is a cloud-native core network solution, conforms to 3GPP specifications release 15, and offers 5GC and EPC as well as integrated 5GC and EPC, both SA and NSA models. The Aarna Networks Multi-Cluster Orchestration Platform (AMCOP) is an open-source orchestration, lifecycle management, and closed-loop automation software platform for 5G networks and edge computing applications.

Anuradha Gupta, CEO, Amantya Technologies, speaking about the partnership, said, “As 5G progresses, operators, OEMs, and application vendors will need an end-to-end orchestrated core with intuitive, self-explanatory workflows for their testing needs. Our joint offering with Aarna fulfills that need. Private 5G for enterprises is another space where our joint offering will be particularly useful.”

Specifically, the partnership will achieve the following objectives as a part of the roadmap:

– Management of 5G Core CNFs using AMCOP
– Usage of AI/ML models to create a ‘Network Digital Twin’, that will simulate live network performance allowing operators to determine fault points and initiate pro-active remedial measures
– Management of CU/DU RAN components using AMCOP

“5G will be fully software-driven with cloud-native network functions running in a containerized environment. In addition, networks of the future will leverage AI/ML models to predict and optimize network performance. Installing, managing, and maintaining service assurance in such a complex environment requires new software solutions. Our AMCOP product along with the 5G Core from Amantya Technologies will help customers implement a zero-touch deployment,” said Amar Kapadia, Co-Founder and CEO, Aarna Networks.

To learn more about Amantya Technologies visit www.amantyatech.com or email: connect@amantyatech.com

To learn more about Aarna Networks, visit www.aarnanetworks.com or email: info@aarnanetworks.com

About Amantya Technologies:

An ISO 9001:2005 and ISO 27001 certified company, Amantya Technologies, is a best-in-class product engineering and software development company with a strong technical & ODM partner ecosystem. Amantya works with organizations that are betting on 5G and next-gen technologies like AI/ML, IoT, Cloud, and edge analytics. The company’s 5G portfolio ranges from Radio Access Networks offerings which comprise of RAN accelerators (mmWave iCell and Sub6 iCell) and Cloud-Hosted Multi-Tech Integrated Core Network for simulation and enterprises (5G Lab and Private 5G Network). The company is based in Wilmington, DE, and Gurugram, India.

About Aarna Networks:

Aarna Networks is an open-source software company that enables orchestration, management, and automation of 5G networks and edge computing applications. 5G and Edge are a once-in-a-generation disruption that will fundamentally change how we work and live, and Aarna Networks is well-positioned to take advantage of this trend. The company uses the Linux Foundation and Intel OpenNESS open source projects for its products and is based in San Jose, CA, and Bengaluru, India.

Priya Chakaborty
Aarna Networks, Inc.
+1 408-372-6277
email us here
Visit us on social media:

Source: EIN Presswire

Converting Carbon Dioxide to Synthetic Fuels

Skyre's new technology is set to make a great impact on climate change.

The project objective is to design and develop a new class of cost-effective, electrolyzer-integrated, modular nano-array catalytic reactors, to convert carbon dioxide to, in this case, methanol.”

— Dr. Thomas Maloney, VP Technology

EAST HARTFORD, CT, U.S.A., March 4, 2021 /EINPresswire.com/ — In an ongoing effort to develop climate change-fighting technologies, Skyre – a leading innovator in clean energy technologies – has produced breakthrough design and performance results with their hydrogen generation and CO2 conversion technology. Backed by the U.S. Department of Energy (DOE), Skyre and its project partners have demonstrated a pathway to create low-cost fuel from waste carbon dioxide and hydrogen renewables by designing the first fully integrated hydrogen generation and CO2 conversion system.

“The project objective is to design and develop a new class of cost-effective, electrolyzer-integrated, modular nano-array catalytic reactors, for the synthesis of fuels from waste carbon dioxide ¬– in this case methanol”, says Skyre’s V.P. Technology, Dr. Thomas Maloney.

