Latest news with #Companies
Yahoo
2 days ago
- Business
- Yahoo
From Leader to Laggard? U.S. Faces Carbon Capture Slowdown as EU Surges Ahead
Carbon capture and storage (CCS) has long been recognized as a critical technology for achieving net-zero emissions, particularly in hard-to-abate sectors like steel, cement, and chemicals. Historically, the United States has been at the forefront of CCS development, propelled by generous subsidies and tax incentives, notably the 45Q tax credit enhanced by the Inflation Reduction Act (IRA). However, recent policy developments in Europe signal a strategic shift that could redefine global leadership in CCS. The U.S. approach: A market-led model facing political uncertainty For years, the United States has been the global frontrunner in CCS deployment, thanks to a market-based approach centered around financial incentives. The 45Q tax credit, bolstered by the IRA, offered up to $85 per tonne of CO2 captured and stored in geological formations, and up to $180 per tonne for direct air capture (DAC) projects. These incentives sparked a surge of interest and investment, with over $320 billion in clean energy projects announced in the wake of the IRA—many incorporating CCS as a key decarbonization tool. The enthusiasm for CCS in the U.S. market remains strong. Companies and investors are still eager to pursue large-scale projects, and the technological expertise in CCS is considerable. However, the political landscape has introduced significant uncertainty. Proposed legislation to repeal or weaken key provisions of the IRA has created a cloud of doubt over the future of CCS incentives. Already, this policy instability has led to the cancellation or delay of major projects, with estimates suggesting that over $14 billion in clean energy investments have been shelved due to fears that the regulatory framework may political uncertainty undermines investor confidence and makes it harder for companies to commit to the long lead times and high capital costs required for CCS projects. As a result, while the interest and market potential for CCS in the U.S. remain strong, the momentum is at risk of stalling. Europe's regulatory mandate: A new model for CCS deployment In contrast, Europe is taking a more direct and regulatory-driven approach. Under the recently adopted Net-Zero Industry Act, the EU has introduced a groundbreaking requirement: oil and gas companies must collectively develop and reserve at least 50 million tonnes of annual CO2 storage capacity by 2030. This mandate is proportionally assigned, with each company's obligation based on its historical production levels, ensuring that those most responsible for emissions contribute the most to the solution. This shift marks a fundamental departure from the U.S. model. Rather than relying on voluntary market signals and financial incentives, Europe is creating a binding legal obligation—turning CCS from a niche technology into a critical pillar of its industrial decarbonization strategy. By designating these storage projects as Net-Zero Strategic Projects, the EU also accelerates permitting processes and unlocks access to funding mechanisms like the Innovation Fund, supported by revenues from the EU ETS. This regulatory certainty offers investors a stable environment in which to commit capital, reducing risk and providing a clear roadmap for the long-term development of CCS infrastructure. A shift in global momentum The contrasting approaches between the U.S. and Europe highlight a shifting dynamic in global CCS leadership. The U.S. market, once the undisputed leader in CCS due to its financial incentives, now faces a potential slowdown as policy uncertainty erodes confidence. While interest and market conditions for CCS in the U.S. remain strong, the lack of stability in the regulatory environment makes it difficult for projects to reach final investment decisions. Europe, by contrast, is creating a stable and predictable policy framework that reduces uncertainty and drives investment. By mandating the development of storage capacity, Europe ensures that the infrastructure will be in place to support decarbonization efforts across multiple sectors—from steel and cement to hydrogen and negative emissions technologies. This approach positions Europe as a growing center of gravity for CCS innovation, offering a blueprint that other regions may seek to emulate. Oil and gas companies as part of the solution In previous publications, I have discussed how oil and gas companies can contribute to the energy transition—not just as suppliers of fossil fuels, but as builders of critical infrastructure for a net-zero future. Europe's CO2 storage mandate is a clear example of this vision in action. By leveraging their expertise in subsurface operations, oil and gas companies can develop the storage capacity that will serve as the backbone of Europe's industrial decarbonization strategy. This is a tangible way for these companies to contribute positively to the transition, using their resources and knowledge to solve one of the most pressing challenges of the clean energy shift: where to safely and permanently