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// THCB & Microvast Inc - Legit Analysis
The EV craze is seeing another ops, the reverse merger of Microvast. On Nov 13 a letter of intent (LoI) has been signed related to a business combination with Microvast Inc., a market leading provider of next-generation battery technologies for commercial and specialty use electric vehicles This name already came up on WSB gents, so the below it’s more of an in-depth DD before the next bell. Good to credit other DD as well for a sort of empirical work in calling the Company’s Texas HQ (LoL) // What the heck is Microvast? Founded by Yang Wu in 2006, Microvast is focused on driving mass adoption EVs and its battery technology boasts best-in-class charging speed, battery life, energy density and safety performance. Key takeaway:
In a nutshell: headquartered in Houston (TX, USA), 6 locations worldwide and +2,500 employees. Over 700+ R&D staff (30+ PhDs, and 100+ master degree). Over 426 patents and patent applications which covers the whole Li-ion battery chain, including battery material (cathode, anode, separator, and electrolyte), cell, pack, BMS, powertrain, and related equipment
10 mins, faster than you: the Company has been an innovative industry leader for over a decade and has clear visibility to future growth from its existing pipeline across commercial markets including e- buses, vans, trucks, passenger vehicles, automated guided vehicles, forklifts and mining trucks. They have a battery system that enables 10 minute charging times with limited degradation based on lithium-titanate technology (game-changer, Toshiba apparently the only very-close competitor)
Vertical Integration: its strategy extends from core battery chemistry, including cathode and anode materials, electrolyte, and membrane separators, to application technologies including battery management systems (BMS) and other power electronics. Higher quality, lower costs as by integrating the process from raw material to system assembly, Microvast is able to provide customized solutions with reduced project development time and controllable cost
Strategic growth: as of October 2020, the Company had more than 40,000 electric vehicles powered by Microvast battery systems operating in 170+ cities within 19 countries, which have accumulated over 4 billion kilometers driving distance without any operation accidents caused by batteries. Plus, an impressive, growing list of global OEM customers, and a strategic partnership with Fiat Power Train Industrial. Bottom line is: real products with real-world adoptions (E-buses in China, London, Germany Singapore), and strong focus on R&D and diversification in terms of regional coverage which makes it less prone to regulatory risks or investigations (e.g. Chinese Probes). Notably, electric buses during the 2018 Olympic Games in South Korea featured Microvast batteries
No real financial available (🚩). Nonetheless, take or leave it, Mr Wu (founder and CEO) stated “Microvast expects to generate over $100 million of revenue this financial year. Our potential transition into a public company will help continue to fuel our design and development of market-leading ultra-fast charging, long-life battery power systems”
Real production sites and product dev (🟢): Microvast started its Li-ion battery production in Huzhou, China since 2009, automatic cell production line (Phase II) and automatic module production with semi-automatic pack production line (Phase II) in place. Phase I and II in operation since 2009, Phase III started its construction since Mar 2017
Clean City Transit project with an ultra-fast charging network: the CCT plan put forward by Microvast is based on fast charging, long life and safe battery technology, and aims to facilitate the electrification of urban transport systems by progressively introducing battery systems while minimizing disruption to urban infrastructure, first to city buses, then to taxis and finally to passenger cars
// Ok so what should I buy? THCB
THCB is a blank-check company initially aiming to bring a cannabis company public. Then, they decided to switch to the EV space following the trends we all know. The Chairman and CEO stated “Microvast has a compelling financial profile, with significant historical revenues as well as projected growth and profitability”. Total valuation exceeds $2Bn
75 institutional owners and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission. These institutions hold a total of 39,345,200 shares. Largest shareholders include BlueCrest Capital Management Ltd, Mizuho Securities Usa Llc, Bank Of Montreal /can/, Hudson Bay Capital Management LP, K2 Principal Fund, L.p., Cnh Partners Llc, Polar Asset Management Partners Inc., Alberta Investment Management Corp, Sage Rock Capital Management LP, and Periscope Capital Inc
In March 2019, the Company consummated its IPO from which it derived gross proceeds of $276,000,000 (including $36,000,000 from the exercise of the underwriters’ over-allotment option). Like most blank check companies, the charter provides for the return of the IPO proceeds held in the trust account to the holders of public shares if there is no qualifying business combination(s) consummated on or before a certain date (in this case, December 7, 2020 or above, see below)
On December 3, THCB will vote a proposal to extend the date by which it has to consummate a business combination from December 7, 2020 to April 30, 2021
EarlyBirdCapital has been the sole book-running manager and underwriter. The previous merger consumed by EarlyBirdCapital are significant. The latest include TTCF (+59%), VLDR (+55%), BWMX (+204%), AVCT (-42%) and (-16%)
// Don't fuck with me, what are the risks? The completion of the transaction is subject to, among other things, the execution of a definitive agreement (which has already taken place for //AvePoint instead, see my other post) approval by the two companies' boards, satisfaction of customary closing conditions and approval of the transaction by each company's shareholders. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated on the terms currently contemplated or at all. If a legally binding definitive agreement is entered into, a full description of the terms of the transaction will be provided in a registration statement and/or a proxy statement of SPAC to be filled with the SEC // I don't want to read, bottom line? TL;DR
Microvast considers itself a leader in developing ultra-fast and long-lasting battery power systems for electric vehicles, around since 2006. Unlike other companies involved in SPAC deals, Microvast has developed an existing product (electric buses during the 2018 Olympic Games in South Korea, Shanghai, London, Germany, China and Auckland)
After hours trading on Wednesday 25/11 saw a +12%, while the trading day closed slightly positive with no significant spike. Business combination hasn’t been approved, we have just an LoI, which amplifies the risk of a no deal as the two haven’t entered a definite agreement
+7.40% on Friday 27/11, still very manageable price. I would buy at retracement S1 or R1 for the true autists, monitor the proxy statement vote on Dec 3, forget about it all the way until other rumors about the business combination. Looking at the EV space, after a news I would TP 60% capital invested TP @ +20%. Look at the overall market conditions in Dec/Jan (depending on the business combination) and TP the remaining @ +40% upside
Disclaimer: all images should be credited to Microvast Inc. or other sources. This does not constitute and has not to be intended as a financial advice or solicitation of any kind. I hold a long position inTHCB.
The EV craze is seeing another ops, the reverse merger of Microvast. On Nov 13 a letter of intent (LoI) has been signed related to a business combination with Microvast Inc., a market leading provider of next-generation battery technologies for commercial and specialty use electric vehicles This name already came up on WSB gents, so the below it’s more of an in-depth DD before the next bell. Good to credit other DD as well for a sort of empirical work in calling the Company’s Texas HQ (LoL) // What the heck is Microvast? Founded by Yang Wu in 2006, Microvast is focused on driving mass adoption EVs and its battery technology boasts best-in-class charging speed, battery life, energy density and safety performance. Key takeaway:
In a nutshell: headquartered in Houston (TX, USA), 6 locations worldwide and +2,500 employees. Over 700+ R&D staff (30+ PhDs, and 100+ master degree). Over 426 patents and patent applications which covers the whole Li-ion battery chain, including battery material (cathode, anode, separator, and electrolyte), cell, pack, BMS, powertrain, and related equipment
10 mins, faster than you: the Company has been an innovative industry leader for over a decade and has clear visibility to future growth from its existing pipeline across commercial markets including e- buses, vans, trucks, passenger vehicles, automated guided vehicles, forklifts and mining trucks. They have a battery system that enables 10 minute charging times with limited degradation based on lithium-titanate technology (game-changer, Toshiba apparently the only very-close competitor)
Vertical Integration: its strategy extends from core battery chemistry, including cathode and anode materials, electrolyte, and membrane separators, to application technologies including battery management systems (BMS) and other power electronics. Higher quality, lower costs as by integrating the process from raw material to system assembly, Microvast is able to provide customized solutions with reduced project development time and controllable cost
Strategic growth: as of October 2020, the Company had more than 40,000 electric vehicles powered by Microvast battery systems operating in 170+ cities within 19 countries, which have accumulated over 4 billion kilometers driving distance without any operation accidents caused by batteries. Plus, an impressive, growing list of global OEM customers, and a strategic partnership with Fiat Power Train Industrial. Bottom line is: real products with real-world adoptions (E-buses in China, London, Germany Singapore), and strong focus on R&D and diversification in terms of regional coverage which makes it less prone to regulatory risks or investigations (e.g. Chinese Probes). Notably, electric buses during the 2018 Olympic Games in South Korea featured Microvast batteries
No real financial available (🚩). Nonetheless, take or leave it, Mr Wu (founder and CEO) stated “Microvast expects to generate over $100 million of revenue this financial year. Our potential transition into a public company will help continue to fuel our design and development of market-leading ultra-fast charging, long-life battery power systems”
Real production sites and product dev (🟢): Microvast started its Li-ion battery production in Huzhou, China since 2009, automatic cell production line (Phase II) and automatic module production with semi-automatic pack production line (Phase II) in place. Phase I and II in operation since 2009, Phase III started its construction since Mar 2017
Clean City Transit project with an ultra-fast charging network: the CCT plan put forward by Microvast is based on fast charging, long life and safe battery technology, and aims to facilitate the electrification of urban transport systems by progressively introducing battery systems while minimizing disruption to urban infrastructure, first to city buses, then to taxis and finally to passenger cars
THCB is a blank-check company initially aiming to bring a cannabis company public. Then, they decided to switch to the EV space following the trends we all know. The Chairman and CEO stated “Microvast has a compelling financial profile, with significant historical revenues as well as projected growth and profitability”. Total valuation exceeds $2Bn
75 institutional owners and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission. These institutions hold a total of 39,345,200 shares. Largest shareholders include BlueCrest Capital Management Ltd, Mizuho Securities Usa Llc, Bank Of Montreal /can/, Hudson Bay Capital Management LP, K2 Principal Fund, L.p., Cnh Partners Llc, Polar Asset Management Partners Inc., Alberta Investment Management Corp, Sage Rock Capital Management LP, and Periscope Capital Inc
In March 2019, the Company consummated its IPO from which it derived gross proceeds of $276,000,000 (including $36,000,000 from the exercise of the underwriters’ over-allotment option). Like most blank check companies, the charter provides for the return of the IPO proceeds held in the trust account to the holders of public shares if there is no qualifying business combination(s) consummated on or before a certain date (in this case, December 7, 2020 or above, see below)
On December 3, THCB will vote a proposal to extend the date by which it has to consummate a business combination from December 7, 2020 to April 30, 2021
EarlyBirdCapital has been the sole book-running manager and underwriter. The previous merger consumed by EarlyBirdCapital are significant. The latest include TTCF (+59%), VLDR (+55%), BWMX (+204%), AVCT (-42%) and (-16%)
THCB SEC // Don't fuck with me, what are the risks? The completion of the transaction is subject to, among other things, the execution of a definitive agreement (which has already taken place for //AvePoint instead, see my other post) approval by the two companies' boards, satisfaction of customary closing conditions and approval of the transaction by each company's shareholders. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated on the terms currently contemplated or at all. If a legally binding definitive agreement is entered into, a full description of the terms of the transaction will be provided in a registration statement and/or a proxy statement of SPAC to be filled with the SEC // I don't want to read, bottom line? TL;DR
Microvast considers itself a leader in developing ultra-fast and long-lasting battery power systems for electric vehicles, around since 2006. Unlike other companies involved in SPAC deals, Microvast has developed an existing product (electric buses during the 2018 Olympic Games in South Korea, Shanghai, London, Germany, China and Auckland)
After hours trading on Wednesday 25/11 saw a +12%, while the trading day closed slightly positive with no significant spike. Business combination hasn’t been approved, we have just an LoI, which amplifies the risk of a no deal as the two haven’t entered a definite agreement
+7.40% on Friday 27/11, still very manageable price. I would buy at retracement S1 or R1 for the true autists, monitor the proxy statement vote on Dec 3, forget about it all the way until other rumors about the business combination. Looking at the EV space, after a news I would TP 60% capital invested TP @ +20%. Look at the overall market conditions in Dec/Jan (depending on the business combination) and TP the remaining @ +40% upside
Disclaimer: all images should be credited to Microvast Inc. or other sources. This does not constitute and has not to be intended as a financial advice or solicitation of any kind. I hold a long position inTHCB.
