Month: February 2024

CBRE

Key Takeaways

Demand for EVs is increasing the need for manufacturing facilities, assembly plants and distribution centers across North America.Tax incentives and government grants and subsidies are being offered to encourage the expansion of EV operations and investment in new facilities.EV manufacturing facilities require unique specifications, features and geographies.Demand for power and specialized technicians is expected to outpace supply, which could constrain the industry’s growth. Meeting corporate decarbonization commitments amid supply chain strain is another challenge.

Introduction

EVs are now more popular than ever, with significant growth still ahead. There are over 3 million EVs on U.S. roads today and 26 million are projected by 2030, according to the Edison Electric Institute (EEI). EVs accounted for 7.2% of U.S. new car sales in Q2 2023, up from 5.7% a year earlier. Domestically, the industry is projected to generate US$77.7 billion in revenue this year and grow 18% per year to approximately US$177.2 billion by 2028, according to Statista Market Insights.

Multiple factors are driving this EV demand surge:

Environmental Benefits:

Pure electric cars do not directly produce carbon dioxide emissions, greatly reducing air pollution. Two-thirds of Americans want to reduce their impact on climate change and nearly three-quarters want to use less gasoline, according to a 2023 survey by the Energy Policy Institute at the University of Chicago.

Availability and Affordability:

On average, EVs cost less than traditional gasoline vehicles, considering purchase price minus resale price, fuel, insurance, taxes, fees, maintenance and repairs. Federal tax credits for certain vehicle models often provide further cost savings.

U.S. Government Policies and Incentives:

The federal government set the goal of zero-emissions by 2030 for half of all new vehicles sold domestically.The Clean Vehicle Rebate Program offers up to US$7,500 for qualifying EVs. This program began April 2023.The 12% federal excise tax on zero-emission trucks has been suspended, as a purchase incentive.The State of California’s Advanced Clean Cars II rule mandates that all new cars and light trucks sold in the state will be 100% zero-emission vehicles by 2035. It is the U.S.’s leading state for EV and plug-in hybrid registrations per thousand people.

EV Production Rises to Meet Demand

Automotive Manufacturer Landscape

There were 94 Original Equipment Manufacturer plants producing automobiles and trucks across North America at the end of 2022. There were 55 plants in the U.S., 30 in Mexico and nine in Canada.

Traditional major automotive manufacturers such as Ford, General Motors and Hyundai are increasing EV production. However, Tesla produces the most EVs in the U.S., having delivered a record of more than 466,000 EVs in Q2 2023.

Other notable EV automakers include the publicly traded California-based firms Rivian and Lucid Motors. Rivian, founded in 2009, recently announced Q2 2023 production volume set a company record, at nearly 13,000 EVs. The company is pacing to produce 50,000 vehicles by year-end. Lucid Motors, a luxury EV manufacturer founded in 2007, plans to build its first overseas manufacturing plant in Saudi Arabia. The Saudi government, an investor, committed to purchase up to 100,000 Lucid automobiles over the next 10 years.

Investments in EV Manufacturing

Vehicles

Most major automotive manufacturers are now developing EVs and ramping up production with multi-billion dollar EV facility investments throughout the U.S. As of May 2023, there were nine Ford EV facilities collectively valued at US$18.7 billion and 11 General Motors EV plants collectively valued at US$14.6 billion under construction. Many EV plants are located in the South: Alabama, Georgia, Kentucky, North Carolina, South Carolina and Tennessee are home to over US$64 billion of EV development investments. The Midwest has projects valued at about US$33 billion, under construction in Indiana, Michigan and Ohio. The construction of these plants creates the need for nearby distribution centers to store and distribute automobile components.

Charging stations

In Q2 2023, BMW, GM, Hyundai, Kia, Mercedez-Benz and Stellantis announced a joint investment of at least US$1 billion to build nearly 30,000 fast EV chargers on major highways and other areas across the U.S. and Canada over the next few years. Currently, there are about 54,600 charging stations in the U.S. and about 20,900 in Canada.Siemens opened its second U.S. EV charging manufacturing hub in Dallas-Ft. Worth this year. The company plans to produce one million EV chargers to support the U.S.As of August 2023, the most Alternative Fueling Stations (AFSCs) are in California, at just under 15,000 public stations, according to the U.S. Department of Energy. New York has the second most, with nearly 3,500, and Texas is in third with close to 2,700.

Batteries

Panasonic is investing approximately US$4 billion in its lithium-ion battery plant under construction in DeSoto, Kansas. Completion is scheduled for early 2025.Ford will invest US$3.5 billion in a 2.5 million sq. ft. EV battery manufacturing plant in Marshall, Michigan. The lithium iron phosphate battery plant will employ roughly 2,500 employees and is scheduled to be operational by 2026.

