Factoring extends innovative QuickPay program to non-Convoy loads and introduces new fuel card to help carriers save an industry-leading $19,000 a year in operating costs.
SEATTLE--(BUSINESS WIRE)--Convoy, the nation’s most efficient digital freight network, today announced Convoy Factoring, powered by Apex Capital, a new payment service for carriers that provides same or next day payment, with no hidden fees and no lock-in contracts. Convoy now offers qualified carriers access to immediate payment, at a rate of 0% with QuickPay for Convoy loads and 1% - 2.99% with factoring for non-Convoy loads. A carrier hauling half of their loads with Convoy sees an average rate of 1.45%, which is 57% better than the industry average, saving them $7,000 in factoring costs and associated fees. Additionally, Convoy launched a new fuel card which helps address the single biggest cost to carriers on the road. The Convoy fuel card saves carriers an average of 63* cents per gallon, 3x better than the industry average, putting up to $12,000 per truck per year back in drivers’ pockets.
Over 90% of the carriers in the U.S. are small fleets with 10 or fewer trucks. Some of the biggest over the road expenses for these carriers are fuel and factoring. Today, drivers hauling for traditional brokers face a tough decision, either wait up to 60 days for payment or use a factoring service that costs an average of 3.5%, and can include hidden fees and lengthy lock-in contracts. A carrier can pay more than $9,000 of their take home pay in factoring and associated fees. Meanwhile drivers are at the mercy of fuel costs and typically pay another $52,000 a year just to fill their tanks. While traditional fuel cards offer a modest offset to these costs, they don’t provide a convenient way to line-up fuel saving discounts on the routes carriers are running, and as a result, often go unused.
Driving a truck is one of the most important jobs across our nation. Yet the vast majority of carriers who work with traditional brokers are forced to wait up to 60 days following a job just to get the money they’ve earned, to cover their expenses and provide for their families,” said Dan Lewis, CEO of Convoy. “Our continued focus is to help carriers earn more, and keep more of their hard-earned pay, while removing many of the day-to-day hassles of the job. Extending Convoy QuickPay to cover non-Convoy loads, with low rates and a best-in-class fuel card, provides the industry’s leading option for savings.”
New Convoy Factoring extends innovative QuickPay program to non-Convoy loads
Carriers now gain the convenience of getting paid the same or next day, with Convoy Factoring, at a low rate for non-Convoy loads and at 0% for Convoy loads, with QuickPay. Combined, a carrier’s rate can be up to 57% lower than the industry average when a carrier hauls half of their loads with Convoy.
Convoy Factoring has no contract lock-in, allowing carriers to try the service without risk. With no invoice or transaction fees, carriers can keep their cash flow constant by submitting each invoice individually instead of waiting and submitting multiple invoices together. The Convoy Factoring process has been fully integrated into the Convoy mobile app to enable carriers to submit invoices and find their next load with a few taps, in one place. By partnering with Apex Capital, Convoy provides carriers with the trusted, high-quality service offered by Apex Capital for more than 25 years.
“Convoy was the first to innovate with free QuickPay, allowing tens of thousands of carriers to get paid in two days and with no fees when they drove for Convoy,” said Ziad Ismail, Convoy Chief Product Officer. “This is a benefit that the majority of brokers still do not offer to carriers. Today we take that innovation and support for carriers a major step further with Convoy Factoring, offering carriers the lowest average rate in the industry across all of the loads they haul, which puts more money back in their pockets.”
“Convoy Factoring will be amazing for our business. No haggle, no hidden fees, no stress. The rates are top notch and I will be able to save thousands of dollars this year alone,” said Mike Bhangu, a Kent, Washington-based carrier who has been working with Convoy since 2016. “I love that I will be able to factor directly in the app within seconds. It will be my one stop shop for getting paid for all my loads and finding what I will haul next.”
New Convoy fuel card can save carriers $12,000 per truck per year
Today, Convoy addresses one of the largest expenses for carriers with the introduction of the Convoy fuel card. Carriers who sign up for Convoy’s fuel card can save an industry-leading average of 63* cents per gallon at the pump, 3x more than the industry average of 20 cents. With carriers consuming more than 18,000 gallons per year, the discount offered by the Convoy fuel card can save carriers more than $12,000 per truck per year.
Now, carriers get the best fuel discounts without paying any transaction fees at more than 1,000 participating truck stops across the country, including TA-Petro, Ambest, Roady’s and Sapp Bros. In addition to offering an industry leading discount, Convoy has built a new in-app integration which includes an interactive map of truck stops and fuel prices enabling carriers to consider available fuel discounts on the route when searching for their next load. The ability to plan their route and identify fuel stops, easily and simultaneously, is essential for drivers to maximize their savings.
“Each of our trucks goes through more than 60 gallons per day, so fuel is consistently one of my biggest expenses. With the big savings I will get from using the Convoy fuel card, I’ll save thousands of dollars that I can reinvest back into my business,” said Inderjit Gill, a Manteca, California-based carrier that has been working with Convoy since 2018.
*63¢ per gallon is based on client transactions using participating truck stops for Q2 of 2020
About Convoy
Convoy is the nation’s most efficient digital freight network. We move thousands of truckloads around the country each day through our optimized, connected network of carriers, saving money for shippers, increasing earnings for drivers, and eliminating carbon waste for our planet. We use technology and data to solve problems of waste and inefficiency in the $800B trucking industry, which generates over 72 million metric tons of wasted CO2 emissions from empty trucks. Fortune 500 shippers like Anheuser-Busch, P&G, Niagara, and Unilever trust Convoy to lower costs, increase logistics efficiency, and achieve environmental sustainability targets. Convoy.com
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HOUSTON--(BUSINESS WIRE)--#energymarketing--Northland Power Inc. (Northland), a power producer dedicated to developing, building, owning and operating clean and green infrastructure assets in Canada, Europe (and other global jurisdictions), has selected PCI’s industry-leading ETRM cloud software platform to optimize energy trading and wholesale operations as a Qualified Supplier in the Mexico Wholesale Electricity Market (MEM).
PCI’s ETRM platform will help optimize Northland’s existing pipeline of renewable energy resources and energy supply contracts as a Qualified Supplier to achieve the following business benefits:
Morgan Tarves, Senior Director at Northland Power, stated, “We wanted to select an experienced, established vendor with a robust platform to maximize value for our customers. After an in-depth evaluation, we found PCI to have the most comprehensive offering for our immediate and future business requirements.”
Shailesh Mishra, PCI Vice President, noted, “We value Northland’s trust in our software platform and our experience with similar customers in Mexico. With this partnership, PCI further strengthens its position as the preeminent software provider for large global renewable power companies.”
PCI’s Platform comes out-of-the-box with all the required data interfaces, embedded analytics, business process automation, open data, and risk reporting capabilities that offer unparalleled “end-to-end” support for front, mid, and back-office business functions. PCI’s Platform is utilized by companies representing more than 80% of the power generation capacity in Mexico’s wholesale market. Clients include CFE, Iberdrola, Naturgy, ATCO Power, Ammper Energía, and others.
About Power Costs, Inc. (PCI)
PCI is the leading provider of energy management software, superior customer support, and value-added services for energy-focused companies. Founded in 1992, PCI continues to refine and develop new software solutions that meet the evolving needs of its clients, which include investor-owned, municipal and cooperative utilities, independent power producers, as well as energy marketing and trading organizations worldwide. PCI optimizes power portfolios representing:
PCI is a privately held company based in Norman, Oklahoma with offices in Houston (TX), Raleigh (NC), and Mexico City. To learn more, please visit our company website.
About Northland Power
Northland is a global developer, owner and operator of sustainable infrastructure assets that deliver predictable cash flows. Headquartered in Toronto, Canada, Northland was founded in 1987 and has been publicly traded since 1997 on the Toronto Stock Exchange (TSX: NPI).
Northland owns or has an economic interest in 2,681 MW (net 2,266 MW) of operating generating capacity and 130 MW of generating capacity under construction, representing the La Lucha solar project in Mexico. Northland also owns a 60% equity stake in the 1,044 MW Hai Long projects under development in Taiwan and operates a regulated utility business in Colombia.
Northland's common shares, Series 1, Series 2 and Series 3 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B, NPI.PR.C, respectively.
To learn more, please visit our company website.
Stuart Wright, Director
Power Costs, Inc. (PCI)
+1-303-917-3565
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DUBLIN--(BUSINESS WIRE)--The "Gas Turbine Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology; Capacity; Application; and Geography" report has been added to ResearchAndMarkets.com's offering.
The gas turbine market was valued at US$ 21,015.97 million in 2018 and is projected to reach US$ 29,447.30 million by 2027; it is expected to grow at a CAGR of 3.9% from 2019 to 2027.
Gas Turbine is an internal combustion engine containing combustion chambers, which releases expanding gases that drive the blades of a turbine. The gas turbine converts natural gas and other liquids into mechanical energy. This energy fuels generators to produce electrical energy. There are various advantages associated with gas turbines, such as high power to weight ratio and low operations pressure. Despite being small in size, the gas turbines possess a high power rating. They reduce carbon emissions and release fewer emissions into the air compared to other engines.
