Institute Selects 14 Projects in Latest Round of Funding

ROCHESTER, N.Y., Oct. 19, 2023 — The REMADE Institute, a 167-member public-private partnership established by the U.S. Department of Energy (DOE) with an initial investment of $140 million, including cost share, today announced $19.6 million in new technology research, selecting 14 new research, development and demonstration projects as part of the Institute’s latest round of funding.

Half of the projects involve research at the demonstration phase, responding directly to the nation’s need to meet multiple U.S. energy, environmental, and economic goals.

“These projects underscore the importance of manufacturing and materials innovations toward advancing a circular economy,” said Dr. Christopher Saldaña, Director of DOE’s Advanced Materials and Manufacturing Technologies Office (AMMTO). “The partnership between DOE and the REMADE Institute serves as a conduit for catalyzing transformative practices that not only bolster America’s manufacturing expertise but also accentuate our nation’s commitment to environmental stewardship.”

According to the U.S. Department of Energy, manufacturing accounts for 25% of U.S. energy consumption at a cost of approximately $150 billion. Based on data from the U.S. Environmental Protection Agency, industry is the single largest contributor to greenhouse gas emissions in the nation, at 30%.

REMADE Chief Executive Officer Nabil Nasr said these are just some of the main reasons why a circular approach to manufacturing — “make-use-reuse-remanufacture-recycle” — is so important, and why REMADE is dedicated to the adoption of a Circular Economy.

“A Circular Economy is imperative,” Nasr said. “It’s critical in reducing industry’s energy consumption and emissions in the race to net-zero by 2050. At the same time, a circular approach is vital to increasing U.S. manufacturing’s competitiveness, increasing the resiliency of the nation’s supply chain, and creating new clean economy jobs.”

This latest round of investment, the Institute’s sixth, is cost-shared between DOE’s investment in REMADE and the funding recipients. Of the 14 new projects, several involve new partners for REMADE. They join the Institute’s existing partners, including industry innovators and academic researchers with Caterpillar, John Deere, Michelin, MIT, RIT, Unilever, Volvo, Yale University and many more.

REMADE Chief Technology Officer Magdi Azer said the Institute’s research seeks to increase circularity for four energy-intensive material classes: metals, plastics/polymers, fibers, and electronic scrap, or e-scrap.

“REMADE’s projects address multiple aspects of the Circular Economy, including systems analysis, circular design, remanufacturing and reuse, recovery and recycling,” Azer said. “These latest R&D projects will, for example, explore better ways to remanufacture cast iron components; remove contaminants from molten aluminum scrap; convert the midsoles of used shoes into a newer, more sustainable foam for footwear; develop machine learning tools to advance the sorting of textiles; design recyclable multilayer flexible packaging; and increase machine learning tools to better determine the state-of-health for used hybrid and electric vehicle batteries.”  

Since the Institute’s founding in 2017, REMADE has launched or selected nearly 100 R&D projects, representing a total combined value of nearly $100 million. Altogether, these projects are developing technologies that, once fully implemented, are capable of:

• Reducing the use of raw or virgin, or primary, materials by more than 41.2 million metric tons per year
• Increasing the supply and use of recycled, or secondary, materials by more than 41.2 million metric tons per year
• Saving approximately 1.39 quads of embodied energy per year, the equivalent of conserving 239 million barrels of oil per year
• Decreasing greenhouse gas emissions by more than 80.8 million metric tons per year, the equivalent of eliminating the annual emissions of more than 17.9 million cars

In addition to the 14 R&D projects, REMADE also recently selected an education and workforce development project for funding.

Those interested in learning more about the Institute and its efforts are invited to attend the REMADE Circular Economy Technology Summit & Conference, which will take place April 10-11, 2024, in Washington, D.C. In preparation for the conference, REMADE recently issued its Call for Papers. Submissions from academic researchers, industry innovators, and others, including international experts, are strongly encouraged. Papers will be peer-reviewed and published in the conference proceedings, which will be available in the fall of 2024.

To learn more about the conference and access the Call for Papers, go to: Call for Papers — The REMADE Institute.

More detailed information on REMADE R&D can be found at www.remadeinstitute.org.