Products that I did NOT add to database today - sorted by popularity (22.1.2021)
https://facebook.com/4370877599595471 Products that I did NOT add to database today (the list has been sorted by wishlist count (favourites)). Check image compilation: https://i.imgur.com/jSCydOU.jpg . If you want to add an item to Couponsfromchina database, then click on "Add Product" button on https://couponsfromchina.com/ -1- ✔️ [CN] TTGO T-Display ESP32 CP2104 WiFi bluetooth Module 1.14 Inch LCD Development Board LILYGO for Arduino - products that work with official Arduino boards ✳️ https://bit.ly/3qFKkCM 💥 Price: $6.99 👌 Coupon: BG69ay -2- ✔️ [CN] T.SK106A.03 T.SK105A.03 Universal LCD LED TV Controller Driver Board TV/PC/VGA/HDMI/USB+7 Key Button+2ch 6bit 30pins LVDS Cable+1 Lamp Inverter 📌 https://bit.ly/2Noyu1v 🥇 Price: $9.99
Coupon: BG106A
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Price: $29.99
🖍 Coupon: BGDJ607AF -7- ✔️ [CN] Geekcreit® AC 110-240V Input To DC 24V 17A 400W Switching Power Supply Driver Board
🔓 Coupon: BGCENJ5 -25- ✔️ [CN] SYMA S109G 3.5CH Beast RC Helicopter RTF AH-64 Military Model Kids Toy 🛒 https://bit.ly/39PwBm8 Price: $26.39 Coupon: BGSYMA12 -26- ✔️ [CN] 100*120cm Lazy Sofa Multiple Colors & Soft And Comfortable Cover Chairs Cover with Inner Liner Warm Corduroy Lounger Seat Bean Bag Pouf Puff Couch Tatami Living Room ✌️ https://bit.ly/2LN4R9X 💲 Price: $32.99 ❤️ Coupon: BGGD72112 -27- ✔️ [CN] DIGOO DG-XBS 8 in 1 EDC Multi-purpose Stainless Steel Wrench Key Chain Tools Screwdriver Bottle Opener Gauge Portable Tool https://bit.ly/39YtQie 👉 Price: $3.99 ❤️ Coupon: BGGDJUE8 -28- ✔️ [CN] BlitzWolf®BW-ELS2 Bracket Laptop Stand Foldable Aluminum Alloy Laptop Stand Heat Dissipation Adjustable Angle Hold up to 8kg 🌍 https://bit.ly/2Nw4pgN 💥 Price: $46.99 -29- ✔️ [CN] FOXSUR™ 12/24V 8A/4A Touch Screen Pulse Repair LCD Battery Charger Blue For Car Motorcycle Lead Acid Battery Agm Gel Wet 👌 https://bit.ly/3qDl0gA ⭕️ Price: $20.99 👌 Coupon: BGCharger206 -30- ✔️ [CZ] KING DO WAY Outdoor Wooden Swing Seat Hanging Chair Porch Swing Camping Garden Patio for Children 🌍 https://bit.ly/3sQxAuT 💲 Price: $18.99 👌 Coupon: BGDJ617AF -31- ✔️ [CN] Nokia 105 800mAh 1.77 inch Portable with Flashlight FM Radio Louder Speaker Long Standby Feature Phone ❇️ https://bit.ly/3c1izk0 💰 Price: $18.99 📍 Coupon: BGDARER -32- ✔️ [CN] HUOHOU Fixable Knife Sharpener Sharpen Stone Trible Wheel Whetstone Sharpeners Sharpening Tool Grindstone From ✳️ https://bit.ly/3mwYJQ4 ⭕️ Price: $9.99 👉 Coupon: BGJATD759 -33- ✔️ [CZ] MoesHouse US EU WiFi RF433 Smart Touch Curtain Roller Blinds Motor Switch Tuya Smart Life App Remote Control Works with Alexa Google Home 🔗 https://bit.ly/3sOc2PO 💥 Price: $19.27 📍 Coupon: BGCZ336 -34- ✔️ [CZ] HERO 616 New Classic Nostalgic Fountain Pen Golden Nib Ink Pen Fine Nib 0.5mm Calligraphy Pens Gifts for Students Friends Families https://bit.ly/2Rko2qI 💣 Price: $4.79 ✌️ Coupon: BGNF715 -35- ✔️ [CZ] HiBREW 300ml Automatic Electric Lightweight Milk Frother Cappuccino Maker 220-240V 400W Food Grade Material Detachable Base Fast Frothing 🛒 https://bit.ly/3buBT96 💥 Price: $38.59 💵 Coupon: BGCOMK390 -36- ✔️ [CN] Drillpro 15pcs 1/4 Inch Shank Router Bits Set Carbide Woodworking Tools for Home Improvement and DIY 👉 https://bit.ly/3c3ue1B 💣 Price: $17.59
Coupon: BGec8e39
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📉 Price: $42.29 Coupon: BGH1390801 -79- ✔️ [CN] 4000W Peak Car Power Inverter DC 12V To 220V 110V AC 4.2A Dual USB Modified Sine Wave Converter With Colorful LCD Screen ✌️ https://bit.ly/361C2NE 📉 Price: $42.29 🔖 Coupon: BGH1463101 -80- ✔️ [CN] Bakeey DS898 3-in-1 Microphone Wireless bluetooth Microphone bluetooth Speaker Recorder HIFI Noise Reduction TF Card 2400mAh Luminous Handheld Portable Professional K Songs Karaoke Singing Player ❗️ https://bit.ly/2Njy5xg 🚨 Price: $19.99
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BMRG(B Riley Merger Corp II)Signs LOIwithEos Energy Storage6/24 Key Points - great technology (IP) which issaferand more reliable vs competitors - energy storage facing CAGR of 20% for next two decades - industry (including solar) which has beenBOOMING (check out all the clean energy, EV andSolar Stocks) - continuedsubsidiesforenergystorage/ carbon reduction/clean energy/infrastructure - EOS managementvery strong with ties to industry, big energy players and state - B Riley backing gives many resources - vast market segments include – commercial/industrial, utilityrenewables and other energy sectors - climate change+ population growth +raising the poverty line increase demand for (clean) energy and (safer) storage - growing ($$$) popularity of ESG from investors and hedge fundsalike - this is the groups 2nd SPAC (see BRPM below) - significant risks (see below) Strong management from Eos, unmatched IP and a booming industry make BMRG/EOS a buy for long steady growth despite obvious risks IMO. This industry is f*cking hot (plus factor is growing SPAC popularity) .. just look at SPAQ today.. I would really appreciate anyone with a bear case or battery or industry knowledge to chime in the comments! Structure: Lawyers: Winston & Strawn & Ellenoff, Grossman & Schole (both top of the line) BF Riley running their own books (could be a nice bonus IMO) 175m Trust May 2020 IPO 18mo Deadline 1 Unit = 1 + ½ Warrant Additional Terms: 1. Crescent Term: $9.20 threshold 2. FPA: $25M units at $10.00 3. Limitation on Redemption Rights: 20% 4. Chardan is QIU 5. 50m PIPE? (need to confirm) “The proposed transaction with BRPM II would provide Eos with approximately $225 million of additional new equity financing, including $50 million of proceeds from a fully backstopped PIPE by B. Riley Financial, assuming no public shareholders of BRPM II exercise their redemption rights at closing. The proposed transaction is expected to be completed in the fourth quarter of 2020, subject to, among other things, the negotiation and execution of a definitive agreement providing for the transaction, the approval by BRPM II’s shareholders, satisfaction of the conditions stated in the LOI and other customary closing conditions. Accordingly, there can be no assurance that a definitive agreement will be enteredinto or that the proposed transaction will be consummated.” “We believe now is the ideal time for management to unlock the full potential of a truly disruptive solution to address a clear need in the global energy storage market." Daniel Shribman (BMRG CEO) “The global energy storage ecosystem is expected to grow with a CAGR of 20% over the next 20 years. The current market is primarily served by lithium ion batteries manufactured in China and South Korea – and with our zinc-based system offering a safer, greener, and less expensive solution, it is our strong belief that Eos is poised for significant long-term growth and material cash flow generation.” Joe Mastrangelo (Eos CEO) “Over the course of the last 12 months, more than 20 energy storage systems in Korea have caught fire, and in April last year, a 2MW battery array in Arizona caught fire and eventually exploded. Fires linked to lithium-ion batteries also occurred in Europe and Australia.” “According to experts with the Newton-Evans Research Co., the U.S. energy storage market will grow to more than $5 billion by 2024, which is about an eight-fold increase from 2019 levels” EOS Founded in 2008, Eos Energy Storage is an established provider of long-duration energy storage focused on providing a domestic solution to a global need: low-cost, safe, and environmentally friendly energy storage. Eos has proven its technology over a ten-year period of testing, development, deployment, and operation, and is focused on accelerating the growth of clean energy in the United States by deploying large scale storage solutions that deliver reliable and cost-competitive power in a safe and environmentally sustainable way. The Eos Aurora® system is designed to meet the requirements of thegrid-scale energy storage market using Eos' patented aqueous, zinc-powered battery technology to offer a safe, scalable, fully recyclable and sustainable alternative to lithium-ion battery power. Its patented Znyth® technology requires just five core commodity materials – all of which are Earth-abundant, non-conflict minerals, and are 100% recyclable. Eos' battery is non-flammable and does not require any moving parts or pumps, which allows for simple upkeep and market-leading low-cost operations.” Values: Our Quest. We will not rest until the world has sustainable and affordable energy on demand. Our Ethos. We believe in the power of great chemistry– in our products and our team. Our Drive. We invent, iterate & deliver the best solutions for the future of energy, today. Management team is strong, deep and experienced with industry connections and “led by a team of professionals with deep scientific, regulatory and operating experience across the energy value chain. Joe Mastrangelo, Eos' Chief Executive Officer, is a 25-year General Electric ("GE") veteran who has both traditional and renewable energy experience, and served as president and CEO of Gas Power Systems for GE's Power division. Russ Stidolph, Chairman of the Eos Board of Directors, is founder and Managing Director of AltEnergy LLC, a private equity firm focused on alternative energy investing.” “It is clear to me that storage is the key to scaling clean energy faster. Eos has established a solid foundation of learning and has optimized a lithium alternative solution that is ready to scale and meet the world’s rapidly growing demand for energy storage. I’m proud to lead this team at an exciting and crucial moment for the company.” said Mastrangelo. https://www.businesswire.com/news/home/20170905005875/en/Eos-Energy-Storage-Appoints-Energy-Industry-Veterans (management experience) https://eosenergystorage.com/eos-energy-storage-strengthens-leadership-to-prepare-for-future-growth-with-two-executive-appointments/ (management additions 1) https://www.businesswire.com/news/home/20170905005875/en/Eos-Energy-Storage-Appoints-Energy-Industry-Veterans (management additions 2) Competitive Advantages: https://preview.redd.it/43q1aq9abx951.png?width=663&format=png&auto=webp&s=07f8d50aebaeb7179cc61781c883d74e13c5d289 “The high-temperature climate of the Mediterranean poses many challenges for lithium chemistries requiring costly HVAC additions, where Eos does not It is the first development in the region, with potential follow-on opportunities for larger utility scale projects across the entire Mediterranean.” “This project is not only our initial entry into the dynamic Greece energy storage market, but it’s also an opportunity to demonstrate the many advantages of our storage technologies including performance, safety, and environmental conditions,” said Joe Mastrangelo, CEO of Eos Energy Storage.” IP is great with a superior and safer product vs competition Industry Growth: (could go deeper but its basically common knowledge) https://preview.redd.it/a3o62nbbbx951.png?width=602&format=png&auto=webp&s=bbd2d61dd660a3e445c283e05656b62378529622 https://preview.redd.it/wq8prf3cbx951.png?width=621&format=png&auto=webp&s=b3eaf40b34ab1f6272f2475efa747f9f4b09b2db BMRG (B Riley Merger Corp II) Management is pretty tight knit here featuring B Riley himself, B Riley current and past execs + BRPM I team + plus few others. Posted it from the S1 so its pretty detailed. I do like the management here and they have decent energy/IB connections but it could be stronger IMO Daniel Shribman, 36 CEO, CFO & Director Mr. Shribman helps oversee the asset base of B. Riley Financial alongside chief executive officer Bryant Riley. This asset base consists of several cash flow generating operating businesses in addition to cash and investments of roughly $750 million. The investment portfolio includes bilateral loans and small cap equity positions in both public and private markets. In virtually all investments, B. Riley Financial is involved at the board level and active in business and capital allocation decisions. Mr. Shribman has served as a member of the board of directors of Alta (NYSE: ALTG) since February 2020, when it completed its business combination with BRPM, where Mr. Shribman was chief financial officer. Mr. Shribman brings experience in both public and private equity to us. Prior to joining B. Riley, Mr. Shribman was a Portfolio Manager at Anchorage Capital Group, L.L.C., a special situation asset manager, from 2010 to 2018. During Mr. Shribman’s tenure at Anchorage Capital Group, L.L.C., he led investments in dozens of public and private opportunities across the general industrial, transportation, automotive, aerospace, gaming, hospitality and real estate industries. Prior to Anchorage Capital Group, L.L.C., Mr. Shribman worked at Tinicum Capital Partners, a private equity firm, and in the restructuring advisory group at Lazard (NYSE: LAZ). 📷 Board of Directors Bryant Riley, 53 Chairman Mr. Riley served as the chairman of B. Riley & Co., LLC since founding the stock brokerage firm in 1997 until its combination with FBR Capital Markets & Co., LLC in 2017; chief executive officer of B. Riley & Co., LLC from 1997 to 2006; and as chairman of BRPM from April 2019 until the completion of its business combination in February 2020. Mr. Riley has served as a member of the board of directors of Babcock & Wilcox Enterprises, Inc. (NYSE: BW) since April 2019 and Select Interior Concepts, Inc. (Nasdaq: SIC) since November 2019. Mr. Riley also previously served on the board of directors of Franchise Group, Inc. (Nasdaq: FRG) from September 2018 to March 2020 and Sonim Technologies, Inc. (Nasdaq: SONM) from October 2017 to March 2019. Mr. Riley received his B.S. in Finance from Lehigh University. Mr. Riley’s experience and expertise in the investment banking industry will provide our board of directors with valuable insight into the capital markets. Kenneth Young, 56 Director Mr. Young has served as chief executive officer of B. Riley Principal Investments, LLC, a wholly-owned subsidiary of B. Riley Financial, which acquires, invests and operates companies across several verticals, including communications, media, construction and retail, with a focus on maximizing cash flows through operational expertise, since October 2016. Mr. Young served as the chief executive officer and as a director of BRPM from October 2018 until its initial business combination with Alta (NYSE: ALTG) in February 2020. Mr. Young currently serves as chief executive officer at Babcock & Wilcox (NYSE: BW) since November 2018. Mr. Young has served as a member of the board of directors of Orion Energy Systems, Inc. (Nasdaq: OESX) since 2017 and currently serves on the board of directors of Sonim Technologies (Nasdaq: SONM). He also served on the board of directors of Franchise Group, Inc. (Nasdaq: FRG), Standard Diversified (NYSE: SDI), and Globalstar, Inc. (NYSE: GSAT). FMr. Young served as the president and chief executive officer of Lightbridge Communications Corporation. Patrick J. Bartels Jr., 44 Director Mr. Bartels has been the managing member of Redan Advisors LLC, a firm that provides fiduciary services, including board of director representation and strategic planning advisory services, for domestic and international public and private business entities, since December 2018. Prior to founding Redan Advisors LLC, Mr. Bartels was a senior investment professional with 20 years of experience. From 2002 to December 2018, Mr. Bartels served as a Managing Principal at Monarch Alternative Capital LP, a private investment firm that focused primarily on event-driven credit opportunities. Prior to Monarch, he served as research analyst