Capturing CO2 from the atmosphere is not particularly difficult or even novel, but being able to convert CO2 into something valuable, through a carbon-neutral or negative process is challenging. “The two big parts of the process include an electrolyzer – the source of renewable H2 – and the CO2 catalytic reactor which produces liquid fuels”, says Dr. Maloney. “There are people that have worked on catalysts, electrolyzers, CO2 reactors, and so on, but nobody has done a close integration of these two devices while addressing some of the most challenging elements for optimizing the performance of each. Our team’s test data have shown improvements of the conversion rate of CO2 as well as the selectivity of the chemicals we want to make”, says Dr. Maloney.

Skyre is one of the early pioneers in CO2 capture and conversion. The core of their CO2RENEW™ system was originally developed for advanced life support systems used in closed environments and is being upgraded to address the global climate change concerns. Skyre realizes however, that developing solutions to solve the carbon emissions crisis requires innovation and collaboration amongst some of the very best scientists and engineers. “So as we often do, we reached out to trusted partners who could help drive that innovation”, says
Dr. Trent Molter, CEO of Skyre.

Along with Skyre, the University of Tennessee Knoxville (UTK), the University of Connecticut (UCONN), Brookhaven National Laboratory, NY, Stony Brook University, NY, the Connecticut Center for Advanced Technology (CCAT), and Advanced Manufacturing, LLC, make up a strong collaboration that has produced results.

“The way forward requires a different way of thinking and doing”, says Dr. Molter. “We’ve done just that and have put us one step closer to a commercially viable solution to help overcome the greatest challenge of our time.”

About SKYRE: SKYRE uses a proven, patented electrochemical technology to build innovative clean energy products that deliver breakthrough efficiency and are socially responsible. SKYRE’s products create economic opportunities for companies and contribute to global environmental sustainability by solving some of the world’s most challenging and pressing resource and energy problems.

Gail A. Brackett, VP Marketing & Communications
(310) 936-3136 (O)

Dr. Trent Molter, President & CEO
(860) 652-9690 (O)

Gail A. Brackett
+1 310-936-3136
email us here

Source: EIN Presswire

Oregon US Navy Veterans Lung Cancer Advocate Urges a Navy Veteran with Lung Cancer in Oregon-Who Also Had Navy Asbestos Exposure to Call Attorney Erik Karst of Karst von Oiste-Get Compensated-It May Exceed $100,000

"We are on a mission to make certain a Navy Veteran or person who had heavy exposure to asbestos decades ago and who now has lung cancer-gets compensated. ”

— Oregon US Navy Veterans Lung Cancer Advocate

PORTLAND , OREGON, USA, March 4, 2021 /EINPresswire.com/ — The Oregon US Navy Veterans Lung Cancer Advocate is urging a Navy Veteran with lung cancer anywhere in Oregon to please call attorney Erik Karst of the law firm of Karst von Oiste at 800-714-0303-if he had significant exposure to asbestos prior to 1982 on a navy ship, submarine or at a navy shipyard. Financial compensation for a person like this might exceed $100,000 and the financial claim does not involve suing the navy. The typical person the Advocate is attempting to identify served in the navy in the 1950s, 1960s or 1970s. It does not matter if the person smoked cigarettes as Erik Karst of the law firm of Karst von Oiste is always happy to discuss.

The Advocate says, "We are on a mission to make certain a Navy Veteran or person who had heavy exposure to asbestos decades ago and who now has lung cancer-gets compensated. Most people who had asbestos exposure at work or while they were in the service never get compensated-even though the $30 billion dollar-asbestos trust funds were set up for them too. If the person we have just described sounds like your husband, dad or friend please ask them to call attorney Erik Karst of the law firm of Karst von Oiste at 800-714-0303. We think you will be glad you did." www.karstvonoiste.com/

The Oregon US Navy Veterans Lung Cancer Advocate’s free services are available to people with asbestos exposure lung cancer or mesothelioma in Portland, Eugene, Salem, Gresham, Hillsboro, Beaverton, Bend, Medford, Springfield, Corvallis or anywhere in Oregon. https://Oregon.USNavyLungCancer.Com

High-risk work groups for exposure to asbestos in Oregon include Veterans of the US Navy, power plant workers, factory workers, truck building workers, maritime workers, pulp and paper mill workers, public utility workers, plumbers, electricians, welders, auto mechanics, machinists, and construction workers. In most instances, the diagnosed person’s exposure to asbestos occurred in the 1950’s, 1960’s, 1970’s, or 1980’s. www.karstvonoiste.com/

According to the American Cancer Society for nonsmokers who have been exposed to asbestos in their workplace the risk of lung cancer is five times that of unexposed workers. https://www.cdc.gov/cancer/lung/statistics/index.htm.