About REMADE
Founded in 2017, REMADE is a 167-member public-private partnership established and funded in part by the U.S. Department of Energy’s Office of Advanced Materials and Manufacturing Technologies (AMMTO) with an initial investment of $140 million. REMADE is the only national institute focused entirely on developing innovative technologies to accelerate the U.S.’s transition to a Circular Economy. In partnership with industry, academia, trade organizations, and national laboratories, REMADE enables early-stage applied research and development that will create jobs, dramatically reduce embodied energy and greenhouse gas emissions, and increase the supply and use of recycled materials. For more information about REMADE (Reducing EMbodied Energy And Decreasing Emissions), visit www.remadeinstitute.org.

For additional information contact:
Megan Connor Murphy
Director, Marketing and Communications
REMADE Institute
585-339-8379 cell
[email protected]

SOURCE The REMADE Institute

Major Funding Infusion Expansion

SAN FRANCISCO, Oct. 19, 2023 — Tia Lupita Foods has successfully closed a seed round of $2.6M, underscoring rising demand for the brand’s growing product portfolio and rapid expansion into major retailers across the nation. The entire round was raised by Mexican investment entities and led by Santatera Capital and GBM Ventures, strategic funds with established track records in the F&B and consumer products sector.

This funding signifies not only a unified confidence in Tia Lupita’s business model but also helps to further the company’s growing presence in the ‘better-for-you’ Mexican food segment. Early this year, Tia Lupita first secured investment in Shark Tank from Kevin O’Leary, where the brand was catapulted to the national stage.

“With this large capital infusion, we plan to grow our team, accelerate new product development, and expand into new markets,” said Founder Hector Saldivar.

Tia Lupita’s origin story is centered on a family hot sauce recipe curated by Saldivar’s mother, Tia Lupita. Recognizing its commercial potential in San Francisco in 2018, Saldivar asked for and received his mother’s blessing to bring the sauce to market. Today, the company’s sustainable offerings have expanded to include Grain-Free Cactus Tortilla Chips, Salsa Macha (Mexican Chili Crisp), and Cactus Tortillas, signifying robust growth and diversification.

Tia Lupita’s famed hot sauces and other delicious products are available at Whole Foods Market, Publix, HEB, Sprouts Farmers Market, Target, Walmart, Albertsons, and other finer grocers from coast to coast.

Learn more about Tia Lupita Foods and find local stockists at tialupitafoods.com.

Press Contact: Lauren Zollo, [email protected], (213) 626-0465

ABOUT TIA LUPITA
Tia Lupita Foods, founded by Hector Saldivar, celebrates the cherished family hot sauce recipe of his mother, Tia Lupita. Originating in Mexico and now bottled in San Francisco, the brand embodies the belief amazing foods and traditions should be enjoyed by all. Beyond its signature hot sauces, the brand offers innovative sustainable products like Grain-Free Cactus Tortilla Chips, Salsa Matcha and Cactus Tortillas. Tia Lupita Foods are available at major retailers and finer grocers across the nation.

SOURCE Tia Lupita Foods

The capital will accelerate the development of bio-identical and novel fragrance molecules and pioneer the fragrance industry’s transition to a sustainable future.

SAN DIEGO, Oct. 19, 2023 — Debut, a vertically integrated synthetic biology company that unlocks a new generation of cosmetic bioactive ingredients using the most advanced biomanufacturing approaches, announced that it will develop bio-identical and novel fragrance molecules, having closed a total of $40 million in its Series B funding led by BOLD, the venture capital fund of L’Oréal.

The funding will be used to leverage Debut’s proprietary biomanufacturing platform to advance into the fragrance category and establish its biotech fragrance model as the preeminent benchmark in the fragrance industry.

“Having successfully scaled biotechnology with 100 percent success in skincare and leading that category, we are now addressing the urgent challenges facing the fragrance industry,” said Debut Founder and CEO Joshua Britton, Ph.D. “Only Debut’s proprietary advanced biomanufacturing processes can reconcile two diametrically opposing needs: the innate consumer drive for naturalness, and the unsustainable pressure on the planet’s dwindling natural resources”.

Debut’s advanced biomanufacturing will enable fragrance brands to transition to bio-based formulas, while protecting the olfactive integrity of their formulas. Debut’s biotechnology can replicate the scent signature and precise characteristics of natural ingredients, including those that are structurally complex, difficult to source, and only exist in trace amounts in nature. Debut will also develop novel fragrance molecules, opening new creative possibilities for the fragrance industry.

