Innovative Customer-Specific Power Island™
Configuration to Serve Multiple Fleet Operators
One Energy Enterprises Inc. (“One Energy”), has unveiled the
initial configuration and energization of its 30 megawatt (MW)
electric semi-truck fleet charging site, located at its first
Megawatt Hub in Findlay, Ohio. The company’s innovative Power
Island™ concept demonstrates how One Energy plans to configure
electric semi-truck charging infrastructure to concurrently support
multiple corporate trucking fleet operators.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231009589668/en/
One Energy’s Megawatt Hub can deliver
760,000 kWh of capacity, powering up to 90 electric semi-trucks per
day (Photo: Business Wire)
The Findlay Megawatt Hub is the largest constructed or publicly
announced truck charging site in the United States in terms of
available charging capacity. The site power system can accommodate
up to 30 MW of charging in today’s configuration.
One Energy plans to utilize a radial charging configuration to
optimize overall site efficiency, allowing multiple corporate
customers to customize charging operations and equipment to their
specific fleet’s needs. The site currently has fully functional
capacity at medium and low voltages. One Energy has developed
patent-pending physical systems to optimize its radial truck
charging configuration and is working with charging equipment
manufacturers to be ready to deploy both multiplatform and
OEM-specific charging solutions that match individual truck needs
and charging rates as the trucks are sold.
A new concept video showcasing the Power Island™ configuration
by One Energy is embedded into this press release and is also
available on One Energy’s Investor Relations site:
https://oneenergy.com/investors/
Jereme Kent, CEO of One Energy, said, “From its inception, the
electric semi-industry had an obvious chicken and egg problem.
Truck manufacturers and fleet operators need to be able to charge
at scale before they can move forward with deploying electric
trucks at scale. This Megawatt Hub configuration solves that
problem. The power is already on-site, at the right voltage, and we
can outfit and energize custom Power Island™ configurations with
the necessary charging equipment in weeks or months, not
years.”
The electric semi-truck manufacturing industry has stated that a
serious impediment to customer adoption of electric fleets has been
getting enough power at the correct voltage from the grid to allow
customers to connect their chargers. One Energy designed this site
to solve that problem by delivering charger-ready power at scale. A
138,000-volt transmission line serves the Findlay Megawatt Hub. One
Energy’s facility has the capacity to charge 90 trucks concurrently
(based on a typical 300-kW charge rate). The company expects to
obtain direct access to transmission service pricing to provide
some of the lowest-cost energy available in the United States. In
addition, the site design allows it to host behind-the-meter
renewable energy generation from wind and solar as demand at the
site matures.
Dana Saucier, Head of Economic Development for JobsOhio, said,
“Ohio has proudly led the charge in manufacturing and logistics for
over a century and we’re positioned to lead for another century
with pioneering projects like One Energy’s new electric semi-truck
charging site in Findlay. Our state boasts some of the most
competitive power costs in the world and a robust high-voltage
transmission infrastructure. Unlike some states, we don't need to
wait years or rely on mandates and subsidies to advance the
electrification of logistics. This site is a testament to that
fact. Simply put, Ohio is fast becoming the Silicon Valley of
energy innovation."
The Findlay Megawatt Hub was built by One Energy with its own
capital and without government subsidies or grants. One Energy
received no utility incentives for the site. Thomas Lause, CFO of
One Energy, explained, “Capital markets are good at building the
second and third projects after the pilot has proven successful,
but they have always struggled with underwriting the first one.
Because we are confident in the solution and the technology, we
decided not to wait. We just built it. Now we have a functioning
site to show capital markets.”
Kent concluded, “We are throwing down a gauntlet to jumpstart
the electric semi-industry. We have already built full-scale,
cost-effective charging that can serve multiple end-users. We have
done it in the manufacturing center of the United States, where
there are numerous local and regional truck routes. Now we are
excited to see the electric semi manufacturers deliver.”
The Megawatt Hub by the Numbers:
- 30 megawatts = 30,000 kilowatts
- 90 x 300kW chargers concurrently or 30 x 1 MW chargers
concurrently
- 720,000 kilowatt hours a day of capacity
- Up to 1,000 x 500kWh battery charges a day
About One Energy (One Power)
One Energy is an industrial power company and the largest
installer of on-site, behind-the-meter, wind energy in the United
States. Recognizing that large energy consumers are fed up with the
failings of legacy utilities, One Energy developed modern energy
services to control cost and risk, such as Wind for Industry® and
Managed High Voltage®. One Energy is building the customer-centric
grid of the future. Founded in 2009, One Energy is headquartered in
Findlay, Ohio. Learn more about the customer-centric power grid of
the future at One Energy’s website (www.oneenergy.com).
On August 15, 2023, One Energy Enterprises Inc. and
TortoiseEcofin Acquisition Corp. III (NYSE: “TRTL”) announced that
they have entered into a definitive Business Combination Agreement
for a business combination that is intended to result in the
combined Company, One Power Company, being listed on the New York
Stock Exchange under the ticker symbol “ONEP”.
