Great Lakes Announces Partnership with Project Vesta
September 29 2021 - 4:05PM
Great Lakes Dredge & Dock Corporation (“Great Lakes”) (NASDAQ:
GLDD), the largest provider of dredging services in the United
States announced today a first-of-its-kind partnership with
Project Vesta, a clean technology pioneer developing a new way to
use sand to remove excess carbon dioxide from the atmosphere.
“We are committed to robustly furthering the science of Coastal
Carbon Capture,” said Tom Green, CEO of Project Vesta. “Our
partnership with Great Lakes will enable us to accelerate
our research and help coastal communities fight both the
cause and symptoms of climate change.”
Known as “Coastal Carbon Capture”, Project Vesta’s method
accelerates the earth’s natural carbon removal process by using a
natural rock turned into carbon-removing sand. According to a
report by the National Academy of Sciences, this technique has the
potential to remove billions of tons of carbon dioxide from the
atmosphere and reduce ocean acidification. Its newly discovered
potential has been heralded by universities and major scientific
institutions, and has been highlighted in The New York Times, The
Guardian, Popular Science and The Atlantic.
“This partnership will help make Great Lakes a more
effective participant in the effort to address coastal erosion and
climate change impacts,” said Great Lakes’ Senior Vice President
Bill Hanson. “We are proud to raise the bar on climate-change
fighting technologies, and invite others in the coastal resilience
industry to join this important cause.”
Great Lakes is the first member of the global dredging industry
to announce participation in Project Vesta’s initiative and
represents a bold new sustainability approach. The two
organizations will pursue joint research goals and develop new
methods for the safe, effective use of coastal carbon capture.
The Company
Great Lakes Dredge & Dock Corporation
(“Great Lakes” or the “Company”) is the largest provider of
dredging services in the United States. In addition, the Company
has a long history of performing significant international
projects. The Company employs experienced civil, ocean and
mechanical engineering staff in its estimating, production and
project management functions. In its over 131-year history, the
Company has never failed to complete a marine project. Great Lakes
owns and operates the largest and most diverse fleet in the U.S.
dredging industry, comprising over 200 specialized vessels. Great
Lakes has a disciplined training program for engineers that ensures
experienced-based performance as they advance through Company
operations. The Company’s Incident-and Injury-Free® (IIF®) safety
management program is integrated into all aspects of the Company’s
culture. The Company’s commitment to the IIF® culture promotes a
work environment where employee safety is paramount.
Cautionary Note Regarding
Forward-Looking Statements Certain statements in this
press release may constitute “forward-looking” statements as
defined in Section 21E of the Securities Exchange Act of 1934 (the
“Exchange Act”), the Private Securities Litigation Reform Act of
1995 (the “PSLRA”) or in releases made by the Securities and
Exchange Commission (the “SEC”), all as may be amended from time to
time. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause
the actual results, performance or achievements of Great Lakes and
its subsidiaries, or industry results, to differ materially from
any future results, performance or achievements expressed or
implied by such forward-looking statements. Statements that are not
historical fact are forward-looking statements. These cautionary
statements are being made pursuant to the Exchange Act and the
PSLRA with the intention of obtaining the benefits of the “safe
harbor” provisions of such laws. Great Lakes cautions investors
that any forward-looking statements made by Great Lakes are not
guarantees or indicative of future events.
Although Great Lakes believes that its plans,
intentions and expectations reflected in this press release are
reasonable, actual events could differ materially. The
forward-looking statements contained in this press release are made
only as of the date hereof and Great Lakes does not have or
undertake any obligation to update or revise any forward-looking
statements whether as a result of new information, subsequent
events or otherwise, unless otherwise required by law.
For further information
contact: Tina BaginskisDirector,
Investor Relations630-574-3024
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