Increasing demand for solar energy will drive the market growth during the forecast period
LONDON--(BUSINESS WIRE)--#AluminumExtrusionMarket--The aluminum extrusion market is expected to register a CAGR of almost 4% during 2020-2024, as per the latest research report by Technavio. The report offers a detailed analysis about the impact of COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
Request for Technavio’s market report estimates including pre- and post-COVID-19 impact on aluminum extrusion market. Download a Free Sample Report on the impact of COVID-19 pandemic analysis.
Due to the extensive spread of the virus across the globe, the Materials Industry is anticipated to have Mixed impact. The aluminum extrusion market will showcase Positive impact during 2020-2024.
Aluminum Extrusion Market 2020-2024: Segmentation
Aluminum Extrusion Market is segmented as below:
APAC region will account for the highest incremental growth during the forecast period due to the increasing applications of aluminum-extruded products in industries such as automotive and transportation and building and construction.
With the surging growth of COVID-19 pandemic, the Materials market is anticipated to have a direct impact during the forecast period. View market snapshot before purchasing
Increasing demand for aluminum extrusion in the automotive industry has been an instrumental factor in influencing the growth of aluminum extrusion market. Other market drivers include the growth of real estate and construction industry and growing demand for lightweight and high-performance materials. Technavio offers custom research analysis on the crucial pointers to highlight the impact of COVID-19 on the market across the supply chain.
Key Considerations for Market Forecast:
Get more insights about the global trends impacting the future of aluminum extrusion market, Request Free Sample @ https://www.technavio.com/talk-to-us?report=IRTNTR40582
Aluminum Extrusion Market 2020-2024: Vendor Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Key players in the market have been launching several initiatives and introducing innovative products and services to cater a larger target audience during the pandemic. Major market participants include Arconic Inc., Bonnell Aluminum Inc., Century Aluminum Co., China Zhongwang Holdings Ltd., Constellium SE, Global Aluminium Pvt. Ltd., Guangdong Fenglu Aluminium Co. Ltd., Kaiser Aluminum Corp., Norsk Hydro ASA, and UACJ Corp.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by End-user
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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CAMARILLO, Calif.--(BUSINESS WIRE)--RESET, a leading technology repair and support company, announced the launch of the first Turbine Advanced Testing Simulator for Wind Turbine Multi-Purpose Remote Controllers (MRC’s). RESET’s Turbine Re-Gen Simulator, provides remote turbine simulation, allowing for a cost-effective solution for repairing malfunctioning MRCs. MRCs are the units that control the operations of the popular wind turbines, serving as the equipment’s “brain.”
“Our Turbine Simulator is a game-changer for wind energy suppliers, institutions and private owners of wind turbines,” said Galen Puccini, CEO of RESET. “When MRCs fail, getting them repaired by the manufacturer can be very expensive and keep the turbine out of commission for a long time. The Advanced Simulator can cut the cost of repairing an MRC by thousands of dollars and get the turbine back up and running quickly.”
Remote turbine restoration is a process in which RESET specialists use their turbine simulator to recreate the conditions inside a wind turbine to identify which parts of the MRC are failing. The defective parts are then replaced and the restored MRC is run through the simulator again for an intense final test to assure that it is now working properly. The turbine owner simply dispatches the MRC to RESET, and the unit is repaired and shipped back. The process is much quicker and less expensive than replacing the MRC or returning it to the manufacturer for repair, so in addition to saving money on repairs, the Turbine Advanced Testing Simulator helps get turbines back up and running much more quickly.
“With the Turbine Simulator, the process of getting an MRC repaired is incredibly simple and convenient,” said Puccini. “Not only do turbine owners save time and money, but they also receive a high level of service and quality that will ultimately allow the turbine to generate more revenue.”
About RESET
RESET is a national leader in providing technology support, hardware repair, field service, and maintenance. RESET specializes in supporting the unsupported, including out-of-warranty repairs, communication and networking malfunction service, printed circuit board restoration, and hardware repairs. RESET can be found online at www.reset-inc.com.
Whitney Taylor
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Tel. 310.779.8002
Wasatch Energy Group and sonnen announce 3,000 home clean energy virtual power plant fleet, delivering over 60MWh of resiliency to California households
TUCKER, Ga.--(BUSINESS WIRE)--Today sonnen and Wasatch Energy Group demonstrate their firm resolve to continue to lead the energy transition by announcing commitment to deploy a series of residential virtual power plant (VPP) projects in California. The Wasatch California VPP Fleet I and II will outfit some 3,000 residential apartment homes with solar generation and sonnen intelligent battery energy storage. In aggregate, the project is set to become the largest apartment-community-based VPP fleet in the world upon its 2021 completion. The project boasts over 60 MWh of energy storage capacity and over 24 MW of power capacity and will be funded by $130M in capital from Wasatch and external investors.
In total, the Wasatch California VPP Fleet I and II will include seven Wasatch Premier Communities, located throughout the state of California. The first solar-and-storage retrofit work begins in September 2020 at the 417-unit Heron Pointe apartment community in Fresno with Soleil Energy, the new engineering, procurement and construction company established by the Wasatch Group, for its ongoing VPP deployments.
The Wasatch California VPP fleets will all feature sonnen ecoLinx intelligent battery storage systems. Individual sonnen systems within each community will be capable of communicating with each other as a single intelligent battery asset, harmonizing and optimizing the community’s solar production, grid usage, and individual apartment loads. The VPP projects are also built for participation in the California demand response market and other grid services. The VPP fleets will ensure resiliency for every resident of the community by providing access to the onsite solar energy and batteries, which act as constantly-regenerating, clean, and reliable energy supply.
The intelligent sonnen ecoLinx battery used in this project serves as the cornerstone of the US sonnenCommunity VPP platform. The system is purpose-built for performance as an ultra-long-lasting grid asset and as the home-automation nucleus of the residential energy system.
The Wasatch California VPP fleets represent a pioneering new effort by Utah clean energy visionaries, Dell Loy Hansen and Ryan Peterson. Hansen is the founder of a broad conglomerate of Utah-based companies known as the Wasatch Group. “We should create sustainable living for today and the future,” said Hansen. “We believe it’s our responsibility now, and we can make a difference with this revolutionary approach to clean, renewable energy systems that work brilliantly for everyone involved.”
Ryan Peterson is the president and managing partner of Wasatch Energy Group. Part of the Utah-based Wasatch Group of companies, “This has been an unbelievable journey and one of the most complicated projects I’ve worked on,” said Peterson. “However, we are committed to solving energy issues across the country, using clean, renewable and reliable energy systems in partnership. We believe in it for everyone and that’s why we’ve made it this far. We can’t wait to show the world what we’ve created.”
“It has been an honor to partner with the Wasatch Energy Group and now Soleil Energy, to help develop these truly extraordinary projects,” said Blake Richetta, Chairman and CEO of sonnen, Inc. USA. “These projects are the result of two years of hard work, planning and dedication to the mission of building a cleaner, more reliable and secure energy future for humanity.”
The Wasatch Group and sonnen previously partnered with the local utility, Rocky Mountain Power, to develop the Soleil Lofts VPP, a 600-unit solar and storage-equipped apartment community in Herriman, Utah which is now being utilized for utility grid management by Rocky Mountain Power.
About Wasatch Energy Group
Wasatch Energy Group creates, develops and manages clean energy system investments and projects that enable a sustainable and reliable energy future. Demonstrating the “Wasatch Group” method, its approach provides solutions that benefit all energy stakeholders – investors, municipalities, utilities and residents.
About Soleil Energy
Soleil Energy is the new engineering, procurement and construction (EPC) sister company to Wasatch Energy Group. Soleil Energy represents the birth of a unique new breed of solar EPC company, purpose built to engineer and construct the ever-growing and challenging portfolio of Wasatch residential sonnen VPP projects. Soleil Energy is now the proud jersey sponsor of the Utah Royals FC. Watch our video here.
About the Wasatch Group
Since 1988, Dell Loy Hansen has built the Wasatch Group into one of the largest and most successful real estate, hospitality, restaurateur, construction and now energy conglomerates in Utah, with over 100 properties spanning Utah, Colorado, Washington, Arizona and California.