Based on application, the gas turbine market is segmented into power generation, oil and gas, and Industrial. The power generation segment accounted for the largest share of the market in 2018. The gas turbines are one of the most widely used technologies deployed in the production of power. A gas turbine is used for converting the liquid fuels or natural gas that is fed to it, into mechanical energy. This mechanical energy further drives the generator to produce electrical energy. The electrical energy is then supplied to homes and businesses via power lines.
The gas turbine heats up a mixture of air and fuel at extremely high temperatures that result in the spinning of turbine blades. These spinning blades in turn drive the generator to produce power. One must not ignore that it is the production of hot gas during fuel combustion and not the fuel itself that spins the turbine blades. The environment friendly properties of gas turbines of using natural gas and producing less gas pollution has favored the power generation segment of gas turbine market worldwide.
Geographically, the gas turbine market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America held the largest share of the global market in 2018, followed by Europe. The growth of the market in North Americas primarily attributed to rapid growth in the power generation industry in this region. Additionally, the growth of the gas turbine market in this region is primarily attributed to increasing environmental regulations enforced by the government to reduce the rate of carbon footprint along with low shale prices.
A rapid rise in energy demand, especially from manufacturing plants and other related industrial establishments, is further expected to fuel the market growth. Besides this, swift developments in the power generation sector in leading countries such as the US and Canada boosts the demand for gas turbines in the North America region. Low costs related to power generation and technological advancements are also expected to boost the growth of the gas turbine market in the North American region.
Reasons to Buy:
Market Dynamics
Drivers
Restraints
Opportunities
Future Trends
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/xja8aq
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Laura Wood, Senior Press Manager
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Manzanillo International Terminal marks successful deployment of Tideworks’ latest TOS, Mainsail 10
SEATTLE--(BUSINESS WIRE)--Tideworks Technology® Inc. (Tideworks), a full-service provider of comprehensive terminal operating system (TOS) solutions, today announced the go-live of its new marine TOS solution, Mainsail 10 at Manzanillo International Terminal (MIT) in Panama. Tideworks engineered Mainsail 10 to provide terminal operators with increased flexibility and a TOS solution that can seamlessly integrate and scale to adapt to changing operational needs. The go-live at MIT is the company’s first deployment of Mainsail 10.
Mainsail 10 was developed with the evolving global supply chain in mind. The new solution provides rapid access to and management of real-time data to improve decision making and increase the flow of cargo through the terminal, while also reducing costs. The new TOS is highly configurable and customizable – allowing terminal operators to create individualized user experiences and powerful ad-hoc reports that meet their specific needs. Additionally, the solution integrates with back-office accounting and ERP systems among other third-party technologies.
“We are thrilled to introduce our next-generation TOS that will offer a strategic advantage to terminal operators worldwide,” said Thomas Rucker, president of Tideworks. “The successful go-live of Mainsail 10 at MIT is the first deployment of our latest marine TOS and signifies another milestone in our long-term partnership with MIT. Mainsail 10 provides terminal operators with an extremely flexible, world-class TOS platform that enables growth and enhanced efficiencies.”
Throughout the design and development of Mainsail 10, Tideworks worked closely with its terminal operator customers and stakeholders to create a next-generation TOS platform informed by historical industry insight.
“We have had an opportunity to experience Mainsail 10 and found that it is extremely intuitive and responsive,” said Stacy Hatfield, general manager at Manzanillo International Terminal (MIT). “Our team collaborated closely with Tideworks to successfully deploy the platform. We have also begun integrating Mainsail 10 with the variety of third-party tools and technologies in use at MIT to increase efficiency across the terminal.”
Key features and benefits of Mainsail 10 include:
Leading up to the go-live at MIT, Tideworks provided implementation services including project management, software configuration and installation, integration services, user training and go-live assistance. Tideworks will continue to offer ongoing maintenance and support services, which include 24/7 technical support and software upgrades.
Mainsail 10 went live at MIT in August 2020.
About Tideworks Technology
Tideworks is a full-service provider of comprehensive terminal operating system solutions for growing marine and intermodal terminal operations worldwide. The company helps more than 120 facilities run their operations more efficiently and profitably. From optimized equipment utilization to faster turn times, Tideworks works at every step of terminal operations to maximize productivity and customer service. For more information about Tideworks Technology, a Carrix solution, visit www.tideworks.com.
AnnMarie Henriksson
Communiqué PR for Tideworks Technology
206-282-4923 x119
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TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum Corporation (“Empire”) (OTCQB:EMPR) announced today that it has completed an equity transaction and a field level debt issuance, fully funding a substantial workover/recompletion program at its recently-acquired properties in East Texas, specifically, the Fort Trinidad Field in Houston and Madison Counties. As a result of the investment, Empire Texas LLC has entered into a joint development agreement with The Woodlands, Texas-based Petroleum Independent & Exploration LLC and PIE Operating LLC and their affiliates (collectively, “PIE”) and Mineral Resource Texas, LLC (“MRP”) to execute of series of workovers designed to potentially increase the field’s production from existing wellbores.
The Securities Purchase Agreement outlines a PIE total investment of approximately $3,375,000 for an equity stake of up to 40% of Empire. In addition, PIE will provide up to a $2,000,000 loan (may be amended to $3,000,000) to Empire Texas LLC for workover development within our current East Texas assets.
The properties contain approximately 91% working interest and 83% net revenue interest and have been recently producing from multiple pays of the Glen Rose, Edwards and Buda formations. PIE, led by Phil Mulacek, will contract operate the field and identified workover wells in the program, bringing their experienced carbonate geology, and geophysical, and drilling team that has been responsible for world class discoveries, such as the Elk and Antelope Fields in Papua New Guinea, subsequently bought by Exxon Mobil and Total in 2017.
“As a significant investor in Empire, combined with the operational expertise and capital to implement an initial robust workover program, we believe PIE is a terrific partner aligning with all shareholders,” stated Mike Morrisett, President. “It has been a pleasure working with Phil Mulacek and his team bringing our Joint Development Agreement quickly to fruition.”
“We’re pleased to have the opportunity to work with Phil and his highly experienced technical team at PIE,” stated Tommy Pritchard, CEO. “The enthusiasm shown while working on planning brought forward other potential acquisitions in close proximity to our strong position in the Fort Trinidad Field that we are currently evaluating.”
About Empire Petroleum Corporation (EMPR)
Empire Petroleum Corporation is a publicly-traded, Tulsa-based oil and gas company with current producing assets in Texas, Louisiana, North Dakota and Montana. Management is focused on targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. Empire looks for assets where its operational team can deploy rigorous field/well management techniques to reduce unit operating costs and improve margins while optimizing production. For more information, please visit: www.empirepetrocorp.com
About Petroleum Independent & Exploration LLC
Petroleum Independent & Exploration LLC (PIE LLC), is a private Oil and Gas company that began in 1981, with Mr. Phil Mulacek as founder. PIE LLC and MRP LLC have operations across the southern USA. Mr. Mulacek and PIE LLC founded InterOil Corporation in 1994/1995 with the acquisition of a former Chevron refinery. Mr. Mulacek developed InterOil from a US$10 million market cap (~0.50/share) to an integrated Oil & Gas company with a market cap over US$5 billion ($109/share NYSE). The business included a refinery, a downstream business (retail gas stations and distribution), and the world class upstream assets of the Elk, Antelope, and Triceratops structures; certified at over 10 tcfe / ~ 1.5 Billion BOE. The Antelope limestone reef structure is ranked as one of the highest quality gas discoveries in the world, and Antelope #2 well was the highest capacity gas well in the world with a total flow of 755 million scfgepd. Mr. Mulacek is a Petroleum Engineer with over 40 years' experience.
About Mineral Resources Partners, LLC
Mineral Resources Partners, LLC is a privately-owned oil and gas exploration and production company that owns over 550,000 net mineral acres in Texas, Louisiana, Alabama and Georgia. The company acquires, develops and operates unconventional and conventional oil and gas fields, with its core areas being in the Permian Basin (Spraberry Trend/WolfCamp), East Texas (Haynesville, Petit, Woodbine, Cotton Valley and James Lime) and Louisiana (Austin Chalk, Frio, Cockfield and Wilcox). MRP was financed in 2016 by Phil Mulacek, of PIE LLC. For more information, please visit: www.mineralresourcespartners.com
FORWARD-LOOKING STATEMENTS
This press release includes certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that Empire expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to Empire, see Empire’s Form 10-K for the fiscal year ended December 31, 2019.
Tommy Pritchard, CEO
Mike Morrisett, President
539-444-8002
IRVING, Texas--(BUSINESS WIRE)--ExxonMobil has signed an agreement with Global Clean Energy Holdings to purchase 2.5 million barrels of renewable diesel per year for five years from a converted California refinery starting in 2022.
The renewable diesel will be sourced from a refinery acquired by Global Clean Energy in Bakersfield, California, which is being retooled to produce renewable diesel from Global Clean Energy’s patented varieties of camelina, a fallow land crop that does not displace food crops, and other non-petroleum feedstocks. Following scheduled production startup in 2022, ExxonMobil plans to distribute the renewable diesel within California and potentially to other domestic and international markets.
