Raptor Xpress Freight
A Proposal for Evolving Regional Less-than-Truckload (LTL) Shipping
Raptor LTL Xpress is proposed as a regional less-than-truckload (LTL) freight service powered entirely by hydrogen fuel-cell electric vehicles (FCEVs). Starting around 2028, the company will pilot about five Class 8 hydrogen trucks on key short-haul lanes in the South-Central U.S. (for example, the Houston–Dallas corridor) and, upon successful proof-of-concept, scale up to a fleet of ~20 hydrogen trucks by the mid-2030s. This zero-emission LTL fleet will be one of the first of its kind in the region, positioning the company as a first-mover in sustainable freight transport. Each fuel-cell truck emits zero tailpipe pollutants, eliminating roughly 100 tons of CO₂ per truck per year compared to diesel, and offering 70%+ lower emissions per load to shippers without compromising service levels. The Raptor LTL program thus addresses growing shipper demand for eco-friendly freight options, with several major customers already indicating they will commit freight to the hydrogen LTL lane once operational (helping them meet their own sustainability targets). In Phase III, Raptor LTL is not only a new service line but the technological centerpiece of the partnership’s vision for sustainable growth, expected to capture high-margin regional freight and contribute significantly to revenue by the 2030s.
The strategic timing of Raptor LTL aligns with anticipated advances in hydrogen technology and economics. Internal analysis indicates that although fuel-cell trucks are capital-intensive today, they are likely to reach total cost-of-ownership parity with diesel by 2030–2035, due to improving fuel efficiency and scale economies in hydrogen production. The U.S. heavy-duty hydrogen market is projected to surge from ~$7 billion in 2025 to ~$90 billion by 2032. By launching a pilot in 2028, Peregrine positions itself to ride this wave of technology maturation. Phase II (2026–2032) initiatives – such as fully integrating operations and launching the cooperative network – lay the groundwork (both operationally and financially) for this Phase III innovation. Early Phase III will focus on a controlled pilot of Raptor LTL, allowing the company to gather data on performance and costs in a manageable lane before scaling up. This phased approach ensures that expansion decisions are data-driven, de-risked, and aligned with infrastructure readiness (for example, hydrogen fuel availability). In summary, the Raptor LTL concept is an ambitious leap toward zero-emission freight service in the South-Central region, envisioned as a Phase III flagship program that demonstrates Peregrine Enterprise Holdings’ commitment to innovation, sustainability, and profitable growth.
Integration with “The Aviary” Hubs + Project Flight Cooperative
A critical aspect of the Raptor LTL program is its integration into the broader ecosystem of logistics hubs and cooperative networks developed in Phases II and III. This integration is designed to maximize driver support, energy sovereignty, and operational flexibility, ensuring the hydrogen trucks operate efficiently and that both company drivers and cooperative members share in the benefits.
The Aviary Logistics Hubs: Phase III includes building “The Aviary” hubs, a network of modern, multi-purpose driver terminals that will anchor the Raptor LTL operations. At least two full-scale Aviary hubs are planned by 2028–2030 (e.g. one in Dallas–Fort Worth and one near Houston) to support the pilot and subsequent rollout. These hubs will provide comprehensive driver support amenities – secure overnight truck parking, rest facilities (lounges, showers, sleeping pods), training centers, and even on-site clinics – creating a “home away from home” for drivers to improve quality of life and retention. Each Aviary will also house maintenance bays and serve as a refueling/recharging station for alternative-fuel trucks, including dedicated hydrogen fueling for the Raptor fleet. Notably, the Aviary hubs are being designed for energy sovereignty: they will integrate on-site renewable energy (solar panels) and potentially hydrogen electrolyzers to produce green hydrogen fuel, making each hub partly self-sufficient in energy. By generating power on-site and leveraging solar-hydrogen systems, the hubs reduce reliance on grid power or diesel, ensuring fuel availability and price stability for the Raptor trucks (a strategic advantage as fuel costs fluctuate). Operationally, concentrating Raptor LTL activities at these hubs enables faster turnarounds and efficient hub-and-spoke routing – each hydrogen truck can run multiple short-haul LTL routes per day with quick refuels at the hub’s H₂ station, achieving high utilization and reliable on-time performance (targeting ≥98% on-time delivery). The hubs also serve a compliance function: trucks undergo voluntary inspections and maintenance at the Aviary, which is expected to cut safety and compliance issues by 20–30% by catching problems early and assisting drivers with hours-of-service adherence and other regulations. In essence, The Aviary hubs provide the physical infrastructure and community centers that underpin Raptor LTL – improving driver welfare and retention, ensuring energy supply for the hydrogen fleet, and optimizing LTL operations through centralized dispatch and cross-docking facilities.
