Geek+, the global leader in AMR technology, is pleased to announce that German third-party logistics provider Bergler Industrieservices has put their faith in Geek+’s Picking and Put-away solution, now fully operational in Bergler’s new logistics center in Erlensee, not far from Germany’s transportation hub, Frankfurt.

  • Geek+ AMRs have allowed Bergler to fully automate picking operations in their highly anticipated logistics center

Bergler’s success is derived from providing top-quality logistics services, including order fulfillment and returns management, for German and international e-commerce actors. To modernize their picking and put-away processes, Bergler opted for Geek+’s P-800 picking AMRs and sophisticated warehouse management system. With the picking process automated, Bergler can leverage their considerable advantages and know-how to offer top-of-the-line service to their clients.

This know-how is based, among other things, on experience from the production sector, allowing Bergler Industrieservices to offer its customers value-added services such as component assembly, quality control, packaging, and much more in addition to handling typical fulfilment tasks.

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The automated order picking system is therefore a great help for the around 40 employees who have been assembling, packing, and shipping a large number of orders for customers of various e-commerce operators every day since moving to the 11 000m2 Erlensee site in 2019. Bergler’s warehouse employees are now front and central in both the inbound and outbound operations and enjoy much more comfortable conditions. The P-800s bring the racks to the operator at the workstation, then return the racks to an optimized position based. This saves countless hours that would otherwise be spent walking through the vast site. 

Saverio Carella, Sales Director DACH at Geek+, said: “We have greatly enjoyed working with Bergler to make this project a reality. Together, we have achieved a modern logistics center that represents the best of what AMR technology and expertise have to offer. Bergler, their employees, and their customers all stand to benefit from this modernization.”

Thanks to the integration of advanced robotics technology, not only is picking faster, more comfortable, and more accurate, but storage density is also much higher, thanks to the AMRs’ low profile and modest space requirements. This allows Bergler more freedom to scale up their operations and expand their business horizons.

Bergler CEO Raimund Bergler said: “The Geek+ robotics solution is something we have been looking forward to for some time now, and we’re thrilled with the results. The picking robots allow us to embark on a new phase in our development and ensure that we continue to guarantee our customers an extremely high level of service.”

Geek+ is once again very proud to have enabled an independent third-party logistics provider to scale up their operations and deliver new levels of quality. The AMR leader stands ready to assist Bergler in making the most of their newly expanded capacities.

About Geek+

Geek+ is a global technology company leading the intelligent logistics revolution. We apply advanced robotics and AI technologies to realize flexible, reliable, and highly efficient solutions for warehouses and supply chain management. Geek+ is trusted by over 500 global industry leaders and has been recognized as the world leader in autonomous mobile robots. Founded in 2015, Geek+ has over 1500 employees, with offices in Germany, the United Kingdom, the United States, Japan, South Korea, Mainland China, Hong Kong SAR, and Singapore. 

For more information, please visit: https://www.geekplus.com/

A.W. Jenkinson Forest Products and A. W. Jenkinson Transport Ltd are pleased to acknowledge the work of the Forest Industry Safety Accord (FISA) being founder members since 2012 when representatives of the Forest industries leading organisations came together to set out the Accord which underlines a commitment from the sector to raise the standard of health and safety in the forestry workplace: www.ukfisa.com

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FISA have just produced a great new online resource for the sector – a Forest Haulage Induction Video which can be viewed here. As the haulage industry currently works through some well documented driver challenges, this is aimed at new entrants who have HGV experience – but who have may not have previously driven in Forest conditions. As well as the obvious timber trucks and walking-floors, this also covers drivers of fuel tankers, low loaders and other materials deliveries. A.W. Jenkinson Transport will use this easily accessed online tool to create a meaningful impact on new entrants and use it as part of their induction process and driver apprentice training.

Mammoet has achieved a major milestone in the development of sustainable heavy lifting and transport – undertaking the replacement of a production vessel at a chemical plant in the Netherlands using purely electric power.  

The Shell facility produces feedstock for a range of everyday applications including medical equipment, car components and cellphones. When a key production vessel needed to be replaced, the customer was keen to look at how this could be done with the lowest possible environmental impact. 

