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TRADE X Opens New Automotive Trading Facilities in Kenya

african kenya

TRADE X Opens New Automotive Trading Facilities in Kenya

The TRADE X global automotive trading platform creates a strategic hub in Kenya, which will serve automotive dealers within key East African countries

TRADE X, a B2B cross-border automotive trading platform based in Ontario, Canada, today announced that it has opened a new Kenyan trading corridor, which includes both a shared bonded warehouse in Mombasa and an office in Nairobi, as the company expands its reach across the African continent.

TRADE X provides auto dealers, car rental companies, fleet owners and mobility solution providers with a seamless end-to-end process for the sourcing and distribution of cross-border vehicle inventory. With the highest GDP in East Africa, Kenya serves as a strategic location, providing a direct-access route to trade with landlocked countries such as South Sudan and Uganda, where it is legal to drive vehicles registered in neighboring countries.

Over the past few months, TRADE X has focused on developing a presence in Kenya and building broader trust within the automotive industry. In May, TRADE X began buying and shipping inventory to Kenya as the company works toward making right-hand drive vehicles available on its platform.

In Kenya, the bulk of automobiles originate in Japan. Unlike other African markets, Kenya has strict import requirements. Vehicles must not be older than seven years, and cars must pass an inspection process before being shipped into the country. Vehicles that are shipped to Kenya without first passing an inspection are destroyed.

TRADE X is focused not only on tapping into the supply coming out of Japan, but to opening new trade routes between Kenya and countries such as the U.K, Australia, Thailand, South Africa, Singapore and the United Arab Emirates.

In Kenya, popular automotive brands include Toyota, Honda, Mazda, Nissan and Subaru. TRADE X is looking to further expand the variety of makes and models available to Kenyan car buyers.

Interested automotive dealers in West Africa can sign up at tradexport.com to begin procuring vehicles, accelerating inventory turnover and driving revenues.

The company’s AI-driven ‘Brain’ software provides dealers, fleet owners, and mobility solutions providers first-ever support in all aspects of vehicle trading. This includes trade financing, compliance, customs requirements, international payments processing, vehicle inspections, digital trade documentation, and homologation. TRADE X provides peace of mind and security for users, whether they are trading within their own continent or overseas. TRADE X simplifies the experience and ensures each transaction is transparent, compliant, insured, and monitored from start to finish.

About TRADE X

With headquarters in Ontario, Canada, TRADE X is the first global vehicle marketplace to aggregate cross-border supply and demand for car dealers, fleet owners, rental companies, mobility solution providers, importers, and exporters, opening new trading corridors to buy and sell vehicles. The TRADE X ‘Brain’ platform is a machine-learning, AI-driven technology that connects buyers and sellers through a transparent marketplace that aids sellers in finding the world’s highest bidders and gives buyers access to the best vehicle source markets and price arbitrage opportunities. Users can quickly and seamlessly transact online in a secure environment with all the complexities of international trade – compliance, anti-money laundering regulations, vehicle inspection, currency exchange, digital trade documentation, payments, and financing – all managed by TRADE X. The company serves authorized buyers and sellers everywhere with a user-friendly app available 24/7 via mobile, tablet, or desktop. TRADE X’s largest investors include Aimia Inc., a publicly traded holding company listed on the Toronto Stock Exchange (TSX: AIM).

rail corn passenger norfolk MNBR

Corn Refiners Association Joins President Biden in Asking Congress to Prevent a Rail Strike

In response to President Biden’s call on Congress to prevent a freight rail work stoppage that would cripple U.S. agricultural production and supply chains, Corn Refiners Association President and CEO John Bode issued the following statement:

“Like many U.S. agricultural processors, corn refiners are already operating at full capacity for a number of important ingredients used broadly in food and personal care products. Our industry is stretched to the limit, working to deliver ingredients that are used in thousands of products in the grocery store. Even a one-day rail work stoppage would be catastrophic for our industry and the nation’s consumers. For this reason, I’d like to express our appreciation for President Biden’s call for prompt action from Congress and join him in urging our lawmakers to prevent a rail work stoppage of any length.”

CRA is the national trade association representing the corn refining industry of the United States. CRA and its predecessors have served this important segment of American agribusiness since 1913. Corn refiners manufacture sweeteners, starch, advanced bioproducts, corn oil, and feed products from corn components such as starch, oil, protein, and fiber.

biden

Biden Avoids Rail Strike with New Deal, but not Everyone is Happy

Joe Biden signed legislation imposing a deal he negotiated between freight railroads and organized labor, averting a possible strike but risking a divide with rank-and-file union workers who opposed the settlement.

