Category Archives: News

KREST Purchases Multifamily Portfolio in Japan

KKR

NEW YORK & TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR Real Estate Select Trust Inc. (“KREST” or the “Fund”) has completed the purchase of a portfolio of 39 newly built multifamily properties in Tokyo, Japan (the “Portfolio”).

“Japan is the world’s second-largest real estate market and an important priority for KREST as we continue to construct a broad and resilient portfolio of high-quality properties across the globe.i This transaction exemplifies KREST’s flexible geographic mandate, which widens our aperture for potential investments and enables us to pursue attractive opportunities in varied market environments. The sourcing of this investment was made possible by KKR’s deep local presence in Japan,” said Billy Butcher, Chief Executive Officer of KREST and Chief Operating Officer of KKR’s global real estate business.

The Portfolio was delivered in 2022 by a premier Japanese developer. The properties were master-leased to a leading Japanese residential property manager with a contractual 100% occupancy rate, providing KREST with anticipated stable and dependable cashflows. The 39 newly built multifamily properties feature modern designs and are situated in 15 popular residential submarkets with convenient access to local train stations and Tokyo’s large transportation hubs.

“Tokyo’s residential sector is prized by investors for its exceptional strength and stability, which makes this multifamily portfolio a suitable fit for KREST’s focus on stabilized income-producing real estate with long-term asset appreciation potential,” said Kensuke Kudo, a Director on KKR’s real estate team in Japan. “Urbanization is a significant demographic trend in Japan, and combined with Tokyo’s aging supply of residential properties, these newly built properties are poised to be highly sought-after by renters. We are grateful to the seller and our local partners for working with us to deliver this investment for KREST.”

The investment is part of KREST’s stabilized real estate investment strategy – one of the Fund’s three primary strategies – which focuses on thematically driven, income-generating real estate. KREST’s other focus areas include prime single tenant real estate and private real estate debt.

KKR has been investing in Japan across asset classes with a dedicated local team since 2006. In 2022, KKR strengthened its presence in the market and deepened its real estate capabilities by completing the purchase of KJR Management, a leading real estate asset manager which oversees two Japanese REITs. Japan is a key part of KKR’s global real estate strategy. KKR’s global real estate team manages approximately US$64 billion in assets as of September 30, 2022, and has dedicated investment professionals in 16 offices across the U.S., Europe and Asia Pacific.

About KREST
KKR Real Estate Select Trust Inc. (“KREST”) is a continuously offered, registered closed-end fund that thematically invests in high quality, stabilized, income-oriented commercial real estate equity and debt. The fund is open to all investors with daily subscriptions and its primary investment objective is to provide attractive current income, with a secondary objective of long-term capital appreciation. KREST is managed by KKR Registered Advisor LLC, an affiliate of KKR & Co. Inc., and utilizes the experience and reach of KKR’s global real estate team and the resources available through the KKR platform. For additional information about KREST, please visit its website at www.krest.reit.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

____________________
i Japan is the second largest real estate market in the world according the MSCI Real Estate Market Size Report 2021/2022

Media
KKR Americas
Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com

KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

Source: KKR & Co. Inc.

Categories: News

Hormel foods announces minority investment in GarudaFood

CVC Capital Partners

Hormel Foods Corporation (NYSE: HRL), a Fortune500 global branded food company, today announced it has acquired a minority stake in PT Garudafood Putra Putri Jaya Tbk (“Garudafood”), one of the largest food and beverage companies in Indonesia.

“This strategic investment enhances our partnership with Garudafood, which has been instrumental in helping us expand our business into Indonesia and Southeast Asia,” said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods.”Garudafood is a market leader, with strong and reputable brands, local expertise and a best-in-class distribution network. We look forward to accelerating our presence in these high-growth geographies and the snacking and entertaining category as we further leverage the strengths and capabilities of both companies.”

Garudafood’s branded portfolio includes many leading snacking products, such as Garuda peanut snacks, Gery biscuits and confectionary products, and Chocolatos wafer sticks.

Quotes

This has been a successful partnership between the Soenjoto family, the strong management team at Garudafood and CVC.