About sonnen
sonnen is one of the world's leading manufacturers of smart energy storage systems and a pioneer of clean, decentralized and networked energy system technologies. As one of the fastest growing tech companies in Europe, sonnen has received numerous internationally recognized awards. sonnen is a wholly owned subsidiary of Shell within its New Energies division.
Lisa Nash
Antenna Group
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646-883-4296
Itron’s Premier Customer Event Focuses on Empowering Innovation to Drive the Industry Forward
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced that its flagship event, Itron Utility Week, will bring together smart city and utility leaders to share insights and solutions to address pressing challenges and create opportunity, together. In light of the COVID-19 pandemic, the customer-focused event will be completely virtual to ensure the safety of attendees.
“Innovation starts with people, and that’s precisely why we bring together industry experts, colleagues and thought leaders each year for Itron Utility Week. Together, we will learn from one another, share fresh perspectives and open the door to endless possibilities through innovation for utilities and cities around the world,” said Marina Donovan, vice president of global marketing and public affairs at Itron. “For the first time, the entire event will be presented online, and although we can’t completely replicate the full in-person experience, we will feature many of the same aspects of IUW that make it a success for our customers, partners and industry leaders year over year.”
For 2020, Itron Utility Week will be offered virtually and at no charge, and it will continue to provide valuable insights from across the smart city and utility space.
What: Itron Utility Week 2020 includes breakout sessions led by industry peers, two insightful keynotes, engaging panels, the Excellence in Resourcefulness and Itron Innovator Awards, and access to Itron’s first virtual Knowledge Center, which showcases Itron’s comprehensive solutions and partner offerings.
When: Oct. 27-29, 2020
Where: Online
Who: Keynote and featured speakers at Itron Utility Week include:
Sessions include:
To keep up with live updates throughout the conference check out our LinkedIn event page, read updates on the Itron blog and follow Itron and #IUW20 on social media. There is no charge to attend and event registration will be open in September for Itron customers, prospects and partners. For more information about Itron Utility Week: Empowering Innovation, visit www.itron.com/iuw.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
Elizabeth Bone
Corporate Communications Specialist
509.891.3750
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DUBLIN--(BUSINESS WIRE)--The "Port Security - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The publisher brings years of research experience to the 7th edition of this report. The 125-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Global Port Security Market to Reach $106.3 Billion by 2027
Amid the COVID-19 crisis, the global market for Port Security estimated at US$66.4 Billion in the year 2020, is projected to reach a revised size of US$106.3 Billion by 2027, growing at a CAGR of 7% over the period 2020-2027.
Airport Security, one of the segments analyzed in the report, is projected to record 7.8% CAGR and reach US$74.4 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Marine Port Security segment is readjusted to a revised 5.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $19.6 Billion, While China is Forecast to Grow at 6.5% CAGR
The Port Security market in the U.S. is estimated at US$19.6 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$18.5 Billion by the year 2027 trailing a CAGR of 6.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.6% and 5.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR.
Competitors identified in this market include, among others:
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
Total Companies Profiled: 41
For more information about this report visit https://www.researchandmarkets.com/r/rpctqp
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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IndyGo recently selected Allison’s H 40 EP electric hybrid propulsion solution to power 27 new buses and will be a lead fleet partner for Allison’s revolutionary new electric hybrid product, eGen Flex™.
INDIANAPOLIS--(BUSINESS WIRE)--Allison Transmission, the largest global manufacturer of medium- and heavy-duty fully automatic transmissions and a supplier of commercial vehicle propulsion solutions, including electric hybrid and fully electric propulsion systems, is pleased to announce its partnership with IndyGo, the Indianapolis Transportation Corporation, where Allison will supply its next generation electric hybrid propulsion solutions for transit buses as part of a 27-unit bus procurement.
The Allison H 40 EP™ will be paired with the industry benchmark Cummins B6.7 in 24 of the 27 Gillig buses. In addition, IndyGo, Allison and Cummins are partnering to lead the charge in innovative propulsion solutions by integrating Allison’s revolutionary new electric hybrid propulsion system, eGen Flex™ into three of IndyGo’s new buses. The eGen Flex Max specified by IndyGo will enable pure electric (engine off) operation for up to 10 miles on any route, at any time, without capital infrastructure investment in charging stations. The eGen Flex system is Allison’s initial product offering under its recently announced eGen portfolio of electric and hybrid electric propulsion solutions.
“By integrating eGen Flex-equipped buses into their fleet, IndyGo has demonstrated to our community that they are committed to reducing dependence on fossil fuels, enhancing the quality of life in our community, protecting the environment, and minimizing their total cost of ownership,” said Rohan Barua, Allison Transmission Vice President of North America Sales. “We are very pleased to continue our long-term partnership with IndyGo and look forward to the innovation this collaboration will deliver to our community.”
The eGen Flex system is capable of improving fuel economy by up to 25% versus a conventional diesel bus, and it has the ability to operate accessories such as air conditioning and electric heat at their optimal efficiency with clean and quiet electric power. Moving these accessories to electric power also reduces the strain on the engine. These capabilities combine to reduce fuel consumption and maintenance costs. The eGen Flex can also eliminate engine emissions and noise while loading and unloading passengers, in dense pedestrian areas, and in zero emission zones and bus depots, enhancing quality of life. The electric vehicle operation in zero emission zones and bus depots through the use of geo-fencing reduces fuel consumption and CO2 emissions, helping to protect the environment.
“This hybrid powertrain is truly a testament to the technical expertise, product knowledge, and innovation of three great Indiana companies coming together for a common purpose,” said Cummins Premlata Poonia, General Manager North America Bus Business. “Cummins customers depend on innovation to power their success,” continued Poonia. “The successful integration of technologies offered by Allison Transmission and Cummins, Inc., two great Hoosier companies, will help IndyGo achieve this success while minimizing their environmental footprint here in Indianapolis.”
“This partnership with Allison lays the foundation for future collaboration as we jointly advance clean air propulsion and emphasizes our commitment to a clean fleet to improve the greater Indianapolis community and reduce our carbon footprint. IndyGo is in the business of moving people, and the decision to choose Allison electric hybrids directly aligns with IndyGo’s mission in providing safe, reliable and accessible mobility options to Marion County,” said Inez Evans, IndyGo President and Chief Executive Officer.
For media assets and event recording, click here.
About Allison Transmission
Allison Transmission (NYSE: ALSN) is the world’s largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and medium- and heavy-tactical U.S. defense vehicles, as well as a supplier of commercial vehicle propulsion solutions, including electric hybrid and fully electric propulsion systems. Allison products are used in a wide variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (school, transit and coach), motorhomes, off-highway vehicles and equipment (energy, mining and construction applications) and defense vehicles (wheeled and tracked). Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA. With a market presence in more than 80 countries, Allison has regional headquarters in the Netherlands, China and Brazil with manufacturing facilities in the U.S., Hungary and India. Allison also has approximately 1,500 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.
About IndyGo
IndyGo, the Indianapolis Public Transportation Corporation, is committed to connecting the community to economic and cultural opportunities through safe, reliable, and accessible mobility experiences. The IndyGo Red Line is the nation’s first fully-battery electric bus rapid transit line, besides California, and provides 10-15 minute service to an average of 7,000 trips per day through the heart of Indianapolis. To learn more, visit our website, follow us on Twitter @IndyGoBus, or call 317.635.3344.
Claire Gregory
Director of Communications and Media Relations
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317-694-2065
Lesley Gordon
Director of Public Relations and Partnerships
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317-798-8596
DALLAS--(BUSINESS WIRE)--AVAD Energy Partners II, LLC (“AVAD II”), a newly formed oil and natural gas production company, announced today the closing of equity commitments from investment funds managed by Pearl Energy Investments (“Pearl”) and NGP Energy Capital Management (“NGP”). AVAD II will pursue an acquire and exploit strategy focused on creating value through operational excellence with an agnostic view to commodity type or basin.
