Energy junk bond defaults double in 2016

December 23, 2016 | 174 views

U.S. energy companies have defaulted on $39 billion in high-yield bonds so far this year, more than double the $15 billion delinquent last year, according to a new report from the ratings agency Fitch. Almost one in three U.S. oil and gas exploration and production companies defaulted on high-yield bonds this year. One in five energy companies did. In contrast, less than 1 percent of energy companies lapsed on such loans in 2014, at the height of the shale oil boom.

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Endesa SA

Endesa is the leading company in the Spanish electricity sector and the second operator in the Portuguese electricity market. At Endesa, we look to the future, seeking intelligent solutions, to develop realistic proposals that address present and future energy challenges.

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ENERGY,INDUSTRY UPDATES

How Does Employing Energy Management Systems Helps Businesses?

Article | July 29, 2022

While most businesses presently strive to achieve environmentally friendly operations and lower their carbon footprints, this argument might not sway all businesses or company executives. While using renewable energy sources or energy management systems has clear environmental benefits, businesses that want to improve their operations and decrease overhead expenses should also consider such technologies. A steady and high-quality power supply is required for the smooth running of any kind of industry. Energy management systems (EMS) are used by a variety of industries to provide a consistent and dependable supply of energy. Energy Management Systems: Advantages for a Business Businesses and industries that use energy management solutions often achieve considerably bigger savings than those that do not use such systems. EMS examines all of the company's processes and enhances them for energy savings. The savings realized by the usage of energy management systems have a direct influence on the bottom line. Some of the most significant benefits of energy management systems are listed below. Improved Brand Image Using energy management systems result in lower power usage and, as a consequence, more environmentally friendly operations. Process optimization is recognized by business clients, customers, and suppliers because it shows excellence in planning and management. Better Productivity and Competitive Edge Reducing energy consumption via process optimization and effective load planning not only increases the overall productivity of industrial operations but also helps businesses to catch up with their competitors through continual process development. Cost-Reduction Energy management systems can ensure at least a 20% decrease in energy bills. System administrators can save up to 10% of their total energy expenditures with modest investments and no upfront costs. Supervisors can save up to one-third of their initial overhead expenses by using energy management solutions in a planned and methodical manner. Closing Lines An energy management system can help any organization save money on energy bills. There are many different energy management systems on the market, so make sure you choose one that is the right size for your business. If you're unclear about which system to buy, a good energy monitoring system can help you assess your performance and point you in the correct direction for process improvement.

