One Energy Enterprises Inc. (“One Energy”), a vertically
integrated industrial power solutions company, and Ohio Logistics
Ltd. (“Ohio Logistics”), a leading warehousing, distribution, and
transportation services provider, today announced an extension of a
collaborative project focused on exploring commercial-ready
electric semi-truck technologies.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230921624700/en/
Ohio Logistics CEO Chuck Bills test
driving an Orange EV e-TRIEVER heavy-duty yard truck during the
joint open house held at One Energy corporate headquarters in
Findlay, OH. (Photo: Business Wire)
Over recent weeks, the two companies have been testing an
electric shuttle-truck and an electric semi-truck. These tests are
being used to gather crucial insights into how different electric
trucks compare with diesel counterparts in performance and
efficiency in a range of logistics roles. One Energy supported the
testing process through the installation of essential charging
infrastructure and equipment, and it is providing the power
required for the tests. The vehicles currently under trial include
an Orange EV e-TRIEVER heavy-duty yard truck, designed for
short-distance yard service, and a Freightliner eCascadia, designed
for medium range service. Access to the trucks was made available
with the support of Penske.
Both models are being charged on One Energy’s corporate campus
in Findlay, Ohio. The Orange EV e-TRIEVER operates locally between
Ohio Logistics’ distribution centers in Findlay and is being
charged using a specialized 22KW charger that is exclusive to its
model. In contrast, the eCascadia is being charged with an ABB
Terra 180KW charger and has been operating on local and regional
routes, traveling as far as 100 miles to destinations like
Columbus, OH.
“Orange EV is excited to participate in this important
demonstration project in Findlay,” said Zack Ruderman, VP of Sales
& Marketing, Orange EV. “The unique nature of our yard trucks
makes them a great 'gateway vehicle' for companies considering
starting their electric fleet transition in a profitable and proven
way. We have over 200 customers using our Orange EV yard trucks and
look forward to helping more companies in Ohio benefit from the
electrification of their fleet, too."
To encourage broader trials of electric semis, One Energy is
building a permanent semi charging station that will be fitted with
multiple chargers, allowing for the testing of a wide range of
electric truck models. This initiative will ensure that Ohio
Logistics and other regional firms will be able to evaluate
electric semis without the usual up-front and ongoing power
challenges. Ohio Logistics plans to explore additional emerging
electric fleet technologies as they consider the integration of
electric trucks into their operations.
“The trucking industry is evolving, and Ohio Logistics is
excited to be at the forefront of the electrification trend,” said
Chuck Bills, CEO, Ohio Logistics. “Through these trials, our
understanding of electric truck operations has expanded
considerably. We are dedicated to ensuring our clientele is
informed about the myriad of opportunities electric semis present.
Currently, our focus is on learning and preparing for the trucking
industry's imminent transition to a more sustainable future."
One Energy and Ohio Logistics have a shared vision to make the
region a leader in electric trucking as the technologies prove
themselves in the market. Both companies aim to engage other
regional businesses in these trials, having recently held a joint
open house to share their accrued knowledge and findings with
regional peers.
"Electric trucks and their charging requirements are really
uncharted territory,” said Jereme Kent, CEO, One Energy. “While
these trucks have immense potential to change the logistics
industry, their tremendous power needs are widely under-appreciated
and often surpass the capacity of many distribution centers and
factories. That is going to lead to opportunities for new
partnerships and ways of operating. We hope that the ready-to-use
power infrastructure at our Megawatt Hubs can bridge the power gap
for the logistics industry and accelerate the transition to large
electric fleets. "
About One Energy (One Power)
One Energy is an industrial power company and the largest
installer of on-site, behind-the-meter, wind energy in the United
States. Recognizing that large energy consumers are fed up with the
failings of legacy utilities, One Energy developed modern energy
services to control cost and risk, such as Wind for Industry® and
Managed High Voltage®. One Energy is building the customer-centric
grid of the future. Founded in 2009, One Energy is headquartered in
Findlay, Ohio. Learn more about the customer-centric power grid of
the future at One Energy’s website (www.oneenergy.com).
On August 15, 2023, One Energy Enterprises Inc. and
TortoiseEcofin Acquisition Corp. III (NYSE: “TRTL”) announced that
they have entered into a definitive Business Combination Agreement
for a business combination that is intended to result in the
combined Company, One Power Company, being listed on the New York
Stock Exchange under the ticker symbol “ONEP”.
About Ohio Logistics
Founded in 1988 in a modest 40,000 sq. ft. warehouse in Findlay,
OH, Ohio Logistics has evolved from its roots as Findlay’s Tall
Timbers Distribution Center to become one of the Midwest's
preeminent privately held logistics powerhouses. Today, the company
boasts over 6 million sq. ft. of cutting-edge warehouse space
spread across 25 dynamic locations in seven states. This impressive
growth underscores Ohio Logistics' steadfast commitment to customer
service, community, and innovation. With a robust financial
foundation and a forward-thinking approach, Ohio Logistics
continues to set the benchmark in turning supply-chain management
visions into realities. (www.ohiologistics.com)
Orange EV
“e-TRIEVER” is a registered trademark of Orange EV. More
information about Orange EV is available at www.orangeEV.com.
