Succinct Summation of Week’s Events 5.17.19


This post is by Barry Ritholtz from The Big Picture


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Succinct Summations for the week ending May 17th, 2019 Positives: 1. Market mostly recovered from Tariff postering, as US & China avoid full-scale Trade war; 2. Auto tariffs on the EU and Japan were postponed for six months; 3. Housing starts rose 5.7% m/o/m from 1.168M to 1.235M. 4. Jobless claims fell 16k w/o/w from…

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Republican Carbon-Tax Advocate Carlos Curbelo: ‘Both Parties Are the Problem’


This post is by info@greentechmedia.com from Greentech Media: Headlines


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House Democrats disinvited former Congressman Carlos Curbelo from a climate change hearing this week, just days before the Florida Republican was scheduled to testify. Did the Dems prioritize politics over finding climate solutions?

In this episode of Political Climate, we speak with Curbelo, a strong advocate for a national carbon tax, to get his view on what happened. Plus, co-hosts Shane Skelton and Brandon Hurlbut spar over what this political play says about the future of climate action in the U.S. 

We also delve into reports of Joe Biden’s “middle ground” climate plan. Reuters says Biden plans to “appeal to both environmentalists and the blue-collar voters who elected Donald Trump.” Policy observers say that means he'll be favorable to natural gas.

The former vice president and 2020 Democratic presidential candidate has yet to officially release a climate platform, but the pushback has already begun — including

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Engie Acquires Genbright to Unlock More Value From Distributed Storage and Solar Portfolio


This post is by info@greentechmedia.com from Greentech Media: Headlines


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Engie North America has built a big portfolio of distributed energy projects across the U.S., ranging from more than 75 megawatts of behind-the-meter battery systems from Engie Storage (formerly&nbsp;<a href="https://www.greentechmedia.com/articles/read/behind-the-meter-battery-acquisition-engie-takes-majority-stake-in-green-ch">Green Charge Networks</a>), to the hundreds of megawatts of commercial solar projects in the works from the developer it acquired last year,&nbsp;<a href="https://www.greentechmedia.com/articles/read/engie-north-america-acquires-socore-in-strategic-play-at-commercial-solar">SoCore Energy</a>.&nbsp;


On Wednesday, Engie North America&nbsp;<a href="https://finance.yahoo.com/news/engie-north-america-acquires-genbright-143000978.html" >acquired Genbright</a>, a startup with software it believes can unlock a much broader range of revenue streams for these distributed energy resources (DERs), by linking them into the multiple opportunities being opened in U.S. wholesale energy markets.&nbsp;


Genbright, founded in 2013, has built up a portfolio of more than 50 megawatts of solar, storage and demand response resources now using its proprietary <a href="http://aeenewengland.org/images/downloads/Past_Meeting_Presentations/aee_genbright_11_15_17_finalv2_for_website.pdf" >wholesale market platform</a>. Some showcase projects include a&nbsp;<a href="https://www.energy-storage.news/news/ice-energy-genbright-to-deploy-1mw-of-ice-energy-storage-in-nantucket" >$3 million deployment</a>&nbsp;of 200 Ice Energy load-shifting air conditioner units on the Massachusetts island <div class="post-limited-image"><img src="http://feeds.feedburner.com/~ff/GreentechMedia?d=yIl2AUoC8zA" border="0"></div>

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GE’s Record-Breaking 12MW Offshore Wind Turbine Wins Backing of Swedish Utility Vattenfall


This post is by info@greentechmedia.com from Greentech Media: Headlines


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Swedish utility Vattenfall announced plans to deploy GE Renewable Energy&rsquo;s 12-megawatt Haliade-X offshore wind turbine at future projects in Europe&nbsp;&mdash; a big win for the world&rsquo;s largest wind turbine, and for GE&rsquo;s otherwise lagging offshore wind business.


First announced last year and due to begin commercial deliveries in 2021, the Haliade-X will be capable of generating enough power from a single turbine to supply 16,000 European households, or an estimated 67 gigawatt-hours per year if sited in typical conditions in the German North Sea, GE said.


Haliade-X&rsquo;s estimated capacity factor in such conditions will be above 60 percent, remarkably high for a variable energy source like wind.


Vattenfall did not specify where it intends to deploy the Haliade-X, but said it spent the past year in &ldquo;intensive exchanges&rdquo; with GE, conducting in-depth technical due diligence.