“It was tough for me,” said Biden at a signing ceremony at the White House on Friday, while heralding the bill as the only option to avert a disastrous work stoppage that would have threatened key supply chains ahead of the Christmas holiday. “It was the right thing to do at the moment, to save jobs to protect millions of working families from harm and destruction, and to keep supply chain stable around the holidays.”

But the president risks alienating labor activists and workers who have long proven key political allies, further undermining the relationship between Democrats and the white working class, and fomenting pressure to deliver on a key promise — expanding paid sick leave — that ranks as unlikely-to-impossible as Republicans take control of the House of Representatives in the new Congress.

Biden has said labor unions will have to wait to obtain sick leave, which was left out of the contract, but provided no timetable on when he could deliver. Asked when workers could expect those benefits, Biden said: “As soon as I can convince our Republicans to see the light.”

An effort by Democrats to amend the deal to include seven days of paid sick leave for workers came up short when it failed to garner the Republican votes needed in the Senate. A sick leave amendment, pushed by independent Senator Bernie Sanders of Vermont received 52 votes, short of the sixty votes needed to pass.

GOP lawmakers have seized on the dispute to highlight Biden’s rift with organized labor. Missouri Senator Josh Hawley was among the conservative Republicans taking up the workers’ cause, using it to excoriate the White House.

“All these people during Covid work from home all the time, fine,” Hawley told reporters Thursday. “Who knows how many people in the White House are still working from home. And yet if a railway worker wants more than one day of sick leave, oh, oh my goodness we couldn’t possibly do that.”

Hawley, along with several other Republicans, voted for the additional sick leave and against legislation to impose the deal, lining up with a handful of Senate liberals such as Sanders and Elizabeth Warren of Massachusetts.

The vote from GOP Senator Ted Cruz of Texas for paid sick leave led Sanders to joke on the Senate floor, “I knew you were a socialist.”

But Republicans, who largely oppose intervening in labor disputes and who have come out against extending such benefits in the past, are unlikely to provide Biden the help needed to move paid sick leave legislation for rail or other workers in the next Congress.

Union Rift

Biden has called himself the most pro-union president in US history, but his actions over the rail strike threaten to undermine the president and union leaders’ support from rank-and-file workers.

In the months after he personally negotiated the September settlement, four of the 12 unions involved in the negotiation — representing roughly 54,500 workers – rejected the contract. The unions that approved it represent about 43,000 workers, according to the National Railway Labor Conference.

One former union president, speaking on the condition of anonymity to discuss internal dynamics, expressed frustration at the AFL-CIO’s lack of involvement, which he saw as a tacit endorsement of Biden’s plan to leave out sick leave.

“Biden wouldn’t be out there unless he had the blessing of these unions,” the person said. “This is the difference, as my great-grandmother used to say — time to watch your feet and not your mouth.”

The Brotherhood of Maintenance of Way Employees Division of the International Brotherhood of Teamsters on Tuesday said it was “deeply disappointed” by Biden’s decision to impose a settlement.

The criticism from union and progressive Democrats has put Biden on the defensive.

Biden on Friday called the legislation to impose a settlement “a really good bill lacking only one thing.”

The agreement includes a 24% pay raise, an average of $11,000 in back-pay bonuses, an additional day of paid leave and would prevent increased health-insurance premiums.

Earlier: Biden Says Rail Workers Must Wait on Paid Leave, Defending Deal

Labor Secretary Marty Walsh said that ultimately for the administration, the risk of a strike impacting the nation’s food supply and putting the post-pandemic economic recovery into jeopardy outweighed the push to add sick leave to the negotiated deal.

“When you look at what the devastation a national rail strike would cause America that far outweighs the cost of moving forward,” Walsh said in an interview with Bloomberg Television.

An analysis from the Anderson Economic Group projected US workers and consumers could see losses of $1 billion over the first week of a strike.

Walsh defended Biden’s union bona fides, saying that unlike previous cases where Congress had intervened, the president won significant concessions for workers – including a pay raise, unpaid leave, and a preservation of health care premiums.

“There’s some very good provisions in the contract,” Walsh said. “It wasn’t like it was a bad contract.”

Still, the Labor Secretary said he planned continue engaging freight rail companies on the issue of paid leave, saying that the two sides didn’t need to wait for the new contract to expire to strike a deal that could improve relations between the two sides.

“I intend on sitting down with the companies and talking to them about a couple of things that during the negotiations that I heard from the unions,” Walsh said.

The president, joined at the signing by Walsh, Agriculture Secretary Tom Vilsack and Transportation Secretary Pete Buttigieg at the signing, thanked his team, vowing to redouble his efforts on paid leave.

“They did one heck of a job in averting what could have been a real disaster. And then ended up with a good product. but we still have more work to do, in my view in terms of ultimately getting paid sick leave not just for rail workers, but for every worker in America,” he said.

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SC Ports Completes Inland Port Greer Rail Expansion

South Carolina Ports (SC Ports) has celebrated the rail expansion at Inland Port Greer to support the supply chains of port-dependent businesses in the Upstate.

SC Ports’ employees, elected leaders and community partners gathered on 18 November to mark the event.

“Nine years into operations, we are thrilled to be expanding the cargo capacity and rail capabilities at Inland Port Greer to better serve our customers’ supply chains,” said SC Ports President and CEO Barbara Melvin.

“We are proud to play a role in supporting Upstate companies’ success. The growth of Inland Port Greer has truly been on the fast track.”

The first phase of expansion involved building an additional rail processing track and two rail storage tracks within the terminal.

The addition of 8,000 feet of new rail will meet cargo demands through 2040 according to SC Ports.

The next phase of expansion will involve expanding the container yard by 15 acres to the east and the west to handle 50 per cent more cargo.

The expansion also involves doubling the size of the existing chassis yard capacity and building new facilities for heavy lift maintenance and terminal operations.

The full project is slated for completion in winter 2024.

READ: SC Ports advances expansion plan at Inland Port Greer

The more than $30 million expansion is funded by both SC Ports’ revenues and a portion of a $25 million BUILD (Better Utilizing Investments to Leverage Development) grant.

The grant was awarded to the S.C. Department of Transportation for its Upstate Express Corridor Program.

“The expansion of Inland Port Greer adds more space for containers and trains to meet the capacity needs of our customers,” said Ed Stehmeyer, SC Ports’ general manager of projects and design.

“The goal of the terminal expansion is to bolster the Upstate intermodal infrastructure supply chain and further develop the inland terminal to handle more cargo for our customers.”

READ: SC Ports receives $550 million in critical port infrastructure projects

Inland Port Greer opened in 2013 with BMW Manufacturing Co. as the launch customer.

In fiscal year 2022, the terminal handled more than 150,000 rail lifts — with 150,000 containers moved on or off Norfolk Southern trains.

Inland Port Greer extends the Port of Charleston’s reach 212 miles inland with Norfolk Southern’s daily, overnight rail service, enabling import/export flow between Charleston and the Upstate.

SC Ports handled a record number of containers in October, marking its third busiest month in port history.

The port authority reported 9 per cent container growth year-over-year as 256,879 TEU moved through Wando Welch Terminal, North Charleston Terminal, and Hugh K. Leatherman Terminal in October.

air amazon

Amazon Air Begins Daily Cargo Service at Manchester-Boston Regional Airport

The new cargo facility will more than double the amount of cargo warehouse space at the airport.

Amazon Air launched daily cargo service today at Manchester-Boston Regional Airport (MHT). The inaugural flight from Cincinnati/Northern Kentucky International Airport (CVG) arrived early Thursday morning. Amazon Air will begin with one daily Boeing 767-300 flight.

MHT is recognized as a top 50 cargo airport in the United States and has seen several years of record-breaking cargo volume. This trend of higher cargo volumes is expected to continue with the opening of this new facility.

The 65,000-square-foot multitenant cargo building was built through a partnership with the airport and real estate investment company Realterm. The new facility offers three widebody aircraft parking positions managed by the airport, with the option to expand to a fourth.

This is Amazon Air’s first expansion into New Hampshire, and Amazon is the first tenant to operate from the new facility. Flights will be operated by cargo airline Atlas Air, with ground handling by Trego-Dugan Aviation and aircraft maintenance by Keenan Technical Industries.

The new facility will drive economic growth in the region for years to come. In addition to creating hundreds of jobs in the Granite State, the multitenant facility will allow for better connectivity in the world of e-commerce, further positioning the airport as an economic hub for the region.

Cargo activity played a vital role during the pandemic to help offset decreased air travel and passenger revenues. With the additional aircraft that this facility will accommodate, the Airport will be able to continue its trend of lowering airline operating costs.

About Manchester-Boston Regional Airport

Strategically situated in the heart of New England, Manchester-Boston Regional Airport is located less than fifty miles north of Boston, Massachusetts, and less than an hour’s drive from the region’s most popular ski areas, scenic seacoast beaches and peaceful lakefront resorts. MHT is the premier aviation gateway for the region. For more information, visit www.flymanchester.com.

About Amazon Air

Amazon Air continues to expand globally to meet the needs of its growing customer base, while investing in jobs and sustainable solutions to power its network. Globally, we now operate more than 110 aircraft in our fleet, both leased and owned, flying to more than 70 air gateways and hubs. In 2021, we opened our first central air hub at the Cincinnati/Northern Kentucky International Airport. Since Amazon Air’s launch in 2016, Amazon has invested hundreds of millions of dollars and created thousands of new jobs at Amazon Air locations across the U.S.

About Realterm

Realterm is an independent global investment manager focused on the transportation industry. We acquire, develop, finance and manage differentiated real estate and infrastructure assets serving land, air, sea and rail networks in North America, Europe and Asia. Realterm currently manages over $13 billion in assets across six transportation logistics-oriented private equity fund series: Realterm Airport Logistics Properties (RALP), an open-end, core-plus fund investing into high flow through (HFT®) on-airport logistics real estate throughout North America; Realterm Logistics Income Fund (RLIF), an open-end, core-plus fund, and the Realterm Logistics Fund (RLF) Series, a closed-end, value-added fund series, both of which invest into HFT surface transportation logistics real estate throughout the U.S.; Realterm Europe Logistics Income Fund (RELIF), an open-end, core-plus fund, and Realterm Europe Logistics Fund (RELF), a closed-end, value-added fund series, both of which invest into HFT logistics real estate throughout Europe; and IndoSpace Logistics Parks (ILP), a closed-end, opportunistic fund series investing into warehouse and logistics real estate throughout the top industrial markets in India.

port

Suez Canal Authority signs $500 Million deal for East Port Said Container Terminal

The General Authority of the Suez Canal Economic Zone (SCZONE) and Suez Canal Container Terminal (SCCT) have signed a $500 million concession contract to establish a second container terminal in East Port Said.

Waleid Gamal El-Dein – Chairman of the General Authority for SCZONE, and Steven Yoogalingam – CEO and Managing Director of SCCT signed the contract on 15 November during on the side line of the UN climate summit (COP27).

Under the contract, SCCT will be responsible for “financing, design, construction, management, and operation” of the new terminal.

This project aligns with SCZONE’s plan to develop its affiliated ports to serve the global trade movement and play a key role in the transportation of green fuel.

The terminal is currently operating with a berth length of 2,400 metres and a handling yard of 1.2 million square metres, with an annual throughput of 4 million TEU.

The project aims to expand the existing SCCT’s Container Terminal at East Said Port to a length of 955 metres and a handling yard of 510,000 square metres, for an additional annual capacity of 2 million TEU.

READ: Suez Canal Authority, Maersk strike $500 million deal for East Port Said berth

“This project comes within the framework of SCZONE’s consistent eagerness with Egypt’s economic strategy, which aims to develop the Egyptian ports to maximise their role in the global maritime trade movement and to exploit the various investments to create job opportunities,” said Waleid Gamal El-Dei.

“This is exactly what the project offers, as it aims to expand the existing container terminal in Port Said East Port with cumulative investments estimated at $500 million, providing 1,000 direct and indirect job opportunities, especially for the residents of Port Said and North Sinai cities.”

Ahead of COP27, representatives from Maersk, SCZONE, and Siemens Energy discussed green hydrogen projects.

The meeting discussed the framework of the companies’ feasibility studies in preparation for pilot phases of the projects.

railway rail

Split decision: Unions for Railroad Engineers and Conductors Take Different Routes in Freight Rail Contract Ratification Vote

Members of the Brotherhood of Locomotive Engineers and Trainmen vote to ratify national rail agreement with the nation’s Class I railroads; operating craft (Train & Engine service) members of the Transportation Division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers have voted to reject it, while non-operating craft members (Yardmasters) have voted to ratify their national agreement.