“Our agreement with Global Clean Energy builds on ExxonMobil’s longstanding efforts to develop and offer products that help meet society’s energy needs while reducing environmental impacts,” said Bryan Milton, president of ExxonMobil Fuels and Lubricants Company. “Chemically similar to petroleum-based diesel, renewable diesel can be readily blended for use in engines on the market today.”
“Our relationship with ExxonMobil is a perfect fit for Global Clean Energy and the Bakersfield biorefinery because it leverages ExxonMobil’s scale and unrivaled market perspective to unlock value for both companies,” said Richard Palmer, CEO of Global Clean Energy Holdings. “By combining upstream feedstock supply and downstream production, we are moving toward the fully integrated production model pioneered by ExxonMobil.”
In addition to camelina, various non-petroleum feedstocks, including used cooking oil, soybean oil, distillers’ corn oil and other renewable sources will be refined to produce the renewable diesel.
Based on analysis of California Air Resources Board (CARB) data, renewable diesel from various non-petroleum feedstocks can provide life-cycle greenhouse gas emissions reductions of approximately 40 percent to 80 percent compared to petroleum-based diesel.1
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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About Global Clean Energy
Global Clean Energy Holdings is a leading developer of sustainable, non-food energy crops for use in biofuels. GCEH’s wholly owned subsidiary, Sustainable Oils, is the leading developer of camelina, a fast-growing, low input, dryland farmed rotation crop. As it is cultivated exclusively on unirrigated fallow land, camelina does not displace food or create indirect land use change. It also allows farmers to improve total farm economics through better overall asset utilization.
Through a financing partnership with Orion Energy Partners, GCM Grosvenor and Voya Investment Management, Global Clean Energy expanded into downstream production with the acquisition of the Bakersfield facility. Once production commences in 2022, the Bakersfield biorefinery will be the only integrated farm-to-tank renewable diesel producer of its kind, processing both camelina—a proprietary non-food, ultra-low carbon intensity and purpose-grown feedstock—as well as traditional biofuel feedstocks such as plant oils and waste products. To learn more, visit gceholdings.com.
Cautionary Statement: Statements of future events, plans or product offerings in this release are forward-looking statements. Actual future results, including product offerings, refinery start-up dates, delivery timing. available capacity, and the impact and results of new technologies on product efficiency and life-cycle emission reductions could vary depending on the outcome of general business conditions; further research and testing; the development and competitiveness of alternative technologies; the ability to scale pilot projects on a cost-effective basis; political and regulatory developments; and other factors discussed in this release and under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at exxonmobil.com.
__________________
1 California Air Resources Board Petroleum Diesel Carbon Intensity: Low Carbon Fuel Standard Regulation, Table 7-1: https://ww2.arb.ca.gov/sites/default/files/2020-07/2020_lcfs_fro_oal-approved_unofficial_06302020.pdf
California Air Resources Board Renewable Diesel Certified Carbon Intensities:
https://ww2.arb.ca.gov/resources/documents/lcfs-pathway-certified-carbon-intensities
ExxonMobil Media Relations
832-625-4000
Global Clean Energy
424-318-3518
Electronic Assemblies for Naval Application
TAMPA, Fla.--(BUSINESS WIRE)--$SYPR--Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it has received an initial contract award from the Leonardo DRS Naval Electronics business unit to manufacture and test electronic assemblies for a shipboard system. Production will begin in 2020. Terms of the agreement were not disclosed.
“Sypris Electronics has extensive experience working on mission critical Navy programs,” said Jim Long, Vice President & General Manager of Sypris Electronics. “Leonardo DRS is an industry leader in Naval Electronics and the opportunity to support them on this program is an honor for Sypris Electronics. Our collaborative approach in providing a tailored manufacturing and test solution was an important element to this win. We are excited to support Leonardo DRS on this program and to expand our relationship with Leonardo DRS.”
Sypris Electronics is a trusted provider of electronic solutions, addressing customers’ needs for building complex, mission-critical electronic and electro-mechanical devices and integrated systems. Backed by 50 years of experience, Sypris’ engineering and manufacturing services span our customers’ product life cycle all within a culture of continuous improvement and Six Sigma/Lean thinking. Partners from multiple agencies and tier one companies in Military (DoD), Space, Medical, Undersea, and Industrial markets team with Sypris to deliver high-reliability electronics built with strict adherence to regulated requirements. For more information, please visit www.sypriselectronics.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 COVID-19, and the impact of COVID-19 and economic conditions on our future operations, among other matters. 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”; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of employee training, working capital, production schedules, cycle times, scrap rates, wages, overtime costs, freight or expediting costs; disputes or litigation involving governmental, supplier, customer or employee claims; our inability to develop new or improved products or new markets for our products; cost, quality and availability of raw materials and electronic component parts; our reliance on third party vendors and sub-suppliers; continued shortages and extensive lead-times for electronic components; failure to adequately insure or to identify environmental or other insurable risks; 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; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; U.S. government spending on our products and services, including the timing of budgetary decisions; changes in licenses, security clearances, or other legal rights to operate, manage our work force; cyber security threats and disruptions; inaccurate data about markets, customers or business conditions; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law.
Lawrence J. Bernicky
Vice President of Finance
(813) 972-6040
DUBLIN--(BUSINESS WIRE)--The "Global Offshore Decommissioning Market 2020-2024" report has been added to ResearchAndMarkets.com's offering.
The global offshore decommissioning market is poised to grow by $1.77 billion during 2020-2024, progressing at a CAGR of 6% during the forecast period.
This report provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment.
The market is driven by the maturing oil and gas fields and aging platforms and fluctuations in oil and gas prices. The study identifies the strong regulation for offshore decommissioning activities as one of the prime reasons driving the offshore decommissioning market growth during the next few years.
The offshore decommissioning industry analysis includes service segment and geographic landscapes.
The global offshore decommissioning market is segmented as below:
By Service
By Geographic Landscape
This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading offshore decommissioning market vendors that include:
Also, the offshore decommissioning market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
For more information about this report visit https://www.researchandmarkets.com/r/e4ju7l
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation today announced a contribution of $1 million to the Lebanese Red Cross, in support of relief efforts under way to help those impacted by the devastating explosions that struck the Port of Beirut last week.
"We offer our heartfelt condolences to Lebanon and deepest sympathy to people who have lost loved ones,” said Chevron Executive Vice President Joe Geagea. "This donation is intended to support the work of the Lebanese Red Cross in providing much-needed assistance to those affected by this tragic incident.”
Chevron has had a presence in the Middle East since the 1930s and remains committed to the region and its people.
The contribution will support humanitarian aid and relief efforts being provided by the Lebanese Red Cross in Beirut.
Chevron Corporation (NYSE: CVX) is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Sally Jones -- +44 560 109 1435
MINNEAPOLIS--(BUSINESS WIRE)--Westwood Professional Services, Inc. (Westwood) is proud to announce that Dani Nygren, PE, a civil project manager supporting wind development, was selected by Zweig Group as a 2020 Rising Star in multidiscipline engineering. Zweig reports that this was the most competitive year in the history of the award.
Nygren leads projects for Westwood’s top wind client. She has primary responsibility for overseeing the design and construction of their industry-leading wind portfolio. Her commitment to excellence continues to set the standard for civil engineering design practices in today’s clean energy economy. She became an associate of the firm in 2020. Nygren is an active member in Society of Women Engineers (SWE) - North Dakota State University Chapter and Women of Renewable Industries and Sustainable Energy (WRISE) - Twin Cities Chapter. She also serves on the leadership committee of Westwood’s Young Professionals group.
Zweig Group’s Rising Stars program recognizes professionals 40 years old or younger working in the United States who have shown exceptional technical capability, leadership ability, effective teaching or research, and/or public service benefiting the civil engineering profession, their employers, project owners, and/or society.
About Westwood Professional Services, Inc. (Westwood)
Westwood is a multi-disciplined national surveying and engineering services provider for private development, public infrastructure, wind energy, solar energy, energy storage, and electric transmission projects. Westwood was established in 1972 in Minneapolis, Minnesota and has grown to serve clients across the nation from multiple US offices. View more Westwood facts.
Awards
In 2020, Westwood received recognition on Zweig Group’s Best Firms to Work For and Hot Firms List. The firm is consistently ranked on industry top 25 lists and receives recognition for its involvement on award-winning projects nationwide.
Sarah Kopp
Brand Communications Coordinator
952-207-7606
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www.westwoodps.com
KENNESAW, Ga.--(BUSINESS WIRE)--Yamaha Rightwaters joined forces with Anderson Marine to re-power Keep the Tennessee River Beautiful’s (KTNRB’s) 25-foot aluminum work boat with a V MAX SHO® 90 outboard. The organization, which works to preserve, improve and protect the 652-mile Tennessee River, will use the boat and outboard for cleanup missions during scheduled volunteer events going forward.
“The Tennessee River touches four states: Tennessee, Alabama, Mississippi and Kentucky. Its tributary rivers flow through North Carolina, Virginia and Georgia. Many communities along the river thrive on the recreation industry, and without good stewardship of this natural resource, those communities would struggle,” said Kathleen Gibi, Executive Director, KTNRB. “The team at Yamaha understands this connection. With the support of Yamaha Rightwaters, we have the ability to take our efforts to the next level.”
