A general view of the BP logo and petrol station forecourt sign on January 22, 2024 in Southend, United Kingdom.
John Keeble | Getty Images News | Getty Images
The husband of a former BP merger and acquisitions manager pleaded guilty to securities fraud related to insider trading by eavesdropping on his wife’s work calls while she was handling a potential acquisition of TravelCenters of America, a fuel and truck stop operator.
Tyler Loudon, a Houston resident, earned $1.76 million with the illicit trades based on nonpublic knowledge of the possible acquisition at his wife’s company, according to U.S. Attorney Alamdar Hamdani in the Southern District of Texas. Loudon, due to be sentenced May 17, faces a maximum possible sentence of five years in prison and a $250,000 fine. As part of his plea, he agreed to forfeit the $1.76 million of illegal profits.
Separately, the Securities and Exchange Commission filed a civil complaint against Loudon related to the same conduct, which he did not contest.
“Mr. Loudon made a terrible mistake in judgment for which he has taken full responsibility,” Loudon’s lawyer, Peter Zeidenberg, told CNBC.
Authorities said that Loudon in 2022 learned of BP’s confidential plans to acquire TravelCenters in 2022 while working remotely in earshot of his wife, as many couples were due to pandemic-era work-from-home policies.
In December 2022, Loudon secretly listened to his wife’s private work calls discussing BP’s acquisition of TravelCenters while they were working remotely in a small Airbnb during a trip to Rome, according to the SEC’s civil complaint filed in Houston federal court.
After Rome, the couple continued to remotely work “in close quarters,” according to the SEC, noting that their home offices were within “20 feet of each other.”
The SEC said that Loudon’s wife acknowledged occasionally discussing the acquisition with her husband in “normal” married-couple types of conversations.
But over the next few months, Loudon, without telling his wife, accumulated 46,450 shares of TravelCenters, according to the U.S. attorney’s office.
To buy the TravelCenters shares, the SEC noted, Loudon sold all the positions in his brokerage account and Roth IRA, along with other equities, all amounting to over $2 million.
On Feb. 16, 2023, when TravelCenters announced the BP acquisition, triggering its 71% stock jump, Loudon sold all of his shares of the company, profiting $1.76 million, according to the U.S. attorney’s office.
But in March, the Financial Industry Regulatory Authority requested from BP a list of people who were “in the know” about the TravelCenters acquisition before it happened. A former BP employee who had worked on the acquisition then contacted Loudon’s wife, complaining about having to disclose her address and other personal details to comply with FINRA.
When Loudon’s wife told him about this conversation with the former employee, he asked her “if current employees would receive the same scrutiny,” the SEC complaint detailed. “Loudon’s wife responded that they would.”
A week later, Loudon admitted to his wife that he had illegally traded the TravelCenter shares “to make enough money so that she did not have to work long hours anymore,” according to the SEC.
Loudon’s wife reported her husband’s insider trading to her BP supervisor but she was later fired from the company. She filed to divorce Loudon in June, according to the SEC complaint.
Fueled by incentives from the Illinois EPA and the state’s largest utility company, new EV registrations nearly quadrupled the 12% first-quarter increase in EV registrations nationally – and there are no signs the state is slowing down.
Despite the dramatic slowdown of Tesla’s US deliveries, sales of electric vehicles overall have perked up in recent months, with Illinois’ EV adoption rate well above the Q1 uptick nationally. Crain’s Chicago Business reports that the number of new EVs registered across the state totaled 9,821 January through March, compared with “just” 6,535 EVs registered in the state during the same period in 2024.
At the same time, the state’s largest utility, ComEd, launched a $90 million EV incentive program featuring a new Point of Purchase initiative to deliver instant discounts to qualifying business and public sector customers who make the switch to electric vehicles. That program has driven a surge in Class 3-6 medium duty commercial EVs, which are eligible fro $20-30,000 in utility rebates on top of federal tax credits and other incentives (Class 1-2 EVs are eligible for up to $7,500).
The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
XCMG battery swap crane; via Etrucks New Zealand.
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
As “extreme” weather events become more commonplace, the demand for reliable and portable energy continues to rise. In response to that growing demand for dependable off-grid power, Volvo has developed the new PU500 Battery Energy Storage System (BESS) designed to take electrical power when it’s needed most.
Designed to be deployable in a number of environments at a moment’s notice, the Volvo Energy PU500 BESS is equipped with approximately 500 kWh of usable battery capacity (up to 540 kWh total). More than enough juice, in other words, to power a remote construction site, disaster response effort, or even a music festival – anything that needs access to reliable electricity beyond a grid connection.
That’s great, but what sets the PU500 apart from other battery storage solutions is its integrated 240 kW DC fast charger.
“With an integrated CCS2 charger, the PU500 is designed to work with all brands of electric equipment, trucks, and passenger cars,” says Niklas Thulin, Head of BESS Product Offer at Volvo Energy. “This ensures that no matter what type of electric vehicle or machinery you rely on, the PU500 can provide the power you need, making it a truly flexible solution for any grid constrained site or location.”
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The integrated charger in the PU500 has the impressive ability to charge a heavy equipment asset (be that an electric semi truck or something like a wheel loader) in under two hours. Its on-board capacity allows to fully recharge up to 3 electric HD trucks or 20 electric cars per day, making it an incredibly versatile disaster response asset.