The US Navy Veterans Lung Cancer Advocate says, “If your husband, dad, coworker or neighbor has just been diagnosed with lung cancer and you know they had significant exposure to asbestos in the navy, at a shipyard or while working at a factory, at power plant, public utility, or as a plumber, electrician welder, mechanic or any kind of skilled trades group in any state please have them call us anytime at 800-714-0303. Most people like this never get compensated-even though the asbestos trust funds were set up for them too. We are trying to change this sad fact.” https://USNavyLungCancer.Com

States with the highest incidence of lung cancer include Kentucky, West Virginia, Maine, Tennessee, Mississippi, Ohio, Indiana, Louisiana, Arkansas, Missouri, North Carolina, Rhode Island, Alabama, and Delaware. www.karstvonoiste.com/

For more information about asbestos exposure lung cancer and mesothelioma please visit the CDC’s website on these topics: https://www.atsdr.cdcgov/asbestos/health_effects_asbestos.html.

Michael Thomas
Oregon US Navy Veterans Lung Cancer Advocate
+1 800-714-0303
email us here

Source: EIN Presswire

Oil Sample Testing for Industrial Oil—TestOil Explains Viscosity Considerations

TestOil Industrial Oil Analysis

TestOil explains viscosity, VI, how to select industrial oil with the correct viscosity and oil analysis testing that pinpoints issues resulting from viscosity.

Viscosity is the single most important physical property of a lubricant. When you use an oil with an incorrect viscosity, you reduce the life of the machine—in some instances rather quickly.”

— TestOil Field/Data Analyst Dwon Ruffin

CLEVELAND, OHIO, U.S., March 4, 2021 /EINPresswire.com/ — TestOil, the industry leader in lubricant analysis, explains viscosity, viscosity index, the considerations for selecting industrial oil with the correct viscosity and oil analysis testing that pinpoints issues resulting from viscosity.
TestOil Field/Data Analyst Dwon Ruffin explains, “Viscosity is the single most important physical property of a lubricant. The concept can be confusing, but you can think of viscosity this way: water has a kinematic viscosity of close to zero centistokes (cSt) while something like molasses is well over 1000 cSt.”
Today’s advanced machinery is trending toward much tighter clearances between components, enabling the use of lower viscosity oils. As long as they provide adequate surface coverage and separation, these oils reduce internal friction better than higher-viscosity oils. A lower viscosity oil makes sense in circumstances where there is low load, high speed and a lower operating/ambient temperature. Oil that’s too thin, however, can lead to insufficient oil pressure, an inconsistent lubricating film, metal-to-metal contact and wear.
Circumstances where a higher viscosity oil makes sense are just the opposite: high load, low speed and a higher operating/ambient temperature. In today’s tighter clearance situations, oil with a viscosity that is too high can clog at or near the clearance and provide almost no protection for affected components.
“Either way, when you use an oil with an incorrect viscosity, you reduce the life of the machine—in some instances rather quickly,” Ruffin said.
Regarding temperature, as oil temperature increases, viscosity decreases; resulting in lower volumetric efficiency, overheating and wear. As oil temperature decreases, viscosity increases, friction increases and excessive heat is generated. So a general rule of thumb is: high viscosity for hot temperatures and low viscosity for cold.
OEM considerations for choosing viscosity are generally load and speed, but operating temperature, which can have an extreme effect on viscosity and is often overlooked, is just as important. This is especially true if operating conditions necessitate an extreme temperature-resistant product.
Many oils resist changes in viscosity brought about by changes in temperature. This property is measured by viscosity index (VI); the higher the VI, the less viscosity is affected by temperature change. A lubricant may merit having a high VI for reasons that include varying loads, speeds and ambient temperatures. High quality, relatively expensive base oils and additives will boost VI. Conversely, less expensive, lower VI lubricants are appropriate if speeds, loads and temperatures are constant.
Even oils with a high VI will eventually provide less protection. Overall viscosity, acid number and contamination need to be monitored. Ruffin advised, “When surfaces start coming into contact with each other, they will deposit particulate in the oil, which we might see in the lab.” High levels of particulates can lead to accelerated machine wear due to abrasion.
The bottom line in that selection of the optimum fluid viscosity grade—something TestOil’s experts can help with– will provide the most efficient machine performance.
TestOil offers viscosity testing which is a measure of a lubricant's resistance to flow (shear stress) at a specific temperature. The company also offers onsite sampling for heading off viscosity-related issues. For more information on lubrication fundamentals, visit: https://bit.ly/3pJJvIr
With more than 30 years of experience in the oil analysis industry, TestOil focuses exclusively on assisting industrial facilities with reducing maintenance costs and avoiding unexpected downtime through oil analysis program implementation. As industry experts in diagnosing oil-related issues in equipment such as turbines, hydraulics, gearboxes, pumps, compressors and diesel generators, TestOil provides customers with a guarantee of same-day turnaround on all routine testing. With in-house, certified training professionals, TestOil offers lubrication and oil analysis training, private onsite training, certification training and exams, and educational webinars. For more information on partnering with TestOil on oil analysis programs or training opportunities visit https://testoil.com. Contact: 216-251-2510; sales@testoil.com.

