Kiewit | August 26, 2022
Hydrostor Inc. ("Hydrostor"), a leading long-duration energy storage solution provider, and Kiewit Engineering Group Inc. ("Kiewit"), have entered an agreement to advance Front-End Engineering and Design studies for the 500MW Willow Rock Energy Storage Center ("Willow Rock"), which would be the largest stand-alone energy storage project in California.
This milestone demonstrates steady progress in the development of Hydrostor's Advanced Compressed Air Energy Storage ("A-CAES") technology in North America. A-CAES (pronounced "case") uses commercially proven equipment and processes to provide affordable, large-scale, and emission- free long-duration energy storage ("LDES"). Willow Rock will be capable of storing enough energy to provide reliable power for up to 400,000 homes over 8 hours, turning California's growing solar and wind resources into on-demand peaking capacity, enabling the closure of emitting fossil fuel resources while maximizing transmission system utilization.
"Hydrostor continues to reach important milestones at Willow Rock, and we look forward to working with the world-class engineering and construction teams at Kiewit to advance this critical clean energy project. Our global teams are paving the way towards achieving aggressive net-zero goals. Willow Rock will be capable of eliminating the equivalent of roughly 120,000 cars off the road every year over its 50+ year project life."
-Curtis VanWalleghem, Hydrostor's Chief Executive Officer.
Kiewit remains committed to engaging in the clean energy transition and recognizes that LDES solutions like A-CAES are a critical component of grid modernization. We look forward to commencing work on Willow Rock, which has the potential to abate significant emissions and provide a reliable, sustainable energy source for many decades, said Kevin Needham, President of Kiewit Power Engineers.
Kiewit is one of North America's largest and most respected construction and engineering organizations. With its roots dating back to 1884, the employee-owned organization operates through a network of subsidiaries in the United States, Canada, and Mexico. Kiewit offers construction and engineering services in a variety of markets including transportation; oil, gas and chemical; power; building; water/wastewater; industrial; and mining. Kiewit had 2021 revenues of $12.1 billion and employs 28,800 staff and craft employees.
About Willow Rock:
The Willow Rock Energy Storage Center ("Willow Rock") is an Advanced Compressed Air Energy Storage project that will have the ability to produce 500 MW of power and store up to 8 hours of energy. The project is located in Eastern Kern County, just outside Rosamond, California and will cover only 60 acres, far less than other renewable energy projects. Over 800 peak construction jobs will be created, with an average construction workforce of 250 over a four-year period. With over $500 million in regional direct and indirect impacts to the local economy Willow Rock will be paying annual taxes as assessed by the County and local authorities.
Hydrostor is a long-duration energy storage solutions provider that provides reliable and affordable utility integration of long-duration energy storage, enabling grid operators to scale renewable energy and secure grid capacity. Hydrostor supports the green economic transition, employing the people, suppliers, and technologies from the traditional energy sector to design, build, and operate emissions-free energy storage facilities. Hydrostor has developed, deployed, tested, and demonstrated that its patented Advanced Compressed Air Energy Storage ("A-CAES") technology can provide long-duration energy storage and enable the renewable energy transition. A-CAES uses proven components from mining and gas operations to create a scalable energy storage system that is low-impact, cost-effective, 50+ year lifetime, and can store energy from 5 hours up to multi-day storage where needed. With investment support from Goldman Sachs Asset Management, Canadian Pension Plan, and Business Development Bank of Canada, Hydrostor has projects worldwide in various development stages for providing capacity of over 200 MW each.
Cornerstone Building Brands | July 28, 2022
Cornerstone Building Brands, Inc. (“Cornerstone Building Brands” or the “Company”), the largest manufacturer of exterior building products in North America, today announced that Clayton, Dubilier & Rice (“CD&R”) has successfully completed the acquisition of Cornerstone Building Brands.
Holders of a majority of the shares of Cornerstone Building Brands common stock not owned by CD&R and its affiliates voted to approve the acquisition at the Special Meeting of Stockholders held on June 24, 2022. The acquisition also received the approval of the holders of a majority of the shares of Cornerstone Building Brands common stock outstanding at the Special Meeting. With the completion of the acquisition, Cornerstone Building Brands’ common stock has ceased trading and will no longer be listed on the New York Stock Exchange.
