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Norway firm refuses to certify Russia's Nord Stream 2 over new U.S. sanctions – media
22:57, 02.01.21
1 min. 74

The launch of the pipeline operation is impossible without such a certificate.

Norway's risk management and quality assurance firm DNV GL has refused to certify Russia's Nord Stream 2 gas pipeline when its construction is completed over new U.S. sanctions.

Read alsoNord Stream 2 pipelaying in German waters completed
According to the current situation, DNV GL cannot issue a certificate upon completion of the pipeline construction, the Russian news agency RBC reported on January 2, referring to DNV GL.

The launch of the pipeline operation is impossible without such a certificate.
Nord Stream 2: Background

The Nord Stream 2 project envisages the construction and operation of two gas pipeline branches with a total throughput capacity of 55 billion cubic meters of natural gas per year from the coast of Russia through the Baltic Sea to Germany. It should connect Russia's Ust-Lug and Germany's Greifswald. This new pipeline bypassing Ukraine is to be built next to the existing Nord Stream 1 pipeline.
The construction of the pipeline was expected to be completed before the end of 2019.
The pipeline will be 1,220 km long. The project is being implemented by Russia's Gazprom in alliance with European companies – ENGIE, OMV, Royal Dutch Shell, Uniper, and Wintershall. Ukraine stands against the construction of Nord Stream 2 as it will most likely lose its status of a gas transit country, while its potential revenue losses are estimated at US$3 billion annually. The project is also highly criticized by the U.S., Poland, and the Baltic States.
According to media reports, U.S. President-elect Joe Biden intends to do his best to prevent the construction of Nord Stream 2.

Author: UNIAN

Read more on UNIAN: Https://

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Russia accelerates Nord Stream 2 project to beat U.S. sanctions
By Vanessa Dezem, Daniel Flatley and Dina Khrennikova on 12/30/2020

(Bloomberg) --Russia is stepping up work on the Nord Stream 2 pipeline before the U.S. tightens sanctions against the controversial project designed to feed more natural gas into Germany.

Construction of the 1,230-kilometer (764-mile) pipeline reached a milestone on Monday with the completion of pipe-laying in German’s exclusive economic zone, the project operator said. Among the next steps is resuming work in Denmark’s part of the Baltic Sea, where the bulk of the remaining sections of the 157 kilometer link will be located.

Progress on the link is a victory for Russian President Vladimir Putin and the nation’s gas export champion, Gazprom PJSC. When complete, the project will allow Russia to expand deliveries of gas to Europe and circumvent the traditional transport corridor through Ukraine. The U.S. and Eastern European nations say Nord Stream 2 will make Germany and the European Union too reliant on Russian gas.

“There are approximately 120 kilometers in Danish waters and approximately 30 kilometers in German EEZ to be laid,” Nord Stream 2 said in an emailed reply to questions on Tuesday. “We are not in a position to deliver further construction details. We will inform about further offshore construction activities in due time.”

Work on the 9.5 billion-euro ($11.6 billion) project was stopped a year ago by U.S. sanctions and resumed only earlier this month when Gazprom found its own ship to lay the pipeline. Nord Stream 2 can use the vessel Fortuna to carry out the work starting Jan. 15, assisted by construction vessels Murman and Baltiyskiy Issledovatel and other supply ships, the Danish Maritime Authority said last week.

Based on the Danish permit, the operator must submit an updated schedule to the nation’s Energy Agency prior to carrying out the works. So far, the regulator hasn’t received the updated plan, the agency said. The Fortuna vessel can lay as much as 1 kilometer of pipes per day.

At that rate, analysts estimate Nord Stream 2 could start operations as soon as the end of 2021 under an optimistic scenario.

“I firmly believe the pipeline will be completed,” Uniper SE Chief Executive Officer Andreas Schierenbeck said in an interview in German newspaper Rheinische Post on Wednesday. “People don’t have to like the pipeline, but Europe needs it.”

The German utility is one of the principal financiers behind the project.

The U.S. meanwhile is maneuvering to tighten sanctions, extending penalties to companies that provide technical certification and insurance for the work. That legislation was part of a broader defense bill that passed Congress but was vetoed by President Donald Trump. The House of Representatives voted to override the veto. If that’s endorsed by the Senate, which is dominated by Trump’s Republican Party, the new measures could come into force in the next few weeks.