Semiconductors

Semiconductors are used in many electronic devices, including EVs. They power numerous electric mechanisms in the EV manufacturing process by controlling the flow of electricity and providing conductivity changes based on the environment. Companies such as U.S.-based Micron are investing up to US$100 billion for a new megafab in Clay, New York to build the U.S.’s largest-ever semiconductor fabrication facility. The microchip factory would aid in components for EVs and other chip-related industries.Taiwan Semiconductor Manufacturing Company (TSMC) made a substantial investment of US$40 billion to construct two semiconductor fabrication plants in Central Arizona.

U.S. Leasing Activity

While many EV manufacturing plants are owner-occupied, EV industry growth has resulted in more leasing activity for specialized manufacturing and distribution centers. In the U.S., the leasing has typically been bulk lease transactions (100,000 sq. ft. or more). Bulk lease transactions comprise 7 million sq. ft. of the 7.9 million sq. ft. of EV-occupied space leased in H1 2023, representing 163% year-over-year growth.

There are 15 markets where over one million sq. ft. of industrial space was leased to EV occupiers in the last five years. These deals total 28 million sq. ft., representing 73% of all EV leasing deals over this time period. The top five markets were Chicago (3.6 million sq. ft.), Detroit (3.1 million sq. ft.), Central Valley (2.5 million sq. ft.), Silicon Valley (2.4 million sq. ft.) and Memphis (2.3 million sq. ft.).

Mexico and Canada Nearshoring

Mexico

Mexico’s manufacturing and logistics facility construction and leasing activity is significantly growing due to the nearshoring of automotive manufacturing to the country. There is 40 million sq. ft. of industrial space under construction, representing 22% growth over the past year. A record-high 27.2 million sq. ft. was leased during H1 2023, with 3.1 million sq. ft. (17%) leased to automotive companies. CBRE forecasts that, as of Q2 2023, industrial tenants are seeking to lease 16.85 million sq. ft. of space, with automotive companies comprising 43.1% of this demand.

Even more automotive companies are expanding or coming to Mexico due to affordable labor availability, proximity to the U.S. border and a broad supplier base.

Select Mexico major projects:

Tesla announced it will build its sixth Gigafactory in Nuevo León (Monterrey), a key port for commercial trade between northeastern Mexico and the U.S. The 3.5 million sq. ft. facility will be Tesla’s first location in Mexico.Toyota plans to invest US$328 million in its Guanajuato production plant to begin manufacturing hybrid Tacoma trucks. The company’s total investment in this facility will increase to US$1.2 billion. The Japanese automaker has operated in Mexico for over 20 years.Markets such as Saltillo, Mexico are also greatly benefiting from the new construction activity, as more automotive industry occupiers enter its region.Other major companies expanding in Mexico include Molex in Guadalajara and Ford in Mexico City.

Canada

The Canadian government has shown its commitment to the Canadian EV industry with record capital contributions and subsidies. The country aims to achieve 20% zero-emission light-duty vehicle sales by 2026, 60% by 2030 and 100% by 2035. Many existing Canadian auto manufacturing plants are being revamped for EV production. Canada has direct access to most of the critical natural resources required for EV battery manufacturing, making its location even more desirable. New EV registrations increased by 396% over the last five years across Canada’s seven main provinces, while gasoline-powered vehicles declined by 36%.

As highlighted in CBRE’s report on Southwestern Ontario, the market has a long legacy as an automotive manufacturing and supply chain hub. Its regional industry growth continues with investments in EVs.

Select Canada major projects:

Stellantis and LG Energy Solution are constructing a C$5 billion (US$3.8 billion) EV battery plant manufacturing facility in Ontario, set to produce over 45 gigawatt hours (GWh) of battery capacity each year. The project is scheduled to deliver in 2024.Windsor, Ontario is home to two Ford engine plants. The company plans to invest C$1.8 billion (US$1.3 billion) towards retooling its Oakville Assembly Complex to build EVs by 2025.Volkswagen pledged C$7 billion (US$5.2 billion) to build a 370-acre EV battery plant in St. Thomas, Ontario, with government capital contributions totaling C$1.2 billion (US$897,300) and subsidies totaling up to C$13 billion (US$9.7 billion) over the next decade.The first all-EV manufacturing facility in Ontario was developed in late 2022 for General Motors.

Charging Ahead: Four EV Challenges to Consider

1. Adequate Power Availability
Modern EV vehicle and battery manufacturing is extremely power-intensive. EV manufacturing facilities have unique infrastructure requirements, including high-voltage power supply, battery assembly lines, charging foundation installation capabilities and advanced robotics and automation systems. All of these elements rely on stabilized energy flow and accessibility to power, which is key to the sector’s continued robust growth.

2. Labor Force & EV Training
Growing EV demand is fueling the need for more electrical engineers and technicians with EV-specialized training. These talents are essential for designing, developing and manufacturing EVs and their components such as motors and batteries. Today, there are approximately 194,000 EV-specialized engineers but 200,000 will be needed by 2027. This is the industry’s most in-demand job. The total industry labor force is expected to grow by over 27,000 by 2027.

Meeting this labor demand may be challenged by demographics. Many aging workers may not be able to adapt to the new skills and requirements of EV manufacturing. Robust training and education initiatives will be critical to address this headwind.