During KTNRB cleanup events, volunteers work together to pull trash from some of the more difficult areas to reach in the river. The boat and outboard are designed to travel into shallow areas, many of which collect trash after floods. KTRNB has collected 2,816 pounds of trash since receiving the boat in July. Since its founding, the organization has rallied nearly 1,500 volunteers to pull more than 113,000 pounds of trash from the river, with 48,000 pounds removed in 2019 alone.
"I love doing river cleanups with Keep the Tennessee River Beautiful,” said volunteer Amanda Watson of Lenoir City, Tenn. “One of my favorite parts of a clean up is riding on the boat and looking at the trash that we just pulled out of the water. It's such a gratifying feeling to know I've made an impact on cleaning up a river that I love.”
Yamaha Rightwaters began its support of Keep the Tennessee River Beautiful after meetings during the 2019 Bassmaster® Classic in Knoxville, Tenn. Yamaha Rightwaters also sponsors KTNRB’s Ripple Effect Awards, which recognize the many individuals, groups, companies and organizations that work hard to improve and protect the Tennessee River and its tributaries.
“The Tennessee River is in Yamaha’s backyard, both in Tennessee and Georgia,” said John O’Keefe, Senior Specialist, Government Relations, Yamaha Marine U.S. Business Unit. “The health of this waterway is essential to many communities throughout the Tennessee Valley. Supporting Keep the Tennessee River Beautiful’s mission is a meaningful way for Yamaha Rightwaters to play a role in the preservation of this waterway. We look forward to seeing what the team will accomplish with the boat and outboard.”
For more information about Keep the Tennessee River Beautiful or to volunteer, please visit keeptnriverbeautiful.org.
Yamaha Rightwaters™ is a national sustainability program that encompasses all of Yamaha Marine’s conservation and water quality efforts. Program initiatives include habitat restoration, support for scientific research, mitigation of invasive species, the reduction of marine debris and environmental stewardship education. Yamaha Rightwaters reinforces Yamaha’s long-standing history of natural resource conservation, support of sustainable recreational fishing and water resources and Angler Code of Ethics, which requires pro anglers to adhere to principles of stewardship for all marine resources.
Yamaha Marine products are marketed throughout the United States and around the world. Yamaha Marine U.S. Business Unit, based in Kennesaw, Ga., supports its 2,400 U.S. dealers and boat builders with marketing, training and parts for Yamaha’s full line of products and strives to be the industry leader in reliability, technology and customer service. Yamaha Marine is the only outboard brand to have earned NMMA®’s C.S.I. Customer Satisfaction Index award every year since its inception.
REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.
© 2020 Yamaha Motor Corporation, U.S.A. All rights reserved.
This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only, and are not intended to be an endorsement.
Melissa Boudoux
Communications Manager
Yamaha Marine Engine Systems
Office: (770) 701-3269
Mobile: (404) 381-7593
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Neal Wheaton
Wilder+Wheaton for
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DUBLIN--(BUSINESS WIRE)--The "New Zealand Solar Power Market Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.
In the last decade, solar power capacity has grown tremendously to become the fastest-growing source of renewable energy in the world. However, in 2019, around 109 GW of new solar PV capacity was added worldwide, about the same as in 2018. The rapid installations were primarily due to policy support and a sharp decline in technology costs and growing environmental concerns.
However, with the economic downturn induced by the outbreak of COVID-19, demand from the residential PV segment will be severely affected due to the financial uncertainty faced by the customers. Commercial and industrial installations are expected to be negatively affected as discretionary spending will be delayed, and preserving short-term cash flow will become a priority. Further, in the utility segment, supply chain disruptions and weaker investment will lead to delays in project commissioning.
According to the report, despite the slowdown expected in 2020 due to the coronavirus pandemic's challenges, the outlook for solar remains strong in the medium term, and the market is expected to expand during the forecast period as the cost of generation from solar PV is increasingly becoming cheaper than its alternatives.
Report Scope
The report provides a comprehensive analysis on the historical development, the current state of solar power installation scenario, and its outlook. Most of the insights in the report are derived from our proprietary databases, and offerings. The insights include but are not limited to the market data, installation data and capacity additions data, policies and regulations, project data, company profiles, and competitive landscape analysis.
The report covers market dynamics, growth potential of the photovoltaic (PV) and concentrated solar power (CSP) markets, economic trends, and investment and financing scenario in New Zealand. Further, the report looks at the current state and assesses the potential of residential, non-residential, and utility-scale solar PV deployment.
Special attention is given to depicting the impact of the ongoing COVID-19 pandemic, national solar PV production/manufacturing scenario, and the country's imports and exports.
Key Topics Covered
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
3.1 Introduction
3.2 Market Dynamics
3.2.1. Drivers
3.2.2 Restraints
3.3 Market Trends & Developments
3.4 Analysis of COVID-19 Impact
3.5 Market Opportunities
3.6 Key Projects
3.7 Government Policies and Regulations
4. Market Outlook
4.1 Annual Solar Power Installed Capacity, 2001-2025, in GW
4.2 Cumulative Solar Power Installed Capacity Forecast, 2001-2025, in GW
5. Business Activity Analysis
5.1 Supply Chain Analysis
5.2 PESTLE Analysis
6. Market Segmentation & Analysis
6.1 By Technology
6.1.1 Photovoltaic (PV)
6.1.2 Concentrated Solar Power (CSP)
6.2 PV Deployment by Segment
6.2.1 Residential
6.2.2 Non-Residential
6.2.3 Utility
7. Competitive Landscape
7.1 List of Notable Players in the Market
7.2 M&A, JVs, Partnerships and Agreements
7.3 Strategies of Key Players
8. Key Company Profiles
9. Conclusions and Recommendations
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/lma8db
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Partnership Brings Together Augury Predictive Diagnostics and DSV Global Supply Chain Management Capabilities to Create Integrated Diagnostics- and Parts-as-a-Service Capability
TEL-AVIV, Israel & NEW YORK--(BUSINESS WIRE)--Augury, a leading AI-based Machine Health solution provider, and DSV Air & Sea, a global supply chain leader, today announced a new partnership that integrates Augury’s predictive diagnostics for industrial equipment with DSV’s world-class logistics and shipping capabilities. Together the companies have created an industry-first offering that delivers Machine Diagnostics and Parts Logistics as an integrated service for industrial and manufacturing companies.
Customers utilizing both offerings can now have the predictive diagnostics alerts from Augury’s Machine Health solution trigger the delivery of required replacement parts via DSV’s global network. This integration ensures that the necessary parts are available for maintenance or repairs, reducing the need for customers to stock and manage spare parts for crucial equipment. The new offering provides customers increased value during their move towards condition-based monitoring, reducing costs and lost productivity associated with scheduled maintenance, while also mitigating unplanned downtime due to unexpected machine failures.
“Our goal is to offload as much of the logistics burden as possible from our customers so they can focus on doing what matters most – delivering the products and services their customers need,” said Ofir Bronhaim, Innovation Manager for DSV Israel. “Now in partnership with Augury we can extend that value deeper into the manufacturing process itself, helping customers improve supply chain resilience and reducing the costs associated with having to maintain inventories of spare parts and the risks of not being able to get the parts they need when they need them.”
“The value and scope of our Machine Health solutions continue to broaden for our customers,” said Amir Bahalul, Technical Solutions Lead for Innovation for Augury. “As we increase the insights and accuracy of our AI-driven diagnostics, our partners are establishing new ways to leverage those insights, creating opportunities to lower costs, reduce risk and deliver enhanced business value for our joint customers.”
Today, manufacturing and industrial companies are working to meet customer demand in the face of global supply chain challenges, balancing the need to control costs with the need to ensure production facilities are up and running whenever required, often with reduced staff onsite. The new solution from DSV and Augury helps meet these needs, letting customers gain benefits of Machine Health-as-a-service and outsource logistics for parts delivery and supply chain management. Customers can focus on their business production processes while DSV and Augury help ensure key production lines will be up and running.
DSV and Augury will work together to bring this solution to current and new customers, focusing on industries where production downtime has a direct impact on profitability, growth and customer satisfaction.
About Augury
Augury is building a world where people can always rely on the machines that matter. Augury supports its customers by enabling Digital Transformation through superior insights into the health and performance of the machines they use to make products, deliver services and improve lives. To learn more about Augury’s machine health solutions, visit http://www.augury.com.
About DSV
DSV Air & Sea is a Danish transport and logistics company offering transport services globally by road, air, sea and train. Since its foundation in 1976 by nine independent Danish hauliers, the company has achieved rapid expansion and international presence, predominantly through a series of strategic competitor acquisitions.
With headquarters in Hedehusene (near Copenhagen), Denmark, and offices in more than 80 countries, DSV Panalpina employs 60,000 people and collaborates with partners and agents globally.[1] The company is listed on NASDAQ OMX Copenhagen (Copenhagen Stock Exchange) and included in the OMXC25 index as one of the 25 most traded stocks.[2]
To learn more about DSV visit https://www.dsv.com/en
Sean Welch
Augury
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781-223-4767
Atlantic Shores Offshore Wind Will Gather Data on Endangered Bird Species to Help Inform Development Plans
BRIGANTINE, N.J.--(BUSINESS WIRE)--Atlantic Shores Offshore Wind (Atlantic Shores) has partnered with Dr. Larry Niles of the New Jersey-based Wildlife Restoration Partnerships (WRP), the U.S. Fish and Wildlife Service and professional wildlife research organization Normandeau Associates to research the movement of endangered red knots off the coast of New Jersey during their southbound migration.