AVAD II was co-founded by John Davis, Chief Executive Officer and Tom Quigley, Senior Vice President of Reservoir Engineering. John and Tom have worked together for over 30 years at Exxon Company, Netherland, Sewell & Associates, Inc., Alpine Gas Company, and most recently AVAD I. Joining John and Tom as co-founders are Michael Krehel, Vice President of Operations and Steven Mickey, Vice President of Business Development. After spending six years at Southwestern Energy, Michael joined AVAD I shortly after its inception and has been instrumental in the operational success of the company. Steven joins AVAD II after working in several different areas of the oil and gas industry with Goldman Sachs, Denham Capital Management, and a large private equity backed E&P focused on the Eagle Ford.
“I am thrilled and humbled to join this team to continue to build upon their track record of profitable oil and gas investing. I believe we are uniquely positioned to execute our strategy due to John, Tom, and Michael’s experience successfully evaluating, operating, and monetizing a wide variety of asset types across the United States including conventional, unconventional, secondary recovery, coal-bed methane, and shallow offshore,” said Steven Mickey.
“Our team has the rare combination of accurate underwriting and operational experience with a successful track record of realizing excellent returns for our capital providers, even in downward commodity price cycles, resulting in our strong capital partnerships over the past 17 years via Alpine and AVAD I. We look forward to capitalizing on the current market environment and continuing to deliver superior risk-adjusted returns to our investors,” added John Davis.
“Pearl is excited to partner again with this team given their strong historical track record, technical expertise, and industry relationships. Our new equity commitment reflects the confidence we have in them,” said Billy Quinn, Managing Partner and co-founder of Pearl.
“We are pleased to partner again with management and Pearl, and we believe that AVAD II is well poised to thrive in this environment,” said Craig Glick, Partner at NGP.
About AVAD II
AVAD II is a Dallas-based upstream oil and gas company focused on acquiring and optimizing oil and gas properties across the United States. For additional information, please visit www.avadenergy.com.
About Pearl Energy Investments
Pearl Energy Investments is a Dallas-based energy investment firm with $1.2 billion of committed capital under management. Pearl focuses on partnering with best-in-class management teams to invest in the North American upstream, midstream, and oilfield services sectors. For additional information, please visit www.pearl-energy.com.
About NGP
Founded in 1988, NGP is a premier private equity firm in the natural resources industry with approximately $20 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors. For additional information, please visit www.ngpenergycapital.com.
Rachel Alley – This email address is being protected from spambots. You need JavaScript enabled to view it., 214-484-4337
ABERDEEN, Scotland--(BUSINESS WIRE)--Highlights
For the three months ended June 30, 2020, KNOT Offshore Partners LP (“KNOT Offshore Partners” or the “Partnership”):
Other events:
Financial Results Overview
Total revenues were $70.3 million for the three months ended June 30, 2020 (the “second quarter”) compared to $67.8 million for the three months ended March 31, 2020 (the “first quarter”). The increase was mainly related to receipt of full earnings from the Raquel Knutsen in the second quarter compared to reduced earnings in the first quarter as a result of 64 offhire days for the vessel to finish its scheduled first special survey drydocking.
Vessel operating expenses for the second quarter of 2020 were $13.1 million, a decrease of $2.5 million from $15.6 million in the first quarter of 2020. The decrease was mainly due to lower operating cost on average for the fleet due to the strengthening of the U.S Dollar against the Norwegian Kroner (NOK) and decreased expenses for bunkers consumption, which were higher in the first quarter as a result of the drydocking of the Raquel Knutsen.
General and administrative expenses were $1.3 million for the second quarter compared to $1.4 million for the first quarter.
(1) EBITDA, Adjusted EBITDA and distributable cash flow are non-GAAP financial measures used by management and external users of the Partnership’s financial statements. Please see Appendix A for definitions of EBITDA, Adjusted EBITDA and distributable cash flow and a reconciliation to net income, the most directly comparable GAAP financial measure.
(2) Distribution coverage ratio is equal to distributable cash flow divided by distributions declared for the period presented.
Depreciation was $22.5 million for the second quarter, an increase of $0.1 from $22.4 million in the first quarter. The increase is mainly due to increased drydock depreciation for the Raquel Knutsen after the drydocking in the first quarter.
As a result, operating income for the second quarter was $33.4 million compared to $28.4 million in the first quarter.
Interest expense for the second quarter was $8.5 million, a decrease of $2.0 million from $10.5 million for the first quarter. The decrease was mainly due to lower LIBOR on average for all credit facilities.
Realized and unrealized loss on derivative instruments was $3.1 million in the second quarter, compared to $23.7 million in the first quarter. The unrealized non-cash element of the mark-to-market loss was $2.8 million for the second quarter of 2020 compared to $23.9 million for the first quarter of 2020. Of the unrealized loss for the second quarter of 2020, $3.5 million is related to a mark-to-market loss on interest rate swaps due to a decrease in the US swap rate and a gain of $0.7 million is related to foreign exchange contracts.
As a result, net income for the second quarter of 2020 was $21.7 million compared to a net loss of $6.1 million for the first quarter of 2020.
Net income for the second quarter of 2020 increased by $13.5 million to $21.7 million from net income of $8.2 million for the three months ended June 30, 2019. Operating income for the second quarter of 2020 increased by $1.4 million to $33.4 million compared to operating income of $31.9 million in the second quarter of 2019, mainly due to lower operating cost on average for the fleet. Total finance expense for the second quarter of 2020 decreased by $12.0 million to $11.7 million compared to finance expense of $23.7 million for the second quarter of 2019. The decrease was mainly due to lower unrealized losses on derivative instruments and lower average interest costs, mainly due to a decrease in the US LIBOR rate.
Distributable cash flow was $30.7 million for the second quarter of 2020 compared to $23.9 million for the first quarter of 2020. The increase in distributable cash flow is mainly due to full earnings from the Raquel Knutsen due to its scheduled drydocking which was finished in the first quarter and lower average operating cost for the fleet. The distribution declared for the second quarter of 2020 was $0.52 per common unit, equivalent to an annualized distribution of $2.08.
COVID-19
The outbreak of the coronavirus (“COVID-19”) has negatively affected global economic activity, including the demand for oil and oil shipping, which may materially impact the Partnership’s operations and the operations of its customers and suppliers.
Although the Partnership's operations have not been materially affected by the COVID-19 outbreak to date, the ultimate length and severity of the COVID-19 outbreak and its potential impact on the Partnership's business, financial condition and results of operations is uncertain at this time. The virus outbreak has increased uncertainty in a number of areas of the Partnership’s business, including operational, commercial and financial activities.
The Partnership’s focus continues to be on ensuring the health and safety of employees while providing safe and reliable operations for customers. All crew on board and staff onshore are taking precautions with respect to social distancing, personal hygiene and other measures and following all local guidelines and regulations to minimize the spread of the virus. To date, the Partnership has not had any material service interruptions on its vessels as a result of COVID-19 and none of its vessels are planned to drydock in 2020.
Due to international travel restrictions, there have been challenges in respect of crew changes and maintenance support; however the Partnership has been able to carry out crew changes in both Europe and Brazil, crew changes continue to occur with regularity and maintenance has continued to be performed, or in some cases postponed, where it is safe and possible to do so. The majority of such difficulties are a result of either local lockdowns or transportation or logistical restrictions. The Partnership expects that it will incur somewhat higher crewing expenses to ensure appropriate mitigation actions are in place to minimize risks of outbreaks. The closure of, or restricted access to, ports and terminals in regions affected by the virus may lead to further operational impacts that result in higher costs. It is possible that an outbreak onboard a vessel could prevent the Partnership from meeting its obligations under a charter, resulting in an off-hire claim and loss of revenue. Any outbreak of COVID-19 on board one of the Partnership's vessels or that affects any of the Partnership’s main suppliers could cause an inability to replace critical supplies or parts, maintain adequate crewing or fulfill the Partnership's obligations under its time charter contracts which in turn could result in off-hire or claims for the impacted period.
