Latest news with #energyTransition
National Post
21 hours ago
- Business
- National Post
Leading Independent Proxy Advisor ISS Recommends Sherritt Shareholders Vote FOR All Resolutions and Director Nominees
Article content Article content Warning: Self-interested shareholder SC2 Inc., an affiliate of Seablinc Canada Inc., a supplier to the Moa JV, seeks control of Sherritt for its own gain, without a credible plan or a premium, risking the Corporation's financial stability and strategic goals Sherritt's Board urges shareholders to vote FOR all resolutions and nominees well in advance of the proxy voting deadline on Friday, June 6, 2025, at 10:00 a.m. (Eastern Time) For assistance voting, contact Kingsdale Advisors at 1-866-229-8263 (toll-free in North America) or (437) 561-5030 (text and collect calls outside of North America) or at contactus@ For more detailed information, including a letter to shareholders from Sherritt's Board Chairman, please visit TORONTO — Sherritt International Corporation ('Sherritt' or the 'Corporation') (TSX:S), a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition – today reported that Institutional Shareholder Services Inc. ('ISS') has recommended that shareholders vote FOR all resolutions and director nominees ahead of the upcoming Annual and Special Meeting of Shareholders. Article content ISS is a leading independent proxy advisor, who carefully reviews the information regarding upcoming shareholder meetings and then makes a voting recommendation. ISS is the second leading independent proxy advisor to recommend that shareholders vote FOR all resolutions. Glass, Lewis & Co. LLC previously recommended shareholders vote FOR all resolutions, recognizing the significant progress Sherritt has made under its current Board and management team. Article content SC2 Inc. ('SC2') has publicly stated its intent to withhold support for all incumbent director nominees. However, SC2 is far from a typical shareholder. It was created to obscure the fact that Seablinc Canada Inc. ('Seablinc'), a significant supplier to Sherritt's Moa Joint Venture, is behind its campaign to remove and replace the Corporation's incumbent directors. SC2's actions appear to be the first step in Seablinc's broader agenda to secure a more lucrative supplier arrangement with the Moa Joint Venture, prioritizing its own commercial interests over the long-term success of the Corporation. Article content Adding to the concern, SC2 has entered into an agreement with a third party that has the effect of limiting its upside on nearly 75% of its Sherritt shares. Under this agreement, SC2 granted an irrevocable option for a third party to acquire up to 30,000,000 of its Sherritt shares at a fixed price of $0.17 per share between August 1, 2025, and May 1, 2026. This arrangement demonstrates that SC2 has effectively borrowed shares to gain influence without a long-term commitment to Sherritt. Article content Such short-term, opportunistic behavior is misaligned with the interests of Sherritt's broader shareholder base and is a risk to the Corporation's financial stability and strategic goals. In a detailed letter, Sherritt exposes SC2's motives and underscores the critical importance of voting FOR all resolutions to protect the Corporation's future and sustain its strategic momentum. Shareholders can access the full letter at Article content Time is short. Sherritt's Board urges shareholders to vote FOR all resolutions and nominees in advance of the proxy voting deadline on Friday, June 6, 2025, at 10:00 a.m. (Eastern Time). Article content Shareholders requiring assistance with voting are encouraged to contact Sherritt's strategic shareholder advisor and proxy solicitation agent, Kingsdale Advisors, at: Article content Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition. Sherritt's Moa Joint Venture has an estimated mine life of approximately 25 years and is advancing an expansion program focused on increasing annual MSP production by 20% of contained nickel and cobalt. The Corporation's Power division, through its ownership in Energas, is the largest independent energy producer in Cuba with installed electrical generating capacity of 506 MW, representing approximately 10% of the national electrical generating capacity in Cuba. The Energas facilities are comprised of two combined cycle plants that produce low-cost electricity from one of the lowest carbon emitting sources of power in Cuba. Sherritt's common shares are listed on the Toronto Stock Exchange under the symbol 'S'. Article content This press release contains certain forward-looking statements. Forward-looking statements can generally be identified by the use of statements that include such words as 'believe', 'expect', 'anticipate', 'intend', 'plan', 'forecast', 'likely', 'may', 'will', 'could', 'should', 'suspect', 'outlook', 'potential', 'projected', 'continue' or other similar words or phrases. Specifically, forward-looking statements in this document include, but are not limited to, statements regarding strategies, plans and estimated production amounts resulting from expansion of mining operations at the Moa JV and dividend growth from the Power division. Article content Forward-looking statements are not based on historical facts, but rather on current expectations, assumptions and projections about future events, including commodity and product prices and