Week of August 21, 2023
One Year On from the Creation of the Inflation Reduction Act
The Inflation Reduction Act and the Chips and Science Act were signed into law by President Joe Biden a year ago, providing over $400 billion in tax credits, subsidies, and loans to boost cleantech and semiconductor industries in the US.
Over 110 manufacturing projects focusing on semiconductors, electric vehicles, batteries, solar, and wind components have been announced in the past year, with approximately $224 billion invested, set to create 100,000 jobs.
Some districts have attracted more of these investments due to factors like available land, cheap labor, tax breaks, and subsidies, despite facing limited political support in some instances.
New SEC Rules Could Arm Limited Partnerships with More Negotiating Power
The SEC approved new rules and amendments to the Investment Advisers Act of 1940, shifting negotiating power from private investment fund managers to Limited Partners (LPs).
The new rules prohibit preferential treatment agreements that negatively affect other investors, require more transparency in side letter agreements, and introduce quarterly statements, fairness opinions, and annual audits for registered private fund managers. These changes could alter the power dynamic in negotiations and increase transparency for investors.
The controversial liability rule that would have held fund managers legally responsible for negligence was removed.
White House Outlines Plan to Rebuild Fire-Ravaged Maui
The federal response to the Maui wildfire disaster involves the immediate release of $3 million from the Federal Highway Administration for repairing traffic management services and infrastructure, and the appointment of Robert Fenton, FEMA regional administrator, to coordinate the long-term response.
The disaster has resulted in at least 115 deaths, 850 people missing, and estimated damage costs of up to $6 billion, with Moody's RMS stating that this estimate doesn't account for macroeconomic factors and other social costs.
While over 1,000 federal personnel are assessing the damage and aiding recovery, the Biden administration aims to rebuild Maui with community input and priorities, focusing on a coordinated and long-term federal response to the ongoing challenges.
August 18, 2023
WHB Engineers, Inc. (WHB), a California-based engineering holding company of JMH Capital Partners (JMH), has acquired Critical Solutions, Inc. (CSI), a California-based Program, Project and
Construction Management Consulting firm focused on water infrastructure, power, transportation, site development, and public building construction project management. The addition of CSI expands the organization's Northern California footprint and capabilities. Conversely, CSI adds technical resources and personnel for the company’s growing construction management practice servicing the broader water and general infrastructure markets, as well as key institutional building clients. Bill Siegel, Chairman of
JMH’s buy-and-build strategy in engineering, commented, "“We felt that CSI was a great addition in terms of location, personnel, and expertise. We love their deep connection with their project owner
clients, and the quality of their team members."
August 21, 2023
Benesch, an Illionois-based professional services firm, has acquired McAfee Henderson Solutions (MHS), a Kansas-based provider of civil engineering, surveying and construction engineering services.This acquisition reflects Benesch’s plans for strategic growth in the Kansas-region and beyond. As Benesch CEO, Kevin Fitzpatrick, said, “As we grow in Kansas and throughout the country, [...] MHS’ dedication to providing exceptional service coupled with their expertise makes them well suited to join Benesch."
August 22, 2023
Michael Baker International (Michael Baker), a Pennsylvania-based provider of engineering, planning and consulting services, has acquired Tidal Basin, a New York-based provider of comprehensive emergency and disaster management consulting services. This new relationship pairs the depth and breadth of Michael Baker’s engineering and consulting expertise with Tidal Basin’s experience and comprehensive suite of services relative to preparedness, mitigation, response, recovery and program management. “We are excited to welcome Tidal Basin as a sister company to Michael Baker. This relationship is a tremendous opportunity for the two firms to work closely together to drive more value for a shared client base,” said Thomas J. Campbell, Chairman of Michael Baker.
August 23, 2023
Parsons Corporation (Parsons), a Virginia-based provider of technology-focused defense, intelligence, security, and infrastructure engineering, has acquired Sealing Technologies, Inc., (SealingTech), a Maryland-based cyber and technology company. SealingTech expands Parsons’ customer base and further enhances the company’s capabilities in defensive cyber operations. “The addition of SealingTech is a natural extension of our growth strategy, adding critical, mission-ready solutions for our Department of Defense and Intelligence Community customers,” said Carey Smith, Parsons’ Chair, President, and CEO.
The team at Gulf Companies pooled their resources to provide support to the volunteers at Citizens For Animal Protection (CAP) to help them better tend to the furry friends in their care. CAP is a shelter that is committed to sheltering, rescuing and placing homeless animals in loving homes, as well as providing much-needed veterinary services. Members of the public are encouraged to assist, whether it's food, toys, bedding, or other essentials, your donations can help ensure the well-being of animals awaiting their forever homes.