Jeanna Van Rensselar
Smart PR Communications
+1 630-363-8081
email us here

Source: EIN Presswire

Delaware US Navy Veterans Mesothelioma Advocate Encourages a Navy Veteran with Mesothelioma in Delaware to Call Attorney Erik Karst of Karst von Oiste-Get a Tailor Suited Compensation Plan for Better Results

"We are encouraging a Navy Veteran with recently diagnosed mesothelioma or their family members to call attorney Erik Karst of the law firm of Karst von Oiste anytime at 800-714-0303.”

— Delaware US Navy Veterans Mesothelioma Advocate

WILMINGTON , DELAWARE , USA, March 4, 2021 /EINPresswire.com/ — The Delaware US Navy Veterans Mesothelioma Advocate says, "We are encouraging a Navy Veteran with recently diagnosed mesothelioma or their family members to call attorney Erik Karst of the law firm of Karst von Oiste anytime at 800-714-0303 for a tailor suited plan for much better financial compensation results. While there might be all kinds of online offers for 'free' generic booklets, kits, guides, calculators, and other nonsense-Erik Karst of Karst von Oiste will answer specific questions about mesothelioma compensation and explain how the compensation process works. Mesothelioma compensation for a Navy Veteran can frequently exceed a million dollars-as Erik Karst of the law firm of Karst von Oiste is always happy to discuss.

"We are also strongly encouraging the family of a Navy Veteran with mesothelioma to get involved to help their loved one. Because of the Coronavirus there is a very good chance a person with mesothelioma was initially diagnosed with COVID-19. COVID-19 and mesothelioma have very similar symptoms-so by the time the person gets properly diagnosed they are very ill.

"If the person we have described for you sounds like your husband or dad and the diagnosis of mesothelioma has just been confirmed-please call attorney Erik Karst of the law firm of Karst von Oiste anytime at 800-714-0303 for his-step by step approach to ensure the best possible financial compensation settlement happens for your loved one." www.karstvonoiste.com/

The Delaware US Navy Veterans Mesothelioma Advocate offers their free services to US Navy Veterans with mesothelioma in Wilmington, Dover, Newark, Middletown, Smyrna, Milford, Seaford or anywhere in Delaware. https://Delaware.USNavyMesothelioma.Com

For the best possible treatment options in Connecticut the Connecticut US Navy Veterans Mesothelioma Advocate strongly recommends the following heath care facility with the offer to help a diagnosed Veteran, or their family get to the right physicians at this hospital. Christiana Care: https://christianacare.org/services/cancer/.

