Voltus prepares portfolio in anticipation of
a projected 5,000 MW shortfall in MISO, while calling on state
regulators and the Federal Energy Regulatory Commission (FERC) to
lift demand response bans
Voltus, Inc. (“Voltus”), the leading DER software platform,
announces today that its nearly 500 MW MISO portfolio is prepared
to help meet anticipated supply shortages this summer. MISO’s
2022/2023 Capacity Auction last month revealed critical gaps in
accredited capacity due to the increase in intermittent generation
and the ongoing retirement of thermal generation across the region.
As a result, customers in seven MISO zones spanning eleven US
states have an increased risk of controlled outages to maintain
system reliability this summer.
"Voltus entered the MISO market in 2016 with the foresight that
demand-side resources would be a necessary backstop as our
electricity grid transitioned from traditional fossil fuel
generation to intermittent renewable sources of energy,” explains
Matthew Plante, President. “The recent auction results reveal that
we’re at a critical juncture where DERs must be leveraged to fill
this gap and ensure the reliability and affordability of our
electricity grid and the safety of our communities moving forward.
Voltus’s portfolio of DERs is ready now to provide critical
electricity grid relief.”
Plante explains that Voltus could be doing even more to help the
electricity grid this summer. “We have been beating this drum for
years: the reliability and affordability of the electric grid and
the well-being of our communities are being jeopardized by
state-level Public Utility Commissions’ (PUC) bans on demand side
resources from participating in these markets. Nine out of the
eleven MISO states that have banned aggregators from delivering all
available demand response - Kentucky, Indiana, Iowa, Michigan,
Minnesota, Missouri, North Dakota, South Dakota, and Wisconsin -
fall within the seven MISO zones most at risk for blackouts and
brownouts.” Plante emphasizes, “Voltus could add an additional
1,000 MWs to its existing MISO portfolio this summer through
existing customer relationships across these states if these bans
are lifted. We are working at all levels to press for the removal
of these bans, thus reducing the likelihood of blackouts that harm
the economy, the environment, and lead to the loss of lives.”
Voltus has been at the forefront of advocating for regulatory
changes at the federal level, urging FERC to pass a Notice of
Proposed Rulemaking (NOPR), which would disabuse state level bans
entirely. Other groups, including the Industrial Energy Consumers
of America (IECA), are also speaking out. Paul Cicio, IECA
President, in Monday’s press release stated, “It is of immediate
importance that FERC issue the NOPR that would reverse the state
demand response Opt Out to avoid high electricity costs and serious
reliability problems as early as this summer. This action will
reduce inflation, electricity costs, and improve reliability.”
Voltus encourages customers across MISO to prepare for this
summer’s potential shortfalls by enrolling in DER programs
immediately. Participating in these programs not only provides an
early warning of pending brownouts and blackouts, but also creates
an additional revenue stream for these businesses. To get started,
email info@voltus.co or register for Voltus’s May 18, 2022 webinar
by clicking here to learn more.
About Voltus
Voltus is the leading software technology platform connecting
distributed energy resources to electricity markets, delivering
less expensive, more reliable, and more sustainable electricity.
Our commercial and industrial customers and DER partners generate
cash by allowing Voltus to maximize the value of their flexible
load, distributed generation, energy storage, energy efficiency,
and electric vehicle resources in these markets. To learn more,
visit www.voltus.co.
On November 30, 2021, Broadscale Acquisition Corp.
("Broadscale") (Nasdaq: SCLE) entered into a definitive agreement
for a business combination with Voltus. The combined company is
expected to be listed on the Nasdaq upon completion of the
transaction. The transaction is expected to occur in the second
quarter of 2022 and is subject to approval by Broadscale's
stockholders, the registration statement being declared effective
by the SEC, and other customary closing conditions.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended, including certain
financial forecasts and projections. All statements other than
statements of historical fact contained in this press release,
including statements as to future results of operations and
financial position, revenue and other metrics, planned products and
services, business strategy and plans, objectives of management for
future operations of Voltus market size and growth opportunities,
competitive position and technological and market trends, are
forward-looking statements. Some of these forward-looking
statements can be identified by the use of forward-looking words,
including “may,” “should,” “expect,” “intend,” “will,” “estimate,”
“anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,”
“could,” “would,” “continue,” “forecast” or the negatives of these
terms or variations of them or similar expressions. All
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
All forward-looking statements are based upon estimates, forecasts
and assumptions that, while considered reasonable by Broadscale and
its management, and Voltus and its management, as the case may be,
are inherently uncertain and many factors may cause the actual
results to differ materially from current expectations which
include, but are not limited to: 1) the occurrence of any event,
change or other circumstance that could give rise to the
termination of the definitive merger agreement with respect to the
business combination; 2) the outcome of any legal proceedings that
may be instituted against Voltus, Broadscale, the combined company
or others following the announcement of the business combination
and any definitive agreements with respect thereto; 3) the
inability to complete the business combination due to the failure
to obtain approval of the stockholders of Broadscale or Voltus, or
to satisfy other conditions to closing the business combination; 4)
changes to the proposed structure of the business combination that
may be required or appropriate as a result of applicable laws or
regulations or as a condition to obtaining regulatory approval of
the business combination; 5) the ability to meet Nasdaq's listing
standards following the consummation of the business combination;
6) the risk that the business combination disrupts current plans
and operations of Voltus as a result of the announcement and
consummation of the business combination; 7) the inability to
recognize the anticipated benefits of the business combination,
which may be affected by, among other things, competition, the
ability of the combined company to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; 8) costs related to the
business combination; 9) changes in applicable laws or regulations;
10) the possibility that Voltus or the combined company may be
adversely affected by other economic, business and/or competitive
factors; 11) Voltus’s estimates of its financial performance; 12)
the risk that the business combination may not be completed in a
timely manner or at all, which may adversely affect the price of
Broadscale’s securities; 13) the risk that the transaction may not
be completed by Broadscale’s business combination deadline and the
potential failure to obtain an extension of the business
combination deadline if sought by Broadscale; 14) the impact of the
novel coronavirus disease pandemic, including any mutations or
variants thereof, and its effect on business and financial
conditions; 15) inability to complete the PIPE investment in
connection with the business combination; and 16) other risks and
uncertainties set forth in the sections entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in
Broadscale’s registration statement on Form S-4 (File No.