demand; the level of liquidity and access to funding; share price volatility; nickel, cobalt and fertilizer production results and realized prices; current and future demand products produced by Sherritt; global demand for electric vehicles and the anticipated corresponding demand for cobalt and nickel; revenues and net operating results; environmental risks and liabilities; compliance with applicable environmental laws and regulations; advancements in environmental and greenhouse gas ('GHG') reduction technology; GHG emissions reduction goals and the anticipated timing of achieving such goals, if at all; statistics and metrics relating to Environmental, Social and Governance ('ESG') matters which are based on assumptions or developing standards; environmental rehabilitation provisions; risks related to the U.S. government policy toward Cuba; current and future economic conditions in Cuba; the level of liquidity and access to funding; Sherritt share price volatility; and certain corporate objectives, goals and plans for 2025. By their nature, forward-looking statements require the Corporation to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that the assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. Article content The Corporation cautions readers of this press release not to place undue reliance on any forward-looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, commodity risks related to the production and sale of nickel cobalt and fertilizers; security market fluctuations and price volatility; level of liquidity of Sherritt, including access to capital and financing; the ability of the Moa JV to pay dividends; the risk to Sherritt's entitlements to future distributions (including pursuant to the Cobalt Swap) from the Moa JV; risks related to Sherritt's operations in Cuba; risks related to the U.S. government policy toward Cuba, including the U.S. embargo on Cuba and the Helms-Burton legislation; political, economic and other risks of foreign operations, including the impact of geopolitical events on global prices for nickel, cobalt, fertilizers, or certain other commodities; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; risk of future non-compliance with debt restrictions and covenants; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations; maintaining social license to grow and operate; uncertainty about the pace of technological advancements required in relation to achieving ESG targets; risks to information technologies systems and cybersecurity; risks associated with the operation of large projects generally; risks related to the accuracy of capital and operating cost estimates; the possibility of equipment and other failure; potential interruptions in transportation; identification and management of growth opportunities; the ability to replace depleted mineral reserves; risks associated with the Corporation's joint venture partners; variability in production at Sherritt's operations in Cuba; risks associated with mining, processing and refining activities; risks associated with the operation of large projects generally; risks related to the accuracy of capital and operating cost estimates; the possibility of equipment and other failures; uncertainty of gas supply for electrical generation; reliance on key personnel and skilled workers; growth opportunity risks; uncertainty of resources and reserve estimates; the potential for shortages of equipment and supplies, including diesel; supplies quality issues; risks related to the Corporation's corporate structure; foreign exchange and pricing risks; credit risks; competition in product markets; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; legal contingencies; risks related to the Corporation's accounting policies; uncertainty in the ability of the Corporation to obtain government permits; failure to comply with, or changes to, applicable government regulations; bribery and corruption risks, including failure to comply with the Corruption of Foreign Public Officials Act or applicable local anti-corruption law; the ability to accomplish corporate objectives, goals and plans for 2025; and the ability to meet other factors listed from time to time in the Corporation's continuous disclosure documents. Article content The Corporation, together with its Moa JV, is pursuing a range of growth and expansion opportunities, including without limitation, process technology solutions, development projects, commercial implementation opportunities, life of mine extension opportunities and the conversion of mineral resources to reserves. In addition to the risks noted above, factors that could, alone or in combination, prevent the Corporation from successfully achieving these opportunities may include, without limitation: identifying suitable commercialization and other partners; successfully advancing discussions and successfully concluding applicable agreements with external parties and/or partners; successfully attracting required financing; successfully developing and proving technology required for the potential opportunity; successfully overcoming technical and technological challenges; successful environmental assessment and stakeholder engagement; successfully obtaining intellectual property protection; successfully completing test work and engineering studies, prefeasibility and feasibility studies, piloting, scaling from small scale to large