Additional Information and Where to Find It
In connection with the proposed transaction (the “Proposed
Transaction”) between TortoiseEcofin Acquisition Corp. III (“TRTL”)
and One Energy Enterprises Inc. (“One Energy,” the business of
which (referred to herein as “One Power”), after consummation, if
any (the “Closing”) of the Proposed Transaction, will be the
business of the “Combined Company,” which is expected to be renamed
“One Power Company”), which is the subject of the Agreement and
Plan of Merger between TRTL, One Energy and certain other parties
thereto (the “Merger Agreement”), TRTL intends to file a
registration statement on Form S-4 (as may be amended or
supplemented from time to time, the “Form S-4” or the “Registration
Statement”) with the U.S. Securities and Exchange Commission (the
“SEC”), which will include a preliminary proxy statement and a
prospectus in connection with the Proposed Transaction.
SHAREHOLDERS OF TRTL ARE ADVISED TO READ, WHEN AVAILABLE, THE
PRELIMINARY PROXY STATEMENT, ANY AMENDMENTS THERETO, THE DEFINITIVE
PROXY STATEMENT, THE PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS
FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE
PROPOSED TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION. HOWEVER, THIS DOCUMENT WILL NOT
CONTAIN ALL THE INFORMATION THAT SHOULD BE CONSIDERED CONCERNING
THE PROPOSED TRANSACTION. IT IS ALSO NOT INTENDED TO FORM THE BASIS
OF ANY INVESTMENT DECISION OR ANY OTHER DECISION IN RESPECT OF THE
PROPOSED TRANSACTION. When available, the definitive proxy
statement and other relevant documents will be mailed to the
shareholders of TRTL as of a record date to be established for
voting on the Proposed Transaction. Shareholders and other
interested persons will also be able to obtain copies of the
preliminary proxy statement, the definitive proxy statement, the
Registration Statement and other documents filed by TRTL with the
SEC that will be incorporated by reference therein, without charge,
once available, at the SEC’s website at www.sec.gov.
TRTL’s shareholders will also be able to obtain a copy of such
documents, without charge, by directing a request to:
TortoiseEcofin Acquisition Corp. III, 195 US HWY 50, Suite 208,
Zephyr Cove, NV 89448; e-mail: IR@trtlspac.com. These documents,
once available, can also be obtained, without charge, at the SEC’s
website at www.sec.gov.
Participants in the Solicitation
TRTL, One Energy and their respective directors and executive
officers may be deemed participants in the solicitation of proxies
of TRTL’s shareholders in connection with the Proposed Transaction.
TRTL’s shareholders and other interested persons may obtain more
detailed information regarding the names, affiliations and
interests of certain of TRTL executive officers and directors in
the solicitation by reading TRTL’s final prospectus filed with the
SEC on July 21, 2021, in connection with TRTL’s initial public
offering, TRTL’s Annual Report on Form 10-K for the year ended
December 31, 2021, as filed with the SEC on March 24, 2022, TRTL’s
Annual Report on Form 10-K for the year ended December 31, 2022, as
filed with the SEC on March 22, 2023, and TRTL’s other filings with
the SEC. A list of the names of such directors and executive
officers and information regarding their interests in the Proposed
Transaction, which may, in some cases, be different from those of
shareholders generally, will be set forth in the Registration
Statement relating to the Proposed Transaction when it becomes
available. These documents can be obtained free of charge from the
source indicated above.
No Offer or Solicitation
This communication shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the Proposed Transaction. This communication shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any states or jurisdictions in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such state or jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act or an
exemption therefrom.
Forward-Looking Statements
This communication may contain forward-looking statements for
purposes of the “safe harbor” provisions under the United States
Private Securities Litigation Reform Act of 1995. Any statements
other than statements of historical fact contained herein are
forward-looking statements. Such forward-looking statements
include, but are not limited to, expectations, hopes, beliefs,
intentions, plans, prospects, financial results or strategies
regarding One Power, the Combined Company and the Proposed
Transaction and the future held by the respective management teams
of TRTL or One Power, the anticipated benefits and the anticipated
timing of the Proposed Transaction, future financial condition and
performance of One Power or the Combined Company)and expected
financial impacts of the Proposed Transaction (including future
revenue, profits, proceeds, pro forma enterprise value and cash
balance), the satisfaction of closing conditions to the Proposed
Transaction, financing transactions, if any, related to the
Proposed Transaction, the level of redemptions by TRTL’s public
shareholders and the expected future performance and market
opportunities of One Power or the Combined Company. These
forward-looking statements generally are identified by the words
“anticipate,” “believe,” “could,” “expect,” “estimate,” “future,”
“intend,” “may,” “might,” “strategy,” “opportunity,” “plan,”
“project,” “possible,” “potential,” “project,” “predict,” “scales,”
“representative of,” “valuation,” “should,” “will,” “would,” “will
be,” “will continue,” “will likely result,” and similar
expressions, but the absence of these words does not mean that a
statement is not forward-looking. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this communication, including,
without limitation: (i) the risk that the Proposed Transaction may
not be completed in a timely manner or at all, which may adversely
affect the price of TRTL’s securities, (ii) the risk that the
Proposed Transaction may not be completed by TRTL’s business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by TRTL,
(iii) the failure to satisfy the conditions to the consummation of
the Proposed Transaction, including the requirements that the
