Latest news with #RobBlack
Yahoo
22-07-2025
- Business
- Yahoo
Carnarvon Energy to acquire up to 19.9% of Strike Energy for A$89m
Carnarvon Energy is set to make a strategic investment in Strike Energy, acquiring up to 19.9% of the company for A$89m ($58m), issued as fully paid ordinary shares. The investment aims to capitalise on Strike's extensive gas asset portfolio and Western Australia's growing energy market. The board of Carnarvon Energy has deemed the investment in Strike Energy as the most favourable outcome following a strategic review and extensive due diligence. Carnarvon's investment will take place in two tranches. The first tranche involves a A$52m investment for a 13% shareholding, to be completed within five business days of the announcement. The second tranche of up to A$37m for a final shareholding of up to 19.9% is contingent upon Strike shareholder approval at a general meeting scheduled for September 2025. Carnarvon chair Rob Black said: 'Carnarvon is excited to become the largest shareholder of Strike Energy. 'Following the Bedout JV Operator's recent decision to delay the Dorado Development, the Carnarvon Board has been assessing value accretive opportunities for shareholders. 'The Carnarvon Board believes the Strike investment represents an attractive opportunity for the company to help Strike unlock the value in its high-quality portfolio of Perth Basin assets on attractive terms, whilst retaining full exposure to its own assets in the Bedout Sub-basin. 'The Carnarvon team looks forward to working collaboratively with the Board andmanagement team of Strike to deliver value for both sets of shareholders.' With this strategic investment, Carnarvon secures board representation rights in Strike and maintains its strong balance sheet, with at least A$96m in cash and a $90m carry for the CPC Dorado project. The company has decided to halt the previously announced potential capital return in favour of this investment. The funds provided to Strike by Carnarvon will support several key projects including the South Erregulla 85MW gas-fired power station, the Walyering domestic gas project, the West Erregulla gas project and the development of other Perth Basin opportunities. Strike chair John Poynton said: 'We welcome Carnarvon as a strategic partner and Strike's largest shareholder. Strike has a unique asset base with significant potential and Carnarvon's investment provides the financial capacity and flexibility to realise this potential. 'Strike remains focused on executing is revised strategy and remains well placed to support Western Australia's energy transition through the development of its high-quality Perth Basin assets.' In another development, Strike Energy has reported exceptional production test results from the Erregulla Deep-1 well, showcasing high flow rates and pressures, which bodes well for the future of the West Erregulla project. "Carnarvon Energy to acquire up to 19.9% of Strike Energy for A$89m" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
NMexus Center officially opens at Mesa del Sol
ALBUQUERQUE, N.M. (KRQE) – It's a first-of-its-kind global business accelerator center, and it just opened in New Mexico. Mesa del Sol held a ribbon cutting to officially open the NMexus Center. The center is meant to act as a permanent pipeline for foreign investment in the state. 'We think over the next five years that's going to accumulate to about 1,500 jobs for New Mexicans here in the state in a variety of sectors, IT to AI to advanced agriculture among other sectors,' said Rob Black, New Mexico Economic Development Secretary. Albuquerque City Council approves program to give gas cards to APD officers There are currently seven companies housed in the center with room to serve up to 40. Right now, there are companies from India, the Middle East, Europe, and Asia. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
12-05-2025
- Business
- Yahoo
State officials spotlight New Mexico as Economic Development Week begins
May 11—Economic Development Week kicks off this week — an effort put on by the International Economic Development Council to shine a spotlight on work completed by professionals and local programs. Economic development is about more than just building infrastructure, state Economic Development Secretary Rob Black said. "It's about building communities, and we do that by investing in our businesses that help create those opportunities and investing in our families so that they can take advantage of them," Black said in a recent interview. "When a society feels like they have opportunity, when a family feels like it has opportunity, when you feel like your kids are going to have a better opportunity than you had as an adult, that creates hope for the future." Economic Development Week, May 12-16, has been around since 2016. Danielle Casey, president and CEO of the Albuquerque Regional Economic Alliance, or AREA, is the vice chair of the board of directors for the International Economic Development Council, or IEDC. "As a career economic development professional, I have found that our work in raising awareness in our local communities about the importance of investment in economic development is never done," she said in a statement to the Journal. She said serving on IEDC's board since 2017 and participating as a member of the organization for two decades has created "an amazing opportunity to raise the profile of New Mexico economic development among colleagues across the nation and the globe." "Even more importantly, I have benefitted from the ability to access and learn from exceptionally talented economic developers in a wide variety of communities and organizations," she added. Black, confirmed by the Legislature as the EDD secretary during the 60-day session, recently took trips to countries in