1、DISTRIBUTION&LOGISTICS REPORTExplore M&A Activity,Capital Market Conditions and Current Trends for the Distribution&Logistics Industry720.221.9220|SDRVENTURES.COMInvestment Banking&Securities Offered Through SDR Capital Markets,LLC,Member FINRA&SIPC.2H 2023720.221.9220|SDRVENTURES.COMInvestment Bank

2、ing and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 22The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive.It is not to be

3、construed as an offer or consultation of an offer to sell or buy any securities.Established in 2002,SDR Ventures has developed deep M&A and capital transaction knowledge and expertise.SDR offers transaction advisory,private capital formation and business consulting services across a wide range of in

4、dustries.We serve business owners and operators of privately held companies and provide them with a professional-class experience.ABOUT SDRTransaction ActivityActive BuyersPublic BasketsM&A Market ActivityAbout SDR VenturesCONTENTSDISTRIBUTION&LOGISTICS CONTACTSDISTRIBUTION&LOGISTICS 2H23:WHAT TOKNO

5、W Reducing,Reducing,eveneven eliminating,eliminating,carboncarbon emissionsemissions is is a a prioritypriority forfor a asectorsector thatthat producesproduces a a wholewhole lotlot ofof C C0202,whetherwhether thatsthats fromfromTranspacificTranspacific shipping,shipping,bigbig trucks,trucks,oror c

6、oldcold storagestorage warehouseswarehouses.DealDealvolumesvolumes andand valuationsvaluations areare down,down,butbut maybemaybe thatsthats OKOK.AcrossAcross thethe sector,sector,werewere watchingwatching startupsstartups developingdeveloping cleanercleanerwaysways ofof movingmoving andand storings

7、toring allall thethe stuffstuff wewe buybuy andand consumeconsume.InnovationInnovation is is anan excitingexciting wordword inin thethe worldworld ofof M&AM&A.GovernmentsGovernments bearbear watchingwatching inin 20242024.WhetherWhether itsits federal,federal,state,state,ororinternationalinternation

8、al regulatorsregulators andand legislators,legislators,werewere seeingseeing a a carrotcarrot andandstickstick approachapproach toto pressingpressing thethe sectorsector toto reducereduce emissionsemissions throughthroughbothboth tightertighter regulationsregulations andand generousgenerous incentiv

9、esincentives.SteppingStepping onon thethe GasGas inin thethe DriveDrive toto ReduceReduce CarbonCarbonEmissionsEmissionsIn 2H23,the distribution and logistics sector saw a distinct focus oncarbon emissions,carbon regulations,and the drive to carbon neutrality.As the transport,warehousing,and distrib

10、ution fields adapt to tighteninggovernment regulations and maybe even reap some financial rewards we are seeing an increased demand for innovation.And we believe thatmeans opportunity for those who invest wisely and act swiftly.1Transportation by land,air,and sea accounts for about a third ofglobal

11、carbon emissions.And things have been going in the wrongdirection,with transport emissions up 3%in 2022 as pandemic restrictionslifted.In 2023,the historic United Nations Climate Change Conference(COP28)meeting of some 200 countries produced agreements that theU.N.called the“beginning of the end”of

12、the fossil fuel era targetingevery use of fossil fuels in scores of applications,including trucking,transportation,and shipping.Considering there are some 13 million truckson U.S.roads alone(about 3 million 18-wheelers)driving$940 billion inannual revenue,change wont be easy or subtle.1,2,3,4In some

13、 cases,the industry is taking the initiative,seeing the writing onthe wall and the benefits to brand reputation,as well as access to specialfinancingandlowerfuelexpenses.Insomecases,theworldsgovernments,even individual states,are prodding the sector withregulations,incentives,and eventually deadline

14、s for carbon neutrality.Thediscussion about the need to reduce carbon emissions and the impact ofthe distribution and logistics sector appears to be chugging to aconclusion.The industry is riding a freight train of momentum towardlower carbon emissions.1,5,6,7CarbonCarbon CarrotsCarrots andand Stick

15、sSticksIts hard to know what will become law at the federal level in the UnitedStates,especially during an election year with a divided Congress.Ben LuchowBen LuchowVice PresidentDistribution&Logistics TScott MitchellScott MitchellManaging DirectorDistribution&Logistics TMatthew RusakevichMatthew Ru