COVID-19 has placed downward pressure on economic activity and energy demand during the first and second quarters of 2020, and there remains significant uncertainty regarding near-term future oil demand and, therefore, shipping requirements. The fall in oil prices since the end of 2019 has caused many oil exploration and production companies, including certain of our customers, to cut their production forecasts for 2020 and beyond and / or reduce or delay planned future capital expenditures, particularly on new projects. This could have an impact on the demand for shuttle tankers in the short and medium term and, given the uncertainty around the continuation of the COVID-19 situation, this dampening of demand could persist in the long term. Such developments could affect the number of new offshore projects and the overall outlook for oil production, which could eventually and in turn impact the demand and pricing for shuttle tankers. Furthermore, the Partnership may be unable to re-charter its vessels at attractive rates in the future, particularly for vessels that are coming off charter in the next two years.
Although the Partnership is exposed to the uncertainty of cash flows from its time charter contracts arising from the credit risk associated with the individual charterers, the Partnership believes that its charter contracts, all with subsidiaries of national oil companies and oil majors, largely insulates the Partnership from this risk in most scenarios. Notwithstanding, any extended period of non-payment or idle time between charters could adversely affect the Partnership’s future liquidity, results of operations and cash flows. The Partnership has not so far experienced any reduced or non-payments for obligations under the Partnership's time charter contracts and the Partnership has not provided concessions or made changes to the terms of payment for customers.
COVID-19 has had a sustained impact on global capital and bank credit markets, affecting access, timing and cost of capital. The responses of governments around the world to manage the impact of the virus have led to lower interest rates and volatility in the prices of equities, bonds, commodities and their respective derivatives. The Partnership’s common unit price has declined significantly this year, mainly due to the impact of COVID-19 on the wider economy and sentiment in the energy and shipping sectors. In these current market conditions with lower unit prices, issuing new common equity is a less viable and more expensive option for accessing liquidity. The Partnership does not have long term debt maturing before August 2021. Should the Partnership be unable to obtain refinancing for this debt or other debt in the future, it may not have sufficient funds or other assets to satisfy all of its obligations, which would have a material adverse effect on its business, results of operations and financial condition.
Operational Review
The Partnership’s vessels operated throughout the second quarter of 2020 with 99.7% utilization for scheduled operations.
On April 20, 2020, Eni exercised two of its one-year options to extend the time charter of the Torill Knutsen until November 2022. In connection with the early exercise by Eni of its options, the Partnership granted Eni a further option to extend the time charter by one additional one-year period. Eni now has the option to extend the time charter by two one-year periods until November 2024.
The charterer of the Windsor Knutsen, a subsidiary of Shell, did not notify the Partnership by the due date of its intention to exercise its option to extend the time charter for the vessel. The charter will therefore expire in or around October 2020, the precise date to be fixed in accordance with the redelivery window as specified in the charter. As a result, the Partnership is currently exploring other options to recharter the vessel with a number of potential charterers, including a subsidiary of Knutsen NYK for a potential charter term of six months, with an option for Knutsen NYK to extend for an additional six months.
Financing and Liquidity
As of June 30, 2020, the Partnership had $70.1 million in available liquidity, which consisted of cash and cash equivalents of $41.4 million and $28.7 million of capacity under its revolving credit facilities. The revolving credit facilities mature in August 2021 and September 2023. The Partnership’s total interest-bearing debt outstanding as of June 30, 2020 was $959.8 million ($953.7 million net of debt issuance cost). The average margin paid on the Partnership’s outstanding debt during the second quarter of 2020 was approximately 2.1% over LIBOR.
As of June 30, 2020, the Partnership had entered into various interest rate swap agreements for a total notional amount of $627.1 million to hedge against the interest rate risks of its variable rate borrowings. As of June 30, 2020, the Partnership receives interest based on three or six-month LIBOR and pays a weighted average interest rate of 1.74% under its interest rate swap agreements, which have an average maturity of approximately 3.6 years. The Partnership does not apply hedge accounting for derivative instruments, and its financial results are impacted by changes in the market value of such financial instruments.
As of June 30, 2020, the Partnership’s net exposure to floating interest rate fluctuations on its outstanding debt was approximately $291.3 million based on total interest-bearing debt outstanding of $959.8 million, less interest rate swaps of $627.1 million and less cash and cash equivalents of $41.4 million. The Partnership’s outstanding interest-bearing debt of $959.8 million as of June 30, 2020 is repayable as follows:
(U.S. Dollars in thousands) |
Period repayment |
Balloon repayment |
|||
Remaining 2020 |
$ |
42,973 |
|
|
$ — |
2021 |
86,546 |
95,811 |
|||
2022 |
|
71,210 |
|
|
236,509 |
2023 |
55,535 |
202,185 |
|||
2024 |
|
13,873 |
|
|
123,393 |
2025 and thereafter |
1,307 |
30,500 |
|||
Total |
$ |
271,444 |
|
$ |
688,398 |
Distributions
On August 13, 2020, the Partnership paid a quarterly cash distribution of $0.52 per common unit with respect to the quarter ended June 30, 2020 to all common unitholders of record on July 30, 2020. On August 13, 2020, the Partnership paid a cash distribution to holders of Series A Preferred Units with respect to the quarter ended June 30, 2020 in an aggregate amount equal to $1.8 million.
Outlook
There are no dry dockings scheduled for any of the Partnership’s vessels during the remainder of 2020.
As of June 30, 2020, the Partnership’s fleet of sixteen vessels had charters with an average remaining fixed duration of 2.4 years. In addition, the charterers of the Partnership’s time charter vessels have options to extend their charters by an additional 3.9 years on average.
During the second quarter, Knutsen NYK entered into two new long-term time charters for newbuildings to be constructed by the Cosco (Zhoushan) Shipyard. The first is a 5-year fixed time charter with Galp Sinopec Brazil Services B.V., which may be extended by the charterer for up to two three-year periods. The vessel will operate in Brazil and delivery is scheduled for March 2021. The second is a 5-year fixed time charter with Petro China International (America) Inc., a subsidiary of PetroChina Company Limited, which may be extended by the charterer for up to five one-year periods. The vessel will operate in Brazil and delivery is scheduled for June 2022.
Knutsen NYK has five additional newbuilding shuttle tankers under construction, all of which are under contract for long-term charter. Two of these vessels will be chartered to Equinor, with deliveries scheduled from the shipyard in September 2020 and November 2020. The vessels are expected to operate in Brazil under time charters with a fixed term of 7 and 5 years with options to extend for up to 20 years.
Pursuant to the omnibus agreement the Partnership entered into with Knutsen NYK at the time of its initial public offering, the Partnership has the option to acquire from Knutsen NYK any offshore shuttle tankers that Knutsen NYK acquires or owns that are employed under charters for periods of five or more years.
There can be no assurance that the Partnership will acquire any additional vessels from Knutsen NYK.
The Board believes that demand for existing and for newbuild shuttle tankers will continue to be driven over the long term based on the requirement to replace older tonnage in the North Sea and Brazil and by further expansion into deep water offshore oil production areas such as in Pre-salt Brazil and the Barents Sea.
Although the Partnership’s operations have not yet been materially impacted by the outbreak of COVID-19 or the recent decline in oil prices, the length and severity of the COVID-19 outbreak and the persistence of a low oil price environment still cannot be estimated at this time. Such developments could affect the number of new offshore projects and the overall outlook for the production of oil, which could eventually and in turn impact the demand and pricing for shuttle tankers.
The Partnership acknowledges the announcements made by its charterers and the oil industry with respect to near-term capital expenditure cuts that are expected to cause certain new developments in Brazil and the North Sea to be delayed. However the Partnership remains positive with respect to the mid to long term outlook for the growth in demand for shuttle tankers and this view is supported by the significant developments that continue to be announced in Brazil, in particular, and the foreseeable delivery pipeline of floating, production, storage and offloading (FPSO) units.
About KNOT Offshore Partners LP
KNOT Offshore Partners owns operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners owns and operates a fleet of sixteen offshore shuttle tankers with an average age of 7.0 years.