Who’s Dependent on Russia’s Gas?

Should the Senate override Trump’s veto on the defense bill, “the new sanctions against Nord Stream 2 will turn into reality,” said Mateusz Kubiak, a senior analyst at Warsaw-based energy consultant Esperis. “It might be just another factor that will make it more difficult for the Russians to effectively and timely restart works” in the Danish waters in January, Kubiak said.

“All of the additional pipe-laying activities will now be sanctioned, including surveying, trenching and rock placement,” he said.

The U.S. maintains that Nord Stream 2 gives Russia too much leverage over Europe and that American liquefied natural gas supplies are a better alternative. Nord Stream 2 benefits the economies of Germany and Europe since the price of Russian pipeline gas is 20% lower than that of U.S. LNG, according to Putin.

U.S. sanctions can complicate the completion of Nord Stream 2, Kremlin spokesman Dmitry Peskov told reporters last week. Deputy Prime Minister Alexander Novak told the state TV channel Rossiya 24 on Monday that the pipeline will be completed because good for European business.

“It’s a commercial project, which is, in the first place, in the interests of our foreign partners,” Novak said.

the grumpy old men
Oil Prices Continue Climb On Large Crude Draw
By Julianne Geiger - Dec 29, 2020, 3:43 PM CST

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.785 million barrels for the week ending December 25.

Analysts had predicted an inventory draw of 2.100 million barrels for the week.

In the previous week, the API reported a build in oil inventories of 2.70-million barrels, after analysts had predicted a draw of 3.135 million barrels.

Both Brent and WTI were up on Tuesday morning before the data release on hopes of a larger round of stimulus checks signed off on by President Donald Trump and the House on Monday. Gains continue to be capped, however, by OPEC's plans to gradually increase oil production after the start of the year despite lockdowns and depressed demand.

Moments before Tuesday's data release, WTI had risen by $0.41 (+0.86%) to $48.03, up $.80 per barrel on the week. The Brent crude benchmark had risen on the day $0.44 at that time (+0.87%) to $51.30—up roughly $1 per barrel on the week.

U.S. oil production held steady at 11.0 million bpd for the week ending December 18, according to the Energy Information Administration—;2.1 million bpd lower than the all-time high of 13.1 million bpd reached in March.

The API reported a draw in gasoline inventories of 718,000 barrels of gasoline for the week ending December 25—compared to the previous week's 224,000-barrel draw. Analysts had expected a 1.778-million-barrel build for the week.

Distillate inventories were down by 1.877 million barrels for the week, compared to last week's 1.03-million-barrel increase, while Cushing inventories rose this week by 131,000 barrels.­

At 4:36 p.m. EDT, the WTI benchmark was trading at $47.99, while Brent crude was trading at $51.07.

By Julianne Geiger for


Nord Stream 2 completes offshore German pipelay

Russian gas export pipeline project to resume laying remaining segments in Danish waters in January, despite growing political tensions

29 December 2020 16:03 GMT Updated 29 December 2020 16:23 GMT
By Vladimir Afanasiev
in Moscow

Gazprom-owned operator Nord Stream 2 has completed laying two short, shallow-water segments of its gas export pipeline in Germany's Baltic Sea waters over the weekend, with the pipelaying barge Fortuna returning to the port of Wismar.

Echoing earlier reports, Nord Stream 2 said it now expects to resume construction of two longer segments of the pipeline in Danish waters in mid-January. though it did not provide further details.

Once finished, these two segments will enable Nord Stream 2 to move into the commissioning phase of the project, which is already more than a year behind the original schedule because of US sanctions.

Speaking in Moscow, Dmitry Peskov, spokesman for Russian President Vladimir Putin, acknowledged that the sanctions are “complicating” the pipeline project, which the Kremlin believes is needed for European energy security.
'I think we will be able to finish the job' - Putin on Nord Stream 2

Peskov has described the US sanctions as a “completely overt, cowboy, raider attack” on the project, adding that Russia has met with an “unfriendly and openly hostile operating environment” in the West.

However, Gazprom has been pushing ahead with Nord Stream 2 and “is getting closer to the finalization of this project”, he said.