for high yield investments at Invesco Ltd. (NYSE: IVZ), where he analyzed primary and secondary debt offerings of companies in various industries. His professional experience includes investing in complex financial restructurings and process-intensive situations in North America, Asia and Europe in a broad spectrum of industries. Mr. Bartels currently serves on the board of directors of Arch Coal, Inc. (NYSE: ARCH), Hexion Inc., Brinks Home Security and Centric Brands Inc. (Nasdaq: CTRC); he serves on the Nominating and Corporate Governance Committee and the Audit Committee for Arch Coal, Inc. Mr. Bartels began his career at PricewaterhouseCoopers LLP, where he was a Certified Public Accountant. Jamie Kempner, 62 Director Mr. Kempner has been president of LSH Partners since December 2016. Prior to this position, Mr. Kempner was president of Loeb Partners Corporation from 2014 to 2016. Mr. Kempner began his career at Lazard (NYSE: LAZ), in 1983 and was named a general partner in 1993. Mr. Kempner was involved in banking and capital markets transactions and managed Lazard’s Corporate Finance department from 1995-1998 and founded Lazard’s Logistics and Transportation group in 2000. His most recent role was as senior advisor in Lazard’s general industrials banking group, with emphasis on companies in the Transportation and Logistics industries. Mr. Kempner also served on the Underwriting and Private Placement Committees of Lazard. Mr. Kempner has extensive experience advising on a number of corporate transactions and initial public offerings. Mr. Kempner has been a member of the board of directors of Private Wealth Partners since September 2018, and served on the board of directors of BRPM from 2018 until the completion of its business combination in February 2020. Mr. Kempner received a B.A. from Yale University and an M.B.A. from Harvard Business School. Timothy Presutti, 51 Director Mr. Presutti currently serves as managing partner and chief investment officer of Woody Creek Capital Partners LLC, a private investment firm he founded in 2007 that specializes in private credit and special situation investing. Mr. Presutti has been the sole owner and managing director of Woody Creek Capital Partners LLC since 2006, Woody Creek Capital Management LLC since 2018 and Wocap II GP, LLC since 2017. Mr. Presutti additionally serves as senior advisor to the Bosarge Family Office based in Houston, TX. Mr. Presutti has nearly twenty-four years of finance experience, spanning investing, portfolio management, trading and capital markets. As co-founder of Broadbill Investment Partners, an investment management firm, Mr. Presutti oversaw all capital raising for two funds and a co-investment platform. He was a member of the Investment Committee and is now a senior advisor, minority owner and managing director to Broadbill Investment Partners since 2011. Mr. Presutti started his career at Bankers Trust, which was acquired by Deutsche Bank Securities Inc. in 1999; his last position there was managing director and head of High Yield trading from 2005 to 2007. Mr. Presutti served on the board of directors of BRPM from 2018 until the completion of its business combination in February 2020. Robert Suss, 51 Director Mr. Suss has been co-chief executive officer of UK Agricultural Finance, a company that provides underwriting to local farming communities in the United Kingdom, since 2016, and non-executive chairman of EG Capital Advisors, a London-based investment firm, since 2017. Mr. Suss has served on the board of directors of Kingswood Group PLC since 2019. Until 2015, Mr. Suss was a managing director at Goldman Sachs & Co. LLC where he worked for 18 years in the Investment Management Division. Mr. Suss served on the audit committees of the board of directors of Pace Holdings Corp. from 2015 until the completion of its business combination in March 2017 and TPG Pace Holdings Corp. from 2016 until the completion of its business combination in November 2019. Mr. Suss also served on the board of directors of BRPM from 2018 until the completion of its business combination in February 2020. BRPM (B Riley Merger Corp I): Alta Equipment Company didn’t seem to fair too well.. thanks to covid? (s/h vote was Feb 11 2020) Looks like B Riley bought more equity in April .. good sign? “Alta Equipment Group, Inc. owns and operates integrated equipment dealership platforms. It sells, rents, and provides parts and service support for several categories of equipment, including lift trucks and aerial work platforms, cranes, earthmoving equipment and other industrial and construction equipment through its branch network. The company was founded in 1984.” Possible Catalysts: New Sales Orders Definitive Agreement (and then Merger) Release of (Positive) Financial Data Proprietary Advancements (R&D) Risks/Downside: Deal could fall through (definitive agreement not guaranteed or even possible SEC investigation/lawsuits) Financial data released might be poor or priced in Lower Risks: I couldn’t find many other institutions involved besides B Riley (maybe two others) Relatively low price action since IPO àLOI (institutions/sector analysts haven’t yet priced/awaiting progress?) “The JOBS Act, enacted in 2012, contains provisions that, among other things, relax certain reporting requirements for qualifying public companies” (keep seeing this in S1’s can someone confirm it is standard?) BRMG Shareholder value may or may not decrease with mergecombination Recent Media/Links: https://eosenergystorage.com/eos-energy-storage-supplies-energy-storage-to-microgrid-developments-for-electrifying-rural-communities-in-nigeria/ (new project 7/2020) https://www.prnewswire.com/news-releases/b-riley-principal-merger-corp-ii-and-eos-energy-storage-announce-letter-of-intent-for-business-combination-301083051.html (LOI) https://www.businesswire.com/news/home/20171025005889/en/PSEG-Installs-Commissions-1-MWh-Eos-Aurora http://www.prweb.com/releases/eos_energy_storage_to_deploy_its_latest_generation_battery_system_in_pala_california_energy_storage_yard/prweb17203153.htm (California Energy Commission Partnership) https://www.energy-storage.news/blogs/video-global-energy-storage-market-forecast-with-guidehouse-insights (Energy Storage Analyst Forecast) https://www.energy-storage.news/blogs/building-battery-storage-systems-to-meet-changing-market-requirements (Industry/Competition) https://www.businesswire.com/news/home/20130520006558/en/Eos-Energy-Storage-Raises-15-Million-Strategic ( Funding back in 2013) http://www.prweb.com/releases/eos_energy_storage_teams_with_motor_oil_and_ingeteam_to_bring_efficient_energy_storage_solutions_to_large_greek_refineries/prweb17125184.htm “Eos was recently (5/2020) awarded a contract to manufacture, design, and deliver a 1MW 4MWh behind the meter (BTM) Battery Energy Storage System (BESS) in Motor Oil’s Corinth Refinery in Athens, Greece and has partnered with Ingeteam to provide the full AC integrated system with their INGECON Bseries Inverter + Miniskid MV solution and INGECON EMS Plant Controller. This is Eos’ first project in Greece, expanding upon their European commercial presence.The project will enable Motor Oil to optimize their onsite generation without fear of flammability or thermal runaway due to Eos’ inherent and proven safety. Eos’ Energy Storage System will provide full 100% depth of discharge, flexible charge/discharge capabilities with no impact to degradation, minimal auxiliary power requirements, and a 15+ year life. The benefits to Motor Oil are financial savings in fuel and maintenance, and reduced energy costs during times of peak demand, all increasing the efficiency and resiliency of the refinery’s electrical grid system. “We consider Eos battery technology as the most competitive and attractive one compared to Li Ion batteries, capable of offering a lot of opportunities in large scale BESS in the future,” said Vassilis Viziryiannakis, Head of Electricity Business of Motor Oil Hellas. SEC Files Here Disclaimer: I own BMRGU and am building an ESG SPAC portfolio.. stay tuned for future DD TLDR: Is BMRG going to see significant growth with definitive agreement/merger or did industry analysts already price it in?
BMRG A Long Term ESG/Energy Infrastructure Investment
BMRG(B Riley Merger Corp II)Signs LOIwithEos Energy Storage6/24 Key Points - great technology (IP) which issaferand more reliable vs competitors- energy storage facing CAGR of 20% for next two decades- industry (including solar) which has beenBOOMING (check out all the clean energy, EV andSolar Stocks)- continuedsubsidiesforenergystorage/ carbon reduction/clean energy/infrastructure- EOS managementvery strong with ties to industry, big energy players and state- B Riley backing gives many resources- vast market segments include – commercial/industrial, utilityrenewables and other energy sectors- climate change+ population growth +raising the poverty line increase demand for (clean) energy and (safer) storage- growing ($$$) popularity of ESG from investors and hedge fundsalike (check out alike link ESG is $$)- this is the groups 2nd SPAC (see BRPM below)- significant risks (see below) Strong management from Eos, unmatched IP and a booming industry make BMRG/EOS a buy despite obvious risks IMO Structure:Lawyers: Winston & Strawn & Ellenoff, Grossman & Schole (both top of the line)BF Riley running their own books (could be a nice bonus IMO)175m TrustMay 2020 IPO18mo Deadline1 Unit = 1 + ½ Warrant Additional Terms:
Crescent Term: $9.20 threshold
FPA: $25M units at $10.00
Limitation on Redemption Rights: 20%
Chardan is QIU
50m PIPE? (need to confirm)
“The proposed transaction with BRPM II would provide Eos with approximately $225 million of additional new equity financing, including $50 million of proceeds from a fully backstopped PIPE by B. Riley Financial, assuming no public shareholders of BRPM II exercise their redemption rights at closing. The proposed transaction is expected to be completed in the fourth quarter of 2020, subject to, among other things, the negotiation and execution of a definitive agreement providing for the transaction, the approval by BRPM II’s shareholders, satisfaction of the conditions stated in the LOI and other customary closing conditions. Accordingly, there can be no assurance that a definitive agreement will be enteredinto or that the proposed transaction will be consummated.” “We believe now is the ideal time for management to unlock the full potential of a truly disruptive solution to address a clear need in the global energy storage market." Daniel Shribman (BMRG CEO) “The global energy storage ecosystem is expected to grow with a CAGR of 20% over the next 20 years. The current market is primarily served by lithium ion batteries manufactured in China and South Korea – and with our zinc-based system offering a safer, greener, and less expensive solution, it is our strong belief that Eos is poised for significant long-term growth and material cash flow generation.” Joe Mastrangelo (Eos CEO) “Over the course of the last 12 months, more than 20 energy storage systems in Korea have caught fire, and in April last year, a 2MW battery array in Arizona caught fire and eventually exploded. Fires linked to lithium-ion batteries also occurred in Europe and Australia.” “According to experts with the Newton-Evans Research Co., the U**.S. energy storage market will grow to more than $5 billion by 2024**, which is about an eight-fold increase from 2019 levels” EOS Founded in 2008, Eos Energy Storage is an established provider of long-duration energy storage focused on providing a domestic solution to a global need: low-cost, safe, and environmentally friendly energy storage. Eos has proven its technology over a ten-year period of testing, development, deployment, and operation, and is focused on accelerating the growth of clean energy in the United States by deploying large scale storage solutions that deliver reliable and cost-competitive power in a safe and environmentally sustainable way. The Eos Aurora® system is designed to meet the requirements of thegrid-scale energy storage market using Eos' patented aqueous, zinc-powered battery technology to offer a safe, scalable, fully recyclable and sustainable alternative to lithium-ion battery power. Its patented Znyth® technology requires just five core commodity materials – all of which are Earth-abundant, non-conflict minerals, and are 100% recyclable. Eos' battery is non-flammable and does not require any moving parts or pumps, which allows for simple upkeep and market-leading low-cost operations.” Values:Our Quest. We will not rest until the world has sustainable and affordable energy on demand. Our Ethos. We believe in the power of great chemistry– in our products and our team. Our Drive. We invent, iterate & deliver the best solutions for the future of energy, today. Management team is strong, deep and experienced with industry connections and “led by a team of professionals with deep scientific, regulatory and operating experience across the energy value chain. Joe Mastrangelo, Eos' Chief Executive Officer, is a 25-year General Electric ("GE") veteran who has both traditional and renewable energy experience, and served as president and CEO of Gas Power Systems for GE's Power division. Russ Stidolph, Chairman of the Eos Board of Directors, is founder and Managing Director of AltEnergy LLC, a private equity firm focused on alternative energy investing.” “It is clear to me that storage is the key to scaling clean energy faster. Eos has established a solid foundation of learning and has optimized a lithium alternative solution that is ready to scale and meet the world’s rapidly growing demand for energy storage. I’m proud to lead this team at an exciting and crucial moment for the company.” said Mastrangelo. https://www.businesswire.com/news/home/20170905005875/en/Eos-Energy-Storage-Appoints-Energy-Industry-Veterans (management experience) https://eosenergystorage.com/eos-energy-storage-strengthens-leadership-to-prepare-for-future-growth-with-two-executive-appointments/ (management additions 1) https://www.businesswire.com/news/home/20170905005875/en/Eos-Energy-Storage-Appoints-Energy-Industry-Veterans (management additions 2) Competitive Advantages: https://preview.redd.it/p1vw9jlf2hc51.png?width=663&format=png&auto=webp&s=a4434d5482058e9d8b80d5fe533748f4e233c16f “The high-temperature climate of the Mediterranean poses many challenges for lithium chemistries requiring costly HVAC additions, where Eos does not It is the first development in the region, with potential follow-on opportunities for larger utility scale projects across the entire Mediterranean.” “This project is not only our initial entry into the dynamic Greece energy storage market, but it’s also an opportunity to demonstrate the many advantages of our storage technologies including performance, safety, and environmental conditions,” said Joe Mastrangelo, CEO of Eos Energy Storage.” IP is great with a superior and safer product vs competition https://preview.redd.it/85edweug2hc51.png?width=602&format=png&auto=webp&s=16d9ce8c8255794184ec3a2402c59db5e16d7703  BMRG (B Riley Merger Corp II) Management is pretty tight knit here featuring B Riley himself, B Riley current and past execs + BRPM I team + plus few others. Posted it from the S1 so its pretty detailed. I do like the management here and they have decent energy/IB connections but it could be stronger IMO Daniel Shribman, 36CEO, CFO & Director Mr. Shribman helps oversee the asset base of B. Riley Financial alongside chief executive officer Bryant Riley. This asset base consists of several cash flow generating operating businesses