KNOT Offshore Partners is structured as a publicly traded master limited partnership. KNOT Offshore Partners’ common units trade on the New York Stock Exchange under the symbol “KNOP.”
The Partnership plans to host a conference call on Thursday, August 27, 2020 at 11 AM (Eastern Time) to discuss the results for the second quarter of 2020, and invites all unitholders and interested parties to listen to the live conference call by choosing from the following options:
August 26, 2020 |
KNOT Offshore Partners L.P. |
Aberdeen, United Kingdom |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
Three Months Ended |
Six Months Ended |
|||||||||
(U.S. Dollars in thousands) |
|
June 30, 2020 |
|
March 31, 2020 |
|
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
|||
Time charter and bareboat revenues |
|
$ |
70,250 |
$ |
67,226 |
$ |
70,908 |
$ |
137,476 |
$ |
141,456 |
Other income (1) |
9 |
|
598 |
|
14 |
607 |
15 |
||||
Total revenues |
|
|
70,259 |
|
67,824 |
|
70,922 |
|
138,083 |
|
141,471 |
Vessel operating expenses |
13,112 |
15,634 |
15,301 |
28,746 |
29,757 |
||||||
Depreciation |
|
|
22,451 |
|
22,373 |
|
22,429 |
|
44,824 |
|
44,860 |
General and administrative expenses |
1,337 |
1,387 |
1,264 |
2,724 |
2,561 |
||||||
Total operating expenses |
|
|
36,900 |
|
39,394 |
|
38,994 |
|
76,294 |
|
77,178 |
Operating income |
|
33,359 |
|
28,430 |
31,928 |
61,789 |
|
64,293 |
|||
Finance income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
3 |
118 |
233 |
121 |
471 |
||||||
Interest expense |
|
|
(8,512) |
|
(10,462) |
|
(13,186) |
|
(18,974) |
|
(26,844) |
Other finance expense |
(199) |
(108) |
(286) |
(307) |
(404) |
||||||
Realized and unrealized gain (loss) on derivative instruments (2) |
|
|
(3,092) |
|
(23,690) |
|
(10,318) |
|
(26,782) |
|
(16,247) |
Net gain (loss) on foreign currency transactions |
127 |
(424) |
(192) |
(297) |
(218) |
||||||
Total finance expense |
|
|
(11,673) |
|
(34,566) |
|
(23,749) |
|
(46,239) |
|
(43,242) |
Income (loss) before income taxes |
21,686 |
(6,136) |
8,179 |
15,550 |
21,051 |
||||||
Income tax benefit (expense) |
|
|
(3) |
|
(3) |
|
(3) |
|
(6) |
|
(6) |
Net income (loss) |
|
21,683 |
|
(6,139) |
|
8,176 |
15,544 |
|
21,045 |
||
Weighted average units outstanding (in thousands of units): |
|
|
|
|
|
|
|
|
|
|
|
Common units |
32,694 |
32,694 |
32,694 |
32,694 |
32,694 |
||||||
General Partner units |
|
|
615 |
|
615 |
|
615 |
|
615 |
|
615 |
(1) Other income for the first quarter of 2020 is mainly related to cargo carried from Brazil to Europe on the drydocking voyage for the Raquel Knutsen scheduled drydocking. As a result the Partnership received $0.6 million for this extra voyage and the additional revenue has been classified as other income.
(2) Realized gains (losses) on derivative instruments relate to amounts the Partnership actually received (paid) to settle derivative instruments, and the unrealized gains (losses) on derivative instruments related to changes in the fair value of such derivative instruments, as detailed in the table below:
Three Months Ended |
Six Months Ended |
||||||||||||||
(U.S. Dollars in thousands) |
June 30, 2020 |
March 31, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
||||||||||
Realized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap contracts |
$ |
(191) |
$ |
203 |
$ |
1,168 |
$ |
12 |
$ |
2,246 |
|||||
Foreign exchange forward contracts |
|
|
(109) |
|
|
— |
|
|
(658) |
|
|
(109) |
|
|
(1,446) |
Total realized gain (loss): |
|
(300) |
|
203 |
|
510 |
(97) |
|
800 |
||||||
Unrealized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap contracts |
(3,457) |
(22,982) |
(11,521) |
(26,438) |
(18,619) |
||||||||||
Foreign exchange forward contracts |
|
|
665 |
|
|
(911) |
|
|
693 |
|
|
(247) |
|
|
1,572 |
Total unrealized gain (loss): |
|
(2,792) |
|
(23,893) |
|
(10,828) |
(26,685) |
|
(17,047) |
||||||
Total realized and unrealized gain (loss) on derivative instruments: |
|
$ |
(3,092) |
|
$ |
(23,690) |
|
$ |
(10,318) |
|
$ |
(26,782) |
|
$ |
(16,247) |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(U.S. Dollars in thousands) |
At June 30, 2020 |
At December 31, 2019 |
|||||
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
||||
Cash and cash equivalents |
|
|
$ |
41,436 |
|
$ |
43,525 |
Amounts due from related parties |
|
1,728 |
2,687 |
||||
Inventories |
|
|
|
2,242 |
|
|
2,292 |
Derivative assets |
39 |
920 |
|||||
Other current assets |
|
|
|
4,072 |
|
|
3,386 |
Total current assets |
|
|
49,517 |
|
52,810 |
||
|
|
|
|
|
|
|
|
Long-term assets: |
|
|
|
||||
Vessels, net of accumulated depreciation |
|
|
|
1,635,546 |
|
|
1,677,488 |
Right-of-use assets |
1,516 |
1,799 |
|||||
Intangible assets, net |
|
|
|
983 |
|
|
1,286 |
Derivative assets |
|
— |
648 |
||||
Accrued income |
|
|
|
3,424 |
|
|
3,976 |
Total Long-term assets |
|
1,641,469 |
|
1,685,197 |
|||
Total assets |
|
|
$ |
1,690,986 |
|
$ |
1,738,007 |
|
|
|
|||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Trade accounts payable |
|
|
$ |
2,496 |
|
$ |
2,730 |
Accrued expenses |
|
|
|
4,755 |
|
|
6,617 |
Current portion of long-term debt |
|
|
|
83,523 |
|
|
83,453 |
Current lease liabilities |
585 |
572 |
|||||
Current portion of derivative liabilities |
|
|
|
7,211 |
|
|
910 |
Income taxes payable |
|
18 |
98 |
||||
Current portion of contract liabilities |
|
|
|
1,518 |
|
|
1,518 |
Prepaid charter |
|
3,776 |
6,892 |
||||
Amount due to related parties |
|
|
|
1,250 |
|
|
1,212 |
Total current liabilities |
|
|
105,132 |
|
104,002 |
||
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
||||
Long-term debt |
|
|
|
870,150 |
|
|
911,943 |
Lease liabilities |
931 |
1,227 |
|||||
Derivative liabilities |
|
|
|
23,987 |
|
|
5,133 |
Contract liabilities |
|
2,927 |
3,685 |
||||
Deferred tax liabilities |
|
|
|
323 |
|
|
357 |
Total long-term liabilities |
|
898,318 |
|
922,345 |
|||
Total liabilities |
|
|
|
1,003,450 |
|
|
1,026,347 |
Commitments and contingencies |
|
|
|
||||
Series A Convertible Preferred Units |
|
|
|
89,264 |
|
|
89,264 |
Equity: |
|
||||||
Partners’ capital: |
|
|
|
|
|
|
|
Common unitholders |
|
587,562 |
611,241 |
||||
General partner interest |
|
|
|
10,710 |
|
|
11,155 |
Total partners’ capital |
|
598,272 |
|
622,396 |
|||
Total liabilities and equity |
|
|
$ |
1,690,986 |
|
$ |
1,738,007 |
Questions should be directed to:
Gary Chapman
+44 7496 170 620
DUBLIN--(BUSINESS WIRE)--The "String Inverter Market - Growth, Trends, and Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The global string inverter market is expected to grow at a CAGR of more than 15% during the forecast period of 2020-2025.
Factors such as increasing deployment of solar projects, on account of the supportive government initiatives, and the declining price of solar photovoltaic components are expected to drive the market. Governments across the world have incorporated various policies to implement renewable energy as a source of alternative energy.
