Post-merger innovative performance in the renewable energy sector

Due to global warming and shrinking fossil fuel resources, politics as well as society urge for a reduction of green house gas (GHG) emissions. This leads to a re-orientation towards a renewable energy sector. In this context, innovation and new technologies are key success factors. Moreover, the renewable energy sector has entered a consolidation stage, where corporate investors and mergers and acquisitions (M&A) gain in importance. Although both M&A and innovation in the renewable energy sector are important corporate strategies, the link between those two aspects has not been examined before. The present thesis examines the research question how M&A influence the acquirer’s post-merger innovative performance in the renewable energy sector. Based on a framework of relevant literature, three hypotheses are defined. First, the relation between non-technology oriented M&A and post-merger innovative performance is discussed. Second, the impact of absolute acquired knowledge on postmerger innovativeness is examined. Third, the target-acquirer relatedness is discussed. A panel data set of 117 firms collected over a period of six years has been analyzed via a random effects negative binomial regression model and a time lag of one year. The results support a non-significant, negative impact of non-technology M&A on postmerger innovative performance. The applied model did not support a positive and significant impact of absolute acquired knowledge on post-merger innovative performance. Lastly, the results suggest a reverse relation than postulated by Hypothesis 3. Targets from the same industry significantly and negatively influence the acquirers’ innovativeness.

Ion-beam sources based on superionic solid electrolytes

An ion emitter consisting of a sharp silver tip covered in RbAg4I5 solid electrolyte film has been developed and studied. An accelerating potential is applied and Ag+ ions are emitted from the tip’s apex by field evaporation. The emitted ions are collected by a Faraday cup, producing a current on the pico/nanoampere level which is read by an electrometer. The tips were produced mechanically by sandpaper polishing. The sharpest tip produced had a 2:4 m apex radius. Two deposition methods were studied: thermal vacuum and pulsed laser deposition. The best tip produced a peak current value of 96nA at 180oC, and a quasi-stable 4nA emission current at 160oC, both using an extraction potential of 10kV . The emission dependence on time, temperature and accelerating potential has been studied. Deposited films were characterized by X-ray diffraction (XRD), profilometry, optical and Scanning Electron Microscope (SEM) and Secondary Ion Mass Spectroscopy (SIMS) measurements. Several ion emitters were developed, the latter ones were all able to maintain stable high ion emissions for long periods of time. This investigation was a continuation of an ongoing project backed by the European Space Agency, with the objective of making a proof of concept of this kind of ion emitter with potential application on ion thrusters for orbiting satellites. Going forward, it would be interesting to make a finer analysis of the electrolyte’s conductivity at high temperatures, explore Wien Effect-based emission and to further develop a multi-tip ion emitter prototype.

Has the time for renewables finally arrived? – An event study on EPA’s Clean Power Plan

The recent proposals presented by EPA aimed to reduce the dependency of fossil fuels and to lower current emissions levels, hoping to gradually shift electric generation units to renewable energy sources. Actually, the Final Rule Proposal announcement day exhibited a negative Abnormal Return on Fossil Fuels but the following days had positive Abnormal Returns, mostly due to legislative change perceived by financial markets which eased up implementation periods of the proposed measures in the Final Rule when compared to the Draft Rule. Oppositely, Renewables and Solar Portfolios exhibited negative Cumulative Abnormal Returns over the period surrounding the Final Rule.

Observations of air composition in Brazil between the Equator and 20°s during the dry season.

Field measurement programs in Brazil during the dry season months of August and September in 1979 and 1980 have demonstrated the great importance of the continental tropics in global air chemistry. Especially in the mixed layer, the air composition over land is much different from that over the ocean and the land areas are clearly longe scale sources of many inportant trace gases. During the dry season much biomass, burning takes place especially in the cerrado regions leading to substantial emission of air pollutants, such as CO, NOx, N2O, CH4 and other hydrocarbons. Ozone concentrations are alsoenhanced due to photochemical reactions. Biogenic organic emissions from tropical forests play likewise an important role in the photochemistry of the atmosphere. Carbon monoxide was found to be present in high concentrations in the boundary layer of the tropical forest, but ozone concentrations were much lower than in the cerrado.

