First Republic Hires $1.8-Mln J.P. Morgan Advisors Producer in Florida

August 5, 2022 Share This David Loeb, a 24-year brokerage veteran, jumped to First Republic on Friday in Boca Raton. First Republic Bank’s wealth management unit reeled in its second veteran producer this week–this time from J.P. Morgan Advisors in Palm Beach Gardens, Florida, according to multiple sources familiar with the move.  David J. Loeb, […]

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J.P. Morgan Rung Up for $200K Over Failures to Address “Red Flags” in Schottenstein Case

August 5, 2022 Share This J.P. Morgan Securities was censured and fined $200,000 by the Financial Industry Regulatory Authority for failing to reasonably investigate and address “red flags” of potential misconduct that snowballed into a high-profile $19 million arbitration award issued in February of last year. The matter was settled without the traditional brokerage unit, […]

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Hackers Are Stealing Facebook Accounts With Malicious Messenger Bots

Researchers at Trustwave have shed light on a recently discovered phishing campaign revolving around Facebook Messenger bots. If you don’t spend much time on social media, chatbots are programs designed to impersonate live people and are usually relegated the task of answering simple questions as a form of triage customer support. If the bot can’t […]

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Warburg Pincus Invests $250 Million in Renewable Fuels Project Montana Renewables

Global private equity firm Warburg Pincus has agreed to make a $250 million investment in renewable fuel project Montana Renewables LLC (MRL). The transaction values MRL at $2.25 billion.

Based in Great Falls, Montana, MRL, a subsidiary of specialty branded products company Calumet, is modifying existing assets to process waste feedstocks, such as cooking oil, distillers corn oil, and tallow and seed oils to produce low-emission alternatives for fossil fuel products, such as renewable hydrogen, renewable diesel (RD), and sustainable aviation fuel (SAF). The company estimates that its renewable fuel will achieve a 64% carbon intensity reduction compared to conventional fuel.

The plant is expected to begin renewable feedstock processing in September 2022.

Todd Borgmann, CEO of Calumet, said:

 “Montana Renewables is now fully capitalized with a healthy balance sheet as we approach startup in the near future and the identified organic growth opportunities shortly thereafter.”

In addition to Warburg Pincus’ investment, Calumet also announced that commercial finance and leasing company Stonebriar Commercial Finance has invested an additional $350 million through two sale and leaseback contracts on top of an existing $50 million commitment to MRL.

Alongside the new investments, a $300 million convertible investment from alternative asset investor Oaktree in MRL has been retired.

Bruce Fleming, EVP Montana Renewables and Corporate Development, said:

“This investment will accelerate our mission to quickly produce low-emission alternatives that directly replace fossil fuel products. We are pleased to partner with Warburg Pincus, a world class institutional investor, as well as to extend our longstanding multi-site relationship with Stonebriar. We would also like to extend our gratitude to Oaktree for their initial investment in MRL.”

In connection with the new investment, Warburg Pincus will have a representative on MRL’s 4-member board of managers.

Roy Ben-Dor, Managing Director, Warburg Pincus, said:

“Understanding ways to economically reduce our carbon footprint in the immediate term is incredibly important. As the world recognizes a sustainability responsibility and as demand for low-emission fuels increases, MRL’s ability to produce RD and SAF quickly and efficiently will result in immediate carbon reductions.”

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Standard Chartered Hires Google Sustainability Leader Kerry Constabile to Head Net Zero & Sustainability Strategy Teams

International bank and financial services company Standard Chartered announced today that it has appointed Kerry Constabile to lead the company’s net zero and sustainability strategy teams. Constabile joins from Google, where she led the company’s sustainability strategy and company-wide climate plans.

In her new role, Constabile will drive Standard Chartered’s global sustainability strategy and will be responsible for managing key strategic initiatives for the Group, including overseeing net zero target setting, delivery of the bank’s commitments across scope 1, 2, and 3, and its ESG reporting and disclosures. She will report to Marisa Drew, Chief Sustainability Officer.