Seeking ways in which new technology can help to reduce – and eventually eradicate - the carbon footprint of projects, Mammoet has explored many possible solutions in recent years. One such focus has been a partnership with Scheuerle to transition its SPMT fleet from diesel to renewable energy.  

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Whilst electric technology is nothing new for domestic vehicles, the sheer force SPMTs are required to deliver in moving heavy items has presented significant barriers to finding an equivalent solution. But thanks to extensive research and testing this has now become a reality.  

The ePPU was used with four axle lines of SPMT operating in an extremely tight area of the existing plant, which meant that there were only a few meters in which to maneuver the existing vessel out and drive the new one into position.  

In fact, space was so limited that not all SPMT lines could be positioned beneath the outgoing vessel, meaning that it needed to be secured above the front two axle lines of SPMT, with the ePPU acting as a counterweight to balance the vessel as it was transported. A crane was then used to remove the old vessel and lower its replacement onto the SPMT in the same position. This was then moved back into place ready to be installed and commissioned.   

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Using the ePPU delivered important benefits for the project. Ludo Mous, Operations Director at Mammoet Europe, explains: 

“The ePPU is a really important step in how we support our customers with decarbonizing projects. But in this case, the benefits were not limited only to a lower carbon footprint. With work taking place in a highly confined area, we would have been highly conscious of the emissions generated by a typical diesel PPU, and would need to carefully manage operatives’ exposure to it. By using an electric model, we removed this issue completely, whilst also creating a much quieter working environment.” 

The successful application of the ePPU here signals just the start of an exciting development for Mammoet and the wider industry. Although there is still work to be done to ensure electric power is sufficient for use in larger scale SPMT projects, the technology is now proven in use and ready to be rolled out across a broader range of work around the world. 

Mous concludes: 

“We were extremely pleased that the ePPU performed as we expected, delivering a low-carbon solution for our customer. We expect demand for it to be high, in particular for projects that are looking for more sustainable options or where exhaust emissions must be kept to a minimum for safety reasons, such as civil projects taking place within tunnels or work inside nuclear facilities.” 

MammoetMammoet helps clients with Smarter, Safer and Stronger solutions to any heavy lifting or transport challenge. We aim to develop long term relationships in order to understand their businesses and challenges best, so we can realize the most efficient and cost-effective approaches. We have a unique global network and an unparalleled fleet of equipment. Through deep and longstanding engineering expertise and the highest quality and safety standards in execution we bring an intelligent and flexible approach to projects across a wide breadth of industry sectors. Clients trust us to help them achieve feats that were once considered impossible, and we have often broken records in doing so.For more information, visit www.mammoet.com

The company ALS Customs Services has automated the processes for customs clearance between the United Kingdom and France. Once the data required for exports and imports has been entered, the Customs Control Tower (CCT) automatically generates the necessary customs declarations on both sides in advance of transport. This enables clients to benefit from crossing the border point as smoothly as possible across the English Channel.

Ever since the United Kingdom left the EU customs union, the customs formalities set by EU and UK laws apply to all goods that are imported from the United Kingdom into the customs territory of the Union or vice versa. It is therefore necessary to obtain preliminary customs clearance for imports at the ports prior to departure for France or the United Kingdom: this is because of the short crossings between Calais and Dover and the infrastructure restrictions at these border crossing points. During the border crossing, the status of pre-declared imports is automatically processed through the French SI Brexit or the British GVMS systems. Based on the regulatory risk assessments, trucks are selected for an inspection at the port or at an inland border facility or for clearance without any further stops. The challenge here is that if the necessary data is not available until late in the supply chain, transit times increase.

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In order to guarantee the shortest transit times, ALS Customs Services has now developed its automated Customs Control Tower. This innovative tool, which has been created by the in-house customs technology team, obtains the required customs data via EDI and connects customers to any of ALS’ local customs systems. “Our vision at ALS is to ensure compliance while offering the smoothest border crossing experience to our customers,” says Richard Revyn, Managing Director ALS Europe. “The automated process guarantees that the data is transferred to our UK and French customs systems and simultaneously generates the appropriate customs entries on both sides – a genuine “Brexit Green Channel”.

