Transaction Strengthens Peak’s Texas Presence
DENVER--(BUSINESS WIRE)--Peak Utility Services Group (Peak), a nationwide provider of integrated infrastructure services to the natural gas, electric and telecommunication industries, announced today the acquisition of Superior Pipeline Services (SPS), a leading natural gas utility services contractor in Texas. Founded in 2001 and headquartered in Fort Worth, TX, SPS has built long-standing relationships with leading utilities that provide their communities with critical energy needs.
The acquisition of SPS affirms Peak’s position in Texas’ growing utility services space. “I am pleased to welcome Superior Pipeline to the Peak family. We are thrilled to partner with a best-in-class provider in an attractive, fast-growing market with significant demand for natural gas utility maintenance, repair and installation,” said Jason Pickett, CEO of Peak. “With the robust economic and population growth we have seen in Texas, we are looking forward to playing a meaningful role in supporting the ongoing infrastructure needs there with SPS.”
SPS founder and President, Lynn Ayres, will continue to play a leading role alongside the current management team.
“We are excited to join the Peak family,” said Lynn Ayres. “By joining Peak, we will continue to provide our customers with excellent service while investing in our resources and our team. Peak’s focus on company culture, safety and customer service aligns well with our values and makes it a logical fit for SPS. We believe this transaction will enhance our ability to better serve our communities.”
“We view SPS as a great addition to the platform, which brings Peak front-and-center into a highly attractive market,” said Mohammed Khalil, Director, ORIX Capital Partners, the private equity platform of ORIX Corporation USA, whose managed fund acquired Peak in 2018. “This acquisition supports Peak’s position as a leading provider of mission-critical utility services, and we look forward to further accomplishments building on combined strengths.”
Peak Utility Services Group
Peak Utility Services Group (Peak) is a Denver-based leading provider of maintenance, repair, upgrade and installation services for the telecom, electric and natural gas infrastructure markets in the Pacific Northwest and Intermountain West regions of the United States. Peak provides its comprehensive suite of services through four operating units: SiteWise, Track Utilities, Kelly Cable, and Riley Brothers. Collectively, the company serves its customers through 50 locations with a highly trained workforce of over 1,600 employees. As a leader in utility services, the company has received numerous awards, outpacing the industry with advancements in safety, quality, customer service and strategic decision-making. For more information, visit www.peakusg.com.
ORIX Capital Partners
ORIX Capital Partners (OCP), the operationally-focused private equity team of ORIX Advisers, LLC and a wholly-owned subsidiary of ORIX Corporation USA (ORIX USA), manages a fund that seeks to make direct equity investments in established middle-market companies throughout North America, spanning a variety of industries, including industrial services, business services, and general industrials. For more information about OCP and its capabilities, please visit www.orixcapitalpartners.com.
Rohini Pragasam
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646.319.3680
TORONTO--(BUSINESS WIRE)--Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORD) is pleased to announce that the Company’s Board of Directors (the “Board”) has approved the construction of a new ilmenite concentration plant.
Commercial production from the new plant is expected early in 2023 and the plant's capacity will be approximately 150,000 tonnes of ilmenite concentrate per annum. The Company started an ilmenite pilot plant in October 2019. Based on the promising results, the Board approved construction of a full-scale plant. The advanced engineering and construction of the ilmenite concentration plant is expected to cost approximately US$25.2 million with the majority of these costs being incurred in 2022. The Company is also further evaluating the potential to produce titanium dioxide pigment as a possible follow-on product.
Paulo Misk, President and Chief Executive Officer of Largo, stated: “The approval of our new ilmenite concentration plant is another step to increase and diversify our revenues. As we work to complete this project, we will also continue to explore the feasibility of extracting additional value from the Company’s mineral resource.”
About Largo Resources
Largo Resources is an industry preferred, vertically integrated vanadium company. It services multiple vanadium market applications through the supply of its unrivaled VPURE™ and VPURE+™ products, from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine located in Brazil. Largo is also focused on the advancement of renewable energy storage solutions through its world-class VCHARGE± vanadium redox flow battery technology. The Company's common shares are listed on the Toronto Stock Exchange under the symbol "LGO".
For more information on Largo and VPURE™, please visit www.largoresources.com and www.largoVPURE.com.
For additional information on Largo Clean Energy, please visit www.largocleanenergy.com.
Forward-looking Information:
This press release contains forward-looking information under Canadian securities legislation, some of which may be considered "financial outlook" for the purposes of application Canadian securities legislation ("forward-looking statements"). Forward‐looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; costs of future activities and operations; the extent of capital and operating expenditures; the iron ore price environment, the timing and cost related to the build out of the ilmenite plan, eventual production from the ilmenite plant, the ability to sell ilmenite on a profitable basis and the extent and overall impact of the COVID-19 pandemic in Brazil and globally. Forward‐looking information in this press release also includes, but is not limited to, statements with respect to our ability to build, finance and operate a VRFB business, our ability to complete a listing on the Nasdaq, our ability to protect and develop our technology, our ability to maintain our IP, our ability to market and sell our VCHARGE± battery system on specification and at a competitive price, our ability to secure the required production resources to build our VCHARGE± battery system, our ability to produce iron ore and the adoption of VFRB technology generally in the market. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo or Largo Clean Energy to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on SEDAR from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As which also apply.
Investor Relations:
Alex Guthrie
Senior Manager, External Relations
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Tel: +1 416‐861‐9797
Media Enquiries:
Crystal Quast
Bullseye Corporate
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Tel: +1 647-529-6364
TULSA, Okla.--(BUSINESS WIRE)--$BKEP #Asphalt--Blueknight Energy Partners, L.P. (“Blueknight” or the “Partnership”) (Nasdaq: BKEP and BKEPP) announced today that its Chief Executive Officer, Andrew Woodward, and Chief Financial Officer, Matthew Lewis, are scheduled to participate in virtual investor meetings at the 4th Annual Truist Securities 2021 Utilities, Midstream & Alternative Energy Summit on March 25, 2021.
Presentation materials will be available through the "Investors" section of the Blueknight website at investor.bkep.com.
About Blueknight
Blueknight (Nasdaq: BKEP and BKEPP) is a publicly traded master limited partnership that owns the largest independent asphalt terminalling network in the country. Operations include 8.7 million barrels of liquid asphalt storage capacity across 53 terminals and 26 states throughout the U.S. Blueknight is focused on providing integrated terminalling solutions for tomorrow’s infrastructure and transportation end markets. More information is available at www.bkep.com.
Blueknight Investor Relations
Chase Jacobson, (918) 237-4032
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AUSTIN, Texas--(BUSINESS WIRE)--#AI--Terradepth, a disruptor in maritime data collection and use, today announced the successful completion of its Phase 1 trials. The test was executed at Lake Travis in Travis County, Texas. The Phase 1 test results conclusively demonstrate that the company’s unmanned submersible could collect and process underwater data, understand features of import, and automatically retask itself with no human intervention.
Terradepth’s mission is to increase ocean knowledge through autonomous, high-resolution, scalable data collection and a radically improved data experience. The company is applying autonomous robotics, AI/ML, and the latest software concepts and methodologies to create the world's first deep ocean data-as-a-service business.
The initial trial is one of multiple tests that will prove out Terradepth’s hybrid ocean data collection submersible, which will operate autonomously to collect an ocean data repository of unprecedented scale.
“The success of our first trial is an important first step towards democratizing ocean data, and is another important step toward our goal of sharing information that can help to conserve and protect 98.5% of Earth’s livable space — the ocean,” said Joe Wolfel, co-founder and co-CEO at Terradepth.
About Terradepth
Terradepth is enabling a holistic reasoning of the Earth for the first time in human history. By making high-resolution undersea information accessible to a diverse stakeholder base, Terradepth is driving human connection with the ocean through greater understanding. From environmental decisions to new medical treatments, Terradepth's combination of subsea drones and its Virtual Ocean are changing our relationship to the ocean for good. To learn more, visit Terradepth.com.
Sarah Frankoff
Treble
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Techstars Sustainability Challenge winners to be announced and Nicole Systrom, Founder of The Sutro Energy Group and Board Member at Activate & Prime Coalition, to serve as keynote speaker
BOULDER, Colo.--(BUSINESS WIRE)--Techstars, the worldwide network that helps entrepreneurs succeed, will hold its inaugural Sustainability Summit on April 15. Entrepreneurs, investors, corporations and global policymakers from around the globe will convene virtually to collaborate, share learnings and meet other like-minded entrepreneurs solving climate and sustainability challenges.
Keynoting the event will be Nicole Systrom, founder of Sutro Energy and a board of directors member at Activate and Prime Coalition. In her roles, Systrom partners with philanthropists, investors and entrepreneurs on innovative solutions for climate change. Systrom has an impressive background in environmental science and has spent her career focused on climate solutions while working across philanthropy, investing and with prominent organizations on the front lines of science and engineering. Systrom will discuss climate and sustainability innovation, highlight what makes scaling technology in the space unique and how effective collaboration underpins it all.
Techstars’ new CEO Maëlle Gavet will give her first address since joining the company in January. She will examine the critical role entrepreneurship plays in climate and sustainability.
During the summit, Techstars will announce the finalists of this year’s Techstars Sustainability Challenge. The Challenge solicited ideas from the most promising entrepreneurs, startups, inventors and entities that address tough supply chain sustainability needs. A panel of sustainability experts from Techstars and its partners—companies including ABN AMRO, Andlinger Center for Energy and the Environment at Princeton University, Cargill, Comcast NBCUniversal LIFT Labs, EG Group, Endeavor, Equinor, The Heritage Group, The Nature Conservancy, Semapa NEXT, Stanley Black & Decker, Temasek, QBE and wfuna— have reviewed submissions and finalists will be announced during the summit. Those finalists will move into a proof-of-concept with one of the Challenge partners.
