OCTAL and Alpek | June 02, 2022
Alpek, S.A.B. de C.V. announced that it has received all necessary approvals from the regulatory authorities and has finalized its acquisition of OCTAL Holding SAOC
Pursuant to the purchase agreement, Alpek acquired 100% of the shares of OCTAL for U.S. $620 million on a debt-free basis. Financing was secured through a mix of free cash flow generated from existing businesses and dedicated bank loans.
Alpek will assume control of OCTAL's operations starting on June 1, 2022. The Company expects an accretive EBITDA effect of approximately U.S. $120 million from these assets throughout the remainder of 2022, largely based on the better-than-expected Polyester market conditions prevalent in recent months. This would increase the Company's Comparable EBITDA Guidance to U.S. $1,370 million and Reported EBITDA Guidance to U.S. $1,485 million.
"We are pleased to have concluded this acquisition ahead of the expected timeline. We are excited to welcome OCTAL's management team and employees into our family, leveraging their long-standing relationships with customers, their diverse backgrounds, and technical proficiency to drive the Company's long-term growth."
José de Jesús Valdez, Alpek's CEO
Alpek is a leading petrochemical company operating two business segments: "Polyester" and "Plastics & Chemicals" Alpek is a leading producer of PTA, PET resin and PET sheet worldwide, one of the largest rPET producers in the Americas, the third largest expandable polystyrene manufacturer worldwide, and the only producer of polypropylene in Mexico. In 2021, Alpek reported revenues of U.S. $7.7 billion and Comparable EBITDA of U.S. $962 million. The Company operates 35 plants across the United States, Mexico, Canada, Brazil, Argentina, Chile, Oman, Saudi Arabia, and the United Kingdom, and employs over 6,500 people. Alpek is a publicly traded company listed on the Mexican Stock Exchange.
Advent Technologies Holdings, Inc. | December 21, 2021
Advent Technologies Holdings, Inc. announced that its fuel cell unit for the Maritime Sector – developed within the frame of the RiverCell Consortium – has passed safety testing, as well as a safety assessment completed by DNV, one of the world's leading classification societies.
RiverCell, a demonstration project supported by a consortium of partners, was initiated in 2015 and is expected to be completed by the end of this year. Funded by Germany’s Federal Ministry for Digital and Transport and led by Meyer Werft, it consists of a range of experienced partners throughout the maritime sector, including DNV, HADAG, Helm Proman Methanol, Neptun Werft, Pella Sietas, Technische Universität Berlin, Viking River Technical Cruises, and Advent.
The project is dedicated to the design and development of a fuel cell hybrid system for inland vessels, and its realization has provided valuable insights in terms of the suitability, practical use, and economic efficiency of hybrid powertrains. In addition to cutting greenhouse gas emissions, the hybrid concept – featuring energy storage combined with sustainable fuel cell-powered energy production – demonstrated an increase to both safety and efficiency in shipping.
As part of the demonstration, a section of a river cruise vessel was set up on dryland at Neptun Werft, in Rostock, Germany. There, the prototype of Advent’s Serene marine fuel cell unit was successfully integrated into a modern hybrid DC electric energy grid, which was equipped with all relevant ship systems, including battery storage as well as a conventional diesel genset.
With current regulations still based on the traditional use of diesel-powered energy sources, another core objective of the demonstrations has been to encourage the development of new global regulatory frameworks for the shipping sector, thus paving the way for future use of sustainable technologies.
“The maritime industry needs to find new ways to reduce all its emissions. Not only in the long run, but starting immediately, the shipping industry needs to deploy sustainable technologies and in particular speed up the change to renewable fuel sources. By RiverCell, we have demonstrated how fuel cell technology can be a safe, clean and efficient alternative to today’s diesel gensets in marine use. We have also been able to demonstrate how hydrogen for fuel cells, in the form of methanol, can be safely and efficiently stored on ships. The HT PEM fuel cells developed and manufactured by Advent Technologies can use methanol, carrier of hydrogen, as the fuel source, and we consider methanol one of the most promising and practical future fuels for the shipping sector. At Meyer Werft, we are happy to pioneer alongside our partners with our demonstrations of fuel cell technology, both to gain a competitive edge but also to influence global standards, paving the way for this sustainable alternative.”
