Chevron Technology Ventures invests in Infinitum Electric as part of its low-carbon initiative

Infinitum Electric, a leading motor technology company delivering IoT-enabled electric motors. Company announced a contribution of $100,000 from the Chevron Global Community Fund. Global organizations will work together to accelerate development of cloud-native solutions. A group of Ecuadorian plaintiffs whose litigation against Chevron Corporation has been exposed as a fraud and bribery scheme. Company committed to its advantaged portfolio and long-term value proposition. Company provided an overview of the company’s 2018 operational performance. Company announced today that it has closed a $12.5 million Series B round of financing.

This follows a successful Series A round completed in January. The Canadian decision is the latest in a string of judicial victories in Chevron’s worldwide defense against the Ecuadorian judgment. It named David Inchausti as corporate vice president. Company provided an overview of the company’s 2018 operational performance. Company announced that, under the terms of its previously announced Merger Agreement with Anadarko Petroleum Corporation. The Supreme Court of Canada has rejected a request to review a decision of the Court of Appeal for Ontario. The Ecuadorian judgment previously was found by the international arbitral tribunal and by U.S. courts.

Barbara Burger, President, Chevron Technology Ventures says “Infinitum’s mission aligns well with our goals for the Future Energy Fund”.

Company announced a contribution of $100,000 from the Chevron Global Community Fund to the American Red Cross to support relief efforts. Company also announced the sanction of a waterflood project in the St. Malo field. The Series B round was led by Cottonwood Technology Fund and includes participation from Chevron Technology Ventures. Inchausti will lead Chevron’s accounting, financial reporting and analysis, internal controls. The company earned $14.8 billion last year, compared with $9.2 billion in 2017. Chevron, with operations all around California and 140 years of history in the state, is committed to being a strong and reliable partner.

This application of enabling technology is expected to increase recovery and advance Chevron’s strategy. The purpose of the Future Energy Fund is to invest in breakthrough energy technologies that reflect Chevron’s commitment to lower emission energy sources. In the first quarter of this year, Chevron’s oil-equivalent production of 3.04 million barrels per day. The arbitral tribunal, administered by the Permanent Court of Arbitration in The Hague, issued interim and partial awards in favor of Chevron in 2012. The company will also match any qualifying donations to wildfire relief efforts made by employees and retirees.

Infinitum will leverage the new funds to hire in the areas of research and development, engineering, supply chain. The St. Malo field is a world-class asset that is positioned for highly economic brownfield development. So many people in the state have felt a devastating impact from these fires. Production and it open new global headquarters and manufacturing facility in the Austin. The arbitral awards ordered the Republic of Ecuador to take all measures necessary to suspend. The contribution follows the California Fire Foundation’s announcement last month of a four-year, $2 million partnership.

With six patents in hand and a further 15 pending, Infinitum’s motor technology provides advantages in a wide range of market segments including HVAC. Chevron expects to increase oil and natural gas production by 4 to 7 percent in 2019. The decision by the Supreme Court of the Netherlands upholds the rulings of two Dutch lower courts that rejected the Republic of Ecuador’s attempts. The unique modularity of Infinitum’s motors allows the company to address power ranges from 100HP to 1,000HP and beyond. The highest court in the Netherlands confirmed that Ecuador is required under international law to prevent enforcement.

Chevron is one of the world’s leading integrated energy companies. The waterflood project is Chevron’s first in the deepwater Wilcox trend and is expected to contribute an estimated ultimate recovery. A market that has changed very little since inception more than 100 years ago. The Court of Appeal for Ontario’s decision, which is now final. Chevron urges Ecuador to honor its obligations under international law. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. It will include two new production wells, three new injector wells and topsides injection equipment to the Jack/St. Malo floating production unit.

“Our patented motor technology will completely transform the electric motor market”, said Ben Schuler, CEO, Infinitum Electric.

Last August, the international tribunal in The Hague also found the Republic of Ecuador liable for violating its obligations under international law. Dave’s breadth of experience, including his most recent role as our deputy comptroller, has prepared him well for this important leadership position. The Ecuadorian judgment itself has already been found by U.S. courts and an international tribunal in The Hague to have been obtained through fraud. With this latest round of funding, it well positioned to replace traditional motors with our breakthrough motor technology. The Dutch Supreme Court found that the challenged arbitral awards are consistent with public policy and justified to prevent irreversible harm to Chevron.

It’s resulting in a smaller, smarter and more efficient offering for thousands of end users. It will not make a counterproposal and will allow the four-day match period to expire. Ecuador has been petitioning the Dutch courts for nearly a decade to set aside arbitral awards favorable to Chevron. Since joining Chevron in 1988, Inchausti, 55, has held a number of operational and corporate finance positions around the world. In 2011, the Ecuadorian plaintiffs obtained a $9.5 billion judgment against Chevron in an Ecuadorian court. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels.

Infinitum’s electric motor efficiency exceeds IE5 efficiency, a standard that the industry today considers to be the highest efficiency class. Company pleased that the highest court in Canada has put an end to the plaintiffs’ lawyers’ attempts. These failed efforts to enforce the Ecuadorian judgment were led by adjudicated racketeer and suspended lawyer Steven Donziger. It’s located approximately 280 miles south of New Orleans, La., the St. Malo field has an estimated remaining production life of 30 years. The portfolio of attractive investments is driving production and cash flow growth. It is time for Ecuador to come into compliance with the orders of The Hague tribunal.

In addition, the customizable design of Infinitum’s motors and generators allows for greater optimization than any other electric motor. Ecuador has been in breach of international law by continuing to defy the awards. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Winning in any environment doesn’t mean winning at any cost. Cost and capital discipline always matter. Chevron Corporation has never had any assets in Ecuador. Anadarko will be required to pay Chevron a termination fee of $1 billion. In 2018, Donziger was suspended from practicing law in New York State and Washington.

It’s resulting in up to 25 percent lower costs, up to 60 percent less weight. The company plans to increase its share repurchase rate by 25 percent to $5 billion per year. The plaintiffs’ other attempts to enforce the judgment in jurisdictions around the globe. The tribunal, after hearing the testimony of numerous experts about the environmental conditions in Ecuador. It followed a ruling by a court in Argentina in October 2017. An Argentine appeals court upheld this decision in July 2018, citing a lack of jurisdiction. The court’s decision puts to rest Ecuador’s argument that it needed not comply with the awards pending. It well as superior durability and enhanced IoT connectivity.

Facebook Comments