Peskov said that Russia and its European partners want the project to be brought on stream for the benefit of “European consumers and Russian gas suppliers”.

The Kremlin’s reputation in the West has been tarnished by independent investigation group Bellingcat alleging that Russia’s domestic intelligence service FSB played a role in masterminding the attempted poisoning of opposition leader Alexei Navalny, according to political observers in Moscow.
Gazprom proposes hydrogen production facility in Germany
Read more

Two YouTube videos with details of Bellingcat’s investigation into Navalny's poisoning, released earlier in December, each gathered more than 20 million views within one week, giving a boost to calls for European Union politicians to introduce new sanctions against Russia.

In a pre-emptive response, the Kremlin said it has expanded the undisclosed list of European officials barred from entering Russia for calling for such measures against the country.

In October, the EU sanctioned several Russian officials over Navalny’s poisoning.

However, the EU did not heed calls from European politicians to take punitive measures against Nord Stream 2

the grumpy old men
ENGIE : The resistance should give in
12/24/2020 | 07:28am GMT

12/24/2020 | 07:28am GMT
long trade
Entry price : 12.725€ | Target : 14€ | Stop-loss : 11.6€ | Potential : 10.02%
ENGIE shares are trading close to a major technical resistance, which, if broken, could yield new upside potential and an increase in volatility. This scenario can be anticipated.
Investors have an opportunity to buy the stock and target the € 14.
ENGIE : ENGIE : The resistance should give in

The company has solid fundamentals for a short-term investment strategy.


As regards fundamentals, the enterprise value to sales ratio is at 0.98 for the current period. Therefore, the company is undervalued.
With a P/E ratio at 11.93 for the current year and 11.82 for next year, earnings multiples are highly attractive compared with competitors.
The company is one of the best yield companies with high dividend expectations.
For the last 4 months, the company has been enjoying highly positive EPS revisions, which were frequently and significantly raised.
Analysts covering this company mostly recommend stock overweighting or purchase.
The difference between current prices and the average target price is rather important and implies a significant appreciation potential for the stock.


According to Standard & Poor's' forecast, revenue growth prospects are expected to be very low for the next fiscal years.
The company is in debt and has limited leeway for investment
The company's earnings releases usually do not meet expectations.
Revenue estimates are regularly revised downwards for the current and coming years.
For the last twelve months, the trend in sales revisions has been clearly going down, which emphasizes downgraded expectations from the analysts.


‘Profits will grow seven-fold' – why oil stocks are set for a bumper 2021

Earnings could rocket at companies sensitive to the economy while utilities and technology firms may struggle

By Sam Benstead 27 December 2020 • 5:00am

The oil sector is primed for a blowout 2021, with profits set to rise seven times compared with 2020....


Although the pandemic will continue to weigh on oil demand in 2021, some estimates show that monthly supply deficits could reach their highest in years.

Rystad Energy expects vaccination campaigns to help bring a rapid recovery going forward. Monthly supply deficits will start from May, reaching a high of around 3.4 million barrels per day in August.

“As deficits continue uninterrupted through the year, August’s high could be repeated, if not exceeded by year-end,” the energy consultancy said.

“Our monitors in the US are starting to point out at stronger activity … In addition, there are winds of change forecasted in the geopolitical realm next year,” said Bjornar Tonhaugen, Head of Oil Markets at Rystad Energy.
Oil prices rally

Meanwhile, crude prices continued to rise as markets shrugged off US President Donald Trump’s threats to derail the stimulus programme.

Brent crude rose 2.7 per cent to $51.15 a barrel, while US crude (WTI) jumped 2.75 per cent to $48.05 a barrel.

“With liquidity falling into the holiday period, I expect oil to trade in some quite broad, and potentially volatile ranges in the days ahead,” said Jeffrey Halley Senior Market Analyst, Asia Pacific, OANDA.

“Oil’s ability to move through resistance depends entirely on developments in Washington DC, which are looking very messy at the moment,” said Halley. “That still leaves the door open equally, for a sharp fall or rally from here, despite the underlying bullish case for higher prices in 2021.”
Balanced market

Going into 2021, the market will largely be balanced in January, with supply and demand hovering between 77.7 and 77.8 million barrels per day (bpd), according to Rystad Energy.

