Month: January 2022

The global technology and market leader in power grids has achieved the first-step target in its Sustainability 2030 plan and steps up the pace towards carbon-neutral

Zurich, Switzerland, Jan. 27, 2022 (GLOBE NEWSWIRE) — Hitachi Energy today announced that it has achieved the first-step target set out in its Sustainability 2030 plan – the use of 100% fossil-free electricity in its own operations1. The company is driving towards being carbon-neutral in its own operations by 20302, in line with its Purpose, ‘Advancing a sustainable energy future for all’.

“By achieving 100% fossil-free electricity in our own operations, we have reduced our CO2 equivalent emissions by over 50% compared to 2019,” says Claudio Facchin, CEO of Hitachi Energy. He continued, “The Net Zero challenge is global and it’s about acting now, innovating and collaborating across countries, industries and societies. Together with customers, partners, and all stakeholders, we are advancing the world’s energy system to be more sustainable, flexible and secure.”

The targeted 50% reduction achieved ahead of plan will amount to approximately 175 kilo tonnes of CO2e per year, equivalent to removing over 35,000 passenger cars off the road.

To achieve 100% fossil-free electricity in its own operations – and in support of the Hitachi Group’s carbon-neutrality goal3 – the company has pursued a number of pathways including supporting projects to generate its own fossil-free electricity, such as installing solar roof panels combined with e-meshTM digital solutions for distributed energy resources maximizing energy efficiency and minimizing CO2 emissions. In its Zhongshan factory in China, the company is generating nearly 20% of its total energy consumption from solar panels. In its first year of operation, the power generated at the factory is expected to reach 1,510 megawatt hours (MWh), contributing to the reduction in annual carbon emissions by more than 1,000 tonnes.

To achieve 100% fossil-free electricity, Hitachi Energy has also switched to green tariffs, bought Energy Attribute Certificates (EACs), and signed Power Purchase Agreements (PPAs) across its operations and facilities in 90 countries.

Looking ahead, Hitachi Energy is continuing to invest in its journey towards carbon-neutrality by further increasing energy efficiency, as well as electrifying its own operations. In Ludvika, Sweden, the company is now using 100% renewable electricity generated from hydropower and from solar panels to support its operations. Ludvika, which is one of Hitachi Energy’s largest production facilities, has gone beyond tackling its electricity supply and is now close to removing the use of all fossil fuels from the whole of its operations.

The company has a track record of implementing its own technologies in its operations to enable the integration of renewable energy. For example, in 2015 its South Africa operations installed a 750 kW rooftop photovoltaic plant and a 1 MVA/380 kWh battery-based PowerStoreTM for enhancing the use of renewables and providing a continuous supply of power.

Through its Sustainability 2030 plan and targets, the company reinforces its commitment to accelerating actions driving business in a sustainable way. Based around four pillars – Planet, People, Peace, and Partnerships – the strategy draws from the UN’s Sustainable Development Goals (SDGs), with specific focus on the following eight: 3 (Good health and well-being), 4 (Quality education), 5 (Gender equality), 6 (Clean water and sanitation), 7 (Affordable and clean energy), 12 (Responsible consumption and production), 16 (Peace, justice and strong institutions); and 17 (Partnerships for the Goals). In line with these SDGs, each pillar has corresponding targets that drive the business to contribute social, environmental, and economic value.

Notes
1. The contract for its South Korea operations (equivalent to 0.4% total electricity usage) is expected to be signed in February 2022 retrospectively through green tariffs.

2. Discover more about Hitachi Energy’s approach to Sustainability 2030 here

3. Hitachi Sustainability Report 2021

About Hitachi Energy Ltd.

Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world’s energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 38,000 people in 90 countries and generate business volumes of approximately $10 billion USD.

About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, contributes to a sustainable society with a higher quality of life by driving innovation through data and technology as the Social Innovation Business. Hitachi is focused on strengthening its contribution to the Environment, the Resilience of business and social infrastructure as well as comprehensive programs to enhance Security & Safety. Hitachi resolves the issues faced by customers and society across six domains: IT, Energy, Mobility, Industry, Smart Life and Automotive Systems through its proprietary Lumada solutions. The company’s consolidated revenues for fiscal year 2020 (ended March 31, 2021) totaled 8,729.1 billion yen ($78.6 billion), with 871 consolidated subsidiaries and approximately 350,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.

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• Hitachi Energy – Advancing a sustainable energy future for all 

Rebecca Bleasdale
Hitachi Energy Ltd.
+41 78643 2613
rebecca.bleasdale@hitachienergy.com

Teksbotics & UISEE jointly pilot new package delivery solutions using a self-driving vehicle at KAUST, Saudi Arabia. The project objective is to design and build a cost-effective autonomous delivery vehicle for the last mile delivery.