Project Flight Cooperative: The Project Flight cooperative, launched in Phase II, is a network of independent owner-operators and small fleets who partner with our own entities as member-owners. In Phase III, Project Flight evolves into a nationwide cooperative alliance, and its integration with Raptor LTL and the Aviary hubs is a cornerstone of the strategy. The cooperative structure offers operational flexibility by allowing the company to flex capacity up or down without solely relying on company-owned trucks. By 2030, the co-op membership is expected to expand across multiple states, contributing trucks and drivers that can take on Raptor LTL loads or other routes as needed. Co-op member drivers will have access to the Aviary hubs as shared infrastructure – they can fuel and service their trucks at cost, use the rest amenities, and participate in training or wellness programs on-site. This dramatically lowers their operating barriers (providing resources they “could never afford individually”) and fosters loyalty. The driver support provided through both the co-op and the Aviary hubs is expected to significantly improve retention and performance: drivers are treated as partners, with profit-sharing and first-class facilities, yielding far lower turnover than the industry norm. Moreover, the cooperative model promotes energy sovereignty and resilience by aggregating demand for alternative fuels – for example, co-op members collectively benefit from bulk hydrogen procurement or on-site generation at hubs, insulating them from external fuel price shocks. Finally, deep integration with Project Flight means operational resilience: during peak demand or new lane expansions, the company can dispatch co-op member trucks (many of which may eventually also adopt hydrogen or electric technology) to maintain service levels without heavy capital investment. This asset-light flexibility, combined with the physical Aviary network, gives Raptor LTL a scalable platform to grow without compromising service or straining resources, truly embodying the partnership ethos of shared growth.
Strategic Alignment with Incentives + ESG Investment
The Raptor LTL program and its supporting projects are deliberately structured to align with a range of federal and state incentive programs, as well as to attract private ESG (Environmental, Social, Governance) investment, ensuring strong financial support and policy compliance. From the Inflation Reduction Act to Texas state grants and DOE initiatives, Phase III is positioned to be “grant-ready” and capital-efficient:
Inflation Reduction Act (IRA) – Federal Clean Transport Incentives: The plan takes full advantage of the IRA’s incentives for zero-emission commercial vehicles and infrastructure. For example, IRA Section 45W provides a federal tax credit of up to $40,000 per new clean heavy-duty truck, which will apply to each hydrogen FCEV acquired for Raptor LTL. Additionally, IRA 45V offers production tax credits (up to $3 per kg) for green hydrogen, and funding for charging/fueling infrastructure, substantially improving the economics of operating hydrogen trucks. By ensuring all Phase III truck purchases qualify for these credits and by planning on-site hydrogen production at Aviary hubs, Peregrine will capture federal funds to offset a significant share of vehicle and fuel costs. These incentives are timed well with the Raptor rollout – for instance, current credits last through 2032, supporting the 2028–2035 fleet expansion. The company is also mindful of federal grants like DOT’s alternative fuel corridor grants and DOE’s hydrogen infrastructure funding to build out refueling stations at hubs.
Texas State Programs – THIVE and TERP: At the state level, Texas Hydrogen Infrastructure, Vehicle & Equipment (THIVE) is a new program under the Texas Emissions Reduction Plan (TERP) aimed at jump-starting hydrogen fuel in trucking. THIVE launched in 2024 and has already co-funded the deployment of hydrogen trucks and stations in Texas. Peregrine intends to secure THIVE grants to cover roughly 50% of the cost of the initial Raptor trucks and related fueling infrastructure, dramatically lowering the up-front capital burden. Indeed, Texas recently funded 28 hydrogen trucks for a private fleet, signaling strong state commitment that our venture plans to leverage. Beyond THIVE, the Raptor concept aligns with TERP’s broader goals of reducing emissions in freight transport; we will seek any available TERP clean vehicle vouchers or fleet modernization grants to support additional truck orders. By tapping state incentives that often cover 40–80% of the cost differential for new clean trucks, the company improves project ROI and demonstrates state policy alignment, which can aid future grant applications.