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STRATEGY AND BEST PRACTICES

The Role of AI Technology in the Renewable Energy Sector

Article | July 8, 2022

Machine learning and artificial intelligence (AI) are two of the most commonly used commercial phrases these days. As a result, companies across sectors are searching for methods to include them in order to optimize and automate their key operations. The energy sector is no exception! Indeed, throughout the years, renewable energy industries (wind, solar, hydro, nuclear) have substantially gained from the potential of machine learning. They were able to reduce their expenses, make better projections, and raise the rate of return on their portfolio. And this tendency is just going to gain momentum. If your company is in the energy industry or utilizes a lot of power, machine learning and AI can help you improve your business performance. But how precisely? Let's get started. Ways in Which AI and Machine Learning are Changing Energy Sector There are a few methods that machine learning and AI can be applied to positively improve the energy industry. Here are a few popular applications currently under development. Predictive Maintenance AI helps match energy output with demand and ensure power grid stability and resilience.In 2003, a low-hanging high-voltage electricity line hit an overgrown tree in Ohio, causing a widespread blackout. There was no power system alarm and no sign of the incident. The electric company didn't notice until three additional power lines failed. This carelessness ultimately brought down the whole grid. The 50 million-person blackout lasted two days. Eleven individuals died, and $6 billion was lost. Predictive maintenance can be implemented using machine learning and IoT Sensors gather operational time series data from electricity lines, equipment, and stations (data accompanied by a timestamp). Machine learning algorithms can then forecast when a component will fail (or n-steps). It can also anticipate machinery's remaining usable life or future breakdown. These algorithms detect machine failure, eliminate blackouts or downtimes, improve maintenance procedures, and reduce maintenance expenses. Grid Management Grid management is a promising AI application in energy. Complex networks distribute electricity to users (also known as the power grid). Generation and demand must always match in the electrical system. Other issues, like blackouts and system breakdowns, can occur. Despite being ancient, pumped hydroelectric storage is the most common way to store energy. It operates by moving water upwards and letting it fall into turbines. Renewable energy makes predicting the grid's power generation challenging. After all, it is affected by a variety of things, like sunlight and wind. Demand Response Large demand shifts can be expensive for nations that depend on renewable energy. As nations migrate to green energy, it's harder to adapt to demand fluctuations. Germany plans to use 80% renewable energy by 2050. Countries such as Germany will encounter two major challenges Demand fluctuations: On some days or times of the year, power consumption soars (on Christmas, for example) Weather volatility: Without wind or clear skies, it might be hard to meet electrical demand. In both circumstances, more stations or fossil fuel-powered facilities must meet demand Solving demand response issues Many nations are partnering with businesses to examine weather forecasts, power demand, etc. Germany's EWeLiNE project forecasts wind and solar energy at a specific moment. This enables the government to use non-renewable energy to meet additional power demand. They utilize enormous historical data sets to train machine learning algorithms, as well as data from wind turbines or solar panels, to properly balance supply and demand. Closing Lines AI increases the potential of humans. Several renewable energy producers are investing in artificial intelligence to boost their businesses.There are numerous uses of artificial intelligence in renewable energy. The fundamental purpose of AI integrated systems is to reduce forecasting issues and incorporate renewable energy into the central energy grid as effectively as possible. AI can also assist renewable energy providers in developing successful plans and policies based on present energy consumption and demand.

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ENERGY

AI in the Renewable Energy Sector: Investment Perspective

Article | July 16, 2022

As the worldwide use of artificial intelligence (AI) in the energy market is expected to reach $7.78 billion by 2024, with a CAGR of 22.49% from 2019 to 2024, it is easy to see why it's a popular topic on the minds of many leading brands in the energy sector, as well as investors looking to reap the future perks that AI could bring to the energy industry. According to BIS Research, North America is expected to be the largest market for AI in energy through 2024. However, Asia-Pacific is expected to rise rapidly over the same time due to the rising need for more decentralized power production. Investment Opportunities in AI-based Energy Industry: Economic Visibility AI's economic viability and progress in the energy business can be attributed to numerous factors, including: The desire to increase operational efficiency. Increased interest in energy efficiency. Decentralized electricity generation is being expanded. Battery storage solutions are gaining popularity. Since artificial intelligence has a wide range of applications, there are several investment opportunities in the energy industry. Upstream Oil and Gas Enhance efficiency and decrease downtime, which is critical for hydrocarbon companies owing to volatile oil prices and demand, to lessen the environmental implications of energy generation and consumption. AI Chatbots AI has the potential to enhance interactions between contact centers and consumers. Utilities that outsource to contact center providers can suffer significant fees. This is where AI, particularly when combined with natural language processing (NLP), can assist contact center operators by listening to conversations and automatically noting information in the appropriate apps, helping operators to make calls more reliable, effective, and satisfying to customers. Smart Homes and Cities AI integration benefits smart meters and smart energy management systems as well. Many residences and towns can utilize AI to collect real-time data and apply it in a number of ways to function more effectively and efficiently, enhancing sustainability while also making a living more comfortable and cities more accessible. Monitoring Trends in Energy Generation and Consumption Artificial intelligence is being utilized to assist energy companies and customers in recognizing and tracking patterns in energy generation and consumption. AI, for example, can predict the potential output of a certain wind or solar plant. Closing Lines Banking, finance, and trade are some of the suitable businesses that can profit. For example, AI and machine learning can be used in algorithmic trading, which involves utilizing computer programs to make trades in the energy business at speeds and frequencies that any human trader would consider inconceivable.