However, the lack of financing options to install solar photovoltaic (PV) systems in the residential sector in underdeveloped and developing economies is expected to hinder the string inverter market growth during the forecasting period.
Key Highlights
Market Trends
Utility Segment Likely to Witness Significant Growth
Asia-Pacific to Witness Significant Growth
Competitive Landscape
The string inverter market is moderately fragmented. Some of the key players in the market include KACO New Energy GmbH, Delta Energy Systems GmbH, ABB Ltd, Sungrow Power Supply Co Ltd, Huawei Technologies Co Ltd, Chint Power Systems Co Ltd, Ningbo Ginlong Technologies Co Ltd, Fronius International GmbH, SMA Solar Technology AG, and Eaton Corporation.
Key Topics Covered
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Phase
5.1.1 Single Phase
5.1.2 Three Phase
5.2 Power Rating
5.2.1 Up to 10kW
5.2.2 11kW to 40kW
5.2.3 41kW to 80kW
5.2.4 Above 80kW
5.3 End-user
5.3.1 Residential
5.3.2 Commercial & Industrial
5.3.3 Utility
5.4 Geography
5.4.1 North America
5.4.2 Asia-Pacific
5.4.3 Europe
5.4.4 South America
5.4.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 KACO New Energy GmbH
6.3.2 Delta Energy Systems GmbH
6.3.3 ABB Ltd.
6.3.4 Sungrow Power Supply Co. Ltd.
6.3.5 Huawei Technologies Co. Ltd.
6.3.6 Chint Power Systems Co. Ltd.
6.3.7 Ningbo Ginlong Technologies Co. Ltd.
6.3.8 Fronius International GmbH
6.3.9 SMA Solar Technology AG
6.3.10 Eaton Corporation PLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/tuvmxd
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Company will use funding to build on its successful software platform and meet customer demand
BOSTON--(BUSINESS WIRE)--#renewables--Raptor Maps, a solar software company, announced that it has raised a $5 million Series A, co-led by Blue Bear Capital, Data Point Capital, and Buoyant Ventures. Other participants include notable clean energy investors Congruent Ventures, Powerhouse Ventures, and the Massachusetts Clean Energy Center, along with Y Combinator.
Raptor Maps solves major growing pains for solar project finance, development, and asset management across an industry experiencing a 49% annual growth rate over the past decade. The current approach to developing and operating solar farms is increasingly untenable, resulting in demand for software and standardization of required processes and documentation.
“Our mission is to build software that enables the solar industry to scale,” explains Raptor Maps co-founder and CEO Nikhil Vadhavkar. “We are on track to be the system of record, and we already serve as the source of truth that our customers rely on for collaborative decision-making. The diversity of our investor base, including those that have experienced these pains firsthand, underscores that we cannot afford to take a reactive approach in the climate fight.”
To date, Raptor Maps has improved the project finance and asset management of over 25 GW in 35 countries. Its diverse and growing customer base includes global utility Enel Green Power, asset owner Greenbacker Renewable Energy, construction company McCarthy Building Companies, operations and maintenance (O&M) providers QE Solar and SOLV, and several publicly traded solar panel manufacturers.
“People think of solar as being just panels and wires,” says Ernst Sack of Blue Bear Capital, an investor specialized in energy, infrastructure, and climate solutions. “The industry has evolved to rely on a tremendously rich and complicated supply chain, with dozens of operations and hundreds of counterparties involved in any given plant—just as one would expect for other energy and infrastructure asset of this scale. Raptor Maps is building the digital operating system to coordinate and manage all of this activity for maximum productivity, efficiency, and safety.”
Raptor Maps attests that its deliverables are ten-fold more accurate, human and machine readable, and lower cost than traditional methods. The company has built a strong reputation for its software and aerial intelligence, and it will deploy this investment to build additional capabilities into its state-of-the-art solar data model.
“Raptor Maps is leading the charge to digitize the solar industry, resulting in both immediate and long-term benefit,” explains Daniel Hullah of Buoyant Ventures, a fund that invests in early stage, digital solutions that address climate risk. “The company makes solar power more valuable and accelerates the transition to clean energy.”
Several of Raptor Maps’ customers, such as Madison Energy Investments, require solar construction companies to use Raptor Maps at commissioning, and the O&M teams to use Raptor Maps annually. Other customers, such as solar panel manufacturers, direct asset owners to use Raptor Maps to create documentation for warranty claims.
“We’re thrilled to be investing behind the Raptor Maps founders and team,” says Mike Majors, Managing Partner at Data Point Capital. “Their deep experience in building cutting-edge software has positioned the company as the leader in the multi-billion dollar solar lifecycle management space.”
Nikhil Vadhavkar
Raptor Maps, Inc.
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Key leadership role announced as company continues to grow
TEMPE, Ariz.--(BUSINESS WIRE)--ASRC Industrial (AIS), a premier provider of industrial and environmental services throughout the United States, is pleased to announce industry veteran Bob Nielsen as president of its wholly-owned operating company Mansfield Industrial. Mansfield, based in Pensacola, Florida with operations across the Gulf South and through the Mid-Atlantic is a world-class provider of industrial coatings, insulation, scaffolding, fireproofing and industrial. In his role, Nielsen will report to Robert Pelham, president of ASRC Industrial’s Cleaning, Demolition and Remediation operating group.
Most recently, Nielsen served as vice president and general manager of K2 Industrial (K2), another ASRC Industrial operating company. Prior to joining K2, Nielsen held leadership roles across the industrial service industry, including serving as chief operating officer at Patriot Environmental, director of industrial services at Clean Harbors Industrial Services and vice president of operations at Superior Environmental Solutions.
“I met Bob when he joined K2 in February 2019," said Brent Renfrew, president and chief executive officer, ASRC Industrial. “Since that time, Bob has gained my trust and respect by consistently embodying the traits we look for in leaders at ASRC Industrial specifically passion, accountability, practicality and urgency. I believe the combination of these character traits, and Bob’s industry expertise make him the ideal professional to serve as the president of Mansfield.”
“I’m very pleased to lead the talented and committed Mansfield team to serve our valued customers,” said Nielsen. “I look forward to playing an active role in contributing to the pursuit of the company’s vision to build an enduring, employee-centric, customer-focused industrial services provider.”
About ASRC Industrial
Headquartered in Tempe, Arizona, ASRC Industrial is a wholly-owned operating company of Arctic Slope Regional Corporation (ASRC). AIS is organized within three capabilities-based operating groups: Maintenance, Mechanical and Specialty Services; Cleaning, Demolition and Remediation Services; and Engineering, Inspection and Professional Services. AIS has approximately 4,000 employees and operations throughout the United States. Operating companies include Arctic Pipe Inspection, Arctic Testing and Inspection, Brad Cole Construction, D. Zelinsky & Sons, D2 Industrial Services, DACA Specialty Services, Environmental Quality Management, F.D. Thomas, HRCS Engineering, Hudspeth & Associates, K2 Industrial Services, Mansfield Industrial, Mavo Systems, National Environmental Group, Niles Construction Services, Northwest Demolition & Dismantling, Petrochem, RSI EnTech, RSI Services and US Coatings. As a wholly-owned subsidiary of ASRC, AIS and its subsidiaries are considered minority business enterprises. Learn more about AIS at www.asrcindustrial.com.
Rebecca Brown, Corporate Communications
ASRC Industrial
(602) 295-1400
This email address is being protected from spambots. You need JavaScript enabled to view it.
National EPC energy firm, majority owned by funds managed by Ares Management Corporation, achieved significant milestone in August 2020
EDISON, N.J.--(BUSINESS WIRE)--CS Energy, LLC, a leading integrated energy firm that designs and builds optimized projects in the solar, storage and emerging energy industries, announced today that it has reached a major milestone: completing the installation of 1 gigawatt of solar energy projects.