About one third of all US citizens diagnosed with mesothelioma each year are Veterans of the US Navy. Before a Navy Veteran with mesothelioma or their family retain the services of a lawyer or law firm, they are urged to call the US Navy Veterans Mesothelioma Advocate anytime at 800-714-0303. https://USNavyMesothelioma.Com

The states with the highest incidence of mesothelioma include Maine, Massachusetts, Connecticut, Maryland, New Jersey, Pennsylvania, Ohio, West Virginia, Virginia, Michigan, Illinois, Minnesota, Louisiana, Washington, and Oregon. www.karstvonoiste.com/

For more information about mesothelioma please refer to the National Institutes of Health’s web site related to this rare form of cancer: https://www.cancer.gov/types/mesothelioma

Michael Thomas
Delaware US Navy Veterans Mesothelioma Advocate
+1 800-714-0303
email us here

Source: EIN Presswire

FL Startup Patents Revolutionary Scalable System to Store Green Energy

A Global Green Energy Storage Solution That Can Be Installed Anywhere


For Immediate Release
Contact: Charles James

When the wind does not blow or the sun does not shine, the renewable, green energy industry needs efficient, scalable, and effective long-term energy storage. This need was demonstrated by recent power issues in Texas and elsewhere where windmills and solar panels were incapacitated by the weather causing devastating power outages. Battery-based storage typically lasts for 4 to 6 hours.

A Florida-based start-up, LVM Technology LLC, is confident it has developed and patented a unique longer-term energy storage solution. A patent, recently granted to Ramses and Jeremy Nashed, founders of LVM Technology LLC, covers an innovative pumped-hydro system utilizing a liquid-vapor mixture to maintain constant pressure in renewable energy storage tanks. Typically, compressed air is used to store energy in the form of pressure, but the pressure varies as fluid is dispensed. The potentially game-changing technology uses a liquid-vapor mixture (LVM) instead of air to maintain constant pressure as the stored liquid is dispensed.

“This new liquid-vapor combination system will revolutionize renewable energy storage as it enables environmentally safe, efficient, scalable energy storage and distribution regardless of location,” said co-founder Ramses Nashed, MD. “This will be a game-changer,” indicates Jeremy Nashed, a co-founder of the company, “and there are potential applications beyond energy storage such as constant high-pressure water distribution for high-rise buildings or municipalities, aero-space, residential, etc.”

“We are currently seeking partners in various industries to help demonstrate this new technology in advance of rapidly implementing it,” reports Charles James, the company’s COO. “To express interest and learn more, visit our web site at https://lvmtechnology.com

LVM Technology LLC is a start-up focused on renewable energy storage. For additional information, visit https://lvmtechnology.com/

Ramsey Nashed
LVM Technology
+1 727-418-6622
email us here

Source: EIN Presswire

Cielo Announces Letter of Intent for CDN$10M Convertible Loan for Edmonton Land Purchase and Loan Repayment

Cielo Waste Solutions Corp. (CSE:CMC.CN)

RED DEER, ALBERTA, CANADA, March 3, 2021 /EINPresswire.com/ — Cielo Waste Solutions (CSE: CMC), (OTCQB: CWSFF), (CNSX:CMC.CN), (WKN:C36) ("Cielo" or the "Company") is pleased to announce it has entered into a binding letter of intent to obtain from one or more lenders (the “Lender(s”)), a non-interest bearing, unsecured convertible loan of CDN$10 Million (the “Loan”).

The net proceeds of the Loan will be used to purchase a site near Edmonton, Alberta, which will be used for Cielo’s planned 100% owned waste to high grade renewable fuel facility (“Edmonton Facility”). This marks the beginning of Cielo’s expansion plans which is ahead of its previous schedule. Cielo will have the discretion to use the balance of the funds as needed, for working capital purposes, and to repay in whole or in part Cielo’s largest secured lender, which is currently owed approximately CDN$3.8 Million.

