HOUSTON--(BUSINESS WIRE)--#energy--Momentum Minerals, LLC (“Momentum” or the “Company”), a premier mineral and royalty acquisition fund, today announced the recent close of an additional equity commitment from funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (together with its subsidiaries, "Apollo"). This marks the latest equity commitment in Momentum management’s long-standing relationship with Apollo and its affiliates that started in 2013.
Kevin Lorenzen, Co-CEO of Momentum, said, “We are excited to continue our strategic relationship with Apollo and believe we are well positioned to accelerate the growth of our minerals and royalties portfolio. We are actively evaluating new acquisition opportunities in the current market.”
James Elder, Co-CEO of Momentum, added, “Working with Apollo, we are poised to maintain our competitive presence in the minerals marketplace and enhance our capability to invest in deals across the value spectrum.”
Momentum will use the new commitment to support the Company’s ongoing mineral and royalty acquisition initiatives throughout the United States, capitalizing on current market opportunities.
Christine Hommes, Partner at Apollo, said, “We are thrilled to continue working with Kevin, James and the Momentum team. Momentum has demonstrated an exceptional ability to identify, source, acquire and manage mineral assets capable of generating attractive returns.”
About Momentum
Momentum is a premier mineral and royalty acquisition fund headquartered in Houston, Texas. Momentum acquires royalties, mineral rights, and overriding royalties across the United States.
Website: https://www.momentumminerals.com/
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Tiffany McCleary
Momentum Minerals
713-633-4900
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LONDON--(BUSINESS WIRE)--#GlobalNuclearPoweredNavalVesselsMarket--The global nuclear powered naval vessels market is expected to grow by USD 6.45 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 5%.
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https://www.technavio.com/report/nuclear-powered-naval-vessels-market-industry-analysis
The market is driven by the cost-effectiveness of nuclear power. In addition, the technological developments targeted towards the next-generation nuclear reactor are anticipated to boost the growth of the nuclear powered naval vessels market.
Naval vessels that run on fossil fuels are associated with high operational costs. For example, the Arleigh Burke-class destroyer typically consumes 24 barrels of fuel per hour and it varies depending on factors such as wind force, payload, tides, and others. This makes them too expensive to operate. These factors are increasing the preference for nuclear powered naval vessels. These are powered by uranium fission reaction that generates heat, which is further used to make steam to produce electricity. In addition, the cores of nuclear-powered carriers are designed to last for 25 years, while those of submarines last for 10-33 years before having to undergo refueling. This significantly reduces the cost of power generation, which is one of the key factors driving the growth of the global nuclear powered naval vessels market.
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Major Five Nuclear Powered Naval Vessels Companies:
Austal Ltd.
Austal Ltd. operates its business through segments such as USA and Australasia. The company is involved in the design, construction, and support for revolutionary defense and commercial vessels such as naval vessels.
BAE Systems Plc
BAE Systems Plc operates its business through segments such as Electronic Systems, Cyber & Intelligence, Platforms & Services (US), Air, and Maritime. The company manufactures and supplies nuclear-powered submarines.
Bechtel Corp.
Bechtel Corp. operates its business through segments such as Mining and Metals; Oil, gas, and chemicals; Nuclear, security, and environment; and Infrastructure. The company offers nuclear propulsion components for naval vessels.
BWX Technologies Inc.
BWX Technologies Inc. operates its business through segments such as Nuclear Operations Group, Nuclear Power Group, and Nuclear Services Group. The company manufactures naval nuclear reactors for the naval nuclear propulsion program, for use in submarines.
Curtiss-Wright Corp.
Curtiss-Wright Corp. operates its business through segments such as Commercial/Industrial, Defense, and Power. The company provides nuclear naval vessels to the US Navy.
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Nuclear Powered Naval Vessels Market Product Outlook (Revenue, USD Billion, 2020-2024)
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Global Offshore Patrol Vessel Market – Global offshore patrol vessel market by product (basic OPVs and high-end OPVs) and geography (APAC, Europe, MEA, North America, and South America).
Global Maritime Patrol Naval Vessels Market – Global maritime patrol naval vessels market by geography (APAC, Europe, MEA, North America, and South America) and type (manned maritime patrol vessels and unmanned maritime patrol vessels).
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BEND, Ore.--(BUSINESS WIRE)--Element 1 Corp (“e1” or “the Company”), a leading developer of hydrogen generation technology, in collaboration with Co-Win Hydrogen Power Company Limited (“CO-WIN”), announced today that e1’s proprietary methanol-based M-Series hydrogen generator has been incorporated onto a medium-duty fuel cell truck produced by one of the world’s largest truck manufacturing companies. Extended road testing of the vehicle is underway in Asia and represents a significant milestone towards the commercialization of e1’s onboard hydrogen generation technology. The Company stated that it is becoming increasingly engaged with partners around the world on a wide range of hydrogen energy projects.
Globally, particulate matter emissions from combustion engines burning fossil fuels causes millions of premature deaths annually. These dangerous emissions are not produced by fuel cell powered vehicles as the only emission is water vapor. The M-Series produces no particulate matter in the generation of hydrogen, and when using methanol produced from waste gas streams such as landfill gas or biogas, e1’s hydrogen generation solution is carbon neutral.