“Debut’s ability to manufacture natural, safe, and sustainable fragrance molecules at the highest standards of purity will safeguard the perfumer’s palette and halt the extraction of ingredients from the planet,” said Britton. “We are already being approached by companies to create bio-identical molecules for existing fragrances and innovate novel fragrance molecules that will confer olfactive uniqueness to brands.”

Debut’s bio-identical ingredients are genetic facsimiles of molecules that exist in nature. During the biomanufacturing process, the input is natural, the vehicle that makes the molecule is natural and the end-product – the ingredients – are also natural. The molecules exude the same rich, full-bodied quality of naturals. As the product of biology, rather than chemical synthesis, Debut’s molecules are petrochemical-free. They are renewable and eliminate supply-chain variability.

Climate change is wreaking havoc with ingredient sourcing, quality, and price. High temperatures, drought and unpredictable seasons are impacting crop and flower yields with devastating regularity. Even floral scent emission is compromised by global warming. Groundbreaking research from the Hebrew University at Jerusalem has shown that there is a correlation between rising temperatures and decreased scent emission of flowers. In the European Union, natural ingredients are also at risk of regulation, threatening the industry at large.

Only Debut’s proprietary advanced biomanufacturing can solve these intractable problems by making natural ingredients that are not possible with fermentation or chemical synthesis. With both a combination of cell and enzyme catalysis, Debut can create complex novel biomolecules with innovative and heightened performance.

“Advanced biomanufacturing is the game-changer that will protect and elevate perfumery. It creates a huge intellectual property moat that will redefine the art of perfumery in the coming decade,” said Britton.

About Debut 
Debut is an unconventional innovation company, setting a new standard for the next generation of beauty. With breakthrough biotechnology, Debut’s team of expert scientists and brand specialists work to develop novel bioactive skincare ingredients and products, including the launch of its first consumer brand through its scalable creation model. With a human-centric and climate-positive approach, Debut is committed to creating purposeful brands that push humanity forward. Learn more at debutbiotech.com.

Contact: [email protected] 

SOURCE Debut

FOLLANSBEE, W.Va., Oct. 19, 2023 — Empire Diversified Energy, Inc. (OTC Markets Pink, Ticker Symbol: MPIR) announced its Anaerobic Digester project in Follansbee, Brooke County, West Virginia will receive funding via Empire’s inclusion in the Appalachian Regional Clean Hydrogen Hub (ARCH2). U.S. Department of Energy (DOE) announced last week that ARCH2 was selected as one of seven hydrogen hub projects nationwide to receive funding from DOE’s Office of Clean Energy Demonstrations (OCED). Specifically, the ARCH2 consortium is scheduled to receive up to $925 million to advance the development of hydrogen projects in West Virginia, Ohio, western Pennsylvania, and Kentucky. Empire’s wholly owned subsidiary, Empire Green Generation, LLC, will oversee the Anaerobic Digester project.

In being selected for this funding, Empire has distinguished itself among significant players in the sustainable-energy space and looks forward to representing the Northern Panhandle in West Virginia’s strong history of energy production. This project uses proven technology in an innovative way: using renewable feedstocks to generate green hydrogen that will be used for industrial and transportation fuel.

The vision of Empire’s leadership team for establishing a hydrogen-based energy project in Follansbee is now fortified with Empire being selected as a Project Development Partner by ARCH2. The Anaerobic Digester project is just one of several Empire projects in various stages of operation and development that emphasize recycling, brownfields redevelopment, and economic growth while decarbonizing industrial and commercial operations at The Port of West Virginia.

Empire will be presenting project details to stakeholders and local citizens at upcoming public meetings as part of its Community Benefits Plan.

ARCH2 SELECTED FOR THE DEPARTMENT OF ENERGY’S HYDROGEN HUB FUNDING (Press Release)

About Empire Diversified Energy, Inc.

Empire Diversified Energy, Inc (EDE) is a multifaceted holding company with business units in the sustainable energy and logistics sector. Empire Diversified Energy’s primary location in Follansbee, WV where it operates the Port of West of Virginia along with its Eco-Industrial Complex. The facility is geographically located along the Ohio River where it serves the crossroads of the East Coast and Midwest through its trimodal facility. EDE is currently deploying a host of innovative proven technologies serving the pathway to clean energy generation. These business units will serve the transportation, waste, steel, warehousing, and other sectors in an effort to help decarbonize the region. 