in addition to cash and investments of roughly $750 million. The investment portfolio includes bilateral loans and small cap equity positions in both public and private markets. In virtually all investments, B. Riley Financial is involved at the board level and active in business and capital allocation decisions. Mr. Shribman has served as a member of the board of directors of Alta (NYSE: ALTG) since February 2020, when it completed its business combination with BRPM, where Mr. Shribman was chief financial officer. Mr. Shribman brings experience in both public and private equity to us. Prior to joining B. Riley, Mr. Shribman was a Portfolio Manager at Anchorage Capital Group, L.L.C., a special situation asset manager, from 2010 to 2018. During Mr. Shribman’s tenure at Anchorage Capital Group, L.L.C., he led investments in dozens of public and private opportunities across the general industrial, transportation, automotive, aerospace, gaming, hospitality and real estate industries. Prior to Anchorage Capital Group, L.L.C., Mr. Shribman worked at Tinicum Capital Partners, a private equity firm, and in the restructuring advisory group at Lazard (NYSE: LAZ). Board of Directors Bryant Riley, 53Chairman Mr. Riley served as the chairman of B. Riley & Co., LLC since founding the stock brokerage firm in 1997 until its combination with FBR Capital Markets & Co., LLC in 2017; chief executive officer of B. Riley & Co., LLC from 1997 to 2006; and as chairman of BRPM from April 2019 until the completion of its business combination in February 2020. Mr. Riley has served as a member of the board of directors of Babcock & Wilcox Enterprises, Inc. (NYSE: BW) since April 2019 and Select Interior Concepts, Inc. (Nasdaq: SIC) since November 2019. Mr. Riley also previously served on the board of directors of Franchise Group, Inc. (Nasdaq: FRG) from September 2018 to March 2020 and Sonim Technologies, Inc. (Nasdaq: SONM) from October 2017 to March 2019. Mr. Riley received his B.S. in Finance from Lehigh University. Mr. Riley’s experience and expertise in the investment banking industry will provide our board of directors with valuable insight into the capital markets. Kenneth Young, 56Director Mr. Young has served as chief executive officer of B. Riley Principal Investments, LLC, a wholly-owned subsidiary of B. Riley Financial, which acquires, invests and operates companies across several verticals, including communications, media, construction and retail, with a focus on maximizing cash flows through operational expertise, since October 2016. Mr. Young served as the chief executive officer and as a director of BRPM from October 2018 until its initial business combination with Alta (NYSE: ALTG) in February 2020. Mr. Young currently serves as chief executive officer at Babcock & Wilcox (NYSE: BW) since November 2018. Mr. Young has served as a member of the board of directors of Orion Energy Systems, Inc. (Nasdaq: OESX) since 2017 and currently serves on the board of directors of Sonim Technologies (Nasdaq: SONM). He also served on the board of directors of Franchise Group, Inc. (Nasdaq: FRG), Standard Diversified (NYSE: SDI), and Globalstar, Inc. (NYSE: GSAT). FMr. Young served as the president and chief executive officer of Lightbridge Communications Corporation. Patrick J. Bartels Jr., 44Director Mr. Bartels has been the managing member of Redan Advisors LLC, a firm that provides fiduciary services, including board of director representation and strategic planning advisory services, for domestic and international public and private business entities, since December 2018. Prior to founding Redan Advisors LLC, Mr. Bartels was a senior investment professional with 20 years of experience. From 2002 to December 2018, Mr. Bartels served as a Managing Principal at Monarch Alternative Capital LP, a private investment firm that focused primarily on event-driven credit opportunities. Prior to Monarch, he served as research analyst for high yield investments at Invesco Ltd. (NYSE: IVZ), where he analyzed primary and secondary debt offerings of companies in various industries. His professional experience includes investing in complex financial restructurings and process-intensive situations in North America, Asia and Europe in a broad spectrum of industries. Mr. Bartels currently serves on the board of directors of Arch Coal, Inc. (NYSE: ARCH), Hexion Inc., Brinks Home Security and Centric Brands Inc. (Nasdaq: CTRC); he serves on the Nominating and Corporate Governance Committee and the Audit Committee for Arch Coal, Inc. Mr. Bartels began his career at PricewaterhouseCoopers LLP, where he was a Certified Public Accountant. Jamie Kempner, 62Director Mr. Kempner has been president of LSH Partners since December 2016. Prior to this position, Mr. Kempner was president of Loeb Partners Corporation from 2014 to 2016. Mr. Kempner began his career at Lazard (NYSE: LAZ), in 1983 and was named a general partner in 1993. Mr. Kempner was involved in banking and capital markets transactions and managed Lazard’s Corporate Finance department from 1995-1998 and founded Lazard’s Logistics and Transportation group in 2000. His most recent role was as senior advisor in Lazard’s general industrials banking group, with emphasis on companies in the Transportation and Logistics industries. Mr. Kempner also served on the Underwriting and Private Placement Committees of Lazard. Mr. Kempner has extensive experience advising on a number of corporate transactions and initial public offerings. Mr. Kempner has been a member of the board of directors of Private Wealth Partners since September 2018, and served on the board of directors of BRPM from 2018 until the completion of its business combination in February 2020. Mr. Kempner received a B.A. from Yale University and an M.B.A. from Harvard Business School. Timothy Presutti, 51Director Mr. Presutti currently serves as managing partner and chief investment officer of Woody Creek Capital Partners LLC, a private investment firm he founded in 2007 that specializes in private credit and special situation investing. Mr. Presutti has been the sole owner and managing director of Woody Creek Capital Partners LLC since 2006, Woody Creek Capital Management LLC since 2018 and Wocap II GP, LLC since 2017. Mr. Presutti additionally serves as senior advisor to the Bosarge Family Office based in Houston, TX. Mr. Presutti has nearly twenty-four years of finance experience, spanning investing, portfolio management, trading and capital markets. As co-founder of Broadbill Investment Partners, an investment management firm, Mr. Presutti oversaw all capital raising for two funds and a co-investment platform. He was a member of the Investment Committee and is now a senior advisor, minority owner and managing director to Broadbill Investment Partners since 2011. Mr. Presutti started his career at Bankers Trust, which was acquired by Deutsche Bank Securities Inc. in 1999; his last position there was managing director and head of High Yield trading from 2005 to 2007. Mr. Presutti served on the board of directors of BRPM from 2018 until the completion of its business combination in February 2020. Robert Suss, 51Director Mr. Suss has been co-chief executive officer of UK Agricultural Finance, a company that provides underwriting to local farming communities in the United Kingdom, since 2016, and non-executive chairman of EG Capital Advisors, a London-based investment firm, since 2017. Mr. Suss has served on the board of directors of Kingswood Group PLC since 2019. Until 2015, Mr. Suss was a managing director at Goldman Sachs & Co. LLC where he worked for 18 years in the Investment Management Division. Mr. Suss served on the audit committees of the board of directors of Pace Holdings Corp. from 2015 until the completion of its business combination in March 2017 and TPG Pace Holdings Corp. from 2016 until the completion of its business combination in November 2019. Mr. Suss also served on the board of directors of BRPM from 2018 until the completion of its business combination in February 2020. BRPM (B Riley Merger Corp I): Alta Equipment Company didn’t seem to fair too well.. thanks to covid? (s/h vote was Feb 11 2020)Looks like B Riley bought more equity in April .. good sign? “Alta Equipment Group, Inc. owns and operates integrated equipment dealership platforms. It sells, rents, and provides parts and service support for several categories of equipment, including lift trucks and aerial work platforms, cranes, earthmoving equipment and other industrial and construction equipment through its branch network. The company was founded in 1984.” Possible Catalysts:New Sales OrdersDefinitive Agreement (and then Merger)Release of (Positive) Financial DataProprietary Advancements (R&D) Risks/Downside:Deal could fall through (definitive agreement not guaranteed or even possible SEC investigation/lawsuits)Financial data released might be poor or priced in Lower Risks:I couldn’t find many other institutions involved besides B Riley (maybe two others)Relatively low price action since IPO àLOI (institutions/sector analysts haven’t yet priced/awaiting progress?)“The JOBS Act, enacted in 2012, contains provisions that, among other things, relax certain reporting requirements for qualifying public companies” (keep seeing this in S1’s can someone confirm it is standard?)BRMG Shareholder value may or may not decrease with mergecombination Recent Media/Links:https://eosenergystorage.com/eos-energy-storage-supplies-energy-storage-to-microgrid-developments-for-electrifying-rural-communities-in-nigeria/ (new project 7/2020) https://www.prnewswire.com/news-releases/b-riley-principal-merger-corp-ii-and-eos-energy-storage-announce-letter-of-intent-for-business-combination-301083051.html (LOI) https://www.businesswire.com/news/home/20171025005889/en/PSEG-Installs-Commissions-1-MWh-Eos-Aurora http://www.prweb.com/releases/eos_energy_storage_to_deploy_its_latest_generation_battery_system_in_pala_california_energy_storage_yard/prweb17203153.htm (California Energy Commission Partnership) https://www.energy-storage.news/blogs/video-global-energy-storage-market-forecast-with-guidehouse-insights (Energy Storage Analyst Forecast) https://www.energy-storage.news/blogs/building-battery-storage-systems-to-meet-changing-market-requirements (Industry/Competition) https://www.businesswire.com/news/home/20130520006558/en/Eos-Energy-Storage-Raises-15-Million-Strategic ( Funding back in 2013) http://www.prweb.com/releases/eos_energy_storage_teams_with_motor_oil_and_ingeteam_to_bring_efficient_energy_storage_solutions_to_large_greek_refineries/prweb17125184.htm “Eos was recently (5/2020) awarded a contract to manufacture, design, and deliver a 1MW 4MWh behind the meter (BTM) Battery Energy Storage System (BESS) in Motor Oil’s Corinth Refinery in Athens, Greece and has partnered with Ingeteam to provide the full AC integrated system with their INGECON Bseries Inverter + Miniskid MV solution and INGECON EMS Plant Controller. This is Eos’ first project in Greece, expanding upon their European commercial presence.The project will enable Motor Oil to optimize their onsite generation without fear of flammability or thermal runaway due to Eos’ inherent and proven safety. Eos’ Energy Storage System will provide full 100% depth of discharge, flexible charge/discharge capabilities with no impact to degradation, minimal auxiliary power requirements, and a 15+ year life. The benefits to Motor Oil are financial savings in fuel and maintenance, and reduced energy costs during times of peak demand, all increasing the efficiency and resiliency of the refinery’s electrical grid system. “We consider Eos battery technology as the most competitive and attractive one compared to Li Ion batteries, capable of offering a lot of opportunities in large scale BESS in the future,” said Vassilis Viziryiannakis, Head of Electricity Business of Motor Oil Hellas. https://eosenergystorage.com/eos-energy-storage-further-strengthens-leadership-with-new-chief-financial-officer-chief-strategic-alliances-office - new board members 7/21 SEC Files Here BMRG really looking like a great play (long steady growth) which will benefit from ESG/decarbonization and already has state connections
That reminds me of a story. Even with our stellar service and exemplary record, try as we might, we couldn’t find any continuing business for the “Triple R & I Explosive Arboreal Elimination Service, Llc”. We blamed it on the weather. Winter was approaching; outdoor organic things were shutting down as was a large portion of the local populace. Evidently, anything alfresco not repaired by Halloween could just go hang until spring. Have a couple of standing dead Lombardy Poplars? I’m sure they’ll weather the winter blizzards and squalls just fine. Hope the wind always blows away from your house. Never sprayed that apple tree in the spring when you didn’t want the fruit? Well, don’t park your car anywhere underneath until all those frozen missiles finally ground themselves. That 100’ tall, four foot-diameter Jack Pine that’s an overall rusty brown color? I’m sure that’s just what evergreens do in the winter… Even our explosive-related agricultural activities ground to a halt. Now we’d have to wait for the first real blizzard to try our hand at pyrotechnic snow removal. Thus, the gang of four were skint again. Sitting around Ike’s garage, we all lamented our recurring travails. “Well, now what?” groused Ronny. We had a winter break looming in a few short weeks and no cash on hand to fund our leisure time activities. “I suppose we could get part-time jobs’, Ike suggested. “Like what? “ I queried. The silence was deafening. In summer, we would have heard crickets. “Stuff this. I’m off to the Shop. If nothing else, there’s always free coffee. See y’all later.” My Grandfather’s Tool and Die shop had certainly prospered over the last year or so. Thanks to numerous government contracts, he added shifts, purchased new machines, and ran the place, at times, 24-7. There were huge piles, ricks, and racks of lathe turnings, scrap metal, and wasted or otherwise ruined materials; as things like this often happen in fabrication shops. There existed in the shop a general state of dis-’ordnung’ that my Grandfather detested. It certainly didn’t pose a danger, but it was surely untidy. Due to the amount of activity, his machinist crews were unable to both keep the machines turning and the shop in its usual apple-pie order. While working on yet another mug of his high-octane blend java, my Grandfather laments: “Damn it Rocko, I really don’t care for this. I’m busier than a one-armed paperhanger in a windstorm. There’s always some blizzard of government paperwork which I have to attend. My guys are working double-shifts, and we’re cranking out the orders at the rate of knots.” “Sounds like problems one would like to have” I noted. “Normally, yes. But with the holidays coming up, my guys are going to be taking their annual break time. This shop is a shambles. But I can’t take them off their jobs to do custodial work. Plus I’m not going to try to find casual labor. They’re always more casual than labor.” He continued. “Well, I know four guys that are currently sitting on their hands. We can clean the shop while your guys work. We’re bored out of minds. So much, we can’t even think up new things to blow up…we’d work for free as well.” I offered. “You’d…they’d do that for me?” my Grandfather asked. “Are you kidding? After all you’ve done for us? I can convince them to do it just for our coffee and Ricky’s hot chocolate.” “Tell you what, I’ll do you one better. You get the shop back to normal and sort out all that