On April 19, 2019, a thermal runaway event took place in a battery energy storage unit (ESS) located within a building in Surprise, Arizona. The ESS was provided with fire detection and fire suppression, which both activated. Approximately five hours after arriving on the scene, the responding fire department opened a door on the ESS, and a deflagration event occurred, severely injuring four firefighters. The event was a catalyst for the need for....
America’s seas are changing. Our first commercial-scale projects now stand with turbines towering over the water, providing electricity to communities and tens of thousands of homes across the East Coast. This burgeoning industry promises a cleaner future, reduced reliance on fossil fuels, and a surge in domestic energy production. However, unlocking its potential hinges on developing a skilled workforce ready to design, build, and maintain the....
A key challenge in the offshore wind industry is the assessment of the resource, essential throughout the different stages of a development project, from screening of areas of interest, to optimization of wind farm layouts to account for spatial heterogeneities and wake losses.
Floating lidars have been established since 2023, with the University of Maine collaborating on the first deployed unit. This enhances the array of solutions avai....
Image data from visual inspections is nearly always the starting point for planning a blade maintenance campaign. Historically, external visual inspections of the outside of the blades have been the dominant dataset because they are less expensive to collect; no one needs to climb the tower to gather images of the blades. Ground-based cameras were initially employed, which then gave way to drones and automation that increased both the quality of ....
The 2024 Advanced Clean Transportation (ACT) Expo marks another step in decarbonizing the trucking industry for Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand and AiLO Logistics, a major drayage carrier operating in the Ports of Los Angeles and Long Beach. AiLO has placed a 100-truck order of Nikola hydrogen fuel cell electric vehicles ("FCEVs") from Tom's Truck Centers, a member of the Nikola sales and service dealer network. Deliveries are scheduled for 2025.
AiLO Logistics adds 100 Nikola hydrogen fuel cell electric vehicles to their operations.
As part of AiLO's ongoing efforts to advance sustainable logistics services, the company's drayage division is poised for expansion. This includes incorporating 100 Nikola hydrogen FCEVs into their operations to meet the growing demands of the port industry.
"Nikola trucks are on the road today, and the biggest test of our trucks is measured by our customers and their repeat orders," said Ryan Clayton, Global Head of Sales, Nikola Corporation. "Having a prominent and mission-driven customer in AiLO not only purchase trucks for 2024 but double their order for 2025 is an honor for our organization and a testament to their drive to make a difference. We are glad to support with Class 8 vehicles as well as our HYLA energy infrastructure."
"We're not just in the business of moving goods; we're in the business of moving businesses forward. Through innovation, technology, and sustainable practices, we aim to redefine the logistics landscape and drive positive change in the industry," said Jack Khudikyan, AiLO CEO. "This strategic move to incorporate Nikola FCEVs into our operations reaffirms our commitment to environmental stewardship and underscores our proactive approach toward embracing cutting-edge technologies."
One of the distinctive black and colored-striped AiLO trucks is featured at Nikola's Ride and Drive event area at the 2024 ACT Expo.
Pacific Power Source, a leading global provider of AC & DC power test solutions, announces two cutting edge products, based on one of the company's most popular platforms, the all-in-1 Regenerative AC DC Power Sources - AZX Series.
The GSZ Regenerative Grid Simulator with PHIL provides a comprehensive platform for emulating the grid while the ELZ High Power Regenerative Electronic Load simulates any AC or DC power load. Models are available in 30kVA/kW, 45kVA/kw, and 55kVA/kW power blocks. Test systems are parallelable up to 440kVA/kW and upgradable to meet future power requirements.
"The best-in-class GSZ and ELZ Series are optimized for PHIL and have three powerful DSPs to cover advanced applications with the highest level of flexibility and intelligence. Comprehensive, versatile, and easy to use, our goal is to help innovate the way you test with smart power." Herman Vaneijkelenburg, Product Director.
The ability to emulate AC sourcing and loading supports the development and testing of grid connected devices such as the utility grid, EV chargers, Vehicle-to-Grid (V2G), Vehicle-to-Home (V2H), Solar PV/grid-tied inverters, energy storage systems, and more.
Regenerative, Bidirectional Power in Compact Design
These SmartRegen® products have greater than 90% energy efficiency and a high-power density with up to 55kVA in a single, mobile-friendly cabinet. Its top-vent air-cooled design allows the option to place them against a wall or back-to-back for high power multiple parallel units to maximize floor space.
SiC-Based Platform with Dual Voltage Range and Galvanic Isolation
The high tech 4-Quadrant design in Silicon Carbide (SiC)-technology supports superior voltage range, current and power specifications to enhance performance. Available voltage ranges are 225VLN / 390VLL and 440VLN / 760VLL in AC mode or ±335Vdc and ±650Vdc in DC Mode. Dual voltage ranges and constant power mode operation support a wide span of voltage and current output combinations. The system's fully galvanic-isolation and protection features protect the operator and UUT so users can test with confidence. Optimized for PHIL applications, this additional testing capability is ideal for real-time systems.
A unique capability is the simultaneous AC and DC operation of modes per phase, and the automatic switching of output modes. This provides the ultimate flexibility for testing a wide range of conditions. Multiple, user-friendly control options provide the user with extensive control of AC and DC test parameters.
SmartSource Suite Remote Control Platform
Select from a wide range of test sequences or your own with built-in powerful custom waveform creation and measurement tools. The embedded proprietary SmartSource Suite remote control platform provides the most advanced real-time control and analysis on the market today. Fully develop and execute test sequences using the web browser interface saving significant time.
Learn More
GSZ Series Regenerative Grid Simulator with PHIL: This grid simulator is designed for the testing and verification of all grid-tied applications with an optional load and PHIL mode. Emulate grid conditions and test to regulatory compliance standards such as IEEE 1547, UL 1741, IEC 61000-3, IEC 61000-4, and more.
ELZ Series Regenerative Load Simulator with PHIL: This high-power AC / DC load operates in four-quadrants, designed for testing any AC and DC load applications. The unit has several AC and DC emulation modes and provides flexible configurations of single, split and 3-phase operation.
