Baldwin's Lawsuit against Costner over Oil Spill Deal
Actors Stephen Baldwin and Kevin Costner could spend the next couple weeks battling it out in a New Orleans courtroom over their investments in a device BP PLC used in trying to clean up the huge Gulf of Mexico oil spill.
The federal lawsuit claims Costner and a business partner misled Baldwin and a friend regarding their shares of an $18 million deal with BP to buy oil-separating centrifuges after the 2010 spill. According to Baldwin and his friend, Spyridon Contogouris, the two were unaware of the deal when they agreed to sell their shares of Ocean Therapy Solution (OTS) for $1.4 million and $500,000.
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They also claim to have been excluded from a June 8 meeting between Costner, his business partner Patrick Smith and BP executive Doug Suttles, discussing an agreement to make an $18 million deposit on a $52 million order of centrifuge devices from OTS. Baldwin and Contogouris say they were entitled to shares of BP's deposit and that Costner and Smith schemed to use BP's deposit to buy their shares in OTS.
“The source of the funds to buy plaintiffs’ interest was never disclosed to them, and OTS funds were secretly and improperly converted to effect the purchase,” a plaintiffs’ summary of the case says.
Baldwin and Contogouris are seeking over $21 million in damages.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.