The effect of global lockdowns will be felt even more in February and March as demand will not follow the growing supply, creating a surplus of 0.5 million bpd in February and 1.4 million bpd in March.

A minor surplus will also be recorded in April but the market will recovery shortly after, the consultancy said.

Wind 21 December 2020 Engie, Equinor and Enel announce wind data sharing project

Engie, Equinor and Enel announce wind data sharing project

Published by Bella Weetch, Editorial Assistant
Energy Global, Monday, 21 December 2020 12:45

Some of the largest wind turbine owners in the world have announced the launch of a new data sharing programme. Turbine owners around the world will securely and openly exchange operational performance data, enabling them to reduce their data dependency to OEMs, improve analytics and develop a transparent global performance benchmark.

The key objective of the project is to unlock operational insights and to create an operational turbine performance baseline. Enel, Engie and Equinor have confirmed their participation to the project and committed to sharing data from over 10 000 turbines both onshore and offshore. The programme is open to any turbine owner, and a significant number of companies are expected to join the project in the coming months. A series of seminars will take place at the beginning of 2021 to enable any interested party to assess opportunities and coordinate platform development efforts.

By exchanging data on tens of thousands of operating turbines worldwide, leading wind asset owners will be able to turn insights into tangible advantages, such as improving wind farm operations, as well as improving the success rate of claims related to lower than expected power production.

The complete legal framework of the programme, along with detailed technical description for which data are to be shared, and the complete exchange process will be presented at the upcoming industry seminar.



A weaker dollar in 2021 is likely to open the door for higher oil prices, as analysts widely expect the greenback to struggle next year.

Engie buys top Saudi facilities management group AMC
RIYADH, 0 hours, 46 minutes ago
Engie Solutions, an international leader in providing low carbon energy and services, has acquired Allied Maintenance Company (AMC), a Saudi-based total facilities management company with a wealth of experience across numerous locations in the kingdom.

Formed in 1992, AMC has more than three decades of experience serving customers across a range of sectors in Saudi Arabia.

With more than 1,300 staff, AMC currently manages multiple projects in strategic locations across Riyadh, Al Khobar, Dammam, Jubail, Khamis Mushayt, Taif, Jeddah, and Tabuk.

Through the acquisition, Engie will expand its presence in Saudi Arabia by leveraging AMC’s countrywide coverage and client base, while also proving customers with its world leading low carbon energy services – particularly in the areas of energy efficiency and digitization, said the statement from the company.

Engie’s portfolio in the region includes bespoke and performance-based energy services built on people, expertise and cutting-edge technologies.

An objective of the company’s growing presence in Saudi Arabia is to elevate technical capabilities by upskilling the local workforce and deploying new and sustainable solutions designed to optimize energy consumption, asset performance, and operating costs, it added.

On the acquisition, Ian Harfield, Executive Vice President of Engie Solutions (Middle East, South and Central Asia and Turkey) said: "With its strong reputation and network across Saudi Arabia, AMC is a welcome integration into the Engie Group that will strengthen our leadership in delivering energy-driven client solutions locally in Saudi Arabia, and across the region, in line with Engie Group’s vision to enable the transition towards a carbon-neutral society."

On the acquisition, Turki Al Shehri, CEO of Engie in Saudi Arabia, said: "This represents the group’s confidence in the talent and skills cultivated in the Kingdom over the years. By strengthening these long-standing relationships, we plan to accelerate the deployment of integrated energy solutions to our client base in Saudi Arabia."

"We have witnessed remarkable growth across all sectors in the Kingdom, and along with this growth comes a stronger need for value and performance focused solutions," he added.

"This is a proud moment for AMC, to be integrated into Engie Group, said its CEO Abdullah El Sibai.

"As a homegrown company, we have grown a strong portfolio of clients over the last 30 years, and this new step for our company will enable us to enhance our offerings and attract a new generation of technical and skilled workforce to join the growing ranks of professionals in the Kingdom’s energy services sector," he added.-TradeArabia News Service

the grumpy old men

Latest News
Engie works with Silverstone Green Energy on Wales’ first national EV charger network

By John Wood18 December 2020

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electric charging Prius plug-in hybrid close up

EV charging company Engie has worked with Silverstone Green Energy to roll out the first public charging network across Wales.