store CO2. Conclusion The European Union's CO2 storage mandate is more than just a regulatory milestone—it is a turning point for the global CCS industry. By creating a legally binding requirement for storage development, Europe is providing the certainty that markets and investors need to scale up CCS projects. In contrast, the U.S., despite its early lead and the market's ongoing interest, risks losing momentum due to political instability and the potential rollback of critical incentives. This transatlantic divergence has far-reaching implications. As Europe accelerates its CCS deployment, it positions itself as a leader in the global race to decarbonize heavy industry. The U.S., meanwhile, faces the risk of ceding its leadership role unless it can provide stable and predictable policy support. The challenge now is clear: Europe must act swiftly to implement its ambitious plans, and the U.S. must ensure that political uncertainty does not undermine its CCS potential. The world is watching, and the choices made today will shape the industrial landscape of tomorrow. By Leon Stille for More Top Reads From this article on
Business Wire
4 days ago
- Business
- Business Wire
The Cannabist Company Completes Previously Announced Plan of Arrangement
CHELMSFORD, Mass.--(BUSINESS WIRE)--The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQB: CBSTF) ('The Cannabist Company' or the 'Company'), one of the most experienced cultivators, manufacturers and retailers of cannabis products in the U.S., is pleased to announce that it has successfully completed its previously announced court-approved plan of arrangement under Section 192 of the Canada Business Corporations Act (the 'Arrangement') involving, inter alios, the Company and The Cannabist Company Holdings (Canada) Inc. ('Cannabist Canada', and together with The Cannabist Company, the 'Companies'), implementing those transactions described in the Companies' management information circular dated March 28, 2025 (the 'Circular'). The Arrangement resulted in, among other things: (a) the exchange of all outstanding 6.0% senior secured convertible notes of the Companies due June 29, 2025 (the '2025 Notes') and all 9.5% senior secured first-lien notes of the Companies due February 3, 2026 (the '2026 Notes') for an equivalent principal amount of new senior notes due December 31, 2028 (the 'New Senior Notes') co-issued by the Companies, and the issuance of an aggregate of 118,209,105 common shares of The Cannabist Company (the 'New CBST Common Shares') to the holders of such notes on a pro rata basis; (b) the exchange of all outstanding 9.0% senior secured convertible notes of the Companies due March 19, 2027 (the '2027 Notes', and together with the 2025 Notes and the 2026 Notes, the 'Senior Notes') for either (i) an equivalent principal amount of New Senior Notes, as well as a pro rata amount of the New CBST Common Shares or (ii) an equivalent principal amount of new senior convertible notes due December 31, 2028 co-issued by the Companies; and (c) the issuance of an aggregate of 118,246,947 common share purchase warrants of the Company (the 'Anti-Dilutive Warrants') to Company shareholders of record as of May 27, 2025 on a pro rata basis. Further details of the Arrangement are described in the Circular, which is available under the Company's profile on SEDAR+ at and EDGAR at No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws. Moelis & Company LLC served as exclusive financial advisor to the Company. Stikeman Elliott LLP and Dorsey & Whitney LLP acted as the Company's Canadian and U.S. legal counsel, respectively. Goodmans LLP and Feuerstein Kulick LLP acted as the supporting holders of the Senior Notes' (the 'Supporting Noteholders') Canadian and U.S. legal counsel, respectively, with Ducera Partners LLC serving as the financial advisor to the Supporting Noteholders' legal counsel. About The Cannabist Company (f/k/a Columbia Care) The Cannabist Company, formerly known as Columbia Care, is one of the most experienced cultivators, manufacturers and providers of cannabis products and related services, with licenses in 12 U.S. jurisdictions. The Company operates 81 facilities including 64 dispensaries and 17 cultivation and manufacturing facilities, including those under development. Columbia Care, now The Cannabist Company, is one of the original multi-state providers of cannabis in the U.S. and now delivers industry-leading products and services to both the medical and adult-use markets. In 2021, the Company launched Cannabist, its retail brand, creating a national dispensary network that leverages proprietary technology platforms. The company offers products spanning flower, edibles, oils and tablets, and manufactures popular brands including dreamt, Seed & Strain, Triple Seven, Hedy, gLeaf, Classix, Press, and Amber. For more information, please visit
Yahoo
5 days ago
- Business
- Yahoo
Kovo+ Announces Definitive Asset Purchase Agreement, Senior Loan Extension and Short Term Secured Promissory Grid Note
