Month: March 2023

March 31, 2023 /3BL Media/ – CNH Industrial announces that it has entered into an agreement to purchase Hemisphere GNSS (Hemisphere), a global leader in high-performance satellite positioning technology, currently owned by Unistrong, a company incorporated in the People’s Republic of China. This acquisition is a critical step that advances our automated and autonomous solutions for Agriculture and Construction. Combined with our Raven Brand’s capabilities, this development gives us full control of our precision and navigation technologies.

“This move enhances our automation and autonomy tech stack and broadens our talent pool,” said Marc Kermisch, Chief Digital & Information Officer at CNH Industrial. “Having Hemisphere’s technology in-house will enable us to accelerate a broad range of our precision technology programs, providing our customers with immediate productivity-enhancing solutions. It will also increase the long-term competitiveness and flexibility of our agriculture and construction portfolio.”

Hemisphere’s proprietary Global Navigation Satellite System (GNSS) solutions provide pinpoint accuracy for the agriculture, construction, mining and marine industries. The company designs Electronic Systems and Software solutions. Their core technology capabilities include application-specific integrated circuit chips, circuit boards, Radio Frequency signal processing, navigation algorithms and Satellite-Based Correction designs. It will continue to operate as a standalone business via operations in the USA, Canada and Australia.

Hemisphere’s expertise and network will be integrated into our Brands’ products and services. This combination of technology and product will contribute to providing customers with a superior user experience in the field and on the job site.

“Our team is excited to combine resources and talent with CNH Industrial. This enables us to further enhance our technology and product development in core GNSS, agriculture, construction, marine and machine control markets, and to directly integrate our technology with CNH Industrial’s world class equipment,” said Farlin Halsey, President and CEO at Hemisphere GNSS.

Consideration for the acquisition is preliminarily determined at $175 million, free of cash and debt, and subject to customary adjustments. It will be funded with available cash on hand. Closing is expected to occur within the third quarter of 2023, subject to the satisfactory completion of all required closing conditions including Unistrong’s shareholders’ approval, and all mandatory regulatory approvals, including those required by the applicable laws and regulations of the People’s Republic of China.

View the full Press Release here

March 31, 2023 /3BL Media/ – Ceres applauds the Biden administration and the U.S. Environmental Protection Agency for taking decisive action to accelerate the growth of clean truck sales in states across the country, which will increase access to cutting-edge vehicles that companies want, improve air quality in highly polluted communities, and help businesses, states, and the nation meet their climate goals.

The EPA today granted a waiver for California to implement the Advanced Clean Trucks rule, an ambitious new standard for medium- and heavy-duty vehicles, such as commercial vans and large trucks. By granting the waiver to California, the EPA has also paved the way for the rule’s implementation in the six additional states that have adopted it: Massachusetts, New Jersey, New York, Oregon, Vermont, and Washington. Several other states are considering the policy, with Colorado and North Carolina each having begun the rule making process.

“Companies and state leaders are eager to get more zero-emission trucks on the road and reduce dangerous pollution that endangers people’s health,” said Alli Gold Roberts, senior director of state policy at Ceres. “We applaud the EPA for approving California’s Advanced Clean Trucks rule. This policy is a key tool to grow the clean truck market by accelerating zero emission vehicle production and ensuring companies can access the vehicles they want and need to reduce their fuel and maintenance costs.”

The Advanced Clean Trucks rule is designed to increase production of electric and other zero-emission trucks by requiring steadily growing sales over time. Under the Clean Air Act, California has the right to set more ambitious vehicle standards than the federal government, and other states are allowed to adopt them as well.

The EPA is still considering whether to grant California a waiver for the Heavy-Duty Omnibus Low NOx regulation, which is designed to reduce dangerous smog-forming nitrogen oxide pollution from new diesel-powered trucks by 90%. The California Air Resources Board requested additional time before EPA acts on the request, and Ceres remains hopeful the waiver for this critical rule will be granted.

Ceres, a nonprofit that works with companies and investors to address sustainability issues, has been a leading champion for policies that support the transition to clean trucks and has helped organize leading companies to advocate for supportive policies, including:

In 2020, major companies voiced their support for a memorandum of understanding that has now been signed by 15 states, committing to adopting policies that accelerate the growth of the market.More than 70 companies and investors — including Etsy, IKEA, and Siemens — called for the ACT rule’s widespread adoption in 2021; the number of signatories has since grown to more than 85.Nearly three dozen companies — including Panasonic, Rivian, and Tesla — called on the EPA to approve the waivers for California’s suite of standards in a letter to agency officials last year.

“These policies will foster globally competitive components, vehicle, and infrastructure industries in the United States and will provide savings to fleets and companies like ours that use medium- and heavy-duty vehicles in their business,” the companies wrote in their letter urging EPA to approve the waivers.

About Ceres

Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.

Media Contact: Helen Booth-Tobin