Forward-looking Information

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 including the benefits of the project and the announcement of further details. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods.

Any such forward-looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond Empire’s control) and assumptions. Although Empire believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the outcome or results and cause them to differ materially from those anticipated in any forward-looking statements, including the risk factors described from time to time by us in our filings with the U.S. Securities and Exchange Commission. Shareholders, potential investors, and other readers should consider these factors carefully in evaluating the forward-looking statements.

Any forward-looking statement made by Empire in this press release speaks only as of the date on which it is made. Empire undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

SOURCE Empire Diversified Energy Inc.

NOLENSVILLE, Tenn., Oct. 19, 2023 — Pickleball Kingdom, the industry leader in pickleball facilities and franchises, is excited to announce a groundbreaking partnership with Jesse and Emily DeMund to bring the sport of pickleball to new heights in the state of Tennessee. Under this epic agreement, Pickleball Kingdom will grant the exclusive franchise rights to the DeMund duo for the establishment of 20 state-of-the-art indoor pickleball facilities across Tennessee.

COO of Pickleball Kingdom, Rob Streett, stated, “Pickleball Kingdom is committed to promoting and advancing pickleball at the grassroots level and we have chosen the dynamic partnership of Jesse and Emily DeMund as a monumental step towards expanding our brand’s national reach.”

Jesse and Emily DeMund, both avid pickleball enthusiasts, are thrilled to bring their passion for the sport to their home state. They will leverage their expertise in business management as they look to partner with potential owners and investors in the state of Tennessee.

“We couldn’t be more excited to join forces with Pickleball Kingdom and embark on this incredible journey,” said Jesse DeMund. “Pickleball is a sport that brings people together, fosters a sense of community, and promotes an active, healthy lifestyle. We’re dedicated to providing top-notch facilities and experiences that will make pickleball accessible to everyone in Tennessee.”

The 20 planned indoor pickleball facilities across Tennessee will be equipped with state-of-the-art courts, comprehensive training programs, pro shops, and vibrant social spaces, ensuring an exceptional experience for players of all ages and skill levels. The facilities will also host tournaments, clinics, and community events to further promote the sport’s growth in the region.

Pickleball Kingdom CEO, Ace Rodrigues, expressed his excitement about the partnership, saying, “We are confident that Jesse and Emily DeMund are the perfect ambassadors for the Pickleball Kingdom brand in Tennessee. Their successful track record, combined with their dedication to providing world-class facilities and experiences, aligns perfectly with our mission to make pickleball accessible to all. This is a game-changing moment for the pickleball community in Tennessee, and we can’t wait to see its impact.”

Pickleball Kingdom’s franchise model has proven successful across the country, providing franchisees with a turnkey solution to establish and operate premier pickleball facilities. The company’s commitment to excellence, combined with the DeMunds’ local knowledge and enthusiasm, will undoubtedly create a winning formula. The first club is expected to be in Williamson County.

About Jesse & Emily DeMund:

Jesse DeMund has held various C-suite level positions with tech, software, and industry leading companies. Beyond the corporate realm, Jesse and Emily are embarking on a shared venture that merges the worlds of sport and community, creating a space where both thrive under one roof. Their active involvement in their local church and school communities underscores their commitment to establishing an environment that encourages active, healthy, and interconnected lifestyles for the people of Tennessee.

Media & Franchise Inquires:

Rob Street

(888)788-0999

[email protected] 

www.pickleballkingdom.com

SOURCE Pickleball Kingdom

Through its value-based care enablement solution, the round advances the company’s efforts to improve care across California

SAN FRANCISCO, Oct. 19, 2023 — Pair Team, a virtual and community-based primary care solution connecting Medicaid’s highest-risk patients to high-quality care, today announced it has raised $9 million in Series A funding. The financing was led by NEXT VENTURES, with participation from PTX Capital, Kapor Capital,  Kleiner Perkins, Y Combinator, and several notable healthcare angel investors including Jay Desai. The funding will be used to help Pair Team accelerate its expansion across California by enabling the company to grow its network of safety net organizations and scale its current team to support additional patients.