DOE Regional Hydrogen Hubs: Peregrine Enterprise Holdings has proactively partnered with Department of Energy (DOE) hydrogen hub initiatives to ensure Raptor LTL has both the fuel supply and capital support it needs. We are a participating member of the HyVelocity Hydrogen Hub consortium (covering Texas and Louisiana) and have also engaged with the proposed HALO Hub (spanning Arkansas–Louisiana–Oklahoma). By aligning the planned Houston-area Aviary with the Gulf Coast HyVelocity Hub, our hydrogen stations can become part of a federally funded network – the plan anticipates direct DOE cost-share for fueling infrastructure, potentially amounting to millions in grants or equipment funding for our hubs. In practice, this means that instead of building hydrogen supply chains alone, we co-develop infrastructure with public-private consortia, reducing risk and cost. This alignment not only secures fuel availability (via long-term offtake agreements and an MOU with a major OEM’s hydrogen trucking division) but also embeds our project in the national hydrogen economy roadmap. Being part of DOE’s regional hub program demonstrates regulatory compliance and forward planning – we are building in the corridors where the government is investing heavily, which should smooth permitting and keep us eligible for future federal support.
Private ESG Investment – Green Bonds and Impact Funds: In addition to public incentives, Phase III’s financing strategy is crafted to tap into the rising tide of private ESG capital. Peregrine plans to issue “Green Logistics Bonds” or similar sustainable debt instruments to finance major Raptor initiatives like the Aviary hub construction and fleet expansion. For example, around 2029 the company envisions raising on the order of $10 million via a Green Bond to fund the first full-scale Aviary hub, offering investors a fixed return tied to the project’s environmental performance. Likewise, additional green debt or impact investment loans (totaling ~$5–8 million) are targeted for the second hub and truck deployments. These instruments appeal to institutional investors with ESG mandates and allow the company to access low-cost capital without diluting ownership or taking on traditional high-interest debt. By structuring Phase III projects to qualify as “green” and socially beneficial (e.g. zero-emission transport, community-focused driver hubs), we make the venture attractive to sustainable infrastructure funds. This strategy is already in motion – the partnership’s use of green bonds and cooperative equity is considered pioneering in the trucking sector, demonstrating that we can raise growth capital while upholding our mission. The upshot is a diversified funding plan: federal tax credits, state grants, DOE partnerships, and private ESG funds are all leveraged in concert. This mix not only lowers the net cost of the Raptor program but also signals to stakeholders and regulators that Peregrine Enterprise Holdings is fully engaged with the policy landscape and climate finance ecosystem driving the clean transportation transition.
Key Risks + Mitigation Strategies
Implementing the Raptor LTL concept within a complex multi-phase program entails a variety of risks across operations, technology, funding, and regulatory domains. The Phase III plan is explicitly designed to anticipate these risks and incorporate robust mitigation strategies, ensuring the project’s ambitious goals are met compliantly and sustainably. Key risk factors and our approaches to manage them include:
Operational Risks: Execution complexity is a primary concern – coordinating new hydrogen LTL routes, managing the Aviary hubs, and integrating co-op operations will require careful orchestration. There is risk of operational disruptions or inefficiencies as we introduce new technology and processes (e.g. training drivers on fuel-cell trucks, scheduling around refueling needs, and operating hub facilities). To mitigate this, the plan calls for phased implementation and pilot programs. We will start with a small-scale pilot hub and fleet in a limited corridor to validate concepts under manageable conditions. Each major project (e.g. opening an Aviary hub or adding trucks) will have “gate reviews” with go/no-go criteria: if utilization, reliability, or cost metrics are off-target, scaling will be paused or adjusted. The company will also deploy an experienced project management team and engage external experts (e.g. engineering firms for hub construction) to ensure on-time, on-budget execution. Operational flexibility is maintained by keeping some legacy diesel or hybrid trucks as backup and by using mobile refuelers or temporary infrastructure if needed, so that Raptor LTL service can continue even if permanent infrastructure lags. Finally, to address day-to-day operational risks, the integrated cooperative model provides surge capacity and resilience – if a Raptor truck is down or demand spikes, co-op member trucks can pick up loads, reducing service failures. Ongoing training, clear standard operating procedures, and strong communication channels (especially with driver-owners in the co-op) will further ensure smooth operations as we scale.