16、sakevichAnalyst IIDistribution&Logistics T 720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 2there are moves afoot,and they even have some industry support.The propose

17、d Clean Shipping Act of 2023 aims to require carbon-free operations of ocean freight shippers using U.S.ports by 2040,with benchmarked reductions along the way.In 2H23,regulators from nearly every country in the International Maritime Organization reached provisional agreements to eliminate the ship

18、ping industrys greenhouse gas emissions by 2050,likewise with benchmark reductions earlier.Smaller oceanside and island nations,concerned about rising sea levels,in part drove the movement.8,9,10On the road,European nations have backed an ambitious road-freight movement to force trucking operators t

19、o reduce CO2 emissions by 45%by 2030,a goal that will require putting an estimated 400,000 zero emission trucks on the roads by then.In China,sales of zero emission light duty trucks and buses hit record highs,driven by government policies and subsidies.The global electric truck market is expected t

20、o more than triple from$17.8 billion in 2022 to$65 billion in 2032.11,12,13 Even individual states are pushing for lower freight emissions.Maybe some states wouldnt have much impact,but when California boasting the countrys largest economy by GDP talks,people listen.The states Advanced Clean Trucks

21、Act,with the blessing of the federal Environmental Protection Agency,will require half of all new heavy truck sales be electric by 2035.Another seven states jumped in with similar regulations.By 2030,its estimated that nearly half of all sales of medium and heavy trucks will be electric.7,13,14 By c

22、arrot or by stick,government intervention is pushing shippers to reduce harmful emissions.ImpactsImpacts andand ActionsActions.OneOne if if byby Land,Land,TwoTwo if if byby Sea,Sea,SomethingSomething ElseElse if if byby AirAirAcross the distribution and logistics sector,players on land,sea,and air a

23、re seeking greener,more sustainable methods of doing business.Change may be driven by government regulation,but theres a savvy element of positive reputational development built in,as evidenced by delivery stalwart UPS boasting of using natural gas-powered vehicles or Norfolk Southern railroads“Sust

24、ainability Means Business”initiative.15,16 ShippingShippingTheres a saying in distribution,“As goes Maersk,so goes the world.”Actually,we just made that up.But when the monster Danish shipping company makes a move,its worth noting.In September,the company partnered with another titan,Amazon,to move

25、20,000 containers by ship with a greener biofuel that is estimated to keep 44,000 metric tons of CO2 out of the atmosphere.The program is dubbed“ECO Delivery.”And while both sides boasted about the initiative and helping the environment,there is also a potential financial benefit as its been reporte

26、d the new biofuel provides price stability by delinking from potentially volatile fossil fuel markets.Maersk also took on 51%ownership of a huge Egyptian wind farm as part of its$15 billion clean fuel strategy.And maybe pirates had it right all along:Wind energy sails provide free,zero emission ener

27、gy.In August,the freighter Pyxis Ocean employed newly developed sails.The high-tech WindWings fixed-wing system features 123-foot-tall“sails”(they dont look anything like the kind of sails on a pirate ship)cutting 30%of the ships carbon footprint.The Wall Street Journal asked,“Are Sailboats The Futu

28、re Of Shipping?”5,17,18,19 TruckingTrucking On the ground,electric isnt the only new way to go.Theres hydrogen,a gas fuel that allows truckers to run longer with faster fill-ups than with battery powered electric vehicles.As California imposes regulations barring new diesel trucks from its ports,the

29、 longer range of hydrogen along with state subsidies for purchases is drawing attention.Depending on how the hydrogen is produced,it can deliver an 85%reduction in greenhouse gas emissions compared to diesel.There are also design changes that can play a role.In November,global truck parts and compon

30、ents provider ConMet acquired TruckLabs,a tech company focused on reducing truck emissions.The companys TruckWings product is an aerodynamic shield that deploys at higher speeds,spreading horizontally like flaps to cover the gap between the cab and the trailer on each side,improving fuel economy by

31、up to 6%.20,21,223720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 2AirAir TransportTransportElectric airplanes,once a dream,are becoming a zero-emissions reality.To s

32、tart the new year,shipper DHL announced the maiden commercial flight of its all-electric plane“Alice.”Meanwhile,privately held startup Beta successfully flew a two-man crew down the East Coast in its all-electric plane,boosted by some$800 million in funding from big-name investors.The plane was deli

33、vered to the Air Force for further testing and is eventually expected to haul 1,250 pounds of freight and include a version capable of vertical take-off and landing.And if electric planes dont take off,Virgin Atlantic in November announced the successful completion of the first-ever Transatlantic fl

34、ight by a large passenger plane a Boeing 787 powered entirely by an alternative,greener fuel made of crops,household waste and cooking oils.23,24,25 WarehousingWarehousing Not to be forgotten is where all that stuff in the distribution and logistics chain is stored.Warehouses can consume massive amo

35、unts of space and resources.But there are moves to update warehouses with lighting efficiencies and adding solar panels on those spacious rooftops,or even adding rooftop vegetation to moderate interior temperatures and reduce heat reflection.In the cold storage market,some are experimenting with sop

36、histicated temperature management software to reduce refrigeration run cycles,nighttime refrigeration maximization,and alternative energy sources.26,27 NowNow ArrivingArriving:MergersMergers&AcquisitionsAcquisitions In November,large truck and car maker Volvo acquired startup electric bus maker Prot

37、erras EV battery division for$210 million as Proterra,in bankruptcy,sold off parts of its business.The division makes batteries for medium and heavy-duty commercial vehicles.The deal includes Proterras development facility in California and its assembly plant in Greer,South Carolina,the home of BMWs

38、 massive American plant.Proterras battery operations focus on commercial vehicles,including delivery trucks.Volvo officials said the acquisition will accelerate its dive into EVs and its goal of making all-electric vehicles 35%of sales by 2030.Volvo also announced a partnership with CRH materials to

39、 accelerate the development of net-zero heavy-duty construction vehicles.28,29 Chevron was busy in the new energy field.In September,the fuel giant bought a majority stake(78%)in the worlds largest“green”hydrogen production and storage project,the Advanced Clean Energy Storage project(ACES)in Utah.M

40、itsubishi is the other large holder.And in July,Chevron continued its quest for renewable fuels,partnering with grain and soybean powerhouse Bunge to acquire Argentinas agribiz Chacraservicios,which produces high oil content foods.Both acquiring partners are seeking new sources of lower carbon produ

41、cts.Chevron adds to its supply of oil seeds to produce cleaner,less polluting diesel,while Bunge the worlds largest oilseed crusher adds to its supply of cleaner feedstocks.Chevron earlier agreed to pony up about$600 million in cash while Bunge would contribute two soybean processing plants in the j

42、oint deal.Chevron has been hunting biofuel processors in recent years.In this case,the deal falls under Chevrons Renewable Energy Group division,built around a company Chevron acquired in 2022 for$3.15 billion.30,31,32,33 In December,Alaska Airlines announced its agreement to purchase Hawaiian Airli

43、nes for$1.9 billion,though the deal is expected to see some regulatory review and requires shareholder approval.The combined airlines,operating as separate brands,would be based in Seattle.Its a potentially interesting move as the Biden Administration is already seeking to block the proposed$3.8 bil

44、lion merger of Jet Blue and Spirit airlines.Hawaiian Airlines cargo operation is the largest of any passenger airline serving the islands,moving healthcare,retail,and agricultural products.34,35 NowNow ArrivingArriving:MergersMergers&AcquisitionsAcquisitionsIt feels like the drive to more sustainabl

45、e transport and storage of the goods we need whether transporting a container across the Pacific or a box of widgets across town are only gaining momentum.A perfect storm of innovation from startups,new efficiencies,cost benefits,and wholescale changes both incentivized and required by governments a

46、ppear to be moving the industry to wholesale adoption.4720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 2Change may not come easy.We cant know how federal and state re

47、gulations will emerge,or where theyll collide with economic realities.And the logistics and distribution sector doesnt operate inside the confines of any one country.Its a truly global endeavor,and players in the space will need to adapt to international regulations that may vary from country to cou

48、ntry or even state to state.But the pace of innovation appears unstoppable,and investors are taking note in the distribution and logistics chain from clean energy to robotics and supply-chain management and visibility.Its hard to think of a sector that touches us more in so many ways so many times a

49、 day,and its a sector weve relied on since the first farmer rode into town with a bag of potatoes strapped to his horse.In this enduring field,were looking forward to an exciting year ahead.36,37 5720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,M

50、ember FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 2DateTargetBuyer(s)SegmentDateTargetBuyer(s)SegmentAmount($in Mil)Amount($in Mil)TEV/RevTEV/RevTEV/EBITDATEV/EBITDA12/22/2023Daseke TFI International Transportation1,022.800.6x5.9x12/20/2023Forward Air Hub Group Transport

51、ation262.00-11/30/2023Rudd Equipment CompanyFerronordic Industrial Products95.00-11/1/2023The Cook&Boardman GroupPlatinum EquityBuilding Products863.00-10/31/2023Envoy SolutionsBrady Industries,Warburg PincusConsumer Products2,698.41-9/7/2023Swire Coca-ColaJohn Swire&SonsConsumer Products3,900.00-9/

52、6/2023Gateway SupplyWatsco Consumer Products106.34-7/25/2023Simply Storage ManagementPublic Storage Warehousing and Storage2,200.00-6Source:Pitchbook Financial Data and AnalyticsNote:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are typically representati

53、ve of the industry.TRANSACTIONS BY SEGMENTTRANSACTIONS BY TYPETRANSACTION ACTIVITY21 or more transactions11-20 transactions1-10 transactions0 or less transactionsTRANSACTIONS BY LOCATION36 17 10 42 90 14 27 41 55 12 -20 40 60 80 100Strategic55%Financial45%If You Are a Business Owner Looking for Addi

54、tional Transaction Activity If You Are a Business Owner Looking for Additional Transaction Activity Within Your Industry,Please Call Our Offices at 720.221.9220.Within Your Industry,Please Call Our Offices at 720.221.9220.720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through

55、SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 2FIRMRECENT SUBSIDIARY ACQUISITIONS7ACTIVE BUYERSSource:Pitchbook Financial Data and AnalyticsNote:This data represents recorded transactions only,and is not all-inclusive.Nevertheless,they are ty

56、pically representative of the industry.FIRMRECENT SUBSIDIARY ACQUISITIONSMOST ACTIVE STRATEGIC BUYERSSELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGS720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT

57、2H 2023 2H 2023|VOL 12|ISSUE 2DISTRIBUTION PUBLIC BASKET8AUTOMOTIVEDISTRIBUTION SEGMENTS VS.S&P 500Segment Market Cap Performance Running 12 MonthsSource:Pitchbook Financial Data and Analytics-20%0%20%40%60%80%100%120%Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23 Sep-23Oct-23Nov-23 Dec-23Au

58、tomotiveBuilding ProductsElectronic ComponentsConsumer ProductsIndustrial ProductsHealthcare ProductsS&P 500720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 29DISTRIBU

59、TION PUBLIC BASKET(CONTINUED)BUILDING PRODUCTSELECTRONIC COMPONENTSSource:Pitchbook Financial Data and AnalyticsHEALTHCARE PRODUCTS720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|

60、VOL 12|ISSUE 210DISTRIBUTION PUBLIC BASKET(CONTINUED)FOOD AND BEVERAGE PRODUCTSSource:Pitchbook Financial Data and AnalyticsINDUSTRIAL PRODUCTS720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2

61、023 2H 2023|VOL 12|ISSUE 2LOGISTICS PUBLIC BASKET11LOGISTICS SEGMENTS VS.S&P 500Segment Market Cap Performance Running 12 MonthsTRANSPORTATIONSource:Pitchbook Financial Data and Analytics-10%-5%0%5%10%15%20%25%30%35%Dec-22Jan-23Feb-23Mar-23Apr-23 May-23Jun-23Jul-23Aug-23 Sep-23Oct-23Nov-23 Dec-23Tra

62、nsportationSoftwareWarehousing&StorageLogistics ProvidersS&P 500720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 212LOGISTICS PUBLIC BASKET(CONTINUED)SOFTWAREWAREHOUSI

63、NG&STORAGELOGISTICS PROVIDERSSource:Pitchbook Financial Data and Analytics720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 213U.S.M&A ACTIVITY SNAPSHOTSource:GF DataSo