Red knots, a state endangered and federally threatened shore bird, migrate each year from as far south as Tierra del Fuego, Argentina, stopping in the Delaware Bay to feast on horseshoe crab eggs before going to the Canadian Arctic to breed. Atlantic Shores and its partners are assessing whether, on their annual return trip south, red knots fly off the coast of New Jersey.
Starting this week, WRP will begin attaching satellite tags to 30 red knots as they stop in Brigantine Bay on their way south. The tags will allow a satellite to collect up to 60 pings of information on each bird’s precise location, flight path and varying altitude. Data will be collected near real-time as it is available via satellite and more comprehensively analyzed by researchers and Atlantic Shores over the coming months.
Atlantic Shores will use the data to support the development of an offshore wind project within its Lease Area, located 10-20 miles off the New Jersey coast, that will provide clean, renewable energy in a manner that minimizes and mitigates risk to these birds and the surrounding environment. Atlantic Shores has also committed to share their findings publicly to inform other researchers and offshore work.
“Building a truly green future requires that renewable energy projects are held to a high standard in terms of ecological impact,” said Larry Niles of New Jersey-based WRP. “I’m encouraged that Atlantic Shores approached me to launch this study, both to inform their plans for offshore wind in New Jersey and to further our knowledge of red knot migratory patterns. This is a great example of how private and public institutions can work together to improve the lives of people and the natural world around us.”
“Atlantic Shores leads with science. Proactive studies like these allow us to produce renewable energy based on cutting-edge, real-time environmental data,” said Jennifer Daniels, Atlantic Shores Development Director. “The red knots study is one of the many ways we intend to use data and insights from the scientific community to responsibly develop our Lease Area.”
About Atlantic Shores Offshore Wind, LLC:
Atlantic Shores Offshore Wind, LLC (Atlantic Shores) is a 50/50 partnership between Shell New Energies US LLC and EDF Renewables North America. The joint venture formed in December 2018 to co-develop a 183,353 acre Lease Area located approximately 10-20 miles off the New Jersey coast between Atlantic City and Barnegat Light. Atlantic Shores is strategically positioned to meet the growing demands of renewable energy targets in New York, New Jersey and beyond, with strong and steady wind resources close to large population centers with associated electricity demand. Atlantic Shores, once fully developed, has the potential to generate 2,500 MW of clean, renewable wind energy – enough to power nearly one million homes. The capital and expertise needed to develop such a large area is significant. Together, Shell and EDF Renewables have the investment capability and industry experience to bring this project to scale safely, efficiently and cost effectively. For more info, go to www.atlanticshoreswind.com.
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TORONTO--(BUSINESS WIRE)--Toronto-based cleantech company EnergyX Solutions Inc. has raised an additional $1 million as it looks to accelerate its expansion into the U.S. Financing was led by BDC Capital’s Growth and Transition Capital division (BDC Capital) in the form of non-dilutive capital.
This new round brings the total amount raised by EnergyX to $5M in equity and non-dilutive financing since its inception in 2016.
EnergyX helps utilities run energy efficiency programs end-to-end. Through machine learning, customers with high energy savings potential are automatically identified, targeted and enrolled in utility energy efficiency programs. Customer communication and tracking is streamlined through an active dashboard that also provides insights into program performance. Utility organizations white-label the platform and roll it out to homes and businesses across North America with the objective to increase customer engagement, participation and streamline workflows in their energy efficiency programs.
Buildings account for thirty-six percent (36%) of global energy use and thirty-nine percent (39%) of energy-related carbon dioxide emissions annually. Improving buildings is the most straightforward way to reduce emissions — often with net economic benefit. The challenge in unlocking these savings is identifying the homes and buildings that are most in need of upgrades and deep retrofit opportunities. Using EnergyX’s Retrofit AI software, these buildings can be identified instantaneously and at scale. EnergyX estimates that if every home in North America used Retrofit AI, greenhouse gas emissions could be reduced by 10%.
“Energy efficiency remains the most cost-effective option to meet our climate change goals and support people who are battling high energy costs,” said Nishaant Sangaavi, CEO and Co-Founder of EnergyX Solutions, “We are excited to welcome BDC Capital as an investor in EnergyX. This recent round of financing will be instrumental in further accelerating our growth in North America and beyond.”
To date, EnergyX’s software tools have served 5 million homes across North America and its product suite has been proven and validated by professional engineering teams at government organizations, educational institutions and large utilities. In 2019, EnergyX was able to successfully expand within the U.S. market, and is currently providing its solution to utilities across California, Washington DC, Ohio and New England.
“We have a track record of investing in enterprise SaaS businesses and EnergyX Solutions fit our investment criteria perfectly - business software, a great product and impressive customer traction within a large addressable market that solves a significant global problem,” said Kyle Feucht, Director, Growth & Transition Capital at BDC Capital’s Toronto office. “EnergyX has strong leadership, a great team and we look forward to a long-term relationship with them,” added Kyle, who led the financing.
COVID-19 created an unprecedented need for utilities to rethink day-to-day processes and the way they manage relationships with customers. Organizations are seeking new tools to help them embrace a digital strategy, including remote work for employees and remote engagement with their customer base. EnergyX’s Retrofit AI solution optimizes on-site visits and minimizes truck-rolls by intelligently segmenting a customer base and streamlining incentive delivery. In a world where remote engagement and digital workflows have become paramount, EnergyX is helping energy organizations maximize employee and customer satisfaction by creating a data-driven and automated journey toward energy efficiency.
About EnergyX Solutions:
EnergyX Solutions Inc. is an AI-powered SaaS company that enables utilities to increase customer participation in energy efficiency programs while simultaneously lowering the utility’s cost to engage and serve a customer. Their MIT-award winning technology is white-label licensed by utilities and government organizations to help them engage customers, manage programs and hit energy efficiency targets. Visit www.energyxsolutions.com.
About BDC Capital:
BDC Capital is the investment arm of BDC - Canada’s only bank devoted exclusively to entrepreneurs. With more than $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
Energy X Solutions
Angelica Pereira
Client Engagement Executive
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BDC Capital
Joanne Lajeunesse
Media Relations
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HOUSTON--(BUSINESS WIRE)--National Oilwell Varco, Inc. (NYSE: NOV) will hold a conference call to discuss its third quarter 2020 results on Tuesday, October 27, 2020 at 10 a.m. (Central Time). NOV will issue a press release with the Company’s results after the market closes for trading on Monday, October 26, 2020. The call will be webcast live on www.nov.com/investors.
About NOV
National Oilwell Varco (NYSE: NOV) is a leading provider of technology, equipment, and services to the global oil and gas industry that supports customers’ full-field drilling, completion, and production needs. Since 1862, NOV has pioneered innovations that improve the cost-effectiveness, efficiency, safety, and environmental impact of oil and gas operations. NOV powers the industry that powers the world.
Visit www.nov.com for more information.
Blake McCarthy (713) 815-3535
SIMI VALLEY, Calif.--(BUSINESS WIRE)--$AVAV #AeroVironment--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today announced the launch of two new Puma product line enhancement options that reinforce the company’s commitment to continuous improvement and expanding the operational capabilities of its family of tactical UAS. The newly announced product enhancement options are a result of AeroVironment’s collaboration with front-line users to develop innovative solutions that enable customers to proceed with certainty in ever-changing operational environments.
Puma Smart 2500 Battery – Puma LE
Available for Puma™ LE, the optional Puma Smart 2500 Battery allows operators to achieve an extended flight time of up to 6.5 hours. The increased endurance provides operators with greater time on station, maximizing Puma LE’s multi-mission capabilities across land and maritime environments. This high-energy-density, lithium-ion battery pack features an improved capacity of 24.5Ah (amp-hours) while retaining the size and form factor needed to be seamlessly integrated into Puma LE’s existing battery bay.
Puma Bungee Launch System (BLS)
AeroVironment’s Puma Bungee Launch System (BLS), a military-grade bungee launcher that is standard equipment with every Puma LE system, is now available as an enhancement option for Puma 2 AE and Puma 3 AE. The BLS allows for the assisted launch of Puma AE UAS in environmental conditions where hand launch is not practical or is limited. Designed with mission-flexibility in mind, the BLS can be securely installed in a variety of soil types or mounted to low, immovable objects. The lightweight and portable all-environment system can be set up and operational in less than 10 minutes.
“AeroVironment is committed to anticipating and delivering innovative solutions that are critical to tactical UAS operators downrange,” explains Rick Pedigo, vice president of sales and business development for AeroVironment. “These two new enhancement options will expand our customers’ operational capabilities, while maximizing operator safety and improving operational efficiency, allowing them to focus on the mission at hand.”