The Dragon Charging uses the GeniePoint Platform to provide full operational and management facilities including 24/7 customer support for any driver using the network.

Use of the GeniePoint Platform back office system will enable GeniePoint Network drivers to use the Dragon Charging Network, and other linked EV charging networks, without having to re-register and vice versa.

GeniePoint will also provide driver access functionality via the Dragon website. Drivers also have the option of RFID access card for low signal areas.

The Dragon Charging Network offers more than 120 chargers across the country from the Severn Bridge to Pembroke and North to Aberystwyth.

Andrew Mackay, construction project manager, Silverstone Green Energy, said: “We chose the GeniePoint Platform as the back office provider for the Dragon Charging Network because of its proven track record of product reliability and flexibility, but equally because of the great team at Engie providing support, help and advice to our team and to drivers using the Dragon Charging Network.”

The Welsh Government recently published its strategy to boost the take up of electric vehicles across the country, it’s vision to have all users of electric cars and vans confident that they can access electric vehicle charging infrastructure when and where they need it by 2025. To help with the delivery of this plan, they have set aside proposed investment of £30m over five years.

Alex Bamberg, managing director of Engie EV Solutions, said. “Our established market experience enables us to focus on joining up all aspects of electric vehicle charging to provide a clear route for easy transition to electric transport solutions. Providing seamless interoperability across multiple networks makes the easiest driver experience therefore encouraging and supporting the switch to zero carbon transport.”

The chargers on the Dragon Charging Network are owned by local authorities, community groups and commercial organisations that want to make their chargers available for public use. Many of the local authorities involved provide free parking while charging to further encourage changing to electric transport. Engie and Silverstone are continuing to expand the network as more organisations join.

the grumpy old men
Engie Romania buys 9.3 MW solar park in Harghita county
Wind power, turbine Source: SeeNews

BUCHAREST (Romania), December 18 (SeeNews) - The Romanian arm of French electric utility company Engie said on Friday that it has completed the acquisition of a 9.3 MW photovoltaic park in the central county of Harghita.

The acquisition is in line with Engie Romania's strategy focused on the development of renewable energies that have a key role in the energy transition, the company said in a press release.

The value of the deal was not disclosed.

Prior to the completion of the deal, the park was part of Ever Solar, a local company owned by German photovoltaic park developer Soventix and developer Alpin Solar.

The photovoltaic farms were put into operation in 2015 and have so far produced approximately 55 GWh, the equivalent of annual electricity consumption of some 34,000 households.

"This acquisition marks a new stage in achieving our goal of becoming a major investor in the field of renewable energy in Romania by 2030, thus contributing to the group's ambition to be the leader in energy transition," Engie Romania president and CEO Eric Stab said.

"Locally, our goal is to occupy a leading position in the segment of centralised renewable energy - given that wind and solar energy will have an increasing share in the future energy mix of the country - and to provide green energy to our customers, either natural or legal persons," he added.

"Romania has a high potential for solar energy, which will be capitalised more and more in the coming years. Therefore, our objective is to continue the development of the installed capacity portfolio of renewable energies, both through organic growth and acquisitions," Engie Romania said in the statement.

Engie Romania currently operates 110 MW of renewable energy in wind and photovoltaic capacities. Prior to this acquisition, the company was active in renewable energy with two wind farms, with an installed capacity of approximately 100 MW, located in Braila and Galati counties .

The Engie Group is present in Romania in natural gas, electricity and energy services.

Engie Romania is the main subsidiary of the French group in Romania and owns the companies Distrigaz Sud Retele, ENGIE Servicii, ENGIE Building Solutions, Alizeu Eolian and Braila Winds, serving a total 1.9 million customers. Engie Romania and its subsidiaries operate a distribution network of about 20,000 km, own two wind farms with a total capacity of 110 MW and have 4,000 employees.
More stories to explore


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ENGIE signs renewable energy PPAs with Amazon

Published by Sarah Smith, Digital Editorial Assistant
Energy Global, Tuesday, 15 December 2020 11:40

ENGIE has announced several energy offtake contracts with Amazon for a global renewable energy portfolio of wind and solar projects across the US, Italy and France totalling 650 MW. These Corporate Power Purchase Agreements (PPAs) will exclusively rely upon renewable energy production facilities developed by ENGIE. For ENGIE, this operation is the largest portfolio of agreements signed at once with a single counterparty.

