An Invaluable Tip from the King of Oil

By Andrew Mickey, Q1 Publishing

He’s been called the “King of Oil.”

He made hundreds of millions of dollars by foreseeing the surges in oil prices of the 1970s.

When the oil market was dominated by a handful of large oil companies (the Seven Sisters), he took them on…and won.

He’s an entrepreneur, a billionaire, and at one point in time was one of the most controversial fugitives of the 20th century.

Think what you will about Marc Rich, but no one can deny he has made a fortune by being right at the right time when it comes to geopolitics and commodity prices.

Now he’s making his view of the future available for everyone. And just like his trading ideas in the 60s and 70s, his expectations may go unnoticed by the majority, but they have a good chance at making a lot of money for those willing to listen now.

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26-Year Silence Broken

Rich has been a controversial figure for decades. He was thrust onto the world stage in the early 80s when a young prosecutor, Rudy Giuliani, discovered Rich’s Switzerland-based trading company had traded oil with Iran during the hostage crisis and with apartheid South Africa.

Recently the highly secretive billionaire opened up to Daniel Ammann, an editor at the renowned Die Weltwoche. (Literally translates to The World Week – your editor’s German has been fading since we last lived in Europe, but the basics are still there).

In well-researched and generally impartial The King of Oil: The Secret Lives of Marc Rich, Ammann reveals the details behind many of Rich’s past dealings. For the first time, Rich and some of his closest colleagues tell their side of the story. Not from prosecutors, the mainstream media, and other detractors.

But we’re not here to debate the legality or morality of his past dealings. We want to see if one of the greatest commodity traders in history sees something the rest of the world might be missing. That’s the key here.

Seeing What Others Don’t

One of Rich’s formerly employees said, “He sees things before others even begin to think about them.”

The statement was true even from Rich’s earliest days as a trader.

Shortly after working his obligatory stint in the mailroom, Rich took a step back from the daily news and noise and looked at what was really going on in the world.

In the early 50s, most of the world simply saw turmoil. Rich, however, saw opportunity.

From 1949 to 1956, the world saw a lot. The Communist takeover China, the Korean War, Soviet armed responses to uprisings in East Germany and Hungary, and the Suez Crisis all happened in that short-span of seven years.

There was a lot of uncertainty, but there was opportunity for those, like Rich, who were willing and able to hunt it down.

The opportunity he spotted was in, of all things, mercury. At the time, mercury was used in thermometers, batteries, and detonators. Considering all that was going on in the world in the 50s, mercury supply and demand were very tightly aligned. It wouldn’t take much additional demand to cause mercury prices to soar.

The extra demand came from President Eisenhower’s rearmament effort. The program specifically called for a 50% increase in the U.S. strategic stockpile of mercury.

That was all Rich needed to see. He combed the world in search of mercury. He got to know most of the producers and the consumers during his search.

As a trader, he would eventually be the largest mercury trader in the world. He was able to match producers and consumers and skim a piece of the action for himself. As mercury prices rose and consumers became more desperate, Rich was able to carve out a bigger and bigger piece of the trade because he was the man who could get you mercury, whenever and wherever it was needed.

That’s what a trader does. And Rich did it magnificently.

That’s just one example of how Rich saw what so few others were able to see though. He would go onto make a true fortune in the 70s oil bull market by securing supply contracts at a fixed price shortly before oil prices soared.

For decades Rich was consistently right on his commodity forecasts. More importantly, he was right at the right time. There’s no reason to expect this time to be any different.

Marc Rich on the Future of Oil

That’s why I was interested to pick up a copy of the book heading into the “10’s.”

Right now the world looks much as it did in the early 70s. Great uncertainty, high unemployment, international conflict, surging government intervention in the economy…it’s all there.

And with each passing day it looks like the results will be the same too. Economic stagnation and eventually rampant inflation and high energy and commodity prices.

So when I came to the end of the book to the Q&A session, one question really stuck out:

Daniel Ammann: Where is the price of oil going?

Marc Rich: Up and down, but up in the long term. Without any doubt.

It’s not too often you hear conviction like that anywhere in the financial world – without any doubt. Especially coming from someone with the knowledge, foresight, and track record of Rich.

And when we take a step back and look at the world as a whole, we can see what Rich sees. There’s an Iranian disaster waiting to happen, renewed threats of terrorism, ongoing direct U.S. involvement in the Middle East.