“The closing of this transaction is an important milestone for Cornerstone Building Brands, and we are pleased to be entering our next phase of growth as a private company, With CD&R’s operational and strategic support, Cornerstone Building Brands will be even better positioned to accelerate our future growth plans and advance our journey to be the premier exterior building solutions company and deliver enhanced value to our customers. I want to thank all Cornerstone Building Brands employees for their continued dedication and hard work. This transaction is a testament to our team’s unwavering commitment to our customers and focus on executing our strategy. I am excited about the opportunities ahead for Cornerstone Building Brands, and I look forward to continuing our work together as we drive value for all stakeholders.”
-Jeffrey S. Lee, Executive Vice President and Chief Financial Officer of Cornerstone Building Brands.
J.L. Zrebiec, Partner at CD&R, said, We have long admired Cornerstone Building Brands’ business and talented team, and we are thrilled to work even more closely with its leadership team and employees in this next chapter. We firmly believe that the Company is uniquely positioned to expand on its position as the largest manufacturer of exterior building products in North America, and we look forward to working together to build on the significant momentum underway.
Centerview Partners LLC is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to a special committee of Cornerstone Building Brands’ independent directors. Sullivan & Cromwell LLP is serving as legal counsel to Cornerstone Building Brands.
UBS, Barclays, BNP Paribas Securities Corp., Goldman Sachs, Jefferies, Natixis, New York Branch, RBC Capital Markets, and Societe Generale are providing financial advisory services to CD&R. Kirkland & Ellis LLP is serving as legal counsel to CD&R on the transaction and Debevoise & Plimpton LLP is serving as legal counsel to CD&R on the financing. CD&R has obtained committed financing from Deutsche Bank Securities Inc., UBS Investment Bank, Barclays, BNP Paribas, RBC Capital Markets, Societe Generale, Goldman Sachs, Natixis, New York Branch, Jefferies, Apollo, Blackstone Credit, and U.S. Bank.
About Cornerstone Building Brands, Inc:
Cornerstone Building Brands is the largest manufacturer of exterior building products by sales for residential and low-rise non-residential buildings in North America. Headquartered in Cary, N.C., we serve residential and commercial customers across the new construction and repair and remodel markets. Our market-leading portfolio of products spans vinyl windows, vinyl siding, stone veneer, metal roofing, metal wall systems and metal accessories. Cornerstone Building Brands’ broad, multichannel distribution platform and expansive national footprint includes more than 20,000 employees at manufacturing, distribution and office locations throughout North America. Corporate stewardship and environmental, social and governance (ESG) responsibility are embedded in our culture. We are committed to contributing positively to the communities where we live, work and play.
About Clayton, Dubilier & Rice:
Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on building stronger, more profitable businesses. Since its inception, CD&R has managed the investment of more than $40 billion in over 100 companies with an aggregate transaction value of over $175 billion.
Hexagon | September 02, 2022
Hexagon AB, a global leader in digital reality solutions combining sensor, software and autonomous technologies, today announced the acquisition of iConstruct Pty Ltd, a provider of award-winning Building Information Modelling (BIM) software used in commercial, infrastructure and industrial construction.
Its flagship solution, iConstruct Pro, is a proven construction automation tool with hundreds of global customers that have relied on its benefits for years. It enables integration, accessibility and control of the wealth of design and construction information held within different BIM models, combining all data into a single 3D model. Different stakeholders can filter and tailor the model to suit their specific needs, providing a fully-integrated and efficient approach to construction planning and execution.
"Hexagon has long been focused on creating smart digital realities that put data to work in new ways. By blurring the lines between the digital and physical worlds, we can offer customers a complete line of sight to ever-changing situations, Not only does iConstruct add an easy-to-deploy solution for combining different design models into a single source but it also enables the reading, writing and exchange of information all the way through operations and maintenance, passing the value of the single 3D model from design and construction to facilities management, The addition of iConstruct's offerings and expertise opens up immediate opportunities for our Asset Lifecycle Intelligence and Geosystems divisions. With iConstruct both can deliver greater data management, project planning and communication efficiencies to more customers, segments and disciplines involved in the construction process, In addition, iConstruct's customer base will benefit from richer content and improved work processes when combining Hexagon's industry-leading construction automation solutions with iConstruct's tools."
-Ola Rollén President and CEO, Hexagon.
Founded in 2009 with headquarters in Perth, Australia, iConstruct will operate as part of Hexagon's Asset Lifecycle Intelligence division. The acquisition has no significant impact on Hexagon's earnings.