Logistec Corp (TSX:LGT)
Shares Issued 7,377,022
Last Close LGT.A 1/24/2022 $47.00
Tuesday January 25 2022 - News Release
Mr. Rodney Corrigan reports
INFRASTRUCTURE & ENERGY ALTERNATIVES AND LOGISTEC USA ANNOUNCE STRATEGIC ALLIANCE TO PROVIDE TURNKEY SOLUTIONS FOR U.S. OFFSHORE WIND INDUSTRY
Infrastructure and Energy Alternatives Inc. (IEA), a leading infrastructure company with renewable energy and specialty civil expertise, has formed new strategic alliance with Logistec USA Inc., a subsidiary of Logistec Corp.
IEA intends to leverage its proven engineering, procurement, and construction ("EPC") solutions with LOGISTEC's cargo handling capabilities in support of new utility-scale offshore wind developments along the U.S. east coast. Both companies believe this non-exclusive business alliance will result in improved economies of scale and supply chain efficiencies over the long-term.
In 2021, the United States Departments of Interior (DOI), Energy (DOE), and Commerce (DOC) announced a shared goal to deploy 30 gigawatts (GW) of offshore wind power in the United States by 2030. These capacity additions are expected to generate sufficient power to support more than 10 million American homes annually, while eliminating approximately 78 million metric tons of CO2 emissions.
As one of the largest utility scale wind engineering and construction firms in the U.S., IEA will utilize its logistics expertise to capitalize on the planned, multi-year investment in offshore capacity additions, leveraging LOGISTEC's experience as a leader in the handling of specialized wind components.
"As a leading EPC company serving the domestic onshore wind industry, IEA is uniquely positioned to capitalize on a long-term trend toward increased investment in offshore wind development," stated JP Roehm, CEO of IEA. "We believe this alliance will allow for improved logistics, supply chain, and material handling capability along the East Coast corridor where LOGISTEC has a significant geographic presence, one well-suited to service planned offshore wind developments in the region."
"This unique partnership between IEA and LOGISTEC will provide customers with a truly integrated service for the burgeoning offshore wind market," explained Rodney Corrigan, President of LOGISTEC USA Inc. "IEA's renowned suite of specialized services in the renewable energy sector paired with our field proven wind handling expertise will bring clean energy to communities in support of a sustainable future for generations to come."
ABOUT LOGISTEC CORPORATION
LOGISTEC Corporation is based in Montreal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 54 ports and 80 terminals located in North America. LOGISTEC also offers marine transportation services geared primarily to the Arctic coastal trade as well as marine agency services to foreign shipowners and operators serving the Canadian market. Furthermore, the company operates in the environmental industry where it provides services to industrial, municipal and other governmental customers for the renewal of underground water mains, site remediation, dredging and dewatering, soils and materials management, risk assessment, and manufacturing of woven hoses.