As soon as exporters and importers are fully onboarded, transactional customs and shipment data can be processed in each connected country in line with the requirements. Fabrice Raimond, the Managing Director of ALS Douane France, adds, “In order to offer our clients a 24/7 service, we’ve developed an additional function at ALS Douane France so that the French pre-lodged import entry is automatically forwarded to the customer or their haulier. Our focus is increasingly shifting from the transaction work to customer onboarding and compliance checks.”

About ALS Customs Services

Founded in 1989, ALS Customs Services is an AEO and ISO 9001 certified customs expertise company. With a pan-European network present in 20 countries, it offers consulting services and customs formalities for importers and exporters. Its head office is located in Weil am Rhein, Germany, in the border region with France and Switzerland. For more information: https://www.als-cs.com/

LogiMAT, the international trade show for intralogistics solutions and process management, will set new standards from May 31 to June 2, 2022 in Stuttgart. The technology company Continental will also be exhibiting at the largest annual intralogistics trade show in Europe. Under the slogan “Shaping the Future of Intralogistics” the company will showcase pioneering solutions from the fields of Autonomous Mobile Robots (AMR) as well as tires, digital solutions and material handling solutions.

  • In-house-developed autonomous transport vehicle optimizes material transport in production. Volume production planned for 2022 after completion of the trial phase
  • Holistic product range for warehousing and port logistics: Continental presents its current tire portfolio, its digital solutions and its material handling solutions
  • International trade show for intralogistics solutions and process management in Stuttgart from May 31 to June 2, 2022

“As a tire manufacturer, automotive supplier and manufacturer of industrial production solutions, we have a completely unique profile to support the intralogistics industry,” said Mario Branco, head of Business Development Off-Highway at Continental. “We are thus helping the intralogistics industry to quickly and effectively integrate suitable new technologies into their products, thereby significantly increasing value creation.” Employees from all areas of Continental relevant to intralogistics will be welcoming visitors at stand EF 15 in Hall 2.

AMR – an autonomous robot for logistics tasks on the shop floor

Autonomous Mobile Robots transport heavy loads of over one metric ton and increase the efficiency of production and the entire value chain.Autonomous Mobile Robots transport heavy loads of over one metric ton and increase the efficiency of production and the entire value chain.Continental is showcasing a state-of-the-art, autonomously driving transport vehicle developed in-house that further increases efficiency in production operations. This Autonomous Mobile Robot (AMR) automates the flow of materials in production plants, warehouses or logistics centers. The robust vehicle is equipped with proven technologies: lidar sensors for 360-degree detection of the environment, 3D camera systems, intelligent software and an optional ultra-wideband transmitter for precise live tracking of the AMR in the fleet make the robotic vehicle a valuable employee. It independently executes transport orders, can avoid obstacles and calculate alternative routes. An optional fleet management system can coordinate a larger fleet of AMRs.

Continental initially designed the autonomously operating vehicle for its own benefit: Engineers at the technology company could not find a suitable solution on the market to make the material flow and handling of heavy product components at its own plants more efficient. “We developed a customized robotics solution that is currently being integrated very successfully into everyday production at our plants for hydraulic brake systems in Slovakia and China. The intelligent transport robot will also be mass-produced for external customers from this year,” said Pierre Pomper, Head of Autonomous Mobile Robots at Continental .

Heavy-duty timing belts for automated storage and retrieval systems

Future technology for high-rise racking stores: Synchrodrive timing belts are characterized by minimized wear, lower maintenance, and longer change intervals. Photo: LTW Intralogistics GmbHFuture technology for high-rise racking stores: Synchrodrive timing belts are characterized by minimized wear, lower maintenance, and longer change intervals. Photo: LTW Intralogistics GmbHHigh-rise racking stores are the beating heart of many logistics processes. Filling them and removing goods from them effectively is a major challenge that is increasingly being met by automated storage and retrieval systems with belt drives. As key elements in intralogistics processes, they position goods quickly and precisely. Together with a partner, Continental has developed a new drive technology that is based on the block-and-tackle principle and works with a deflected belt drive. Here, a synchrodrive timing belt offers several advantages over the rope technology that is often used: minimal wear, less maintenance, shorter positioning times and longer change intervals. The belt technology does not require any lubrication and has already proven beneficial in series production – under large loads as well as in the low-temperature range at temperatures as low as 30 degrees below zero. Continental makes the compounds needed to produce the corresponding belts in-house.