3. The Need to Retool Infrastructure
The passage of the Inflation Reduction Act and the CHIPS Act increased the country’s investment in domestic energy production and manufacturing, to meet the federal mandate of reducing carbon emissions by roughly 40% by 2030. Corporations have announced new plans to locate manufacturing facilities across the country. A typical project can take three to five years from planning to being fully operational, with the bulk of construction time spent on utility installation.

Facility design may need to be retooled in order to accommodate the unique requirements of EV-related operations, as seen in many Canadian facilities. This can include considerations such as adequate space for charging infrastructure, battery storage, maintenance as well as accommodating increased electrical capacity and energy demands.

4. Supply Chain Pressures
Manufacturing EVs requires a fluid supply chain for sourcing key raw materials such as lithium, cobalt and rare earth metals. Half of the world’s cobalt originates from the Democratic Republic of Congo. Bolivia, Chile and Argentina contain three-fourths of the world’s lithium, according to Energyx. Two-thirds of this raw material is processed in China. According to Statista, revenue in the EV market is projected to reach US$70 billion in 2023 and is expected to grow 18% annually, resulting in a projected market volume of US$162 billion by 2028. This expanded goal will add pressure to mine, transport and refine these materials faster than ever before, further straining the supply chain.

Outlook

EVs will become mainstream as their affordability and environmental benefits win over more consumers, with an assist from improved infrastructure and government incentives. Rising demand for EV vehicles, batteries, other components and charging stations will require strategically located distribution centers, manufacturing space equipped with advanced machinery, fast-charging station compatibility and proximity to renewable energy sources. Industrial real estate demand trends will be more concentrated in the U.S.’s Midwest and Southeast regions due to logistical, economic and labor market advantages. California will see solid demand, given its close relationship with top EV companies. Texas is also well-positioned in the EV industry due to its proximity to the U.S.-Mexico border and hosting Tesla’s headquarters in Austin. These regions will enjoy more economic and employment opportunities related to charging infrastructure deployment, battery development and software engineering. These factors will shape the industrial landscape and influence occupier and investor decision-making for the foreseeable future.

About CBRE EV Solutions:

CBRE’s new global service line advises clients on establishing their EV charging infrastructure, including EV-charging strategy, identifying locations for charging sites, planning and installation of EV-charging infrastructure and providing overall program management and ongoing maintenance.

CBRE

Key Takeaways

Demand for EVs is increasing the need for manufacturing facilities, assembly plants and distribution centers across North America.Tax incentives and government grants and subsidies are being offered to encourage the expansion of EV operations and investment in new facilities.EV manufacturing facilities require unique specifications, features and geographies.Demand for power and specialized technicians is expected to outpace supply, which could constrain the industry’s growth. Meeting corporate decarbonization commitments amid supply chain strain is another challenge.

Introduction

EVs are now more popular than ever, with significant growth still ahead. There are over 3 million EVs on U.S. roads today and 26 million are projected by 2030, according to the Edison Electric Institute (EEI). EVs accounted for 7.2% of U.S. new car sales in Q2 2023, up from 5.7% a year earlier. Domestically, the industry is projected to generate US$77.7 billion in revenue this year and grow 18% per year to approximately US$177.2 billion by 2028, according to Statista Market Insights.

Multiple factors are driving this EV demand surge:

Environmental Benefits:

Pure electric cars do not directly produce carbon dioxide emissions, greatly reducing air pollution. Two-thirds of Americans want to reduce their impact on climate change and nearly three-quarters want to use less gasoline, according to a 2023 survey by the Energy Policy Institute at the University of Chicago.

Availability and Affordability:

On average, EVs cost less than traditional gasoline vehicles, considering purchase price minus resale price, fuel, insurance, taxes, fees, maintenance and repairs. Federal tax credits for certain vehicle models often provide further cost savings.

U.S. Government Policies and Incentives:

The federal government set the goal of zero-emissions by 2030 for half of all new vehicles sold domestically.The Clean Vehicle Rebate Program offers up to US$7,500 for qualifying EVs. This program began April 2023.The 12% federal excise tax on zero-emission trucks has been suspended, as a purchase incentive.The State of California’s Advanced Clean Cars II rule mandates that all new cars and light trucks sold in the state will be 100% zero-emission vehicles by 2035. It is the U.S.’s leading state for EV and plug-in hybrid registrations per thousand people.

EV Production Rises to Meet Demand

Automotive Manufacturer Landscape

There were 94 Original Equipment Manufacturer plants producing automobiles and trucks across North America at the end of 2022. There were 55 plants in the U.S., 30 in Mexico and nine in Canada.

Traditional major automotive manufacturers such as Ford, General Motors and Hyundai are increasing EV production. However, Tesla produces the most EVs in the U.S., having delivered a record of more than 466,000 EVs in Q2 2023.