The Sustainability Challenge is Techstars’ first effort dedicated to enabling climate and sustainability collaboration at scale. The Challenge identifies a specific problem and then kickstarts relationships among entrepreneurs, corporations, and subject matter experts to get ideas into pilot faster. Challenge Partners see collaborative efforts like this as critical to reducing the negative environmental impacts of supply chains and creating efficiencies that will drive long-term positive impacts for industries, markets and people around the world.
“We want to see real solutions that address supply chain sustainability, specifically data and automation, materials and end of life impact,” said Cody Simms, Techstars senior vice president of climate and sustainability. “That requires activating proofs-of-concept at a more accelerated pace and we have a unique opportunity to do that through our global Sustainability Challenge. We’re excited to showcase our Challenge finalists, hear from a strong speaker lineup led by Nicole and Maëlle, and cultivate new relationships between Summit participants to kickstart collaboration at scale.”
To register for the virtual Techstars Sustainability Summit free of charge, please click here.
About Techstars
The Techstars worldwide network helps entrepreneurs succeed. Founded in 2006, Techstars began with three simple ideas—entrepreneurs create a better future for everyone, collaboration drives innovation, and great ideas can come from anywhere. Now we are on a mission to enable every person on the planet to contribute to, and benefit from, the success of entrepreneurs. In addition to operating accelerator programs and venture capital funds, we do this by connecting startups, investors, corporations, and cities to help build thriving startup communities. Techstars has invested in more than 2,300 companies with a combined market cap of more than $193B. www.techstars.com
Kate Adorno
Actual Agency
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+1 (201) 259-4948
HOUSTON--(BUSINESS WIRE)--$NEXT #carboncapture--NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that it has agreed to sell $24.5 million of Series C Convertible Preferred Stock (Series C Preferred Stock). The Series C Preferred Stock is being issued in a private placement to funds managed by York Capital Management, Avenue Capital Group, and Bardin Hill Investment Partners. NextDecade intends to use proceeds to finalize commercial agreements needed to achieve a final investment decision on Rio Grande LNG in 2021, to advance the work of its NEXT Carbon Solutions business, including developing one of the largest carbon capture and storage (CCS) projects in North America to reduce greenhouse gas emissions at Rio Grande LNG, and for general corporate purposes.
“NextDecade is pleased to solidify its balance sheet with additional development capital from existing and new institutional investors as we progress to an expected FID at Rio Grande LNG in 2021,” Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “This preferred equity capital raise coincides with the formation of NEXT Carbon Solutions and affirms NextDecade’s leadership in efforts to reduce global greenhouse gas emissions. This capital will facilitate the advancement and realization of transformative and impactful contributions that NEXT Carbon Solutions expects to make to the global energy industry and the quest toward a net-zero future.”
The offer and sale of the Series C Preferred Stock has not been, and will not be, registered under the Securities Act of 1933 (Securities Act), or any other securities laws, and the Series C Preferred Stock cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About NextDecade Corporation
NextDecade Corporation (NextDecade) is committed to providing the world access to cleaner energy. NextDecade, through its wholly owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, is developing a 27 mtpa LNG export facility in South Texas along with one of the largest carbon capture and storage projects in North America. The Rio Grande LNG facility is expected to be the largest and greenest U.S. LNG export solution linking Permian Basin and Eagle Ford Shale natural gas to the global LNG market. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, visit www.next-decade.com.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within the meaning of U.S. federal securities laws including, in particular, statements about the Company’s private placement of Series C Preferred Stock and the use of proceeds thereof. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on NextDecade’s current assumptions, expectations, and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about progress in the development of NextDecade’s LNG liquefaction and export projects and the timing of that progress; NextDecade’s final investment decision (“FID”) in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the “Terminal”) and the timing of that decision; the successful completion of the Terminal by third-party contractors and an approximately 137-mile pipeline to supply gas to the Terminal being developed by a third-party; NextDecade’s ability to secure additional debt and equity financing in the future to complete the Terminal; the accuracy of estimated costs for the Terminal; statements that the Terminal, when completed, will have certain characteristics, including amounts of liquefaction capacities; the development risks, operational hazards, regulatory approvals applicable to the Terminal’s and the third-party pipeline's construction and operations activities; NextDecade’s anticipated competitive advantage and technological innovation which may render its anticipated competitive advantage obsolete; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG industry, including environmental laws and regulations that impose significant compliance costs and liabilities; NextDecade’s ability to develop and implement carbon capture and storage or similar technology to reduce anticipated carbon emissions from the Terminal; the 2019 novel coronavirus pandemic and its impact on NextDecade’s business and operating results, including any disruptions in NextDecade’s operations or development of the Terminal and the health and safety of NextDecade’s employees, and on NextDecade’s customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade’s ability to maintain the listing of its securities on a securities exchange or quotation medium; changes adversely affecting the business in which NextDecade is engaged; management of growth; general economic conditions; NextDecade’s ability to generate cash; compliance with environmental laws and regulations; the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s Annual Report on Form 10-K for the year ended December 31, 2019 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference. Additionally, any development of the Terminal remains contingent upon completing required commercial agreements, acquiring all necessary permits and approval, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.
Patrick Hughes
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+1 (832) 209-8131
HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced the net profits interest calculation for March 2021. The net profits interest calculation represents reported oil production for the month of December 2020 and reported natural gas production during November 2020. The calculation includes accrued costs incurred in January 2021.
This month, excluding prior net profits interest shortfalls, income from the distributable net profits interest would have been approximately $0.2 million. As a result of the cumulative outstanding net profits shortfall of approximately $1.3 million, however, no distribution will be paid to the Trust’s unitholders of record on March 31, 2021 in April 2021. Distributions to the Trust will resume once the cumulative net profits shortfall, which continues to decrease and now totals approximately $1.0 million, is eliminated.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.
|
|
Underlying Sales Volumes |
|
Average Price |
||||||||
|
|
Oil |
|
Natural Gas |
|
Oil |
|
Natural Gas |
||||
|
|
Bbls |
|
Bbls/D |
|
Mcf |
|
Mcf/D |
|
(per Bbl) |
|
(per Mcf) |
Current Month |
|
55,192 |
|
1,780 |
|
326,841 |
|
10,895 |
|
$ 40.85 |
|
$ 1.96 |
Prior Month |
|
45,410 |
|
1,514 |
|
194,932 |
|
6,288 |
|
$ 38.27 |
|
$ 1.84 |
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $2.3 million for the current month on realized wellhead prices of $40.85/Bbl, up $0.6 million from the prior month distribution period.
Recorded natural gas cash receipts from the Underlying Properties totaled $0.6 million for the current month, up $0.2 million from the prior month’s distribution period.
Total accrued operating expenses for the period were $2.2 million, a $0.4 million increase month-over-month from the prior period. Capital expenditures increased $0.3 million from the prior period, as a portion of the non-operating capital expenditures for new wells drilled in the Haynesville and New Mexico Delaware shales were paid in the current month. The operators of these wells expect to begin production in the first half of 2021.
The remaining cumulative shortfall in net profits for the prior months will be deducted from any net profits in next month’s net profits interest calculation. At this time based on current commodity prices, COERT Holdings 1 LLC (the “Sponsor”) anticipates that the Underlying Properties will continue to generate positive net profits to reduce the cumulative shortfall before returning to monthly distributions again.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expected expenses, including capital expenditures, and expectations regarding the ability of the Underlying Properties to continue to generate positive net profits before returning to monthly distributions. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have declined since the beginning of 2020 in response to the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, resulting in an oversupply of crude oil and exacerbating the decline in crude oil prices, and could remain low for an extended period of time. Continued low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2019 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 16, 2020, and the Trust’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, filed with the SEC on November 6, 2020. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555
Rio Grande LNG Expected to be the Greenest LNG Project in the World
HOUSTON--(BUSINESS WIRE)--$NEXT #carboncapture--NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced the formation of NEXT Carbon Solutions, LLC (NEXT Carbon Solutions), a wholly owned subsidiary of NextDecade that is expected to:
NEXT Carbon Solutions’ CCS project is expected to reduce permitted CO2 emissions at Rio Grande LNG by more than 90 percent without major design changes to the Rio Grande LNG project. As a result, Rio Grande LNG is expected to be the greenest LNG project in the world.
“Efforts to reduce global greenhouse gas emissions are at the very foundation of our company,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “The launch of NEXT Carbon Solutions comes at a pivotal time for our nation and the world, and we are eager to demonstrate the transformative and impactful contributions this business will make to the global energy industry and the quest toward a net-zero future.”
CCS Project
NEXT Carbon Solutions’ CCS project at Rio Grande LNG is expected to enable the capture and permanent geologic storage of more than five million tonnes of CO2 per year. NEXT Carbon Solutions believes that developing the CCS project at the same time as the Rio Grande LNG project will result in 60-80 percent less capital costs than retrofitting an operating LNG facility.
All-in costs of the CCS project, including capital and operating expenses, interest, transportation, and permanent storage, are expected to be $63 to $74 per metric tonne of CO2 before any benefit from Section 45Q tax credits. Including the full benefit of Section 45Q tax credits, the breakeven cost of adding CCS to Rio Grande LNG is expected to be $13 to $24 per metric tonne of CO2 or $0.05 to $0.09 per MMBtu on an LNG basis. Coupled with its low costs, NextDecade believes that LNG from Rio Grande LNG will be among the greenest and most attractively priced in the world.
“I am immensely proud of the carbon emissions reduction work our NextDecade team has completed over the last several years, and of the team’s ability to innovate and continuously challenge industry paradigms,” said Ivan Van der Walt, NextDecade’s Senior Vice President, Engineering and Construction. “We believe our CCS project at Rio Grande LNG and the proprietary processes we are advancing could significantly enhance the environmental performance and positive impacts of low-GHG LNG.”