Continental presents current tire portfolio for logistics and port operations

Increased hygiene requirements: Continental meets these challenges with its non-marking tires, which it is also showing at the trade show.Increased hygiene requirements: Continental meets these challenges with its non-marking tires, which it is also showing at the trade show.Whether the transport of heavy loads is in demand, longer distances have to be covered or automated vehicles in material handling are involved, Continental will be presenting its current tire portfolio for the logistics and port industry and its digital solutions for more efficient tire use at LogiMAT 2022. Driven by the pandemic, hygiene regulations in particular have risen sharply in the pharmaceutical and food industries, and in a wide range of other industries. Continental is meeting these requirements with its non-marking tires, which it will also be showing at the trade show. After all, it is precisely in highly hygienic production conditions that driving and braking marks should be reduced as far as possible. Tires such as the SC20, CS20 and CSEasy as non-marking versions thus visibly contribute to a cleaner and more hygienic working environment.

Continental will also be bringing its new three-brand strategy to life at LogiMAT. Under the Continental, General Tire and Barum brands, Continental offers a customized portfolio of robust solid tires for a variety of industrial applications and customer requirements. Regardless of whether for the highest requirements, such as in 24/7 use, or for areas of application with lower intensities.

Like a bird: ProViu 360 gives a complete surround view of the industrial truck

The ProViu 360 digital camera system offers drivers a bird’s-eye view of their industrial trucks.The ProViu 360 digital camera system offers drivers a bird’s-eye view of their industrial trucks.Drivers of industrial trucks in a warehouse can’t have their eyes everywhere. At the same time, however, accidents must absolutely be avoided. Colleagues walking around on the shop floor need to be protected. Collisions with vertical rack struts can cause extremely serious damage to property. The ProViu 360 digital camera system provides a bird’s eye view of the vehicle and its surroundings. Four 1.3-megapixel cameras supply images in HD resolution, which are displayed on a 10-inch HD touchscreen. In collaboration with OEM customers, Continental’s engineers can develop numerous, even highly specialized solutions based on the ProViu 360 system. Special applications are possible, for example, which are only required in certain models within a portfolio. In addition to various warning functions, the development agenda for engineers and programmers also includes the fusion of camera and radar information and the display of augmented reality content.

A better view of the working environment is also provided by Continental’s new work lights for industrial trucks. All major applications are covered by the four variants – Spot, Wide, Ultra-wide and Flood. Their aluminum housings are designed for off-road use and are appropriately protected against water and dust ingress in accordance with the IP6K8 standard. The lights withstand temperatures from -40 °C to +90 °C and are protected against strong vibrations. Their flexible mounting system enables retrofitting at many different positions on the industrial trucks.

Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation. In 2021, Continental generated sales of €33.8 billion and currently employs more than 190,000 people in 58 countries and markets. On October 8, 2021, the company celebrated its 150th anniversary.

Dimerco, a world-leading logistics and freight transportation company, has expanded its US freight forwarding network to Phoenix with the completion of its investment in Phoenix-based BC Logistics.

The new joint venture, is the latest in Dimerco’s continuing expansion of its US freight forwarding network, which now includes 19 offices in major markets, coast to coast. Globally, Dimerco has 166 company-owned forwarding offices in 17 countries, supplemented by 200 partner agents and 80+ contract logistics operations. 

2022 03 01 081306Founded in 2001, BC Logistics has provided global and domestic transportation services for companies in the semiconductor, power/energy, healthcare, and other industries requiring time-critical, service sensitive shipments. The new joint venture will supplement BC Logistics’ superb local market knowledge and transportation expertise with Dimerco’s global capabilities to provide customers with worldwide logistics solutions from a single source.

Arizona has become a very important logistics hub as its population and business base has grown. Phoenix is now the fifth-largest city in the U.S and Arizona has become an epicenter for technology manufacturing in the Southwest, with corporations attracted by the state’s business-friendly tax structure, knowledge-based workforce, and favorable weather. BC Logistics will capitalize on this growth to expand business across a wide range of services, including air & ocean freight, domestic air & ground, logistics planning, warehousing, crating & package, asset recovery/white glove services, and time-definite courier service.