The Puma Bungee Launch System is currently available for order/delivery, and the Puma Smart 2500 Battery will be available for order/delivery before the end of the third quarter, calendar year 2020. For more information, visit www.avinc.com
About Puma LE
Delivering Group 2 capabilities in a Group 1 footprint, the AeroVironment Puma™ LE weighs only 23.5 pounds (10.7 kilograms), is launchable by hand or bungee and provides a dedicated secondary payload bay in addition to its Mantis i45 EO/IR sensor suite. When used with AeroVironment’s Puma Smart 2500 Battery and Long-Range Tracking Antenna (LRTA), flight endurance is expanded to 6.5 hours with an operational range of 37.3 miles (60 kilometers). Puma LE’s economical dual-case mission pack contains everything needed to perform two complete 6.5-hour missions with a single aircraft, optional Puma Smart 2500 Battery and Ground Control System (GCS). Puma LE utilizes plug and play, interoperable line-replaceable unit (LRU) components that can be shared with other Puma AE aircraft.
About AeroVironment Tactical UAS
The RQ-20A/B Puma™, Puma™ LE, RQ-11B Raven®, RQ-12A Wasp®, VAPOR® Helicopter, together with Quantix™ Recon, comprise AeroVironment’s family of tactical unmanned aircraft systems. This family of systems provides increased capability to the warfighter that gives ground commanders the option of selecting the appropriate aircraft based on the type of mission to be performed. This increased capability has the potential to provide significant force protection and force multiplication benefits to small tactical units and security personnel. AeroVironment provides logistics services worldwide to ensure a consistently high level of operational readiness. AeroVironment has delivered thousands of new and replacement tactical unmanned air vehicles to customers within the United States and to 50 allied governments.
About AeroVironment, Inc.
AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty. Based in California, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government, and commercial customers. For more information, visit www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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AeroVironment, Inc.
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DUBLIN--(BUSINESS WIRE)--The "UAE Solar Power Market Outlook to 2025" report has been added to ResearchAndMarkets.com's offering.
In the last decade, solar power capacity has grown tremendously to become the fastest-growing source of renewable energy in the world. However, in 2019, around 109 GW of new solar PV capacity was added worldwide, about the same as in 2018. The rapid installations were primarily due to policy support and a sharp decline in technology costs and growing environmental concerns.
However, with the economic downturn induced by the outbreak of COVID-19, demand from the residential PV segment will be severely affected due to the financial uncertainty faced by the customers. Commercial and industrial installations are expected to be negatively affected as discretionary spending will be delayed, and preserving short-term cash flow will become a priority. Further, in the utility segment, supply chain disruptions and weaker investment will lead to delays in project commissioning.
According to the publisher, despite the slowdown expected in 2020 due to the coronavirus pandemic's challenges, the outlook for solar remains strong in the medium term, and the market is expected to expand during the forecast period as the cost of generation from solar PV is increasingly becoming cheaper than its alternatives.
Report Scope
The report provides a comprehensive analysis on the historical development, the current state of solar power installation scenario, and its outlook. Most of the insights in the report are derived from our proprietary databases, and offerings. The insights include but are not limited to the market data, installation data and capacity additions data, policies and regulations, project data, company profiles, and competitive landscape analysis.
The report covers market dynamics, growth potential of the photovoltaic (PV) and concentrated solar power (CSP) markets, economic trends, and investment and financing scenario in the UAE. Further, the report looks at the current state and assesses the potential of residential, non-residential, and utility-scale solar PV deployment.
Special attention is given to depicting the impact of the ongoing COVID-19 pandemic, national solar PV production/manufacturing scenario, and the country's imports and exports.
Key Topics Covered
1. Executive Summary
2. Research Scope and Methodology
3. Market Analysis
3.1 Introduction
3.2 Market Dynamics
3.2.1. Drivers
3.2.2 Restraints
3.3 Market Trends & Developments
3.4 Analysis of COVID-19 Impact
3.5 Market Opportunities
3.6 Key Projects
3.7 Government Policies and Regulations
4. Market Outlook
4.1 Annual Solar Power Installed Capacity, 2001-2025, in GW
4.2 Cumulative Solar Power Installed Capacity Forecast, 2001-2025, in GW
5. Business Activity Analysis
5.1 Supply Chain Analysis
5.2 PESTLE Analysis
6. Market Segmentation & Analysis
6.1 By Technology
6.1.1 Photovoltaic (PV)
6.1.2 Concentrated Solar Power (CSP)
6.2 PV Deployment by Segment
6.2.1 Residential
6.2.2 Non-Residential
6.2.3 Utility
7. Competitive Landscape
7.1 List of Notable Players in the Market
7.2 M&A, JVs, Partnerships and Agreements
7.3 Strategies of Key Players
8. Key Company Profiles
9. Conclusions and Recommendations
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/b11yef
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Shale Gas Market Size, Share & Trends Analysis Report By Application (Industrial, Power Generation, Residential, Commercial, Transportation), By Region, And Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global shale gas market size is expected to reach USD 131.1 billion by 2027, ascending at a CAGR of 8.5% over the forecast period.
Rising demand for cleaner combustion energy sources in several end-use applications is likely to drive the market over the forecast period.
Profitable production of shale gas, a natural gas trapped in shale formations, relies on accessible demand for it. It has technical characteristics that make it a very useful and flexible fuel, where the delivery infrastructure exists, and it has found uses in the building thermal sector, industrial thermal sector, and power generation. Recent macroeconomic shifts along with fuel supply competitive dynamics have caused the proportions to favor shale gas usage in power generation more and industrial usage less.
Shale gas contributes substantial energy to electricity generation and second only to coal in terms of the share of energy supply in global electricity generation. This share is expected to grow over the next few decades in response to the economic and environmental limits of coal generation, at least where natural gas is a viable alternative. This end-use application is expected to drive the market over the forecast period.
The shale gas supply chain includes production and processing, gas transmission and storage, and distribution to city gate, large volume customers, residential customers, and commercial customers. Development of hydraulic fracturing technology along with horizontal drilling technique is expected to boost economical production of shale gas, thereby strengthening the upstream segment of the supply chain.
Shale Gas Market Report Highlights
Market Dynamics
Driver Analysis
Restraint/ Challenges Analysis
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/dkdex4
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Backlog and Pipeline Increased to $40.8 Million
SOUTH BURLINGTON, Vt.--(BUSINESS WIRE)--The Peck Company Holdings, Inc. (NASDAQ: PECK) (the “Company” or “Peck”), a leading commercial solar engineering, procurement and construction (EPC) company, today announced the Company’s financial results for the second quarter ended June 30, 2020 (“Q2 2020”).
Key Highlights for Q2 2020
Green Bond Partnership with GreenBond Advisors
On April 22, 2020, Peck and GreenBond Advisors formed a strategic Green Bond partnership to align capital for construction of new solar projects. The partnership will acquire, build and own the new solar projects. The new investment partnership is designed to increase Peck’s access to capital for the construction of new solar projects and to scale its existing pipeline of new EPC business. Peck has partnered with GreenSeed Investors LLC and its affiliate GreenBond Advisors LLC to gain access to the rapidly growing Green Bond segment of the fixed income markets. Of note, this partnership provides Peck with access to project growth capital through additional EPC contract work from Green Bond proceeds while improving working capital and strengthening liquidity ratios.
GreenBond Advisors was recently formed to deliver financial product innovation into the Green Bond market. They have created a new Green Bond product that allows risk-adverse investment capital to be more easily directed into new green energy infrastructure development at an earlier stage of the project development cycle than is typically the case for existing Green Bonds. This innovation by Green Bond Advisors will provide Peck with a strategic advantage in the marketplace as an EPC company, because Peck can bring a level of funding certainty to developers for early stage projects that will meet the project performance criteria.
Management Commentary
The Peck Company Holdings Chairman of the Board and Chief Executive Officer, Jeffrey Peck, commented, “All companies have been impacted by the global Covid-19 pandemic, but we have continued to provide service and maintenance in support of critical infrastructure including utilities and telecommunications. The only major effect that occurred with our business is that certain ongoing development and new projects were pushed out 120-180 days, but none were cancelled. Our backlog and pipeline of $40 million is at its highest in Company history, including new opportunities in Maine for the first time. We anticipate that revenue growth will return and accelerate as we exit Covid-19 and return to some normalcy.”
Mr. Peck, continued, “We are extremely excited about our partnership with GreenBond Advisors and our differentiated strategy to access Green Bonds for development-stage solar projects. The team has been very busy marketing to existing and new relationships that are seeking to deploy capital in Green Bonds. The unique new endeavor enables us to accelerate our growth and become a part-owner of the solar project’s recurring cash flows without additional equity dilution to our shareholders and without incurring debt on our balance sheet.”
Mr. Peck, concluded, “Fortunately, we are slowly beginning our transition back to normalcy in our business environment. Ongoing projects have resumed operations and several projects that were delayed due to the pandemic, are expected to proceed in the near future. We believe that many factors have contributed to our perseverance through difficult times in the past and present and can also provide confidence for the future. The combination of the solar industry’s resilience, our fiscal responsibility, our strong customer relationships, and the tenacity of our employees to complete the projects that we start are all reasons for all of us at Peck to be proud and grateful.”