HONG KONG, Jan. 27, 2022 (GLOBE NEWSWIRE) — Driverless delivery vehicle jointly built by Teksbotics (Asia) Limited (hereinafter referred to as “Teksbotics”) and UISEE was recently launched and piloted in the community of King Abdullah University of Science and Technology, Saudi Arabia, for “Last mile” autonomous delivery service.

The driverless delivery vehicle project aims to connect with local online e-commerce in Saudi Arabia and provide affordable and convenient autonomous delivery services. Residents in the local community can interact with the delivery vehicle through mobile phone text messages and the touch screen installed on the body of the vehicle to complete the express delivery service. In the future, the autonomous delivery vehicle will be extended to other cities and places.

This vehicle is based on Teksbotics UNO autonomous delivery vehicle specially designed for the Middle East market and UISEE’s UiBox smart city autonomous driving service solution. The vehicle can accurately detect people and objects while autonomously driving on open roads, and complete the full process of delivery service, ensuring the safe delivery of packages to their destinations.

As one of the world’s leading and Hong Kong’s largest autonomous driving solution providers, and also a strategic partner of UISEE’s multiple driverless projects, Teksbotics aims to help customers automate transportation, distribution and patrolling. Teksbotics has rich experience in design, project operation and maintenance of autonomous driving solutions in the self-driving vehicle industry.

Since the Autonomous Driving Smart City Service Innovation Laboratory was established together with strategic partners in September last year, UISEE has cooperated with Teksbotics, YTO Express, ZTO Express, and SF Express to carry out a number of innovative projects within the country and abroad.

Teksbotics and UISEE jointly step into the world’s autonomous on-demand delivery industry and strive to be world leaders in autonomous application solutions and “AI Driver”, letting global customers experience the intelligence and convenience brought by the latest autonomous driving technology.

Berry Leung, Chief Executive Officer

marketing@teksbotics.com

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Autonomous Delivery Vehicle being piloted at KAUST, Saudi Arabia

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• Teksbotics Autonomous Delivery Vehicle

Company Recognized with A- Score for its Ongoing Efforts

SOUTHBOROUGH, Mass., Jan. 26, 2022 (GLOBE NEWSWIRE) — In recognition of its continuing actions to combat climate change, Virtusa Corporation received an A- score for its climate change response from the Carbon Disclosure Project (CDP), placing the company in the overall Leadership band. Virtusa was among the top scoring companies for climate change in the IT and software development sector, which had an average score of “C.”

Overall, Virtusa was recognized for its actions to cut emissions, mitigate climate risks, and develop the low-carbon economy based on data reported by the company through CDPs 2021 climate change questionnaire. Virtusa scored high in CDPs report due to numerous ESG achievements, including:

• Governance structure in place to support its ESG program.
• Emissions reduction initiatives such as investment in energy-efficient lighting and improved HVAC systems.
• Investment in renewable energy where Virtusa invested $1 million on solar energy in 2021.

Virtusa’s environmental management system, internally branded as Code Green, comprises three pillars: operating energy efficient facilities that reduce our environmental footprint, reducing the environmental footprint of software developed for clients, and utilizing energy efficient technologies. Currently Virtusa is exploring the possibility of aligning its emissions reduction targets with science-based targets/net-zero. Apart from emissions reduction activities, Virtusa has initiatives for water and waste management with plans to increase rainwater harvesting capacity in 2022 and targets to achieve zero e-waste to landfill. Virtusa’s overall ESG framework focuses on health and safety, business continuity management, information security, labor standards and diversity, anti-bribery and corruption, and management engagement and social impact.

“Virtusa has achieved this high score as a result of our team’s personal conviction to protecting the planet, as their dedication and sense of purpose continues to shine on a daily basis,” said Denver De Zylva, Virtusa Senior Vice President of Shared Services. “This is a testament to the strong foundation we built in managing our environmental footprint, and further highlights our commitment to embedding the 10 UN Global Compact Principles in our operations and contributing to the Sustainable Development Goals. Our ESG governance and short-, mid- and long-term emissions reductions targets, along with our investment in renewable energy, all helped Virtusa achieve this score.”

“Companies have a vital role to play in addressing the climate crisis, and the first crucial step is for businesses to disclose environmental data and impacts through CDP,” said Simon Fischweicher, Head of Corporations and Supply Chains, CDP North America. “We congratulate Virtusa on earning an A- for its climate change disclosure in 2021. Virtusa has demonstrated strong environmental action and we look forward to seeing the company continue to set and deliver on ambitious sustainability goals.”

CDP Methodology
CDP’s annual environmental disclosure and scoring process is widely recognized as the gold standard of corporate environmental transparency. In 2021, more than 590 investors with over $110 trillion in assets and 200 major purchasers with $5.5 trillion in procurement spend requested companies to disclose data on environmental impacts, risks and opportunities through CDP’s platform. A record-breaking 13,000 companies responded.