scale production, procurement, construction, commissioning, ramp-up to commercial scale production and completion; and securing regulatory and government approvals. There can be no assurance that any opportunity will be successful, commercially viable, completed on time or on budget, or will generate any meaningful revenues, savings or earnings, as the case may be, for the Corporation. In addition, the Corporation will incur costs in pursuing any particular opportunity, which may be significant. Article content Readers are cautioned that the foregoing list of factors is not exhaustive and should be considered in conjunction with the risk factors described in the Corporation's other documents filed with the Canadian securities authorities, including without limitation the 'Managing Risk' section of the Management's Discussion and Analysis for the three months ended March 31, 2025 and the Annual Information Form of the Corporation dated March 24, 2025 for the period ending December 31, 2024, which is available on SEDAR+ at Article content The Corporation may, from time to time, make oral forward-looking statements. The Corporation advises that the above paragraph and the risk factors described in this press release and in the Corporation's other documents filed with the Canadian securities authorities should be read for a description of certain factors that could cause the actual results of the Corporation to differ materially from those in the oral forward-looking statements. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement. Article content Article content Article content Article content Contacts Article content For more information, please contact: Article content FGS Longview (Media Contact) Email: sherritt@ Article content Article content Article content
Arab News
2 days ago
- Business
- Arab News
Minister says Pakistan State Oil to expand into renewable energy
KARACHI: Pakistan State Oil (PSO), the country's largest fuel supplier, is preparing to diversify its operations into renewable energy and emerging sectors of the energy market, Petroleum Minister Ali Pervaiz Malik said during a high-level visit to the company's Karachi headquarters on Thursday. The move signals a strategic shift in Pakistan's state-owned energy sector as it seeks to modernize infrastructure, reduce emissions and align with global trends toward sustainability. Malik's visit, part of a broader government outreach to key industry stakeholders, comes amid the government's continuing efforts to reform Pakistan's fossil fuel-reliant energy mix and enhance long-term resilience. 'The government is fully committed to steering Pakistan's energy sector toward greater resilience, sustainability and innovation,' Malik said during meetings with PSO leadership and board members. 'Enhancing fuel quality, reducing emissions and advancing the transition to clean energy are central to this vision.' During the visit, PSO's top management briefed the minister on the company's performance, supply chain stability and automation initiatives. Officials also outlined plans to modernize PSO's infrastructure and develop forward-looking strategies to enter the renewable energy space, though no specific projects were announced. Malik praised PSO's role in maintaining reliable fuel supplies nationwide and pledged the government's full support in helping the company address operational challenges. He emphasized that policy alignment and cross-sector coordination would be key to creating a more efficient and consumer-focused energy ecosystem. The minister also met with representatives of the Oil Companies Advisory Committee (OCAC) and the Petroleum Dealers Association, where discussions focused on regulatory bottlenecks, profit margins and broader sectoral reforms. He assured participants that their concerns would be addressed through structured engagement. 'In the best interest of the country, all stakeholders must collaborate with a shared commitment to progress,' Malik said. 'Together, we can build a modern energy sector that meets the evolving needs of our nation.' Pakistan has faced recurring energy crises in recent years, with high fuel import bills, inconsistent power supplies and delayed infrastructure upgrades straining the economy. While some private and semi-public entities have begun pivoting to renewables, PSO's potential entry into the sector is expected to mark one of the first serious moves by a major state player.
Bloomberg
3 days ago
- Business
- Bloomberg
Weathering the Storm: Climate Risk Stress Tests
Extreme weather has always meant extreme risks for businesses and investors. Yet climate change has varied the calculus, and many businesses are facing new, potentially existential risks as the world and the energy transition heat up. As such, central banks and financial supervisors have begun conducting climate risk stress tests, to ensure these institutions are capable of mitigating the potential impacts of a changing climate. But what do these tests entail, which markets have been the most proactive in conducting them, and what exactly is 'climate risk' anyway? On today's show, Tom Rowlands-Rees is joined by Tifenn Brandily, BloombergNEF's head of transition risk and alignment, and special guest Edo Schets, Bloomberg's head of climate, nature and regulatory financial solutions, to discuss findings from the note 'Climate Risk Stress Test Review'.