Since January 2022, the Centers for Medicare & Medicaid Services (CMS) and other federal agencies have had their eyes on California with the launch of the nation’s largest-ever program to transform the healthcare system for vulnerable communities. With nearly $10B in total funding, California Advancing and Innovating Medi-Cal (CalAIM) is integrating social support services such as housing, food access and transportation through local health plans for low-income residents. The goal is to elevate the role of community-based organizations (CBOs) such as shelters, food pantries, and rehab facilities in the care delivery system. This is the future of Medicaid laid out by CMS, and other states like New York are following suit. However, local clinics and CBOs lack the resources to effectively coordinate and establish a new model of care.

Pair Team solves these issues by partnering with local health centers and community-based organizations, giving them access to a shared, value-based care management platform that is utilized by Pair Team’s network of safety net organizations and providing staffing support to fill gaps in care access and coordination. By enabling existing organizations to provide both virtual and in-person care through its shared platform, Pair Team connects Medicaid’s highest-risk patients with the information and services they need, such as housing coordination, grocery delivery, medication management, virtual therapy and other primary care services.

“Pair Team’s hands-on approach is changing lives for thousands of Californians who are not able to access the care needed to better their health. Our virtual and community-based solution builds personal and meaningful relationships with our patients to help them regain trust in and access to the health care system,” said Neil Batlivala, CEO and co-founder of Pair Team. “This latest financing will help us bring whole-person care to more patients across California, and soon nationally. This is Medicaid’s regulatory moment, and we are here to help catalyze much-needed change for the wellbeing of our most vulnerable communities.”

Pair Team’s comprehensive, value-based care solution provides a personalized, high-touch care experience while addressing obstacles such as lack of transportation, housing, food security and mobile phone access. The company’s unique care delivery platform leverages artificial intelligence (AI) to implement clinical best practices, integrate care with community-based organizations and automate workflows so that clinicians can focus their time on patients.

Pair Team’s commitment to enabling existing safety-net organizations to improve healthcare for individuals complements our thematic focus on Whole Person Health. We continue to be impressed by their ability to execute according to plan, effectively driving strong engagement and meaningful clinical outcomes,” said Julian Eison, Managing Partner at NEXT VENTURES. “As the healthcare landscape rapidly shifts toward value-based care, all stakeholders need to work together to prioritize inclusive, effective, and patient-centric outcomes, and Pair Team is developing a blueprint for success. We are honored to be partnered with Neil, Cassie, and the greater Pair Team on this company’s remarkable and promising journey.”

By addressing social issues first to better care for Medicaid patients in California, Pair Team has engaged upwards of 49% of eligible, high-needs patients and demonstrated a 34% reduction in emergency department utilization. Through its mental health and chronic care management support, 58% of patients diagnosed with depression report reduced depression symptoms and 62% of patients diagnosed with diabetes experienced reduced A1c scores.

Pair Team is passionate about building a team of individuals who support its mission of improving the well-being of underserved communities. In addition to care providers and other licensed practitioner positions, Pair Team is hiring for a broad number of roles including executive operations and director roles, as well as local community-based care team members.

For more information about Pair Team or if you’re interested in joining its team, please visit www.pairteam.com.

About Pair Team
Pair Team connects underserved communities to high-quality care by partnering with local health centers and community-based organizations. It acts as an extension of its partners to provide comprehensive clinical and mental health care while addressing the many social barriers to achieving a high quality of life such as access to housing, food or transportation. The company’s shared community health platform leverages artificial intelligence to implement clinical best practices, making it the market leader in California’s complex care program.

For more information, please visit www.pairteam.com.

Media Contact
BAM for Pair Team
[email protected] 

SOURCE Pair Team

SAN FRANCISCO, Oct. 19, 2023 — Skipify, a fintech company, is announcing a strategic investment from Samsung Next, an investment group within Samsung Electronics. The investment signals Skipify’s commitment to continue improving shopper purchasing experiences both online and in-stores. Skipify’s Connected Wallet is a next-gen digital wallet that connects Merchants, Shoppers, and Financial Institutions at the moment of purchase for the first time. Skipify’s Connected Wallet is linked with the world’s largest financial institutions such as American Express.

Samsung Next joins major financial institutions and technology companies that have backed Skipify and linked their cards and accounts into Skipify’s Connected Wallet. Skipify’s strategic investors include Amex Ventures, PayPal Ventures, Synchrony Ventures, among others.

“We invested in Skipify because of the potential this seamless and native checkout experience could bring to Samsung users and beyond,” said Carlos Castellanos, investor at Samsung Next. “We’re excited to join them on this journey, as they embrace the challenge of defining new opportunities and aim to shape the future of shopping experiences.”

