Revolve Announces ESG & Corporate Governance Strategy and Changes to its Non-Executive Directors
Vancouver, BC, November 8, 2023 – Revolve Renewable Power Corp. (TSXV:REVV) (OTCQB:REVVF) (“Revolve” or the “Company”), a North American owner, operator and developer of renewable energy projects is pleased to announce an outline of the Company’s Environmental, Social and Governance (“ESG”) strategy including proposed changes to the Company’s board of directors.
ESG Policy and Reporting
As a developer and operator of renewable energy projects, the Company is playing an important role in the transition to “Net Zero” in the key markets it operates in.
The Company is committed to formalizing its corporate sustainability strategy and priorities and intends on commencing a formal process to complete its first ESG report. The work involved in the preparation of this report will guide Revolve’s ESG efforts in the areas that are most important to the business and stakeholders in the years to come as we continue to expand the Company’s activities and operational base.
Revolve intends to appoint a third party advisory firm to assist with a stakeholder outreach program, which will be used to gather information and data required in order to prepare and complete the ESG report.
The final ESG report is expected to be finalized in H1 2024 and will be made available on the Company’s website (www.revolve-renewablepower.com) once completed.
Corporate Governance Strategy
As the Company continues to implement its strategy towards becoming a large developer and operator of renewable energy projects, a transition of our corporate governance structures will also be required. This transition is intended to continue to build on the skills, knowledge and experience of the Board while considering the strategic needs of the Company as it grows its operational asset base in the months and years ahead.
In this regard the Board has agreed to a corporate governance plan that will see the Company (i) reduce the number of directors from eight currently to seven directors consisting of two executive directors and five non-executive directors and (ii) adopt a succession and renewal plan regarding the existing non-executive directors, which will target the addition of a number of new non-executive directors over the next two years.
This succession and renewal plan will focus on building the diversity of the Board as well as adding non-executive directors with further experience in the renewable energy market in North America.
Following adoption of this plan, the Board has been informed by Mr. Finn Lyden that he has decided to step down as a non-executive director of the Company and will be resigning on November 8, 2023.
Steve Dalton, CEO commented “Finn was a key investor and board member of the Company and has been a strong supporter of the management team for over 10 years. He has provided invaluable advice and guidance to the Board and his insights and industry experience have been instrumental particularly as the Company completed its move to being a public company. I would like to thank him personally, and on behalf of the Board for his support and contribution to Revolve.”
In addition to this change, the Company is pleased to announce the appointment of Ms. Susan Shaw (P. Eng) to the Board as a non-executive director. Susan has over 40 years of experience in energy, including nuclear power, waste-to-energy and district energy, but has focused the last 20 years on renewable power in the Canadian market. Across these energy specialties, her roles included business development, construction and project management, engineering and operations, and executive positions with profit /loss responsibility. Susan is a graduate of Georgia Tech and was the first woman licensed in the US as a Waste-to-energy plant operator.
She led the Canadian District Energy Association for several years and is a founding director of an Ontario renewable energy co-op. Susan currently teaches renewable energy courses at Fanshawe College.
Steve Dalton, CEO said “On behalf of the Board, I am delighted to welcome Susan to Revolve. Susan brings a wealth of experience and a long track record in the Canadian renewable energy market, which will benefit the Company greatly as we continue to build our Canadian operations and deliver our overall strategy.”
Following these changes, Mr. JP Maguire, will replace Mr. Finn Lyden as a member of the Human Resources and Compensation Committee.
Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar and battery storage projects in the US and Mexico with a portfolio of approx. 2,838MW under development. The Company has a second division, Revolve Renewable Business Solutions which installs and operates sub 20MW “behind the meter” distributed generation (or “DG”) assets. Revolve Renewable Business Solutions currently has an operating portfolio of 6MW with an additional 3MW under construction phase and 156MW under development.
Revolve has an accomplished management team with a demonstrated track record of taking projects from “greenfield” through to “ready to build” (or “RTB”) status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To-date, Revolve has developed and sold over 1,550MW of projects.
Revolve is targeting 5,000MW of utility-scale projects under development in the US and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG (distributed generation) assets.
For further information contact:
Steve Dalton, CEO
VP, Corporate Development & Investor Relations
Phone: +1 778-885-5550
Forward Looking Information
The forward-looking statements contained in this news release are based on current expectations, estimates, projections and assumptions, having regard to the Company’s experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to the extent of regulations pertaining to the Company’s projects and Revolve’s ability to continue as going concern. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information, including but not limited to: the effects of weather, catastrophes and public health crises, including COVID-19; labour availability; disruptions to the Company’s supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory approvals in a timely fashion, or at all; risks related to the development and potential development of the Company’s projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company’s continuous disclosure filings on SEDAR. Such statements and information reflect the current view of Revolve. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
The forward-looking information contained in this press release represents the expectations of Revolve as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Revolve does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.