About Dimerco

Founded in Taipei in 1971, Dimerco is a global third-party logistics company (3PL) that integrates air and ocean freight, trade compliance and contract logistics services to make global supply chains more effective and efficient. The company is strategically focused on global shipping projects that connect Asia’s logistics and manufacturing hubs with each other and with North America and Europe. Dimerco connects Asia with the world like no other global 3PL.

About BC Logistics

Founded in 2001 by Vicki Boisjolie and Jeff Carlson, BC Logistics is an asset-based global transportation provider that provides individualized transportation and storage solutions to customers, 24 hours a day, seven days a week. The company is a woman-owned business and a member of the Women’s Business Enterprise National Council.

The Swedish company Echandia, a leading developer of battery systems for maritime electrification, expands in the Norwegian market through the appointment of industry veteran Roy Storeng to lead the business development for Echandia in Norway. Roy has an extensive background from the maritime and transport industry in Norway and abroad.

Echandia is a leading developer of zero-emission energy solutions for heavy-duty maritime electrification. Echandia has customers in Europe, Asia, and Oceania, including Cochin Shipyards, building the world's largest fleet of electric ferries in Kochi, India, and the major global shipyard Damen Shipyard in the Netherlands.

Roy StorengRoy StorengThe appointment of Roy Storeng to lead business development for Echandia in Norway marks an important milestone for Echandia on its continued growth journey.

Norway is a front-runner in maritime electrification. Of the total number of fully electrified vessels globally, as much as 36 percent is operating Norwegian waterways with no other countries coming close. As such, Norway is an important market and will continue to lead the way on the path to a zero-emission global fleet.  

Roy brings extensive experience from the maritime industry, with leading business development positions at Wärtsilä, GE Transportation and Bertel O. Steen.

"We are pleased to welcome Roy to the Echandia team. Entering Norway is an important milestone for Echandia. Norway is an important shipping country with a rapidly growing market for electrification in the maritime sector. With Roy in charge of our expansion, we are in a great position to establish our presence and meet the demands on this market", says Magnus Eriksson, CEO and founder of Echandia.

"Cutting emissions in the maritime sector is one of the transport industry’s greatest challenges. Echandia is lowering the environmental footprint within the sector by providing world class technology in battery and fuel cell systems for maritime applications.  I look forward to joining the Echandia team, and to contribute with my experience and expertise to develop Echandia’s solutions for a sustainable transport industry”, says Roy Storeng.

About Echandia

Echandia Group AB is leading the development of maritime electrification, with zero-emission energy solutions for maritime and industrial applications. Echandia delivers heavy-duty battery and fuel-cell systems and proprietary, lightweight battery racks and system architecture for complex and demanding environments. Echandia is based in Stockholm Sweden.

Combined marine and land transport offering creates solid foundation for project market logistics in the Middle East.

The complexity of moving heavy cargo, sourced globally for projects, requires a partner with a combination of readily available resources for both marine and onshore transports and the expertise to overcome logistical obstacles and bottlenecks.

Specialized knowledge can be very beneficial, particularly in large and complicated projects, since experts in various specialties can provide valuable services. However, this often involves contracting various independent suppliers, each responsible for only their own part in the logistics chain. Excessive costs and delays can result from poor coordination and communication between these specialists.

Hence, project owners, EPCs and freight forwarders can benefit from working with service provider partnerships, such as the alliance between marine transport specialist - OFCO, Offshore International, and onshore transport and installation specialist Mammoet. Each organization’s expertise and resources are combined, and a single point of contact for communications ensures the alignment and optimization of logistics and installation schedules.

Double banking operation and marine transport for a power plant in SharjahDouble banking operation and marine transport for a power plant in Sharjah

A recent example of turnkey logistical solutions was the swift delivery of a critical project cargo for a power plant in Sharjah, UAE. Two 140t transformers needed to be received from a container vessel in Jebel Ali Port and then transported to the site in Sharjah for further installation.

Following comprehensive risk assessment and engineering, the team proposed receiving the cargo via a double banking operation and marine transport to Sharjah’s Khalid Port. The cargo was efficiently discharged by a floating crane onto a landing craft provided by the alliance and then transported to Khalid Port. The transformers were then offloaded using a RORO method using self-propelled modular trailers, before being safely transported to the site. Once on site they were installed using a jacking and skidding method.

