Voltus, Inc. (“Voltus”), the leading DER software platform,
announced today that its nearly 2,600 MW portfolio is prepared to
help meet anticipated supply shortages this summer across the U.S.
and Canada. In a recently published report, the North American
Electric Reliability Corp. (NERC) warned that Texas, New England,
the Midcontinent Independent System Operator (MISO), and parts of
the West are at higher risk of energy shortfalls.
“Unfortunately, consumers should expect their energy costs to
increase substantially and remain at higher levels for the
foreseeable future,” said Gregg Dixon, CEO of Voltus. “Consumers
are now paying the price for a lack of long-term investment in
electricity infrastructure that can no longer be put off. As a
result, there is also a greater risk of power outages from a lack
of sufficient supply and reliable resources.”
Dixon explains that utilizing distributed energy resources and
paying energy consumers to be part of the solution is key to
preserving the integrity and reliability of the electric grid.
“With the summer months upon us, you can’t build traditional power
plants that take years to develop, to fill the gap. The good news
is that regulators and grid operators can unleash the power of
distributed energy resources at tremendous scale and speed to
address impending power outages. Voltus stands ready to help in
every region with our virtual power plants.”
Voltus’s DER portfolio has grown to approximately 2,600 MW in
2022, which includes approximately 500 MW that was announced to
support MISO after it released the results of its 2022-2023 annual
Planning Resource Auction (PRA), which indicated capacity
shortfalls. Voltus’s portfolio includes every DER type, including
energy storage, distributed generation, demand response, and energy
efficiency and is delivered through every customer class, including
commercial, industrial, and residential customers.
Voltus has expanded its available programs to customers, growing
to nearly sixty programs in 2022, including quick-response programs
activated across seven power markets. “Quick-response programs, or
Operating Reserves, provide grid support during contingency events
and are part of routine grid balancing, often to balance the
intermittency of a growing renewables fleet in North America,” said
Dana Guernsey, Chief Product Officer at Voltus. “By offering
Operating Reserves, Voltus delivers the same full-stack grid
services provided by a traditional central power station.”
For more information on preparing your business for peak season,
contact info@voltus.co, or join Voltus’s webinar on June 21, 2022
at 1pm ET for additional information.
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 (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/20220608005749/en/
Investor Relations Contact J.B. Lowe Investors@Voltus.co
Media Contact Matt Dallas, ICR, Inc. VoltusPR@icrinc.com
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