fucking metal scrap out in the shed”, looking around, “and over by the chuckers, and next to the lathes…damn; what a fucking mess. You guys can have whatever scrap money you can squeeze out of the goons down at the [Lost & Foundry] for the scrap. How’s that?” “We’d do it for free, but if you insist…” I snicker. Back at Ike’s garage: “Here’s the deal, I’ve got us some work.” Chorus of three not terribly enthusiastic voices: “Yay.” “C’mon. It’s a beauty deal.” “Let me guess.” continued Ronny, “It’s at your Granddad’s Tool and Die shop?” “Where else? Is that a problem?” No, it’s wasn’t a problem. It’s just that inertia is sometimes difficult to overcome. “What’s the gig?” asked Ronny. “Custodial, for the most part.” “Oh, yippee. Clean up an oily, messy machine shop. Be still my beating heart.” Ricky opined. “Hey, Chuckles, it’s better than sitting around on your ass doing fuck all.” I countered. “You might actually learn something in the process.” “More good news”, Ricky unenthusiastically adds. The gang of four got grumpy if they don’t detonate something every so often. We all met bright and early next Sunday morning down at the shop. The shop was still running, but at a reduced-weekend capacity. Anticipating our arrivals, Granddad had stopped by Patellei’s Bakery and secured some breakfast victuals: crullers, Bavarians, prune Danish (don’t knock ‘em if you haven’t tried ‘em), a raspberry-caramel Napoleon, custard-filled long johns, Berliners, those yeasty frosted Frenchy-swirly doughnuts, elephant ears, etc. Everything a growing boy needs to fuel him on a day-long sugar and caffeine rush. Come to find out, Granddad did this every Sunday morning for his crews since they started working full weekends. This was in addition to the usual every-Friday-after-5:00-pm Luigi’s Pizzeria-catered “Gut Bomb” hand-flown pizza and Heilmann’s Special Export beer feed. My Grandfather knew how to keep his crews happy and attrition to a minimum. We all resolved to be around the shop next Friday after 1700 hours. So, after our morning coffee & doughnuts, Granddad laid out the plan. “OK, guys, here’s what I need done. Stuff the spit and polish for now. What I need for you to do is gather up all the scrap, turnings and off-casts; separate, bind and bin all the different grades of metal and park them in their proper silos. OK? Go.” “Rocko’s Granddad?” Ike asked, “How do we tell the difference between all the different grades of steel, much less all the other weird stuff around here?” “Ah, that’s a good point. Well, Rocko here should know most of the grades of stainless and cast. Anything else, talk to the machine operators. If that gets too time-consuming, come to me and we’ll figure out something. Oh, yeah. Here are some magnets for sorting out the stainless and other ferrous metals. Ask Rocko how that works.” With that, we attacked the shop and first just gathered all the oily, schmoo-covered turnings, chips, and filings from all the active machines. Identifying the metal types here was a snap, we just asked the machine operators. These were de-greased out back, bound, bundled and trundled into their appropriate silos. After distributing Band-Aids and thicker gloves, we set upon the back room, where an Augean accretion of swarf (general machining term for filing, turnings, etc.) had accumulated. This place turned out to be a cast-iron bitch. And a copper-bottomed bitch. And monel, chromoly, bronze, Waspaloy, ferritic stainless, aluminum, Duralumin, brass, Magnalium, austenitic stainless, Alnico, bright copper, tungsten, Hydronalium, titanium, ad infinitum, bottomed-bitch. “Dammit, Rocko. We should have known you’d get us in the soup.” Ricky bitched, moaning over the latest addition to his finger cut collection. “Not soup, Rickmeister. Schmoo. Oily, nasty, evil, schmoo. ‘Gets everywhere, makes you itch and makes your life miserable-schmoo’.” I correct. “Thanks for the clarification.” Sighed Ricky. We made a respectable dent in the disorder in the shop that Sunday. My Grandfather and the working machinists were impressed. “Guys, not bad at all. If you keep this up, I’ll be able to…well, let’s just say, if you can sort out and keep cleaning this shop like you did today, there’ll be one hell of a surprise for you all in a couple of weeks. And I’m not just talking about the [Lost & Foundry] cash.” “What might that be, Grandad?” I inquired. “Oh, fuck no. That’s for when and if you guys finish the job at hand.” The four of us, later at Ike’s garage, spent many hours debating what my Grandfather meant. “Road trip?” Ronny queried. “Where would we go now? Ice isn’t thick enough for fishing. Hunting season will be over. I doubt we’re going to go out to the gravel pit in this weather.” I countered. “Oh, yeah,” three voices agreed. “Well, we already get coffee and doughnuts as well as pizza and beer, so something restaurant-related is out,” added Ike. “True that.” three different voices agreed. “What about…?” Ronny’s idea was stillborn. “I guess we’ll find out in a couple of weeks or so if the glove and Band-Aid supply holds out.” We were proud of our accumulated cuts, bruises, sore muscles, and scars. We earned every one of those fuckers. Badges of honor they were. The weeks ticked by in their usual manner. We cleaned, sorted and binned various metals, from the boringly mundane through the fuckingly exotic, like laborers possessed. We weren’t about to let one of my Grandfather’s surprises slip through the cracks due to indolence. We cleaned up the oily cutting fluids with straight-run, hot carbon tetrachloride (remember the time period during which all this transpired). Carcinogen? What’s that? We used the shop-secret-formula “Shit-Be-Gone” concoction the Gisholdt chucker-operator dreamed up. We slop mopped the concrete floors with bleach, borax, and Bon Ami; though not at the same time. We scraped up congealed palaeo-schmoo, wire-brushed machines, and spit and polished everything moving and every stationary machine to within an inch of its life. By the end of the third week, the shop gleamed. “Now, that’s more like it.” My grandfather beamed. He handed us each an envelope; inside each nestled 3 crisp, new US$100 bills. “That’s what we got for all the swarf from those goons down at the [Lost & Foundry]. I knew it’d be a bit more than the usual haul, but all that exotic metallurgy really raised the take. Thanks, guys. Much appreciated. Well, I guess I’ll see you all later.” remarked my Grandfather, as he turned on his heel to walk back to his office. “Whoa! Hold the phone, Central! What about the ‘big surprise’?” I eagerly questioned. “Surprise? What surprise? Aren’t you all too old for surprises?” my Grandfather innocently asked. Cue four pairs of googly eyes and hangdog expressions. “Ah, I’m just fuckin’ with ya’ all. Here’s the score. We had a good year. Really good. So much so that I went out and bought six brand-new, still in the packing crates, Chicago lathes and chuckers.” “Cool.” We replied. “Yep, really cool. Trouble is, I don’t have the room for these new machines. Some of the older machines here, some of the pre-war stuff, has to go.” “Oh?” we wondered where this was headed. “The thing is, those old beasts weren’t just brought in to the shop and secured to the floor. The shop was actually built around those machines. They’re so old, their resale value is dick; they only hold scrap value. There’s only so much disassembly we can do, so these machines are going to be scrapped in place.” “And, ‘scrapped in place’ that means…” I ventured. “Yep. We’re going to blow the fuckers up.” My Grandfather grinned. “What?!? Won’t that…No. Stupid question. Of course, you’re not going to blow up the shop. But, still how…” Ronny asked for all of us. “That’s the surprise. You guys are going to learn how to scrap heavy machinery, in place, without blowing everything else to hell and gone.” Christmas came early that year. Granddad closed the shop for the four days he figured he’d need to remove the old machine tools and get the new ones set in their place. The gang of four all decided to get the flu on those four days to avoid the need for school and any scheduling conflicts. Out in the loading dock sat six immense wooden crates and two very large, very empty dumpsters courtesy of the goons down at the [Lost & Foundry]. Affixed to the dumpsters were lurid signs noting that these dumpsters were the exclusive property of the [Lost & Foundry]. They were for [Granddad’s] shop metal debris exclusively and anyone caught doing any unauthorized dumping would be summarily baled into the next pile of outgoing swarf. That kept the locals and their holiday trash more or less at bay. In the shop’s interior strong room, there were 5 new crates of 60% straight-run dynamite. There were also stacks of motherfuckingly-heavy woven-hemp and sisal blasting mats. The blasting caps were under lock and key in my Grandfather’s office. There were also an assortment of new mops, squeegees, mop buckets, hoses, and other ominous looking cleaning-type equipment. There were also an assortment of what looked to be aluminum stockpots, of varying sizes, from 1 through 10-gallon capacity. Those last ones were indeed curious. While we were all chewing our way through our usual Sunday morning repast when the shop’s doorbell rings. “Ah, good” notes my Grandfather, “it’s finally here.” We exchange curious glances. What is so important that it rates a personalized Sunday morning delivery? “Rocko! Ricky! Ike! Ronny! Haul ass over here!” orders my Grandfather. “And bring that heavy parts-cart and grab a blasting mat.” We grab the heavy, 4-wheeled shop parts-cart, toss on a blasting mat and wheel it over to the delivery door. There we see my Grandfather talking with some form or another of dedicated delivery driver. I didn’t recognize the uniform, but I did recognize the .357 Magnum he wore on his hip. This was some serious shit. My Grandfather orders: “Two of you grab a couple of brooms and sweep a clear path from the door to that truck over there” as he points in the parking lot to a truck very similar to an armored car, but more heavily built. “You other two, wheel that cart over to that truck.” We all obeyed. My Granddad and the guard walk over to the back of the truck. The guard pulls out his two-way radio and utters some strange code into it. Magically, the back door of the truck slowly swings open. “You sure 4 quarts is going to be enough Mr. [Rocko’s Grandfather]?” “Should be. If not, I’ll call you next week for another order.” “Fair enough.” We are instructed to wheel over and chock the cart behind the truck. “Hey, Rocko. Any idea what’s going on?” Ike queries. “Oh, hell yeah. I’ve been down this road before. That’s fucking nitroglycerin!” “You said it’s some real jittery shit.” Ike nervously mentions. “Jittery ain’t the word. Get a bit of it on your hands and prepare for the headache of a lifetime. Spill it on the ground and prepare for a very short lifetime. Look at it sideways and prepare…” “We get the point. It’s nasty shit.” The crowd of three-minus-one reply. “Mega-nasty. Serious-nasty. ‘Jesus Q. Fuck-me-nasty’.” I continue. “We got it.” “Oh, no. No, you don’t. Wait until after the lecture and seeing this stuff in action. Then you might get 10% of it.” “She-it.” “Indeed.” The cart was carefully loaded with four heavy, oversized 1-quart galvanized steel containers. It was padded as well as we could pad with the blasting mat. Granddad finished up the paperwork with the guard and instructed him to stay put until we were at least 50 yards down the driveway. Don’t want a backfire or errant kick to annoy our ‘charges’. Ronny and Ricky were sweeping the path before us like a couple of native-born Canuckistan Curlers. Ike and I slowly pushed the laden cart up the drive back to the exterior strong room. “Y’know what would happen if those four quarts of nitro suddenly went off here?” Granddad asked. Just a little light conversation. “Well, I think we’d all be in a world of hurt,” I suggested. “No, not really. In fact, I’m not sure what world we’d be in, but I can tell you, it wouldn’t be this one. In fact, I doubt very much they’d find enough for a closed cigar-box funeral for all of us.” “It’s that bad? “ Ike asked. “Nope, Ike. It’s that good” my grandfather chuckled. We got to the outside storage facility and set the nitro in its new home without incident. My Granddad made a curious display out of locking the storage room, with its 5 locks and bars to keep extra-stupid thieves at bay. “That’ll keep it good, right, and proper. Those walls are 3 feet thick of steel-reinforced post-tensioned concrete, with specially designed blast roof. Even if all four quarts were to go off, the roof would fly north to lands unknown, taking most of the force with its. The storeroom might be demolished, but there’ll be little shrapnel and slight collateral damage.” Good to know. That tidbit was filed for future reference. “OK, enough fucking around. Let’s get to work.” My Grandad commanded. “Yes, sir” returned the volley of voices. “OK, first on the agenda is that crankshaft-lathe over there. It’s probably the largest one to go, but it’ll be the easiest for you guys to cut your teeth on.” “Let’s do it!” we eagerly affirmed. “And how do you propose we ‘do it’?” my Grandad asks. Ah. Well. Umm… “Precisely. Gather around guys” calling over to the two or three machinists he dragooned into the day’s festivities, “You too.” We all gathered around, and I was elected to take notes; at least on this one. “OK, we’ve already torn it down as far as we could with conventional tools, short of cutting torches. Note the empty bolt holes? See the riveted panels? Notice any enclosed spaces? Those will be the first places we plan the attack.” I wrote like a madman. “The bolt holes have all been wallered-out to accept blasting caps. We just drilled them with a rotary hammer; nothing pretty or precise, just big enough for a blasting cap and booster to fit snugly. Got that?” “Yes, sir.” “Next, note the line of rivets going here, here and here. That will be our second points of attack.” “Got it.” “Ronny? Please go to the chucker over there and bring me the middle-sized stockpot, if you would be so kind.” Ronny runs over and returns with the stockpot. “This is where the fun really begins. OK, what’s the deal with the stock pots? Anyone?” “Fill them with dynamite?” Ike ventures. “Nope. Way too energetic.” Replies my Grandad. “Something to do with that nitro we just got?” Ricky adds. “Um, oh, hell no. Way too fucking energetic. We want to scrap the thing, not launch it into orbit.” Chuckles my Grandad. Eyes were on me. “Let’s see. Fill it with water?” Once the chuckling dies down, my Grandfather continues: “Yep. We’re going to be making depth charges.” Cue the eyes-wide routine. “Here’s the short version. Water is an incompressible fluid. We fill the stock pots with water and set them in holes, cubbies, and other enclosed spaces in the lathe. We suspend two or three short charges of dynamite, offset from the walls, so they just dangle at about half-depth in the pot. We wire them up in series to be waterproof with underwater caps and primacord. We run the demolition wires while we get the hell out of Dodge and fire them electrically.” “Please don’t stop. Then what?” “Once fired, all that energy is going to go into the water. The water really doesn’t want it, so it re-directs the hydrostatic shockwave outward, as a big energetic sphere, right into the lathe. If we just blew dynamite without water, the air would compress and absorb rather than transmit all the shock. But water can’t compress, so all that force goes into the walls of the lathe. Boom! One ex-lathe.” “Now that’s cool.” “And