Technological Risks: The Raptor program hinges on hydrogen FCEV technology, which faces technology adoption risks and competition from battery-electric alternatives. There is a possibility that hydrogen trucking adoption could progress more slowly than expected, or that battery-electric truck range/charging improves faster, challenging hydrogen’s edge. Additionally, infrastructure development is a major concern – hydrogen fueling networks in the U.S. are nascent, and delays in station deployment could bottleneck our operations. To mitigate tech risk, our strategy remains “fuel-agnostic” and adaptive: while we are bullish on hydrogen for heavy regional freight, the plan explicitly allows for pivoting if needed. For example, if hydrogen infrastructure is insufficient by 2028, we are prepared to deploy a small number of battery-electric trucks or use renewable diesel as interim solutions to maintain progress toward emission goals. We are also investing in dual-fuel infrastructure at hubs where feasible – designing Aviary facilities to accommodate electric charging, hydrogen fueling, and even traditional fuels, so that we preserve flexibility as technologies evolve. Close strategic partnerships further hedge technology risk: our MOU with a leading truck OEM (Toyota’s hydrogen division) gives us technical support and early access to reliable fuel-cell trucks, and our involvement in hydrogen hubs ensures we stay informed of tech developments and can co-develop solutions (rather than waiting passively). In essence, we won’t “bet the farm” on any single unproven technology without fallback options. Regular technology reviews are built into Phase III (e.g. 2-3 year checkpoints) to reassess hydrogen vs. electric advancements and calibrate our fleet strategy accordingly.
Funding + Financial Risks: The ambitious capital requirements of Phase III (hydrogen trucks costing 2–3× diesel trucks, plus $2–5 million per fueling station and $2–5 million per hub) pose financial risks. There is a dependency on external funding – grants, credits, and low-cost loans – meaning that any shortfall or delay in expected funding could strain the company. Additionally, interest rate fluctuations or economic downturns could impact our financing costs just as we undertake heavy investments. To mitigate these risks, the plan employs a staged funding approach and diverse capital sources. We will only commit to major capex (like ordering a batch of FCEVs or breaking ground on a second hub) after securing the corresponding grants/credits or reaching performance milestones that justify it. Internally, Phase II savings and co-op revenues (projected to be ~$500k by 2027) are earmarked to co-fund initial Phase III projects, reducing the amount we need to borrow or raise early on. Our financial modeling includes conservative assumptions (e.g. we only scale the hydrogen fleet when operating costs approach parity with diesel) and built-in contingencies, such as maintaining additional working capital to cover any grant timing gaps or cost overruns. The company is also keeping debt-to-equity ratios within prudent limits (targeting ~25–30% debt-capital) to ensure we can withstand interest rate increases. Pursuing non-dilutive ESG financing (green bonds, infrastructure funds) as outlined earlier is another hedge, as it broadens our funding options if traditional financing tightens. Essentially, we treat grant and incentive opportunities as must-win milestones – a dedicated grants team monitors federal and state funding calendars (e.g. DOE hydrogen grants, Texas TERP windows) to ensure we apply early and often, maximizing free capital into the project. By closely aligning expenditures with confirmed funding and maintaining financial discipline, we intend to avoid liquidity crunches and keep Phase III financially sustainable even under variable market conditions.
Regulatory + Compliance Risks: Operating a hydrogen-powered, multi-state logistics initiative brings significant regulatory compliance responsibilities. On one hand, current policy trends (federal clean truck rules, state zero-emission mandates) are favorable – for example, EPA’s upcoming GHG standards and states like California requiring a portion of new trucks to be zero-emission by 2035 align with our strategy. However, relying on regulatory support also introduces risk: a change in government or policy (for instance, alterations to tax credit programs or delays in hydrogen hub rollouts) could impact expected benefits. Additionally, handling hydrogen fuel requires strict compliance with safety and environmental regulations; any lapse could lead to incidents or penalties. Finally, the cooperative model must navigate labor laws and FMCSA interstate commerce rules, which vary by state. Our mitigation approach is to be proactive and thorough in compliance and advocacy. We are actively engaged with policymakers and industry groups – participating in consortia like HyVelocity gives us a voice in shaping hydrogen standards and keeps us informed of regulatory developments. The plan also includes pursuing BCorp certification and maintaining cooperative governance best practices, which not only bolster our public image but also ensure we meet high standards of transparency and worker treatment (helpful when regulators evaluate our grant applications or labor compliance). Each Aviary hub will implement rigorous safety protocols (hydrogen sensors, ventilation, driver HAZMAT training) to meet all relevant codes. We are building compliance support into operations – for example, the co-op’s “Overwatch” program assists owner-operators with hours-of-service and electronic logging compliance, reducing violations. Multi-state regulatory risk is managed by consulting experts in transportation law to harmonize our practices with each jurisdiction we operate in, and by potentially basing initial hydrogen operations in friendly states (like Texas) that are actively supporting hydrogen trucking. Finally, by moving early into zero-emissions, we essentially “future-proof” the fleet against tightening regulations: as carbon taxes or stricter emission rules materialize in the late 2030s, our Raptor fleet will already be compliant, avoiding costs and disruptions that diesel-reliant competitors would face. In summary, the Raptor LTL initiative is pursued with a compliance-first mindset – we seek out regulatory alignment as a strength, turning what could be a risk into a competitive advantage through careful planning and engagement.
Expected Economic, Environmental, + Community Benefits by 2038
By the conclusion of Phase III in 2038, the Raptor LTL program and its allied initiatives are expected to yield transformative benefits for the company and its stakeholders – from significantly improved financial performance and fleet efficiency to major reductions in emissions and enhanced workforce and community outcomes. In line with our mission of “growth with purpose,” these are the key anticipated benefits by 2038:
Economic Growth and Fleet Efficiency: The Phase III innovations are projected to double Peregrine’s annual revenue by the late 2030s, compared to the pre-merger baseline. A substantial portion of this growth comes from new service lines like Raptor LTL, which by the mid-2030s could capture 5–10% of the region’s LTL market, contributing an estimated $5–6 million in annual revenue (with ~20 trucks). These services are higher-margin than traditional trucking, helping to boost net income 5–10× over today’s levels in the long term. Operational efficiencies are also improved: by utilizing hub-and-spoke routing and AI-driven dispatch, per-mile operating costs are expected to drop significantly. The hydrogen trucks, once fuel costs equalize, should have lower maintenance and fuel expense per mile than diesel (fuel cells are ~30% more energy efficient and have fewer moving parts). Additionally, the ability to flex capacity via the co-op means higher asset utilization and less idle time. Collectively, these factors aim to raise EBITDA margins into the mid-teens (~15% by the 2030s, versus ~8–10% for peers). The fleet’s efficiency and resilience will also improve: reliance on expensive fossil diesel is reduced, and the risk of volatile fuel prices is mitigated by our investment in on-site energy and diversified powertrains. Importantly, by securing long-term contracts (especially with shippers seeking green freight options), revenue streams become more stable. Overall, by 2038 the company is expected to be financially robust and future-ready, having turned sustainable innovation into a driver of superior business performance.
Environmental Impact – Emissions and Beyond: Raptor LTL directly advances both corporate and public environmental goals by dramatically cutting emissions. Each hydrogen FCEV truck added displaces a diesel unit, avoiding ~100 tons of CO₂ emissions annually, as noted above. At scale (20+ trucks), this equates to thousands of tons of CO₂ eliminated per year by the 2030s. Per freight-ton-mile, the Raptor service is estimated to reduce greenhouse gas emissions by ~59% versus conventional diesel LTL. By 2038, if a significant portion of the fleet is zero-emission (the target is a fleet “partly or mostly green” by then), the company’s carbon footprint will be a fraction of what it would have been otherwise – contributing to industry-wide climate objectives and improving air quality in the communities we serve. Furthermore, hydrogen trucks produce no tailpipe pollutants (no particulate matter or NOx), which is a boon for public health in freight corridors. The environmental benefits extend to energy: the Aviary hubs’ solar and battery systems reduce grid strain and promote renewable energy use on-site, cutting electricity-related emissions and demonstrating energy self-sufficiency. By aligning with initiatives like DOE Hydrogen Hubs and Texas’s clean air programs, the Raptor project also supports broader environmental innovation – for instance, it creates demand for green hydrogen production and showcases a viable path to decarbonize trucking in the South-Central region. This leadership can have a multiplier effect, encouraging other fleets to adopt similar technologies (a community benefit in itself as regional emissions drop). Finally, by 2038 the company will have avoided potential carbon costs (such as fuel taxes or emission fees that may penalize diesel usage in the future), an avoided expense that further improves our competitive position.
Driver Retention and Workforce Empowerment: One of the most profound impacts of the Phase III program is on our drivers and workforce. Through the cooperative model and the Aviary hubs, driver turnover is expected to decrease dramatically – the analysis forecasts driver attrition dropping below 10%, versus the 80–90% annual turnover typical in the industry. This is achieved by investing in drivers as partners: by 2038, a significant number of drivers will be co-op member-owners, sharing in profits and governance. This sense of ownership, coupled with tangible benefits like better working facilities, training opportunities, and health/wellness support at Aviary hubs, makes driving for Peregrine a far more attractive and sustainable career. We anticipate improved driver health and satisfaction, leading to better safety records and service quality. The “Aviary” concept – safe parking, rest, and community for drivers – addresses a long-standing industry problem (lack of truck parking and driver support), likely resulting in fewer hours-of-service violations, less fatigue, and higher driver productivity. By 2038, Peregrine Enterprise Holdings aims to be known as a driver-centric carrier, which will aid recruitment (a critical edge given driver shortages in the industry). We also expect to cultivate new talent through partnerships (e.g. on-site driver training academies in collaboration with local colleges), contributing to workforce development in the community. In summary, the Raptor program’s success is not just measured in dollars or emissions, but in building a loyal, skilled driver workforce. This is a key competitive advantage – drivers who feel valued and have a stake in the company deliver more reliable service and help attract like-minded professionals. By Phase III’s end, the hope is that Peregrine is viewed as a model employer in trucking, proving that empowering drivers (through co-op governance and improved working conditions) can dramatically reduce turnover and elevate performance.
Customer Value + Community Benefits: The Raptor LTL service enhances our customer value proposition, giving shippers a new option to move their freight with minimal environmental impact without sacrificing service quality. By 2038, many large shippers (and their own end-customers) will have aggressive carbon reduction goals; our hydrogen-powered LTL offering allows them to decarbonize a portion of their supply chain ahead of regulatory requirements. This differentiation has already attracted shipper commitments during the pilot stage, and in the long run it is expected to foster a loyal customer base that values our sustainable services. We have even seen willingness from some customers to pay a modest premium for green freight once we proved the service’s reliability. Thus, Raptor LTL not only secures revenue but also enhances clients’ ESG credentials – a win–win that strengthens partnerships. In terms of service, the integration of digital platforms (like real-time tracking down to the item level, and AI-optimized routing) means improved transparency and reliability for customers, likely leading to higher satisfaction and retention. Beyond direct customers, the community at large benefits from Phase III’s initiatives. The Aviary hubs, for example, serve as community assets by design – they generate green jobs (in hydrogen fueling, maintenance, training, etc.), provide shared infrastructure for local small businesses, and even open their facilities to partner fleets and public services as needed. By collaborating with groups like the BlueGreen Alliance and local workforce boards, the project is creating a template for sustainable logistics hubs that uplift the community (through job training programs, safer truck parking, and reduced pollution). Economically, securing federal and state funding means an influx of investment into the region: construction of hubs, installation of solar panels, and deployment of new trucks all contribute to economic activity and tax bases. By 2038, we expect the “Raptor” program to stand as a proof point that logistics growth can align with public interests – demonstrating lower emissions, high-quality jobs, and strong business performance together. This will enhance our corporate reputation and likely make us a preferred partner in public-private initiatives going forward. In summary, customers get a superior, forward-looking service, communities see environmental and economic gains, and the company secures its role as a valued, responsible stakeholder in the regions we operate.
Grant readiness, regulatory compliance, and phased planning have been central to Raptor LTL’s approach and will continue to guide its implementation. By carefully phasing the rollout (pilot first, then expansion on meeting targets), rigorously leveraging grants/incentives, and aligning every step with current and future regulations, Peregrine Enterprise Holdings ensures that the Raptor program is both ambitious and credible. Internally, this executive summary will serve to inform all stakeholders of the program’s scope and significance: Raptor LTL is more than a green trucking initiative – it is a catalyst for transforming our company’s operations, culture, and market position in Phases II and III. As we move forward, our focus remains on executing this vision with discipline (“controlled boldness” in the words of the plan), thereby achieving “growth with purpose” that benefits our owners, employees, customers, and communities alike.