Drew, said:

“As a globally-respected sustainability industry professional with extraordinary expertise across the public and private sectors, Kerry is uniquely positioned to help us achieve our sustainability aspirations. Kerry’s hire reinforces Standard Chartered’s ability to attract best-in-class talent to our franchise and our commitment to sustainability.”

At Google, Kerry led climate-focused initiatives encompassing net zero, carbon market and removal strategies, and incubated the company’s 24/7 Carbon Free Energy Compact. Kerry represented Google parent Alphabet on its $200 million investment in early-stage carbon removal, and in the launch of Frontier, a new advanced market commitment initiative aimed at accelerating the development of carbon removal solutions and technologies.

Prior to joining Google, Kerry served at the UN, managing climate change and energy initiatives in the Secretary-General’s Office, leading the Paris Agreement cities and municipal finance strategies with Climate Special-Envoy Michael Bloomberg’s office, and developing country strategies for the Paris Agreement with UNFCCC and the French government. She advised on initiatives including the Taskforce on Climate-related Financial Disclosures (TCFD), Climate Action 100+, the Global Investors for Sustainable Development (GISD) and the Net Zero Asset Owners Alliance.

Currently, she serves on Energy Technical Advisory Committee for the Gold Standard, conducts research on economic incentives for net zero and renewable energy transitions with the Oxford Environmental Change Institute, and has contributed to three IPCC reports.

Constabile, said:

 “I’ve always admired Standard Chartered’s leadership in sustainable finance in emerging markets and its commitment to mobilise US$300 billion by 2030 for green and transition financing. The bank’s unique global footprint put Standard Chartered in a ground-breaking leadership position to accelerate the net zero transition at the speed and scale the world needs. I am thrilled to join this critical work.”

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Heavy Duty Electric Truck Manufacturer Orange EV Raises $35 Million to Meet Growing Demand

Heavy duty electric truck manufacturer Orange EV announced today that it has raised $35 million in an institutional funding round, with proceeds aimed toward accelerating its manufacturing, delivering vehicles to new markets, and developing new technologies.

Founded in 2012, Orange EV produces, sells, and services electric vehicles. The company was the first manufacturer, in 2015, to commercially deploy 100% electric Class 8 vehicles. The company focuses on Class 8-yard trucks, utilized in distribution centers, manufacturing plants, warehouses, and other facilities to move trailers and containers. According to the company, each yard truck has the ability to prevent more than 1,700 tons of CO2 emissions per truck over a 15-year lifespan.

Stephan Feilhauer, Managing Director, Clean Energy at S2G Ventures, said:

“S2G Ventures is investing in the transition to the clean energy, low-carbon economy and we are excited for the positive impact Orange EV will make. The company has led the industry ever since its first truck was released in 2015 and now has the security to truly innovate and exert its leadership role in this market for a long time to come.”

Orange EV stated that the investment will enable the company to scale its manufacturing to meet demand increases, deliver vehicles to new markets, and develop new technologies to increase its lead in the Class 8 commercial vehicle segment.

The round was led by impact and sustainability-focused early-stage investors S2G Ventures and CCI.

 Kurt Neutgens, Orange EV Co-founder, President, and CTO, said:

“With this funding, Orange EV will be able to further scale its impact through continued investment in manufacturing to meet the demand that is outstripping our current facilities, as well as advance R&D to develop and deliver other products which will further improve our customer’s operations while providing them significant savings.”

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Singapore Raises S$2.4 Billion in Inaugural Green Bond Offering

The Singapore Government announced today that it has raised $2.4 billion (US$1.75 billion) in its inaugural green bond offering, kicking off a multi-year program aimed at raising up to S$35 billion to fund the country’s sustainable transition strategy. The offering of the August 2022 bonds was met with strong demand, with the S$2.4 billion raised […]

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