These projects align with Amazon’s goal to power its operations with 100% renewable energy by 2030 and reach net zero carbon by 2040. They also demonstrate ENGIE's expertise across the green energy value chain, from the construction and operation of renewable energy plants, to the sale of energy to industrial customers. In 2019, ENGIE signed over 2000 MW worth of clean energy Corporate PPAs, mostly in the US but also in Europe, notably in Spain.

In the US, Amazon’s new renewable energy solar and wind projects with ENGIE represent 569 MW in Delaware, Kansas, North Carolina, Ohio and Virginia. They will supply Amazon with approximately 1850 GWh of power and with the associated project renewable energy credits (REC’s) annually. During construction, ENGIE will create approximately 300 jobs at each wind facility and 210 jobs at each solar facility. Projects are expected to reach commercial operation in 2021 through 2022.

In Europe, Amazon’s total contracts with ENGIE add up to 66 MW in Italy and 15 MW in France, and are the company’s first utility-scale renewable energy projects in each country. Amazon will purchase renewable energy from two solar facilities located in Southern Italy and another in Southern France to power its European operations.

"These new projects with ENGIE represent our first utility-scale renewable energy projects in Italy and France in Europe and our first projects in Delaware and Kansas in the US. They substantially help us on our path to powering our operations with 100% renewable energy by 2030,” said Nat Sahlstrom, Director, Amazon Energy. “Working with ENGIE, we are able to add 650 MW of new power to grids in the US and Europe. Our push for more renewable energy is one step toward our goal of reaching net-zero carbon by 2040 as part of Amazon’s commitment to The Climate Pledge.”

These contracts demonstrate ENGIE’s capabilities to commercialise green energy internationally for our customers, and in North America - as elsewhere - we recognise that bold commitments are needed from global companies and local communities alike to lead the way to clean energy use,” said Gwenaëlle Avice-Huet, ENGIE’s Executive Vice President in charge of the Renewables Business Line and Chief Executive Officer of ENGIE North America. “We are excited to work with Amazon to create a clean, prosperous, low carbon future - and create economic benefits for the communities involved.”

la forge
Engie's water solutions

Engie to provide sustainable drinking water in Kuwait

KUWAIT, 6 hours, 42 minutes ago

Engie Solutions, an international leader in integrated low-carbon and high performance solutions, has recently collaborated with Kuwait Foundation for the Advancement of Sciences (KFAS) and Trashtag Kuwait, both non-profit organisations, in launching Project My Mai.

It is the latest environmental and community initiative that aims to provide sustainable drinking water solutions to low-income migrant communities that have been affected by the pandemic.

With the support from KFAS, Engie Solutions Kuwait and Trashtag Kuwait volunteers installed 200 water filters in several communities, helping more than 1,000 people by giving them access to a safe, clean and sustainable source of water.

In alignment with Kuwait Vision 2035’s sustainable development goals, this initiative is also expected to prevent over 2 million plastic water bottles from being used.

Tomas Greenwood, General Manager, Engie Solutions Kuwait, commented: “As part of the Engie Group, we are dedicated to providing sustainable and innovative solutions to our customers in Kuwait, as well as to the community. It gives us great pride to be able to contribute to Trashtag Kuwait’s efforts to provide sustainable sources of water that will positively impact the environment in the long run, while also encouraging people to make the switch for the betterment of the environment.”

Commenting on the initiative, Eng Manar Al Rashed, Programme Manager of the Scientific Culture Directorate of KFAS said: “We believe that civil society organisations (CSOs) have an in-depth understanding of the social, environmental, economic, and institutional challenges associated with the Covid-19 pandemic, and can offer innovative and effective interventions to tackle and address them.”

Carina Maceira, Co-Founder, Trashtag Kuwait, said: “The pandemic has affected many families in Kuwait and around the world. Through Project My Mai, we wanted to support the people of Kuwait by ensuring they have access to clean water but so they will also choose sustainable sources that will eventually reduce the use of plastic.”