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STRATEGY AND BEST PRACTICES

Technologies Shaping the Future of Renewable Energy

Article | July 8, 2022

Introduction Renewable energy has transformed our planet. It's raised awareness of global warming and climate change. Both governments and ordinary people are seeking to move from fossil fuels to renewable energy because of this awareness. Technology's involvement in this revolution cannot be understated. Thought a few years ago that solar energy would power average houses in small communities. Thanks to the widespread manufacture of lithium-ion batteries, EVs will be the next big thing. Major Renewable Energy Technologies Transforming the Future Power-to-X Despite the name, this is not a conspiracy theory about global dominance. Modern technology converts electricity into synthetic fuels, thermal energy, and hydrogen. This breakthrough technology can minimize fossil fuel dependence by focusing on synthetic ones. It can also help with efficient storage solutions. Green Appliances and Machines Leading household appliance makers are launching solar-powered appliances. This is a wonderful start toward minimizing family power expenses. Many households have begun to invest in gadgets such as solar air conditioners. Distributed Generation Systems Several locations are experimenting with distributed generation. This reduces dependence on a centralized grid and simplifies transmission and distribution. It also reduces grid dependability and failures. Electrification Most European nations are actively electrifying to cut carbon emissions. This is not the same as a power supply. Rather, it implies developing assets and infrastructure that can shift and aid in the adoption of electricity. Providing public EV charging stations is a step towards electrification. Closing Lines Prominent private companies such as Google, Apple, and Microsoft have made significant commitments to renewable energy in recent years. While some governments are actively attempting to make the shift, others have yet to take environmental challenges such as global warming and climate change seriously. Technological breakthroughs are helping to make the transition to renewable energy greener, quicker, and more economical.

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Endesa SA

Endesa is the leading company in the Spanish electricity sector and the second operator in the Portuguese electricity market. At Endesa, we look to the future, seeking intelligent solutions, to develop realistic proposals that address present and future energy challenges.

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Tri Global Energy, a Leading U.S. Renewable Energy Developer, Acquired by Enbridge

Enbridge | October 03, 2022

Tri Global Energy (TGE), one of America's leading developers of renewable energy, has completed its acquisition by Enbridge, Canada's largest energy company. For the second quarter of 2022, the American Clean Power Association (ACP) ranked Tri Global Energy as number 10 in the U.S. for overall renewable energy development (onshore and offshore wind, solar, and battery storage projects), number three for onshore wind development nationally, and number one for onshore wind development in Texas, one of the world's largest producers of wind energy. ACP includes projects both under construction and in advanced development. Since its founding in 2009, Tri Global Energy has developed 8.7 GW of power from 37 total projects in seven states - Texas, Illinois, Indiana, Nebraska, Pennsylvania, Virginia, and Wyoming. TGE has successfully originated, developed and sold multiple projects to leading renewable equity partners such as NextEra, Copenhagen Infrastructure Partners and Engie. This includes 10 Texas wind projects, which are now in commercial operation. "When we established Tri Global Energy, we had a vision of creating a better way to develop wind energy projects. This proved to be what the industry needed to help accelerate the transition to renewable energy in the U.S., Today TGE is a leader in clean energy with a highly talented and experienced team. Our current opportunity with Enbridge allows for continued robust growth to meet the challenge of our lifetime – the transition to a low-carbon economy." -John B. Billingsley, Founder Chairman and CEO, TGE. Lazard served as lead financial advisor to Tri Global Energy, and Haynes and Boone served as outside counsel to Tri Global Energy. About Tri Global Energy: Founded in 2009, Triu Global Energy is a leading renewable energy developer drawing on the natural, renewable resources of the wind and the sun to successfully address the growing demand for clean and sustainable energy. Tri Global Energy is among America's top utility-scale renewable energy developers. In fact, for more than a decade, the company has been the largest developer of wind energy projects currently under construction in Texas, the nation's leader in wind capacity.