Harbinger, a Southern California-based electric truck manufacturer, announced at ACT Expo its order book, which includes 4,000 binding vehicle pre-orders from customers and is valued at more than $400 million. This includes a substantial multi-year order from Bimbo Bakeries USA, the U.S. business of Grupo Bimbo, the world's largest baking company, and producer of iconic brands including Sara Lee Bread, Thomas', Entenmann's and more. Harbinger also received orders from the world's largest recreational vehicle (RV) manufacturer, THOR Industries, known for its operating companies which include Airstream, Jayco, Tiffin and Thor Motor Coach. Additionally, commercial vehicle dealers have placed significant orders including two of Freightliner's largest dealers Doggett Equipment Services Group (500 units) and Campbell Supply (125 units); as well as other dealers, GATR Truck Center (500 units); ETHERO Truck + Energy (200 units); Electric Commercial Vehicles (ECV), an affiliate of Smyrna Truck (50 units) and more. Postal service operator, Mail Management Services has also placed an order for 40 units, among others.
A Harbinger medium-duty electric walk-in van. Walk-in vans are also commonly referred to as “step vans.”
The company has also announced it closed an additional $13 million in Series A funds in Q4 of 2023 from venture and strategic investors, including additional funding from the Coca-Cola System Sustainability Fund, managed by Greycroft. Previously, the companyannounced it had raised $60 million in Series A funds, bringing the new Series A total to $73 million and marking one of the largest Series A rounds for a hardware company. Harbinger will use the additional funds to continue expanding its manufacturing capacity and launch its commercial start of production in Q4 of 2024.
"While other new entrants struggle to fill their order pipelines, we have extensive pre-orders and backed-up demand for our medium-duty electric vehicles," said John Harris, CEO, Harbinger. "We are laser focused on the medium-duty vehicle segment, where there is a huge variety of vehicles built on chassis like ours including walk-in vans, box trucks, recreational vehicles, delivery vans, school buses, emergency and disaster response vehicles and more. Today, most manufacturers are adapting gasoline or diesel vehicles to electrification, rather than building a ground-up electric platform. This compromised approach leads to concerns with vehicle safety and durability as well as higher production costs, which is why we chose to start fresh with a clean sheet design."
A Premier Network of Partners and Dealers
Part of Harbinger's strategy is to build a holistic network to support the launch of its electric medium-duty trucks, including a nationwide network of service providers, charging and infrastructure development partners, and premier dealers. The company's premier dealer network, which already serves 78% of the population in the U.S. and Canada and continues to expand, includes the following among others:
"Demand outstrips supply for the entire medium-duty category as we have a multi-year backlog for electric, diesel and gasoline vehicles," said Scott Campbell, Owner, Campbell Supply. "Electric vehicles have a big place in the market and that segment is only going to continue to grow. Harbinger's electric trucks are a true industry changer. They offer superior acquisition and operating costs, enhanced safety features, and a driver-friendly design, all while delivering zero tailpipe emissions."
Seasoned Team, Clean Slate Design
Harbinger is led by a management and technical team that hails from Tesla, Rivian, Ford, Anduril, SpaceX, Toyota, Honda, Volvo Trucks, Mack Trucks, and more. Harbinger has created a proprietary electric platform, also known as an electric vehicle stripped chassis, from the ground-up. It includes all major vehicle systems, which the company designs and assembles in house, including the powertrain, high voltage (HV) battery system, steering, brakes, and more. This vertically integrated approach keeps costs low and provides a higher-performing, safer and more durable solution than electric vehicles built upon existing diesel and gasoline platforms, which is common in the industry. Harbinger is the only electric truck maker that manufactures its own motors and battery packs, which is a more cost effective and tailored solution than integrating off-the-shelf systems.
Harbinger Business Model
Once Harbinger assembles its electric vehicle stripped chassis, the company sells them to a dealer, a specialty upfitter, or directly to large fleet customers. From there, the dealer or customer works with a third party to upfit the chassis with a commercial or specialty body. Selling medium-duty stripped chassis separately from the body is standard practice for the large gas and diesel incumbents such as Ford and Freightliner.
One Platform, Many Possibilities
The majority of the vehicles in Harbinger's 4,000-unit order, including those for Bimbo Bakeries USA, are intended for upfit into walk-in vans, which are commonly referred to as "step vans" and are the typical large package delivery trucks seen on roads today. The others will be upfit into various vehicle types such as class A motorhomes, emergency vehicles and cutaway cabs, which are vehicles where only a cab is provided and an upfitter provides a custom-built payload area to create box trucks, shuttle buses, and more. Harbinger is working with body partner Sevna to upfit the chassis into cutaway cabs. Harbinger's electric chassis is available in three different wheelbases, including 158 inches, 178 inches, and 208 inches, and in four different gross vehicle weight ratings (GVWRs), ranging from class 4 through 6.
Other specifications include:
800V liquid cooled battery system, with capacity scalable in 35kWh increments up to a 200+ mile range, which serves 90% of truck use cases
Designed for 20-year, 450,000-mile service life
Segment-leading safety and driver assistance features
One-hour DC fast charging capability
Passenger vehicle-like handling and ride comfort
"Aligned with Grupo Bimbo's Purpose of Nourishing a Better World, Bimbo Bakeries USA has multiple carbon reduction strategies to meet their commitment of achieving Net-Zero emissions by 2050," said Christopher Wolfe, Senior Director of Sustainability, Bimbo Bakeries USA. "Partnering with Harbinger to expand our robust fleet of alternatively fueled vehicles is an important step in reducing our carbon emissions and dependencies on fossil fuels."
Early Orders Being Manufactured Today
Harbinger's manufacturing efforts are led by a world-class team including Tesla's former Vice President (VP) of Manufacturing, Gilbert Passin, who serves as Harbinger's Chief Production Officer. Passin, who spent nearly a decade at Tesla and led the launch and ramp-up of the Tesla Fremont factory, also held prior VP and General Manager-level roles with Toyota, Volvo Trucks, Mack Trucks, and Renault. Former Rivian VP of Supply Chain and Tesla executive Steve Gawronski serves as Harbinger's Vice President of Supply Chain and Logistics.