Greenest LNG Project in the World
NextDecade is working with sustainable Permian and Eagle Ford producers seeking to supply responsibly sourced natural gas (RSG) to Rio Grande LNG. Combining RSG with the anticipated CO2 emissions reduction associated with our CCS project is expected to enable Rio Grande LNG to produce the lowest lifecycle GHG LNG on an FOB basis and to be the greenest LNG project in the world.
“We continue to believe that reliable, competitively priced LNG and responsible environmental stewardship are not mutually exclusive, and our customers do not have to choose between pocketbook and planet,” said Schatzman. “NextDecade will be a leader in the sustainable production of LNG to be exported from the U.S. Gulf Coast, providing clean energy security to global markets, especially those that have historically relied on coal and other carbon-intensive fuels to generate electricity and industrial process heat.”
To realize the significant benefits associated with co-development of Rio Grande LNG and the CCS project, NextDecade anticipates achieving FID on a minimum of two trains at Rio Grande LNG in 2021 and FID on the CCS project soon after FID at Rio Grande LNG.
Investor Conference Call and Webcast
NextDecade will host a conference call and webcast at 3:30 p.m. U.S. Central Time to discuss the details of today's announcement. NextDecade participants will include Matt Schatzman, Chairman and Chief Executive Officer; Brent Wahl, Chief Financial Officer; Ivan Van der Walt, Senior Vice President, Engineering and Construction; and Patrick Hughes, Senior Vice President, Strategy and Business Development.
About NextDecade Corporation
NextDecade Corporation (NextDecade) is committed to providing the world access to cleaner energy. NextDecade, through its wholly owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, is developing a 27 mtpa LNG export project in South Texas along with one of the largest carbon capture and storage projects in North America. The Rio Grande LNG project is expected to be the largest and greenest U.S. LNG export solution linking Permian Basin and Eagle Ford Shale natural gas to the global LNG market. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, visit www.next-decade.com.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on NextDecade’s current assumptions, expectations, and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about progress in the development of NextDecade’s LNG liquefaction and export projects and the timing of that progress; NextDecade’s final investment decision (“FID”) in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the “Terminal”) and the timing of that decision; the successful completion of the Terminal by third-party contractors and an approximately 137-mile pipeline to supply gas to the Terminal being developed by a third-party; NextDecade’s ability to secure additional debt and equity financing in the future to complete the Terminal; the accuracy of estimated costs for the Terminal; statements that the Terminal, when completed, will have certain characteristics, including amounts of liquefaction capacities; the development risks, operational hazards, regulatory approvals applicable to the Terminal’s and the third-party pipeline's construction and operations activities; NextDecade’s anticipated competitive advantage and technological innovation which may render its anticipated competitive advantage obsolete; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG industry, including environmental laws and regulations that impose significant compliance costs and liabilities; NextDecade’s ability to develop and implement carbon capture and storage or similar technology to reduce anticipated carbon emissions from the Terminal; the 2019 novel coronavirus pandemic and its impact on NextDecade’s business and operating results, including any disruptions in NextDecade’s operations or development of the Terminal and the health and safety of NextDecade’s employees, and on NextDecade’s customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade’s ability to maintain the listing of its securities on a securities exchange or quotation medium; changes adversely affecting the business in which NextDecade is engaged; management of growth; general economic conditions; NextDecade’s ability to generate cash; compliance with environmental laws and regulations; the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s Annual Report on Form 10-K for the year ended December 31, 2019 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference. Additionally, any development of the Terminal remains contingent upon completing required commercial agreements, acquiring all necessary permits and approval, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.
Patrick Hughes
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+1 (832) 209-8131
Targeting 50% reduction of GHGs by 2025
RICHMOND, Va.--(BUSINESS WIRE)--CarMax, Inc. (NYSE: KMX), the nation’s largest retailer of used cars, today announced its commitment to achieve net zero carbon emissions by 2050. The commitment is part of CarMax’s overall efforts to reduce its environmental impact and to align with the climate change mitigation goals set out by the Paris Agreement. The company has already made meaningful reductions to its carbon footprint and is targeting a 50% reduction of greenhouse gas (GHG) emissions by 2025, compared with a 2018 baseline.
CarMax is focusing its initial efforts on a two-pronged strategy: Scope 1 emissions: Reducing the company’s own emissions; and Scope 2 emissions: Increasing the share of renewable energy in the company’s overall electricity supply (Scopes 1 and 2 as defined by the Paris Agreement1).
These efforts are expected to include:
“At CarMax, ‘do the right thing’ is one of our values. We believe that our goal to achieve net zero by 2050 demonstrates our commitment to address the challenge of climate change,” said CarMax CEO Bill Nash. “We have a clear roadmap to meet the target of a 50% reduction by 2025, and a number of steps are already underway toward that goal. Longer term, we will be evaluating all aspects of our business to see what additional measures we can take to achieve our 2050 goal.”
In addition to its net zero initiative, CarMax is focusing on the expanding market for electric vehicles (EVs). “We intend to be a leader in offering used EVs as the market evolves and grows,” said Nash. To that end, the company expects to invest in training, tools, and internal infrastructure to strengthen its ability to service and recondition EVs to its high standards.
CarMax will publish its 2021 Responsibility Report at the end of May on its website https://socialresponsibility.carmax.com which will provide more information on CarMax’s net zero efforts and other ESG topics. In addition, CarMax is in the process of evaluating Scope 3 value chain emissions.
About CarMax
CarMax, the nation’s largest retailer of used cars, revolutionized the automotive retail industry by driving integrity, honesty and transparency in every interaction. The company offers a truly personalized experience with the option for customers to do as much, or as little, online and in-store as they want. CarMax also provides a variety of vehicle delivery methods, including home delivery, contactless curbside pickup and appointments in its stores. During the fiscal year ending February 29, 2020, CarMax sold more than 830,000 used cars and more than 465,000 wholesale vehicles at its in-store auctions. CarMax has 220 stores, over 25,000 Associates, and is proud to have been recognized for 16 consecutive years as one of the Fortune 100 Best Companies to Work For®. For more information, visit www.carmax.com.
Forward-Looking Statements
We caution readers that the statements contained in this release about our future business plans are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “should,” “will” and other similar expressions, whether in the negative or affirmative. Such forward-looking statements are based upon management’s current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following:
For more details on factors that could affect expectations, see our Annual Report on Form 10-K for the fiscal year ended February 29, 2020, and our quarterly or current reports as filed with or furnished to the U.S. Securities and Exchange Commission. Our filings are publicly available on our investor information home page at investors.carmax.com. Requests for information may also be made to the Investor Relations Department by email to This email address is being protected from spambots. You need JavaScript enabled to view it. or by calling (804) 747-0422 x7865. We undertake no obligation to update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
1 CarMax’s net zero strategy is guided by the Paris Agreement’s framework of Scopes 1, 2, and 3. Scope 1 covers all direct emissions from an organization, Scope 2 refers to indirect emissions generated by electricity suppliers, and Scope 3 covers all other indirect emissions.
Media Contact
Tapio Christiansen
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DAYTON, Ohio--(BUSINESS WIRE)--REX American Resources Corporation (NYSE: REX), a leading ethanol company, announced today that it will report its fiscal 2020 fourth quarter financial results on Thursday, March 25, pre-market and will host a conference call and webcast at 11:00 a.m. ET that morning to review the results.
To access the conference call, interested parties may dial 212/231-2920 (domestic and international callers). Participants can also listen to a live webcast of the call on the REX website at www.rexamerican.com/Corp/Page4.aspx. A webcast replay will be available for 30 days following the live event at www.rexamerican.com/Corp/Page4.aspx.
About REX American Resources Corporation
REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 605 million gallons of ethanol over the twelve-month period ended October 31, 2020. REX’s effective ownership of the trailing twelve-month gallons shipped (for the twelve months ended October 31, 2020) by the ethanol production facilities in which it has ownership interests was approximately 220 million gallons. In addition, the Company acquired a refined coal operation in August 2017. Further information about REX is available at www.rexamerican.com.
Douglas Bruggeman
Chief Financial Officer
937/276‑3931
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Joseph Jaffoni, Norberto Aja
JCIR
212/835-8500
ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (the “Partnership”) (NYSE:KNOP) announced today that its Annual Report on Form 20-F for the year ended December 31, 2020 has been filed with the SEC and can be accessed on the Partnership’s website www.knotoffshorepartners.com under the “Investor Relations” section or on the website of the U.S. Securities and Exchange Commission at www.sec.gov.
Unitholders may also request a hard copy of the Annual Report, which includes the Partnership’s complete audited financial statements, free of charge, by emailing the Partnership at:
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Or by writing to:
KNOT Offshore Partners LP
2 Queen’s Cross
Aberdeen
AB15 4YB
United Kingdom
Questions should be directed to:
Gary Chapman (+44 7496 170 620)
NY Green Bank Founding President Alfred Griffin to Lead New Division
SAN FRANCISCO--(BUSINESS WIRE)--Generate, a leading sustainable infrastructure company, today announced it is launching a dedicated credit business to provide flexible financing solutions to technology companies and project developers at the forefront of the Infrastructure Revolution. Alfred Griffin, founding president of the NY Green Bank, has joined Generate to lead the new Generate Credit division.
Today’s announcement represents an important expansion of Generate’s franchise, where its core business of financing, building, owning and operating sustainable infrastructure has established Generate as the only “one-stop-shop” for sustainable infrastructure pioneers.
“Credit is a critical part of the financial ecosystem for clean energy and sustainable infrastructure solutions, and we are thrilled to expand access to this important tool that we’ve used to support our partners since inception,” said Scott Jacobs, chief executive officer and co-founder of Generate. “Generate has been a pioneer in electric bus leasing, renewable energy development lending, and fleet financing for electric and hydrogen mobility, in addition to our core business building, owning and operating assets. Our partners are asking us to take additional roles in financing, developing and deploying proven solutions to some of the world’s most pressing problems. We are excited to bring Alfred on board to accelerate this business.”