Commenting on the project, RiverCell’s Project Manager, Ragnar Christenson from Meyer Werft
Advent’s Senior Vice President, Morten Hougaard Sørensen, similarly highlighted the importance of the project and its potential influence on future standards: “Fuel cell technologies to replace diesel gensets for inland and sea-going vessels will significantly reduce carbon dioxide emissions. Using methanol produced from natural gas offers reduction of local pollution, and methanol produced from renewable sources can substantially contribute to reducing GHG emissions from shipping. In recent years, interest in methanol as a fuel for the shipping industry has grown significantly, but the industry is also waiting for the final regulatory frameworks to come into place before committing to large-scale investments. Now, with our prototype design of the marine fuel cell unit successfully passing its safety testing, and the safety assessment successfully completed with DNV, we hope to see this data included alongside equivalent standards using the technology, so the industry understands that fuel cells are both efficient, safe, and practical in use. And on that basis, we look forward to continuing our journey with Meyer Werft and lots of new customers in the industry. At Advent, we believe that only together can we build a better future”.
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems, and the critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 100 patents issued for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors.
USA DeBusk | September 09, 2021
USA DeBusk LLC , a nationally recognized environmental services provider specializing in serving the infrastructure sector, today announced that it has acquired Farr Front Chemical Services, a leading chemical cleaning, pipeline pigging and emissions control business. The terms of the transaction were not disclosed.
USA DeBusk is focused on providing mission critical specialty and traditional industrial cleaning services to a diverse base of blue-chip customers. Through its differentiated offering, USAD is focused on serving refineries, chemical and petrochemical plants, midstream processing plants, terminals, LNG facilities, pulp and paper, power generation, and other large industrial infrastructure facilities which operate throughout North America.
USA DeBusk has provided its customers with a comprehensive and growing suite of maintenance and turnaround industrial services centered around enhancing its customers' safety, reliability, sustainability, and environmental needs. The Company is headquartered in Deer Park, Texas and partnered with First Reserve, a leading global energy private equity firm.
Farr Front was founded in 2015 by long-time industry veteran, Blake Farr, with the purpose of providing the industry with an innovative set of effluent management equipment to help solve environmental concerns during the refinery unit shutdown and unit decontamination process. Since inception, FFCS has also built elite pipeline pigging and emissions control service lines. Farr Front continues to distinguish itself as a best-in-class service provider by its ability to deliver premier safety and service quality along with its uniquely defined suite of specialty service offerings. FFCS was partnered with 4-Horn Investments, an Austin-based investment firm.
Together, with the acquisition of Farr Front, USA DeBusk will leverage its existing platform to provide its customers with an unmatched service solution, as follows:
Deep bench of industry experts with thousands of years of experience prepared to make critical path decisions during projects.
Unparalleled combination of cleaning services to efficiently and effectively turnover all types of process units in a turnkey manner.
Leading platform with patented chemistry, technology, and process.
Best-in-class equipment fleet across its unit decontamination and chemical cleaning, pigging and emission control services.
The only company with the ability to clean high pressure reactor loops with its patented chemical cleaning technology, while also performing the catalyst handling.
"We are pleased to partner with Blake Farr and all of the employees of Farr Front. Mr. Farr and the management team of Farr Front have built an exceptional company," said Andrew DeBusk, Chairman and Chief Executive Officer of USA DeBusk.
"Farr Front is excited to partner with USA Debusk and continue to provide quality services to the market. Our shared vision and values will bring a unique solution to the industry and we will continue to build our experienced team to provide the service quality and performance our clients expect," said Blake Farr, Founder and Senior Vice President of Farr Front.
About USA DeBusk
USA DeBusk is a management majority owned environmental services company focused on providing cleaning services to the industrial infrastructure sector through its diverse and complimentary suite of traditional and specialty cleaning services. The Company is headquartered in Deer Park, Texas with offices across North America.
About Farr Front Chemical Services
Farr Front provides best-in-class temporary effluent management equipment and an experienced team of industry professionals to guide the de-inventorying and chemical decontamination process for refinery and petrochemical unit shutdowns. Farr Front also provides traditional chemical cleaning, pipeline integrity support and emission control services. FFCS is headquartered in Sulphur, Louisiana with several supporting offices.
About First Reserve
First Reserve is a leading global private equity investment firm exclusively focused on energy, including related industrial markets. With over 35 years of industry insight, investment expertise and operational excellence, the Firm has cultivated an enduring network of global relationships and raised more than $32 billion of aggregate capital since inception. First Reserve has completed approximately 700 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the Firm's history. Its portfolio companies have operated on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure.