ExxonMobil CEO Rex Tillerson & Yellowstone
Rex Tillerson is one of the most powerful men in business, and this oilman is a no nonsense kind of guy. Texas-born Tillerson worked his way up the Exxon corporate ladder ever since graduating with a civil engineering degree from the University of Texas at Austin. It was in 2004 that Tillerson was named President and Director of ExxonMobil, and in 2006 he was appointed as Chairmen and CEO.
While Tillerson has spent the majority of his adult life working for Exxon, he also has another lifelong interest: Scouting. Yes, Rex Tillerson was awarded the rank of Eagle Scout in 1965, and has proudly promoted scouting throughout his professional career. In 2009, Tillerson was inducted into the Eagle Scout Hall of Fame of the Greater New York Councils. On May 23, 2010, he was appointed as the National President of the Boy Scouts of America.
So what would his Scouting brethren think of ExxonMobil’s recent oil spill on the Yellowstone River—arguably one of the most beautiful and pristine waterways in America? 42,000 gallons of crude oil reportedly traveled 240 miles downstream from where an ExxonMobil pipeline buried beneath the Yellowstone River ruptured. ExxonMobil officials were quick to act, stopping the leak in a matter of hours after being reported and bringing in ground crews to sop up the oily mess along riverbeds.
With the oil industry recovering from BP’s massive spill in the Gulf of Mexico just one year prior, ExxonMobil isn’t winning any friends, despite its speedy response to the spill. Ironically, Mr. Tillerson was most vocal in response to BP CEO Bob Dudley’s remarks that it is “unrealistic” to dismiss the BP spill as a “‘black swan,’ a one-in-a-million occurrence that carries no wider application for our industry as a principally.”
It looks like Rex Tillerson may have put his foot in his mouth. Montana Governor Brian Schweitzer is being very demanding with Tillerson to release details on the type of oil spilled so as to better understand how to clean it up and what possible damage it can cause to the river’s ecosystem. It looks like this CEO has landed in some murky water. What would a Scout do? More importantly for Tillerson, what do his beloved Scouts think of him after this spill?
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.