CHEMICAL MANAGEMENT
Babcock & Wilcox | December 02, 2022
Babcock & Wilcox announced that it has entered into an agreement with Chart Industries, Inc. to collaborate on the further deployment of B&W’s BrightLoopTM hydrogen generation technology, utilizing Chart’s integrated hydrogen liquefaction and cryogenic carbon capture equipment and expertise. Together, this solution provides economic generation of low-carbon hydrogen and supplies cost-effective, transportable forms of liquid hydrogen and carbon dioxide.
B&W and Chart will also work together to develop sales and marketing strategies for potential commercial hydrogen and carbon capture customers and projects.
“This collaboration agreement with Chart offers tremendous opportunity to further deploy B&W’s advanced BrightLoop technology. Chart is recognized as an industry leader in liquefaction of CO2 and hydrogen, and their expertise will complement B&W’s proven chemical looping technology as we work together to identify new opportunities to grow our respective businesses.”
Kenneth Young, Chairman and Chief Executive Officer, B&W
“Low-carbon intensity hydrogen is already playing a key role in the global effort to reduce emissions and combat climate change,” Young said. “We’re excited to use our technologies and expertise to help customers across the power and industrial markets achieve their greenhouse gas and emissions reduction targets.”
"We are excited to partner with B&W to accelerate further progress in the growing hydrogen economy, in particular, for bringing more efficient and scalable solutions,” said Jill Evanko, Chart’s CEO and President. “The combination of our respective companies’ hydrogen, CO2 and chemical technology expertise is expected to bring more innovative and cost-effective offerings to customers looking to low-carbon intensity hydrogen to help achieve their carbon emission reduction goals.”
B&W's flexible BrightLoop technology – part of its ClimateBright™ suite of decarbonization and hydrogen technologies – is applicable to a wide range of feedstock, product outputs and applications for industries and utilities. The BrightLoop system is scalable and can convert a wide range of fuels, including natural gas, coal, petroleum coke (petcoke), methane, biomass, biogas, and other industrial process off-gases and materials into hydrogen, syngas and steam for power, process and heating while also isolating CO2 for storage or use.
Chart’s state-of-the-art, efficient hydrogen liquefaction process technology and equipment solutions allow for produced hydrogen gas to be more effectively stored and transported much longer distances as a dense liquid, using Chart storage tanks, trailers, ISO containers, and rail cars. Chart’s Sustainable Energy Solutions cryogenic carbon capture technology removes CO2 from flue gas and supplies liquid CO2 ready for transport via trailer or pipeline to storage or utilization. The refrigeration for both hydrogen liquefaction and CCC can be combined to decrease capital and operating costs.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide.
About Chart Industries, Inc.
Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the clean energy and industrial gas markets. The company’s unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 Capture amongst other applications. Chart is committed to excellence in environmental, social and corporate governance issues both for its company as well as its customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities.
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CHEMICAL MANAGEMENT
ClearSign Technologies Corporation | December 01, 2022
ClearSign Technologies Corporation an emerging leader in industrial combustion and sensing technologies that improve energy, operational efficiency and safety while dramatically reducing emissions, announced that the Company has received the concluding purchase order to proceed with the last phase of the 20 burner project announced on March 29, 2022 for a California refinery.
The purchase order is for the manufacture and delivery of the remaining 16 burners, control equipment and spare parts. This purchase order follows the purchase order for a multi burner test and four burners required for that testing, and other ancillary items announced on September 1, 2022. Work associated with the September 1st purchase order has progressed into the final testing and demonstration phase. The 20 burners are to be installed into two heaters at the customers refinery site in California in 2023 during their scheduled maintenance shutdown.
"We are very pleased about how this project is progressing, and to have received the final stage of this significant commercial purchase order. We had previously mentioned that the timeline for this project had been shortened and are glad to be able to meet the needs of our customer. This installation of our best in class ultra low NOx technology will be significant for us as it is in our target market of California and at a notable refinery."