Under Passin and his team's leadership, the company has already produced and delivered a limited number of pre-production vehicles to key customers, including the first customer delivery to THOR in March of this year. Harbinger will begin producing and delivering its first production vehicles starting at the end of 2024.
"The THOR executives were amazed by the clean design of Harbinger's electric chassis, and most had a hard time believing this was a pre-production vehicle," said Jim Kane, Director of eMobility at THOR Industries. "Harbinger's product is so much better than anything else we have seen from the industry."
Government Incentives are a Game Changer for the Industry
Government regulations are accelerating the adoption of electric vehicles into fleets across the nation. The U.S. federal government's Inflation Reduction Act (IRA) is providing up to $40,000 per vehicle in tax incentives to buyers or lessors of commercial electric vehicles; either 30% of the original purchase price of the vehicle minus the credit, or the price difference between the electric vehicle and an equivalent gas or diesel vehicle. This incentive is valid from Jan. 1, 2023through Dec. 31, 2032 with no limit on the number of vehicles sold or amount of money disbursed through this incentive. Additionally, state and local zero-emissions grants introduce substantially more cost savings directly to customers. For example, California's Hybrid and Zero-Emissions Truck and Bus Voucher Incentive Project (HVIP) provides buyers with approximately $30,000 - $85,000 worth of grants to purchase clean vehicles.
"Harbinger was founded on the principle that for commercial electric vehicles to become ubiquitous, they should be just as affordable to purchase as their gas and diesel counterparts," said Harris. "The medium-duty truck market will quickly move to clean, economical electric power over the next few years, especially as government tax incentives and grants make all-electric trucks more affordable. There is a huge need for electrification in this market, and Harbinger is filling that gap."
Price Parity with Gasoline and Diesel Vehicles
Most electric vehicles are only cost competitive with gasoline and diesel vehicles when factoring in the total cost of ownership, which takes into account the fuel and maintenance savings over many years. Harbinger takes a different approach. The company's vehicles are sold at price parity with equivalent gas and diesel models after federal government tax incentives.
Meeting California and Oregon’s offshore wind targets will necessitate upgrades to West Coast port and transmission infrastructure, alongside scaling up the region’s limited supply chain capabilities, according to a report published by Oceantic Network. The white paper, Suppliers’ Guide to Success: Smart Scaling for the U.S. West Coast Floating Wind Market, analyzes the requirements for a full buildout of floating offshore wind on the West Coast and proposes solutions to industry and government that will allow the sector to flourish.
The paper covers several key actions West Coast policymakers can take to ensure the region can become a global leader in floating offshore wind:
Prioritize investments in port and transmission infrastructure.
Structure offtake awards in a way that emphasizes project deliverability.
Establish a firm, steady, and long-term procurement schedule for offshore wind power.
By taking steps outlined in the Suppliers’ Guide to Success, West Coast states can help establish a sustainable, competitive floating offshore industry that is ready to scale to meet future energy demand for decades to come.
“West Coast states have led the charge in protecting the environment and decarbonizing their economies,” said John Begala, vice president of federal and state policy at Oceantic Network. “Now, those same states have the chance to become leaders in a new, global renewable energy industry with floating offshore wind. Policymakers must take advantage of this opportunity, which will bring jobs and economic development to the region while providing much-needed clean energy for the future.”
The paper condenses lessons learned from offshore wind policy regimes on the East Coast and around the world with the goal of avoiding unnecessary pitfalls for West Coast offshore wind deployment. It also details the current market landscape that underpins the region’s opportunity and the work already done to get the industry where it is.
“We applaud the key state and federal policymakers who have gotten the industry to this point, and we welcome an opportunity to share our collective experience moving forward,” Begala added. “Together we can make the West Coast a leader in floating wind and build this exciting new sector.”
The Suppliers’ Guide to Success was produced with the help of the Network’s West Coast Supplier Council, a group of companies focused on the unique needs and development of the region’s offshore wind sector and its supply chain.
Members of the West Coast Supplier Council include:
Lauren Services is thrilled to announce it has been awarded the detailed engineering and design contract to help Ekona Power Inc bring to life the first industrial deployment of its proprietary solution for clean hydrogen production. Ekona will develop a one-tonne-per-day clean hydrogen plant at investor partner ARC Resources’ Gold Creek Natural Gas Plant in Grande Prairie, Alberta. Lauren Services will provide detailed engineering and design services, including procurement support, constructability review and potential construction management.
Ekona Gold Creek is a first-of-a-kind clean hydrogen production solution with technology to reduce the carbon intensity of the Natural Gas Plant. Ekona Gold Creek will be built in 2024, commissioned and tested in 2025, and operated for commercial evaluation in 2026 and beyond. At the core of Ekona’s solution is the xCaliber™ reactor, which uses pulsed combustion and high-speed gas dynamics to convert natural gas into hydrogen and solid carbon. Ekona’s clean hydrogen production plants operate without the need for water, renewable electricity, or CO2-sequestration infrastructure to mitigate emissions, and can be deployed wherever natural gas infrastructure exists.
“Lauren Services is proud to partner in this historical project that firmly positions Canada as a world leader in clean hydrogen technology,” says Dustin Edgren, vice-president of operations at Lauren Services. “Our experienced engineering and design teams are excited to help bring Ekona’s world-class solutions to market for the benefit of the environment and our industry.
“Our made-in-Canada technology offers a viable and ready-now solution for using hydrocarbons in cleaner, better ways,” says a member of Ekona’s Field Deployment Group. “With Lauren Services we have found a partner with a demonstrated track record that aligns with our high-performance culture and spirit of innovation.”