Other notable EV automakers include the publicly traded California-based firms Rivian and Lucid Motors. Rivian, founded in 2009, recently announced Q2 2023 production volume set a company record, at nearly 13,000 EVs. The company is pacing to produce 50,000 vehicles by year-end. Lucid Motors, a luxury EV manufacturer founded in 2007, plans to build its first overseas manufacturing plant in Saudi Arabia. The Saudi government, an investor, committed to purchase up to 100,000 Lucid automobiles over the next 10 years.

Investments in EV Manufacturing

Vehicles

Most major automotive manufacturers are now developing EVs and ramping up production with multi-billion dollar EV facility investments throughout the U.S. As of May 2023, there were nine Ford EV facilities collectively valued at US$18.7 billion and 11 General Motors EV plants collectively valued at US$14.6 billion under construction. Many EV plants are located in the South: Alabama, Georgia, Kentucky, North Carolina, South Carolina and Tennessee are home to over US$64 billion of EV development investments. The Midwest has projects valued at about US$33 billion, under construction in Indiana, Michigan and Ohio. The construction of these plants creates the need for nearby distribution centers to store and distribute automobile components.

Charging stations

In Q2 2023, BMW, GM, Hyundai, Kia, Mercedez-Benz and Stellantis announced a joint investment of at least US$1 billion to build nearly 30,000 fast EV chargers on major highways and other areas across the U.S. and Canada over the next few years. Currently, there are about 54,600 charging stations in the U.S. and about 20,900 in Canada.Siemens opened its second U.S. EV charging manufacturing hub in Dallas-Ft. Worth this year. The company plans to produce one million EV chargers to support the U.S.As of August 2023, the most Alternative Fueling Stations (AFSCs) are in California, at just under 15,000 public stations, according to the U.S. Department of Energy. New York has the second most, with nearly 3,500, and Texas is in third with close to 2,700.

Batteries

Panasonic is investing approximately US$4 billion in its lithium-ion battery plant under construction in DeSoto, Kansas. Completion is scheduled for early 2025.Ford will invest US$3.5 billion in a 2.5 million sq. ft. EV battery manufacturing plant in Marshall, Michigan. The lithium iron phosphate battery plant will employ roughly 2,500 employees and is scheduled to be operational by 2026.

Semiconductors

Semiconductors are used in many electronic devices, including EVs. They power numerous electric mechanisms in the EV manufacturing process by controlling the flow of electricity and providing conductivity changes based on the environment. Companies such as U.S.-based Micron are investing up to US$100 billion for a new megafab in Clay, New York to build the U.S.’s largest-ever semiconductor fabrication facility. The microchip factory would aid in components for EVs and other chip-related industries.Taiwan Semiconductor Manufacturing Company (TSMC) made a substantial investment of US$40 billion to construct two semiconductor fabrication plants in Central Arizona.

U.S. Leasing Activity

While many EV manufacturing plants are owner-occupied, EV industry growth has resulted in more leasing activity for specialized manufacturing and distribution centers. In the U.S., the leasing has typically been bulk lease transactions (100,000 sq. ft. or more). Bulk lease transactions comprise 7 million sq. ft. of the 7.9 million sq. ft. of EV-occupied space leased in H1 2023, representing 163% year-over-year growth.

There are 15 markets where over one million sq. ft. of industrial space was leased to EV occupiers in the last five years. These deals total 28 million sq. ft., representing 73% of all EV leasing deals over this time period. The top five markets were Chicago (3.6 million sq. ft.), Detroit (3.1 million sq. ft.), Central Valley (2.5 million sq. ft.), Silicon Valley (2.4 million sq. ft.) and Memphis (2.3 million sq. ft.).

Mexico and Canada Nearshoring

Mexico

Mexico’s manufacturing and logistics facility construction and leasing activity is significantly growing due to the nearshoring of automotive manufacturing to the country. There is 40 million sq. ft. of industrial space under construction, representing 22% growth over the past year. A record-high 27.2 million sq. ft. was leased during H1 2023, with 3.1 million sq. ft. (17%) leased to automotive companies. CBRE forecasts that, as of Q2 2023, industrial tenants are seeking to lease 16.85 million sq. ft. of space, with automotive companies comprising 43.1% of this demand.

Even more automotive companies are expanding or coming to Mexico due to affordable labor availability, proximity to the U.S. border and a broad supplier base.

Select Mexico major projects:

Tesla announced it will build its sixth Gigafactory in Nuevo León (Monterrey), a key port for commercial trade between northeastern Mexico and the U.S. The 3.5 million sq. ft. facility will be Tesla’s first location in Mexico.Toyota plans to invest US$328 million in its Guanajuato production plant to begin manufacturing hybrid Tacoma trucks. The company’s total investment in this facility will increase to US$1.2 billion. The Japanese automaker has operated in Mexico for over 20 years.Markets such as Saltillo, Mexico are also greatly benefiting from the new construction activity, as more automotive industry occupiers enter its region.Other major companies expanding in Mexico include Molex in Guadalajara and Ford in Mexico City.