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SOLAR+STORAGE,STRATEGY AND BEST PRACTICES

Enbridge Enhances North American Renewables Business with Acquisition of Tri Global Energy

Tri Global Energy | September 30, 2022

Enbridge Inc. ("Enbridge" or "the Company") announced it has acquired Tri Global Energy ("TGE"), a leading US renewable project developer, for US$270 million in cash and assumed debt. Additionally, up to approximately US$50 million in payments could be made contingent on successful execution of TGE's project portfolio. TGE is currently the third largest onshore wind developer in the US, with a development portfolio of wind and solar projects representing more than 7 GW of renewable generation capacity. "TGE will enhance Enbridge's renewable platform and accelerate our North American growth strategy, TGE's significant development pipeline, coupled with our renewable capabilities, and existing self-power opportunities, make this a truly synergistic investment that further positions us to grow organically at attractive equity returns. We're excited to be welcoming the TGE team to Enbridge, further strengthening our capabilities as we ramp up our renewable business." -Al Monaco, Enbridge's President and Chief Executive Officer. Enbridge expects North American renewable power fundamentals to remain robust. Rising targets for State renewable portfolio standards and growing private sector demand for zero carbon electricity are set to drive investment in wind and solar power generation significantly higher in the next decade. TGE's large development portfolio is well-positioned to capitalize on this growth, including 3.9 GW of renewable generation projects TGE previously sold to operators, which will generate development fees and accretion to distributable cashflow per share in the first year following the acquisition of TGE. In addition, 3 GW of late-stage development of wholly owned projects are expected to be placed into service between 2024 and 2028, providing a visible ramp up in cash flows along with a large slate of further projects in earlier stage development beyond that period. The TGE team has successfully developed and monetized over 6 GW of utility scale renewable projects since its inception in 2009. TGE's development team will remain in place following closing of the transaction, ensuring continuity of ongoing development activities. CIBC acted as financial advisor to Enbridge and Eversheds Sutherland acted as its external legal counsel. About Enbridge At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil or renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050.Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at Enbridge.com About Tri Global Energy Founded in 2009, Tri Global Energy is a leading renewable energy developer drawing on the natural, renewable resources of the wind and the sun to successfully address the growing demand for clean and sustainable energy. Tri Global Energy is among America's top utility-scale renewable energy developers. In fact, for more than a decade, the company has been the largest developer of wind energy projects currently under construction in Texas, the nation's leader in wind capacity. For further information on TGE please visit www.triglobalenergy.com.

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STRATEGY AND BEST PRACTICES,ENERGY

SPAN Partners with Suntuity Renewables to Supply SPAN Panels to Residential Solar Dealers Nationwide