very effective. Now for the riveted joints. Anyone know what a mudcap is?” No replies, just sheepish looks. “It works on a similar principle. We run three or four sticks of dynamite or bricks of C-4 along a riveted joint. Each will be close-wired in series, that is, head to tail so it resembles just one long stick of dynamite or block of C-4. Then we take some elephant shit, ummm, blasting putty and cover the charges in the stuff. It’s just an oil-based clay with no explosive content. We take the stuff and cover it completely, making sure to smooth out the edges and leave no holidays…that is holes. We wire it up like any other job and get the hell out of Dodge. Once fired, for a split-second, it contains the blast and directs it down, along the riveted joint. That’s a weak spot and it’s going to fail first. There you go, split seams.” I was writing like crazy. This was great shit. “Finally, bolt holes. We wallered them out like I said earlier. That’s so we can get a cap and booster to fit all the way down the bolt channel. We pack the bottom with guncotton, using a wooden stick to mash it down. Hey, Rocko, sound familiar?” my Grandfather asks. “Sounds like what we did with the dams up on Uncle Bår’s farm.” “Yep. We can use nitro, C-4, or dynamite. We pack the holes with our favorite explosive and run a single cap on top of the stuff. We seal the hole with sand or elephant shit. Sand for dynamite and C-4, as you can carefully tamp that without too much concern. We use the clay for nitro because I’ve yet to find anyone really crazy about pounding on a charge of nitro. You just sort of smoothly and slowly smoosh it in to make a seal. You do the wire runs and get the hell out of Dodge. One set of ‘fire in the hole’ later, and you’ve got lathe parts instead of a lathe.” “What about pieces flying everywhere? Won't that make a bit of a mess?” Ike asks. “That’s the reason for all those mats over there. Each and every blast gets covered by as many of those mats as we can fit. They do a good job of just humping after each firing and contain most of the flying bits. Still, best to be…” “The hell out of Dodge”, Ricky notes. Granddad chuckles, “You bet. Looks like I’ve had a positive effect on you characters. Now, let’s map the lathe, figure out what we’re going to do where and retire for a smoke and coffee to figure out what happens where first.” Which is exactly what we did. It was decided to go with 3 water-pot shots, then attack the long riveted joints. Finally, the bolt holes would be last. Whether we used nitro, C-4 or dynamite remained to be seen. We primed a 5-gallon stockpot and set it into the recesses of the lathe. The pot was in position and wired, while the shorted wires were run off to our safety spot, an area behind the huge American Automatic Chucker. The wires were galved, the blast mats set on top and along the sides of the blast area and once Granddad gave the thumbs up, we all scooted quickly, but deliberately, to the muster point. “All present and accounted for, Mr. Ronny?” asked my Grandfather. “Yes, sir. Locked, loaded and primed. The gang’s all here.” “OK, I’m going to do the first one because I want you to watch through the Lexan of the chucker. I want to quench your curiosity well before we get to the nitro.” “Yes, sir!” “3…2…1…” “FIRE IN THE HOLE!” x3. “FIRING!” Ka-blermph! The sound is hard to describe. Sort of like water being made very angry, indeed, and metal being shattered, though muted under all the blasting mats. It was, however, massively sloppy. Water went everywhere around the lathe. “CLEAR! We wait 5 or 10 minutes, have a smoke or chew, then we check on our handiwork. No use rushing. Ever.” declares Granddad. Only Ike and Ronny smoked, I liked Red Man chew, and Ricky was a putz. That water-charge made a serious mess out of that lathe’s parts compartment. High-grade machine steel 1.5 inches thick was sheared like it was butter after a hot knife. The shot pot disappeared, the blasting mats were soaked and we got the honor of slop mopping everything clean. “Worked a treat”, declared my Grandad. “Next up, let’s do something about that line of rivets. We’re going to need 4 sticks of 60%, caps, primacord, demo wire, and a big gob of elephant shit.” Grandad showed us how to “nose-to-tail” a series of dynamite sticks. We only needed one blasting cap, but we needed a couple of cap boosters. Four sticks is a fair amount of explosive to expect to go off all at once. Since it was a vertical joint, we puttied it right in place and smoothed it like it was a new abstract sculpture. Once wired and galved, we wrapped as many mats around the joint as we could, using gaffer tape to hold them up and together. We then retired behind the chucker again. “All clear? All here? OK. Give the word, Mr. Ike” my Grandfather said. 3…2…1… Fire in the hole, etc. “Hit it!” There was this oddly muffled thump, which we felt rather than heard. The blasting mats did their job and mostly stayed put. Clean up here was easy. The riveted joints onomatopoeically ‘sproinged’ open like a flower in spring. The rivets were gone and the two steel sheets were well separated from each other. We used a torch to weld on a brundie so we could hook a chain to the forklift, drag that section free, pick it up and chuck it outside in the dumpster. “One down, several to go.” Grandad decided to do a bit of experimentation on the remains of the lathe. In one bolt hole, he used C-4. In another, he primed it with dynamite. In the final hole, everyone got a crash course in the care and handling of nitroglycerine. Dynamite proved to be the least energetic of the three; but even so, it was still pretty fucking ‘energetic’. Now, this wasn’t a scientific test as there were no controls nor were all the bolt-hole situations exactly the same. Some were deeper, some had more meat (iron) surrounding them, but for us, ‘eh, close enough. It made much larger holes and sections than what into it had been packed. C-4 was a favorite. Nicely energetic, more than straight dynamite, and dead easy to use. You could mold the stuff, pinch it, squeeze it, yell at it, and nothing seemed to perturb it. Just don’t breathe the fumes or eat the stuff; it’s toxic. Just fill the hole with molded C-4, hook-up the usual caps, booster, primacord, demo wire; and pack off the top of the bolt-hole with elephant shit. Be creative, make little figures. It’s fun. Run your wires and tie them in, one quick turn of the handle later and many large pieces of lathe occur where before a solid single piece existed. Now, nitro was a special case. Really fucking energetic, easily the most bang of the three tested. But Lord-have-mercy, that shit is nervy. Prime and fill the hole with guncotton, go through all the safety flips and twists to get the special boom-juice from the strong room. Carefully transfer the requisite portion into a plastic, graduated medicine cup, and walk it back to the job without falling, stumbling, or tripping…hell, Mikhail Baryshnikov would become a bumble-footed, falling over his own feet, maladroit carrying a vial of this crazy juice. Over to the job, make sure there’s no hot spots or embers from previous shots. Make certain the shot-hole is free of debris, breathe as deeply as you dare, and sloooowly decant the nasty, oily liquid into the guncotton and hope for the best. Here’s an important safety tip: 1,3-dinitrooxypropan-2-yl nitrate (C3H5(NO3)3) is so fucking sensitive that the slightest jolt, impact, bad word, or friction can cause it to spontaneously detonate. It’s also rather viscous and hydrophobic; meaning, it’s thick like honey and hates water so it doesn’t dilute, which means it tends to stick to things. Just like napalm. Therefore, once done pouring out the stuff, one should really think first and not just toss the “empty” plastic medicine cup one used for the job ‘into the trash’. Ricky almost did that, but Grandad was right there on the spot and stopped him. It took 20 minutes to clean up the remains of the trash barrel after the controlled demonstration of what happens when you chuck an ‘empty’ nitro cup into the trash. That stuff is remarkable. We must do more independent research into this interesting, new, though skittish, compound… Foreshadow much? Anyways. One by one the once-proud, stalwart metal-working machines slowly succumbed to our pyrotechnic embraces. They all went more or less as planned, with only minor hiccups; like a few sheared bolts, stuck screws and other minor annoyances. Since this was a demolition job; finesse, subtlety, and delicacy were not on the menu. That part is stuck? Sledgehammer diplomacy would often correct the problem. Bash it as hard as you can; it’s already fucked, let’s see if we can fuck it up some more. Swearing at it also seemed to work quite well. Sometimes, we needed to break out the oxygen lance or oxy-acetylene cutting torch, to de-seat a part that had been friction-seated or cut a window or port for our literal charges. We really didn’t care for this, because it caused errant embers. It created metal filings lying around smoldering in wait when and where you least expected, and made the job actually take longer with all the post-torching fucking round. Slowly, over two days, the dumpsters filled with hunks of broken, shattered and disfigured metallic wreckage. It was most rewarding. Two of my Granddad’s machinists who were keener on triple-overtime pay than the holidays were disassembling the crates surrounding the new metalworking machines. That suited us fine, as we got more boom-time that way. Finally, the removal job was done. We did some quick clean-up of the concrete pads for the new machines, we drilled out setts for the huge Ackermans (anchor bolts) that would fasten the new machines to the floor and prevent them from shimmying across the shop. Once the installation of these bolts were complete; our job was finished. The new machines all tipped the Toledos at several tons each, so it was time to call in the specialists. The brought big-ass heavy-lift articulated fork trucks, multi-wheeled creeper gizmos and hydraulic lift jacks to maneuver the new machines around in the labyrinth of the shop. They also supplied the specially trained personnel, the experts in the business of moving and setting huge, heavy loads. Of course, we all hung around to watch. Never leave a job until the job is through. The last day and the last automatic chucker was being spotted. Granddad was beaming. The old machines were scrapped and removed without a single injury or hitch. The new ones slid in like some who knew what they were doing had planned all this. Even the electricians surpassed themselves wiring in and testing the new metal munchers. I was sitting up the lip of one of the metal container dumpsters from the [Lost & Foundry]. It provided a great, out of the way, vantage point to observe what was going on in the shop. Since the job was in its final, sweep-up stage, Grandad was wandering through the shop dispensing congratulatory toddies for the essential toasts to inaugurate the new shop. He also was handing out cigars. Hey, it was re-birth of sorts. I’m sitting up about 2 meters of the shop floor and one of the electricians wanders by and asks if I’d like his cigar; “I don’t smoke, and don’t want it to go to waste.” Don’t know what possessed me, but I said “Sure, thanks.”, and stuck it in my shirt pocket. I had my celebratory drink sitting next to me and was just reveling in all the masculine camaraderie just suffusing the shop. Ronny wanders by and says: “Hey Rocko, look behind you. Smoke.” “Holy shit.” Hot embers? Sizzling filings? Smoldering dynamite casing? I didn’t waste a single second. “Ronny. Quick, hand me that extinguisher!” He grabbed the extinguisher off the wall, tossed it to me, and without a moment’s hesitation, I jumped into the container to seek out the offending exothermic reaction. Some of the electricians and heavy-lift guys saw the commotion and my dumpster dive. They didn’t know what to say or do, so they just stood there with rapt attention. It didn’t take long, but I found the offending culprit. Some idiot had tossed a live cigarette butt into the container and it lay there, smoldering, in a puddle of liquid oil-based coolant that had accumulated post-mortem. I hosed that sucker and the surrounding area. We certainly didn’t want a fire, the smoke or fire department anywhere near the shop. Especially since all the oil-based coolants used were not exactly toxic when the burned, but smoked like a motherfucker and made breathing a chore. I tossed the empty extinguisher to Ronny and went to reclaim my perch. I see my drink was right where I had left it. I jumped down to stand next to the container and retrieved my drink. The container had a metal lip at about 2.5’ height which encircled the receptacle. It made for a fine, spontaneous seat. I sat there and well, don’t really know what overcame me at that moment. I pulled out that nasty green cigar, removed the cellophane wrapper, bit off a chunk of the end, and sparked it up. Hmm. I could get used to this. They taste so much better than they smell. Quaffing a bit of my vodka and lime, I noticed it began to taste so much the better. Smiling, I thought: “Things are OK with the world right this minute.” One of the heavy-lift guys asked Ike: “Who’s that guy sitting over there next to the dumpster?” “Oh, that’s Rocko, he’s the grandson of the shop owner,” Ike explained. The heavy-lift guy just shakes his head and says: “The way he attacked that potential metal fire and now just nonchalantly sits there with his drink and cigar, he’s no Rocko. He’s a Rock.” There was a tectonic shift at that exact second. I had just undergone an extemporal initiation, and I now have a new name. “The name’s Rock. Rock Knocker.”
In discussing energy storage options elsewhere, I've come up with a basic rundown of the landscape, looking at the limitations of these options. Generally, there's a finite field of possibilities:
Direct thermal storage (heat, or cool, storage, including community thermal storage).
Other kinetic / gravitational storage.
Hydraulic head storage (liquid or gas).
I'm trying to think of other options, though generally we're limited to the four physical forces (mass-gravity, electromagnetic, weak nuclear, strong nuclear), of which only the first two really provide effective means through various interactions. A sequencing note: I'd begun this article in advance of the earlier-posted item on pumped-hydro vs. tracked-rail kinetic energy storage and sort of lost track of which was where in all the excitement. Apologies for any confusion.
Storage Option Limitations
Each option has various limitations, far often left out of discussion or promotional coverage. Energy density, storage stability, handling properties, interactions with other materials, cost, failure modes, material abundance,
Biofuels:
HANNP, or the photosynthetic ceiling is the fundamental limitation here. There's only so much plant growth on the planet, humans already capture a large portion of it directly or indirectly (20-40% by estimates), and the headroom is limited. This includes fuel crops, fuelwood, and most trash-to-energy proposals, all of which amount to some small fraction of that current 20% or so. This had been one of my first interests when looking at alternative energy regimes, and finally understanding the limited availability really hammered home the nature of the overall problem. Jeffrey S. Dukes, "Burning Buried Sunshine" shattered that illusion. The paper also delivers the painful truth of the rate of natural-capital expenditure represented by fossil fuel use -- a five-million-to-one rate of formation to consumption.