“As the global leader in mobile devices, we’re excited by what this investment from Samsung Next could unlock for our merchant and bank partners, as we expand our reach and extend into in-store physical payments,” said Ryth Martin, Founder & CEO of Skipify.  

Samsung Next’s investment follows at the heels of Skipify’s launch of Card Linking with American Express, announced in August 2023.

Skipify’s Connected Wallet 
By partnering with financial institutions and technology partners, Skipify creates a real time nexus between shoppers, merchants, and financial institutions for the first time, with first-to-market unique advantages to participants in the ecosystem.

Through Skipify, merchants can see conversion rates increase by 10% and industry-leading 99%+ authorization rates with no increase to fraud. Merchants maintain their relationship with shoppers, order and shopping data, and develop better purchasing experiences that elevates their brand.

By partnering with Skipify, financial institutions unlock new ways to interact with their cardmembers, enabling them to surface cards, points, alternative payments methods, and more into checkout in real time. Financial institutions can include real-time step-up authentication, which enables industry-leading authorization rates and increased share of wallet.

Shoppers gain seamless access to their payment cards and can apply points and rewards to pay down their basket.

About Skipify 
Skipify is a fintech company based in San Mateo, CA whose mission is to unlock seamless and spectacular shopping experiences through a digital wallet that enables the entire ecosystem to win. Skipify is used by merchants to enable a better purchasing experience online, in stores, and across marketing channels. Skipify has been recognized as a Fintech Top 50 company, a Leading 100 startup, and a CB Insights Retail Tech 100 winner.

Skipify is backed by some of the world’s leading fintech and commerce enablement investors, including Samsung Next, Amex Ventures, PayPal Ventures, Synchrony Ventures, Okta Ventures, Point72 Ventures, Flourish Ventures, Infinity Ventures, Vinyl, FIS, and BDT & MSD Partners.

To learn more about how Skipify is redefining checkout, visit skipify.com

SOURCE Skipify

Hits Hard Cap, Raising $435 Million

CHICAGO, Oct. 18, 2023 — Pfingsten is pleased to announce the closing of its sixth investment fund, Pfingsten Fund VI, with total capital commitments of $435 million, surpassing its $350 million target. Fund VI secured limited partner commitments from a diversified global investor base of family offices, endowments, foundations, consultants, asset managers, insurance companies and high-net-worth individuals, including 25 former portfolio company executives and family-founder partners.

Pfingsten focuses on investments in entrepreneur and family-owned lower middle market manufacturing, distribution and business services companies with transaction values ranging from $15 to $100 million. Consistent with prior funds, Pfingsten will seek to build value through operational improvements, professional management practices, global capabilities and profitable business growth while utilizing conservative capital structures.

“The successful fundraise reflects our consistent, disciplined, operationally focused approach to building value in lower middle market companies,” said Senior Managing Director, Scott Finegan. “For nearly 35 years Pfingsten has been laser focused on our goal of delivering exceptional results for our investment partners and other stakeholders.”

“The value we bring lies in our ability to provide resources to scale businesses beyond their entrepreneurial roots, enabling them to realize growth potential and become high-performing organizations,” said Ken Hessevick, Managing Director. “The successful growth of our portfolio companies is only possible by building partnerships with highly effective management teams capable of driving growth organically and through strategic acquisitions.”

“We appreciate the strong support from both existing and new limited partners who believe in our investment philosophy, strategy and team,” said Phil Bronsteatter, Managing Director. “Pfingsten will continue to invest in companies where our operational resources and financial expertise drive value by building better businesses.”

Pfingsten plans to build a diversified portfolio of approximately 12 platform investments in Fund VI, and has closed two platform investments to date.

Kirkland & Ellis LLP served as legal counsel and Shannon Advisors LLC acted as placement agent.

About Pfingsten

Pfingsten is an operationally focused private equity firm formed in 1989. From its headquarters in Chicago, IL and representative offices in India and China, the firm seeks to build better businesses through operational improvements, professional management practices, global capabilities, and profitable business growth. Since completing its first investment in 1991, Pfingsten has raised six investment funds with total commitments of approximately $1.8 billion and has acquired 164 manufacturing, distribution, and business services companies. For more information, please visit pfingsten.com.