Associated Press
4 days ago
- Business
- Associated Press
Ameresco Begins Operations of Virginia Solar Canopy Project Developed in Partnership with BXP
FRAMINGHAM, Mass. & RESTON, Va.--(BUSINESS WIRE)--May 27, 2025-- Ameresco, Inc., (NYSE: AMRC), a leading energy solutions provider dedicated to helping customers navigate the energy transition, today announced that it achieved commercial operation at its solar PV canopy project in Reston, Virginia. The project was developed through a partnership with BXP, Inc. (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States. This press release features multimedia. View the full release here: BXP's Reston Town Center parking garage now features a sleek solar installation by Ameresco The 1.3 MW solar photovoltaic system is expected to provide an estimated 1.5 million kilowatt-hours of renewable energy annually, benefiting BXP's Reston Town Center facility. This initiative offers cost-savings through competitive energy pricing, bolsters energy security, and reduces dependence on the electric grid. 'Ameresco has been a critical partner in the delivery of impactful solar projects,' said Ben Myers, Senior Vice President of Sustainability at BXP. 'This project required overcoming several economic, technical, and logistical hurdles. Ameresco's commitment to the project, creativity, and proficiency in developing on-site, clean energy in the context of the bustling Reston Town Center, was essential in making this project a success.' This behind-the-meter project was completed at the end of 2024. The system is mounted atop a parking garage. This innovative use of space not only increases the covered parking capacity but also transforms the garage into a megawatt-scale renewable energy plant. 'We're delighted to see our partnership with BXP begin delivering reliable energy solutions to downtown Reston,' said Jonathan Mancini, Senior Vice President – Solar Project Development East, PV Grid-Tie at Ameresco. 'Developing the solar canopy project has been a phenomenal reminder of the innovative ways we can create solutions to provide energy security and resiliency to cities and towns across the country. We look forward to seeing Reston Town Center powered by efficient and affordable energy for years to come.' Achieving commercial operations for the solar canopy project marks a significant milestone in Ameresco's ongoing efforts to deliver innovative energy solutions that promote sustainability and resilience. As Reston Town Center benefits from this energy initiative, Ameresco and BXP remain dedicated to delivering cost-effective and reliable energy solutions to the community. To learn more about the solar energy solutions offered by Ameresco, visit About Ameresco, Inc. Founded in 2000, Ameresco, Inc. (NYSE: AMRC) is a leading energy solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Our comprehensive portfolio includes implementing smart energy efficiency solutions, upgrading aging infrastructure, and developing, constructing, and operating distributed energy resources. As a trusted full-service partner, Ameresco shows the way by reducing energy use and delivering diversified generation solutions to Federal, state and local governments, utilities, educational and healthcare institutions, housing authorities, and commercial and industrial customers. Headquartered in Framingham, MA, Ameresco has more than 1,500 employees providing local expertise in North America and Europe. For more information, visit The announcement of Ameresco's completion of a renewable energy asset project is not necessarily indicative of the timing or amount of revenue from such arrangement, of Ameresco's overall revenue for any particular period or of trends in Ameresco's overall total assets in development or operation. This project was included in Ameresco's previously reported assets in operation as of March 31, 2025. View source version on CONTACT: Media Contact: Ameresco: Leila Dillon, 508-661-2264,[email protected] KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA MASSACHUSETTS INDUSTRY KEYWORD: ENVIRONMENT COMMERCIAL BUILDING & REAL ESTATE TECHNOLOGY CONSTRUCTION & PROPERTY OTHER TECHNOLOGY ALTERNATIVE ENERGY GREEN TECHNOLOGY ENERGY OTHER CONSTRUCTION & PROPERTY SOURCE: Ameresco, Inc. Copyright Business Wire 2025. PUB: 05/27/2025 08:05 AM/DISC: 05/27/2025 08:05 AM
Bloomberg
4 days ago
- Business
- Bloomberg
CEO of UK's Largest Energy Supplier on Backing Green Power
US President Donald Trump has attacked renewable power and is in the process of derailing America's energy transition. Will that set back net zero efforts globally? Octopus Energy CEO Greg Jackson says the economic forces behind green energy are inevitable, as long as governments ignore the 'siren voices' of incumbent interests. He speaks to Caroline Hepker on Bloomberg Radio. (Source: Bloomberg)