Lauren Services continues to grow its portfolio of innovative projects across transitional energy, encompassing a variety of energy sources and technologies that aim to reduce carbon emissions while providing reliable and affordable made-in-Canada energy to meet growing global demand. Bob Prasad, Lauren Services vice-president of business development, says recent project success affirms the company’s place as a growing player in the western Canadian energy sector.
“Our mission is to be the first call and trusted provider of innovative and dynamic project solutions,” says Prasad. “Our rapidly expanding roster of clients and complex projects is a testament to our unique abilities, and we are well positioned to support growth in 2024 and beyond.”
Greenbacker Renewable Energy Company LLC (“Greenbacker,” “GREC,” or the “Company”), an independent power producer and a leading climate-focused investment manager, has announced financial results[i] for the first quarter of 2024, including year-over-yearincreases in revenue, operating capacity,[ii] and clean energy generation.
Greenbacker converted 209 MW of pre-operational assets into revenue-generating, operational assets, a year-over-year increase of 15%
A key focus of Greenbacker’s recent new investment activity has been converting the pre-operational assets under the Company’s control to operational, revenue-generating assets, as well as the repowering of three operational wind projects.
The Company’s independent power producer (“IPP”) business segment placed into service 209 megawatts (“MW”) of clean energy-generating capacity, growing its operating fleet by 15% on a year-over-year basis. This expansion included bringing online the 99 MWdc / 80 MWac Fall River solar project—one of GREC’s largest assets to date.
As of March 31, 2024, GREC’s operating fleet had increased to 1,574 MW—nearly 1.6 gigawatts (“GW”)—of projects generating revenue through the sale of electricity.
$437 million financing for wind repower portfolio includes Greenbacker’s major first sale-leaseback financing and represents one of industry’s first deals to leverage domestic content adder
During the first quarter of 2024, Greenbacker completed construction and financing on the third and final wind asset in its first portfolio of repowers (after completing financing on the previous two repowers in late 2023), bringing total financing for the milestone portfolio to $437.2 million.
The repowers are also Greenbacker’s first sizable projects financed via sale-leaseback. This financing structure provided the Company with greater upfront proceeds and efficiently captured the benefits of both tax equity financing and back leverage lending in a single transaction.
By monetizing the portfolio’s 40% tax credit through the sale-leaseback financing, Greenbacker was able to realize the IRA’s benefits more quickly, both fully financing the repowers and utilizing additional proceeds for other corporate activity, such as converting the Company’s pre-operational pipeline into operational revenue-generating assets.
Greenbacker repowers 38 MW wind asset
Greenbacker replaced older turbines at its wind farm in Iowa with new, more efficient components sourced domestically, supporting well-paying jobs in the US and improving the project’s power-generating ability.
Company’s first-quarter total operating revenue topped $49 million, a year-over-year increase of 19%, driven by growth in both solar and wind power generation
GREC’s fleet of clean energy projects produced over 644,000 megawatt-hours (“MWh”) of total power, representing a year-over-year increase of 12%.
The production increase was largely driven by a 21% increase from Greenbacker’s operating solar fleet, which generated approximately 308,000 MWh of clean power. Greenbacker’s wind fleet experienced a 6% year-over-year uptick in power generation, producing more than 325,000 MWh of energy.
The Company’s wind energy production increase was realized despite the third and final asset in the repower portfolio being offline for a portion of the first quarter of 2024 while its repowering was being concluded. With all work now completed, the repowered assets are projected to significantly increase Greenbacker’s annual operating revenue in the long term, starting by contributing over $24 million of revenue in 2024.[iv]
GREC Operating Fleet*
First Quarter 2024
First Quarter 2023
YoY Increase (total)
YoY increase (%)
Clean power produced by solar assets (MWh)
307,829
255,225
52,604
21%
PPA revenue generated by solar assets (millions)
$15.3
$12.8
$2.5
20%
Clean power produced by wind assets (MWh)
325,406
305,628
19,778
6%
PPA revenue generated by wind assets (millions)
$17.7
$16.2
$1.5
9%
Total clean power generated by wind and solar assets (MWh)
633,235
560,853
72,382
13%
Total PPA operating revenue generated by wind and solar assets (millions)
$33.0
$29.0
$4.0
14%
*Some figures may not add to stated totals, due to rounding.
Over the quarter, Greenbacker generated total operating revenue of $49.2 million, a year-over-year increase of 19% that amounted to an additional $7.9 million of operating revenue.
This increase was primarily driven by energy revenue within the IPP segment, which totaled $44.6 million and included $34.3 million from the Company’s long-term PPAs. Funds From Operations (“FFO”) was $(2.4) million for the period and represents the $9.2 million of Adjusted EBITDA less cash interest expense and distributions to our tax equity investors. The net loss attributable to Greenbacker was $8.5 million for the quarter, driven by items such as depreciation, amortization, and impairment charges recorded during the period.
For the three months ended March 31, 2024
In millions (unaudited)
Select Financial Information
Total Revenue
$ 46.6
Total operating revenue*
$ 49.2
Net loss attributable to Greenbacker
$ (8.5)
Adjusted EBITDA†
$ 9.2
FFO†
$ (2.4)
NOTE: See the Company’s quarterly 10-Q filed with the SEC for additional financial information and important related disclosures.
*Total operating revenue excludes non-cash contract amortization, net.
†See “Non-GAAP Financial Measures” for additional discussion. Adjusted EBITDA and FFO are unaudited.
Leadership team expanded as Company appointed new Chief Financial Officer and added newly created position Head of Capital Markets
The Company also welcomed Carl Weatherley-White as Head of Capital Markets, following the late-2023 addition of Daniel De Boer as Head of Infrastructure. These newly created roles, essential to the firm’s continued growth, highlighted Greenbacker’s expanding strategy, capability, and commitment to investing in the energy transition.
“We’re excited to have the right team in place at the right time, and we look forward to capitalizing on the opportunities we see across the energy transition investment landscape,” said Charles Wheeler, CEO of GREC. “We remain focused on building value for our shareholders, while providing a differentiated and compelling value proposition through direct access to the investment opportunities arising from the massive capital need as the world transitions to a clean energy future.”