SPAN | September 30, 2022

SPAN, the leading innovator in smart home electrical panels, and Suntuity Renewables, a national residential solar, storage, electrification and renewable energy integrator, today announced a new partnership to include SPAN Panels with Suntuity solar panel systems to residential customers, through Suntuity’s national Dealer Network.As SPAN’s first Master Dealer, Suntuity's dealers and affiliates will immediately include SPAN Panel and SPAN Drive electric vehicle chargers with solar and solar plus battery systems offered to Suntuity’s customers. Adding a SPAN Smart Panel to a home solar system provides an unprecedented level of visibility and control over the home’s energy system. SPAN Panel provides homeowners with insights into their solar production in real-time, customizable circuit-level control and monitoring of every circuit in their home, and 40 percent longer battery backup power during an outage, on average. With the newly signed Inflation Reduction Act, rebates and incentives are available to lower the total cost of SPAN solutions for homeowners looking to electrify. Additionally, SPAN and Suntuity will expand Suntuity University to train and upskill electricians to install SPAN solutions and the latest solar and renewable technologies. Funds provided by the HOPE for HOMES provision within the Inflation Reduction Act funding will support Suntuity University’s aim to address a core impediment to electrification and close the gap in the availability of green economy workers. As SPAN ramps up production of SPAN Panels and adds new features and functionality, we are excited to partner with Suntuity, a SPAN Master Dealer, to make SPAN Panels available to more homeowners who want to generate their own clean energy, electrify their homes, or simply improve their quality of life,” said SPAN CEO Arch Rao. “We applaud Dan and the Suntuity team for their dedication to upskill technicians in our industry. As more customers transition to renewable energy systems and electrify their homes with more efficient electric appliances, the growth in available technician talent will be critical to our collective success towards a cleaner future. “As a growing global solar and renewable energy developer, financier, engineering, procurement and construction provider, Suntuity is excited to partner with SPAN to ensure we're offering our solar customers and dealer partners the best products on the market by including SPAN’s groundbreaking home electrification technology with our own high-quality solar and battery systems. We expect the U.S. residential solar market to accelerate, thanks to new consumer incentives provided by the Inflation Reduction Act that reduce the cost of going solar, and we aim to provide best-in-class home electrification products and services to millions of American homeowners,” -Suntuity Group President and CEO Dan Javan. About SPAN SPAN reinvented the 100-year-old electrical panel and is developing products that enable electrification and simplify the adoption of clean energy including solar, batteries, and electric vehicles. SPAN Panel gives customers circuit-level management, real-time monitoring, and actionable energy insights through the SPAN Home app’s intuitive interface. Designed with hardware innovation and purpose-built with intelligent software, SPAN Panel and SPAN Drive electric vehicle charger are an efficient and integrated solution for any home. Backed by leading investors in the clean energy space, SPAN aims to decarbonize by building products that remove barriers to electrification while providing a holistic approach to managing increasing demands on household energy. To learn more, visit www.span.io. About Suntuity Group The Suntuity Group is an American multinational company that consists of several national brands that encompass renewable energy, finance, water filtration and home services. Founded in 2008, the company has operations in several US states and countries and services thousands of customers across its service footprint. Discover how to become a channel partner with Suntuity Renewables and join forces with one of the fastest growing renewable energy leaders in the nation. For further information, please visit www.suntuitygroup.com About Suntuity Solar Suntuity Solar is a top solar and storage provider in the U.S. With thousands of customers and hundreds of dealers, the company delivers best in class solar PV and storage solutions in a fully financed package. For more information, please visit www.suntuityrenewables.com About Suntuity Electric Suntuity Electric is a licensed electrical contractor across several U.S. states and provides electrical installation and home electrification services to an ever-expanding residential and commercial customer base. For more information, please visit www.suntuityrenewables.com About Suntuity Home Suntuity Home is a licensed home builder and delivers state of the art home electrification and consumer technologies in several U.S. states. Its product offerings include home automation, roofing, water filtration and award-winning Net Zero home construction. For more information, please visit www.suntuityhome.com

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ENERGY

Tri Global Energy, a Leading U.S. Renewable Energy Developer, Acquired by Enbridge