333-262287), filed with the SEC on January 21, 2022 and as amended
by Amendment No. 1 filed on March 18, 2022 (collectively, the
“Registration Statement”), and other documents filed by Broadscale
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. Nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward looking statements will be
achieved. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Neither
Broadscale nor Voltus gives any assurance that either Broadscale or
Voltus or the combined company will achieve its expected results.
Neither Broadscale nor Voltus undertakes any duty to update these
forward-looking statements, except as otherwise required by
law.
Use of Projections
This press release may contain financial or operational
forecasts of Voltus. Neither Voltus’s independent auditors, nor the
independent registered public accounting firm of Broadscale,
audited, reviewed, compiled or performed any procedures with
respect to the projections for the purpose of their inclusion in
this press release, and accordingly, neither of them expressed an
opinion or provided any other form of assurance with respect
thereto for the purpose of this press release. These projections
should not be relied upon as being necessarily indicative of future
results. The projected financial and/or operational information
contained in this press release constitutes forward-looking
information. The assumptions and estimates underlying such
projected information are inherently uncertain and are subject to a
wide variety of significant business, economic, competitive and
other risks and uncertainties that could cause actual results to
differ materially from those contained in the prospective financial
information. See “Forward-Looking Statements'' above. Actual
results may differ materially from the results contemplated by the
projected information contained in this press release, and the
inclusion of such information in this press release should not be
regarded as a representation by any person that the results
reflected in such projections will be achieved.
Additional Information and Where to Find It
In connection with the proposed transaction, Broadscale has
filed with the U.S. Securities and Exchange Commission the
Registration Statement, which included a preliminary proxy
statement and a preliminary prospectus. After the Registration
Statement has been declared effective, Broadscale will mail a
definitive proxy statement /prospectus relating to the proposed
transaction to its stockholders as of the record date established
for voting on the proposed transactions. Broadscale’s stockholders
and other interested persons are urged to carefully read the
Registration Statement, including the preliminary proxy statement /
preliminary prospectus, and any amendments thereto, and, when
available, the definitive proxy statement/prospectus and other
documents filed in connection with the proposed transaction, as
these materials contain, or will contain, important information
about the proposed transaction and the parties to the proposed
transaction.
Broadscale’s stockholders and other interested persons will be
able to obtain free copies of the Registration Statement, the
preliminary proxy statement / preliminary prospectus, the
definitive proxy statement/prospectus and all other relevant
documents filed or that will be filed with the SEC, without charge,
when available, at the website maintained by the SEC at
www.sec.gov.
The documents filed by Broadscale with the SEC also may be
obtained free of charge at Broadscale’s website at
https://www.broadscalespac.com or upon written request to 1845
Walnut Street, Suite 1111, Philadelphia, PA 19103.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS
APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PRESS
RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS
COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR
ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY
REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
Participants in the Solicitation
Broadscale and Voltus and their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from Broadscale’s stockholders in
connection with the proposed transactions. Broadscale’s
stockholders and other interested persons may obtain, without
charge, more detailed information regarding the directors and
executive officers of Broadscale listed in the Registration
Statement. Information regarding the persons who may, under SEC
rules, be deemed participants in the solicitation of proxies from
Broadscale’s stockholders in connection with the proposed business
combination is set forth in the Registration Statement.
No Offer or Solicitation
This press release is not intended to and does not constitute an
offer to sell or the solicitation of an offer to buy, sell or
solicit any securities or any proxy, vote or approval, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be deemed to be made
except by means of a prospectus meeting the requirements of Section
10 of the Securities Act.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220517006214/en/
Investor Relations Contact – Voltus John Lowe, VP Investor
Relations Investors@Voltus.co Media Contact – Voltus Matt Dallas,
ICR, Inc. VoltusPR@icrinc.com
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