Greenbacker Capital Management (“GCM”) raised $44.2 million for its managed funds during the first quarter, increasing fee-earning AUM[v] to approximately $728 million, as of quarter end. Aggregate AUM,[vi] which includes the assets managed for Greenbacker Renewable Energy Company, for which GCM does not receive management fees, was approximately $3.7 billion.
Company plans to build out its revenue-generating operating fleet, topping 3.2 GW by end of 2027
Greenbacker plans to continue building out its pre-construction pipeline, converting development opportunities into risk mitigated pools of operational cash flows on a rolling basis in the coming years. By 2027, assuming the Company successfully carries out these construction plans, Greenbacker expects to double the capacity of its operating fleet, leading to strong growth in revenues, cashflows, and Adjusted EBITDA, as these additional assets become operational and begin producing and selling electricity.[vii]
The table below illustrates Greenbacker’s estimated timeline for bringing into service its current pre-operational pipeline.
Operating Fleet (MW)
Pre-Operating Fleet (MW)
Total (MW)
Q4 2024
1,756
1,489
3,245
Q4 2025
1,952
1,292
3,245
Q4 2026
2,723
521
3,245
Q4 2027
3,171
74
3,245
Capacity figures are rounded to nearest MW. Figures may not add to stated totals due to rounding. The figures in this table reflect the estimated timeline as of 3/31/24. Timelines may change or be adjusted based on market conditions.
Compared with the estimated timeline included in Greenbacker’s annual results press release, the table reflects an overall net decrease of approximately 39 MW in Greenbacker's fleet. These MW represent pre-operational assets for which development timelines and project dynamics evolved to no longer optimally align with the Company’s investment strategy, and their removal was negligible to GREC’s overall value.
Company’s investments continued to abate carbon emissions, conserve water, and support green jobs
Along with significant year-over-year revenue, production, and capacity increases, GREC also continued to deliver on its sustainability goals.
As of March 31, 2024, Greenbacker’s clean energy assets had cumulatively produced approximately 9.3 million MWh of clean power since January 2016, abating 6.6 million metric tons of carbon.[viii] The Company’s clean energy projects have saved nearly 6.4 billion gallons of water,[ix] compared to the amount of water needed to produce the same amount of power by burning coal. Greenbacker’s investment activities will sustain over 6,700 green jobs.[x]
[i]Past performance is not indicative of future results.
[ii] Total assets and megawatts statistics include those projects where we have contracted for the acquisition of the project pursuant to a Membership Interest Purchase Agreement (“MIPA”). The financial and portfolio metrics set forth herein are unaudited and subject to change. Data as of March 31, 2024.
[iv] Represents forward looking guidance. Please see our forward-looking statement disclosure at the end of this press release.
[v] Fee-earning AUM represents the asset base upon which management fee revenue is earned from GCM's managed funds.
[vi] Aggregate AUM includes GREC and GCM’s managed funds. AUM represents the underlying fair value of investments, determined generally in accordance with ASC 820, cash and cash equivalents and project level debt. These figures are unaudited and subject to change.
[vii] Represents forward looking guidance. Please see our forward-looking statement disclosure at the end of this press release, as well as Greenbacker's recent SEC filings and shareholder communication for more information regarding Key Factors Impacting Our Operating Results and Financial Condition, which include a number of factors that present significant opportunities for Greenbacker but also pose risks and challenges.
[viii] When compared with a similar amount of power generation from fossil fuels. Carbon abatement is calculated using the EPA Greenhouse Gas Equivalencies Calculator which uses the Avoided Emissions and generation Tool (AVERT) US national weighted average CO2 marginal emission rate to convert reductions of kilowatt-hours into avoided units of carbon dioxide emissions. Data is as of March 31, 2024.
[ix] Gallons of water saved are calculated based on Operational water consumption and withdrawal factors for electricity generating technologies: a review of existing literature – IOPscience, J Macknick et al 2012 Environ. Res. Lett. 7 045802. Data is as of March 31, 2024.
[x] Green jobs are calculated from the International Renewable Energy Agency's measurement that one megawatt of renewable power supports approximately four jobs. Data is as of March 31, 2024.
It is a notable year in the ongoing history of our proud company. In May 2024, Miros turns 40. As much as we can be proud of how far we have come as a business, it is where we are going that matters the most.
As with every landmark, it is a chance for us to look back at four decades of unwavering commitment to excellence, innovation, and the relentless pursuit of pushing boundaries in ocean technology. It is said that life begins at 40, but since our inception we have been at the forefront of the industry, earning trust from global offshore giants through our entrepreneurial dedication, expertise, and pioneering spirit.
A glance back: 40 years of excellence
Our journey at Miros began in May 1984, as a daughter company of Informasjonskontroll dedicated to bringing innovative radar technology for measuring ocean waves and currents to the offshore industry in real-time. Fueled by a desire to enhance the efficiency and safety of offshore operations, our wide variety of ocean instruments have helped to revolutionize the sector, supporting the biggest players in the sector across geographies.
At the same time, Miros has undergone its own transformation. From humble beginnings with just four employees, we have built a strong team of remarkable “Miros Heroes”. It is these people, and all those who have worked for us previously, that have helped Miros to become a beacon of trust and reliability. Over the years, we have accumulated invaluable experience and learnings, evolving every step of the way.
Cloud applications will shape the value of ocean insights
Innovation isn't just a buzzword; at Miros it is ingrained in our DNA, and it remains core to purpose as we eagerly look towards the future. Despite our decades-long presence in the ocean tech arena, we still refuse to settle. Instead, we apply new technologies and artificial intelligence, develop cloud solutions, and implement as-a-service business models, continually pushing the boundaries of what's possible.
Our commitment to not just knowing the waves, developing high-level ocean condition forecasting and wave and vessel motion prediction solutions. Defining next generation operational levels has garnered recognition and trust from industry leaders worldwide.