The 1 GW achievement puts CS Energy in a distinguished category. According to Solar Power World’s Top Solar Contractors* rankings, fewer than 10 EPCs have installed 1 GW of solar as of 2020, but with CS Energy’s consistent 20 percent annual growth rate, the milestone was reached quickly. The company closed 2018 with 650 MW of completed solar projects and ended 2019 with 820 MW. In 2020, CS Energy reached 1,000 MW, despite industry contractions resulting from the COVID-19 pandemic.
“This is an incredible milestone, and one only possible because of the hard work and dedication of our team,” shared Matthew Skidmore, CEO of CS Energy. “I am so proud of our talented workforce, which has completed CS Energy projects to the highest standards of quality and safety across the country. We’re excited to put our deep experience to work for our clients as we begin installing the next gigawatt.”
CS Energy has completed nearly 200 solar projects across 16 states, in a mix of utility-scale solar projects and energy storage projects. Much of the 1 GW has been completed in the last three years as the firm manages increasingly larger projects, such as a recent 29 MW solar project in New Jersey. The growth coincides with funds managed by the Infrastructure and Power strategy of Ares Management Corporation taking majority ownership of the company in 2018.
“We made a strategic investment in CS Energy knowing the firm had the capabilities to expand its impact on renewable energy projects across the country,” shared Keith Derman, Partner and Co-Head of Ares Infrastructure and Power. “We are thrilled that CS Energy has been able to achieve such a substantial milestone and consider it a testament to the company’s legacy of experience and reliability.”
The 1 GW accomplishment comes as CS Energy garners additional recognition from the solar industry. CS Energy was named the nation’s number-one commercial solar installer in 2019 by global research firm Wood Mackenzie. With more than 10 percent of the U.S. market share, CS Energy installed as much as the second- and third-ranked companies combined. In 2020, CS Energy once again made Solar Power World magazine’s annual list of Top Solar Contractors, ranking in the Top 10 for national EPCs, and as the #1 solar contractor in both New York and New Jersey.
Additionally, the company utilizes its expertise to lead a variety of solar industry subsectors. CS Energy is considered an expert in landfill solar installations, having installed more than 160 MW on top of closed capped landfills. CS Energy is also on the forefront of Solar + Storage projects: the company has installed more than 135 MWh of energy storage projects and is ranked as the #2 Solar + Storage installer in the nation by Solar Power World.
Starting with just 12 employees in 2004, the company has grown to a highly skilled team of more than 160 people. CS Energy began in the solar industry as part of The Conti Group, a construction and engineering firm that has been operating for more than 115 years. Building on the organic success in the solar industry, the group branched out into Conti Solar, a wholly owned subsidiary of The Conti Group, in 2017. Conti Solar was majority acquired by funds managed by the Infrastructure and Power strategy of Ares Management Corporation in 2018 the company rebranded as CS Energy.
“CS Energy is thriving from the roots planted at The Conti Group—roots in skilled construction, quality customer service, and an educated leadership group. It’s been a pleasure to see CS Energy deliver on our shared vision of creating a nation-leading integrated energy company,” said Kurt Conti, Chairman of the Board of The Conti Group.
* https://www.solarpowerworldonline.com/2020-top-solar-contractors/
About CS Energy
CS Energy is an industry-leading engineering, procurement and construction (EPC) energy firm that designs and builds optimized projects in solar, energy storage, and emerging energy industries. CS Energy’s attention to detail, flawless execution and highly talented workforce has enabled the company to successfully design and install over 1 GW of solar projects across the United States. CS Energy leverages strong relationships with solar developers, IPPs, utilities, off-takers, suppliers, and landowners to help our customers streamline the project development process, lower project costs, and create value for all stakeholders. Majority-owned by Ares Infrastructure and Power, CS Energy has an experienced and committed management team and the financial resources required to continue expanding its solar and energy storage business as a trusted and long-term partner.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity and Real Estate. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent and attractive investment returns for fund investors throughout market cycles. Ares Management's global platform had approximately $165 billion of assets under management as of June 30, 2020 with more than 1,300 employees operating across North America, Europe, Asia and Australia, pro forma for the acquisition of SSG Capital Holdings Limited which closed on July 1, 2020.
About Ares Infrastructure and Power
Ares Infrastructure and Power (“AIP”) strategy seeks to provide flexible capital for cash-generating assets across the climate infrastructure, natural gas generation, and energy transportation sectors. AIP leverages a broadly skilled and cohesive team of more than 25 investment professionals with deep domain experience and has deployed nearly $9 billion of capital in more than 200 different infrastructure and power assets and companies.
About The Conti Group
The Conti Group is a privately held group of companies spanning the construction, engineering, renewable energy, real estate, technology and biotech markets whose mission is to create positive impact and great value for customers, partners, employees, and society.
CS Energy Media:
Dianaliz Santiago-Borcan
732.520.5143
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LONDON--(BUSINESS WIRE)--#GlobalOilfieldCrownBlockMarket--Technavio has been monitoring the oilfield crown block market and it is poised to grow by USD 2.1 mn during 2019-2023, progressing at a CAGR of almost 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please Request Latest Free Sample Report of 2020-2024
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. American Block Inc., CHENGDU ZHONGHANG MACHINERY CO., LTD, MHWirth, Puyang Sida Petroleum Machinery Co., Ltd, and The Crosby Group are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The increasing number of active rig counts have been instrumental in driving the growth of the market.
Oilfield Crown Block Market 2019-2023 : Segmentation
Oilfield Crown Block Market is segmented as below:
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Oilfield Crown Block Market 2019-2023 : Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our oilfield crown block market report covers the following areas:
This study identifies advances in oilfield crown block-associated technologies as one of the prime reasons driving the oilfield crown block market growth during the next few years.
Oilfield Crown Block Market 2019-2023 : Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the oilfield crown block market, including some of the vendors such as American Block Inc., CHENGDU ZHONGHANG MACHINERY CO., LTD, MHWirth, Puyang Sida Petroleum Machinery Co., Ltd, and The Crosby Group. Backed with competitive intelligence and benchmarking, our research reports on the oilfield crown block market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
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Oilfield Crown Block Market 2019-2023 : Key Highlights
Table Of Contents :
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY APPLICATION
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
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RICHMOND, Va.--(BUSINESS WIRE)--Synalloy Corporation (Nasdaq: SYNL) (the “Company”), announced today that, as expected, it received a standard notification letter dated August 20, 2020, from Nasdaq stating that, as a result of not having timely filed its quarterly report on Form 10-Q for the period ended June 30, 2020, the Company no longer complies with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports with the Securities and Exchange Commission (the “SEC”).
This notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Global Select Market. Although Nasdaq’s listing rules provide the Company with 60 calendar days from the date of the notice to submit a plan to regain compliance, the Company expects to file its Form 10-Q within the 60-calendar day period.
The Company has completed its work related to the amount of the impairment charges resulting from the suspension of manufacturing operations at Palmer of Texas Tanks, Inc. and the goodwill impairment analysis of its Welded Pipe & Tube reporting unit. Additionally, the independent law firm’s investigation, referenced in the Company’s Form 12b-25 filing dated August 11, 2020, is complete. The investigation concluded that there was no evidence of intentional misconduct, bad faith or criminal acts. However, the Company’s analysis of its internal control over financial reporting is ongoing. The current delay in preparing and filing the Form 10-Q is due exclusively to this continuing analysis regarding internal control over financial reporting.
About Synalloy Corporation
Synalloy Corporation (Nasdaq: SYNL) is a growth oriented company that engages in a number of diverse business activities including the production of stainless steel and galvanized pipe and tube, the master distribution of seamless carbon pipe and tube, and the production of specialty chemicals. For more information about Synalloy Corporation, please visit our website at www.synalloy.com.