Additional Information and Where to Find It
In connection with the proposed transaction (the “Proposed
Transaction”) between TortoiseEcofin Acquisition Corp. III (“TRTL”)
and One Energy Enterprises Inc. (“One Energy,” the business of
which (referred to herein as “One Power”), after consummation, if
any (the “Closing”) of the Proposed Transaction, will be the
business of the “Combined Company,” which is expected to be renamed
“One Power Company”), which is the subject of the Agreement and
Plan of Merger between TRTL, One Energy and certain other parties
thereto (the “Merger Agreement”), TRTL intends to file a
registration statement on Form S-4 (as may be amended or
supplemented from time to time, the “Form S-4” or the “Registration
Statement”) with the U.S. Securities and Exchange Commission (the
“SEC”), which will include a preliminary proxy statement and a
prospectus in connection with the Proposed Transaction.
SHAREHOLDERS OF TRTL ARE ADVISED TO READ, WHEN AVAILABLE, THE
PRELIMINARY PROXY STATEMENT, ANY AMENDMENTS THERETO, THE DEFINITIVE
PROXY STATEMENT, THE PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS
FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE
PROPOSED TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION. HOWEVER, THIS DOCUMENT WILL NOT
CONTAIN ALL THE INFORMATION THAT SHOULD BE CONSIDERED CONCERNING
THE PROPOSED TRANSACTION. IT IS ALSO NOT INTENDED TO FORM THE BASIS
OF ANY INVESTMENT DECISION OR ANY OTHER DECISION IN RESPECT OF THE
PROPOSED TRANSACTION. When available, the definitive proxy
statement and other relevant documents will be mailed to the
shareholders of TRTL as of a record date to be established for
voting on the Proposed Transaction. Shareholders and other
interested persons will also be able to obtain copies of the
preliminary proxy statement, the definitive proxy statement, the
Registration Statement and other documents filed by TRTL with the
SEC that will be incorporated by reference therein, without charge,
once available, at the SEC’s website at www.sec.gov.
TRTL’s shareholders will also be able to obtain a copy of such
documents, without charge, by directing a request to:
TortoiseEcofin Acquisition Corp. III, 195 US HWY 50, Suite 208,
Zephyr Cove, NV 89448; e-mail: IR@trtlspac.com. These documents,
once available, can also be obtained, without charge, at the SEC’s
website at www.sec.gov.
Participants in the Solicitation
TRTL, One Energy and their respective directors and executive
officers may be deemed participants in the solicitation of proxies
of TRTL’s shareholders in connection with the Proposed Transaction.
TRTL’s shareholders and other interested persons may obtain more
detailed information regarding the names, affiliations and
interests of certain of TRTL executive officers and directors in
the solicitation by reading TRTL’s final prospectus filed with the
SEC on July 21, 2021, in connection with TRTL’s initial public
offering, TRTL’s Annual Report on Form 10-K for the year ended
December 31, 2021, as filed with the SEC on March 24, 2022, TRTL’s
Annual Report on Form 10-K for the year ended December 31, 2022, as
filed with the SEC on March 22, 2023, and TRTL’s other filings with
the SEC. A list of the names of such directors and executive
officers and information regarding their interests in the Proposed
Transaction, which may, in some cases, be different from those of
shareholders generally, will be set forth in the Registration
Statement relating to the Proposed Transaction when it becomes
available. These documents can be obtained free of charge from the
source indicated above.
No Offer or Solicitation
This communication shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the Proposed Transaction. This communication shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any states or jurisdictions in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such state or jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act or an
exemption therefrom.