Not for dissemination in the United States or distribution through U.S. newswires Calgary, Alberta--(Newsfile Corp. - May 28, 2025) - Kovo+ Holdings Inc. (TSXV: KOVO) ("Kovo" or the "Company") is pleased to announce, further to its news release dated February 13, 2025, that it has entered into a definitive asset purchase agreement (the "APA") with Avonlea Ventures #2 Inc. ("AVI"), Kovo's largest shareholder and secured creditor, whereby the Company intends to acquire the exclusive right to purchase certain contractual assets of AI Vector, LLC ("AI Vector") and AAG Core, LLC ("Veebas" and together with AI Vector, the "Target Companies") pursuant to certain letters of intent between AVI and the Target Companies (the "Target Company LOIs"). Under the APA, the Company will acquire the exclusive right to purchase, among other things, all of the membership interests of AI Vector and all of the material business and intellectual property assets of Veebas (collectively, the "Target Assets"), pursuant to the Target Company LOIs (the "APA Transaction"). In consideration for the Target Assets, Kovo will issue to AVI (i) US$3,500,000 million of common shares of the Company (the "Consideration Shares") at a deemed price to be determined in accordance with the rules and policies of the TSX Venture Exchange (the "TSXV"); and (ii) a vendor take-back note in the principal amount of US$1,500,000 (the "VTB Note") for an aggregate purchase price of US$5,000,000 (the "Purchase Price"). The Purchase Price recognizes the approximately US$1,500,000 million cash advanced to AI Vector and Veebas by AVI, as well as the increased value of the business and assets of the Target Companies, which have resulted from such funding and which, therefore, permit Kovo to acquire the Target Assets at a discount to the current enterprise value. By its terms, the VTB Note bears interest at a rate of 12% per annum and will mature, subject to the terms thereof, one (1) year from the closing date. The Consideration Shares will be subject to a statutory four-month and one-day hold period in accordance with applicable Canadian securities laws. The entering into of the AI Vector and Veebas transactions (collectively, the "Target Transactions"), respectively, are expected to be effected through definitive agreements in relation to the Target Assets (the "Definitive Agreements"), which are expected to formalize the terms and conditions set forth in the Target Company LOIs, respectively, and which shall reflect a reduction in the aggregate purchase price payable to the members of AI Vector and to Veebas by an amount equal to the Purchase Price (the "Price Reduction Accommodation"). The Price Reduction Accommodation is expected to be reflected in each Definitive Agreement in proportion to the percentage value that each of AI Vector and Veebas has in relation to the aggregate value of both Target Companies. The entering into of the Definitive Agreements is conditional on valuation of the Target Assets being no less than US$5,000,000 in aggregate and is expected to include, among other customary terms and conditions of transactions of this type and nature, the Price Reduction Accommodation. The Company intends to proceed with the acquisition of the Target Assets as soon as practicable upon closing of the APA Transaction. Closing of the APA Transaction and Target Transactions are each subject to certain customary conditions, including, without limitation, third-party and regulatory approvals, including TSXV approval. Secured Promissory Grid Note and Senior Loan Extension Kovo is also pleased to announce that, effective May 1, 2025, (i) AVI completed a further loan to the Company pursuant to a secured promissory grid note (the "Secured Prom Note") for available proceeds of up to US$850,000 (the "Loan"); and (ii) AVI extended the term of its 2nd Amended & Restated Senior Loan and Security Agreement (the "Senior Loan Agreement") to June 30, 2025 (the "Maturity Date") pursuant to the terms of an extension agreement (the "Extension Agreement"). The Secured Prom Note contains customary financial and other covenants, and the proceeds of the Loan will assist Kovo with working capital obligations and ongoing expenses. The Secured Prom Note is secured by the same security granted to AVI under the Senior Loan Agreement (see press releases dated April 21, 2023, May 22, 2024 and July 24, 2024 and September 17, 2024). The Secured Prom Note will mature on June 30, 2025, and bears interest at a rate of 24% per annum. The Company may draw on the available proceeds of the Loan from time to time during the term and has drawn US$225,000 to date and US$325,000 to be drawn on or before May 30, 2025. Pursuant to the terms of the Extension Agreement, Kovo and AVI extended the maturity date upon which the indebtedness owing thereunder was to be repaid to June 30, 2025. The other terms, as set out in the Senior Loan and Security Agreement, remain unchanged. As an inducement for the Loan and Extension Agreement, Kovo granted AVI a bonus of an aggregate US$300,000, payable in cash at the Maturity Date, or such later date as mutually agreed between the parties. The bonus qualifies as a "Loan Bonus" pursuant to section 2 of TSXV Policy 5.1 - Loans, Loan Bonuses, Finder's Fees and Commissions. Related