Chesapeake will offer flexible load to grid
operator, bolstering grid reliability, and increasing the safety of
its surrounding community
Voltus, Inc. ("Voltus"), the leading distributed energy resource
(DER) software platform, today announced it has partnered with
Chesapeake Energy Corporation (NASDAQ: CHK) to enroll 10 megawatts
(MW) in the Southwest Power Pool (SPP) Operating Reserves (OR)
market. SPP OR is a fast-response, ancillary services market that
pays businesses like Chesapeake to reduce electricity consumption
in response to a market signal, driving down electricity costs for
neighboring communities, and supporting the reliability of the
electric grid.
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Voltus enrolled Chesapeake's Oklahoma City campus in the program
in June with plans to ramp enrollment through the end of 2022.
Voltus is installing its technology at the campus, enabling
automated market participation while giving Chesapeake’s energy
team visibility into their real-time electricity demand.
“Chesapeake is eager to contribute to the reliability of the
electric grid and the safety of the surrounding community through
this innovative program,” said Kent Hanebaum, Chesapeake's Director
– Corporate Facilities.
“Voltus is giving customers in the region the opportunity to not
only contribute toward a more flexible and resilient grid but tap
into new revenue streams that support economic growth,” explains
Gregg Dixon, Voltus CEO and Co-founder. “Voltus is leading the
industry by turning SPP businesses into valuable operating reserves
resources that can be harnessed in times of need."
Voltus has established a leadership position by enrolling
thousands of megawatts of distributed energy resources in US and
Canadian wholesale electricity markets with its marketplace
software platform that automates the “machine to meter to market to
money” challenges of DER and virtual power plant orchestration. The
Voltus platform automates the real-time scheduling, bidding,
dispatch, call center support, and settlement for every type of
operating reserves DER, including energy storage, distributed
generation, and demand response.
About Chesapeake Energy Corporation
Headquartered in Oklahoma City, Chesapeake Energy Corporation
(NASDAQ:CHK) is powered by dedicated and innovative employees who
are focused on discovering and responsibly developing our leading
positions in top U.S. oil and gas plays. With a goal to achieve
net-zero direct GHG emissions by 2035, Chesapeake is committed to
safely answering the call for affordable, reliable, lower carbon
energy.
About Voltus
Voltus is the leading software 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 third
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, Amendment No. 2 filed
on July 1, 2022 and Amendment No. 3 filed on July 13, 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 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 information contained in this press release
constitutes forward-looking information. The assumptions and
estimates underlying such projected financial 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 financial
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220810005289/en/
Investor Relations J.B. Lowe Investors@Voltus.co
Media Mona Khaldi Press@voltus.co
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