Andy Purwohardono Partner, CVC

“We are very excited to continue expanding and strengthening our partnership with Hormel Foods to grow Garudafood’s business together in Indonesia,” said Hardianto Atmadja, president director of PT Garudafood Putra Putri Jaya Tbk. “Hormel Foods has more than 130 years of company history, so there are many things that we can learn from them. We also find that there are similarities in our company cultures and values, which are very important for a long-term partnership. There are some potential synergies and growth opportunities that we have identified, such as combining the strengths and expertise of Hormel Foods with our presence and local market knowledge.”

“This has been a successful partnership between the Soenjoto family, the strong management team at Garudafood and CVC,” said Andy Purwohardono, partner at CVC, which sold a significant portion of the shares acquired by Hormel Foods. “I would like to congratulate the leadership team for building resilience and growing the business profitably during the pandemic, as well as continuing its track record of launching new innovative products. Hormel Foods is the perfect partner for Garudafood, and I wish them a great success for the future.”

Hormel Foods purchased approximately 29% of the shares of Garudafood from CVC and other shareholders. The transaction closed during Indonesia Stock Exchange trading hours on Dec.15, 2022.

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Hexagon invests 100 MUSD in autonomous and sustainable manufacturing through Divergent

Hexagon AB, a global leader in digital reality solutions combining sensor, software and autonomous technologies, today announced a 100 MUSD investment in Divergent Technologies Inc., a pioneer of green manufacturing technologies with the first modular digital factory for the automotive industry.

Divergent has developed an alternative production process to traditional vehicle manufacturing called DAPS® (Divergent Adaptive Production System) that addresses economic and environmental challenges head-on. DAPS is a fully integrated software and hardware solution, creating a complete modular digital factory for complex structures. The patented process combines AI-optimised generative design software, additive manufacturing (3D printing) and automated assembly to build lightweight automotive parts and frames.

The design software optimises the weight, strength and cost of vehicle models. Parts are 3D printed and assembled autonomously, reducing manufacturing time and human intervention. Regardless of the design, part manufacturing and assembly can be carried out using the same hardware infrastructure, enabling quick design iterations or seamless switches between different vehicle models without downtime. The design-agnostic process is less energy- and resource-intensive, delivers more efficient structures faster and achieves weight reductions between 20% and 70% leading to dramatic improvements in vehicle efficiency.

“Manufacturing a car’s parts has a much greater impact on the environment than the car’s exhaust emissions, which is why new manufacturing concepts will win,” says Hexagon President and CEO Ola Rollén. “We must find ways to empower car makers with more efficient and environmentally friendly manufacturing processes that minimise material usage and total system cost. Incremental steps are simply not enough to save the planet.”

“In my keynote speech at HxGN LIVE Global 2022, I delivered a message of hope for a sustainable future by naming the culprit aloud: all of us,” continued Rollén. “While the steep climb in emissions over the last 30 years happened on our watch, none of us want to go down in history as the CO2 Generation – the one that polluted and warmed this planet. For that reason, Hexagon continues to invest in disruptive and unconventional technologies that make giant leaps forward. We are the perfect partner to ensure quality is delivered throughout this new, innovative manufacturing process. Together, Hexagon and Divergent will deliver the smart manufacturing concepts of the 21st Century.”

“We are humbled and honoured to be partnering with Hexagon” said Kevin Czinger, Divergent’s Founder and CEO. “Having their vote of confidence in what we’ve built and our vision for the future of manufacturing brings new energy and enthusiasm to our team.”

“This significant investment will allow us to accelerate our plans to build a global network of DAPS factories, each serving multiple OEM clients,” said Lukas Czinger, Divergent’s SVP of Operations and Czinger Vehicles Co-Founder. “We look forward to a long-term relationship with Hexagon as Divergent and Czinger Vehicles scale.”

Founded in 2014 and headquartered in Torrance, California, USA, Divergent transforms car manufacturers into agile, design-driven organisations free from capex constraints. A tier-one supplier, its proprietary end-to-end solution is widely applicable to any structure-based, discrete manufacturing process and has already proven to meet the most demanding automotive and aerospace applications.