A detailed and independent methodology is used by CDP to assess these companies, allocating a score of A to D based on the comprehensiveness of disclosure, awareness and management of environmental risks and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets. Those that don’t disclose or provided insufficient information are marked with an F.

About Virtusa
Virtusa Corporation is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovative engineering. Virtusa serves Global 2000 companies in the Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive the business forward at unparalleled velocity enabled by a culture of cooperative disruption.

Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.

Media Contact
Matt Berry
Conversion Marketing
matt@conversionam.com

NEW YORK & TEL AVIV, Israel, Jan. 26, 2022 (GLOBE NEWSWIRE) — T-REX Group, Inc. (“T-REX”), a SaaS provider supporting the asset-backed financing industry, has announced a $40 million Series C funding round today, led by Riverstone Holdings LLC and Riverstone affiliates (“Riverstone”), with participation from existing shareholders Citi (NYSE: C), ClearSky, Westly Group, Viola FinTech, and the Partnership Fund for New York City. T-REX, with its advanced support for private credit and ESG-driven investments, will become part of Riverstone’s Decarbonization Growth Equity platform.

T-REX brings together asset class expertise, critical data management capabilities, and a platform for deal structuring, cash flow modeling, scenario analysis, real-time performance tracking, and reporting. By giving institutions the modernized tools and validation they require to deploy capital, T-REX facilitates increased investment allocations into sustainable, decarbonization-related assets.

“T-REX was founded to address two distinct gaps in the market: the absence of modern technology to power complex asset finance and the need for tools to accelerate investment into energy transition,” said Benjamin Cohen, Founder and CEO of T-REX. “Over the last several years, not only has the demand for each of these solutions grown, but the needs they address have converged. As we continue to evolve our offering to meet this environment, partnering with Riverstone accelerates our efforts to modernize finance while putting investments in decarbonization on par with more mature assets classes.”

“The transition to a low-carbon economy requires an unprecedented amount of financing into sustainable infrastructure over the next two decades, and we believe T-REX is an important enabling technology that helps unlock that capital. We are excited to partner with and support Benji and his team to facilitate capital flows into the full spectrum of decarbonization projects, from wind and solar to smart-meters to other asset classes that have yet to be created,” said Cynthia Kueppers, who will be joining the Board of Directors as a Riverstone representative.

“T-REX is a unique fixed-income capital markets solution that tracks the complete lifecycle of illiquid and complex assets,” said Chetan Vohra, Global Head of Structured Products Trading and Head of SPRINT at Citi. “We are more excited than ever about T-REX’s impact as both a strategic investment and a valuable tool for our businesses.”

About T-REX:

T-REX, based in New York and Tel Aviv, combines sophisticated cloud-based SaaS technology with big data and asset class expertise to drive down operating and capital expense, reduce risk exposure, and enhance performance for complex investments. T-REX solutions for project finance, warehouse lending, ABS, and private credit address friction at each stage of the asset lifecycle, from origination through investment. By improving transparency and flexibly integrating diverse data sources, T-REX creates significant investment opportunities across alternative markets. Visit www.trexgroup.com to learn more.

About Riverstone Holdings LLC:

Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre Jr. with approximately $43 billion of capital raised. Riverstone has developed a well-positioned platform to capitalize on the rapid adoption of clean energy sources, investing in long-term decarbonization secular trends. With offices in New York, London, Houston, Menlo Park and Mexico City, the firm has committed to more than 200 investments in North America, South America, Europe, Africa, Asia, and Australia. Visit www.riverstonellc.com for more information.

Email jonathan.stern@trexgroup.com to learn more or for press inquiries.

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TORONTO, Jan. 26, 2022 (GLOBE NEWSWIRE) —

• Reported diluted earnings per share of $0.19
• Mutual fund gross sales of $914 million for the fourth quarter of 2021, an improvement of 35% year-over-year
• Mutual fund net sales of $352 million for the quarter
• Total assets under management and fee-earning assets¹ of $42.6 billion

AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the fourth quarter and fiscal year ended November 30, 2021.

AGF reported total assets under management and fee-earning assets¹ of $42.6 billion compared to $43.4 billion as at August 31, 2021 and $38.3 billion as at November 30, 2020.

“As we marked our second fiscal year-end of the pandemic, we have continued to work effectively and execute against our long-term strategy and stated goals, including the growth of our private alternatives business and securing key hires intended to help us accelerate our growth,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. “Over the course of the year we built terrific sales momentum and delivered risk-adjusted performance, while providing our clients with an essential service.”

“Critical to advancing our strategy we will continue to strategically deploy capital to effectively secure our place as an alternatives provider of choice for our clients while looking to maintain, and build upon, the positive sales momentum we have experienced over this past year,” added McCreadie.