Guided by the values and principles that have shaped us over the years, we are more passionate than ever about refining the future of the offshore sector. Every day we focus on driving change and innovation, constantly exploring new avenues. With value-enabling cloud applications developed in close co-operation with our customers, we lift ocean monitoring technologies to a new level of excellence.
Responsible, sustainable and future-oriented
Miros is dedicated to environmental sustainability, in line with industry efforts to cut carbon emissions in maritime operations.
Sustainability and environmental responsibility have always been a core component of our product and solution developments. Our work has always revolved around what we today call sustainability. Ever since our journey started - providing sea state measurement and oil spill detection services to North Sea operators 40 years ago - Miros systems have reliably collected unique data and time series for ocean modeling and climate research, steadily improving and safeguarding their work.
By equipping vessel operators with real-time ocean conditions, data on fuel consumption, and efficiency, Miros aids in pinpointing areas for improvement and facilitates the adoption of eco-friendly practices. Sharing this data reduces the need for additional measurement campaigns, minimizing extra instrumentation and engineer travel. This not only assists operators in meeting industry regulations, but also aligns with global decarbonization objectives.
People, culture, and collaboration
At the heart of our business lies a solid foundation built on people, culture, technology, and collaboration. Our successes and our plans for the future wouldn't be possible without the dedication and expertise of our team, whose passion drives us forward. We believe in fostering a culture of collaboration and partnership, working hand in hand with our customers and stakeholders to achieve mutual success.
It is in this spirit of partnership we are helping the industry to stay ahead of the waves with the development of next-generation wave and vessel motion prediction. By shaping this most vital of emerging technological developments and with our people’s surge for the highest level of quality, we will again demonstrate our commitment to remaining at the forefront of the sector.
Inspiring confidence to shape the future
As we celebrate 40 years of Miros, we are filled with a sense of pride and gratitude for the journey so far. But our work is far from over. With each passing year, we renew our commitment to excellence, pushing boundaries, and shaping the future of ocean technology. Together, let us continue to innovate, inspire, and make waves in the offshore sector.
Join us as we continue to challenge the offshore operation standards with new ideas, new technology and digital business models. We look forward to continuing the successes jointly with our customers and partners; only as a team will we redefine what's possible and create a powerful perspective for the future of the offshore industry.
Here’s to the next chapter, and to all who embrace our vision and are eager to share joint success.
Unleashing trillions of dollars for a resilient energy future is within our grasp — if we can successfully navigate investment risk and project uncertainties.
The money is there — so where are the projects?
A cleaner and more secure energy ....
The Kincardine floating wind farm, located off the east coast of Scotland, was a landmark development: the first commercial-scale project of its kind in the UK sector. Therefore, it has been closely watched by the industry throughout its installation. With two of the turbines now having gone through heavy maintenance, it has also provided valuable lessons into the O&M processes of floating wind projects.
In late May, the second floating wind turbine from the five-turbine development arrived in the port of Massvlakte, Rotterdam, for maintenance. An Anchor Handling Tug Supply (AHTS)
vessel was used to deliver the KIN-02 turbine two weeks after a Platform Supply Vessel (PSV) and AHTS had worked to disconnect the turbine from the wind farm site. The towing vessel became the third vessel used in the operation.
This is not the first turbine disconnected from the site and towed for maintenance. In the summer of 2022, KIN-03 became the world’s first-ever floating wind turbine that required heavy maintenance (i.e. being disconnected and towed for repair). It was also towed from Scotland to Massvlakte.
Each of these operations has provided valuable lessons for the ever-watchful industry in how to navigate the complexities of heavy maintenance in floating wind as the market segment grows.
The heavy maintenance process
When one of Kincardine’s five floating 9.5 MW turbines (KIN-03) suffered a technical failure in May 2022, a major technical component needed to be replaced. The heavy maintenance strategy selected by the developer and the offshore contractors consisted in disconnecting and towing the turbine and its floater to Rotterdam for maintenance, followed by a return tow and re-connection. All of the infrastructure, such as crane and tower access, remained at the quay following the construction phase. (Note, the following analysis only covers KIN-03, as details of the second turbine operation are not yet available).
Comparing the net vessel days for both the maintenance and the installation campaigns at this project highlights how using a dedicated marine spread can positively impact operations.
For this first-ever operation, a total of 17.2 net vessel days were required during turbine reconnection—only a slight increase on the 14.6 net vessel days that were required for the first hook-up operation performed during the initial installation in 2021. However, it exceeds the average of eight net vessel days during installation. The marine spread used in the heavy maintenance operation differed from that used during installation. Due to this, it did not benefit from the learning curve and experience gained throughout the initial installation, which ultimately led to the lower average vessel days.
The array cable re-connection operation encountered a similar effect. The process was performed by one AHTS that spent 10 net vessel days on the operation. This compares to the installation campaign, where the array cable second-end pull-in lasted a maximum of 23.7 hours using a cable layer.
Overall, the turbine shutdown duration can be broken up as 14 days at the quay for maintenance, 52 days from turbine disconnection to turbine reconnection, and 94 days from disconnection to the end of post-reconnection activities.
What developers should keep in mind for heavy maintenance operations
This analysis has uncovered two main lessons developers should consider when planning a floating wind project: the need to identify an appropriate O&M port, and to guarantee that a secure fleet is available.
Identification of the O&M port
Floating wind O&M operations require a port with both sufficient room and a deep-water quay. The port must also be equipped with a heavy crane with sufficient tip height to accommodate large floaters and reach turbine elevation. Distance to the wind farm should also be taken into account, as shorter distances will reduce towing time and, therefore, minimize transit and non-productive turbine time.
During the heavy maintenance period for KIN-03 and KIN-02, the selected quay (which had also been utilized in the initial installation phase of the wind farm project), was already busy as a marshalling area for other North Sea projects. This complicated the schedule significantly, as the availability of the quay and its facilities had to be navigated alongside these other projects. This highlights the importance of abundant quay availability both for installation (long-term planning) and maintenance that may be needed on short notice.