Enbridge | October 03, 2022

Tri Global Energy (TGE), one of America's leading developers of renewable energy, has completed its acquisition by Enbridge, Canada's largest energy company. For the second quarter of 2022, the American Clean Power Association (ACP) ranked Tri Global Energy as number 10 in the U.S. for overall renewable energy development (onshore and offshore wind, solar, and battery storage projects), number three for onshore wind development nationally, and number one for onshore wind development in Texas, one of the world's largest producers of wind energy. ACP includes projects both under construction and in advanced development. Since its founding in 2009, Tri Global Energy has developed 8.7 GW of power from 37 total projects in seven states - Texas, Illinois, Indiana, Nebraska, Pennsylvania, Virginia, and Wyoming. TGE has successfully originated, developed and sold multiple projects to leading renewable equity partners such as NextEra, Copenhagen Infrastructure Partners and Engie. This includes 10 Texas wind projects, which are now in commercial operation. "When we established Tri Global Energy, we had a vision of creating a better way to develop wind energy projects. This proved to be what the industry needed to help accelerate the transition to renewable energy in the U.S., Today TGE is a leader in clean energy with a highly talented and experienced team. Our current opportunity with Enbridge allows for continued robust growth to meet the challenge of our lifetime – the transition to a low-carbon economy." -John B. Billingsley, Founder Chairman and CEO, TGE. Lazard served as lead financial advisor to Tri Global Energy, and Haynes and Boone served as outside counsel to Tri Global Energy. About Tri Global Energy: Founded in 2009, Triu Global Energy is a leading renewable energy developer drawing on the natural, renewable resources of the wind and the sun to successfully address the growing demand for clean and sustainable energy. Tri Global Energy is among America's top utility-scale renewable energy developers. In fact, for more than a decade, the company has been the largest developer of wind energy projects currently under construction in Texas, the nation's leader in wind capacity.

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SOLAR+STORAGE,STRATEGY AND BEST PRACTICES

Enbridge Enhances North American Renewables Business with Acquisition of Tri Global Energy

Tri Global Energy | September 30, 2022

Enbridge Inc. ("Enbridge" or "the Company") announced it has acquired Tri Global Energy ("TGE"), a leading US renewable project developer, for US$270 million in cash and assumed debt. Additionally, up to approximately US$50 million in payments could be made contingent on successful execution of TGE's project portfolio. TGE is currently the third largest onshore wind developer in the US, with a development portfolio of wind and solar projects representing more than 7 GW of renewable generation capacity. "TGE will enhance Enbridge's renewable platform and accelerate our North American growth strategy, TGE's significant development pipeline, coupled with our renewable capabilities, and existing self-power opportunities, make this a truly synergistic investment that further positions us to grow organically at attractive equity returns. We're excited to be welcoming the TGE team to Enbridge, further strengthening our capabilities as we ramp up our renewable business." -Al Monaco, Enbridge's President and Chief Executive Officer. Enbridge expects North American renewable power fundamentals to remain robust. Rising targets for State renewable portfolio standards and growing private sector demand for zero carbon electricity are set to drive investment in wind and solar power generation significantly higher in the next decade. TGE's large development portfolio is well-positioned to capitalize on this growth, including 3.9 GW of renewable generation projects TGE previously sold to operators, which will generate development fees and accretion to distributable cashflow per share in the first year following the acquisition of TGE. In addition, 3 GW of late-stage development of wholly owned projects are expected to be placed into service between 2024 and 2028, providing a visible ramp up in cash flows along with a large slate of further projects in earlier stage development beyond that period. The TGE team has successfully developed and monetized over 6 GW of utility scale renewable projects since its inception in 2009. TGE's development team will remain in place following closing of the transaction, ensuring continuity of ongoing development activities. CIBC acted as financial advisor to Enbridge and Eversheds Sutherland acted as its external legal counsel. About Enbridge At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil or renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050.Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at Enbridge.com About Tri Global Energy Founded in 2009, Tri Global Energy is a leading renewable energy developer drawing on the natural, renewable resources of the wind and the sun to successfully address the growing demand for clean and sustainable energy. Tri Global Energy is among America's top utility-scale renewable energy developers. In fact, for more than a decade, the company has been the largest developer of wind energy projects currently under construction in Texas, the nation's leader in wind capacity. For further information on TGE please visit www.triglobalenergy.com.