Protected by more than 500 patents, Divergent’s digital, modular, flexible, and automated production solution produces significantly fewer lifecycle emissions than traditional manufacturing. The company not only leads the automotive industry in breaking down capital, geographic, and environmental barriers, but it also has its own portfolio of hypercars, Czinger Vehicles, which produces the fastest production vehicle in the world – the 21C. Learn more about Divergent at www.divergent3d.com.

Note: A portion of Hexagon’s investment of up to 100 MUSD is subject to certain regulatory approvals.

For further information, please contact:
Anton Heikenström, Investor Relations and Business Analyst, Hexagon AB, +46 8 601 26 26, ir@hexagon.com
Kristin Christensen, Chief Marketing Officer, Hexagon AB, +1 404 554 0972, media@hexagon.com

Hexagon is a global leader in digital reality solutions, combining sensor, software and autonomous technologies. We are putting data to work to boost efficiency, productivity, quality and safety across industrial, manufacturing, infrastructure, public sector, and mobility applications.

Our technologies are shaping production and people related ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future.

Hexagon (Nasdaq Stockholm: HEXA B) has approximately 23,000 employees in 50 countries and net sales of approximately 4.3bn EUR. Learn more at hexagon.com and follow us @HexagonAB. 

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Ratos Company Aibel wins contract for the construction of unmanned platform on the Norwegian continental shelf

Ratos

Aibel has been awarded a contract by Aker BP for constructing the Munin platform (formerly Krafla) in the Yggdrasil area. The contract has a value of around NOK 7 billion.

The contract is an EPChc contract where Aibel is responsible for engineering, procurement and construction connected with delivering an unmanned process platform, also known as an UPP.

The project will be based on Aibel’s FEED (Front-End Engineering and Design) for Krafla UPP, now Munin, which was awarded in 2021. Key priorities for the project have been safety in design, minimal maintenance requirements and simplification of systems and functions on the platform using high-reliability equipment, automation, and digitalisation, applying a so-called “design to operate” philosophy.

Munin will be the first process platform on the Norwegian continental shelf designed from start for ordinary operation without a crew.

“We will soon close a fantastic year for Aibel. In times of geopolitical unrest and following energy crisis, Aibel contributes to secure energy supply in our part of the world. That, together with the fact that the order book continues to contain many contracts within renewables, means that we are very proud owners today,” says Christian Johansson Gebauer, member of the board of Aibel and President, Business Area Construction & Services, Ratos.

Project management, procurement and engineering services will mainly be carried out at Aibel’s Oslo office, with peak staffing of around 300 people. Construction will take place at Aibel’s yards in Haugesund, Norway and Thailand.

“We are proud and honored to enter into a partnership with Aker BP. With this contract award, we are once again consolidating our position as a leading supplier within critical infrastructure. We really look forward to delivering on the UPP concept, which we have developed together with Equinor, and being among the pioneers of future platform solutions,” says Aibel’s President and CEO, Mads Andersen.

The development of the Yggdrasil area is subject to approval by the Norwegian Parliament (the Storting).

For further questions, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 28 billion in net sales. Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Observe Medical signs exclusivity agreement with Ferrari L. to negotiate acquisition of production facility

Reiten

Ferrari L. has been active in producing and supplying single-use medical devices since 1960 and manufactures various products, including urology sets and catheters. The production facility delivers products to companies worldwide and generated annual revenues of around EUR 2.7 million in the financial year 2021.

The contemplated acquisition of this production facility is, if completed, expected to improve Observe Medical’s value chain control and minimize risks associated with the production of the Company’s products. Additionally, the potential acquisition is expected to significantly reduce the Company’s cost of goods (cogs) for existing and new products. A reduction in cogs would be driven by centralized in-house production, which would lead to an uplift in gross margin.

This production facility is highly complementary to Observe Medical’s current operations, as it has the capacity to produce existing products, Observe Medical’s current portfolio of products and the Unometer™ range of urine measurement products. It would also enable Observe Medical to initiate the development and production of new products.