Canada

The Canadian government has shown its commitment to the Canadian EV industry with record capital contributions and subsidies. The country aims to achieve 20% zero-emission light-duty vehicle sales by 2026, 60% by 2030 and 100% by 2035. Many existing Canadian auto manufacturing plants are being revamped for EV production. Canada has direct access to most of the critical natural resources required for EV battery manufacturing, making its location even more desirable. New EV registrations increased by 396% over the last five years across Canada’s seven main provinces, while gasoline-powered vehicles declined by 36%.

As highlighted in CBRE’s report on Southwestern Ontario, the market has a long legacy as an automotive manufacturing and supply chain hub. Its regional industry growth continues with investments in EVs.

Select Canada major projects:

Stellantis and LG Energy Solution are constructing a C$5 billion (US$3.8 billion) EV battery plant manufacturing facility in Ontario, set to produce over 45 gigawatt hours (GWh) of battery capacity each year. The project is scheduled to deliver in 2024.Windsor, Ontario is home to two Ford engine plants. The company plans to invest C$1.8 billion (US$1.3 billion) towards retooling its Oakville Assembly Complex to build EVs by 2025.Volkswagen pledged C$7 billion (US$5.2 billion) to build a 370-acre EV battery plant in St. Thomas, Ontario, with government capital contributions totaling C$1.2 billion (US$897,300) and subsidies totaling up to C$13 billion (US$9.7 billion) over the next decade.The first all-EV manufacturing facility in Ontario was developed in late 2022 for General Motors.

Charging Ahead: Four EV Challenges to Consider

1. Adequate Power Availability
Modern EV vehicle and battery manufacturing is extremely power-intensive. EV manufacturing facilities have unique infrastructure requirements, including high-voltage power supply, battery assembly lines, charging foundation installation capabilities and advanced robotics and automation systems. All of these elements rely on stabilized energy flow and accessibility to power, which is key to the sector’s continued robust growth.

2. Labor Force & EV Training
Growing EV demand is fueling the need for more electrical engineers and technicians with EV-specialized training. These talents are essential for designing, developing and manufacturing EVs and their components such as motors and batteries. Today, there are approximately 194,000 EV-specialized engineers but 200,000 will be needed by 2027. This is the industry’s most in-demand job. The total industry labor force is expected to grow by over 27,000 by 2027.

Meeting this labor demand may be challenged by demographics. Many aging workers may not be able to adapt to the new skills and requirements of EV manufacturing. Robust training and education initiatives will be critical to address this headwind.

3. The Need to Retool Infrastructure
The passage of the Inflation Reduction Act and the CHIPS Act increased the country’s investment in domestic energy production and manufacturing, to meet the federal mandate of reducing carbon emissions by roughly 40% by 2030. Corporations have announced new plans to locate manufacturing facilities across the country. A typical project can take three to five years from planning to being fully operational, with the bulk of construction time spent on utility installation.

Facility design may need to be retooled in order to accommodate the unique requirements of EV-related operations, as seen in many Canadian facilities. This can include considerations such as adequate space for charging infrastructure, battery storage, maintenance as well as accommodating increased electrical capacity and energy demands.

4. Supply Chain Pressures
Manufacturing EVs requires a fluid supply chain for sourcing key raw materials such as lithium, cobalt and rare earth metals. Half of the world’s cobalt originates from the Democratic Republic of Congo. Bolivia, Chile and Argentina contain three-fourths of the world’s lithium, according to Energyx. Two-thirds of this raw material is processed in China. According to Statista, revenue in the EV market is projected to reach US$70 billion in 2023 and is expected to grow 18% annually, resulting in a projected market volume of US$162 billion by 2028. This expanded goal will add pressure to mine, transport and refine these materials faster than ever before, further straining the supply chain.

Outlook

EVs will become mainstream as their affordability and environmental benefits win over more consumers, with an assist from improved infrastructure and government incentives. Rising demand for EV vehicles, batteries, other components and charging stations will require strategically located distribution centers, manufacturing space equipped with advanced machinery, fast-charging station compatibility and proximity to renewable energy sources. Industrial real estate demand trends will be more concentrated in the U.S.’s Midwest and Southeast regions due to logistical, economic and labor market advantages. California will see solid demand, given its close relationship with top EV companies. Texas is also well-positioned in the EV industry due to its proximity to the U.S.-Mexico border and hosting Tesla’s headquarters in Austin. These regions will enjoy more economic and employment opportunities related to charging infrastructure deployment, battery development and software engineering. These factors will shape the industrial landscape and influence occupier and investor decision-making for the foreseeable future.

About CBRE EV Solutions:

CBRE’s new global service line advises clients on establishing their EV charging infrastructure, including EV-charging strategy, identifying locations for charging sites, planning and installation of EV-charging infrastructure and providing overall program management and ongoing maintenance.

PORTLAND, Ore., February 12, 2024 /3BL/ – Latino Network hosted a Gather for Good fundraiser on Thursday, February 8th in downtown Portland and received a $300,000 grant from KeyBank to support its Escalera (11th and 12th grades) and Fuerza (post-secondary) programs. The funds will be used to bolster these programs’ existing curriculum and services by offering more flexible sessions and introducing new workshops focused on financial literacy, mental health, resource navigation and academic success to provide additional crucial support to students and their families.