64、urce:GF DataOVERALL U.S.M&A ACTIVITYNote:The most current source of GF Data is as of November 2023.LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTION MULTIPLESEBITDA Multiples By Transaction SizeCAPITAL BREAKDOWN LOWER MIDDLE MARKET PRIVATE EQUITY TRANSACTIONSSource:PitchBook Financial Data and Analytic

65、s47%54%42%50%10%10%11%9%43%36%47%41%39%42%42%30%9%11%9%12%52%47%49%58%35%36%37%41%8%9%5%7%57%55%58%52%47%39%36%32%6%7%10%4%47%54%55%64%0%20%40%60%80%100%Senior DebtSub DebtEquity2020202120222023$0.00M$200.0B$400.0B$600.0B5001,5002,5003,5004,5002022 Q42023 Q12023 Q22023 Q32023 Q4Deals ClosedDeals Clo

66、sedCapital Invested720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 214SDR SERVICE OFFERINGSPRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORYBUY-SIDE ADVISORYSTRATEGIC CONSU

67、LTINGCOMPREHENSIVE DISTRIBUTION&LOGISTICS EXPERTISEWith ownership and operations backgrounds in both logistics and distribution,our team has the depth of experience and industry expertise that you want on your side.Our team is active in the marketplace and consults regularly for dealership network p

68、eer groups on increasing transferable value.Let us help you understand the market and maximize the value of your transactions.CONTACT USRECENT SDR TRANSACTIONSSDR has completed numerous transactions in Distribution&Logistics,most recently:Our specialties in Logistics include:Trucking Logistics Softw

69、are Warehousing and Storage Logistics ProvidersOur specialties in Distribution include:Consumer Products Electronic Components Industrial HealthcareBen LuchowBen LuchowVice PresidentDistribution&Logistics TScott MitchellScott MitchellManaging DirectorDistribution&Logistics T720.221.9220|SDRVENTURES.

70、COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 21.“Council Agrees On New Rules To Strengthen CO2 Emission Standards For Heavy-Duty Vehicles,”European Council,Council of the European Union,ne

71、ws release,Oct.16,2023 https:/www.consilium.europa.eu/en/press/press-releases/2023/10/16/council-agrees-on-new-rules-to-strengthen-co2-emission-standards-for-heavy-duty-vehicles/2.“Transport,”IEA,accessed Jan.11,2024 https:/www.iea.org/energy-system/transport 3.“COP28 Agreement Signals Beginning of

72、the End Of The Fossil Fuel Era,”United Nations Climate Change report,Dec.11,2023 https:/unfccc.int/news/cop28-agreement-signals-beginning-of-the-end-of-the-fossil-fuel-era 4.“Trucking Industry Trends,Statistics,&Forecast 2023 Edition,”TruckI,Scott Elgin,Jul.25,2023 https:/ 5.“Maersk To Acquire 51%Of

73、 Gabal Al-Zafarana Wind Power Station,”Daily News Egypt,Oct.9,2023 https:/ Logistics:Meaning,Tips,And Challenges,”Inbound Logistics,Sep.2023 https:/ To Require Half Of All Heavy Trucks Sales To Be Electric By 2035,”CNBC,Emma Newberger,Mar.31,2023 https:/ 8.“U.S.Senators Introduce Legislation To Elim

74、inate In-Port Ship Emissions,”Safety For Sea,staff report,Jun.9,2023 https:/ Supports Proposed U.S.Clean Shipping Act,”The Maritime Executive,Sep.21,2022 https:/maritime- 10.“Nations Aim To Zero Out Shipping Emissions By Midcentury,”New York Times,Max Bearak,Jul.6,2023 https:/ 11.“European Road Frei

75、ghts Decarbonization Challenge,”American Journal of Transportation,Stuart Todd,Jan.8,2024 https:/ 12.“China,Zero Emission Trucks And Buses Grew At The End Of 2022.Interact Analysis Forecasts For 2023,”Sustainable Truck and Van,staff report,Feb.9,2023 https:/ Industry Doubletalk Hurts Our Lungs And T

76、heir Own Bottom Line,”Forbes,Margo Oge,Dec.14,2023 https:/ 14.“Gross Domestic Product Of The United States In 2022,By State,”Statista,Nov.3,2023 https:/ Focus On Renewable Energy,”UPS blog,Apr.8,2021 https:/ Means Business,”Norfolk Southern website,accessed Jan.11,2024 http:/ 17.“Maersk And Amazon P