Voting concluded midnight Sunday for members of the Brotherhood of Locomotive Engineers and Trainmen as well as the Transportation Division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers on proposed new five-year collective bargaining agreements with the nation’s Class I railroads. BLET members voted to accept a tentative agreement reached on September 15; SMART-TD train and engine service members have voted to reject their proposed contract, while SMART-TD yardmaster members voted to accept. BLET and SMART-TD are the two largest rail unions, accounting for half of the unionized workforce on the nation’s largest freight railroads.

The five-year agreement ratified by BLET members addresses rates of pay, health & welfare, and other fringe benefits for approximately 24,000 locomotive engineers and other rail workers represented by the union who are employed by the nation’s Class I railroads.

A record number of eligible BLET members participated in the ratification vote with 54% voting in favor and 46% voting against.

Turnout among the more than 28,000 eligible SMART-TD members was also a record high. 50.87% of train and engine service members represented by SMART-TD voted to reject the TA, while 62.48% of SMART-TD represented Yardmasters voted to ratify.  Representatives from SMART-TD will now head back to the bargaining table with the National Carriers Conference Committee (NCCC), which represents railroad management, to negotiate new terms for the affected train and engine service members.

Under the provisions of the Railway Labor Act, the labor law for workers employed by railroads and airlines, contracts don’t generally expire, they become amendable. After the unions filed their Section 6 notices with the NCCC in November 2019, talks began in January 2020.

A status quo agreement between SMART TD and management is in effect until December 8 . Beginning  on December 9, SMART-TD would be allowed to go on strike or the rail carriers would be permitted to lock out workers — unless Congress intervenes.

If there is a strike by SMART-TD or any of the other three rail unions that have rejected proposed contracts with the carriers, BLET and the other eight rail unions that have ratified agreement have pledged to lawfully honor their picket lines.

australian

Australian Supply Chain Walloped by Strike Mayhem

Svitzer Australia, part of A.P. Moller – Maersk, has given notice of a lockout to all harbor towage employees following year-long pay dispute.

The lockout will take place from 12.00 am AEDT on 18 November and will continue indefinitely.

Notice was given to all employees covered under its 2016 National Towage Enterprise Agreement and their union bargaining representatives, the Maritime Union of Australia (MUA), The Australian Institute of Marine and Power Engineers (AIMPE) and the Australian Maritime Officers Union (AMOU).

Svitzer said this step is being taken by under the provisions of the Fair Work Act in response to ongoing industrial action being organized by the unions – which the company argues it is damaging its services and the national supply chain.

“There is significant disruption and ongoing uncertainty about the availability and reliability of our workforce and the ability to deliver services,” reads Svitzer’s latest release.

“This is harming our ability to reliably, safely and efficiently serve our shipping customers and port operations nationally.

“Svitzer has been notified of more than 1100 instances of protected industrial action since October 2020. It has received more than 250 instances of protected industrial action since 20 October 2022 alone, amounting to nearly 2000 hours of work stoppages.

“With each instance of industrial action valuable imports and exports are delayed, disrupted, or goods and produce lost.”

Svitzer added it “had to respond to the protected industrial action as a matter of necessity with one of the few avenues available to employers faced with such action.”

READ: Maersk towage subsidiary commits to 2040 decarbonization target

When the lockout becomes effective, no shipping vessels will be towed in or out of 17 Australian ports otherwise serviced by Svitzer.

This is projected to impact shipping operations at major metropolitan and regional Australian ports nationwide in Queensland, New South Wales, Victoria, South Australia and Western Australia.

Svitzer has been bargaining with the maritime unions for over three years since the agreement expired in 2019.

Svitzer is seeking to remove restrictive work practices from its enterprise agreement which are critical to the future sustainability and competitiveness of its Australian business.

“Our goal all along has been to reach a new enterprise agreement and we have exhaustively negotiated in good faith to try to do this,” said Nikolaj Noes, Managing Director, Svitzer Australia.

“We had hoped it would never come to a lockout – but we are at a point where we see no other option but to respond to the damaging industrial action underway by the unions.”

On 8 November, industrial action within the Port of Liverpool ended as Peel Ports Group (PPG) and Unite the Union agreed on a bargain deal.

PPG reported that Members of Unite at the Port of Liverpool Containers Division fully accepted the deal to increase basic pay by 9 per cent in a vote on 10 November.

magaya

Magaya Partners with CargoAi to Offer Airfreight Rates to its Customers

CargoAi, airfreight’s fastest growing digital enabler, and Magaya, a provider of the leading digital freight platform for logistics service providers, today announced a strategic technology partnership that will allow Magaya Rate Management customers to easily connect to all CargoAi digital solutions.