Jim Deller, Ph.D., Chief Executive Officer of ClearSign
About ClearSign Technologies Corporation
ClearSign Technologies Corporation designs and develops products and technologies for the purpose of improving key performance characteristics of industrial and commercial systems, including operational performance, energy efficiency, emission reduction, safety and overall cost-effectiveness. Our patented technologies, embedded in established OEM products as ClearSign Core™, and ClearSign Eye™ and other sensing configurations, enhance the performance of combustion systems and fuel safety systems in a broad range of markets, including the energy commercial/industrial boiler, chemical, petrochemical, transport and power industries.
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CHEMICAL MANAGEMENT
International Petroleum Corporation | December 02, 2022
International Petroleum Corporation is pleased to announce that the Toronto Stock Exchange has approved IPC's notice of intention to renew the Corporation's normal course issuer bid / share repurchase program .
Under the NCIB, the Corporation is authorized to purchase, through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, or as otherwise permitted under Canadian and Swedish securities laws, as and when considered advisable by IPC, up to 9,333,859 common shares in the capital of the Corporation representing approximately 6.8% of the 137,842,861 Common Shares outstanding as at November 22, 2022 of IPC's "public float" over a period of twelve months commencing on December 5, 2022 and ending on December 4, 2023, or until such earlier date as the NCIB is completed or terminated by IPC.
The maximum number of Common Shares which can be purchased each day on Nasdaq Stockholm will be 25% of the average daily trading volume of the Common Shares for the 20 trading days preceding the date of purchase, subject to certain exceptions for block purchases. In addition, IPC will be limited to daily purchases of no more than 35,159 Common Shares on the TSX, being 25% of IPC's average daily TSX trading volume of 140,639 Common Shares during the six months ended October 31, 2022, subject to certain exceptions for block purchases and other prescribed exemptions available under applicable Canadian securities laws.
In connection with the NCIB, IPC has entered into an automatic share purchase plan with its designated broker to allow IPC to repurchase Common Shares when it would ordinarily not be permitted to purchase Common Shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, IPC may provide standard instructions during non-blackout periods to its designated broker, which instructions may not be varied or suspended during the blackout period. Outside of any blackout periods, Common Shares will be purchased in accordance with management's discretion. All purchases made under the ASPP will be included in computing the number of Common Shares purchased under the NCIB. The ASPP has been reviewed and pre-cleared by the TSX and may be terminated by IPC or its broker in accordance with its terms, or will terminate on the expiry of the NCIB.
Any Common Shares that IPC purchases under the NCIB will be purchased on the open market through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems, or as otherwise permitted under Canadian and Swedish securities laws, at the prevailing market price at the time of such purchase and in accordance with the applicable rules and policies of the TSX and Nasdaq Stockholm and applicable securities laws. The actual number of Common Shares that will be purchased, and the timing of any such purchases, will be determined by IPC, subject to the limits imposed by the TSX, Nasdaq Stockholm and under applicable Canadian securities laws. There cannot be any assurances as to the number of Common Shares that will ultimately be acquired by IPC. Any Common Shares purchased by IPC under the NCIB will be cancelled.
IPC believes that the purchase of Common Shares for cancellation under the NCIB represents an effective use of IPC's capital and an efficient way to return value to IPC's shareholders as part of IPC’s announced shareholder distribution framework.
IPC's previous NCIB for the purchase of up to 11,097,074 Common Shares, which commenced on December 3, 2021, will expire on December 2, 2022. As of November 22, 2022, IPC purchased an aggregate of 9,486,084 Common Shares for an average weighted price of CAD $10.69 per Common Share under that NCIB. Purchases were made on the open market and pursuant to the previous automatic share purchase plan.
Following the cancellation in November 2022 of 241,396 Common Shares repurchased by IPC under the previous NCIB, the total number of issued and outstanding Common Shares is 137,601,465 Common Shares with voting rights as at November 30, 2022, of which IPC holds 43,166 Common Shares in treasury.
International Petroleum Corp. is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange and the Nasdaq Stockholm exchange under the symbol "IPCO".
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