Financial Results for the Three Months Ended June 30, 2020
Revenue for the three months ended June 30, 2020 was $2.8 million, a decrease of $3.5 million, or 56%, compared to $6.3 million for the three months ended June 30, 2019. Due to the Stay at Home orders put in place by the State of Vermont, the Company was unable to complete or begin several projects due to the current COVID-19 pandemic. The Company anticipates that these projects will resume or commence once the current Vermont Stay at Home orders are lifted or relaxed which is scheduled to occur on August 15, 2020.
Backlog at June 30, 2020 was $26 million, compared to the corresponding period in 2019 of $21.5 million. The Company expects to realize nearly all of the backlog within the next 12 months.
Gross profit for the three months ended June 30, 2020 was $0.0 million, a decrease of $1.7 million, or 100%, compared to $1.7 million for the three months ended June 30, 2019. The resulting gross margin was 0.0% for the three months ended June 30, 2020, compared to 27.1% for the three months ended June 30, 2019. Lower gross margin for the three months ended June 30, 2020 was the result of maintaining our labor force during the uncertainty of the COVID-19 pandemic. The Company was able to secure a loan through the CARES Act Payroll Protection Program to support our workforce.
General and administrative expenses for the three months ended June 30, 2020 were $0.9 million, an increase of $0.1 million, or 13%, compared to $0.8 million for the three months ended June 30, 2019. General and administrative expense increased primarily due to activities related to administrative expenses, consisting of accounting and legal fees, costs of becoming a public company, additional business development and investor/public relations expenses, as well as supporting infrastructure expansion in the three months ended June 30, 2020, compared to the three months ended June 30, 2019.
Warehousing and other operating expenses for the three months ended June 30, 2020 were $0.2 million, a decrease of $0.3 million, or 66%, compared to $0.5 million for the three months ended June 30, 2019. Warehousing and other operating expenses include Company-owned solar array depreciation and salaries associated with Company-owned solar arrays, general warehousing costs, project-related travel and performance related expenses.
Operating loss for the three months ended June 30, 2020 was $1.0 million, compared to an operating income of $0.4 million for the three months ended June 30, 2019. The decrease in operating income was the result of a lack of revenue generated from operations due to the uncertainty of the COVID-19 pandemic and the Stay at Home orders issued in the State of Vermont, as well as the additional expense of being a publicly listed company.
Depreciation expenses for the three months ended June 30, 2020 were $0.2 million, compared to $0.2 million for the three months ended June 30, 2019. Depreciation expenses were stable when compared to the three months ended June 30, 2019 as the Company has not had significant capital expenditures for the three months ended June 30, 2020.
Income tax benefit for the three months ended June 30, 2020 was $0.3 million compared to the income tax provision for the three months ended June 30, 2019 of $1.5 million.
Net loss for the three months ended June 30, 2020 was $0.8 million, a decrease of $0.3 million, or 28%, compared to a net loss of $1.2 million for the there months ended June 30, 2019. The net loss was the result of a lack of revenue generated from operations due to the uncertainty of the COVID-19 pandemic and the Stay at Home orders issued in the State of Vermont. The resulting earnings per share (EPS) for the three months ended June 30, 2020 was a loss of ($0.16) per diluted share, compared to a loss of ($0.33) for the three months ended June 30, 2019.
Adjusted EBITDA for the three months ended June 30, 2020 was a loss of $0.9 million, compared to income of $0.7 million for the three months ended June 30, 2019.
Adjusted EPS for the three months ended June 30, 2020 was a loss of ($0.17), compared to a profit of $0.19 for the three months ended June 30, 2019.
Financial Results for the Six Months Ended June 30, 2020
Revenue for the six months ended June 30, 2020 was $6.8 million, a decrease of $3.3 million, or 33%, compared to $10.1 million for the six months ended June 30, 2019.
Gross profit for the six months ended June 30, 2020 was $0.3 million, a decrease of $2.3 million, or 88%, compared to $2.6 million for the six months ended June 30, 2019. The resulting gross margin was 5.0% for the six months ended June 30, 2020, compared to 26.0% for the six months ended June 30, 2019.
General and administrative expenses for the six months ended June 30, 2020 were $1.5 million, an increase of $0.5 million, or 50%, compared to $1.0 million for the six months ended June 30, 2019.
Warehousing and other operating expenses for the six months ended June 30, 2020 were $0.4 million, a decrease of $0.3 million, or 49%, compared to $0.7 million for the six months ended June 30, 2019.
Operating loss for the six months ended June 30, 2020 was $1.5 million, compared to an operating income of $0.8 million for the six months ended June 30, 2019.
Depreciation expenses for the six months ended June 30, 2020 were $0.3 million, compared to $0.3 million for the six months ended June 30, 2019. Depreciation expenses were stable when compared to the six months ended June 30, 2019 as the Company has not had significant capital expenditures for the six months ended June 30, 2020.
Income tax benefit for the six months ended June 30, 2020 was $0.4 million compared to the income tax provision for the six months ended June 30, 2019 of $1.5 million.
Net loss for the six months ended June 30, 2020 was $1.3 million, compared to a net loss of $0.8 million for the six months ended June 30, 2019. The resulting earnings per share (EPS) for the six months ended June 30, 2020 was a loss of ($0.24) per diluted share, compared to a loss of ($0.23) for the six months ended June 30, 2019.
Adjusted EBITDA for the six months ended June 30, 2020 was a loss of $1.2 million, compared to income of $1.3 million for the six months ended June 30, 2019.
Adjusted EPS for the six months ended June 30, 2020 was a loss of ($0.23), compared to a profit of $0.39 for the six months ended June 30, 2019.
The reconciliations of EBITDA, Adjusted EBITDA to net (loss) income, the most directly comparable financial measure calculated and presented in accordance with GAAP, are shown in the table below:
|
|
Three months ended
|
|
|
Six months ended
|
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
Net income (loss) |
|
$ |
(829,040 |
) |
|
$ |
(1,150,716 |
) |
|
$ |
(1,261,662 |
) |
|
$ |
(774,064 |
) |
Depreciation and amortization |
|
|
155,012 |
|
|
|
160,570 |
|
|
|
310,024 |
|
|
|
311,053 |
|
Other expense, net |
|
|
65,410 |
|
|
|
58,887 |
|
|
|
146,176 |
|
|
|
103,546 |
|
Income Tax |
|
|
(279,274) |
|
|
|
1,503,362 |
|
|
|
(421,585 |
) |
|
|
1,506,862 |
|
EBITDA |
|
|
(887,882 |
) |
|
|
572,103 |
|
|
|
(1,227,047) |
|
|
|
1,147,397 |
|
Other costs |
|
|
- |
|
|
|
99,888 |
|
|
|
- |
|
|
|
165,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
(887,882 |
) |
|
|
671,991 |
|
|
|
(1,227,047) |
|
|
|
1,312,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average shares outstanding |
|
|
5,298,159 |
|
|
|
3,480,676 |
|
|
|
5,298,159 |
|
|
|
3,356,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS |
|
|
(0.17 |
) |
|
|
0.19 |
|
|
|
(0.23 |
) |
|
|
0.39 |
|
Certain Non-GAAP Measures
We periodically review the following key non-GAAP measures to evaluate our business and trends, measure our performance, prepare financial projections and make strategic decisions.
EBITDA, Adjusted EBITDA and Earnout Adjusted EBITDA
Included in this presentation are discussions and reconciliations of earnings before interest, income tax and depreciation and amortization (“EBITDA”) and EBITDA adjusted for certain non-cash, non-recurring or non-core expenses (“Adjusted EBITDA”) to net income in accordance with GAAP. Adjusted EBITDA excludes certain non-cash and other expenses, certain legal services costs, professional and consulting fees and expenses, and one-time business combination expenses and certain adjustments. We believe that these non-GAAP measures illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals.
These non-GAAP measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute or superior to, the other measures of financial performance prepared in accordance with GAAP. Using only the non-GAAP financial measures, particularly Adjusted EBITDA, to analyze our performance would have material limitations because such calculations are based on a subjective determination regarding the nature and classification of events and circumstances that investors may find significant. We compensate for these limitations by presenting both the GAAP and non-GAAP measures of our operating results. Although other companies may report measures entitled “Adjusted EBITDA” or similar in nature, numerous methods may exist for calculating a company’s Adjusted EBITDA or similar measures. As a result, the methods that we use to calculate Adjusted EBITDA may differ from the methods used by other companies to calculate their non-GAAP measures.
About The Peck Company Holdings, Inc.