Griffin, a leading national figure in renewable energy, brings 25 years of banking and finance experience to Generate. At NY Green Bank, a New York State-sponsored specialty finance company, he led the organization from concept to lending over $1 billion to support sustainable infrastructure projects in areas such as renewable energy generation and energy efficiency. Prior to the Green Bank, Griffin held roles in investment banking, capital markets and risk management at Citigroup Global Markets Inc.
“Generate has been the clear market leader in financing the deployment of innovative and highly impactful clean energy business models and technologies, thanks to its dedicated expertise and singular focus on sustainability,” said Griffin. “I’m thrilled to join Generate to expand its credit platform for sustainable infrastructure and work with this industry-leading team. Our fight against climate change demands fast results, and it’s imperative to provide the right kind of capital at the right time to projects and companies who are driving the Infrastructure Revolution.”
Generate Credit will focus on the same areas of the Infrastructure Revolution that have been Generate’s core markets since inception, including renewable power, energy efficiency, microgrids, energy storage, electric mobility, hydrogen, wastewater, waste management, and sustainable agriculture. Generate has made more than $600 million in similar types of clean energy loans since its founding.
With broad financing capabilities, a permanently capitalized balance sheet, and a leading operating platform for distributed assets, Generate offers project developers and technology companies the world’s most comprehensive and flexible range of financial and operational solutions. The new credit business will build on the company’s track record, targeting new loans that expand the market for the deployment of sustainable infrastructure.
About Generate
Generate Capital, Inc. is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 35 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.
Emily Chasan
(415) 480-2914
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JANESVILLE, Wis.--(BUSINESS WIRE)--SHINE Medical Technologies LLC today announced the appointments of Jean Rogers, Ph.D., an environmental, social and governance (ESG) expert, and Tamanna Bembenek, Ph.D., a global marketing leader, to the company’s board of directors.
Dr. Rogers brings to SHINE’s board more than two decades of experience advising companies on environmental, social and governance (ESG) criteria, and long-term value creation. She is the founder and former chief executive officer of the Sustainability Accounting Standards Board, or SASB.
Under Dr. Rogers’ leadership, the SASB developed sustainability accounting standards for 79 industries and launched education programs in sustainability accounting. Today, SASB is the gold standard for disclosure of material ESG risks, recognized by long-term institutional investors around the world.
Dr. Rogers also is an advisor to the Long-Term Stock Exchange, or LTSE, a national stock exchange approved by the U.S. Securities and Exchange Commission in 2019. The exchange supports companies and investors committed to the creation of long-term shareholder value.
Dr. Rogers fills the seat of Brad Wucherpfennig, who has become a board observer.
“Jean joins our board of directors at a crucial, exciting time in our history,” said Greg Piefer, founder and CEO of SHINE. “Jean’s work to improve the fairness and efficiency of the capital markets through socially conscious, long-term value creation is groundbreaking. We look forward to Jean’s expertise, experience and insight, while we thank Brad for his years of thoughtful service to the board and SHINE.”
“SHINE’s commitment to a long-term vision for its fusion-based technology is a cornerstone of transforming medicine and energy in a way that is consistent with a net zero carbon economy,” Dr. Rogers said. “I look forward to working on SHINE’s efforts to build long-term value, while continuing our passionate commitment to strong environmental, social and governance performance.”
Dr. Rogers is a visiting fellow at the Harvard Kennedy School, where she works with social entrepreneurs. She earned undergraduate and master’s degrees from Manhattan College, Riverdale, N.Y. She earned a doctorate in environmental engineering from the Illinois Institute of Technology. She was a post-doctoral fellow at Harvard University.
Tamanna Bembenek, Ph.D., is a senior health care executive with broad experience in medical devices and radiopharmaceuticals. She has more than 20 years of global experience in marketing, sales, product development, strategy and commercialization.
Dr. Bembenek has a strong track record of developing partnerships with biotechnology and pharmaceutical companies, patient advocacy groups, professional scientific societies and government agencies in the United States and around the world. These partnerships have focused on improving awareness of and access to health care.
Most recently, she served as the senior vice president of health systems marketing at Royal Philips, overseeing all of the company’s health care segment. Prior to that, she held various global marketing and product leadership positions within precision diagnostics at Philips. Before joining Philips, Dr. Bembenek spent more than a decade in product management and marketing in diagnostic imaging at GE Healthcare, including global leadership positions in PET/SPECT and CT imaging for neurological applications, radiopharmaceuticals and point-of-care ultrasound.
Dr. Bembenek earned her bachelor’s degree from Lake Forest College and her doctorate in biochemistry from the Texas A&M Health Science Center.
“Tamanna’s experience and expertise provides our board and the company with a unique, global perspective,” Piefer said. “Her work to ensure that we can effectively engage with and deliver SHINE’s story to key markets is already making a difference. Tamanna’s continued insight will be critical to SHINE as we execute our commercialization plans.”
Dr. Bembenek has been serving on the board since her election to it last year.
“It is a pleasure to help craft the strategy for articulating SHINE’s vision for fusion technology and how it can solve the world’s biggest challenges,” Dr. Bembenek said. “Our technology and vision are the keys to creating and sustaining long-term value. As markets continue to evolve, we will ensure that SHINE’s story enables us to create that value in both existing and emerging markets.”
About SHINE Medical Technologies
SHINE is a nuclear technology company committed to improving the lives of patients around the world. The company is focused initially on the commercialization of medical isotopes, including molybdenum-99, a diagnostic isotope used to diagnose heart disease, cancer and other diseases, and lutetium-177, a therapeutic isotope that holds the promise of significantly improving the outcomes for some cancer patients. SHINE has created isotope production processes that will deliver products to benefit physicians and patients and help solve critical supply problems in the United States and markets in Europe and around the world. SHINE has a long-term strategy to solve some of humanity’s biggest problems and advance our vision for progressively broad and impactful uses of nuclear technology. For more information, please visit our website at www.shinemed.com.
MALLORY PROUTY
CORPORATE COMMUNICATIONS PROJECT MANAGER, MBA
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P: 608-530-5606 | M: 630-945-2379
ROD HISE
DIRECTOR, MARKETING & CORPORATE COMMUNICATIONS
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P 608-530-5659 | M 608-770-7850
DUBLIN--(BUSINESS WIRE)--The "Compressor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global compressor oil market reached a value of US$ 5.8 Billion in 2020. Looking forward, the publisher expects the global compressor oil market to exhibit moderate growth during the next five years.
Compressor oil is a lubricant used for reducing heat and cooling down the compressors in air conditioning and refrigeration systems. It ensures the proper functioning of the metal components and improves machinery performance with its anti-rust properties. Compressor oil also has exceptional oxidation stability and leaves a low carbon residue that reduces the operation and maintenance costs for the user. It is manufactured using a combination of base oil and various other additives. The type of base oil used, such as synthetic, mineral, semi-synthetic and bio-based, determines the quality and longevity of the compressor oil. With cost- and energy-saving properties, it finds extensive applications in various industries ranging from construction, general manufacturing, mining, power generation, chemical and petrochemical, etc.
The need for cost optimization is one of the key factors driving the market growth. Compressor oil assists in heat dissipation and maintaining the temperature of the compressor. This subsequently leads to reduced wear and tear of the compressor and aids in its smooth operation, thereby helping manufacturers to avoid high repair costs.
Furthermore, significant growth in the heating, ventilation, and air conditioning (HVAC) industry along with the establishment of cold chain facilities, particularly in the developing regions, is also augmenting the demand for compressor oil. Other factors such as increasing investments in research and development (R&D) activities to develop improved product variants, such as environment-friendly compressor oil, are also favoring the growth of the market.
Companies Mentioned
Key Questions Answered in This Report:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Compressor Oil Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Compressor Type
5.5 Market Breakup by Base Oil
5.6 Market Breakup by Application
5.7 Market Breakup by End Use Industry
5.8 Market Breakup by Region
5.9 Market Forecast
6 Market Breakup by Compressor Type
6.1 Positive Displacement Compressor
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Dynamic Compressor
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Base Oil
7.1 Synthetic Oil
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Mineral Oil
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Semi-Synthetic Oil
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Bio-Based Oil
7.4.1 Market Trends
7.4.2 Market Forecast
8 Market Breakup by Application
8.1 Gas Compressor
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Air Compressor
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by End Use Industry
9.1 General Manufacturing
9.2 Construction
9.3 Oil and Gas
9.4 Mining
9.5 Chemical and Petrochemical
9.6 Power Generation
9.7 Others
10 Market Breakup by Region
10.1 Asia Pacific
10.2 Europe
10.3 North America
10.4 Middle East and Africa
10.5 Latin America
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/ex1zag
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation today announced new agreements with multiple power generators for the Portland Aluminium Smelter in the Australian state of Victoria. The five-year agreements with AGL, Alinta Energy and Origin will each commence August 1, 2021, when an existing agreement with AGL expires on July 31, 2021.
The Australian Federal Government has committed, subject to approval, to provide up to $14.8 (A$19.2) million per year for four years to underwrite the smelter’s participation in the Reliability and Emergency Reserve Trader (RERT) scheme. The arrangement will recognize the smelter’s ability to rapidly shed load when required to help protect the power grid from unexpected interruptions when it is under duress.
In addition, in recognition of the valuable contribution Portland Aluminium makes to the Victorian economy, the Victorian Government has agreed in principle to a funding package to match the Federal Government contribution.
“On behalf of the Portland Aluminium joint venture partners, I recognize everyone’s cooperation and dedication in reaching the energy agreements that help to improve the smelter’s competitiveness,” said Alcoa President and CEO Roy Harvey. “We look forward to finalizing the Australian and Victorian government agreements, which underscore the smelter’s importance to the economy and the vital role it plays in securing Victoria’s electricity grid.”