Synfuels:
Untested-at-scale, and about a 40-50% loss on storage, plus a 50-70% loss on any combustion-based recovery (courtesy of Carnot efficiency), for a round-trip efficiency of no more than 30%, and perhaps as low as 15%. The trade-off is a pretty much unlimited storage capacity relative to present demands, and exceptionally long storage periods. Storage products are hydrocarbon chains ranging from methane (CH4) through kerosene and diesel (roughly 18 CH weight chains) via Fischer-Tropsch or Sabatier processes, and are direct analogues of present hydrocarbon fuels, meaning that petro-derived and synthesised fuel may be mixed and co-distributed through the same supply chains and used in the same equipment. Stable in storage for 100s of millions of years, proven.
Hydrogen energy storage:
A special case of synfuel. Pure H2 by itself has an exceptionally high energy density by weight but not by volume. Hydrogen has numerous concerns including explosiveness, tendency to escape containment, metal embrittlement, and more. Add a few carbons, as above, and it gets far friendlier.
Electric storage batteries:
The options here are fundamentally limited by the periodic table. Minute Physics have an excellent video discussing this. For light-weight, high-storage options, the theoretic maximum would be some sort of fluourine-lithium cell, at about a 90% mass-to-power improvement over present-day cells. Unfortunately, fluourine ie exceptionally poorly behaved in normal society. Current battery storage offers ~1/1000th to 1/100th the energy storage density of liquid hydrocarbon fuels, so the best we might do is 1/10th as efficient -- almost certainly not sufficient for commercial flight, or marine transport, on present models. Material abundance is another fundamental limitation. Implementations range from small hand devices (particularly electronics) to, at a cost, personal transports and industrial fixed-site grid options. Large-capacity storage and energy systems remain large, heavy, and expensive. I would be very suprised to see truck and bus systems with long off-grid runs, and consider marine and aircraft applications all but impossible. The energy demands for the latter are simply too great.
Fuel cells are a form of battery:
here the electrolytes are renewed rather than recharged. Challenges are that the systems tend to rely on exceptionally expensive catalysts, and respond poorly to highly-varying power demands. These might work coupled to a demand-response system (e.g., flywheels, capacitors, or other storage batteries). Extremely expensive.
Pumped hydro:
An exceptionally efficient solution (85-95% energy recovery), and proven. Unfortunately there are very limited sites suitable for this, and the widely-fluctuating water levels may be disruptive to local environments and/or pose other hazards. Experimentation with seawater / ocean as lower basin may offer more options, but salt-water architecture and equipment have high maintenance costs due to corrosion.
Tidal impoundments:
As with above, largely, though there are some suitable sites. Very limited application. For a notion of scale, the total energy availability of the San Francisco Bay tidal flow would provide only a fraction of the current electrical (which is to say, nottotal energy) requirements of the City of San Francisco -- itself about 10% of the population of the Bay Area region. Humans use a tremendous amount of energy.
Other gravitational storage:
Drag something heavy up a hill using an electric motor, let it slide downhill running it through a generator. I have a very hard time believing this will scale or be simpler than hydro, and have posted a back-of-the-envelope assessment which strongly suggests it won't. Tubes and water seem far less complex, and more scalable, than rails and rolling stock -- where a gravitational railroad is a frequently-suggested option.
Flywheel storage:
Exceptionally high cost. Probably best thought of as "spinning reserve" or power conditioning at grid scale, rather than long-term storage. Addressing and responding to fluctuations in grid supply-demand over a 1-30 minute scale or so. At the speeds of flywheels, accounting for the effects of precession due to the Earth's rotation is a surprisingly stubborn engineering concern. Loss of structural integrity at speeds of up to 40k RPM is another significant concern -- flywheel storage essentially needs heavily armoured siting.
Supercapacitors:
I'm moving these with flywheels because they share some operational characteristics: very-fast-reacting, but very expensive relative to stored energy. Think of this as power-conditioning rather than long-term storage, operating at the sub-second to, perhaps, minute range.
CAES:
A friend working at ORNL has made encouraging noises about this, though I'm not as familiar with it as I'd like to be. A chief problem is that compressing and decompressing gas results in thermal loss (though that's limited by the insulation of, say, a large underground geological formation). There's often a supplemental combustion element introduced at the power-recovery stage to prevent icing of equipment, generally fed by natural gas, so the systems are not zero-emission. A synfuel methane feed might work around this. Biggest potential seems to be from re-using underground formations previously holding natural gas, though explosion risks from high pressure, oxygen concentration, and heat are also present. Overall lesson: energy storage gets complicated.
Thermal generation:
Essentially banking heat for later use in electric generation, generally through driving steam turbines. As with synfuels, Carnot efficiency caps energy recovery at about 50%, but if you can store significant surplus energy, that's worthwhile. I've done some back-of-the-envelope calculations suggesting that a tank storage facility roughly at the scale of present petroleum storage (say, in Oklahoma or Texas depots), but of molten salt, might be sufficient for U.S.-scale grid reserve. Put this in the "not obviously batshit insane" category.
Direct thermal storage:
Typically this involves either geothermal ground storage (a heat-pump solution) or a storage/working fluid in a vertically-stratified, heavily-insulated tank. Excess heat is directed to storage, and is withdrawn when necessary. This largely serves low-grade thermal uses such as space or (partial) water heating requirements, but can be significant in high-heat-demand locations. Rienna LLC of Fairbanks, Alaska, have several exceptionally detailed videos on YouTube showing zero-net-energy housing in Arctic climates. There are several projects throughought Canada and Europe as well.
Hydraulic head storage:
These systems were (and in some cases still are) used especially where high-power but intermittent and modest energy needs are necessary. A hydraulic accumulator can be "charged" with weights or other means, and simply hold pressure which is distributed through pipes across an area as small as a dentist's office (think drills) or as large as a port or canal system (boat and cargo lifts, lock gates). Many auto shops make heavy use of air-powered equipment, and similar systems are often used by the Amish rather than electric power.-
What Does the Future Hold?
Looking over the list: we do have a few options, though in most cases, these tend to be heavily tailored to specific applications. A characteristic of the fossil fuel era has been that one could address virtually any motive-power challenge with the engineering approach of "strap a fuel tank to it and install an ICE" -- from small hand devices (leaf blowers and chainsaws), to personal and cargo transport, to ships and aircraft. That simplicity is gone. Chemical storage and combustion based on synthesised or otherwise renewable fuels still remains an attractive alternative. Batteries may address a host of needs, though I'll note that in electronics particularly, an advantage is that it's not energy but utility which is a primary driver, and as we can do more computing with less power, batteries become ever more attractive. In applications where energy is a primary driver, and transporation is very much a case of this, battery applications are far more constrained. Much of the progress that's been seen has come from a mix of factors, including:
Materials. "Lightweighting" of all possible elements reduces net energy requirements considerably.
Power and battery management. Regenerative braking and very careful management of batteries (to avoid low-performance or damaging conditions), in particular, extend the capabilities of existing battery technology.
Marginal improvements to battery efficiency. For transport especially, again, reducing the weight of storage, as with any other part of the vehicle, has a tremendous impact. There have also been substantial, though still marginal (10-20%, rather than 2-10x) improvements in overall battery performance. This does add up.
Charging infrastructure. Recognising that a vehicle may sit, parked, and have its energy replenished rather than requiring an independent refueling stop (as with fuel-powered vehicles) changes the use and operation cycle in a useful way.
Unfortunately, for heavy cargo or intensive passenger applications, these options only get you so far. It is possible to electrify cargo and passenger transport, though the result may far more resemble, say, electrified rail or trolly-bus systems (perhaps with short off-grid capabilities) than fully-independent, off-grid electric traction. And, if you're interested in a more academic review of options, there's "Energy storage technologies and real life applications -- A state of the art review", by Mathew Aneke and Meihong Wang, which covers most of the above options (and a few others), though generally doesn't consider the scale and cost elements other than in summary graphics at the end of the paper.
Changing the Energy Paradigm
Reconsidering how we use energy, shifting to dispatchable load rather than dispatchable generation, and most especially reconsidering both building and city design and architecture to reduce energy use strike me as under-addressed parts of the conversation. I see far too much discussion based on the principle of "how do we continue the systems we have under alternate energy regimes" rather than "how will changing energy regimes change our systems?" The second question strikes me as vastly more relevant, and interesting.
One last thing ...
Do you like what you're reading here? Would you like to see a broader discussion? Do you think there are ideas which should be shared more broadly? The Lair isn't a numbers game, my real goal is quality -- reaching, and hopefully interacting with, an intelligent online community. Something which I've found, in several decades of online interactions, difficult to achieve. But there's something which works surprisingly well: word of mouth. Shares, by others, to appropriate venues, have generated the best interactions. I do some of that, but I could use your help as well. So: if you see something that strikes you as particularly cogent (or, perhaps, insipid), please share it. To another subreddit. To Twitter or Facebook or G+. To the small-but-high-quality Metafilter. To your blogging circle, or a mailing list. If you work in technology, policy, economics, or academia, there as well. To reporters or columnists covering similar topics. Thanks, Morbius
My landlord has been going back on a lot of verbal (not in writing) promises that he's made to us since the signing of the lease. On top of that, he ignores our text messages, and the house turned out to be less than we expected. after we signed our lease, there is a few documents that he was supposed to provide, but has failed to, and we are now three months in and have been left with a bad taste in our mouths. the documents we havent received are the *canary copy of the lease, the * lead based paint booklet, and the *inventory checklist. I've edited the names and locations for anonymity but here is a copy of our lease [company] Enterprises LLC MICHIGAN LAW ESTABLISHES RIGHTS AND OBLIGATIONS FOR PARTIES TO RENTAL AGREEMENTS. THIS AGREEMENT IS REQUIRED TO COMPLY WITH THE TRUTH IN RENTING ACT. IF YOU HAVE A QUESTION ABOUT THE INTERPRETATION OR LEGALITY OF A PROVISION OF THIS AGREEMENT, YOU MAY WANT TO SEEK ASSISTANCE FROM A LAWYER OR OTHER QUALIFIED CONSEL. This agreement between [company] ENTERPRISES LLC and ______________________________________________________________________, herein referred to as TENANT, and no others, is for the rental of the premises at [ADDRESS] on a 12-month basis beginning _[DATE]______________ and ending on [DATE], for a total sum of $_[AMOUNT]__ payable in installments of $___[AMOUNT]___ and month-to-month thereafter. TENANT agrees that rent will be paid to [company] Enterprises LLC on or before the first of every month. TENANTS that pay their monthly installments on or before the fifth of every month will receive a $25 discount on that month’s rent. Bounced checks or other insufficient funds will result in a $30 service charge, due the same week as payment delivery. A late fee of $50 will be charged to TENANT if payment is not cleared by the 10th of the month. If NSF and late fees are not paid with the rent, then the matching amount becomes part of the rental. NON-REFUNDABLE CLEANING FEE TENANT agrees to pay $0.00_ as a cleaning fee. TENANT understands that this fee is not refundable and will be used by LANDLORD for cleaning of the premises after TENANT moves out. SUB-LETTING TENANT will not sublet the premises without the written consent of [company] ENTERPRISES LLC. Sub-letting will normally not be approved but the decision will be made on a case-by-case basis. Absolutely no business may be operated on the premises, including childcare. Tenant agrees to pay a $50 subletting fee to reprocess the terms and conditions contract for a sub-leaser if approved. JOINT AND SEVERAL All TENANTS in the rental unit are jointly and severally responsible for the payment of rent to the LANDLORD and for damages caused to the rental unit (physical damage, unpaid utility bills, and rent in arrears). Failure to meet the terms and conditions of the contract by one of more of the TENANTS shall be considered a failure of all the TENANTS to meet the terms and conditions of the contract, and shall make all equally responsible. EXTENDING OCCUPANCY TENANTS are required to give [company] ENTERPRISES LLC written notice of intent 30-days prior to lease termination to (1) stay on a month-to-month basis subject to [COMPANY] ENTERPRISES LLC’s acceptance, (2) sign a new lease, or (3) vacate the premises. If at the expiration of this agreement, TENANTS continue to occupy premises without a renewed lease, the rent will become $__[AMOUNT]_____. DEPOSIT TENANT agrees that a security and damage deposit of $_____[AMOUNT] is paid in advance of occupancy. The security and damage deposit is held at [BANK]. The deposit may NOT be used as the last month’s rent, and will be refunded within 30-days after termination according to the Michigan Public Act 348. KEYS A lost key will result in a $10 charge to replace the key or the cost of a new or re-keyed lock at the discretion of [COMPANY] ENTERPRISES LLC for the protection of future tenants. FORWARDING ADDRESS The TENANT shall notify [company] ENTERPRISES LLC in writing within 4-days of vacating the rental unit of a forwarding address. Failure to comply relieve the landlord of the requirement of notice of damages but does no prejudice TENANT’S claim for the security deposit. SALE Should [company] ENTERPRISES LLC sell the property, TENANT shall have 60-days but no less than 30-days to vacate upon written notice of sale and notice to terminate tenancy. Otherwise the full lease term prevails. CONDITION Premises must be left without damage resulting directly from conduct no reasonably expected in the normal course of habitation of a dwelling. PETS TENANT agrees that NO PETS will be allowed on the premises TEMPORARILY OR PERMANENTLY. Unauthorized pets will result in an immediate charge of $75 upon discovery, and will be a sufficient reason for eviction. This charge can continue to be charged if the pet is not removed from the premises. TENANT HAS RECEIVED Inventory Checklist __________________________________________ //__ Canary Copy of Lease ________________________________________ //__ Lead-Based Paint Booklet _____________________________________ //__ Number of keys ___ sets ______________________________________ //__ LEAD BASED PAINT TENANT acknowledges that prior to signing this lease, TENANT has received and reviewed a copy of the Lead Based Paint Landlord’s Disclosure Form completed by [company] ENTERPRISES LLC on //__, the terms of which are incorporated herein by reference. CREDIT CARD NUMBER EXPIRATION NAME ON CARD ____________________________ //__ ______________________ ____________________________ //__ ______________________ ____________________________ //__ ______________________ ____________________________ //__ ______________________ * Creditcard information will be kept on file if tenant is unable to pay for late fees or rent upfront. “MacUpdate” will be the company name listed the credit card charge statements.