This campaign is also in line with Engie Solutions Kuwait's ongoing commitment towards a cleaner and more sustainable Kuwait, which the company seeks to achieve through the provision of sustainable energy and services solutions for communities, industries and properties.

Earlier this year, Engie Solutions Kuwait partnered with Trashtag Kuwait to host a beach cleanup. The activity saw 85 volunteers collect more than 56 bags of trash on Kubbar Island. Trashtag Kuwait regularly hosts environmental initiatives such as weekly clean-ups, as well as raising awareness and educating the public on marine litter, the carbon footprint of water bottles, overfishing of local and regional fish stocks, high ocean water salinity, and other pertinent environmental issues.-- Tradearabia News Service

Russia resumes Nord Stream 2 pipeline work in German waters
Dec. 11, 2020 1:10 PM ETPublic Joint Stock Company Gazprom (OGZPY)By: Carl Surran, SA News Editor13 Comments

Russia has resumed construction of the Nord Stream 2 gas pipeline to Germany, laying pipes after a one-year hiatus caused by U.S. sanctions, the pipeline operator says.
Gazprom's (OTCPK:OGZPY) western partners in the project, which is estimated to cost €9.5B ($11.5B), are Royal Dutch Shell (RDS.A, RDS.B), BASF (OTCQX:BASFY), Uniper (OTC:UNPPY), OMV (OTCPK:OMVJF) and Engie (OTCPK:ENGIY).
"The pipelay vessel Fortuna will lay a 2.6 km section of the pipeline in the German Exclusive Economic Zone in water depths of less than 30 meters (100 ft.)," Nord Stream 2 says.
The Fortuna, which was used to lay pipe in the Russian section of the 55B cm/year pipeline, is a vessel that uses anchors, unlike Russia's Akademik Cherskiy pipelayer, which has dynamic positioning capabilities.
However, the threat of U.S. sanctions against any company involved could still present an obstacle to pipelaying in Danish waters, S&P Global Platts reports.
Meanwhile, German lawmakers are looking at creating a legal mechanism that would help protect Nord Stream 2 from U.S. sanctions.
Also, the U.S. is set to pass expanded sanctions as part of its new defense bill.

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Engie-backed EVBox to go public in US$1.4b TPG Spac deal
Fri, Dec 11, 2020 - 12:05 PM

[NEW YORk] TPG Pace Beneficial Finance Corp, a special purpose acquisition company, agreed to acquire EV Charged BV, a unit of French utility Engie that specialises in electric-vehicle charging technology.

The deal will create a combined entity, EVBox Group, with a valuation of about US$1.4 billion, the companies said Thursday. It will give EV Charged, which does business as EVBox, an implied enterprise value of US$969 million.

Engie, which acquired EVBox in 2017, will retain a stake of more than 40 per cent.

Founded in 2010, Amsterdam-based EVBox makes hardware and software, and operates a network of more than 190,000 charge ports in 70 countries. The transaction with Fort Worth, Texas-based TPG Pace is set to provide the company with the means to broaden its technology offerings and expand globally.

"We've built out a dominant pan-European position and are convinced that joining forces with a strong American shareholder will help us accelerate our growth in North America," Kristof Vereenooghe, president and chief executive officer of EVBox, said in an interview.

EVBox has developed products approved for utility rebate programmes in US states including California and New York, Mr Vereenooghe said. In February, the company announced it had leased a production facility in Libertyville, Illinois.

"We're expecting explosive growth in electric vehicles and are excited about the impact EVBox can have in reducing carbon emissions," said Karl Peterson, a TPG senior partner who oversees TPG Pace Group, the private equity firm's Spac effort.

The combined entity is expected to have about US$425 million in cash on hand, in part from a US$225 million public investment in private equity, or Pipe, raised from investors including Wellington Management, funds managed by BlackRock and Neuberger Berman, as well as Inclusive Capital Partners.

TPG Pace raised US$350 million in an October initial public offering, with a goal of acquiring a target with strong environmental, social and governance practices.

Other companies that make or provide technology for electric vehicles have turned to Spacs for fresh capital. ChargePoint, Fisker, Nikola, Arrival and Velodyne Lidar are among those that have struck deals to go public through blank-cheque firms.


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