Forward-Looking Statements
This communication may contain forward-looking statements for
purposes of the “safe harbor” provisions under the United States
Private Securities Litigation Reform Act of 1995. Any statements
other than statements of historical fact contained herein are
forward-looking statements. Such forward-looking statements
include, but are not limited to, expectations, hopes, beliefs,
intentions, plans, prospects, financial results or strategies
regarding One Power, the Combined Company and the Proposed
Transaction and the future held by the respective management teams
of TRTL or One Power, the anticipated benefits and the anticipated
timing of the Proposed Transaction, future financial condition and
performance of One Power or the Combined Company)and expected
financial impacts of the Proposed Transaction (including future
revenue, profits, proceeds, pro forma enterprise value and cash
balance), the satisfaction of closing conditions to the Proposed
Transaction, financing transactions, if any, related to the
Proposed Transaction, the level of redemptions by TRTL’s public
shareholders and the expected future performance and market
opportunities of One Power or the Combined Company. These
forward-looking statements generally are identified by the words
“anticipate,” “believe,” “could,” “expect,” “estimate,” “future,”
“intend,” “may,” “might,” “strategy,” “opportunity,” “plan,”
“project,” “possible,” “potential,” “project,” “predict,” “scales,”
“representative of,” “valuation,” “should,” “will,” “would,” “will
be,” “will continue,” “will likely result,” and similar
expressions, but the absence of these words does not mean that a
statement is not forward-looking. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this communication, including,
without limitation: (i) the risk that the Proposed Transaction may
not be completed in a timely manner or at all, which may adversely
affect the price of TRTL’s securities, (ii) the risk that the
Proposed Transaction may not be completed by TRTL’s business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by TRTL,
(iii) the failure to satisfy the conditions to the consummation of
the Proposed Transaction, including the requirements that the
Merger Agreement and the transactions contemplated thereby be
approved by the shareholders of TRTL and by the stockholders of One
Energy, respectively, (iv) the failure to obtain regulatory
approvals and any other third party consents, as applicable, as may
be required to consummate the Proposed Transaction, (v) the
occurrence of any event, change or other circumstance that could
give rise to the termination of the Merger Agreement, or that
redemptions by TRTL public shareholders may exceed expectations,
(vi) the effect of the announcement or pendency of the Proposed
Transaction on One Power's business relationships, operating
results, and business generally, (vii) risks that the Proposed
Transaction disrupts current plans and operations of One Power,
(viii) the outcome of any legal proceedings that may be instituted
against One Energy or against TRTL related to the Merger Agreement
or the Proposed Transaction, (ix) the ability to maintain the
listing of TRTL’s securities on NYSE, (x) changes in the
competitive market in which One Power operates, variations in
performance across competitors, changes in laws and regulations
affecting One Power’s business and changes in the capital structure
of the Combined Company after the Closing, (xi) the ability to
implement business plans, growth, marketplace, customer pipeline
and other expectations after the completion of the Proposed
Transaction, and identify and realize additional opportunities,
(xiii) the potential inability of One Power to achieve its business
and growth plans, (xiv) the ability of One Power to enforce its
current material contracts or to secure long-term or other
committed contracts with new or existing customers on terms
favorable to One Power, (xv) the risk that One Power will need to
raise additional capital to execute its business plans, which may
not be available on acceptable terms or at all; (xvi) the risk that
One Power experiences difficulties in managing its growth and
expanding operations; (xvii) the risk of our cyber security
measures being unable to prevent hacking or disruption to our
customers; and (xviii) the risk of economic downturn, increased
competition, a changing of energy regulatory landscape and related
impacts that could occur in the highly competitive energy market,
including, among other things, that One Power will not meet
milestones for funding its ongoing and future project pipeline. The
foregoing list of factors is not exhaustive. Recipients should
carefully consider such factors and the other risks and
uncertainties described and to be described in the “Risk Factors”
section of TRTL’s initial public offering prospectus filed with the
SEC on July 21, 2021, TRTL’s Annual Report on Form 10-K for the
year ended December 31, 2021, as filed with the SEC on March 24,
2022, TRTL’s Annual Report on Form 10-K for the year ended December
31, 2022, as filed with the SEC on March 22, 2023, and subsequent
periodic reports filed by TRTL with the SEC, the Registration
Statement to be filed by TRTL in connection with the Proposed
Transaction and other documents filed or to be filed by TRTL from
time to time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Recipients are cautioned not to put
undue reliance on forward-looking statements, and neither One
Energy nor TRTL assume any obligation to, nor intend to, update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise, except as required by
law. Neither One Energy nor TRTL gives any assurance that either
One Energy or TRTL, or the Combined Company, will achieve its
expectations.
Information Sources; No Representations
The communication furnished herewith has been prepared for use
by TRTL and One Power in connection with the Proposed Transaction.
The information therein does not purport to be all-inclusive. The
information therein is derived from various internal and external
sources, with all information relating to the business, past
performance, results of operations and financial condition of TRTL
derived entirely from TRTL and all information relating to the
business, past performance, results of operations and financial
condition of One Power, or the Combined Company after the Closing,
are derived entirely from One Energy (referred to herein as “One
Power”). No representation is made as to the reasonableness of the
assumptions made with respect to the information therein, or to the
accuracy or completeness of any projections or modeling or any
other information contained therein. Any data on past performance
or modeling contained therein is not an indication as to future
performance.
No representations or warranties, express or implied, are given
in respect of the communication. To the fullest extent permitted by
law in no circumstances will TRTL or One Energy, or any of their
respective subsidiaries, affiliates, shareholders, representatives,
partners, directors, officers, employees, advisors or agents, be
responsible or liable for any direct, indirect or consequential
loss or loss of profit arising from the use of the this
communication (including without limitation any projections or
models), any omissions, reliance on information contained within
it, or on opinions communicated in relation thereto or otherwise
arising in connection therewith, which information relating in any
way to the operations of One Energy or the prospective operations
of One Power has been derived, directly or indirectly, exclusively
from One Energy and has not been independently verified by TRTL or
any other party. Neither the independent auditors of TRTL nor the
independent auditors of or One Energy audited, reviewed, compiled
or performed any procedures with respect to any projections or
models for the purpose of their inclusion in the communication and,
accordingly, neither of them expressed any opinion or provided any
other form of assurances with respect thereto for the purposes of
the communication.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230921624700/en/
For Investors: John Ragozzino, CFA
ICR, Inc. OneEnergyIR@icrinc.com For
Media: Matt Dallas ICR, Inc. OneEnergyPR@icrinc.com
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