As a stable baseload energy consumer, the smelter will continue to provide important market stability as more renewables enter the system. Currently, more than 30 percent of the smelter’s consumed electricity is derived from renewable sources, including electricity from a nearby wind farm. This figure is expected to grow with implementation of the Victorian Renewable Energy Target that aims to reach 50 percent renewables by 2030.
“After a year characterized by uncertainty, we are delighted to have clarity on the smelter’s power supply,” said Michael Gollschewski, President, Alcoa Australia. “I thank our employees and contractors for their continued dedication and commitment to teamwork and operational excellence. Their work is integral to today’s announcement, which is a fantastic outcome for them, their families and the Portland community.”
The financial terms of the energy agreements are confidential and are conditioned upon a number of matters, including finalization of the government agreements.
Portland Aluminium is an unincorporated joint venture between Alcoa of Australia Limited (55 percent), CITIC Nominees Pty Ltd (22.5 percent), and Marubeni Aluminium Australia Pty Ltd (22.5 percent). Alcoa of Australia Limited is owned by Alcoa Corporation (60 percent) and Alumina Limited (40 percent).
Current production is approximately 85 percent of the smelter’s total nameplate capacity of 358,000 metric tons per year.
About Alcoa
Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products, with a strong portfolio of value-added cast and rolled products and substantial energy assets. Alcoa is built on a foundation of strong values and operating excellence dating back 135 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since inventing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability and stronger communities wherever we operate. Visit us online on www.alcoa.com, follow @Alcoa on Twitter and on Facebook at www.facebook.com/Alcoa.
Dissemination of Company Information
Alcoa Corporation intends to make future announcements regarding company developments and financial performance through its website at www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls and webcasts.
Forward-Looking Statements
This news release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa Corporation believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Alcoa Corporation’s filings with the Securities and Exchange Commission. Alcoa Corporation disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.
Investor Contact:
James Dwyer
412-992-5450
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Media Contacts:
Jim Beck
412-315-2909
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Jodie Read
Alcoa of Australia
0404-800-335
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New Contracts and Market Strength Fuel 2021 Outlook
LOUISVILLE, Ky.--(BUSINESS WIRE)--$SYPR--Sypris Solutions, Inc. (Nasdaq/GM: SYPR) today reported financial results for its fourth quarter and full-year ended December 31, 2020. Having completed a series of strategic initiatives over the past several years, Sypris Solutions is now well positioned to achieve long-term growth and increasing margins. These initiatives have included reducing and realigning the Company’s cost structure while diversifying its book of business in terms of both customers and markets.
The Company’s results for 2020 fundamentally reflected these expectations, highlighted by the improved performance of Sypris Electronics. The essential nature of the defense and communication programs served by Sypris Electronics continued to enable this segment to sustain operations at planned levels throughout the year. The commercial vehicle and automotive markets served by Sypris Technologies recovered during the second half of 2020 from the sharp reduction in demand during the second quarter, as the global economic impact of the COVID-19 pandemic continued to lessen. Favorable market conditions for both segments are forecasted in 2021, positioning the Company for top line growth and expanding margins.
HIGHLIGHTS
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“While the economic headwinds and disruptions in 2020 had an impact on our results, we are pleased with our performance during the year. Our operations performed extremely well during 2020 and returned to profitability, despite the adverse conditions incurred during the second quarter, which continued during the course of the year,” commented Jeffrey T. Gill, President and Chief Executive Officer. “Last year presented historic challenges brought on by the pandemic, yet our businesses pulled together to protect our employees, while balancing the needs of our customers, communities and business partners during these difficult times. The effort and execution by our people resulted in a strong performance for the year.
“Full year revenue for Sypris Electronics increased 41.3% from the prior year, reflecting its strong backlog and improved electronic component availability. Gross margin improved 1,420 basis points from the prior year to 14.6% in 2020, and recent contact wins are expected to provide important support for the growth of the business during the coming year. We have been designated as an essential supplier to our customers serving the defense and communications industries and as such, our team has done an excellent job making sure that we were able to provide for their increasing needs during 2020.
“Demand from customers serving the automotive, commercial vehicle, sport utility, and off-highway markets recovered in the second half of 2020, with Class 8 North American production up almost 32% over the first half. The recent announcement of the long-term contract extension with one of our key customers combined with the improved outlook for these markets, gives us a clear path to support our growth objectives in the coming year.
“The energy markets faced unprecedented pressures in 2020, with the COVID-19 outbreak driving depressed demand, uncertainty and spending reductions for the entire oil and gas industry. We have remained vigilant in our pursuit of new opportunities in these markets, which has resulted in recent contract awards. While we expect activity levels in this market to remain challenging during the first half of 2021, steadily improving commodity prices, gradually reopening economies and increasing pipeline activity is anticipated to lead to year-over-year growth.
“Gross profit for 2020 was $11.6 million, or 14.0% of revenue, as compared to gross margin of 11.2% for 2019. Given 2020 margin performance includes the burden of the pandemic’s impact on the second quarter, we are pleased to be maintaining this trend line. Our margins have improved steadily since 2016, and we expect further improvement in 2021.”
Concluding, Mr. Gill said, “Our customer base and the markets we serve are considerably more diversified than at any point in our recent history. As an essential business, we have a responsibility to ensure that our defense, communications, energy, and transportation sectors remain vibrant. We will continue to monitor developments, act promptly to mitigate risks and take the necessary steps required to ensure deliveries continue to be made to our customers in a timely manner.”
Fourth Quarter and Full-Year Results
The Company reported revenue of $20.6 million for the fourth quarter ended December 31, 2020, compared to $21.6 million for the prior-year period. Additionally, the Company reported a net loss of $1.2 million for the fourth quarter of 2020, or $0.06 per share, compared to a net loss of $0.9 million, or $0.04 per share, for the prior-year period. Results for the quarter ended December 31, 2020, include a loss of $0.6 million on the disposal of assets. Results for the quarter ended December 31, 2019, include a $0.2 million gain on the sale of assets.
For the full-year 2020, the Company reported revenue of $82.3 million compared with $87.9 million for the prior year. The Company reported net income of $1.7 million, or $0.08 per diluted share, for 2020 compared with a net loss of $3.9 million, or $0.19 per share, for the prior-year. Results for 2020 include an income tax benefit of $3.0 million, primarily from the release of a valuation allowance on certain foreign deferred tax assets and net gains of $0.2 million from the sale or disposal of idle assets. Results for 2019 include a gain of $1.5 million in connection with a contract settlement with a customer and net gains of $0.7 million from the sale of idle assets, partially offset by costs of $0.5 million related to preparing the Broadway facility for sale.
Sypris Technologies
Revenue for Sypris Technologies was $12.1 million in the fourth quarter of 2020 compared to $13.0 million for the prior-year period, primarily reflecting reduced demand in the oil and gas market partially offset by a rebound in the commercial vehicle market. Gross profit for the fourth quarter of 2020 was $1.5 million, or 12.7% of revenue, compared to $2.0 million, or 15.4% of revenue, for the same period in 2019.
Sypris Electronics
Revenue for Sypris Electronics was $8.5 million in the fourth quarter of 2020 compared to $8.6 million for the prior-year period. Shipments during the fourth quarter of 2020 were impacted by delays on certain programs due to customer design modifications. However, management was able to largely offset these delays by increasing production on other programs, reflecting the impact of a growing backlog. Additionally, many of the challenges faced during the prior year with electronic component shortages and extensive lead-times have been resolved. Gross profit for the fourth quarter of 2020 was $1.0 million, or 11.9% of revenue, compared to $0.7 million, or 8.2% of revenue, for the same period in 2019.
Outlook
Commenting on the future, Mr. Gill added, “First and foremost, we remain focused on the health and safety of our employees, their families and our customers. While the future potential impact of the pandemic remains unknown, we are optimistic regarding the current economic outlook for 2021.
“Demand has strengthened significantly from customers serving the automotive, commercial vehicle and sport utility markets, with Class 8 forecasts showing year-over-year production increases of over 41% for 2021. Similarly, demand from customers in the defense and communications sector remains robust. While the energy market continues to be volatile, we continue to secure new orders on important projects around the world.
“The continuing momentum of new contract awards, when combined with increasingly positive market conditions, provide important support for our financial outlook for 2021, which includes 20% growth in the Company’s top line, 200 to 300 basis points of further expansion in the Company’s gross margin and strong double digit percentage growth in cash flow generated from operations.
“As we prepare for 2021, we remain focused on meeting the important needs of our customers who serve defense, communications, energy, transportation, and other critical infrastructure industries. With a strong backlog and recovering markets, we believe that the outlook for the coming year has the potential to be very positive for Sypris and we approach our new fiscal year with optimism.”
About Sypris Solutions
Sypris Solutions is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. For more information about Sypris Solutions, visit its Web site at www.sypris.com.
Forward Looking Statements
This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Such statements may relate to projections of the company’s revenue, earnings, and other financial and operational measures, our liquidity, our ability to mitigate or manage disruptions posed by the current coronavirus disease (“COVID-19”), and the impact of COVID-19 and economic conditions on our future operations, among other matters. In March 2020, the President of the United States declared the COVID-19 outbreak a national emergency. COVID-19 continues to spread throughout the United States and other countries across the world, and the duration and severity of its effects are currently unknown. The COVID-19 pandemic has resulted, and is likely to continue to result, in significant economic disruption and has and will likely adversely affect our business. The Company has continued to operate at each location and sought to remain compliant with government regulations imposed due to the COVID-19 pandemic.
Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: the impact of COVID-19 and economic conditions on our future operations; possible public policy response to the pandemic, including legislation or restrictions that may impact our operations or supply chain; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; our failure to successfully win new business; the termination or non-renewal of existing contracts by customers; our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue to use existing cash resources or require us to sell assets to fund operating losses; breakdowns, relocations or major repairs of machinery and equipment, especially in our Toluca Plant; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of tariffs, product recalls or related liabilities, employee training, working capital, production schedules, cycle times, scrap rates, injuries, wages, overtime costs, freight or expediting costs; dependence on, retention or recruitment of key employees and distribution of our human capital; disputes or litigation involving governmental, supplier, customer, employee, creditor, stockholder, product liability, warranty or environmental claims; our failure to achieve targeted gains and cash proceeds from the anticipated sale of certain equipment; the fees, costs and supply of, or access to, debt, equity capital, or other sources of liquidity; our ability to comply with the requirements of the SBA and seek forgiveness of all or a portion of our Paycheck Protection Program loan; our inability to develop new or improved products or new markets for our products; cost, quality and availability or lead times of raw materials such as steel, component parts (especially electronic components), natural gas or utilities; our ability to maintain compliance with the NASDAQ listing standards minimum closing bid price; our reliance on a few key customers, third party vendors and sub-suppliers; inventory valuation risks including excessive or obsolescent valuations or price erosions of raw materials or component parts on hand or other potential impairments, non-recoverability or write-offs of assets or deferred costs; other potential weaknesses in internal controls over financial reporting and enterprise risk management; failure to adequately insure or to identify product liability, environmental or other insurable risks; unanticipated or uninsured disasters, public health crises, losses or business risks; unanticipated or uninsured product liability claims; volatility of our customers’ forecasts, scheduling demands and production levels which negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; the costs of compliance with our auditing, regulatory or contractual obligations; labor relations; strikes; union negotiations; pension valuation, health care or other benefit costs; costs associated with environmental claims relating to properties previously owned; our inability to patent or otherwise protect our inventions or other intellectual property from potential competitors; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; U.S. government spending on products and services that Sypris Electronics provides, including the timing of budgetary decisions; changes in licenses, security clearances, or other legal rights to operate, manage our work force or import and export as needed; risks of foreign operations; currency exchange rates; war, terrorism, or political uncertainty; cyber security threats and disruptions; inaccurate data about markets, customers or business conditions; risk related to owning our common stock including increased volatility; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law.
| SYPRIS SOLUTIONS, INC. | |||||||
| Financial Highlights | |||||||
| (In thousands, except per share amounts) | |||||||
| Three Months Ended | |||||||
| December 31, | |||||||
|
2020 |
|
|
2019 |
|
||
| (Unaudited) | |||||||
| Revenue | $ |
20,614 |
|
$ |
21,624 |
|
|
| Net loss | $ |
(1,174 |
) |
$ |
(859 |
) |
|
| Loss per common share: | |||||||
| Basic | $ |
(0.06 |
) |
$ |
(0.04 |
) |
|
| Diluted | $ |
(0.06 |
) |
$ |
(0.04 |
) |
|
| Weighted average shares outstanding: | |||||||
| Basic |
|
21,259 |
|
|
20,974 |
|
|
| Diluted |
|
21,259 |
|
|
20,974 |
|
|
| Year Ended | |||||||
| December 31, | |||||||
|
2020 |
|
|
2019 |
|
||
| (Unaudited) | |||||||
| Revenue | $ |
82,346 |
|
$ |
87,891 |
|
|
| Net income (loss) | $ |
1,668 |
|
$ |
(3,949 |
) |
|
| Income (loss) per common share: | |||||||
| Basic | $ |
0.08 |
|
$ |
(0.19 |
) |
|
| Diluted |
|
0.08 |
|
|
(0.19 |
) |
|
| Weighted average shares outstanding: | |||||||
| Basic |
|
21,084 |
|
|
20,865 |
|
|
| Diluted |
|
21,086 |
|
|
20,865 |
|
|
| Sypris Solutions, Inc. | ||||||||||||
| Consolidated Statements of Operations | ||||||||||||
| (in thousands, except for per share data) | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| December 31, | December 31, | |||||||||||
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
| (Unaudited) | (Unaudited) | |||||||||||
| Net revenue: | ||||||||||||
| Sypris Technologies | $ |
12,087 |
|
$ |
13,010 |
|
$ |
45,321 |
|
$ |
61,683 |
|
| Sypris Electronics |
|
8,527 |
|
|
8,614 |
|
|
37,025 |
|
|
26,208 |
|
| Total net revenue |
|
20,614 |
|
|
21,624 |
|
|
82,346 |
|
|
87,891 |
|
| Cost of sales: | ||||||||||||
| Sypris Technologies |
|
10,552 |
|
|
11,006 |
|
|
39,157 |
|
|
51,898 |
|
| Sypris Electronics |
|
7,512 |
|
|
7,910 |
|
|
31,624 |
|
|
26,110 |
|
| Total cost of sales |
|
18,064 |
|
|
18,916 |
|
|
70,781 |
|
|
78,008 |
|
| Gross profit: | ||||||||||||
| Sypris Technologies |
|
1,535 |
|
|
2,004 |
|
|
6,164 |
|
|
9,785 |
|
| Sypris Electronics |
|
1,015 |
|
|
704 |
|
|
5,401 |
|
|
98 |
|
| Total gross profit |
|
2,550 |
|
|
2,708 |
|
|
11,565 |
|
|
9,883 |
|
| Selling, general and administrative |
|
2,721 |
|
|
3,474 |
|
|
11,351 |
|
|
13,680 |
|
| Severance, relocation and other costs |
|
- |
|
|
118 |
|
|
124 |
|
|
509 |
|
| Operating (loss) income |
|
(171 |
) |
|
(884 |
) |
|
90 |
|
|
(4,306 |
) |
| Interest expense, net |
|
202 |
|
|
227 |
|
|
838 |
|
|
903 |
|
| Other expense (income), net |
|
658 |
|
|
(100 |
) |
|
544 |
|
|
(1,256 |
) |
| Loss before income taxes |
|
(1,031 |
) |
|
(1,011 |
) |
|
(1,292 |
) |
|
(3,953 |
) |
| Income tax expense (benefit), net |
|
143 |
|
|
(152 |
) |
|
(2,960 |
) |
|
(4 |
) |
| Net (loss) income | $ |
(1,174 |
) |
$ |
(859 |
) |
$ |
1,668 |
|
$ |
(3,949 |
) |
| (Loss) income per common share: | ||||||||||||
| Basic | $ |
(0.06 |
) |
$ |
(0.04 |
) |
$ |
0.08 |
|
$ |
(0.19 |
) |
| Diluted | $ |
(0.06 |
) |
$ |
(0.04 |
) |
$ |
0.08 |
|
$ |
(0.19 |
) |
| Dividends declared per common share | $ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
| Weighted average shares outstanding: | ||||||||||||
| Basic |
|
21,259 |
|
|
20,974 |
|
|
21,084 |
|
|
20,865 |
|
| Diluted |
|
21,259 |
|
|
20,974 |
|
|
21,086 |
|
|
20,865 |
|
| Sypris Solutions, Inc. | ||||||
| Consolidated Balance Sheets | ||||||
| (in thousands, except for share data) | ||||||
| December 31, | December 31, | |||||
|
2020 |
|
|
2019 |
|
|
| (Unaudited) | ||||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ |
11,606 |
|
$ |
5,095 |
|
| Accounts receivable, net |
|
7,234 |
|
|
7,444 |
|
| Inventory, net |
|
16,236 |
|
|
20,784 |
|
| Other current assets |
|
3,948 |
|
|
4,282 |
|
| Assets held for sale |
|
412 |
|
|
2,233 |
|
| Total current assets |
|
39,436 |
|
|
39,838 |
|
| Property, plant and equipment, net |
|
10,161 |
|
|
11,675 |
|
| Operating lease right-of-use assets |
|
6,103 |
|
|
7,014 |
|
| Other assets |
|
5,008 |
|
|
1,529 |
|
| Total assets | $ |
60,708 |
|
$ |
60,056 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ |
6,734 |
|
$ |
9,346 |
|
| Accrued liabilities |
|
13,409 |
|
|
12,495 |
|
| Operating lease liabilities, current portion |
|
965 |
|
|
841 |
|
| Finance lease obligations, current portion |
|
393 |
|
|
684 |
|
| Note payable - PPP loan, current portion |
|
1,186 |
|
|
- |
|
| Total current liabilities |
|
22,687 |
|
|
23,366 |
|
| Operating lease liabilities, net of current portion |
|
5,941 |
|
|
6,906 |
|
| Finance lease obligations, net of current portion |
|
1,927 |
|
|
2,351 |
|
| Note payable - related party |
|
6,477 |
|
|
6,463 |
|
| Note payable - PPP Loan, net of current portion |
|
2,372 |
|
|
- |
|
| Other liabilities |
|
6,529 |
|
|
7,539 |
|
| Total liabilities |
|
45,933 |
|
|
46,625 |
|
| Stockholders’ equity: | ||||||
| Preferred stock, par value $0.01 per share, 975,150 shares authorized; no shares issued |
|
- |
|
|
- |
|
| Series A preferred stock, par value $0.01 per share, 24,850 shares authorized; no shares issued |
|
- |
|
|
- |
|
| Common stock, non-voting, par value $0.01 per share, 10,000,000 shares authorized; no shares issued |
|
- |
|
|
- |
|
| Common stock, par value $0.01 per share, 30,000,000 shares authorized; 21,302,194 shares issued and 21,300,958 outstanding in 2020 and 21,324,618 shares issued and 21,298,426 outstanding in 2019 |
|
213 |
|
|
213 |
|
| Additional paid-in capital |
|
155,025 |
|
|
154,702 |
|
| Accumulated deficit |
|
(115,765 |
) |
|
(117,433 |
) |
| Accumulated other comprehensive loss |
|
(24,698 |
) |
|
(24,051 |
) |
| Treasury stock, 1,236 and 26,192 in 2020 and 2019 |
|
- |
|
|
- |
|
| Total stockholders’ equity |
|
14,775 |
|
|
13,431 |
|
| Total liabilities and stockholders’ equity | $ |
60,708 |
|
$ |
60,056 |
|
| Sypris Solutions, Inc. | ||||||
| Consolidated Cash Flow Statements | ||||||
| (in thousands) | ||||||
| Year Ended, | ||||||
| December 31, | ||||||
|
2020 |
|
|
2019 |
|
|
| (Unaudited) | ||||||
| Cash flows from operating activities: | ||||||
| Net income (loss) | $ |
1,668 |
|
$ |
(3,949 |
) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||
| Depreciation and amortization |
|
2,503 |
|
|
2,671 |
|
| Deferred income taxes |