Latino Network has served Oregon’s Latinx communities for over 27 years, providing culturally specific services that reach over 12,000 participants across four counties (Multnomah, Clackamas, Washington and Deschutes) and 14 cities. Over 70% of its participants self-identify as Latinx/Hispanic and nearly 90% are BIPOC. Latino Network offers 62 culturally specific programs that cover nutrition, rent and energy assistance, health, education, violence prevention, youth empowerment, advocacy and leadership training.

The goal of this current empowerment project is to expand opportunities for students in the Escalera program to access crucial resources, such as tailored college preparation, trade school visits, financial aid guidance and STEM exploration. Additionally, it will help the transition of emerging students from high school into post-secondary life through the Fuerza program, providing support, engagement opportunities and partnerships with schools and community colleges.

“At KeyBank, we know that a crucial building block to a stable future is developing skills that will lead to successful and fulfilling employment,” said Josh Lyons, KeyBank’s Market President for Oregon and S.W. Washington and Commercial Banking leader. “This program will help these bright youth learn of the many opportunities available to them and seek the qualifications that will allow them to pursue a path of independence and reach their full potential.”

“Latino Network is proud to include KeyBank among our community partners and are extremely grateful for this generous gift,” said Tony DeFalco, Executive Director of Latino Network. “This grant will strengthen our work to engage high school juniors and seniors across the Portland metro area and offer culturally-specific support they need in order to graduate high school and have success pursuing post-secondary education. These funds will be an invaluable contribution to Portland’s Latinx students and community.”

About Latino Network 
Latino Network was founded in 1996 by community leaders who grew concerned about the lack of adequate resources to meet the needs of the growing Latino community. Since that time, Latino Network has evolved to become a Latino-led community-based organization grounded in culturally-specific practices and services aimed at educating and empowering the Latinx communities of the Portland metro area and elevating them to their full potential. Latino Network addresses systemic inequalities in Latinx communities by advancing early literacy, building leadership capacity, promoting health and wellness initiatives, encouraging parent involvement, working with gang-involved and adjudicated youth and families, and providing academic support and activities to area youth. The organization’s work springs from the core belief in Latinx community self-determination—that is, the ability of community members to participate meaningfully in the decisions that affect their lives and the lives of their families. To find out more, please visit https://www.latnet.org/.

About KeyBank 
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $188 billion at December 31, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

###

CONTACT: 
Latino Network | Evelyn Kocher | 971-645-0980 | evelyn@latnet.org 
KeyBank | Laura Suter | 206-343-6953 | laura_suter@keybank.com

PORTLAND, Ore., February 12, 2024 /3BL/ – Latino Network hosted a Gather for Good fundraiser on Thursday, February 8th in downtown Portland and received a $300,000 grant from KeyBank to support its Escalera (11th and 12th grades) and Fuerza (post-secondary) programs. The funds will be used to bolster these programs’ existing curriculum and services by offering more flexible sessions and introducing new workshops focused on financial literacy, mental health, resource navigation and academic success to provide additional crucial support to students and their families.

Latino Network has served Oregon’s Latinx communities for over 27 years, providing culturally specific services that reach over 12,000 participants across four counties (Multnomah, Clackamas, Washington and Deschutes) and 14 cities. Over 70% of its participants self-identify as Latinx/Hispanic and nearly 90% are BIPOC. Latino Network offers 62 culturally specific programs that cover nutrition, rent and energy assistance, health, education, violence prevention, youth empowerment, advocacy and leadership training.

The goal of this current empowerment project is to expand opportunities for students in the Escalera program to access crucial resources, such as tailored college preparation, trade school visits, financial aid guidance and STEM exploration. Additionally, it will help the transition of emerging students from high school into post-secondary life through the Fuerza program, providing support, engagement opportunities and partnerships with schools and community colleges.

“At KeyBank, we know that a crucial building block to a stable future is developing skills that will lead to successful and fulfilling employment,” said Josh Lyons, KeyBank’s Market President for Oregon and S.W. Washington and Commercial Banking leader. “This program will help these bright youth learn of the many opportunities available to them and seek the qualifications that will allow them to pursue a path of independence and reach their full potential.”

“Latino Network is proud to include KeyBank among our community partners and are extremely grateful for this generous gift,” said Tony DeFalco, Executive Director of Latino Network. “This grant will strengthen our work to engage high school juniors and seniors across the Portland metro area and offer culturally-specific support they need in order to graduate high school and have success pursuing post-secondary education. These funds will be an invaluable contribution to Portland’s Latinx students and community.”

About Latino Network 
Latino Network was founded in 1996 by community leaders who grew concerned about the lack of adequate resources to meet the needs of the growing Latino community. Since that time, Latino Network has evolved to become a Latino-led community-based organization grounded in culturally-specific practices and services aimed at educating and empowering the Latinx communities of the Portland metro area and elevating them to their full potential. Latino Network addresses systemic inequalities in Latinx communities by advancing early literacy, building leadership capacity, promoting health and wellness initiatives, encouraging parent involvement, working with gang-involved and adjudicated youth and families, and providing academic support and activities to area youth. The organization’s work springs from the core belief in Latinx community self-determination—that is, the ability of community members to participate meaningfully in the decisions that affect their lives and the lives of their families. To find out more, please visit https://www.latnet.org/.