“Looking back at the recent exclusivity agreement to acquire the Unometer™ range of urine measurement products, the potential acquisition of Ferrari L. is expected to significantly strengthen our growing medtech platform. With access to hundreds of distributors worldwide and production capabilities, these agreements support our growth strategy and demonstrate our ability to execute. Assuming completion of these transactions we will be ideally placed to become a leading urine measurement system provider with production capabilities,” said Rune Nystad, CEO of Observe Medical.

With an exclusivity agreement in place, Observe Medical will aim to close the final acquisition agreement for Ferrari L. in the first quarter of 2023. The completion of the acquisition of Ferrari L. is amongst other conditional upon agreement between the parties on a final transaction agreement and completion of such agreement. Consequently, no assurance can at this stage be given that the acquisition of Ferrari L. is completed.

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Apollo Funds Provide $200 Million to WEC Energy Group Renewable Portfolio

Apollo Financing Supports WEC Energy’s Renewables Strategy

NEW YORK and MILWAUKEE, Dec. 15, 2022 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and WEC Energy Group (NYSE: WEC) today announced that certain Apollo-managed funds (the “Apollo Funds”) have purchased approximately $200 million of senior secured notes of WEC Infrastructure Wind Holding II LLC (“Wind Holding”) in a private placement. Wind Holding, a wholly owned subsidiary of WEC Energy Group, owns the Tatanka Ridge and Jayhawk wind farms, which together provide 340 megawatts of renewable power generation and are fully contracted under long-term PPAs with high-quality offtakers.

Shawn Robinson, Partner and Co-Head of Private Fixed Income at Apollo, said, “We are pleased to provide an investment grade private capital solution to a WEC Energy affiliate on behalf of our clients. This high-quality investment supports significant renewable wind energy generation, and we expect to continue growing our relationship with WEC’s clean energy affiliates.”

Wind Holding is part of WEC Energy Group’s nonutility energy infrastructure business, which has agreements in place for majority ownership interests in wind and solar generating facilities that are capable of producing more than 1,700 megawatts of energy. These projects support WEC Energy Group’s aggressive environmental goals and commitment to building a bright, sustainable future that is affordable, reliable and clean.

For Apollo, the transaction aligns with its cross-platform collaborative approach and focus on private fixed income assets suitable for a broad range of clients. The investment also underscores Apollo’s commitment to driving a more sustainable future, including by funding renewable and energy transition assets and companies.

MUFG served as financial advisor to WEC Energy Group on the transaction. “This is MUFG’s second project finance engagement with WEC, and we look forward to continuing our partnership in support of WEC’s effort to build out its portfolio of renewable-energy projects,” said Fred Zelaya, Managing Director of Project Finance with MUFG.

About Apollo
Apollo is a global, high-growth alternative asset manager. In the asset management business, Apollo seeks to provide its clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. For more than three decades, Apollo’s investing expertise across its fully integrated platform has served the financial return needs of its clients and provided businesses with innovative capital solutions for growth. Through Athene, Apollo’s retirement services business, it specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Apollo’s patient, creative, and knowledgeable approach to investing aligns its clients, businesses it invests in, its team members, and the communities it impacts, to expand opportunity and achieve positive outcomes. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. To learn more, please visit www.apollo.com.

About WEC Energy Group
WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation’s premier energy companies, serving 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota.

The company’s principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in the Midwest.

WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 38,000 stockholders of record, 7,000 employees and more than $40 billion of assets.

Apollo Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

WEC Energy Group Contacts
Beth Straka
Senior Vice President – Investor Relations
and Corporate Communications
414-221-4639
Beth.Straka@wecenergygroup.com

Brendan Conway
Director Media Relations
414-221-3728
Brendan.Conway@wecenergygroup.com

MUFG Contact

Assaf Kedem
Vice President, Corporate Communications
(212) 782-4926
akedem@us.mufg.jp


Primary Logo

Source: Apollo Global Management, Inc.