“CO-WIN is both a valued strategic partner and licensee of e1, and we are excited to be working with them on this fuel cell truck project,” said Dave Edlund, e1’s Chief Executive Officer. “The hydrogen generation technology being deployed is unique to e1 and is a game changer for clean transportation. To my knowledge, no other company in the world can provide a commercial onboard hydrogen generation product comparable to our M-Series product line. Our broad collaboration with CO-WIN is expected to result in the mass commercialization of fuel cell systems supporting not only transportation, but also telecom and distributed power applications throughout the Asian market.”
William Tang and Ken Tang, shareholders of CO-WIN and e1 stated, “We believe our onboard fuel cell system incorporating the e1 technology will provide clean and reliable power solutions for the Asian market which are also environmentally friendly and cost effective. We look forward to working with both e1 and our Asian partners on this vehicle demonstration project and the ensuing large-scale commercial rollout of this unique and enabling technology.”
Fuel cell vehicles typically require a pure grade of hydrogen in order to produce the electricity needed for propulsion. Historically, this hydrogen has been compressed and stored on the vehicle, which necessitates a costly network of hydrogen refueling stations to be developed. In many regions of the world, building out this infrastructure is simply not feasible. On-demand hydrogen generation from liquid methanol onboard the vehicle mitigates the need for hydrogen fueling infrastructure. In regions where stationary hydrogen refueling stations are being installed, e1’s L-Series product line provides a very cost effective, modular solution for generating fuel cell grade hydrogen on-site.
The methanol used by e1’s hydrogen generators requires a fraction of the space onboard the vehicle compared to compressed hydrogen, enabling significantly greater driving range between fueling. This range extension is critical for heavy- and medium-duty fuel cell trucks traveling long distances each day. In addition to fuel cell truck applications, e1 is experiencing considerable world-wide interest from firms developing fuel cell powered marine vessels. The Company expects to be making significant announcements in the coming weeks relative to on-board hydrogen generation for marine applications in both the commercial and military space.
Element 1 Corp (Bend, Oregon):
Element 1 designs and develops novel processes to enable the commercialization of clean-energy products and processes, and alternative-energy technology. Through licensing our IP to strategic partners, our mission is to significantly reduce barriers to the adoption of hydrogen technology and fuel cells for a range of applications, and to reduce the waste and pollution associated with flaring natural gas. For more information about Element 1, please visit www.e1na.com.
CO-WIN (Guangzhou, China):
CO-WIN implements and manufactures hydrogen powered systems. The product range covers vehicles, telecommunication, backup and continuous power supplies, and more. Please visit our website www.co-win-hp.com for more information.
Media Contact:
Robert Schluter
President
Element 1 Corp
Phone: 541.678.5943
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e1 Investor / Analyst Contact:
Greg Haugen
CFO
Element 1 Corp
Phone: 541.639.1711
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CO-WIN Asia General Contact:
Rick Ho
Deputy Project Development Manager
Co-Win Hydrogen Power Co. Ltd.
Phone (852) 68009238
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Market drivers include policy initiatives, increased DER penetration, and falling energy storage prices
BOULDER, Colo.--(BUSINESS WIRE)--#DER--A new report from Guidehouse Insights analyzes the global market for mixed-asset virtual power plants (VPPs), providing global forecasts for capacity, implementation spending, and revenue by customer segment, through 2029.
The primary goal of a VPP is to achieve the greatest possible profit for distributed energy resources (DER) asset owners while maintaining the proper balance of the electricity grid at the lowest possible economic and environmental cost. Mixed-asset VPPs, which are becoming increasingly common, bring together optimized generation, load, and energy storage to provide a synergistic sharing of grid resources. Click to tweet: According to a new report from @WeAreGHInsights, mixed-asset VPP cumulative capacity is expected to grow from 2.8 GW in 2020 to nearly 36.9 GW by 2029 at a compound annual growth rate (CAGR) of 33.1%.
“Mixed-asset VPP capacity makes up 51% of capacity market share in 2020 and is forecast to scale to 83% of VPP capacity share by 2029,” says Jessie Mehrhoff, research analyst with Guidehouse Insights. “Flexible capacity aggregation is evolving from siloed aggregation of automated demand response load and renewable generation resources toward broader ecosystem orchestration, thus favoring the mixed-asset VPP model.”
According to the report, market drivers include the growth of DER penetration, falling energy storage prices, the Federal Energy Regulatory Commission (FERC) Order 841, and Europe’s COVID-19 stimulus packages and the Green Deal. Partnerships, strategic investments, and acquisitions are also promoting growth, while system costs, utility investment cycles, and solution ambiguity and overlap continue to be barriers to further development.
The report, Market Data: Mixed Asset Virtual Power Plant Models, analyzes the global market for mixed-asset VPPs across five major global regions from 2020-2029. Global forecasts cover capacity, implementation spending, and revenue and are broken out by customer segment. Included market snapshots illustrate the predominant technologies comprising mixed-asset VPPs in 2020. The study provides an analysis of the market issues, including drivers of and barriers to mixed-asset VPP market growth. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Mixed Asset Virtual Power Plant Models, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Lindsay Funicello-Paul
+1.781.270.8456
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Digital Tech Company Armed With Extensive Oilfield Expertise Forms Strategic Alliances With Telefónica Movistar and Diversified Well Logging (DWL)
HOUSTON--(BUSINESS WIRE)--Enovate Upstream – the only digital hybrid start-up founded by experienced oil and gas (O&G) executives and research leaders – began with a mission to overhaul the industry using its groundbreaking technology and methodology in data analytics. Since launching less than two years ago, Enovate has inked a series of strategic alliances with well-established but like-minded companies aimed at expediting the availability and adoption of its crowning achievement – the novel ADA A.I.™ platform – the first cloud-based platform that can be used for all upstream operations.