About KeyBank 
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $188 billion at December 31, 2023. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

###

CONTACT: 
Latino Network | Evelyn Kocher | 971-645-0980 | evelyn@latnet.org 
KeyBank | Laura Suter | 206-343-6953 | laura_suter@keybank.com

Eastman

KINGSPORT, Tenn., and CINCINNATI, February 12, 2024 /3BL/ – Leading North American recycler, Rumpke Waste & Recycling (Rumpke) and molecular recycling pioneer Eastman, announced a groundbreaking partnership to help address the global plastic waste crisis. Later this year, Rumpke will begin collecting and sorting hard-to-recycle and colored PET packaging waste, materials that are largely unaddressed in today’s recycling ecosystem and will provide 100 percent of this waste stream as feedstock to Eastman’s molecular recycling process. Eastman will then turn this waste stream into virgin quality polyesters with its molecular recycling technology to be used across a range of packaging applications and to expand the circular economy for polyesters.

“The world is currently grappling with a significant problem, with a large portion of plastic waste either not being collected for recycling, or is considered non-recyclable by traditional methods,” said Jeff Snyder, director of recycling at Rumpke. “This partnership creates a new market for hard-to-recycle colored and opaque waste that is not currently recycled today.”

Colored and opaque PET is used across a range of consumer applications, including personal care and cosmetic packaging, detergent and soap packaging and various dairy and food packaging. Historically many of these applications have been unable to transition to fully circular packaging. Through Rumpke’s investment in innovation processing and Eastman’s molecular recycling technology, this partnership will enable circularity for many applications. By diverting this waste from incineration or landfill, both companies are making significant strides toward their shared vision of a world without waste.

By harnessing the power of innovation, Rumpke and Eastman are keeping fossil resources in the ground and contributing to a more sustainable future. The partnership sets an example for the industry and demonstrates the importance of collaboration in achieving true circularity.

“Rumpke and Eastman are both committed to innovative approaches to reducing plastic waste through collaboration,” said Brad Lich, Eastman executive vice president and chief commercial officer. “This partnership reinforces the complementary nature of molecular and mechanical recycling to keep more raw materials in the circular economy enabling brands to meet their recycled content goals.”

This announcement comes as Eastman is nearing the start-up of the world’s largest material-to-material molecular recycling facility at their Kingsport, Tennessee site. Set to begin shipping its first products in the coming weeks, the Kingsport plant will recycle 110,000 metric tons of hard-to-recycle plastic waste annually.

Visit www.eastman.com/circular for more information on Eastman’s efforts in the circular economy and Eastman Renew Circular Solutions.

About Eastman
Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company’s innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,000 people around the world and serves customers in more than 100 countries. The company had 2023 revenue of approximately $9.2 billion and is headquartered in Kingsport, Tennessee, USA. For more information, visit www.eastman.com.

About Rumpke
Rumpke Waste & Recycling has been keeping homes and businesses clean for more than 90 years. Today, Rumpke employs nearly 4,000 environmental experts servicing millions of customers across Ohio, Kentucky, Indiana and West Virginia. The award-winning family-owned company operates 14 landfills and 14 recycling centers. Other Rumpke divisions include Rumpke Portable Restrooms, Rumpke Haul-it-Away and Rumpke Hydraulics, as well as environmental solutions company The William-Thomas Group.

Media contact
Kristin Parker 
1-423-229-2526 
kristin@eastman.com

Media contact
Jacob Teetzmann 
1-423-494-3673 
jteetzmann@tombras.com

Rumpke Waste & Recycling
Amanda Pratt, APR 
Director of Communications 
1-513-741-2637

Eastman

KINGSPORT, Tenn., and CINCINNATI, February 12, 2024 /3BL/ – Leading North American recycler, Rumpke Waste & Recycling (Rumpke) and molecular recycling pioneer Eastman, announced a groundbreaking partnership to help address the global plastic waste crisis. Later this year, Rumpke will begin collecting and sorting hard-to-recycle and colored PET packaging waste, materials that are largely unaddressed in today’s recycling ecosystem and will provide 100 percent of this waste stream as feedstock to Eastman’s molecular recycling process. Eastman will then turn this waste stream into virgin quality polyesters with its molecular recycling technology to be used across a range of packaging applications and to expand the circular economy for polyesters.

“The world is currently grappling with a significant problem, with a large portion of plastic waste either not being collected for recycling, or is considered non-recyclable by traditional methods,” said Jeff Snyder, director of recycling at Rumpke. “This partnership creates a new market for hard-to-recycle colored and opaque waste that is not currently recycled today.”