Marine Operations Manager at Mammoet MEA, Harshad Deshpande, commented: “By involving the alliance in the logistics of the power plant components, the customer took advantage of the increased flexibility for the cargo move, both marine and onshore, thereby saving time and additional costs such as port charges and double handling of the cargo.”

Captain Maktoum Al Houqani, Chief Corporate Authority Officer and Acting Head of Maritime Cluster at AD Ports Group, and Chairman of OFCO – Offshore International said “The recent success of the delivery of critical project cargo intended for a power plant in Sharjah serves as a prime example of how service provider partnerships, such as the one held today between OFCO and Mammoet, can facilitate highly specialised and complex projects combining logistical transport solutions across both land and sea.
“We look forward to the continuation of our collaboration, which combines the long-standing expertise and resources of both organisations, to deliver a unique and competitive offering for customers seeking a robust end-to-end solution to meet their logistical needs.”

Loadout and marine transport in Dammam, Saudi ArabiaLoadout and marine transport in Dammam, Saudi Arabia

Other examples of successful and streamlined logistics include the loadout and marine transport of critical boiler components from Mina Zayed Port to Ruwais; the delivery of nearly 40 components from Khalifa and Ras Al Khaimah ports to Das Island for an ongoing expansion project and the delivery of two 94t storage tanks from Mina Zayed Port to ICADII jetty in Abu Dhabi.

“The vision for our partnership was to create a unique offering and a real value for our customers in the GCC. By engaging us, the customers benefit from our optimized planning and operations, in-house assets, expertise and engineering know-how. Reduced interface management within the logistics chain of projects give our customers the required peace of mind to concentrate their energies towards their business goals.” commented Thomas Wylie, Sales Director - Projects, Mammoet MEA.

“With the recent major project awards in the region, we are well positioned to provide the complete package of heavy lifting and transportation services, both onshore and offshore, from local ports to foundation, thereby advancing our continuous pursuit to help our clients speed up productivity.” he concluded.  

About OFCO, Offshore International
Unveiled under the umbrella of Abu Dhabi Ports at the start of 2021, OFCO – Offshore International is one of the largest cost-efficient providers of onshore and offshore integrated logistics solutions and subsea services in the GCC.
Combining the long-standing maritime expertise of SAFEEN with AMLS’ diversified fleet and experience in offshore logistics and supply chain management, the company’s “one-stop-shop” offering is ideally suited to meet the complex logistical requirements of customers within the oil and gas, energy, and offshore markets.

About Mammoet Middle East
Launching a regional head office in the UAE along with the branch offices in Saudi Arabia, Qatar, Bahrain and Oman back in 1974, Mammoet has been delivering efficient and cost-effective solutions for engineered heavy lifting and transportation projects across the Middle East for almost 50 years, supporting numerous projects across a multitude of industry segments including the offshore, power, oil and gas and civil industries. Its acquisition of ALE in 2020 created the world’s largest global provider of engineered heavy lifting and transport services.

Chevron U.S.A. Inc. (Chevron), a subsidiary of Chevron Corporation (NYSE: CVX), and Iwatani Corporation of America (ICA), a wholly owned subsidiary company of Iwatani Corporation (TYO: 8088), have just announced an agreement to co-develop and construct 30 hydrogen fueling sites in California by 2026.

As part of the agreement, Chevron plans to fund construction of the sites, which are expected to be located at Chevron-branded retail locations across the state. The stations will initially fuel light-duty vehicles while retaining the flexibility to service heavy-duty vehicles over the long term. Iwatani will operate and maintain the hydrogen fueling sites and provide hydrogen supply and transportation logistics services. Chevron plans to supply a portion of the fueling sites with excess hydrogen production capacity at its Richmond Refinery and future hydrogen production from pilot projects in Northern California.

Chevron logo 2020“Chevron believes that hydrogen has the potential to assist in lowering the carbon emissions of the transportation sector and other hard-to-decarbonize industries,” said Andy Walz, president of Americas Fuels & Lubricants for Chevron. “We are excited to work with Iwatani to advance the entire hydrogen transportation value chain from production to consumer purchase in order to help our customers lower their lifecycle transportation carbon intensities.”