A secure fleet
At the time of the first turbine’s maintenance program (June 2022), the North Sea AHTS market was in an exceptional situation: the largest bollard pull AHTS units contracted at over $200,000 a day, the highest rate in over a decade.
During this time, the spot market was close to selling out due to medium-term commitments, alongside the demand for high bollard pull vessels for the installation phase at a Norwegian floating wind farm project. The Norwegian project required the use of four AHTS above a 200t bollard pull. With spot rates ranging from $63,000 to $210,000 for the vessels contracted for Kincardine’s maintenance, the total cost of the marine spread used in the first repair campaign was more than $4 million.
Developers should therefore consider the need to structure maintenance contracts with AHTS companies, either through frame agreements or long-term charters, to decrease their exposure to spot market day rates as the market tightens in the future.
While these lessons are relevant for floating wind developers now, new players are looking towards alternative heavy O&M maintenance options for the future. Two crane concepts are especially relevant in this instance. The first method is for a crane to be included in the turbine nacelle to be able to directly lift the component which requires repair from the floater, as is currently seen on onshore turbines. This method is already employed in onshore turbines and could be applicable for offshore. The second method is self-elevating cranes with several such solutions already in development.
The heavy maintenance operations conducted on floating turbines at the Kincardine wind farm have provided invaluable insights for industry players, especially developers. The complex process of disconnecting and towing turbines for repairs highlights the need for meticulous planning and exploration of alternative maintenance strategies, some of which are already in the pipeline. As the industry evolves, careful consideration of ports, and securing fleet contracts, will be crucial in driving efficient and cost-effective O&M practices for the floating wind market.
Sarah McLean is Market Research Analyst at Spinergie, a maritime technology company specializing in emission, vessel performance, and operation optimization.
A large percentage of new installations are being developed in areas that are prone to extreme weather events and natural disasters (e.g., Texas and California), including high wind, tornadoes, hail, flooding, earthquakes, wildfires, etc. With the frequency and severity of many of these events increasing, project developers, asset owners, and tax equity partners are under growing pressure to better understand and mitigate risk.
Figure 1. The history of billion-dollar disasters in the United States each year from 1980 to 2022 (source: NOAA)
In terms of loss prevention, a Catastrophe (CAT) Modeling Study is the first step to understanding the exposure and potential financial loss from natural hazards or extreme weather events. CAT studies form the foundation for wider risk management strategies, and have significant implications for insurance costs and coverage.
Despite their importance, developers often view these studies as little more than a formality required for project financing. As a result, they are often conducted late in the development cycle, typically after a site has been selected. However, a strong case can be made for engaging early with an independent third party to perform a more rigorous site-specific technical assessment. Doing so can provide several advantages over traditional assessments conducted by insurance brokerage affiliates, who may not possess the specialty expertise or technical understanding needed to properly apply models or interpret the results they generate. One notable advantage of early-stage catastrophe studies is to help ensure that the range of insurance costs, which can vary from year to year with market forces, are adequately incorporated into the project financial projections.
Investors, insurers, and financiers of renewable projects have taken notice of this trend, and are subsequently adapting their behavior and standards accordingly. In the solar market, for example, insurance premiums increased roughly four-fold from 2019 to 2021. The impetus for this increase can largely be traced back to a severe storm in Texas in 2019, which resulted in an $80 million loss on 13,000 solar panels that were damaged by hail.
The event awakened the industry to the hazards severe storms present, particularly when it comes to large-scale solar arrays. Since then, the impact of convective weather on existing and planned installations has been more thoroughly evaluated during the underwriting process. However, far less attention has been given to the potential for other natural disasters; events like floods and earthquakes have not yet resulted in large losses and/or claims on renewable projects (including wind farms). The extraordinary and widespread effect of the recent Canadian wildfires may alter this behavior moving forward.
A thorough assessment, starting with a CAT study, is key to quantifying the probability of their occurrence — and estimating potential losses — so that appropriate measures can be taken to mitigate risk.
All models are not created equal
Industrywide, certain misconceptions persist around the use of CAT models to estimate losses from an extreme weather event or natural disaster.
Often, the perception is that risk assessors only need a handful of model inputs to arrive at an accurate figure, with the geographic location being the most important variable. While it’s true that many practitioners running models will pre-specify certain project characteristics regardless of the asset’s design (for example, the use of steel moment frames without trackers for all solar arrays in a given region or state), failure to account for even minor details can lead to loss estimates that are off by multiple orders of magnitude.
The evaluation process has recently become even more complex with the addition of battery energy storage. Relative to standalone solar and wind farms, very little real-world experience and data on the impact of extreme weather events has been accrued on these large-scale storage installations. Such projects require an even greater level of granularity to help ensure that all risks are identified and addressed.
Even when the most advanced modeling software tools are used (which allow for thousands of lines of inputs), there is still a great deal that is subject to interpretation. If the practitioner does not possess the expertise or technical ability needed to understand the model, the margin for error can increase substantially. Ultimately, this can lead to overpaying for insurance. Worse, you may end up with a policy with insufficient coverage. In both cases, the profitability of the asset is impacted.
Supplementing CAT studies
In certain instances, it may be necessary to supplement CAT models with an even more detailed analysis of the individual property, equipment, policies, and procedures. In this way, an unbundled risk assessment can be developed that is tailored to the project. Supplemental information (site-specific wind speed studies and hydrological studies, structural assessment, flood maps, etc.) can be considered to adjust vulnerability models.
This provides an added layer of assurance that goes beyond the pre-defined asset descriptions in the software used by traditional studies or assessments. By leveraging expert elicitations, onsite investigations, and rigorous engineering-based methods, it is possible to discretely evaluate asset-specific components as part of the typical financial loss estimate study: this includes Normal Expected Loss (NEL), also known as Scenario Expected Loss (SEL); Probable Maximum Loss (PML), also known as Scenario Upper Loss (SUL); and Probabilistic Loss (PL).
Understanding the specific vulnerabilities and consequences can afford project stakeholders unique insights into quantifying and prioritizing risks, as well as identifying proper mitigation recommendations.