There’s a lot to worry about. And when the investors and traders get worried, they buy oil.

Keeping it Simple

That’s why as we head into the New Year, I look forward to renewing our focus on the opportunities created throughout the world. Whether it’s mercury in Spain, tin in Bolivia, or absurdly cheap natural gas in Indonesia, we’ll be there.

The world “needed” a bubble and central banks around the world have dutifully responded. And it looks like the commodities are going to get caught up in all the excitement again. And Rich’s oil expectations will likely be proven correct once again.

With each passing day, it looks more and more like the “recovery” is quickly becoming a self-fulfilling prophecy. The latest manufacturing activity data from China and the U.S. are stronger than they’ve been in years. Today’s market action was a clear signal the market sees more good times ahead and the commodities . Oil hit $81 a barrel and “Dr. Copper” at a 16-month high sees clear skies ahead.

But just like Rich’s most successful commodity trades, we’ll keep it simple. We’ll keep in the back of our minds the “mirage recovery” all fueled by cheap money. We won’t forget that. Because when most of the market forgets that, we’ll know to start looking for it all to come unglued…again.

That’s why the best advice is to continue to buy until the markets simply stop going up. And if you believe the “King of Oil” is right about long-term oil prices, as I do, oil will definitely be one of the places to buy into.

Good investing,

Andrew Mickey
Chief Investment Strategist, Q1 Publishing

By Tyler Harbottle

December 21, 2009

Richard Branson has announced his intention to partner with the City of Vancouver and Mayor Gregor Robertson to battle carbon emissions.

There appears to be no boundaries to Richard Branson’s business genius, his innovative thinking, nor his philanthropic ventures.

He generates an unsurpassed excitement and intrigue around nearly every venture he sets his mind to.  Through the multitude of Virgin brands (now numbering more than 200), Branson coordinates an extensive network of visionaries. In scope and in scale, Branson has a truly global reach.

The common thread, intricately woven throughout each initiative, is Branson’s extraordinary ability to identify and harness the power and passion of entrepreneurship.  This conviction – this well established ideology – runs strong throughout the organization, but, arguably, where it runs strongest is in the various philanthropic ventures of the Virgin family.  Branson sees market and profit driven incentive as powerful impetus for change and has conceived several successful non-profit enterprises in that vein.  Branson’s philanthropy has tackled the most pressing issues of our time – the mega-problems of the world; poverty, hunger, disease, environmental degradation, and, of course, climate change.

Under the Virgin Unite brand (a non-profit), Branson has launched the Carbon War Room – a climate change solutions initiative which harnesses “the power of entrepreneurs to implement market-driven solutions to climate change.”

The Carbon War Room:

“Our global industrial and energy systems are built on carbon-based technologies and unsustainable resource demands that threaten to destroy our society and our planet. Massive loss of wealth, expanding poverty and suffering, disastrous climate change, water scarcity, and deforestation are the end results of this broken system.

This business-as-usual system represents the greatest threat to the security and prosperity of humanity – a threat that transcends race, ethnicity, national borders, and ideology.” — Carbon War Room

With this particular initiative in mind, Branson identified Vancouver Mayor Gregor Robertson as a leader and an entrepreneurial catalyst for change.  The two met at the 2009 United Nations Climate Change Conference in Copenhagen and have since agreed to develop a common battle plan.

Robertson, a visionary in his own right, has pioneered a one-of-a-kind economic development plan: Vancouver Green Capital.

“The “Vancouver Green Capital” brand is at the heart of the creation of a robust, long-term economic strategy that will guide the City’s pursuit of economic opportunities around the world…Green companies are those that understand that their bottom lines include people and planet, as well as profit. Some of the world’s biggest and most progressive companies have understood that “green” is no longer a “nice-to-have”: it’s integral to doing business.” — Vancouver Green Capital

Through this initiative, and in seeking to become the world’s greenest city by 2020, Robertson hopes to attract the great environmental entrepreneurs of the world and, like Branson, harness the spirit of innovation to realize positive change.

Branson’s Carbon War Room initiative and Mayor Robertson’s Green Capital development plan are mutually complimentary; both leaders have realized the important role that a committed network of innovators, small, medium, and large businesses, individuals, entrepreneurs, institutions, and governments will play in the development of a greener future.