Colored and opaque PET is used across a range of consumer applications, including personal care and cosmetic packaging, detergent and soap packaging and various dairy and food packaging. Historically many of these applications have been unable to transition to fully circular packaging. Through Rumpke’s investment in innovation processing and Eastman’s molecular recycling technology, this partnership will enable circularity for many applications. By diverting this waste from incineration or landfill, both companies are making significant strides toward their shared vision of a world without waste.

By harnessing the power of innovation, Rumpke and Eastman are keeping fossil resources in the ground and contributing to a more sustainable future. The partnership sets an example for the industry and demonstrates the importance of collaboration in achieving true circularity.

“Rumpke and Eastman are both committed to innovative approaches to reducing plastic waste through collaboration,” said Brad Lich, Eastman executive vice president and chief commercial officer. “This partnership reinforces the complementary nature of molecular and mechanical recycling to keep more raw materials in the circular economy enabling brands to meet their recycled content goals.”

This announcement comes as Eastman is nearing the start-up of the world’s largest material-to-material molecular recycling facility at their Kingsport, Tennessee site. Set to begin shipping its first products in the coming weeks, the Kingsport plant will recycle 110,000 metric tons of hard-to-recycle plastic waste annually.

Visit www.eastman.com/circular for more information on Eastman’s efforts in the circular economy and Eastman Renew Circular Solutions.

About Eastman
Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company’s innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end markets such as transportation, building and construction, and consumables. As a globally inclusive and diverse company, Eastman employs approximately 14,000 people around the world and serves customers in more than 100 countries. The company had 2023 revenue of approximately $9.2 billion and is headquartered in Kingsport, Tennessee, USA. For more information, visit www.eastman.com.

About Rumpke
Rumpke Waste & Recycling has been keeping homes and businesses clean for more than 90 years. Today, Rumpke employs nearly 4,000 environmental experts servicing millions of customers across Ohio, Kentucky, Indiana and West Virginia. The award-winning family-owned company operates 14 landfills and 14 recycling centers. Other Rumpke divisions include Rumpke Portable Restrooms, Rumpke Haul-it-Away and Rumpke Hydraulics, as well as environmental solutions company The William-Thomas Group.

Media contact
Kristin Parker 
1-423-229-2526 
kristin@eastman.com

Media contact
Jacob Teetzmann 
1-423-494-3673 
jteetzmann@tombras.com

Rumpke Waste & Recycling
Amanda Pratt, APR 
Director of Communications 
1-513-741-2637

 STEM Next Opportunity Fund’s Million Girls Moonshot initiative announced its third cohort of the Flight Crew – a youth ambassador program that is advancing equity for girls in science, technology, engineering, and mathematics (STEM). 

The Flight Crew elevates youth voices to inspire more young people to become future STEM leaders. The group embodies the spirit of the Million Girls Moonshot, a STEM equity initiative to engage millions more girls in afterschool and summer STEM learning opportunities by 2025.

“The Flight Crew has been instrumental to advancing equity in STEM for all youth at the state and national levels,” said Teresa Drew, deputy director of STEM Next and director of the Million Girls Moonshot. “We have seen thousands of young people inspired to build their confidence and skills with STEM, thanks to the youth voices of the Flight Crew leaders. These ambassadors have also made a compelling impact on policymakers and other leaders to consider the significant role of afterschool STEM learning in removing barriers to learning for millions of youth across the country.”

The 2024 Flight Crew cohort includes 51 youth, ages 13-18, from all 50 states. These diverse youth were selected to share their influential STEM experiences in afterschool and summer programs that have helped them solve challenges in their communities, as well as transform their own understanding of what is possible. The Flight Crew will share their testimonies to encourage other youth to get involved, break down stereotypes, and stay curious about STEM.

Meet the Flight Crew!

Learn more about Million Girls Moonshot.

 STEM Next Opportunity Fund’s Million Girls Moonshot initiative announced its third cohort of the Flight Crew – a youth ambassador program that is advancing equity for girls in science, technology, engineering, and mathematics (STEM). 

The Flight Crew elevates youth voices to inspire more young people to become future STEM leaders. The group embodies the spirit of the Million Girls Moonshot, a STEM equity initiative to engage millions more girls in afterschool and summer STEM learning opportunities by 2025.

“The Flight Crew has been instrumental to advancing equity in STEM for all youth at the state and national levels,” said Teresa Drew, deputy director of STEM Next and director of the Million Girls Moonshot. “We have seen thousands of young people inspired to build their confidence and skills with STEM, thanks to the youth voices of the Flight Crew leaders. These ambassadors have also made a compelling impact on policymakers and other leaders to consider the significant role of afterschool STEM learning in removing barriers to learning for millions of youth across the country.”

The 2024 Flight Crew cohort includes 51 youth, ages 13-18, from all 50 states. These diverse youth were selected to share their influential STEM experiences in afterschool and summer programs that have helped them solve challenges in their communities, as well as transform their own understanding of what is possible. The Flight Crew will share their testimonies to encourage other youth to get involved, break down stereotypes, and stay curious about STEM.

Meet the Flight Crew!

Learn more about Million Girls Moonshot.