Through a recently announced partnership with Movistar Empresas, a major telecommunications brand owned by Telefónica, the ADA A.I.™ digital ecosystem can be deployed through a next-generation communications giant with a world-class infrastructure that gives O&G companies the ability to increase productivity, cut costs and decrease environmental impact utilizing the highest standards in cyber security, cloud technology and data management.
Further accelerating its quest to disrupt the O&G market, Enovate Upstream has also solidified a new partnership with Diversified Well Logging (DWL) – a highly respected O&G service company focusing on geological and drilling measurements – resulting in a new operational approach to reservoir characterization that combines cloud-based artificial intelligence (A.I.) with cutting-edge robotics technology.
Dubbed A.I. Surface Measurements While Drilling, the alliance gives customers the kind of real-time automation and remote operation capabilities that directly leads to reduced operational costs and improved workforce safety while enhancing data analysis and increasing operational efficiencies throughout the entire value chain. A project in the Gulf of Mexico documented the results: a 15% NPT reduction achieved with the downhole logging prediction using advanced Machine Learning and Geochemistry from cuttings obviating a trip to surface upon a logging tool failure.
A diverse team representing wide-ranging disciplines founded Enovate Upstream with the overarching mission to improve efficiency while increasing production and profits regardless of market conditions. The company’s Silicon Valley-style approach fosters a culture in which top global experts can work and grow in a collaborative environment that stimulates physics-based advancements – starting with its game-changing A.I. technology platform. Enovate has brought O&G industry experts and data scientists into a unique synergy through the ADA AI digital ecosystem, which has improved the EUR and production rates in Eagle Ford, Texas by 22% through physics-based machine learning production forecasting that optimizes simulation and completions.
Enovate Upstream CEO Camilo Mejía credits the company’s higher-than-average gender diversity ratio as a factor in its meteoric rise. “We are not just proud of a gender ratio that’s significantly higher in both the O&G and tech industries,” said Mejía. He added, “Our ratio of one to three has played a key role in our success as a disruptive hybrid organization in a conventional industry.”
The company’s ADA AI™ technology – which is revolutionary for its predictive nature – means tasks that used to require hands-on attention can now be performed from any location at every stage of the value chain – resulting in a welcomed evolution that increases profits regardless of market conditions while reducing carbon emissions.
Enovate Upstream is headquartered in Houston, Texas and operates offices in the UK and Colombia. For more information, please visit http://www.enovateupstream.com/. For media assets including images and bios, click here.
Jason Cunningham / Mark Sullivan
Public Content
713-524-2800
New Product Extends Popular EQUAfrac Shaped Charge Line
HOUSTON--(BUSINESS WIRE)--Titan Division of Hunting Energy Services, a subsidiary of Hunting PLC, the international energy services company, today introduced its new EQUAfrac® Limited consistent-hole shaped charges.
EQUAfrac Limited is designed for applications requiring the lowest variation in entry hole diameter with limited penetration. This charge line addition expands on the technology that made EQUAfrac shaped charges the ideal solution for obtaining consistent entry hole size, optimal penetration and minimal debris in unconventional completions.
Field results show EQUAfrac Limited technology can provide entry hole sizes with less than 5% variation in hole diameter, and in some cases less than 3%, depending on gun size and casing type. With EQUAfrac Limited, Hunting now offers efficient shaped charges for both limited and extended penetration, consistent-hole applications.
About Hunting
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium-listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in Canada, China, Indonesia, Kenya, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, South Africa, United Arab Emirates and the United States of America.
The company’s Hunting Energy Services Titan Division engineers and manufactures perforating systems, wireline selective firing systems, cased hole logging instruments, nuclear detectors, energetics, and associated wireline hardware and accessories.
Business Contact: John Feuerstein, Hunting, 281-442-7382, This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) today announced that it has upsized and priced its previously announced offering of Senior Secured Notes due 2028 (the “Cheniere Notes”). The aggregate principal amount of the offering has been increased from the initially announced $1.0 billion to $2.0 billion and the Cheniere Notes will bear interest at a rate of 4.625% per annum. The Cheniere Notes will be issued at par and will mature on October 15, 2028. The closing of the offering is expected to occur on September 22, 2020.
Cheniere intends to use the proceeds from its inaugural offering to prepay a portion of the outstanding indebtedness of Cheniere under the 3-year $2.695 billion delayed draw term loan credit facility Cheniere entered into in June 2020 and subsequently partially repaid and reduced to $2.595 billion, and to pay related fees, expenses and other amounts owing in connection therewith.
The offer of the Cheniere Notes has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and the Cheniere Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any 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 jurisdiction.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to the amount and timing of share repurchases, and (viii) statements regarding the outbreak of COVID-19 and its impact on Cheniere’s business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Cheniere Energy, Inc.
Investors
Randy Bhatia, 713-375-5479
Megan Light, 713-375-5492
Or
Media Relations
Eben Burnham-Snyder, 713-375-5764
Jenna Palfrey, 713-375-5491
FORT WORTH, Texas--(BUSINESS WIRE)--Lonestar Resources US Inc. (the “Company” or “Lonestar”) (NASDAQ: LONE) today announced that it and certain of its direct and indirect wholly-owned domestic subsidiaries (collectively with the Company, the “Debtors”) have entered into a Restructuring Support Agreement (the “Support Agreement”) with its largest stakeholders that will eliminate approximately $390 million in aggregate debt obligations and preferred equity interests.
Under the terms of the Support Agreement, approximately $250 million of the Company’s 11.250% Senior Notes due 2023 (the “Notes”) will be converted to equity and accrued interest thereon will be extinguished. In addition, lenders under the Company’s revolving credit facility who agree to accept the Plan (as defined below) will, among other things, receive their pro rata share of warrants (the “New Warrants”) to purchase up to 10% of the new equity interests in the Company (subject to dilution only by the issuance of new equity interests under a management incentive plan (“MIP Equity”)), revolving loans under the exit revolving credit facility, and term loans under the second-out exit term facility. Holders of preferred equity interests in the Company will receive their pro rata share of 3% of the new equity interests in the Company (subject to dilution by the MIP Equity and the New Warrants) and holders of existing Class A Common Stock in the Company will receive their pro rata share of 1% of the new equity interests in the Company (subject to dilution by the MIP Equity and New Warrants).
Under the terms of the Support Agreement, the Debtors would effectuate the proposed transactions through a prepackaged plan of reorganization (the “Plan”) under Chapter 11 of the U.S. Bankruptcy Code (“Chapter 11”). The Company has already obtained support for the proposed transactions from lenders holding 100 percent of the aggregate principal amount outstanding under its revolving credit facility, noteholders holding approximately 67.1 percent of the aggregate principal amount outstanding under its Notes, and holders of 100 percent of its preferred equity interests.
The Company is confident, based on the Support Agreement, that it will be able to meet its financial commitments and otherwise continue to operate its business as usual throughout the restructuring period. The Company anticipates funding the Cases and continuing to operate the business with cash-on-hand and certain proceeds from the consensual termination of the Debtors’ existing hedging arrangements with certain lenders under its revolving credit facility. The Support Agreement contemplates that the Company will continue operating its business without disruption to its customers, vendors, partners or employees. In addition, the Support Agreement contemplates that unsecured trade creditors will be paid in full under the Plan.
“We have carefully considered our options in the unprecedented environment faced by the energy industry and concluded that a consensual restructuring is in the best interest of the Company. In combination with our efforts to meaningfully reduce our capital and operating costs, the significant reduction in leverage that this transaction will afford the Company will position Lonestar to be highly competitive going forward,” said Frank D. Bracken III, Chief Executive Officer of the Company.
The Company is represented in this matter by Latham & Watkins LLP, Hunton Andrews Kurth LLP, Intrepid Partners LLC, Rothschild & Co US Inc. and AlixPartners, LLP.
About Lonestar
Lonestar is an independent energy company, focused on the development, production and acquisition of unconventional oil, natural gas liquids and natural gas properties in the Eagle Ford Shale in Texas.
Forward Looking Statements
This communication includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties and projections of results of operations or of financial condition or forecasts of future events that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Words such as “could,” “will,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” “forward” or “continue” and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements concerning management’s expectations of plans, strategies, objectives, growth and anticipated financial and operational performance, financial prospects; anticipated sources and uses of capital; the transactions contemplated by the Support Agreement, including the restructuring of the Company, including the expected benefits of these transactions, business strategies, anticipated sources and uses of capital, future financial prospects and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, the inability to complete the Plan, or the restructuring; risks related to disruption of management’s attention from ongoing business operations due to the Chapter 11 Cases to be filed by the Debtors or the restructuring; and the effects of future litigation, including litigation relating to the Chapter 11 Cases or the restructuring. Forward-looking statements can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. These forward-looking statements speak only as of the date of this communication, and the Company expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of the Company, including the most recent Forms 10-K and 10-Q for additional information about the Company and about the risks and uncertainties related to the Company’s business which may affect the statements made in this communication.
No Solicitation or Offer
Any new securities to be issued pursuant to the restructuring transactions may not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws but may be issued pursuant to an exemption from such registration provided in the U.S. bankruptcy code. Such new securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to sell or buy, nor the solicitation of an offer to sell or buy, any securities referred to herein, nor is this press release a solicitation of consents to or votes to accept any chapter 11 plan. Any solicitation or offer will only be made pursuant to a confidential offering memorandum and disclosure statement and only to such persons and in such jurisdictions as is permitted under applicable law.
Chase Booth
817-921-1889
BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, today announced that James R. Lines, President and Chief Executive Officer, and Jeffrey F. Glajch, Vice President-Finance & Administration and Chief Financial Officer, will present and be available for investor meetings at the Sidoti Fall 2020 Conference on Thursday, September 24, 2020.
Graham’s presentation will begin at 12:15 p.m. Eastern Time. A link to the live webcast, along with presentation materials, will be available at www.graham-mfg.com. An archive of the presentation will be accessible on the Company website, using the same link, following the conference.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality. Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.
Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
Jeffrey F. Glajch
Vice President - Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski / Christopher M. Gordon
Kei Advisors LLC
Phone: (716) 843-3908 / (716) 843-3942
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Growing Global Electric Vehicle (EV) Adoption is Huge Opportunity for Enevate's Advanced Battery Technology
IRVINE, Calif.--(BUSINESS WIRE)--Enevate, a pioneer in advanced silicon lithium-ion (Li-ion) battery technology for electric vehicles (EV), announced that it has reached a major milestone of more than 300 patents issued and in process. Enevate licenses intellectual property and transfers technology to EV automotive and battery makers worldwide.