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Consortium led by Capital A acquires Hampden Insurance Group in the Netherlands

Capital-A

On the 9th of December, a group of investors led by Capital A acquired Hampden Insurance Group B.V. (HIG) from Hampden Holdings Ltd. Maas Lloyd, a non-life insurance company, falls under the Hampden Insurance Group. With this acquisition, Maas Lloyd strengthens its position as a nationwide insurance company with a focus on MGA’s and run-off business. The CEO of Maas Lloyd, Elbert-jan Offereins, said the following: “The acquisition of HIG by the consortium fits perfectly with our long-term (growth) ambitions. By bundling our forces, we can strengthen our position in the market and serve our clients in a better manner going forward. Through this acquisition, Maas Lloyd fall back into Dutch hands, which is the first time since its inception in 1984”. The investors of the consortium have acquired 100% of the outstanding shares of HIG. The name Hampden Insurance Group shall be changed to Halcyon Insurance Group going forward and shall remain active as a holding company for Maas Lloyd and other daughter companies.

The consortium is led by Capital A, an investment company active in the Netherlands. Friso Janmaat, the managing partner of Capital A, said the following on the transaction: “Acquiring an insurance company has been on our wish list for a long time. We believe in the strategy that HIG has and trust that they can expand their current activities in the Dutch non-life insurance market with our help.”

HIG will continue to operate with the same workforce, which means that no changes will take place with regards to the main points of contact for business.

Maas Lloyd

N.V. Schadeverzekeringsmaatschappij Maas Lloyd is a non-life insurance company that has been offering run-off services since 2002 and started up business as an active commercial insurer since 2019. Maas Lloyd does so focused on SME companies and private individuals, mainly through MGA’s.

Capital A

Capital A is one of the most established private equity investors in the Netherlands, with a focus on investing in fast (both autonomous and acquisitive) growing companies. Originally started at ABN AMRO in the 1980’s as an investment fund focused on SMEs, Capital A continued independently in 2018 with support from investors such as ABN AMRO, Five Arrows, Alpinvest, Bregal, LGT, entrepreneurs of former portfolio companies and the Capital A team itself. From offices in Amsterdam and Antwerp, Capital A manages approximately EUR 1 billion in assets under management and has a portfolio of more than 30 growth companies that are predominantly active in Europe.

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Inflexion announces Partnership Capital minority investment in YER

Inflexion

Inflexion is pleased to announce it has agreed to make a minority investment into YER, a leading Netherlands-based specialist secondment and recruiting agency. The investment is Inflexion’s second in the Netherlands in the last 12 months following its investment into e-bike component manufacturer enviolo in March 2022. The investment is being made by Inflexion’s dedicated minority investment fund, Partnership Capital II.

Founded in 1987, YER offers high scarcity talent in undersupplied fields such as engineering, IT, public sector and finance to a range of specialist end market verticals. The business has over 950 clients including ASML, Bosch, DAF, KLM, VDL and Rabobank, and operates internationally from nine local offices in the Netherlands, four in the USA and one in Belgium. Inflexion has deep experience in this sector following investments in FDM, K2 Partnering Solutions, Red Commerce, Sparta and Calco.

Working closely with the founder of YER, Jaap Kooijman, and the management team led by CEO Johan Overgaauw, Inflexion will support the growth of the business by further developing existing and new customer relationships and through continued international expansion, both organically as well as through selective M&A.

We are delighted to have partnered with Jaap and Johan and the broader team at YER and look forward to using our strong sector expertise to support them with their ambitious plans. They have built a fantastic business and we are really impressed with the growth journey that YER has been on so far. Our unique minority capital offering will allow them to keep control, whilst having the added benefit of access to Inflexion’s extensive experience of building market leading international companies.

David Whileman,Head of Partnership Capital, Inflexion

This is a really exciting opportunity for YER and the continued potential for the business in both the Netherlands and internationally is huge. We are confident that Inflexion is the right partner for the next stage of our growth and have been impressed with their global presence and sector knowledge, whilst benefiting from a local presence in the Dutch market. This partnership will allow us to continue building out YER, and we can’t wait to get started.

Johan Overgaauw, CEO,

YER

The transaction is subject to customary regulatory approvals and is expected to close in Q1 2023. 

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Finnvera calculated the CO2 emissions of the ship finance – The pandemic still affected the cruise industry and the CO2 calculation

Finnvera

Risteilyalus saaristossa.