DO NOT SIGN UNTIL YOU READ AND UNDERSTAND THE TERMS AND CONDITIONS OF THIS LEASE. Any infractions of the provision shall constitute a breach of contract and provide grounds for the immediate termination of this agreement.
TENANT SIGNATURES DATE [company] ENTERPRISES LLC ____________________________ //__ ______________________ //__ ____________________________ //__ [Landlord Address] ____________________________ //__ [Landlord Address, pt2] ____________________________ //__ [Landlord Phone] CO-SIGNER SIGNATURE: ________________________________________________ Subscribed and sworn to before me on ________, _____________ county, Michigan. My commission expires: _______________ Signature: __________________ FIRE If the demised property is damaged by fire or other casualty, as to be untenable in part or whole, then [COMPANY] ENTERPRISES LLC may, at its election, terminate the lease and return any unused rents. If [COMPANY] ENTERPRISES LLC and TENANT(s) agree to maintain the current lease because the property is partially tenable, then [COMPANY] ENTERPRISES LLC agrees to move forward as speedily as possible to secure the building and obtain insurance funds as available to repair the damage. Absolutely no candles may be used in your house. This is considered grounds for termination. A $50 fee will be added to your ledger for the discovery of any candle that has been lit to cover the cost of re-inspection following notice of this violation. TENANT will be responsible to reimburse [COMPANY] ENTERPRISES LLC for insurance deductible if lease violations or negligent tenant’s action results in this loss to the landlord. LANDLORD’S AGENT Any action permitted or required by [COMPANY] ENTERPRISES LLC may be performed by [COMPANY] ENTERPRISES LLC’s agent, including execution of this lease, and TENANT shall deal with the agent until instructed otherwise in writing by [COMPANY] ENTERPRISES or appointed agent. TENANT understands that agent performs only as an agent for[COMPANY] ENTERPRISES LLC. INVENTORY [COMPANY] ENTERPRISES LLC shall make use of an inventory checklist at the beginning and ending of occupancy for each rental unit. The TENANT shall note the condition of the unit and the furnishings and return a copy to [COMPANY] ENTERPRISES LLC within seven (7) days after receiving possession. The TENANT entitles to receive a copy of the last ending inventory checklist, which shows what claims were chargeable to prior tenant(s). REPAIRS TENANT agrees to give [COMPANY] ENTERPRISES LLC prompt information about the needed repairs and to make access available. TENANT agrees that if any damage to the premises or ajoining property is caused by acts of neglect by him/herself and/or guests, the cost of repairs will be charged to the TENANT. [COMPANY] ENTERPRISES LLC agrees to make all critical repairs to keep rental unit in a habitable condition as prescribed by good practice and local state housing ordinances. Serious heating, plumbing and electrical failures will be attended to within 24 hours and all other necessary maintenance performed within 10-days of written request. Clogged drains and toilets caused by TENANT neglect will be repaired by [COMPANY] ENTERPRISES LLC with the cost charged to the TENANTS. CLEANLINESS TENANT agrees to keep the premises, common areas and yard clean, in good order and free of garbage and refuse (including cigarettes, bottles, cans). Outdoor furniture only is allowed on porches and balconies. No objects may be stored or placed in common areas. ALTERATIONS TENANT agrees not to alter the premises or [COMPANY] ENTERPRISES LLC supplied furnishings in any way, including painting and wallpapering, without prior approval in writing from [COMPANY] ENTERPRISES LLC. LOCKS/KEYS TENANT shall not add or change locks. No chain or safety lock shall be installed without advance written permission of [COMPANY] ENTERPRISES LLC. [COMPANY] ENTERPRISES LLC shall retain a pass key to all locks. When locked out, TENANTS may purchase additional keys at the office, if it is open, or a locksmith may be called at the TENANT’S expense. Any damage resulting from a breaking and entering is TENANT’S responsibility unless a police report is provided. TENANTS must turn in original keys provided plus any duplicates. It is agreed that occupancy continues until keys are returned. ENERGY CONSERVATION TENANTS must respect [COMPANY] ENTERPRISES LLC supplied utilities. Heat kept above 70-degrees, doors and windows left open, etc. are actions that will constitute a breach of contract, when [COMPANY] ENTERPRISES LLC supplies heat. Car washing is prohibited when [COMPANY] ENTERPRISES supplies water. When [COMPANY] ENTERPRISES LLC supplies electricity, TENANT agrees not to install air conditioners, washers, dryers, space heaters or any special electrical equipment to include computers used as Internet or B.B.S. (Bulletin Board Software) without approval in writing from [COMPANY] ENTERPRISES LLC, and a rent increase to compensate the additional usage. If wasteful activities are discovered and reflected in utility bills, TENANT will be billed that portion estimated to be his/her responsibility based on evidence of historical use. CONDUCT TENANT will not, nor will he/she knowingly permit any person to make unreasonable noise, or do anything at any time, which in any way may unreasonably disturb or annoy other tenants in the building or neighborhood. TENANT will not, nor will TENANT knowingly permit any person to commit any illegal or criminal act on the premises, including but not limited to the manufacture, growth, sale, and distribution or use of any controlled substance on the premises. Violation of this clause shall constitute default under the terms of this Agreement and shall be sufficient reason for eviction and reporting to local authorities. DEPOSIT INTACT TENANT agrees to reimburse [COMPANY] ENTERPRISES LLC immediately for actual repairs of damage deemed to be the responsibility of the TENANT and to keep his/her deposit intact at all times. No deductions from or additions to the security deposit are allowed under the agreement until tenancy is terminated. RIGHT TO PRIVACY The TENANT agrees to let [COMPANY] ENTEPRISES LLC to enter until within 14-hours of a request to repair, inspect, or show the unit. Failure by the TENANT to agree to a prearranged time of entry is viewed as permission to enter. Immediate entry is permissible for emergency conditions. If [COMPANY] ENTERPRISES LLC enter without a prearranged time, a written statement that there was entry and reason for it must be left for the TENANT. INSURANCE TENANT understands that the insurance carried by [COMPANY] ENTERPRISES LLC covers only the premises and belongings of [COMPANY] ENTERPRISES LLC and not the belongings of the TENANT. TENANTS are advised to carry their own contents insurance. If TENANTS or their guest are found responsible for fire or property damages by a party of competent authority including a fire marshal, court of law or insurance investigator, TENANT(s) shall be financially responsible including the owner’s deductible. TENANTS agree that they need to carry their own Renters Insurance. [COMPANY] ENTERPRIESES LLC would be happy to recommend an insurance carrier that may be TENANT better rates than most. ABANDONMENT TENANT agrees to remove his or her personal property from the premises when vacating. TENANT releases [COMPANY] ENTERPRISES LLC from any and all liability for damages or loss of personal property left by TENANT after vacating the property. PARKING TENANT’s guests may not use parking spaces if it creates a shortage for others in the building. No car may remain on the property if it is not in running condition and licensed with current tags and registration. TENANTS must assist [COMPANY]Enterprises with snowplowing by moving vehicles when necessary. Only one car per tenant will be allowed unless otherwise stated. Any vehicle that violates these terms will be towed at the owner’s expense. MAIL All mailboxes must have the name of the TENANT, or anyone occupying the premises that could be receiving mail, clearly posted. The address of the rental unit will be sufficient for all notices to the TENANT. PESTS Whenever infestation of insects, rodents or other pests exist in two or more of the dwelling unites in any building or in the shared or public parts of any dwelling containing two or more dwelling units, extermination will be the responsibility of [COMPANY] ENTERPRISES LLC. Occupants of single until private dwellings shall exterminate any insects, rodents or other pests (except wood eating insects such as termites, post beetles or carpenter ants) infesting that portion of the premises he/she occupies. DELAYED OCCUPANCY If [COMPANY] ENTERPRISES LLC cannot deliver possession of the premises the date the lease is to commence, then the TENANT may elect to terminate the agreement. All money previously paid to [COMPANY] ENTERPRISES LLC shall be refunded. RULES AND REGULATIONS TENANT agrees to abide by all reasonable rules and regulations now in effect or hereafter adopted by [COMPANY] ENTERPRISES LLC that are required by deferral, state or local law regulation, or as are necessary to protect the physical health, safety or enjoyment of TENANTS or guests and further agrees that all such regulations are part of this agreement. [COMPANY] ENTERPRISES LLC agrees to give 30-days notice of subsequent changes. INVALIDITY If any part of this agreement is contrary to, prohibited by, or deemed invalid under the laws of the State of Michigan, the provision shall be deemed inapplicable or omitted but shall not invalidate the remainder of this agreement. TENANT’S LIABILITY TENANT shall be liable for all expenses incurred by [COMPANY] ENTERPRISES LLC, including as permitted by statue or Michigan Court Rule as a result of violation of any provision of the Lease or its Amendment. IDEMNIFICATION OF LANDLORD BY TENANT If the TENANT behavior is such that the premises become subject to the breach or violation of any federal, state or local statute, law, rule or ordinance, including but not limited to, all ordinances for the City of Kalamazoo, the, in such an event, the TENANT shall indemnify, defend and hold [COMPANY] ENTERPRISES LLC harmless from all costs, expenses, fines, fees and damages incurred by [COMPANY] ENTERPRISES LLC, including but not limited to, any seizures of or against the premises. This indemnification will include all lost rents and profits and other expenses due to the early eviction or vacation of the premises by TENANT for (violations of zoning ordinance such as unlawful noise, parking on landlord’s property, possession or sale of controlled substances, etc.) and also include all of [COMPANY] ENTERPRISES LLC’s professional fees, including all defense attorney fees and court costs. For example and not by way of limitation, if the premises are padlocked, or landlord is charged with a misdemeanor for the illegal parking of vehicles at landlord’s property, or suffers any other injuries or damages, TEANAT will indemnify and defend [COMPANY] ENTERPRISES LLC for all costs incurred by [COMPANY] ENTERPRISES LLC related to the same. In addition, [COMPANY] ENTERPRISES LLC shall be held harmless by the TENANT as a result of TENANT behavior from all costs, expenses and damages, of any nature, related to any broken utilities, bursting pipes, inclement weather, electrical problems, or any personal injuries, including death, or any personal property damages, suffered at the premises by the TENANT, or TENANT’S guest invitees, occupants, or any other person(s) to [COMPANY] ENTERPRISES LLC. PARTY POLICY At no time shall the cumulative number of individuals on the premises in and around the house be greater than 3-times the number of bedrooms plus 6-people present outside. [COMPANY] ENTERPRISES LLC will act to call Law Enforcement if City Ordinance violations are observed. South St. is not a party street and most of the homes are single family houses. The neighbors are often very strict about noise. SNOW REMOVAL Snow removal will be the responsibility of the tenants that decide they wish to use the driveway parking. Both the driveway and the sidewalks are required to be kept clear. The city will block all incoming mail from being delivered if the sidewalks are not kept clear. WATER SOFTENER It will be the responsibility of the tenants to keep the water softener salt full if they wish to have clean, filtered water throughout the house. It is highly recommended as the dishwater collects much calcium deposits without it.
At SmartEnergy as an electric company, we believe the future of energy is green and it is our mission to make green energy affordable for everyone. And now you Energy Plus is an energy supply company based in Philadelphia, PA that offers electricity service through Energy Plus Holdings LLC and natural gas service through its affiliate Energy Plus Natural Gas LLC. Our goal is to bring innovation to the energy sector by pairing energy service with reward incentives. Compare ESCOs and their rates, choose the cheapest electricity or gas provider, and you can reduce your energy expense, such as Con Edison electric or gas bill, if you live in New York City, or United Illuminating or Eversource bill if you live in Connecticut or Public Service Electric and Gas, Jersey Central Power and Light, Atlantic City Electric, Rockland Electric Company bill if you live 1.Our Recurring Charges: You will pay a daily fee of $0.99, plus taxes and fees. Admin fee of $0.33 per day may apply 2.Gas Utility Charges: In addition to your payments to us, you are also obligated to pay your existing gas utility certain recurring charges for gas service, and charges regulated by the California Public Utilities Commission. Ethical Electric Benefit Co. d/b/a Ethical Electric d/b/a Clean Energy Option Application for Certificate of Service Authority under Section 16-115 of the Public Utilities Act. Case Type: Certificate of Public Convenience & Necessity/Good Standing/Service Authority (8-406,13-403,13-404,13-405,13-900,15-401,16-108,16-115,16-115C,19-110,21-401) - New I was deceived by Energy Plus Holdings. I was told my costs would be less than Central Hudson for supply charges. I noticed an increase after the first and second billing and called the company, only to be assured that the savings would be seen long-term and that though this billing was higher, there were fluctuations which would save me money over time. Energy Plus prices may be higher than your utility's supply rate and savings are not implied nor guaranteed. You will still be responsible for your utility's delivery charges after switching. NY customers may call 1-866-964-5672 for historical non-promotional price information. Cancelling may take up to 2 billing cycles in some markets. 88.0 million charges delivered (and counting) Smart charging is, and always has been, our sole focus. After more than a decade and millions of charges delivered, we’re still pioneering new ways to make electric mobility the easy choice. 19-1052 Complete docket number: P2019-1052 Zena Perry/Kimberly Bryant-vs-Santanna Natural Gas Corporation d/b/a Santanna Energy Services. Complaint as to billing/charges in Chicago, Illinois. Case Type: Complaint - Billings and/or Charges (10-108)
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