The company’s patent portfolio has grown significantly over the past year, with a more than 50 percent increase in new patents issued and in process over the last year.
“Enevate has been intensely focused on developing innovative battery technology in the global race to provide auto and battery makers with low-cost manufacturing solutions that will enable the kind of fast-charging capability demanded by consumers and accelerate the worldwide adoption of EVs,” said Enevate Founder and Chief Technology Officer Dr. Benjamin Park. “The progress we’ve made on the technical front is reflected in the growth and scope of our patent portfolio. Enevate is committed to protecting our technology through a robust, worldwide patent program in support of the company’s licensing and technology transfer efforts.”
Dr. Park noted that Enevate now holds the largest portfolio of patents related to silicon Li-ion cell technologies when compared to startups worldwide, and includes a broad spectrum of advanced Li-ion cell innovations, from anode to cathode, electrolyte, separator, formation, cell design and cell architecture. Enevate now has patents in jurisdictions covering over 95% of EV sales worldwide.
Earlier this year, the company announced its 4th generation XFC-Energy® technology, a game-changer for the EV industry, providing a path to produce extreme fast charge EV batteries at low cost and high-volume production that can charge as fast as refueling a gas car, while also delivering on longer range, improved safety, and lower cost. Enevate is currently working with multiple automotive OEMs and EV battery manufacturers to commercialize its technologies, enabling them to utilize existing manufacturing infrastructure with minimal new investment, facilitating the next-generation of EVs that will surpass today’s capabilities.
“Our patent portfolio represents continuing innovations by our scientists and engineers to develop cutting edge, cost effective EV silicon-dominant Li-ion battery technology in support of the growing global EV industry,” said Dr. Park. “I’m proud of our team and our robust and industry-leading patent pipeline as we accelerate development of EV battery technology ideally suited for mass commercialization.”
ABOUT ENEVATE (www.enevate.com)
Enevate develops and licenses advanced silicon-dominant Li-ion battery technology for electric vehicles (EVs). With a portfolio of more than 300 patents issued and in process, Enevate’s pioneering advancements in silicon-dominant anodes and cells have resulted in battery technology that features five-minute extreme fast charging with high energy density, low temperature operation for cold climates, low cost and safety advantages over conventional Li-ion batteries.
Enevate’s vision is to develop and propagate EV battery technology that contributes to a clean and sustainable environment. The Irvine, California-based company has raised over $110 million from investors including Renault-Nissan-Mitsubishi (Alliance Ventures), LG Chem, Samsung, Mission Ventures, Infinite Potential Technologies, Tsing Capital, Draper Fisher Jurvetson, Presidio Ventures – a Sumitomo Corporation company, Lenovo, CEC Capital and Bangchak. Enevate®, the Enevate logo, XFC-Energy®, HD-Energy®, and eBoost® are registered trademarks of Enevate Corporation.
Bill Blanning
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+1 (714) 916-4309
AUSTIN, Texas--(BUSINESS WIRE)--Brigham Minerals, Inc. (NYSE: MNRL) (“Brigham Minerals,” “Brigham,” or the “Company”), a leading mineral and royalty interest acquisition company, today announced plans to participate in the Credit Suisse Oil & Gas Royalty Mineral Investor Day. The Company is presenting on September 16th at 10:00 am Central Time.
ABOUT BRIGHAM MINERALS, INC.
Brigham Minerals is an Austin, Texas based company that acquires and actively manages a portfolio of mineral and royalty interests in the core of some of the most active, highly economic, liquids-rich resource basins across the continental United States. Brigham Minerals’ assets are located in the Permian Basin in Texas and New Mexico, the SCOOP and STACK plays in the Anadarko Basin of Oklahoma, the DJ Basin in Colorado and Wyoming, and the Williston Basin in North Dakota. The Company’s primary business objective is to maximize risk-adjusted total return to its shareholders by both capturing organic growth in its existing assets as well as leveraging its highly experienced technical evaluation team to continue acquiring minerals.
At the Company:
Brigham Minerals, Inc.
Blake C. Williams
Chief Financial Officer
(512) 220-6350
Or
For Investor and Media Inquiries:
Lincoln Churchill Advisors
Julie D. Baughman
(512) 220-1500
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AECOM will leverage its industry-leading digital capabilities to deliver the core scope of services and enable collaboration across global teams
LOS ANGELES--(BUSINESS WIRE)--AECOM (NYSE:ACM), the world’s premier infrastructure consulting firm, has been appointed to design transport and utilities backbone infrastructure for NEOM, a new model for urbanization and sustainability located in the northwest region of Saudi Arabia. In addition to design services, AECOM’s scope will also include environmental and geotechnical support.
“We are excited to be playing such a pivotal part in delivering one of the world’s largest and most complex infrastructure projects,” said Lara Poloni, AECOM’s president. “As the centerpiece of Saudi Vision 2030, NEOM will become one of the world’s leading destinations to attract talent and investment and drive economic change in the Kingdom. Our global multi-disciplinary team of experts will bring together a diverse set of skills to deliver a sustainable project that will connect communities and create thousands of jobs across Saudi Arabia.”
NEOM will support an economy that is oriented to the future. Providing a new model for urbanization and sustainability, it will include hyper-connected towns and cities, ports and enterprise zones, entertainment venues and tourist destinations.