Comparing standard and low-cost tools for gradient evaluation along potential cycling paths

Promoting the use of non-motorized modes of transport, such as cycling, is an important contribution to the improvement of mobility, accessibility and equity in cities. Cycling offers a fast and cheap transportation option for short distances, helping to lower pollutant emissions and contributing to a healthier way of life. In order to make the cycling mode more competitive in relation to motorized traffic, it is necessary to evaluate the potential of alternatives from the perspective of the physical effort. One way to do so consists of assessing the suitability of locations for implementing cycling infrastructures. In this work, four tools to determine the gradient along potential cycling paths are compared. Furthermore, an evaluation of the reliability of some low-cost tools to measure this parameter was conducted, by comparison with standard measurements using cartographic plans, on a field case study applied to the city of Braga, Portugal. These tools revealed a good level of accuracy for the planning stage, but proved to be less reliable for use in design.

Recycled asphalt mixtures with foamed bitumen: an alternative to build ecofriendly road pavements

Nowadays, recycling has become a very important objective for the society in the scope of a closed loop product life cycle. In recent years, new recycling techniques have been developed in the area of road pavements that allow the incorporation of high percentages of reclaimed asphalt (RA) materials in recycled asphalt mixtures. The use of foamed bitumen for production of recycled asphalt mixtures is one of those techniques, which also allows the reduction of the mixing temperatures (warm mix technology). However, it is important to evaluate if this solution can maintain or improve the performance of the resulting mixtures. Thus, the main aim of the present study is to assess the performance of warm recycled asphalt mixtures incorporating foamed bitumen as the new binder and 50% RA, in comparison with a control mixture using conventional bitumen. Four mixtures have been produced with 50% RA, one of them at typical high mixing temperatures with a conventional bitumen (control mixture) and the other three with foamed bitumen at different production temperatures. These four mixtures were tested to evaluate their compactability and water sensitivity. The laboratory test results showed that the production of recycled mixtures with foamed bitumen can be reduced by 40ºC without changing the performance of the resulting mixtures.

Evaluation of foamed bitumen efficiency in warm asphalt mixtures recycling

The recycling of pavements is nowadays a very important question to the road paving industry. With the objective of incorporating higher percentages of reclaimed asphalt (RA) materials in recycled asphalt mixtures, new techniques have been developed in the last years. The use of foamed bitumen is normally associated with the production of cold asphalt mixtures, which usually show lower quality standards. However, the objective of the work presented in this paper is to assess the use of foamed bitumen as the binder of warm asphalt mixtures incorporating 30% RA, which have quality standards similar to those of conventional mixtures. Thus, five mixtures have been produced with 30% RA, one of them with a conventional bitumen (control mix) and the others with foamed bitumen at different production temperatures. The mixtures were tested for compactability and water sensitivity and the results show a possible reduction of 25 ºC in the production temperatures, while the water sensitivity test results were kept close to 90 %.

A mechanical analysis of asphalt recycled mixtures produced with high recycling rates

In this work four asphalt mixtures were compared in terms of mechanical characteristics. One of the mixtures (control mixture) was used as a reference to the study of three mixtures produced with reclaimed asphalt pavement (RAP). One of the recycled mixtures incorporated 30% of RAP and the other two were produced with 50% of RAP. The effect of using a rejuvenator additive (3% rejuvenator) was also evaluated in one of the mixtures with 50% of RAP.

Effect of incorporating different waste materials in bitumen

The increasing environmental concern about waste materials and the necessity of improving the performance of asphalt mixtures prompted the study of incorporating different waste materials in conventional bitumen. The reuse of waste materials can present benefits at an environmental and economic level, and some wastes can be used to improve the pavement performance. Thus, the purpose of this study is to evaluate the incorporation of different waste materials in bitumen, namely waste motor oil and different polymers. In order to accomplish this goal, 10% of waste motor oil and 5% of polymers (high density polyethylene, crumb rubber and styrene-butadiene-styrene) were added to a conventional bitumen and the resulting modified bitumens were characterized through basic and rheological tests. From this work, it can be concluded that the incorporation of different waste materials improve some important properties of the conventional bitumen. Such improvements might indicate a good behaviour at medium/high temperatures and an increase of fatigue and rutting resistance. Therefore, these modified bitumens with waste materials can contribute to a sustainable development of road paving industry due to their performance and environmental advantages.