Every project is unique
The increasing frequency and severity of natural disasters and extreme weather events globally is placing an added burden on the renewable industry, especially when it comes to project risk assessment and mitigation. Insurers have signaled that insurance may no longer be the main basis for transferring risk; traditional risk management, as well as site and technology selection, must be considered by developers, purchasers, and financiers.
As one of the first steps in understanding exposure and the potential capital loss from a given event, CAT studies are becoming an increasingly important piece of the risk management puzzle. Developers should treat them as such by engaging early in the project lifecycle with an independent third-party practitioner with the specialty knowledge, tools, and expertise to properly interpret models and quantify risk.
Hazards and potential losses can vary significantly depending on the project design and the specific location. Every asset should be evaluated rigorously and thoroughly to minimize the margin for error, and maximize profitability over its life.
Chris LeBoeuf is Global Head of the Extreme Loads and Structural Risk division of ABS Group, based in San Antonio, Texas. He leads a team of more than 60 engineers and scientists in the US, UK, and Singapore, specializing in management of risks to structures and equipment related to extreme loading events, including wind, flood, seismic and blast. Chris has more than 20 years of professional experience as an engineering consultant, and is a recognized expert in the study of blast effects and blast analysis, as well as design of buildings. He holds a Bachelor of Science in Civil Engineering from The University of Texas at San Antonio, and is a registered Professional Engineer in 12 states.
Grid modernization is having a profound impact on the nature and regulation of North American utilities. It represents a significant change to the way energy is managed, distributed, and used—today and in the future. As Environmental, Social, and Governance (ESG) targets become increasingly important to energy investors and regulators, how can organizations transform their Asset Investment Planning (AIP) processes to overcome challenges and take advantage of emerging opportunities?
Grid modernization
The energy transition refers to the global energy sector’s shift from fossil-based systems of energy production and consumption to renewable energy sources like wind and solar, as well as long-term energy storage such as batteries. The increasing penetration of renewable energy into the energy supply mix and the onset of electrification and improvements in energy storage are key drivers of the energy transition.
Grid modernization is a subset of the energy transition, and refers to changes needed in the electric transmission and distribution (T&D) systems to accommodate these rapid and innovative technological changes. Grid modernization often necessitates the increased application of sensors, computers, and communications to increase the intelligence of the grid and its ability to respond swiftly to external factors. The main goals of the grid are to provide the capacity, reliability, and flexibility needed to adapt to a whole range of new technologies (in the drive to net zero), while maintaining a comparable level of service and cost to the end customer.
Grid modernization projects are driven by both climate resilience through hardening of assets and changes to the T&D network to accommodate climate mitigation strategies. There are 3 broad categories for these types of projects:
Climate Resilience and Infrastructure Hardening
These investments cover physical improvements to T&D assets to reduce outages or damage, and enhanced system capabilities in the areas of flood resistance, storm hardening, wildfire risk mitigation, and cyber security.
Smart Grid and Distribution System Modernization
Projects in this area cover advanced grid technologies that enable two‐way communication, self‐healing, and autonomous restoration (using digital sensors and switches with advanced control and communication technologies). Advanced metering and communication infrastructure are also included in this category.
Distributed Energy Resource (DER) Optimization
These projects cover grid modifications required to support the integration of resources such as microgrids, distributed solar, wind, and storage (hydrogen, battery), as well as the inclusion of electric vehicle (EV) charging infrastructure.
Grid modernization is accelerating due to multiple factors, such as decarbonization, electrification, extreme weather, and security threats.
Valuing innovative projects
The changing demands dictated by grid modernization will require organizations to strike the right balance between cost-effectively managing the current business, while investing appropriately to meet future demands. Organizations are already seeing an increase in both the volume and variety of grid modernization projects. This is leading to increased planning complexity, requiring utilities to demonstrate that they are spending their limited budgets and resources to maximize value and drive their ESG and performance targets.
A value-based approach to investment decision making is key to establishing a common basis to evaluate potential investment opportunities and meet the challenges of grid modernization. The key to achieving your organization’s grid modernization goals is building a multi-year plan that breaks the work into executable chunks. This ensures adequate funding and resources are available to carry out the plan in the short-term, resulting in incremental progress toward longer-term objectives.
With a value-based decision-making approach, organizations can ensure they are making the right grid modernization investments—and justify their plans to internal and external stakeholders.
Align decisions with strategic objectives
Business leaders must develop frameworks that quantify the financial and non-financial benefits of all proposed investments on a common scale and understand how projects will contribute to their short- and long-term grid modernization initiatives and broader energy transition goals. A value framework also creates a clear line of sight from planned investments to regulatory and corporate targets, allowing organizations to provide transparency into the decision-making methodology—and demonstrate the benefits of their plans to regulators, stakeholders, and customers:
Russ is a Director of Product Management, Decision Analytics at Copperleaf. He is an innovative leader with over 20 years of comprehensive business and technical experience in high-tech product development organizations. Russ holds a B.A.Sc. in Mechanical Engineering from the University of British Columbia and a Management of Technology MBA from Simon Fraser University.
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Chris LeBoeuf is Global Head of the Extreme Loads and Structural Risk division of ABS Group, based in San Antonio, Texas. He leads a team of more than 60 engineers and scientists in the US, UK, and Singapore, specializing in management of risks to structures and equipment related to extreme loading events, including wind, flood, seismic and blast. Chris has more than 20 years of professional experience as an engineering consultant, and is a recognized expert in the study of blast effects and blast analysis, as well as design of buildings. He holds a Bachelor of Science in Civil Engineering from The University of Texas at San Antonio, and is a registered Professional Engineer in 12 states.
Russ is a Director of Product Management, Decision Analytics at Copperleaf. He is an innovative leader with over 20 years of comprehensive business and technical experience in high-tech product development organizations. Russ holds a B.A.Sc. in Mechanical Engineering from the University of British Columbia and a Management of Technology MBA from Simon Fraser University.