This grand battle plan starts at the city level.  In fact, it starts with Vancouver.  Branson and Robertson will officially launch the initiative at the Vancouver 2010 Winter Olympic Games.  Robertson hopes to capture the “robust business development” of the Olympics and capitalize on the international attention sure to be paid to Vancouver during the games.

A key focus in this effort to cut global emissions, as identified by the Carbon War Room’s Vancouver Operation (.pdf), will be accelerating the market for energy efficient buildings and energy efficiency upgrades.

“The building sector represents the largest opportunity for non-disruptive cost-effective change. Redesigning and retrofitting buildings for energy efficiency and sustainability could readily eliminate 5 billion tons of CO2e, or 10% of current emissions, per year by 2020 – while creating millions of new jobs.” — Carbon War Room, The Vancouver Operation

Branson is actively seeking out new business models that can adequately address fundamental barriers in the market for energy efficiency.  The Carbon War Room identifies “high upfront costs for consumers, inconvenience of retrofits, lack of consumer information, and the principal-agent problem” as prevailing market failures.  Conquering these challenges and building a successful model of “attractive financing and incentives for energy efficiency” will be the primary battle ground for this War on Carbon and the pioneers and innovators who lead the charge will be handsomely rewarded.

So who are the soldiers in this war? Who are the innovators and pioneers? What business models are out there that successfully circumvent the identified barriers to change?

Enter Greenscape Capital Group. A publicly traded (symbol GRN on the TSX venture exchange), Vancouver based environmental start-up,  Greenscape Capital fits the Branson/Robertson initiative perfectly.

Greenscape owns and operates Green.Switch Capital, whose innovative business model is designed specifically to overcome the number one barrier to realizing vast energy savings: upfront capital costs.  Green.Swtich covers the bill for the assessment and installation of energy efficiency upgrades and derives its profit from a percentage of the energy savings over time.

This is precisely the type of eco-innovation that Branson’s Carbon War Room initiative will need if it is to achieve its goal:

Branson is seeking to retrofit 10 million buildings worldwide by 2013 and achieve a 5 billion ton reduction in CO2 emissions by 2020 through energy efficiency measures alone.  By starting with Vancouver, already North America’s greenest city, Branson hopes to lead the way for others to follow.

“We must defeat this enemy. We know we have the technologies, the tactics, and the people to do it. What we need is fewer pronouncements and more leadership.” — Richard Branson, New York Times Op-Ed

It seems as though Branson has found his leadership in Gregor Robertson and if Greenscape Capital Group is any indication of the eco-entrepreneurial spirit of Vancouver, he has also found the perfect stage to wage his global war on carbon.

By Tyler Harbottle – Skanderbeg Capital Group

Recently Skanderbeg Capital CEO Bryan Slusarchuk spoke at TEDx Vancouver – a locally organized sub-conference of the famed TEDtalks.  Bryan was chosen to speak amongst several well-known environmentalists not because he has a long history of hugging trees, staging sit-ins, protesting for animal rights, or going head-to-head with Japanese whaling boats.

No, Bryan was chosen to speak at TEDx Vancouver because of a realization he has come to.

We’re all thinking about it.  We’ve been thinking about it ever since Al Gore stood atop a Skyjack Hydraulic Scissor Lift and so dramatically expressed our impending doom.  We’re suffocating ourselves in CO2, he says.  Well Gore or no Gore, our environment is in trouble.

A few savvy investors here and there, however, have come to the same realization that Mr. Slusarchuk has come to:

It’s becoming very obvious that amidst the dismal environmental situation we currently find ourselves in, there are some exceptional investment opportunities to be had.  And those investments — those innovations — may just be the source of a total transformation in how we operate on this planet.

And as it turns out, the same mindset — the same type of innovative thinking — that holds the solution to some of our environmental problems, might also haul our economy out of recession.

TSX.V: GRN

So I want to outline the key reason why we at Skanderbeg Capital are viewing the environmental crisis and the corresponding quest for solutions with optimism….

Via Greenscape Capital Group and its subsidiary Green.Switch Capital, Skanderbeg’s primary point of interest is in an emerging and lucrative market for energy efficiency upgrades.

The energy efficiency market

Recently, McKinsey & Company posited the following question in a Quarterly Report titled Unlocking Energy Efficiency in the U.S. Economy:

“How is it that so many energy-saving opportunities worth more than $130 billion annually to the U.S. economy can go unrealized, despite decades of public awareness campaigns, federal and state programs, and targeted action by individual companies, non-governmental organizations, and private individuals?”

After an extensive 2008 U.S. energy efficiency analysis, McKinsey came to the following conclusions,

“If addressed in a holistic and comprehensive manner, energy efficiency offers a “vast, low-cost energy resource for the U.S. economy.”

McKinsey estimates that with such an approach, an initial investment of $520 billion through the year 2020, would yield energy savings of more than $1.2 trillion.  This would result in an estimated reduction in end use energy consumption by 9.1 quadrillion BTUs, or 23% of projected demand.

A 23% reduction in energy consumption would mean “potentially abating up to 1.1 gigatons of greenhouse gases annually.”

This would have a truly global consequence.

In another study, this one done by the Environment America Research & Policy Center in 2008, it was concluded that a staggering 10% of GLOBAL energy consumption is from American buildings alone.  They state, “energy efficiency is the cheapest and cleanest way to increase our energy productivity,” noting that it would cost about “$42.1 billion to gain one quad [quadrillion BTUs] of energy through residential and commercial building efficiency” whereas to deliver an equivalent amount of energy production from the building of coal power plants, it would cost $122 billion and $222 billion for Nuclear power.

So as it turns out, the greatest source of clean energy is not from solar, wind, or even nuclear.  It’s from using LESS energy. To quote Thomas L. Friedman, “The cheapest, cleanest, non-emitting power plant in the world is the one you don’t build.”

This type of analysis is even more applicable to the Canadian economy.  We northerners try our very best to huddle along the 49th parallel, but the fact is we spend about 90% of our time indoors.  It’s cold outside.  It has been suggested that 1/3 of all Canadian energy production goes to the heating, cooling (yes cooling, sometimes), and lighting of buildings.  Not to mention 50% of our natural resources.

The savings potential is enormous.  A study done in October 2003 titled The Costs and Financial Benefits of Green Buildings, by Greg Kats, revealed the potential total life cycle benefits of “greening” an existing building is upwards of six dollars per square foot.  Kats presents a 20 year average present value savings of $5.79 per square foot.  By this estimate, an average sized industrial building of 100 000 square feet, over a 20 year period, would provide savings of nearly $580 000.

The general population has been completely oblivious to this realization.  However, in all fairness, there is at least one significant barrier to all of these upgrades and the subsequent savings: initial capital costs.  For the most part, people want to do their part in reducing our impact on the planet.  Business owners want to be able to advertise their energy efficiency, their ‘green’ business, and the cost savings to be passed down to their customers.  But for most business owners and, indeed, for most homeowners, the upfront cost of upgrading HVAC systems, interior and exterior lighting, hot water systems, windows, and insulation, is just too much.  Even considering the future cost savings to be had, money is tight these days.  And, as the adage goes, it costs money to make money.  Well in this case, sometimes it even costs money to save money…

There are some instances, however, when the capital cost is negligible, if not nothing at all.  Often an energy efficient upgrade can be implemented when regular maintenance or renovations would occur anyway.  A recent Rocky Mountain Institute report suggests that an energy efficiency upgrade which yields savings of more than 50% can often be LESS expensive than saving nothing.  This is because “costly capital equipment (such as air conditioning) can often be made smaller or even eliminated.”  In other words, it costs more to save less!

For example,

The renovation of a 20-year-old 200,000-ft2 curtain-wall office tower near Chicago, offered a
design energy saving of 75% at a slightly cheaper cost than the routinely required renovation that
saved nothing.

The fact is, most buildings built today will still exist in 10, 20, and 30 years and hardly any of them are energy (and therefore cost) efficient.

Next week the worlds leaders will meet in Copenhagen for the United Nations Climate Change Conference.  Whether you believe in anthropogenic climate change or not, governments around the world will should be searching far and wide for the most efficient ways of reducing energy consumption.

Earlier this year Lawrence Berkeley National Laboratory, sponsored by U.S. Department of Energy, published a report titled Building Commissioning: A Golden Opportunity for Reducing Energy Costs and Greenhouse Gas Emissions. They posited that as a result of the drastic energy savings resulting from the “commissioning” of existing buildings “the median cost of conserved carbon is negative— -$110 per tonne.”  In other words, by this method, for every tonne of carbon we don’t emit, we SAVE $110.

This is something that even the most incredulous of climate change skeptics can embrace because it’s not just about climate change. Though the current political atmosphere is go go go CO2 reductions, the energy efficiency market is attractive for more than just it’s GHG promises. It’s about energy conservation.  It’s about peak oil and fossil fuel depletion.  It’s about innovation in the face of a wobbling economy.  And it’s about capitalizing on a growing trend of “green” investors.

Now, besides the fact that energy efficiency retrofitting (or “commissioning”) offers a vast source of emissions-free energy, massive potential savings, and the most cost effective strategy for reducing GHG emissions – it also represents an enormous investment opportunity…

There are two major reasons we are excited about the investment potential:

1. Someone has to fund the retrofits, and
2. Someone has to implement the retrofits

And Green.Switch does both.

I’ll explain using a hypothetical example that represents a classic Green.Switch retrofit project.

The Green.Switch Model

Scenario:

“123 Parking” is an aggressively expanding parking garage, but is in a heated competition for customers with “ABC Parking”.  They’re looking for ways to decrease their capital costs so they can reduce parking prices and therefore grab a bigger share of the market.

123 Parking realizes three things:

1. their biggest capital cost is in lighting,
2. their lighting system is grossly outdated and extremely inefficient, but
3. they don’t have the extra capital to spend on an upgrade.

123 Parking is a perfect fit for the Green.Switch model.  For no upfront capital cost, Green.Switch will initiate a full service retrofit – right from the assessment all the way through to installation and ongoing monitoring.  123 Parking even gets consultation on how to re-brand themselves as a ‘greener’ alternative to ABC Parking.

Green.Switch, under this particular retrofit package, will take an agreed upon percentage of the energy savings value until the financing costs are paid.  Thereafter, the percentage Green.Switch takes decreases on a sliding scale until eventually 123 Parking keeps 100% of the energy savings from the retrofit.

123 Parking is now the greenest parking lot in the city, has increased it’s bottom line significantly, and now has the ability to grab that extra portion of the market by passing the savings on to customers.

This is a win, win, win situation.  The environment wins because 123 Parking is using less energy.  123 Parking wins beacuse they’ve increased their bottom line.  Green.Switch wins because they’ve garnered a percentage of some significant energy savings.

Huge Potential

photo: o palsson

Now remember, there is thought to be over a trillion dollars in energy savings out there in the U.S. alone. The political atmosphere is such that this will only gain further momentum.  As economies are increasingly moving away from fossil fuel reliance the price of electricity is set to go up.

Companies can realize energy savings now and better insulate themselves from price fluctuations in the future.  But the point is, they don’t have to fund this change themselves.  The burden of capital costs can be completely unloaded on a company like Green.Switch.

The revenue model is brilliant, the upside is obvious, there’s no risk to the consumer, and the market is ENORMOUS.

Greenscape Capital Group owns 100% of Green.Switch.  It trades on the Toronto Venture Exchange under the symbol GRN.

Greenscape Capital Group, GRN

Tirex continues its intense, District-scale exploration of the 553 square kilometre Mirdita District. Two drills are onsite. One drill focussed on advanced stage definition and expansion drilling of known areas of mineralization. The second drill, conducting pure exploration to target discovery.

The $1.57 million from the European Bank for Reconstruction and Development (EBRD), announced today, will be utilized to continue the advancement of our fundamental objectives at Mirdita.

It is wonderful to have a major financial backer such as the EBRD as we conduct the first ever large-scale and modern exploration of Mirdita (for more information about the EBRD, visit www.ebrd.com).

We look forward to keeping you posted. We are awaiting assays from multiple holes recently drilled at Letitna and (in addition to the drilling at Letitna), are currently drilling what we categorize as a very high priority exploration hole.

Stay tuned.

Regards,

Bryan Slusarchuk

CEO

Working in the “green economy” is naturally rewarding.  Providing capital and expertise to environmentally friendly businesses and retrofitting commercial properties to increase their energy efficiency, Greenscape Capital Group is fortunate to be operating in a socially responsible field.

However, every so often the opportunity arises to engage in true philanthropy, to help people in need, and to assist groups who are equipped to make a difference.

In December, 2009 Greenscape acted on one such opportunity and has been able to assist The Earth Rising Foundation and The Shanti Uganda Society in their efforts to build a natural and sustainable Birth House in the rural Ugandan community of Kakira-Soweto.  In particular, Greenscape made possible the development and implementation of a photovoltaic power system and an innovative water filtration system.  These systems, when complete, will be critical to the development of a safe and reliable birthing facility.

Nic Besseling, a volunteer with Shanti Uganda, has documented his efforts so far in a blog.  Nic details what it will take to implement the solar power system, his plans for the water filtration system, and the progress made on the Birth House so far.

Shanti Uganda and The Earth Rising Foundation identified this particular community due to its particularly high rate of health complications related to pregnancy and maternal and infant mortality rate.

“The Shanti Uganda Birth House and Learning Centre will focus on preventative care and work with local birth attendants to improve the health of women, children and the entire community of Kakira-Soweto.”

For the last several months Greenscape Capital Group, via it’s energy efficiency retrofit company Green.Swtich, has been building a solid reputation as a first mover in this space.

We’ve written extensively about the massive potential in the energy efficiency market and the work that Green.Switch is doing.

So far Green.Switch has been very focused on the parking lot industry.  For a number of reasons, energy efficiency upgrades for parking lots are a no-brainer.  It’s an easy sell.    A parking lot has one very large capital cost to consider: energy.  Green.Switch provides a turnkey solution to reducing this capital cost and increasing bottom line profits.

Not so long ago Greenscape was approached by ProPark America with an interesting idea.  Now, ProPark has been in the parking business for 25 years, operates more than 330 locations, manages a labour force of 1200 employees, and generates revenue in excess of $100 million per year.  So when they contacted Greenscape management, Greenscape management listened.

ProPark wanted to build “the world’s greenest parking lot” at the Denver International Airport and they needed someone to finance it.

Greenscape Capital Group Inc. (“Greenscape”) TSXV: ‐ GRN is pleased to announce that Green.Switch Capital Corp., a wholly‐owned Greenscape company, has entered into an agreement to build, operate and own, this facility.

Highlights of the deal:

Green Park DIA, owned and operated by Greenscape Capital Group

• 4200 stall lot to serve Denver International Airport , the largest airport in the US
• Cushman & Wakefield appraised value of $31,700,000 upon completion of construction, with market value upon stabilization of $42,400,000
• 7 month construction period, fixed cost contract, guaranteed price by large commercial contractor that has been in business for 49 years in the Denver area
• Project is “shovel‐ready” and is fully permitted for construction to begin
• management contract in place with a leading American parking lot management company that has been in the parking business for twenty five years, operating 330 locations
• land lease in place for 25 years with 20 additional years of renewal optionsGreen.Switch to own 90% of the entity. The 10% minority interest will be owned by ProPark USA
• total capital required $18,600,000 of which $16,300,000 is for fixed price development and construction costs with $2,300,000 in place for operating capital and future contingencies
• $12,100,000 (65% of total capitalization) targeted to come via debt issuance from a major, chartered Canadian bank
• average projected Net Operating Income in years 2‐10 of $5.1 million annually
• project life of 25 years minimum with opportunity to extend to 45 years
• average projected Sales in years 2‐10 of $19 million annually

Greenscape CEO Bryan Slusarchuk states,

This will be the world’s greenest parking facility, a world‐class asset, at a world‐class location. While this asset alone creates substantial potential upside for Greenscape shareholders via the project value and the targeted net income, it should be noted that this will also serve as a showpiece and as a model for future corporate expansion plans. In addition to showcasing Greenscape, today’s announcement also highlights the fact that British Columbia, Canada is a leading source of talent, entrepreneurial spirit and capital in the environmental world and for that, I congratulate the environmental professionals and management of Green.Switch for getting this agreement signed

Access the full press release at: www.greenscapecapital.com/news/greenscapecapital/january062010/

Those of you operating businesses in Vancouver, BC will be very familiar with the Business in Vancouver publication.  They’ve been operating for 20 years and provide a good source of local business intelligence and news.

Skanderbeg portfolio company, Greenscape Capital Group (TSX.V: GRN) has been featured in their most recent publication.  Author Nina Winham gives a good overview of what’s quickly becoming a massive market for energy efficiency upgrades, the cornerstone of the Greenscape operation.