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STRATEGY AND BEST PRACTICES,ENERGY

SPAN Partners with Suntuity Renewables to Supply SPAN Panels to Residential Solar Dealers Nationwide

SPAN | September 30, 2022

SPAN, the leading innovator in smart home electrical panels, and Suntuity Renewables, a national residential solar, storage, electrification and renewable energy integrator, today announced a new partnership to include SPAN Panels with Suntuity solar panel systems to residential customers, through Suntuity’s national Dealer Network.As SPAN’s first Master Dealer, Suntuity's dealers and affiliates will immediately include SPAN Panel and SPAN Drive electric vehicle chargers with solar and solar plus battery systems offered to Suntuity’s customers. Adding a SPAN Smart Panel to a home solar system provides an unprecedented level of visibility and control over the home’s energy system. SPAN Panel provides homeowners with insights into their solar production in real-time, customizable circuit-level control and monitoring of every circuit in their home, and 40 percent longer battery backup power during an outage, on average. With the newly signed Inflation Reduction Act, rebates and incentives are available to lower the total cost of SPAN solutions for homeowners looking to electrify. Additionally, SPAN and Suntuity will expand Suntuity University to train and upskill electricians to install SPAN solutions and the latest solar and renewable technologies. Funds provided by the HOPE for HOMES provision within the Inflation Reduction Act funding will support Suntuity University’s aim to address a core impediment to electrification and close the gap in the availability of green economy workers. As SPAN ramps up production of SPAN Panels and adds new features and functionality, we are excited to partner with Suntuity, a SPAN Master Dealer, to make SPAN Panels available to more homeowners who want to generate their own clean energy, electrify their homes, or simply improve their quality of life,” said SPAN CEO Arch Rao. “We applaud Dan and the Suntuity team for their dedication to upskill technicians in our industry. As more customers transition to renewable energy systems and electrify their homes with more efficient electric appliances, the growth in available technician talent will be critical to our collective success towards a cleaner future. “As a growing global solar and renewable energy developer, financier, engineering, procurement and construction provider, Suntuity is excited to partner with SPAN to ensure we're offering our solar customers and dealer partners the best products on the market by including SPAN’s groundbreaking home electrification technology with our own high-quality solar and battery systems. We expect the U.S. residential solar market to accelerate, thanks to new consumer incentives provided by the Inflation Reduction Act that reduce the cost of going solar, and we aim to provide best-in-class home electrification products and services to millions of American homeowners,” -Suntuity Group President and CEO Dan Javan. About SPAN SPAN reinvented the 100-year-old electrical panel and is developing products that enable electrification and simplify the adoption of clean energy including solar, batteries, and electric vehicles. SPAN Panel gives customers circuit-level management, real-time monitoring, and actionable energy insights through the SPAN Home app’s intuitive interface. Designed with hardware innovation and purpose-built with intelligent software, SPAN Panel and SPAN Drive electric vehicle charger are an efficient and integrated solution for any home. Backed by leading investors in the clean energy space, SPAN aims to decarbonize by building products that remove barriers to electrification while providing a holistic approach to managing increasing demands on household energy. To learn more, visit www.span.io. About Suntuity Group The Suntuity Group is an American multinational company that consists of several national brands that encompass renewable energy, finance, water filtration and home services. Founded in 2008, the company has operations in several US states and countries and services thousands of customers across its service footprint. Discover how to become a channel partner with Suntuity Renewables and join forces with one of the fastest growing renewable energy leaders in the nation. For further information, please visit www.suntuitygroup.com About Suntuity Solar Suntuity Solar is a top solar and storage provider in the U.S. With thousands of customers and hundreds of dealers, the company delivers best in class solar PV and storage solutions in a fully financed package. For more information, please visit www.suntuityrenewables.com About Suntuity Electric Suntuity Electric is a licensed electrical contractor across several U.S. states and provides electrical installation and home electrification services to an ever-expanding residential and commercial customer base. For more information, please visit www.suntuityrenewables.com About Suntuity Home Suntuity Home is a licensed home builder and delivers state of the art home electrification and consumer technologies in several U.S. states. Its product offerings include home automation, roofing, water filtration and award-winning Net Zero home construction. For more information, please visit www.suntuityhome.com

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