Headquartered in South Burlington, VT, The Peck Company Holdings, Inc. is a 2nd-generation family business founded in 1972 and rooted in values that align people, purpose, and profitability. Ranked by Solar Power World as one of the leading commercial solar contractors in the Northeastern United States, the Company provides EPC services to solar energy customers for projects ranging in size from several kilowatts for residential properties to multi-megawatt systems for large commercial and utility scale projects. The Company has installed over 125 megawatts worth of solar systems since it started installing solar in 2012 and continues its focus on profitable growth opportunities. Please visit www.peckcompany.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
The Peck Company Holdings, Inc. Condensed Consolidated Balance Sheets (Unaudited) June 30, 2020 and December 31, 2019 |
||||||||
|
|
June 30, 2020 |
|
|
December 31, 2019 |
|
||
Assets |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
93,187 |
|
|
$ |
95,930 |
|
Accounts receivable, net of allowance |
|
|
7,132,783 |
|
|
|
7,294,605 |
|
Costs and estimated earnings in excess of billings |
|
|
641,014 |
|
|
|
1,272,372 |
|
Other current assets |
|
|
214,039 |
|
|
|
201,326 |
|
Total current assets |
|
|
8,081,023 |
|
|
|
8,864,233 |
|
|
|
|
|
|
|
|
|
|
Property and equipment: |
|
|
|
|
|
|
|
|
Building and improvements |
|
|
672,727 |
|
|
|
672,727 |
|
Vehicles |
|
|
1,283,364 |
|
|
|
1,283,364 |
|
Tools and equipment |
|
|
517,602 |
|
|
|
517,602 |
|
Solar arrays |
|
|
6,386,025 |
|
|
|
6,386,025 |
|
|
|
|
8,859,718 |
|
|
|
8,859,718 |
|
Less accumulated depreciation |
|
|
(2,503,031 |
) |
|
|
(2,193,007 |
) |
|
|
|
6,356,687 |
|
|
|
6,666,711 |
|
Other Assets: |
|
|
|
|
|
|
|
|
Investment in GreenSeed Investors, LLC |
|
|
5,000,000 |
|
|
|
- |
|
Investment in Solar Project Partners, LLC |
|
|
96,052 |
|
|
|
- |
|
Captive insurance investment |
|
|
198,105 |
|
|
|
140,875 |
|
|
|
|
|
|
|
|
||
Total assets |
|
$ |
19,731,867 |
|
|
$ |
15,671,819 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable, includes bank overdrafts of $343,912 and $1,496,695 at June 30, 2020 and December 31, 2019, respectively |
|
$ |
1,788,232 |
|
|
$ |
4,274,517 |
|
Accrued expenses |
|
|
170,613 |
|
|
|
119,211 |
|
Billings in excess of costs and estimated earnings on uncompleted contracts |
|
|
211,470 |
|
|
|
126,026 |
|
Due to stockholders |
|
|
51,315 |
|
|
|
342,718 |
|
Line of credit |
|
|
5,225,419 |
|
|
|
3,185,041 |
|
Current portion of deferred compensation |
|
|
27,880 |
|
|
|
27,880 |
|
Current portion of long-term debt |
|
|
361,579 |
|
|
|
426,254 |
|
Total current liabilities |
|
|
7,836,508 |
|
|
|
8,501,647 |
|
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Deferred compensation, net of current portion |
|
|
65,633 |
|
|
|
88,883 |
|
Deferred tax liability |
|
|
676,146 |
|
|
|
1,098,481 |
|
Long-term debt, net of current portion |
|
|
3,302,429 |
|
|
|
1,966,047 |
|
Total liabilities |
|
|
11,880,716 |
|
|
|
11,655,058 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock – 0.0001 par value 1,000,000 shares authorized, 200,000 and 0 issued and outstanding at June 30, 2020 and December 31, 2019, respectively |
|
|
20 |
|
|
|
- |
|
Common stock – 0.0001 par value 49,000,000 shares authorized, 5,298,159 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively |
|
|
529 |
|
|
|
529 |
|
Additional paid-in capital-common stock |
|
|
5,508,388 |
|
|
|
412,356 |
|
Retained earnings |
|
|
2,342,214 |
|
|
|
3,603,876 |
|
Total Stockholders’ equity |
|
|
7,851,151 |
|
|
|
4,016,761 |
|
Total liabilities and stockholders’ equity |
|
$ |
19,731,867 |
|
|
$ |
15,671,819 |
|
The Peck Company Holdings, Inc. Condensed Consolidated Statements of Operations (Unaudited) For the three months and six months ended June 30, 2020 and 2019 |
||||||||||||||||
|
|
Three Months ended |
|
|
Six Months ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earned revenue |
|
$ |
2,770,226 |
|
|
$ |
6,278,113 |
|
|
$ |
6,754,906 |
|
|
$ |
10,128,590 |
|
Cost of earned revenue |
|
|
2,765,944 |
|
|
|
4,574,295 |
|
|
|
6,434,111 |
|
|
|
7,537,745 |
|
Gross profit |
|
|
4,282 |
|
|
|
1,703,818 |
|
|
|
320,795 |
|
|
|
2,590,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warehousing and other operating expenses |
|
|
183,514 |
|
|
|
533,304 |
|
|
|
376,456 |
|
|
|
740,811 |
|
General and administrative expenses |
|
|
863,662 |
|
|
|
755,981 |
|
|
|
1,481,410 |
|
|
|
1,013,690 |
|
Total operating expenses |
|
|
1,047,176 |
|
|
|
1,289,285 |
|
|
|
1,857,866 |
|
|
|
1,754,501 |
|
Operating income |
|
|
(1,042,894 |
) |
|
|
414,533 |
|
|
|
(1,537,071 |
) |
|
|
836,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(65,410 |
) |
|
|
(58,887 |
) |
|
|
(146,176 |
) |
|
|
(103,546 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
(1,108,304) |
|
|
|
355,646 |
|
|
|
(1,683,247) |
|
|
|
732,798 |
|
(Benefit) provision for income taxes |
|
|
(279,274) |
|
|
|
1,506,362 |
|
|
|
(421,585) |
|
|
|
1,506,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(829,030) |
|
|
$ |
(1,150,716) |
|
|
$ |
(1,261,662 |
) |
|
$ |
(774,064 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
5,298,159 |
|
|
|
3,480,676 |
|
|
|
5,298,159 |
|
|
|
3,356,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.23 |
) |
The Peck Company Holdings, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended June 30, 2020 and 2019 |
||||||||
|
|
2020 |
|
|
2019 |
|
||
Cash flows from operating activities |
|
|
||||||
Net loss |
$ |
(1,261,662 |
) |
$ |
(774,064 |
) |
||
|
|
|
||||||
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
||||||
Depreciation |
|
310,024 |
|
|
311,053 |
|
||
Deferred finance charge amortization |
|
3,070 |
|
|
- |
|
||
Deferred tax (benefit) provision |
|
(422,335 |
) |
|
1,506,362 |
|
||
Changes in operating assets and liabilities: |
|
|
||||||
Accounts receivable |
|
161,822 |
|
|
(2,326,492 |
) |
||
Other current assets |
|
(12,713) |
|
- |
|
|||
Costs and estimated earnings in excess of billings |
|
631,358 |
|
|
(884,656 |
) |
||
Accounts payable |
|
(2,486,285 |
) |
|
1,001,627 |
|
||
Accrued expenses |
|
51,402 |
|
|
12,918 |
|
||
Billings in excess of costs and estimated earnings on uncompleted contracts |
|
85,444 |
|
|
540,166 |
|
||
Deferred compensation |
|
(23,250 |
) |
|
(1,376 |
) |
||
Net cash used in operating activities |
|
(2,963,125 |
) |
|
(626,462 |
) |
||
|
|
|
||||||
Cash flows from investing activities: |
|
|
||||||
Purchase of solar arrays and equipment |
|
- |
|
|
(33,339 |
) |
||
Investment costs |
|
- |
|
|
(128,876 |
) |
||
Cash surrender value of life insurance |
|
- |
|
|
(733 |
) |
||
Investment in captive insurance |
|
(57,230 |
) |
|
(58,215 |
) |
||
Net cash used in investing activities |
|
(57,230 |
) |
|
(221,163 |
) |
||
|
|
|
||||||
Cash flows from financing activities: |
|
|
||||||
Net borrowings on line of credit |
|
2,040,378 |
|
|
581,734 |
|
||
Proceeds from long-term debt |
|
1,487,624 |
|
|
- |
|
||
Payments of long-term debt |
|
(218,987 |
) |
|
(222,822 |
) |
||
Payments to stockholders |
|
(291,403 |
) |
|
- |
|
||
Due to stockholders |
|
- |
|
|
421,070 |
|
||
Stockholder distributions paid |
|
- |
|
|
(219,600 |
) |
||
Net cash provided by financing activities |
|
3,017,612 |
|
|
560,382 |
|
||
Net decrease in cash |
|
(2,743 |
) |
|
(287,243 |
) |
||
Cash, beginning of period |
|
95,930 |
|
|
313,217 |
|
||
Cash, end of period |
$ |
93,187 |
|
$ |
25,974 |
|
||
|
|
|
||||||
Supplemental disclosure of cash flow information |
|
|
||||||
|
|
|
||||||
Cash paid during the year for: |
|
|
||||||
Interest |
$ |
139,241 |
|
$ |
103,546 |
|
||
Income taxes |
|
366 |
|
|
250 |
|
||
|
|
|
||||||
|
|
|
||||||
Supplemental schedule of non-cash investing and financing activities: |
||||||||
Shares of Preferred Stock issued for investment |
$ |
5,000,000 |
$ |
- |
||||
Warrants issued for investment |
$ |
96,052 |
$ |
- |
||||
Vehicle purchased and financed |
$ |
- |
$ |
31,397 |
||||
Accrued S corporation distributions which have not been paid |
- |
$ |
266,814 |
|||||
|
||||||||
Michael d’Amato
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p802-264-2040
ClearThink
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