AGF’s mutual fund gross sales were $914 million for the quarter compared to $679 million in the comparative period, a 35% improvement year over year. AGF’s gross sales have continued to outpace the industry. Year over year, retail mutual fund gross sales² improved by 39% compared to 18% for the industry³. AGF’s mutual funds net sales improved $264 million year-over-year, with total net sales of $352 million in Q4 2021, compared to $88 million in Q4 2020.

Mutual fund sales momentum has continued into the first quarter of 2022, with net sales of $115 million as at January 21, 2022, compared to net sales of $104 million for the same time last year. Mutual fund gross sales were up 3% year-over-year.

“This year, we returned retail sales to net inflows, experiencing year-over-year improvements across all channels with strong flows into multiple categories,” said Judy Goldring, President and Head of Global Distribution, AGF.

“I believe this success is the result of evolving our client base across channels and providing products that are responsive to market trends, while addressing growing interest in private alternatives, fee-based series and separately managed accounts.”

__________________
¹ Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.
² Retail mutual fund gross sales are calculated as reported mutual fund gross sales less non-recurring institutional gross sales in excess of $5 million invested in our mutual funds.
³ Long-term funds.

Key Business Highlights:

• On November 22, 2021, AGF announced the evolution of its long-standing relationship with PFSL Investments Canada Ltd. (PFSL) with the establishment of a new multi-year product and services distribution arrangement being named as one of only two asset management firms set to initially launch on PFSL’s evolving distribution platform.
• In December, AGF announced that Ash Lawrence will be joining AGF in a new role as Senior Vice-President & Head of Alternatives and as a member of the Executive Management Team. Ash’s leadership combined with AGF’s scale and strong balance sheet position the firm well to strategically deploy capital, and build on its strong momentum, to accelerate the growth of its alternatives business.
• AGF appointed Ian Clarke to its Board of Directors. He is an accomplished leader bringing a wealth of unique experiences in strategic planning, business operations, risk management assessment and corporate transactions that complement the experiences of our current directors.
• During the quarter, Arlette Edmunds also joined AGF in the role of Chief Human Resources Officer bringing experience and tenure to support the evolution of the workplace, including AGF’s focus on advancing its diversity, equity and inclusion agenda.
• AGF finalized an agreement with Vestmark and had its separately managed account (SMA) models approved to be added to the Envestnet platform, providing U.S. clients access to in-demand SMA strategies as the firm continues to expand its offerings and client-base in the U.S.
• AGF became a founding participant in Climate Engagement Canada (CEC) – a finance-led initiative that aims to drive dialogue between the financial community and Canadian corporations to promote a just transition to a net zero economy.
• AGF also joined CDP’s 2021 Science-Based Targets campaign calling on the world’s highest impact companies to urgently set science-based emissions reduction targets in line with 1.5°C warming scenarios. CDP is a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts.
• In support of AGF’s continued advocacy for gender equality, the firm became a corporate sponsor of 100 Women in Finance (100WF).

For further information on AGF’s pandemic response plan statement visit AGF.com.

Financial Highlights:

• Management, advisory, administration fees and deferred sales charges were $114.6 million and $438.5 million for the three months and year ended November 30, 2021, compared to $97.5 million and $380.7 million in prior year comparative periods. The increase in revenue is attributable to higher net sales, increase in AUM and a higher average revenue rate as a result of product mix.
• The continued trend of net sales, combined with improved financial results, resulted in higher variable selling, general and administrative costs in the three and twelve months ended November 30, 2021. Selling, general and administrative costs were $49.9 million and $195.1 million for the three months and year ended November 30, 2021, compared to $43.1 million and $174.7 million in prior year comparative periods.
• Adjusted EBITDA before commissions for the three months and year ended November 30, 2021, excluding EBITDA from S&WHL which was sold in 2020, improved 12.3% and 27.8% to $35.5 million and $127.7 million, compared to $31.6 million and $99.9 million in the prior year comparative periods.
• Deferred selling commissions (DSC) for the three months and year ended November 30, 2021 increased to $15.3 million and $62.6 million, compared to $10.3 million and $42.0 million in the prior year comparative periods, driven by higher gross sales.
• Net income for the three months and year ended November 30, 2021 was $13.8 million ($0.19 diluted EPS) and $39.3 million ($0.55 diluted EPS), compared to $110.4 million ($1.43 diluted EPS) and $173.9 million ($2.22 diluted EPS) in the prior year comparative periods. Excluding earnings from S&WHL and one-time items, adjusted diluted earnings per share was $0.19 and $0.42 in the comparative prior year periods.
• EPS in the quarter of $0.19 reflects growth in top line revenue, which was offset in the period by higher DSC and performance-based compensation incurred related to sales growth.