“This extensive collaboration between Iwatani and Chevron demonstrates our shared vision and commitment to support the decarbonization of transportation,” said Joseph S. Cappello, chairman and CEO of Iwatani Corporation of America. “Together, Chevron and Iwatani will establish one of the most robust, vertically integrated supply and infrastructure ecosystems in California and is a model that can be replicated to other markets.”

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

About Iwatani

Since 1941, Iwatani has regarded hydrogen as the ultimate clean energy source and has consistently engaged in initiatives to encourage its widespread use. Under the corporate slogan “A world where all enjoy true comfort – this is Iwatani’s desire,” Iwatani strives to solve environmental concerns with the aim of achieving a carbon- free society through the use of hydrogen.

Iwatani is Japan’s only fully integrated supplier of hydrogen and presently supplies its extensive base of light and heavy-duty hydrogen refueling stations and industrial customers via five liquid and ten gaseous hydrogen production plants throughout the country. Leveraging its parent company’s expertise, Iwatani Corporation of America (ICA) has embarked on an ambitious growth program to establish a vertically integrated hydrogen business in the US, which includes hydrogen supply, distribution and logistics services as well as operations & maintenance services to hydrogen refueling station owners. ICA also owns and operates a growing network of Iwatani-branded hydrogen refueling stations in California.

Iwatani Corporation of America has headquarters offices in Houston, Texas and Santa Clara, California.

Thursday, 24 February 2022 17:58

Turmoil as Russia Invades Ukraine

Massive risk-aversion is sweeping through financial markets on Thursday in response to Russia's invasion of Ukraine.

The Russian offensive started in the early hours of the morning in Europe and has been occurring across the country. The mood turned increasingly negative as the morning progressed, with headlines and images displaying the atrocities taking place in Ukraine.

2022 02 24 180038The knee-jerk reaction has been severe across the board and with the situation deteriorating by the hour, we could see further risk-aversion over the coming days. There remains huge uncertainty about how far Russia will go in Ukraine and what the knock-on effects will be across the globe, which could continue to weigh heavily on risk appetite.

This comes at a time when the global economy was already facing numerous challenges as it emerges from the pandemic. There will no doubt be consequences for the global economy, with recent moves in the oil and gas market compounding those pressures that were already being felt by households and businesses this year.

It also creates enormous uncertainty for central banks around the world as, on the one hand, higher oil and gas prices will intensify the inflationary pressures that they're already trying to fight with rate hikes. But on the other hand, if they suppress economic activity and weigh on demand, it could help alleviate some of those pressures they're most concerned about.

As it stands, we're not seeing any massive shift in interest rate expectations but that could change if energy prices continue to rise in response to the Kremlin's actions in Ukraine. In many ways, Russia has passed the point of no return as painful economic sanctions are coming. Just how painful that will be for them and the rest of the world is still to be determined.

Oil above $100 and could keep going

Oil prices are soaring in response to the Russian invasion of Ukraine as traders are forced to price in sizeable risk premiums associated with the conflict. The market is already extremely tight and unable to easily contend with supply issues and, barring a shift in approach from certain producers with excess capacity, that's not going to change.

With oil prices well above $100 - up around 7% on the day - and gas prices surging once more, the question becomes just how far they will go. There's enormous uncertainty around how bad the situation will become in Ukraine and what impact that will have on supplies of oil and gas. The knee-jerk reaction has been strong and we could see prices settle if no further major escalations occur. Unfortunately, that's a massive "if" given how today has progressed.

Gold could eye highs after the invasion

Gold prices are spiking as traders are drawn to the traditional safe haven in these turbulent times. The conflict in Ukraine brings enormous uncertainty which strengthens gold's appeal as both a safe haven and an inflation hedge. The price has already hit its highest level since September 2020 and could have further levels in its sights.

The next big test will be $2,000, where it has only traded above briefly in August 2020, hitting a high that month around $2,072. The worse the situation becomes in Ukraine, the more likely it is that we'll see those levels once more.

By Craig Erlam, Senior Market Analyst, UK & EMEA, OANDA

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