Speaking about the agreement, Brett Smythe, Chief Projects Officer of NEOM, said: “NEOM’s next generation cognitive cities will support its cutting-edge urban environments, improving the lives of residents and businesses far beyond the capabilities of today’s smart cities. It will be a beacon for future living. We are pleased to have one of the world’s leaders in AECOM helping to create the primary and base infrastructure to support our ambitious vision.”
Ian Laski, AECOM Arabia’s president and chief executive, said: “We are delighted to have extended our relationship with NEOM, to which we now provide project management consultancy and infrastructure design services across this transformational project,” said “We are fully committed to supporting the goals of Saudi Vision 2030 and this agreement is testament to our local presence, global reach and track record of delivering projects that enable economic diversification in the Kingdom.”
Bill Price, program director at AECOM, said: “In order to accelerate the delivery of this transformative project, our global team will be using the latest innovations to deliver a 100% digital design. Digital tools will play a vital role in the collaborative approach and stakeholder engagement, with quickly produced visualizations that are built from live design data that is geospatial accurate, enabling and unlocking the power of a data-driven design.”
Digital will play a key role in delivering the core scope of services within the program requirements, as well as achieving the vision for technological advancement. The delivery team will adopt a data-led process, providing information-rich 3D models and geospatial data. The digital delivery processes will also enable collaboration across global teams and provide them with the tools to efficiently design for construction.
This contract builds on AECOM’s appointment in July 2019 to provide project management consultancy services for phase 1 construction in NEOM.
About AECOM
AECOM (NYSE:ACM) is the world’s premier infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. We partner with our clients in the public and private sectors to solve their most complex challenges and build legacies for generations to come. On projects spanning transportation, buildings, water, governments, energy and the environment, our teams are driven by a common purpose to deliver a better world. AECOM is a Fortune 500 firm and its Professional Services business had revenue of approximately $13.6 billion in fiscal year 2019. See how we deliver what others can only imagine at aecom.com and @AECOM.
About NEOM
NEOM is an accelerator of human progress and a vision of what a New Future might look like. It is a region in northwest Saudi Arabia on the Red Sea being built from the ground up as a living laboratory – a place where entrepreneurship will chart the course for this New Future. It will be a destination and a home for people who dream big and want to be part of building a new model for exceptional livability, creating thriving businesses, and reinventing environmental conservation. NEOM will be the home and workplace to more than a million residents from around the world. It will include hyperconnected, cognitive towns and cities, ports and enterprise zones, research centers, sports and entertainment venues, and tourist destinations. As a hub for innovation, entrepreneurs, business leaders and companies will come to research, incubate and commercialize new technologies and enterprises in ground-breaking ways. Residents of NEOM will embody an international ethos and embrace a culture of exploration, risk-taking and diversity - all supported by a progressive law compatible with international norms and conducive to economic growth.
For further information email: This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.neom.com
Forward-Looking Statements
All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the Management Services transaction, including the risk that the expected benefits of the Management Services transaction or any contingent purchase price will not be realized within the expected time frame, in full or at all; the risk that costs of restructuring transactions and other costs incurred in connection with the Management Services transaction will exceed our estimates or otherwise adversely affect our business or operations; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
Investor:
Will Gabrielski
Senior Vice President, Investor Relations
213.593.8208
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Media:
Brendan Ranson-Walsh
Vice President, Global Communications & Corporate Responsibility
213.996.2367
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VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or “Company”), a designer and manufacturer of drilling tool technologies, announced today that Troy Meier, Chairman and Chief Executive Officer, and Christopher Cashion, Chief Financial Officer, will present and be available for investor meetings at the Sidoti Fall Conference on Thursday, September 24, 2020.
The Company’s presentation will begin at 1:00 pm Eastern Time. A link to the webcast, along with presentation materials, will be available at www.sdpi.com/Events. An archive of the presentation will be accessible on the Company website, using the same link, following the conference.
About Superior Drilling Products, Inc.
Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented Strider™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.
Additional information about the Company can be found at: www.sdpi.com.
For more information, contact investor relations:
Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3908
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LONDON--(BUSINESS WIRE)--#apac--The Industrial Gases market will register an incremental spend of about $ 38 billion, growing at a CAGR of 6.32% during the five-year forecast period. A targeted strategic approach to Industrial Gases sourcing can unlock several opportunities for buyers. This report also offers market impact and new opportunities created due to the COVID-19 pandemic. Request free sample pages
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Insights into buyer strategies and tactical negotiation levers:
Several strategic and tactical negotiation levers are explained in the report to help buyers achieve the best prices for the Industrial Gases market. The report also aids buyers with relevant Industrial Gases pricing levels, pros and cons of prevalent pricing models such as volume-based pricing, spot pricing, and cost-plus pricing and category management strategies and best practices to fulfill their category objectives.
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SpendEdge
Anirban Choudhury
Marketing Manager
US: +1 630 984 7340
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IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that it has safely achieved mechanical completion of Valvoline’s new lubricants facility in Zhangjiagang, China, ahead of schedule. Fluor’s scope of work on the project included detailed engineering, procurement and construction management executed under a lump-sum services contract.
The new 80,000-square-meter blending and packaging facility is Valvoline’s largest plant investment to date – and its first in China – supplying more than 30 million gallons of finished lubricants and coolants per year for both passenger car and heavy-duty vehicle customers.
“We have been privileged to work with Valvoline and support its efforts to meet the growing automotive market in China,” said Mark Fields, president of Fluor’s Energy & Chemicals business. “Even during the challenges of the global pandemic, Fluor was able to maintain progress and deliver the project safely, on budget and ahead of schedule. Congratulations to the entire project team on this remarkable achievement.”