Finnvera has, for the second time, calculated the carbon intensity of the ship finance portfolio according to the Poseidon Principles climate alingnment agreement. The climate alignment score is 57.3% above the decarbonisation trajectory based on the International Maritime Organisation, IMO’s, initial climate goals for the international shipping. The score differs significantly from the previous year, when the score was 7% below the international trajectory. The score still reflects the impacts of the pandemic, which affected the operating of the ships.

The Poseidon Principles members are leading ship financiers, such as international banks, but there are export credit agencies among them. The principles are consistent with the policies and ambitions of the International Maritime Organization, including its ambition to reduce shipping’s total annual greenhouse gas emissions by at least 50% of 2008 levels by 2050. Commitment to the Poseidon Principles is a concrete step in Finnvera’s sustainability and corporate responsibility.

“We calculated the CO2 emissions of our ship finance portfolio for the second time. The score differs significantly from the previous year, partly due to the calculating method. We believe that in the future the score will better correspond to the impact of our ship finance portfolio. We expect next year to be a more stable year for the cruise industry as well as for the CO2 calculation, when the ships will again operate in full capacity”, says Excutive Vice President Jussi Haarasilta.

This is how carbon intensity is measured according to Poseidon Principles

Poseidon Principles measures carbon intensity. The data based on which the overall climate alignment score is calculated is distance travelled, amount of fuel consumption for each fuel type, and size of the vessel. The outstanding debt per vessel also play a role when calculating the weighted average of the scores.

The calculation is based on a formula that takes into account the distance traveled by the vessels during the year. Regarding the calculation, the previous years, especially year 2020, were exceptional due to the pandemic, when cruise ships stayed mainly in ports, but maintenance still produced emissions. Finnvera already got below the target level for the ship finance CO2 emissions, which was positive and reflects the fact that as an export credit agency, Finnvera primarily finances new projects, better technology with fewer emissions.

The CO2 level being reported now has been calculated from the 2021 data, when the pandemic still affected the cruise industry to some extent, although cruise shipping started to recover and ships returned to operate.

Transparency and comparability in export financing is important

The shipyard cluster is significant in Finland, and approximately half of Finnvera’s EUR 23 billion export credit guarantee exposure is related to ship cluster. The share of drawn ship exposure is EUR 6.4 billion (Q3/2022).

”Poseidon Principles have brought measurability and comparability to the monitoring of the climate impacts of Finnvera’s ship finance. Approximately half of Finnvera’s export credit guarantee exposure is related to cruise shipping cluster. Considering the scale, the climate alignment score gives us valuable information about the climate impact of our financing and that of the shipping industry. It also supports assessing the impact of Finnvera’s own operations. We wish to thank our customers for providing the information needed and thereby enabling the monitoring of the CO2 emissions of our ship portfolio.”

”Mitigating climate change is at the core of Finnvera’s strategy. As an export credit agency, Finnvera has good opportunities to influence the development of climate solutions, as we essentially finance new technology with fewer emissions. We believe that in the future there will be less volatility in Finnvera’s climate alignment score”, Jussi Haarasilta says.

Further information:

Jussi Haarasilta, Executive Vice President, Finnvera plc, tel. +368 29 460 2601

Poseidon Principles report 2022 (PDF)

The Poseidon Principles

The Copenhagen-based Poseidon Principles, launched in June 2019, are developed by leading international shipping banks, international industry players and academic institutions as well as export credit agencies. 30 Signatories from 13 different countries together represent over 65% of the global ship finance portfolio. Finnvera became signatory to the Poseidon Principles in April 2021. Among the Signatories, there are also export credit agencies of other countries.

Read more and see previous reports: www.poseidonprinciples.org

Read also:

The Finnish marine industry intends to win the ship development race

2021:

Finnvera calculated the CO2 emissions of the ship finance – The climate alignment score for the year 2021 is below the international trajectory

Finnvera becomes signatory to the Poseidon Principles to measure the greenhouse gas emissions of ship finance

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Strata Identity Partners With HYPR to Accelerate Elimination of Passwords

.406 Ventures

BOULDER, CO and New YORK, NY – December 15, 2022 — Strata Identity, the Identity Orchestration Company, and HYPR, the Passwordless CompanyTM, today announced a partnership that enables phishing-resistant MFA to be added to any modern, legacy, or custom application without rewriting the source code. This unique capability is made possible via an abstraction layer that decouples identity and authentication from the identity system and applications to deliver the strongest levels of authentication security.