|
(3,070 |
) |
|
(260 |
) |
| Stock-based compensation expense |
|
426 |
|
|
469 |
|
| Deferred loan costs recognized |
|
14 |
|
|
11 |
|
| Net gain on the disposal or abandonment of assets |
|
(236 |
) |
|
(654 |
) |
| Provision for excess and obsolete inventory |
|
222 |
|
|
616 |
|
| Non-cash lease expense |
|
911 |
|
|
650 |
|
| Other noncash items |
|
(1 |
) |
|
52 |
|
| Contributions to pension plans |
|
(862 |
) |
|
(382 |
) |
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable |
|
214 |
|
|
2,425 |
|
| Inventory |
|
4,230 |
|
|
(2,621 |
) |
| Prepaid expenses and other assets |
|
(204 |
) |
|
756 |
|
| Accounts payable |
|
(2,591 |
) |
|
(4,100 |
) |
| Accrued and other liabilities |
|
424 |
|
|
(1,537 |
) |
| Net cash provided by (used in) operating activities |
|
3,648 |
|
|
(5,853 |
) |
| Cash flows from investing activities: | ||||||
| Capital expenditures |
|
(1,542 |
) |
|
(859 |
) |
| Proceeds from sale of assets |
|
1,969 |
|
|
1,858 |
|
| Net cash provided by investing activities |
|
427 |
|
|
999 |
|
| Cash flows from financing activities: | ||||||
| Principal payments on finance lease obligations |
|
(715 |
) |
|
(632 |
) |
| Proceeds from Paycheck Protection Program loan |
|
3,558 |
|
|
- |
|
| Indirect repurchase of shares for minimum statutory tax withholdings |
|
(103 |
) |
|
(156 |
) |
| Net cash provided by (used in) financing activities |
|
2,740 |
|
|
(788 |
) |
| Effect of exchange rate changes on cash balances |
|
(304 |
) |
|
33 |
|
| Net increase (decrease) in cash and cash equivalents |
|
6,511 |
|
|
(5,609 |
) |
| Cash and cash equivalents at beginning of period |
|
5,095 |
|
|
10,704 |
|
| Cash and cash equivalents at end of period | $ |
11,606 |
|
$ |
5,095 |
|
Anthony C. Allen
Chief Financial Officer
(502) 329-2000
Brand announces 2030 Ambition goals centered around people and planet, supporting mission for every load of laundry to do a load of good
TORONTO--(BUSINESS WIRE)--Tide®, Canada’s #1 laundry detergent brand1, announced today its 2030 Ambition, a set of broad-reaching sustainability and purpose-driven commitments, spanning Tide’s full United States and Canadian supply chain and community initiatives.
Tide is reinventing clean on its journey to decarbonize laundry at every step – from design, manufacturing and distribution to consumer use and end of life. To make this goal a reality, the brand will focus on key areas. In 2020, Tide reduced absolute greenhouse gas (GHG) emissions in its direct manufacturing by more than 75 per cent annually versus a decade ago and has set a new goal to cut GHG emissions in half at its direct manufacturing plants by 2030.
With over two-thirds of all GHG emissions in the laundry lifecycle resulting from the consumer use phase, Tide is focusing its efforts on minimizing energy use in the wash cycle. To this end, Tide is launching a significant educational campaign in spring 2021 to convince North American consumers to shift to cold water washing. The goal for three out of four loads of laundry in the United States and Canada to be washed in cold instead of hot by 2030 has the potential to reduce GHG emissions by 4.25 million metric tons (MT), which is equal to removing about one million cars from the road for a year. Over the decade (2020-2030), the total impact of this action would be a cumulative 27 million MT reduction in CO2.
Also, within the decade the brand will expand its Tide Loads of Hope program tenfold, providing clean clothes to millions of people in times of need, with a focus on communities most impacted by climate change as natural disasters continue to worsen.
Tide’s Ambition announcement builds on parent company Procter & Gamble’s own Ambition and stated path to climate neutrality, predicated on the belief that the next decade represents a critical window to accelerate climate action, with no time to waste.
“The climate emergency we face needs urgent action from everyone. Today, Tide announces a series of goals to decrease its carbon footprint across its full value chain,” said Shailesh Jejurikar, Chief Executive Officer, Fabric and Home Care, Procter & Gamble. “Tide’s ambition is to make cold water washing the industry standard. Over two thirds of the emissions in the laundry lifecycle come from washing clothes at home. Switching from hot to cold water reduces energy use by up to 90 per cent and can save Canadians up to $130 a year. Today we’re building on Tide’s 75 years of innovation to make every Tide load of laundry do a load of good.”
Better for Planet
Tide’s journey to decarbonize laundry includes a goal to reduce GHG emissions across the entire laundry lifecycle.
Today, Tide manufacturing plants use 100 per cent renewable electricity. Tide will advance its GHG emissions reduction goal through a pilot development project with Opus12, a Silicon Valley start-up at the forefront of carbon transformation, to explore the company’s carbon capture and utilization technology to incorporate CO2 MadeTM ingredients in the manufacturing of Tide.
Tide will also zero in on an ambitious long-term mission to make cold water washing the industry standard in the U.S. and Canada, compared to today’s baseline, which sees on average less than half of laundry loads washed on cold. Switching from hot to cold water reduces energy use in the wash phase by up to 90% and can save Canadian consumers up to $130 a year.
“Ensuring a sustainable world for future generations requires leading brands to take a comprehensive approach to reducing their environmental impact while also taking action that goes beyond their own footprint,” said Sheila Bonini, SVP of Private Sector Engagement World Wildlife Fund. “Brands have a unique opportunity to collaborate and communicate with millions of consumers at home to help educate and motivate people to make simple changes that add up to meaningful change for our planet.”
Behavior change at this scale will require significant investment, as well as collaboration across the industry. To advance that goal, Tide will launch a “turn to cold water” consumer education campaign in the coming weeks, showing that the bargain brand in hot can’t beat Tide in cold2 and educating consumers on how cold water wash saves money and energy.
Other actions to reduce the brand’s overall carbon footprint by 2030 include reducing use of virgin plastic in packaging by half (vs. 2020 baseline), through light weighting, exploring innovative packaging solutions like Eco-Box, and increasing use of post-consumer recycled content. Currently, Tide bottles use at least 25 per cent post-consumer recycled content. At the same time, Tide has pledged 100% recyclable packaging for all products by 2030.
Tide’s focus on environmental footprint goes beyond packaging to the product itself. The safety of Tide formulas as it relates to environmental and human health will remain a top priority, building on Tide’s history of going beyond regulatory compliance to ensure ingredient safety and supporting efforts alongside P&G to enact ingredient disclosure policies.
Finding water efficiencies will also be top of mind, as Tide aims to reduce water use at plants by 40 per cent (by 2030 vs. 2010 baseline), while continuously evolving products to use less water in both formula and wash cycle.
Tide’s actions today are the latest in its 75-year history devoted to deliver a better clean for people and planet. It’s a never-ending journey which, to date, has seen several notable milestones, including a Tide-led coalition to introduce a recycling system for coloured plastics in the 1980s, the introduction of low-water Tide Pods and low-sudsing formulas, the innovation of Eco-Box, made with up to 75 per cent less packaging than traditional bottles, and the development of a cold water formula that’s been incorporated across the Tide portfolio.
Better for People
As Tide looks toward the future for a healthier planet, it remains committed to keeping the communities it serves at the heart of the brand, particularly those affected by climate change.
For fifteen years, Tide Loads of Hope has provided renewed hope and optimism through the basic comfort of clean clothing in the wake of natural disaster. Now, the brand is seeking to build on that history, helping millions of people in times of need by expanding its Tide Loads of Hope program tenfold.
Since 2005, in partnership with Matthew: 25 Ministries, Tide has helped more than 90,000 families across the U.S. and Canada through its Tide Loads of Hope program, bringing a free, mobile laundromat to communities affected by natural disasters. In 2020, Tide grew the Loads of Hope program to provide COVID-19 relief by supporting Food Banks Canada with over $600,000 in product and monetary donations. Tide has also partnered with CanadaHelps to create the Loads of Hope Fund, which will look for more ways to bring hope and optimism to people in need.
For more information about Tide Ambition, visit www.tide.com/en-us/our-commitment/a-load-of-good
1 Based on laundry detergent sales volume over the past year (Source: Nielsen)
2 Leading baking soda 2-in-1 Pak in hot vs. Tide Power Pods in cold
About Procter & Gamble
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PARIS--(BUSINESS WIRE)--The French Navy has selected the SonoFlash new-generation sonobuoy from Thales. Unveiled at the Euronaval show in October 2018, SonoFlash will enable France to reach its strategic capability goal for acoustic sensors.
The threat posed by submarines is evolving rapidly. Three decades ago, only the superpowers had a true undersea warfare capability, but numerous countries now deploy modern submarine fleets. At the same time, forces increasingly operate in littoral waters, which are much more complex for sonar systems, rather than in the relative certainty of open-ocean environments.