Party Transactions AVI is an Ontario corporation controlled by Mr. Michael Steele, a current director and controlling indirect shareholder of the Company. Mr. Steele is also a director, officer and the sole indirect beneficial shareholder of AVI. AVI is also considered a "Non-Arm's Length Party" pursuant to the policies of the TSXV. The Loan As AVI is a "related party" of the Company, the Loan Transactions (as defined below) and the APA Transaction (collectively, the "Related Party Transactions") are each considered to be a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") requiring Kovo, in the absence of exemptions, to obtain a formal valuation and minority shareholder approval, of the Related Party Transactions. Pursuant to Sections 5.5(b), 5.5(g) and 5.7(e) of MI 61-101, the Company relied on exemptions from the formal valuation and minority shareholder requirements, respectively, as, in addition to no securities of the Company being listed or quoted on certain specified exchanges: (i) Kovo was (and continues to be) in serious financial difficulty; (ii) the Related Party Transactions are each designed to improve the financial position of the Company; (iii) paragraph 5.5(f) (Bankruptcy, Insolvency, Court Order) of MI 61-101 was not applicable; and (iv) Kovo's board of directors (the "Board"), acting in good faith, and at least two-thirds of Kovo's independent directors, acting in good faith, determined that: (A) the Company was (and continues to be) in serious financial difficulty and the Related Party Transactions are each designed to improve the financial position of Kovo, and (B) the terms of the Related Party Transactions were reasonable in the circumstances. The Related Party Transactions were unanimously approved by the Board members who are independent for the purposes thereof, being all directors other than Messrs. Michael Steele and Robert Galarza. Neither the Company nor, to the knowledge of the Company after reasonable inquiry, AVI, has knowledge of any material information concerning the Company or its securities that has not been generally disclosed. A special committee comprising Messrs. Peter Bak and Harp Gahunia (the "Special Committee") was formed to, among other things, consider the APA Transaction and matters ancillary thereof. The Special Committee reviewed the terms and conditions of the APA Transaction and consideration of a number of factors, including advice and assistance of advisors and the retention of an independent valuator for the purpose of valuing of the Target Assets. As the directors independent of the Related Party Transactions, the Special Committee unanimously approved the Related Party Transactions at a meeting of the Special Committee held on May 26, 2025. No special committee of the Board was established in connection with the Loan, the entering into of the Extension Agreement and matters relating thereto (the "Loan Transactions"), as the entire Board was engaged in respect thereof, and, other than Messrs. Steele and Galarza, who abstained from voting thereon, no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto. Neither the Company nor any director or senior officer of the Company has knowledge, after reasonable inquiry, of any prior valuation in respect of the Company that relates to the subject matter of or is otherwise relevant to the Related Party Transactions, which has been made in the 24 months prior to the date of this news release. The Company did not file a material change report more than 21 days before the expected closing as the details of the Related Party Transactions were not finalized until immediately prior to its issuance, and the Company wished to close the Related Party Transactions as soon as practicable for sound business reasons. None of the securities sold in connection with the APA Transaction will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Kovo+ Holdings Inc. Kovo is a versatile technology company leading the charge in AI initiatives to drive impact and innovation across diverse industries. Kovo remains committed to its core business-model of strategic growth opportunities within mid-market Medical Billing firms, where exploitative business optimization synergies exist. Moving forward, Kovo will integrate accretive broader healthcare sector additions to its portfolio and opportunities beyond in multiple new markets. Dedicated to revolutionizing business process optimization through technological advancements and evolving AI-applied methods, Kovo embodies a commitment to ensured and enduring profitability. To learn more about Kovo and to keep up to date on Kovo news, visit Cautionary Note Regarding Forward-Looking Information Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities laws. Such forward-looking statements or information are provided to inform the Company's shareholders and potential investors about management's current expectations and plans relating to the future and include, but are not limited to, (i) expectations regarding the characteristics, value drivers, and anticipated benefits of the Related Party Transactions; (ii) expectations regarding the Company's financing plans, closing times, and future development opportunities in connection with Kovo's acquisition of assets under the APA; (iii) expectations regarding the timing and closings thereof; and (iv) expectations concerning the Company's business plans and operations. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects", "intends", "plans", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions that have been used to develop such statements and information, but which may prove to be incorrect. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties, include, but are not limited to the Company being unable to use the proceeds of the Secured Prom Note as described, legal or regulatory impediments regarding the Secured Prom Note, the Company defaulting on the Secured Prom Note, Senior Loan Agreement or VTB Note and leading to enforcement under the security, the proceeds being insufficient for the Company's purposes, the Company's inability to repay the Secured Prom Note, Senior Loan Agreement or VTB Note at the end of the terms thereof and the Company being unable to raise additional funds on terms acceptable to the Company or at all. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement. Contact Information For further information, please contact: investors@ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit Sign in to access your portfolio
Cision Canada
6 days ago
- Business
- Cision Canada
PRICEWATERHOUSECOOPERS INC., LIT, THE COURT-APPOINTED MONITOR OF STS RENEWABLES LTD., EARTH DRILLING CO. LTD., ON TRACK DRILLING INC., STS RENEWABLES EARTH USA ACQUISITION CO. LTD., EARTH DRILLING CO. LTD., HARRIS EXPLORATION DRILLING & ASSOCIATES, INC., SUBTERRA CAPITAL PARTNERS INC., SUBTERRA DEVELOPMENT LTD., AND SUBTERRA CAPITAL PARTNERS US INC. LAUNCHES A SALE AND INVESTMENT SOLICITATION PROCESS
TORONTO, May 27, 2025 /CNW/ - PricewaterhouseCoopers Inc., LIT (" PwC"), in its capacity as the Court-appointed monitor (the " Monitor") of STS Renewables Ltd., Earth Drilling Co. Ltd., On Track Drilling Inc., STS Renewables Earth USA Acquisition Co. Ltd., Earth Drilling Co. Ltd., Harris Exploration Drilling & Associates, Inc., Subterra Capital Partners Inc., Subterra Development Ltd., and Subterra Capital Partners US Inc. (collectively the " Companies") has launched a Court-approved sale and investment solicitation process to solicit proposals to purchase or invest in some or all of the assets, properties and undertakings and/or business of the Companies. The Companies are a vertically-integrated geothermal energy system developer that provides renewable heating and cooling to muti-residential building developers. Earth Drilling Co. Ltd., Harris Exploration Drilling & Associates, Inc. and On Track Drilling Inc., are also engaged in the business of providing drilling services to oil and gas, mineral exploration and environmental and geotechnical industries. In order to obtain detailed information on the Companies, interested parties will be required to sign a non-disclosure agreement. For further information, please refer to or contact at [email protected]. PricewaterhouseCoopers Inc., LIT Monitor of the Companies 18 York Street, Suite 2500 Toronto, ON M5J 0B2 Email: [email protected]
Yahoo
6 days ago
- Business
- Yahoo
PRICEWATERHOUSECOOPERS INC., LIT, THE COURT-APPOINTED MONITOR OF STS RENEWABLES LTD., EARTH DRILLING CO. LTD., ON TRACK DRILLING INC., STS RENEWABLES EARTH USA ACQUISITION CO. LTD., EARTH DRILLING CO. LTD., HARRIS EXPLORATION DRILLING & ASSOCIATES, INC., SUBTERRA CAPITAL PARTNERS INC., SUBTERRA DEVELOPMENT LTD., AND SUBTERRA CAPITAL PARTNERS US INC. LAUNCHES A SALE AND INVESTMENT SOLICITATION PROCESS
TORONTO, May 27, 2025 /CNW/ - PricewaterhouseCoopers Inc., LIT ("PwC"), in its capacity as the Court-appointed monitor (the "Monitor") of STS Renewables Ltd., Earth Drilling Co. Ltd., On Track Drilling Inc., STS Renewables Earth USA Acquisition Co. Ltd., Earth Drilling Co. Ltd., Harris Exploration Drilling & Associates, Inc., Subterra Capital Partners Inc., Subterra Development Ltd., and Subterra Capital Partners US Inc. (collectively the "Companies") has launched a Court-approved sale and investment solicitation process to solicit proposals to purchase or invest in some or all of the assets, properties and undertakings and/or business of the Companies. The Companies are a vertically-integrated geothermal energy system developer that provides renewable heating and cooling to muti-residential building developers. Earth Drilling Co. Ltd., Harris Exploration Drilling & Associates, Inc. and On Track Drilling Inc., are also engaged in the business of providing drilling services to oil and gas, mineral exploration and environmental and geotechnical industries. In order to obtain detailed information on the Companies, interested parties will be required to sign a non-disclosure agreement. For further information, please refer to or contact at ca_stsrenewables@ PricewaterhouseCoopers Inc., LITMonitor of the Companies18 York Street, Suite 2500Toronto, ON M5J 0B2 Email: ca_stsrenewables@ SOURCE PwC Management Services LP View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