SOURCE Pfingsten

Enhancements to the Bethel-Round Butte transmission line will advance Tribal energy leadership, improve reliability, and accelerate decarbonization in Oregon

WARM SPRINGS, Ore., Oct. 18, 2023 — The Confederated Tribes of the Warm Springs Reservation of Oregon (CTWS) was selected to receive a $250 million grant from the U.S. Department of Energy to help advance vital transmission upgrades. CTWS submitted the grant application to DOE, in partnership with Portland General Electric, as part of the Grid Resilience Innovative Partnerships Program (GRIP) open to Tribes. This significant investment in the reliability of Oregon’s clean energy infrastructure will enable enhancements to the existing 230 kV Bethel-Round Butte transmission line – a crucial artery in the region’s transmission system – connecting resources west of the Cascades, including on the Warm Springs Reservation, to customers in the Willamette Valley.

This innovative project will unlock a multitude of opportunities for the Tribes. New transmission capacity on the Warm Springs Reservation will enable the development of renewable infrastructure, accommodate new industrial development, create clean energy job opportunities, and bring revenue to historically underserved communities.

“This is a tremendous opportunity that will open the potential for renewable energy development on the CTWS Reservation to the economic benefit of the tribe and its membership,” said CTWS Tribal Chairman Jonathan Smith. “Upgrading the Bethel-Round Butte transmission line would serve to unlock access to renewable resources east of the Cascades to serve growing loads both east and west of the Cascades — and it further complements the long-standing partnership CTWS and PGE have had in the Pelton-Round Butte Hydroelectric Project.”

Increasing the line’s capacity will also improve reliability and help meet growing electrical demand from customers in PGE’s service area, which contains about half of Oregon’s population and two thirds of the state’s commercial and industrial activity. Leveraging this grant, in addition to other federal funding opportunities, helps PGE manage customer costs while investing in resiliency and regional resource adequacy.  

“Expanding transmission capacity is essential to keeping power reliable and affordable during the transition to a clean energy future,” said Maria Pope, PGE President and CEO. “PGE is honored to deepen our relationship with the Confederated Tribes of Warm Springs through this mutually beneficial partnership.”

The Bethel-Round Butte transmission line was built in the 1960s in service to this valued partnership, delivering output from the Pelton-Round Butte hydropower facility to PGE customers. CTWS and PGE have been partners in this project, a certified low-impact hydro facility on the Deschutes River, since 2001, and look forward to continued collaboration.

Receiving the DOE grant is an exciting first step in a lengthy process that includes environmental and scoping studies, design, permitting and construction. Throughout the process, CTWS and PGE will work closely with partners, landowners, and other jurisdictions to make this project a reality.

Learn more: Biden-Harris Administration Announces $3.5 Billion for Largest Ever Investment in America’s Electric Grid, Deploying More Clean Energy, Lowering Costs, and Creating Union Jobs

About the Confederated Tribes of Warm Springs:

The Confederated Tribes of Warm Springs, Oregon, is based in Central Oregon with a membership of over 5,000 Tribal Members from the Warm Springs, Wasco, and Paiute tribes. Learn more at warmsprings-nsn.gov www.warmsprings-nsn.gov.

About Portland General Electric Company: 

Portland General Electric (NYSE: POR) is a fully integrated energy company that that generates, transmits and distributes electricity to over 900,000 customers in 51 cities across the state of Oregon. For more than 130 years, Portland General Electric (PGE) has powered the advancement of society, delivering safe, affordable, reliable and increasingly clean energy. To deliver on its strategy and meet state targets, PGE and its approximately 3,000 employees are committed to partnering with stakeholders to achieve at least an 80% reduction in greenhouse gas emissions from power served to customers by 2030 and 100% reduction by 2040. PGE customers set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. Additionally, for the fifth year in a row, PGE was recognized by the Bloomberg Gender-Equality Index which highlights companies committed to creating a more equal and inclusive workplace. As a reflection of the company’s commitment to the community it serves, in 2022, PGE employees, retirees and the PGE Foundation donated nearly $5.5 million and volunteered more than 18,000 hours with more than 400 nonprofits across Oregon. For more information visit www.PortlandGeneral.com/news.

SOURCE: Portland General Company (POR)

CONTACTS:
Cathy Ehli, Warm Springs Power & Water Enterprises
[email protected]

Allison Dobscha, Portland General Electric Company
[email protected]

SOURCE Portland General Company