The Loan is non-interest bearing and unsecured with a term of 12 months (the “Term”). Cielo will be entitled to repay the Loan at any time during the Term without penalty. During the Term, until maturity or such early repayment, the Lender(s) will be entitled to convert the Loan at CDN$1.02 per share. The Loan is also subject to transaction fees equal to CDN$700,000 and Cielo will also pay a cash commission to a third party equal to CDN$800,000. Cielo believes these fees and commissions are well in line with industry standards and eliminate high interest payments and saves Cielo millions in debt payments without significant dilution of the company shares with an exceptional conversion strike price.

Don Allan, President and CEO of Cielo, stated, “We are truly happy to be able to announce that we are commencing a100% owned Cielo facility ahead of schedule. We have selected the area for the new facility and will start immediately on negotiating the purchase. The site is located close to both CN and CP Rail, major diesel refineries (clients) and feedstock supply. Purchasing the land now, provides Cielo the opportunity to begin engineering and permitting at the same time as the same work that is being done with Cielo’s partners in Dunmore, Alberta. To be able to purchase this land for cash and no mortgage allows Cielo the ability to choose numerous options to raise the $50 million for the construction of this facility and the extra money required to prepare the land. The plant will initially be engineered to produce annually approximately 33 million liters of high-grade renewable diesel which at todays prices is approximately CDN$55 million in annual revenues. The land is large enough to allow for multiple expansions. This Loan will also provide Cielo with the flexibility to assign the balance of the funds as needed, including for working capital. It is our intention to decrease our debt by repaying our largest secured lender in full. On February 23rd, we had our first major sale of renewable diesel and now with Cielo buying the expansion land for cash and ahead of schedule, while clearing up its existing balance sheet, Cielo is having an amazing start to 2021 and is poised to continue strong growth on all fronts.

On behalf of the Board of Directors of the Company,

Cielo Waste Solutions Corp.
“Don Allan”
Don Allan, President / CEO / Director

Cautionary Note Regarding Forward-looking Statements

This News Release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. CIELO is making forward looking statements related to: entering into the letter of intent with respect to the Loan; and the use of proceeds of the Loan. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. The CSE and the OTCQB have not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.

Don Allan
Cielo Waste Solutions Corp.
+1 403-348-2972
Visit us on social media:

Source: EIN Presswire

WhereOS data innovation platform launched

WhereOS facilitates faster innovation for data driven businesses. WhereOS is holistic solution for companies who want to get more value out of their data.

In the future, ability to innovate faster across organizational boundaries and utilize data coming from your own systems, your partners' and customers' systems and open data sources is crucial.”

— JP Partanen

HELSINKI, FINLAND, March 3, 2021 /EINPresswire.com/ — WhereOS facilitates faster innovation for data driven businesses. With WhereOS ecosystem as a service model we can provide a holistic solution for companies who want to get more value out of their data, and turn data into valuable assets.

We help companies to navigate in the modern data driven business environment, addressing the three key trends:

1. Hyperconnected World – Businesses are getting more and more connected to online, cloud based information systems as a part of their business processes. Customers are accessing companies’ online services 24/7 through different interfaces, generating more and more information about their purchase behavior, location, movement, social interactions and so forth – all tied to geographical locations

2. Business Digitalization – New businesses are challenging traditional industries by using combinations of static and dynamic information to create new services for their digital customers: They know better who their customers are, what they want, where they are located, and how to serve them best. They know where the operational bottlenecks are and can deliver the right goods and services to right locations to create the best customer experience, maximize the sales and minimize the cost.

3. Data Explosion – The amount of data businesses are collecting from their customers and business operations is increasing constantly. Data sets are large, and in constant change – the existing IT systems and processes do not facilitate innovation in the fast paced change many industries are undergoing.

With WhereOS data innovation platform and ecosystem you facilitate innovation with fast turn-around cycles and deliver working solutions in a matter of days and weeks instead of months and years. The speed of innovation is the key to be able to navigate in the fast paced business environment and rapidly changing business requirements.

From the technical point of view, with WhereOS, it’s extremely easy to built APIs and applications based on data: instead of months, new applications can be create in a matter of hours or days. This facilitates lean prototyping of how data can be used to create new value-adding services and products, helping both traditional and new businesses to speed up the development.

JP Partanen, Chief Data Scientist
+358 50 4869257
email us here

Source: EIN Presswire