Vattenfall&rsquo;s announcement will be seen as a key vote of confidence for the Haliade-X and <div class="post-limited-image"><img src="http://feeds.feedburner.com/~ff/GreentechMedia?d=yIl2AUoC8zA" border="0"></div>

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Five Point sells minority stake in WaterBridge to GIC


This post is by Iris Dorbian from PE Hub Blog: Buyout Deals


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Five Point Energy has sold a minority stake in WaterBridge Resources LLC to GIC. The price of the transaction puts WaterBridge’s enterprise valuation at about $2.8 billion. Barclays served as financial adviser to Five Point Energy and WaterBridge on the transaction. Houston-based WaterBridge is a developer, owner and operator of water infrastructure networks.

PRESS RELEASE

HOUSTON, May 17, 2019 /PRNewswire/ — Five Point Energy LLC, a leading private-equity firm focused exclusively on the midstream energy sector, today announced that it has sold a minority equity stake in WaterBridge Resources LLC (together with its subsidiaries, “WaterBridge”) to affiliates of GIC, Singapore’s sovereign wealth fund (“GIC”). The minority equity position was acquired from funds affiliated with Five Point Energy and WaterBridge management. The transaction has closed and is not subject to any additional conditions. The purchase price implies a WaterBridge enterprise value of approximately $2.8 billion.

Under the terms of

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2:00PM Water Cooler 5/17/2019


This post is by Lambert Strether from naked capitalism


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By Lambert Strether of Corrente. Patient eeaders, my workflow remains disrupted because Apple has not yet returned control to me of the tablet I putatively own. So I feel like I’m running a sack race instead of blogging. Again, if any of you want to send me Water Cooler-appropriate links, or short video clips to […]

Amazon squares up to Uber with backing for UK food app Deliveroo: Reuters


This post is by Reuters News from PE Hub Blog: Venture Capital Deals


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Amazon has taken a stake in British online food delivery company Deliveroo, leading a $575 million fundraising to pit itself against Uber Eats in the global race to dominate the market for takeaway meals.

The news the world’s biggest online retailer had bought into one of Europe’s fastest growing tech companies sent shockwaves through the sector, hitting shares in European rivals Just Eat, Takeaway.com and Delivery Hero.

The online giants are betting the takeaway market will expand as it branches out from fast, unhealthy meals to nutritious dishes, and that they have the scale to beat smaller rivals which are still largely sacrificing profits to grow.

Deliveroo founder and CEO Will Shu said the fundraising would enable the loss-making group to increase its reach, develop technology and pursue innovations such as expanding its own kitchens that can be rented to restaurants to meet demand.

Deliveroo did not give a

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Canopy Rivers invests in BioLumic’s $6.7 mln Series A financing


This post is by Kirk Falconer from PE Hub Blog: Venture Capital Deals


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Canopy Rivers has invested $1.5 million in BioLumic Ltd, a Palmerston North, New Zealand-based maker of a sustainable ultraviolet (UV) crop yield enhancement system. The investment is part of the company’s $6.7 million Series A financing, led by Finistere Ventures, a U.S. food and agriculture venture capital firm. Canopy Director Mary Dimou will join the board as an observer. BioLumic will use the funds raised to accelerate and expand its UV light treatment initiatives, including for medical cannabis applications.

PRESS RELEASE

TORONTO and PALMERSTON NORTH, New Zealand, May 15, 2019 /CNW/ – BioLumic Ltd. (“BioLumic”), creators of a sustainable ultraviolet (UV) crop yield enhancement system, and Canopy Rivers Inc. (“Canopy Rivers”) (TSXV: RIV), (OTC: CNPOF) today announced a strategic investment from Canopy Rivers. BioLumic extended the Finistere Ventures-led Series A financing round to include Canopy Rivers’ strategic investment of US$1.5 million, closing the oversubscribed

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Friday links: a collectible delusion


This post is by abnormalreturns from Abnormal Returns


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CODI to sell Clean Earth for about $625 mln


This post is by Iris Dorbian from PE Hub Blog: PE-Backed Mergers and Acquisitions


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Compass Diversified Holdings, an owner of middle-market businesses has agreed to sell Clean Earth to Harsco Corporation for about $625 million in cash. The deal is expected to close within the next few months. Moelis & Company LLC and Houlihan Lokey provided financial advice to CODI on the deal with Squire Patton Boggs (US) LLP providing legal counsel. Clean Earth is a specialty waste company.

PRESS RELEASE

WESTPORT, Conn., May 09, 2019 (GLOBE NEWSWIRE) — Compass Diversified Holdings (NYSE: CODI), an owner of leading middle market businesses, announced today that Compass Group Diversified Holdings LLC (together with Compass Diversified Holdings, “CODI” or the Company”) has entered into a definitive agreement (the “Agreement”) to sell its majority owned subsidiary, CEHI Acquisition Corporation, the parent company of Clean Earth, Inc. (“Clean Earth”), to a wholly-owned subsidiary of Harsco Corporation (NYSE: HSC). Under the terms of the Agreement, Clean Earth will

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