The project began in October 2018. More than 600 workers were on site at peak during construction, and no lost-time incidents were recorded over the duration of the project.
Fluor’s Shanghai office led the project with its Cebu location providing support as needed.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is a global engineering, procurement, fabrication, construction and maintenance company with projects and offices on six continents. Fluor’s 47,000 employees build a better world by designing, constructing and maintaining safe, well-executed, capital-efficient projects. Fluor is ranked 181 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has served its clients for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.
#ec
Brian Mershon
Media Relations
469.398.7621
Jason Landkamer
Investor Relations
469.398.7222
Eric Cardwell to Address Cyber Risk Needs of Axio Industry Clients, Drive Innovation in Optimizing Security and Financial Controls in Energy & Utility Sector
NEW YORK--(BUSINESS WIRE)--#cyberriskmanagement--Axio, a leading cyber risk management Software-as-a-Service company, announced today the appointment of Eric Cardwell as the company’s Director of Cyber Risk Engineering. Mr. Cardwell will be responsible for addressing cyber risk requirements for industry clients, identifying government and trade association contracts, and driving innovation in the advancement of security and financial controls across the energy and utilities sector.
Cardwell brings nearly three decades of experience to his new role, and has a broad background in project management and compliance with continuous experience in cybersecurity, systems support, business continuity, policy development, identification of business and regulatory requirements, and translation of requirements for security and business solutions.
“Over the course of his career, Eric has established himself as a security, audit, and risk management leader. Eric brings a wealth of hands-on cybersecurity, power and utilities experience to the Axio team including previous roles at the Electric Power Research Institute (EPRI), PwC, and ABB (now Hitachi ABB Power Grids),” said Dave White, Founder and President of Axio.
Axio helps enterprises understand their cyber risk exposure, supports in effectively managing it to ensure that the company is equipped to financially recover. The Axio360 platform, industry-first cyber resilience optimization solution, recognizes security and financial controls to create an integrated risk solution with an agile approach, easily evolved as the risk landscape shifts.
“Axio360 addresses a massive pain point in cyber risk management by focusing on the financial impact of the risk and helps company executives and board members understand the value of their cybersecurity investments in relation to their overall business objectives,” said Mr. Cardwell. “As the Axio energy sector team lead, I will drive innovative research to scale actionable solutions for utilities and energy firms. I look forward to working closely with this highly-skilled and passionate team.”
Cardwell has a B.S. in Political Science from the University of Tennessee at Martin and the following certifications: Certified Information Systems Security Professional [CISSP] Certified Information Systems Auditor [CISA] and Certified in Risk Information Systems Control [CRISC].
About Axio
Axio is a leading cyber risk management SaaS company. Axio believes that all organizations should have the means to solve their unique cyber risk challenges and created the Axio360 platform to deliver on that belief. Axio360 is the only methodology and software designed to empower security leaders, senior executives, and boards of directors with the ability to confidently and continuously answer the critical questions about risk, including: Where should we invest to most effectively minimize our cyber risk and financial exposure? Axio360 cuts through complexity to give organizations a comprehensive view of cyber risk, and links business leaders to security leaders with a unified message, in language decision makers and management teams understand well: financial impact.
Media:
Sarah Thorson
Ripple Communications for Axio
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609-234-8531
Enables dimmable 90 W LED ballasts in an isolated flyback topology following a boost Power Factor Correction (PFC) stage
SAN JOSE, Calif.--(BUSINESS WIRE)--#GaN--Power Integrations (Nasdaq: POWI), the leader in high-efficiency, high-reliability LED-driver ICs, today announced a new member of the LYTSwitch™-6 family of safety-isolated LED drivers for smart lighting applications – the LYT6078C. This new LYTSwitch-6 IC uses Power Integrations’ PowiGaN™ gallium nitride (GaN) technology to deliver efficiency and performance benefits, demonstrated by the new design example report (DER-920) the company is also announcing today.
The PowiGaN-based LYT6078C IC incorporates a 750 V power switch and delivers flicker-free output up to 90 W with other members of the family providing up to 110 W. Including both the PFC stage and the LYTSwitch-6 LED driver, system efficiency exceeds 90%. Housed in the miniature InSOP-24 surface-mount package, LYTSwitch-6 ICs are protected by an advanced thermal fold-back system, which reduces output power to limit device temperature during abnormal conditions, while still providing light output. LYTSwitch-6 ICs also incorporate Power Integrations’ FluxLink™ communication technology, which allows secondary-side control without the need for an optocoupler, and provides better than ±3% CV and CC regulation across line, load, temperature, and manufacturing. All LYTSwitch-6 ICs exhibit fast transient response and easily support pulse-width-modulation (PWM) dimming.
The performance benefits of the LYT6078C are evident in a new design report (DER-920) detailing a two-stage PFC boost plus isolated flyback on a dimmable LED ballast. It employs the LYTSwitch-6 LYT6078C IC and Power Integrations’ HiperPFSTM-4 PFS7624C PFC controller and provides peak efficiency of greater than 91% when driving a 48 V LED string at 1350 mA from a 220 VAC to 277 VAC input. In standby mode, system power consumption is less than 80 mW, which provides engineers with substantial flexibility when designing lighting controls and particularly dim-to-off circuits.