Responding to this evolving threat environment, Thales developed the SonoFlash buoy, a new-generation sonobuoy with an unequalled performance-to-mass ratio that builds on decades of expertise in sonars and acoustic sensors to offer an ambitious new solution.
Its innovative design and advanced technology include a number of key features to deliver unrivalled performance. Today's sonobuoys are either passive or active. By contrast, the SonoFlash buoy offers the best of both modes, combining a powerful, optimised low-frequency transmitter with a high-directivity passive receiver. With the combination of these two capabilities, and the added advantage of long endurance, the SonoFlash buoy is suitable for a wide array of deployment scenarios.
Fully compatible with the other families of Thales sonars, the SonoFlash buoy offers high tactical flexibility and opens up promising new opportunities for multistatic operation. Coupled with the FLASH dipping sonar, for example, the SonoFlash buoy enables an aircraft to expand its coverage area and respond with greater agility to evasive manoeuvres by a submarine. Thanks to its digitised signal and optimal communication range, the SonoFlash buoy data can be readily exploited by any piloted or remotely piloted aircraft, naval vessel or shore centre equipped with a sonobuoy processing system.
The French Navy will be the first operational user of the SonoFlash buoy, which will be deployed by the modernised Atlantique 2 maritime patrol aircraft and NH90 Caiman tactical transport helicopters. It will be delivered to the Navy from 2025 and could be available in export markets to equip all modern maritime patrol aircraft and helicopters as well as all types of unmanned platforms, including autonomous surface vehicles and rotary-wing (VTOL) and fixed-wing UAVs equipped with a suitable multi-sonobuoy dispenser.
Manufactured in France with a network of SMEs such as TELERAD, SelhaGroup and Realmeca, the SonoFlash buoy relies on Thales’s expertise in acoustic sensor technology to contribute to France’s desire for independence in strategic industries.
“Thales has packed 10 years of innovation in hardware and digital technologies into a tube measuring 91.4 cm long and 12.3 cm in diameter. SonoFlash extends the range of a naval force's anti-submarine warfare operations, outclassing all other sonobuoys in the market today and offering a versatile and easy-to-deploy solution for tracking submarines from any piloted or remotely piloted aircraft, frigate or unmanned surface vehicle. We are grateful to the DGA and the Navy for the trust they have placed in us and delighted to be working with French partner SMEs to bring this project to a successful conclusion and restore France's sovereign capabilities in sonobuoys.” Alexis Morel, VP Underwater Systems, Thales.
About Thales
Thales (Euronext Paris: HO) is a global leader in advanced technologies, investing in digital and “deep tech” innovations – connectivity, big data, artificial intelligence, cybersecurity and quantum computing – to build a confident future crucial for the development of our societies. The Group provides its customers – businesses, organisations and governments – in the defense, aeronautics, space, transport, and digital identity and security domains with solutions, services and products that help them fulfil their critical role, consideration for the individual being the driving force behind all decisions.
Thales has 81,000 employees in 68 countries. In 2020 the Group generated sales of €17 billion.
Thales, Media Relations
Land and Naval Defence
Faïza Zaroual
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Enegix commissions Black & Veatch studies for 600 million kg/pa green hydrogen generation facility in Ceará, Brazil
OVERLAND PARK, Kan,--(BUSINESS WIRE)--Black & Veatch will undertake feasibility studies central to the development of the world’s largest green hydrogen plant. When operational, Enegix Energy’s Base One facility in Ceará, Brazil, will produce more than 600 million kilogrammes of green hydrogen annually.
The highly ambitious new-build electrolysis facility will be powered entirely by renewable energy, initially 3.4 gigawatts of solar and onshore wind. Ceará’s potential for renewable energy generation, coupled with access to a strategic deep-sea port to facilitate the export of hydrogen, were key to the choice of the scoped 500-hectare site for the US$ 5.4 billion investment.
Enegix Energy has signed a memorandum of understanding (MoU) with Black & Veatch for the delivery of feasibility studies key to advancing the green hydrogen plant’s creation. “Hydrogen project developers and investors need confidence in the quality of the advice they receive. The most complete analysis will come from partners with expertise in hydrogen, renewable energy generation, and the complex interfaces between them that define projects like Base One,” said Gary Martin, a Managing Director with Black & Veatch’s Oil & Gas business. “Facilities such as the one proposed by Enegix are at the heart of making hydrogen a core component of a zero-carbon global economy; and our integrated approach places us in a unique position to contribute.”
Hydrogen has the potential to reduce and replace reliance on fossil fuels for electricity generation and storage, heating, transport, production of green chemicals and fertilizer. Across the globe Black & Veatch is engaged in developing, designing and constructing decarbonization solutions that fulfil these objectives.
“Black & Veatch’s team has the capability to assess all aspects of the project, with transferable skills that cover hydrogen production, handling, transportation, storage and distribution; following the highest standards for safety and efficiency. Black & Veatch is well-positioned to provide these type of services, contributing to the transition of fossil fuels to hydrogen,” said Wesley Cooke, Enegix Founder and CEO.
“As well as new-build undertakings like our MoU with Enegix Energy, Black & Veatch’s reputation for execution certainty means we are supporting many projects to adapt existing power and process infrastructure for a role in the hydrogen economy,” Martin added. “In a US first, for example, we are working with Long Ridge Energy Generation to retrofit a 485-megawatt (MW) combined-cycle power plant making it the nation’s first large gas turbine plant to transition operations to hydrogen fuel.”
In January 2021, reflecting its ongoing commitment to decarbonization and further advancing efforts to create a more balanced energy portfolio, Black & Veatch joined the Hydrogen Council – a global initiative of leading energy, transport and industry organizations with a vision for hydrogen’s ability to foster the energy transition.
Editor’s Notes:
About Black & Veatch
Black & Veatch is an employee-owned engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on www.bv.com and on social media.
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Aetna’s expertise working with retail, hospitality and grocery sectors will help make EV charging more accessible and readily available to a wide range of drivers
LIBERTYVILLE, Ill. & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Electrical services and energy solutions provider Aetna Corp. and global electric vehicle charging solutions company EVBox Group today announced a strategic partnership to help grow EV charging infrastructure in the United States, with a focus on New England and the Mid-Atlantic states — an area Aetna Corp. has served for more than 90 years. Aetna’s expertise in serving retail, hospitality and grocery establishments is expected to play a key role in delivering EV charging to drivers in the places they visit most.
“There has never been a better time for businesses to invest in EV charging, and we are pleased we can now offer EVBox charging solutions to our customers. The electric vehicle industry is growing at a rate of 40% year-over-year. Favorable government policies and support through tax credits, utility rebates and incentives make it more affordable than ever. Companies can help accelerate society’s shift to a cleaner mobility future while also realizing business benefits, such as increased traffic and revenue.” – Chris Angelou, vice president of sales and marketing at Aetna Corp.
While Aetna Corp. has been offering EV charging services since 2017, it is adding EVBox Group to its offerings because of the company’s flexible and scalable approach and the fact that all EVBox products are Open Charge Point Protocol (OCPP) compliant. This allows Aetna Corp. to build customized charging options for its customers and ensure the hardware it sells is future-proof. EVBox Group’s wide range of AC and fast-charging DC hardware options means there is an EV charging solution for every need.
“Aetna Corp.’s expertise in retail and hospitality segments, together with its long history of serving the New England and Mid-Atlantic regions, has the potential to expand and deliver EV charging to tens of thousands more drivers each year. By prioritizing charging solutions with open standards, they are also giving business owners the confidence they need to meet the nation’s rising demand for accessible and readily-available EV charging.” – Kristof Vereenooghe, CEO of EVBox Group.
Aetna Corp. believes retailers and hospitality companies that have already installed EV charging are enjoying the benefits of attracting new customers and as a result, increasing sales. EV charging also helps their customers establish sustainability leadership and stand out from their competition.
In addition to its regional focus, Aetna Corp. offers EV charging services at a national level through its network of installers and provides solutions beyond retail and hospitality for workplace, fleets, multi-family and municipality sectors. The company will also support EVBox Group and its customers by serving as a Field Service partner, performing preventive and corrective maintenance on EVBox stations from Maine to Virginia.
Aetna Corp.’s extensive network of local technicians and energy services experts are available to help businesses plan for their EV futures so they can welcome more customers looking to charge up throughout their day. Companies can schedule a consultation by visiting the Aetna Corp. website. To learn more about EVBox charging solutions, visit www.EVBox.com.
About Aetna Corp.
Aetna Corp. is a national electrical services and energy solutions provider headquartered in Cambridge, Massachusetts. Its forward-thinking perspective combined with over 90 years of experience makes Aetna Corp. one of the most reputable companies in the industry. Aetna Corp. provides turnkey EV charging, efficient interior and exterior lighting solutions, electrical construction and specialty project services. Visit www.aetnacorp.com to learn more.
About EVBox Group
Founded in 2010, EVBox Group empowers forward-thinking businesses to build a sustainable future by providing flexible and scalable electric vehicle charging solutions. With its extensive portfolio of commercial and ultra-fast EVBox charging stations, as well as scalable charging management software engineered by Everon, EVBox Group ensures that electric mobility is accessible to everyone.
EVBox Group is a leader in R&D, with facilities across Europe and North America developing groundbreaking electric vehicle charging technology. With offices across the globe, including Amsterdam, Bordeaux, Munich and Chicago, and strong foundations in dozens of markets, EVBox Group is working to shape a sustainable future of transportation.
In 2021, EVBox Group will become a public company listed on the New York Stock Exchange via a business combination with TPG Pace Beneficial Finance (NYSE: TPGY) and initial investors BlackRock, Inclusive Capital, Neuberger Berman Funds, and Wellington Management. Visit www.EVBox.com to learn more.
EVBox Group Contacts
Investors:
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Job Karstens
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