Merger Agreement and the transactions contemplated thereby be
approved by the shareholders of TRTL and by the stockholders of One
Energy, respectively, (iv) the failure to obtain regulatory
approvals and any other third party consents, as applicable, as may
be required to consummate the Proposed Transaction, (v) the
occurrence of any event, change or other circumstance that could
give rise to the termination of the Merger Agreement, or that
redemptions by TRTL public shareholders may exceed expectations,
(vi) the effect of the announcement or pendency of the Proposed
Transaction on One Power's business relationships, operating
results, and business generally, (vii) risks that the Proposed
Transaction disrupts current plans and operations of One Power,
(viii) the outcome of any legal proceedings that may be instituted
against One Energy or against TRTL related to the Merger Agreement
or the Proposed Transaction, (ix) the ability to maintain the
listing of TRTL’s securities on NYSE, (x) changes in the
competitive market in which One Power operates, variations in
performance across competitors, changes in laws and regulations
affecting One Power’s business and changes in the capital structure
of the Combined Company after the Closing, (xi) the ability to
implement business plans, growth, marketplace, customer pipeline
and other expectations after the completion of the Proposed
Transaction, and identify and realize additional opportunities,
(xiii) the potential inability of One Power to achieve its business
and growth plans, (xiv) the ability of One Power to enforce its
current material contracts or to secure long-term or other
committed contracts with new or existing customers on terms
favorable to One Power, (xv) the risk that One Power will need to
raise additional capital to execute its business plans, which may
not be available on acceptable terms or at all; (xvi) the risk that
One Power experiences difficulties in managing its growth and
expanding operations; (xvii) the risk of our cyber security
measures being unable to prevent hacking or disruption to our
customers; and (xviii) the risk of economic downturn, increased
competition, a changing of energy regulatory landscape and related
impacts that could occur in the highly competitive energy market,
including, among other things, that One Power will not meet
milestones for funding its ongoing and future project pipeline. The
foregoing list of factors is not exhaustive. Recipients should
carefully consider such factors and the other risks and
uncertainties described and to be described in the “Risk Factors”
section of TRTL’s initial public offering prospectus filed with the
SEC on July 21, 2021, TRTL’s Annual Report on Form 10-K for the
year ended December 31, 2021, as filed with the SEC on March 24,
2022, TRTL’s Annual Report on Form 10-K for the year ended December
31, 2022, as filed with the SEC on March 22, 2023, and subsequent
periodic reports filed by TRTL with the SEC, the Registration
Statement to be filed by TRTL in connection with the Proposed
Transaction and other documents filed or to be filed by TRTL from
time to time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Recipients are cautioned not to put
undue reliance on forward-looking statements, and neither One
Energy nor TRTL assume any obligation to, nor intend to, update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise, except as required by
law. Neither One Energy nor TRTL gives any assurance that either
One Energy or TRTL, or the Combined Company, will achieve its
expectations.
Information Sources; No Representations
The communication furnished herewith has been prepared for use
by TRTL and One Power in connection with the Proposed Transaction.
The information therein does not purport to be all-inclusive. The
information therein is derived from various internal and external
sources, with all information relating to the business, past
performance, results of operations and financial condition of TRTL
derived entirely from TRTL and all information relating to the
business, past performance, results of operations and financial
condition of One Power, or the Combined Company after the Closing,
are derived entirely from One Energy (referred to herein as “One
Power”). No representation is made as to the reasonableness of the
assumptions made with respect to the information therein, or to the
accuracy or completeness of any projections or modeling or any
other information contained therein. Any data on past performance
or modeling contained therein is not an indication as to future
performance.
No representations or warranties, express or implied, are given
in respect of the communication. To the fullest extent permitted by
law in no circumstances will TRTL or One Energy, or any of their
respective subsidiaries, affiliates, shareholders, representatives,
partners, directors, officers, employees, advisors or agents, be
responsible or liable for any direct, indirect or consequential
loss or loss of profit arising from the use of the this
communication (including without limitation any projections or
models), any omissions, reliance on information contained within
it, or on opinions communicated in relation thereto or otherwise
arising in connection therewith, which information relating in any
way to the operations of One Energy or the prospective operations
of One Power has been derived, directly or indirectly, exclusively
from One Energy and has not been independently verified by TRTL or
any other party. Neither the independent auditors of TRTL nor the
independent auditors of or One Energy audited, reviewed, compiled
or performed any procedures with respect to any projections or
models for the purpose of their inclusion in the communication and,
accordingly, neither of them expressed any opinion or provided any
other form of assurances with respect thereto for the purposes of
the communication.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231009589668/en/
For Investors: John Ragozzino, CFA
ICR, Inc. OneEnergyIR@icrinc.com
For Media: Matt Dallas ICR, Inc.
OneEnergyPR@icrinc.com
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