According to a 2022 Forrester survey, 67 percent of respondents are in the process of adopting passwordless security in their organizations. Passwordless protection is needed across all access points, including legacy applications that may have been neglected or overlooked in the past. Now, through this integration with HYPR and Strata, organizations with older, outdated systems will be able to get the benefits of passwordless authentication security assurance and a frictionless, password-free user experience. This agreement brings together Strata’s specialization in Identity and Policy Orchestration with HYPR’s proven True Passwordless™ authentication expertise. Together, Strata and Hypr customers can overcome the traditionally challenging hurdle of adding MFA to legacy applications — even those tied to directory-based passwords.

Passwordless authentication has been identified as the gold standard for authentication. The Cybersecurity and Infrastructure Security Agency (CISA) released a new “Phishing Resistant MFA Fact Sheet” that calls out the immediate need for fully passwordless protection of every app in critical risk sector organizations, regardless of app type. It also recommended this level of authentication security for organizations in every sector and every application in their organization’s environment, regardless of whether it speaks modern authentication protocols.

“Legacy MFA technologies are failing, at scale, and leaving serious security gaps due to insecure authentication methods costing organizations an average of $2.19M per year as detailed in the latest State of Authentication report, ” said Bojan Simic, CEO and CTO at HYPR. “To get the highest levels of authentication security, organizations need to adopt passwordless MFA. HYPR’s integration with Strata technology is exciting because it now enables customers to extend HYPR’s passwordless authentication solution to legacy applications without coding, radically simplifying and accelerating an organization’s passwordless deployment.”

As part of the joint integration, Strata’s Maverics identity orchestration platform enables HYPR’s True Passwordless security platform to function as the passwordless authenticator with any combination of IdPs and support both on-premises and cloud identity systems. In addition, HYPR can be used with any app, including modern, legacy, and custom-developed programs, without making any modifications to its source code. Maverics also provides transparent journey-time orchestration that allows HYPR registration and user onboarding to be inserted within existing application access workflows.

“Forward-looking organizations are moving to passwordless authentication to protect their web applications in the cloud, but what about their legacy and custom applications? They must be modernized first, which traditionally means manually re-coding each app one by one,” said Eric Olden, CEO of Strata Identity. “This partnership with HYPR removes the need to rewrite legacy applications and systems to support passwordless simplifying the process for deploying modern authentication across a company’s entire environment.”

Availability

The integrated Strata Identity and HYPR passwordless solution is available immediately from both Strata and HYPR.

About Strata

Strata Identity is the leader in Identity Orchestration for hybrid and multi-cloud environments. The orchestration recipe-powered Maverics platform enables organizations to connect and control incompatible identity systems without changing the user access experience. By decoupling applications from identity, Maverics makes it possible to implement modern authentication like passwordless and enforce consistent access policies without refactoring source code. The company’s founders created the IDQL (Identity Query Language) standard and Hexa open-source software for multi-cloud policy orchestration and are co-authors of the SAML standard for SSO federation. For more information, visit us on the Web and follow us on LinkedIn and Twitter.

About HYPR

HYPR fixes the way the world logs in. HYPR’s True Passwordless™ MFA platform decouples authentication from the organization’s identity providers and eliminates the traditional trade-off between security and user experience by providing uncompromising assurance and consumer-grade experience. By eliminating the password and deployments taking hours rather than weeks or months, organizations decrease the risk of a cyber attack, increase positive user experience, and lower operational costs.

Welcome to The Passwordless Company®. Additional information is available at https://www.hypr.com

Contact

Marc Gendron
Marc Gendron PR for Strata
+1-617-877-7480
marc@mgpr.net

HYPR
Carol Dullmeyer
Vice President, Brand and Corporate Communications
carol.dullmeyer@hypr.com

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