77、artner To Reduce GHG Emissions In Ocean Shipping,”ESG News,Environmental,Social,and Governance,Sep.6,2023 https:/ REFERENCES151H 2023 1H 2023|VOL 11|ISSUE 1720.221.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTI

78、CS REPORT2H 2023 2H 2023|VOL 12|ISSUE 2ADDITIONAL REFERENCES(CONTINUED)1618.“New Wind Powered Cargo Ship Sets Sail,”European Climate,Infrastructure and Environment Executive Agency,”Aug.22,2023 https:/cinea.ec.europa.eu/news-events/news/new-wind-powered-cargo-ship-sets-sail-2023-08-22_en 19.“Are Sai

79、lboats the Future of Shipping?The New,Old Tech Making Waves,”Wall Street Journal,podcast,Dec.22,2023 https:/ 20.“Hydrogen Fuel Is Gaining Traction With Truckers,”Wall Street Journal,Paul Berger,Nov.15,2023 https:/ 21.“Battery Electric Trucks Emit 63%Less GHG Emissions Than Diesel,”International Coun

80、cil on Clean Transit,Feb.6,2023 https:/theicct.org/battery-electric-trucks-emit-63-less-ghg-emissions-than-diesel/#:text=Fuel%20cell%20electric%20trucks%20using,%2C%20emissions%20fall%20by%2085%25.22.“ConMet Acquires TruckLabs,The Creator Of TruckWings,”ConMet,news release,Nov.7,2023 https:/ Aviatio

81、n History:All-Electric Plane Alice Takes Off On Its Maiden Flight,”DHL,Jan.9,2024 https:/ 24.“Electric Planes,Once A Fantasy,Start To Take To The Skies,”New York Times,Niraj Chokshi,Nov.3,2023 https:/ 25.“Groundbreaking Transatlantic Flight Using Greener Fuel Lands In The US,”BBC,Katy Austin,Nov.28,

82、2023 https:/ 26.“Meeting Sustainability Goals With Green Warehousing,”Global Trade Magazine,Brosnan Property,Jun.17,2023 https:/ Ways To Reduce Energy Costs In Refrigerated Warehouses,”Supply Chain Drive,Oct.26,2023 https:/ Acquires Proterras EV Battery Business,”Manufacturing Drive,Joelle Anseimo,N

83、ov.15,2023 https:/ Group And CRH Agree Partnership To Accelerate Decarbonization,”Volvo,news release,Nov.14,2023 https:/ 30.“Chevron Buys Majority Stake In Worlds Largest Green Hydrogen Production And Salt Cavern Storage Complex,”HydrogenInsight,Polly Martin,Sep.12,2023 https:/ 31.“Bunge,Chevron Acq

84、uire Argentinas Chacraservicios To Meet Renewable Diesel Demand,”Reuters,Jul.5,2023 https:/ Announce Definitive Agreements To Create Joint Venture,”Chevron,news release,Feb.2022 https:/ 33.“Chevron Announces Agreement To Acquire Renewable Energy Group,”Chevron,news release,Feb.28,2022 https:/ 720.22

85、1.9220|SDRVENTURES.COMInvestment Banking and Securities Offered Through SDR Capital Markets,LLC,Member FINRA and SIPC.DISTRIBUTION&LOGISTICS REPORT2H 2023 2H 2023|VOL 12|ISSUE 2ADDITIONAL REFERENCES(CONTINUED)1734.“Alaska Air To Buy Hawaiian Airlines In A$1.9 Billion Deal That May Attract Regulator

86、Scrutiny,”Associated Press,Dec.4,2023 https:/ 35.“Hawaiian Airlines Connects,Lifts Hawaiis Economy,”Hawaiian Airlines,news release,Mar.9,2023 http:/ 36.“Morgan Stanleys Vikram Raju Sees Opportunities In Clean Energys Missing Middle,”Wall Street Journal,Luis Garcia,Jan.11,2024 https:/ 37.“Investors Continue To Back Logistics Tech,”Wall Street Journal,Marc Vartabedian,Apr.27,2023 https:/ 1H 2023 1H 2023|VOL 11|ISSUE 11H 2023|VOL 11|ISSUE 11H 2023|VOL 11|ISSUE 1