The integration of the CargoAi platform with Magaya Rate Management provides an efficient solution for Magaya customers to retrieve and compare airfreight schedules, availability, and pricing, as well as book and track shipments, without the need to navigate between multiple airline websites or making myriad phone calls. By leveraging a multi-functional CargoAi API, Magaya Rate Management customers will gain access to real-time visibility of air cargo schedules, aircraft type information, and valuable information about upcoming flights, including a state-of-the-art CO2 calculator that enables the most environmentally friendly transportation decisions.

CargoAi is supercharging the efficiency and productivity of the entire quote and procurement processes for Magaya Rate Management customers, as well as improving planning and operations with access to virtually every airline schedule.

About CargoAi

Launched in 2019, CargoAi is on a mission to bring the best available technologies to airfreight. Cloud native and with an API-first architecture, the company is closing the technology gap and driving the enablement of an efficient and connected airfreight ecosystem.

CargoAi offers a complete range of digital air cargo solutions to freight forwarders including a SaaS booking application available either as a marketplace (CargoMART) or an API Suite (CargoCONNECT) that integrates directly into TMS and ERP systems; while airlines and GSAs can leverage CargoGATE to accelerate their digital adoption. These are complemented by AI-powered cargo business intelligence reports (CargoINTEL) and integrated sustainability solutions (Cargo2ZERO) that span the entire portfolio.

Using the CargoAi solutions, forwarders are empowered to drive every stage of the air freight procurement process with greater efficiency and visibility- from planning, booking, and executing shipments right through to monitoring cargo deliveries. The gains in efficiency, customer reach and business opportunities directly translate to top and bottom-line impact for carrier partners.

Highly acclaimed at Air Cargo India 2022 in the “Innovative Logistics Solutions in Air Cargo” category, the airfreight’s fastest growing digital enabler also won the “Digital Innovation Award” granted by Air Cargo News in the same year. CargoAi is headquartered in Singapore with teams in all continents.

For more information about CargoAi, visit www.cargoai.co

About Magaya

Magaya develops the logistics automation platform that accelerates growth. Our flexible, interoperable, modular, cloud-based solutions are designed to optimize and digitize end-to-end logistics operations and customer experience. Whether used together as an integrated logistics software platform or independently, Magaya solutions enable businesses of all sizes to streamline complex and redundant processes, enhance the customer experience, optimize productivity, reduce costs, and grow revenue. At Magaya, we are passionately devoted to ensuring our customers’ success through our innovative technology and comprehensive array of related professional services. We take great pride in our people, experts in the field of logistics automation, who are always willing to go the extra mile for our customers. There are no limits to your growth with Magaya.

Visit magaya.com to learn more.

consortium urea bakken

Hyosung Makes Strategic Investment in Bakken Energy

South Korean Industrial Leader Supports Bakken Energy’s Hydrogen Initiatives

Bakken Energy, an innovative developer of affordable clean hydrogen at scale, announces Hyosung, a South Korean leader in hydrogen development, has joined Bakken Energy as a strategic investor.

Hyosung has recently become known for advancing technologies related to hydrogen vehicles, such as carbon fiber for fuel tanks and hydrogen charging stations. Hyosung operates in various fields, including the chemical industry, industrial machinery, IT, trade, and construction. Founded in 1966, Hyosung is a large family-owned South Korean industrial conglomerate.

This announcement is the next step towards Bakken Energy advancing its hydrogen mission. Most recently, Bakken Energy announced a partnership with Cummins Inc., and Schneider National Carriers Inc., to work together on the design of the Heartland Hydrogen Hub to serve the needs of long-haul trucking.

About Bakken Energy

Bakken Energy is an innovative clean hydrogen company working to become the largest producer of affordable clean hydrogen in the U.S. Its mission is to decarbonize the hard to decarbonize sectors of the economy with affordable clean hydrogen and to develop the future hydrogen economy that leads toward a low-carbon future.

About Hyosung

Founded in 1966, Hyosung has grown as one of the most prestigious conglomerates in Korea with approximately 20,000 employees and 15 billion dollars in combined group revenues (as of 2021). Hyosung engages in textiles, trading, industrial materials, chemicals, power & industrial systems, construction and information & communication businesses, and operates through more than 100 business sites across 29 countries.