Hubie Notohamiprodjo, director of product marketing for LED lighting said: “Power Integrations’ new PowiGaN-based LYTSwitch-6 ICs save lighting manufacturers space and system costs for smart lighting power supplies. The company’s key design goals for our latest design report were high power factor, low harmonic content, high efficiency, and 3-in-1 dimming with zero-to-100% output current. The new LYT6078C driver IC combined with our HiperPFS-4 PFC controller easily met these challenges.”
PowiGaN-based LYTSwitch-6 LED-driver ICs are available now, priced at $2.52 in 10,000 quantities. Technical support and the DER-920 design report are available from the Power Integrations website at https://www.power.com/lytswitch-6/.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.
Power Integrations, LYTSwitch, FluxLink, PowiGaN, HiperPFS, and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owner.
Media Contact
Diane Vanasse
Power Integrations, Inc.
(408) 242-0027
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Press Agency Contact
Nick Foot
BWW Communications
+44-1491-636 393
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BUFFALO, N.Y.--(BUSINESS WIRE)--Columbus McKinnon Corporation (Nasdaq: CMCO), a leading designer and manufacturer of motion control products, technologies, automated systems and services for material handling, announced today that David Wilson, President and Chief Executive Officer, and Greg Rustowicz, Chief Financial Officer, will participate in a virtual fireside chat at the D.A. Davidson Diversified Industrials & Services Conference on Tuesday, September 22, 2020 at 11:00 a.m. Eastern Time. A live audio webcast of the event with accompanying slides will be available at www.columbusmckinnon.com. An archive of the conversation will be available at the same link following the conference.
About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of motion control products, technologies and automated systems and services that efficiently and ergonomically move, lift, position and secure materials. Key products include hoists, crane components, actuators, rigging tools, light rail work stations, and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at www.columbusmckinnon.com.
Gregory P. Rustowicz
Vice President - Finance and Chief Financial Officer
Columbus McKinnon Corporation
716-689-5442
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Investor Relations:
Deborah K. Pawlowski
Kei Advisors LLC
716-843-3908
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TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) announced today that the Board of Directors of its general partner declared a distribution for the quarter ending September 30, 2020 to be paid to the holders of the Partnership’s 9.00% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) and the 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) in accordance with the terms outlined in NGL’s partnership agreement. Each of the Class B Preferred Units quarterly distribution of $0.5625 per unit and the Class C Preferred Units quarterly distribution of $0.60156 per unit will be made on October 15, 2020 to holders of record at the close of trading on September 30, 2020.
About NGL Energy Partners LP
NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.
This release is a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of NGL Energy Partner LP’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Therefore, distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.
NGL Energy Partners LP
Trey Karlovich, 918.481.1119
Executive Vice President and Chief Financial Officer
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or
Linda Bridges, 918.481.1119
Senior Vice President – Finance and Treasurer
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Leading ERCOT standalone storage developer to invest more than $100 million in recently acquired projects, expects to have a total of 100 megawatts of battery storage online in the state by year-end and 350 megawatts online in 2021
HOUSTON--(BUSINESS WIRE)--Broad Reach Power (“Broad Reach”), an independent power producer (IPP) based in Houston with more than five gigawatts of standalone storage projects in its pipeline, announced today that it has begun construction on two 100 megawatt (MW) greenfield battery storage projects. The new assets further expand the company’s rapidly growing portfolio of greenfield and acquired projects and establish Broad Reach, which expects to have 100 megawatts of battery storage online in Texas by the end of 2020 and a total of 350 MW online in the state next year, as the leading owner of standalone storage projects in the ERCOT interconnection queue.
“The grid in Texas is continuing to transform rapidly with the addition of more wind and solar generation. While these resources are desirable because they reduce costs and emissions, they add more variation and risk to an already challenging real-time balancing goal,” said Broad Reach Power Managing Partner and Chief Executive Officer Steve Vavrik, whose company owns utility scale solar and energy storage power projects. “This problem will compound as both renewable penetration and power demand increase. Deploying more energy storage systems like our units operating in Odessa and the Houston area will strengthen the grid’s reliability.”
Broad Reach plans to invest more than $100 million in the two recently acquired projects located in Mason and Williamson counties in Texas. Once online in 2021, the plants will operate alongside Broad Reach’s expanding portfolio of utility-scale battery storage plants in Texas near Houston and Odessa.
Broad Reach has additional plans to expand its storage portfolio in Texas, including several more large endeavors. The company is also replicating its successful dual greenfield and acquisition approach in California, Montana and other western markets where the company has over 700 MW of projects with signed interconnection agreements.
“Broad Reach’s tremendous and rapid growth since we backed them in September of 2019 is a testament to what a seasoned team can do with the support of highly experienced renewable energy investors like EnCap and Yorktown, and the compelling opportunity set we see in this rapidly evolving marketplace,” said EnCap Energy Transition Managing Partner Shawn Cumberland.
About Broad Reach Power
Broad Reach Power is a utility-scale storage independent power producer (IPP) based in Houston backed by leading energy investors EnCap Investments L.P., Yorktown Partners, and Mercuria Energy. The company owns a five gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, South Dakota and Texas which give utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. Broad Reach is led by a team comprised of solar, wind, and storage experts who have delivered more than four gigawatts of projects and have a combined 80 years of experience in the field. For more information about the company, visit www.broadreachpower.com.
Mike Gehrig
Pierpont Communications
+ 1 512 448-4950 (O)
+ 1 512 739-7088 (C)
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