Asia, including Singapore and Japan, to help get New Mexico on the map as a place to do business. He said he touted benefits the state offers, from free college to its prime research and development capabilities. "You start to tell that narrative, and people's eyes open up," Black said. One of the challenges in attracting companies, however, has been a lack of shovel-ready land for companies to build on, Black said. A couple of new laws signed this year will help address that. Overall, he said, New Mexico has "a lot to be excited about and to celebrate as we think about where we are." AREA will host a special event Thursday at Revel Entertainment to celebrate Economic Development Week, where it will air the new documentary "The Evolution and Future Path of Greater Albuquerque's Economy." You can find more information on the event at IEDC also has toolkits and relevant reports about Economic Development Week available on its website
Yahoo
30-04-2025
- Business
- Yahoo
State certifies ABQ space nonprofit as business incubator
Apr. 29—NewSpace Nexus, a New Mexico nonprofit focused on advancing space innovation, is the state's newest certified business incubator. The company joins eight other certified business incubators, which help grow startups, recognized by the New Mexico Economic Development Department. The recognition of NewSpace comes as startups focused on space have grown in recent years and as some in the aerospace sector have branded the Rio Grande corridor — from southern New Mexico to southern Colorado — "space valley." Aerospace is one of New Mexico's nine target industries. "As a springboard for aerospace businesses, NewSpace Nexus is a prime example of how our state supports this target industry," EDD Secretary Rob Black said in a Monday news release. An incubator helps accelerate the development of startup companies with targeted resources and services, according to EDD. NewSpace's incubator program, called NewSpace Ignitor, offers small- and medium-sized space companies resources like strategic planning, shared facilities and equipment, and investor showcasing opportunities. The company's physical space, The Launchpad at 2420 Alamo SE in Albuquerque, is an 8,000-square-foot facility with more than 70 pieces of equipment, including a carbon 3D printer and a thermal vacuum chamber. NewSpace also received a $100,000 grant with the state certification, which requires an annual renewal. Nearly 30 space companies have gone through the program, and another 22 companies are currently participating, according to NewSpace's website. EDD reports the supported startups have generated more than $50 million through customer contracts and venture capital investment. Every 50 jobs created by a startup generates about 25 more local jobs, according to the International Business Innovation Association. About a third of NewSpace's companies are interested in setting up shop in New Mexico, according to EDD. NewSpace Nexus CEO Casey Anglada DeRaad thanked the state for believing in her company and supporting its "many programs that will make a positive impact in growing the space industry for New Mexico, our region and our nation."
Yahoo
11-03-2025
- Business
- Yahoo
Utility pre-deployment incentive passes Senate
Mar. 10—SANTA FE — Despite some legislators' fears of increased utility bill costs and a lack of transparency, another bill to ensure New Mexico has development-ready land is moving onto the House. Senate Bill 170 passed the Senate by a 31-10 vote Monday, and its companion bill Senate Bill 169 passed the floor 37-2 over the weekend. The site readiness measures are ultimately aiming to draw more economic development — private, tribal or public — to New Mexico. SB170 would allow public utilities to ask the New Mexico Public Regulation Commission for permission to set up power lines, roads and other infrastructure on empty plots of land prime for development — and get money back later for it. Currently, utilities have to write off those costs, explained Economic Development Secretary-designate Rob Black. This bill would allow the PRC to approve rate recovery measures instead, via customer base charges or surcharges. Getting a site set up with all its infrastructure, from public utilities to roads, can take years in New Mexico, something that has dissuaded developers from coming to the state. Senate Minority Whip Michael Padilla, D-Albuquerque, on the floor described his SB170 — a bipartisan bill — as a piece of the puzzle that would change that. A few senators rose with concerns that all utility customers would have to pay for a measure only benefitting some areas. "This is a statewide economic development program, but it really isn't shared statewide. It's shared only by the people within that particular utility's district area," said Sen. William Soules, D-Las Cruces. Black told the Journal the legislation would likely make utility bills cheaper because it would attract large developers that need a lot of energy. In turn, he said, the developers would pay for grid upgrades and attract economic activity. Sen. Antoinette Sedillo Lopez, D-Albuquerque, said she would like to see more guardrails in the bill around what projects are chosen as prime for economic development. "I'm always queasy when we give these big benefits out," she said. But Black said public utilities couldn't ask the PRC for permission to set up infrastructure early and recover costs later unless the Economic Development Department labels it as a prime spot for future economic development projects. Even then, the PRC would still need to approve it. The bill doesn't change the normal regulatory processes utilities go through at the PRC, Black added. "I think there was some confusion about how rates work in the debate," he said. All ten "no" votes on the bill were cast by Democratic senators. .