Forward-Looking Statements
This press release may include “forward-looking statements” within the meaning of the federal securities laws. All statements that are not historical facts are “forward-looking statements.” The words “estimate,” “project,” “intend,” “expect,” “believe,” “should,” “anticipate,” “hope,” “optimistic,” “plan,” “outlook,” “should,” “could,” “may” and similar expressions identify forward-looking statements. The forward-looking statements are subject to certain risks and uncertainties, including without limitation those identified below, which could cause actual results to differ materially from historical results or those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements. The following factors could cause actual results to differ materially from historical results or those anticipated: adverse economic conditions; the impact of competitive products and pricing; product demand and acceptance risks; raw material and other increased costs; raw materials availability; employee relations; ability to maintain workforce by hiring trained employees; labor efficiencies; customer delays or difficulties in the production of products; new fracking regulations; a prolonged decrease in oil and nickel prices; unforeseen delays in completing the integrations of acquisitions; risks associated with mergers, acquisitions, dispositions and other expansion activities; financial stability of our customers; environmental issues; unavailability of debt financing on acceptable terms and exposure to increased market interest rate risk; inability to comply with covenants and ratios required by our debt financing arrangements; ability to weather an economic downturn; loss of consumer or investor confidence and other risks detailed from time-to-time in the Company’s SEC filings. The Company assumes no obligation to update the information included in this release.
For more information about Synalloy Corporation, please visit our web site at www.synalloy.com.
Sally Cunningham at (804) 822-3267
AUSTIN, Texas--(BUSINESS WIRE)--HOLT Renewables provides solar design, engineering, procurement and construction to help customers achieve energy savings alongside their renewable energy goals. HOLT Companies formed HOLT Renewables, LLC after acquiring Performance Contracting INC Solar Energy (PCI Solar).
“HOLT has a heritage of innovation and believes in offering customers the highest level of quality, integrity and service,” explained HOLT CEO and General Manager Peter J. Holt. “We are excited to grow our capabilities and expertly service our clients by leveraging the prior experience, capability and passion of the HOLT Renewables team.”
Energy is one of the largest expenses for commercial clients, and solar is one of the most efficient ways to mitigate those costs. HOLT Renewables analyzes utility spend and use, assesses client facilities and feasibility, models financials, and secures engineering and procurement in order to help customers analyze and implement projects to meet their goals. HOLT Renewable’s team has decades of experience creating and constructing complex solar solutions for customers nationwide.
“We are encouraged by our partners who are focused on reducing emissions and saving money. Our team worked diligently to provide these companies with solutions to meet their needs,” explained Craig Alan Floyd, general manager of HOLT Renewables, LLC.
Toyota
Toyota will be working with HOLT Renewables on three separate facilities for a $9.3 million solar energy investment to help power manufacturing operations in Alabama, Missouri and West Virginia. The Huntsville, Ala. plant’s 3.3-acre solar array will generate 1.6 megawatts of solar-generated energy and reduce CO2 emissions at the plant by 1,732 metric tons annually. The project in Troy, Mo. will span 1.5 acres and generate 0.75 megawatts of solar-generated energy, reducing CO2 emissions by 750 metric tons annually. The Buffalo, W.Va. project will span six acres, generating 2.6 megawatts of energy and reducing CO2 emissions by 1,822 metric tons annually.
UniFirst
HOLT Renewables completed construction on a project with UniFirst in San Antonio. The project includes a 232.5 kilowatt (kW) rooftop solar system, which will offset more that 25 percent of UniFirst’s annual energy use. Once completed, the panels will save the company over $1 million in electricity over the next 30 years.
Hormel Foods
In Lathrop, Calif., HOLT Renewables and IGS Solar recently completed a project for Hormel Foods at their Swiss American Sausage Company facility. The project includes 2,016 365W modules in a roof and ground mount application that is projected to produce over 1,210.5 megawatt hours in its first year of operation.
Marcie Hernandez
210-630-5930
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SAN DIEGO--(BUSINESS WIRE)--TrellisWare Technologies, Inc. announced today that they have been awarded a contract from the Office of Naval Research (ONR) to build and test a new tropospheric scatter (troposcatter) radio prototype to address the Navy’s communications challenges. The ONR goal is to employ a robust Beyond Line of Sight (BLoS) troposcatter communications capability supporting mobile naval operations for both ship-to-ship and ship-to-shore links as an alternative to satellite communications (SATCOM).
TrellisWare’s prototype troposcatter radio will use a new waveform that has been optimized to maintain reliable and robust troposcatter communications, even in challenging and highly variable propagation conditions. This waveform was developed and successfully tested over-the-air between San Diego and Los Angeles County in late 2019 under a prior ONR contract to TrellisWare.
“TrellisWare has been working with ONR since 2017 to study the feasibility of mobile naval troposcatter communications,” said Marcus Urie, manager of technology development. “Over the last several years, the engineering team has done an excellent job evaluating the additional system complexities that will be required to maintain reliable troposcatter communications during mobile at-sea operations. Our team is excited to continue working with ONR to take the next step in the evolution of this naval capability.”
TrellisWare’s troposcatter radio will provide reliable over-the-horizon communication with significantly lower Size, Weight, and Power (SWaP) relative to traditional troposcatter capabilities. The combination of a more robust waveform with a lower SWaP terminal will enable better integration with antenna pointing (acquisition), tracking, and stabilization (PTS) techniques, leading the way for a mobile troposcatter capability.
As a leading provider of robust communications solutions for the Department of Defense (DoD), TrellisWare is well positioned to build and test a reliable solution for the Navy’s communications challenges. TrellisWare will validate the prototype troposcatter radio performance in over-the-air test and demonstration campaigns in late 2021.
About TrellisWare Technologies, Inc.
TrellisWare Technologies, Inc. is a global leader in highly advanced algorithms, waveforms, and communications systems that range from small form factor radio products to fully integrated solutions. Our TSM™ waveform is incorporated into a wide range of systems, including TrellisWare radios and trusted industry partner radios, as well as multiple government and commercial solutions. TrellisWare is delivering the next generation of communications for military and commercial markets When Nothing Else Works™. For more information on TrellisWare’s products and solutions, visit www.trellisware.com.
Media Contact: Tina Bachman
Marketing Communications Manager
TrellisWare Technologies, Inc.
PH: +1 858-753-1603
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LONDON--(BUSINESS WIRE)--#Globalshipbuildingmarket--Technavio has been monitoring the shipbuilding market and it is poised to grow by USD 14.36 billion during 2020-2024, progressing at a CAGR of almost 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please request Latest Free Sample Report on Covid-19 Impact
Frequently Asked Questions-
The market is concentrated, and the degree of concentration will accelerate during the forecast period. BAE Systems Plc, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Damen Shipyards Group, Fincantieri Spa, General Dynamics Corp., Huntington Ingalls Industries Inc., Hyundai Heavy Industries Holdings Co. Ltd., Oshima Shipbuilding Co. Ltd., Samsung Heavy Industries Co. Ltd., and Sumitomo Heavy Industries Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Increasing seaborne trading has been instrumental in driving the growth of the market. However, fluctuations in raw material prices might hamper market growth.
Shipbuilding market 2020-2024: Segmentation
Shipbuilding market is segmented as below:
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Shipbuilding market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our shipbuilding market report covers the following areas:
This study identifies the growing number of passenger cruise as one of the prime reasons driving the shipbuilding market growth during the next few years.
Shipbuilding market 2020-2024: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the shipbuilding market, including some of the vendors such as BAE Systems Plc, Daewoo Shipbuilding & Marine Engineering Co. Ltd., Damen Shipyards Group, Fincantieri Spa, General Dynamics Corp., Huntington Ingalls Industries Inc., Hyundai Heavy Industries Holdings Co. Ltd., Oshima Shipbuilding Co. Ltd., Samsung Heavy Industries Co. Ltd., and Sumitomo Heavy Industries Ltd. Backed with competitive intelligence and benchmarking, our research reports on the shipbuilding market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
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Shipbuilding market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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Website: www.technavio.com/
Paves the way for Advanced Monitoring System and Digital Twin-Ready Capabilities
ROANOKE, Va.--(BUSINESS WIRE)--#CETENA--Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced fiber optic-based technology, today announced that it has partnered with CETENA and GHT Photonics to help design, build and implement a full-scale, fiber-optic structural health monitoring system for the recently re-opened Polcevera Viaduct bridge, which is a critical traffic artery for the city of Genoa in northern Italy.
The innovative bridge, which is over a kilometer long featuring 19 spans, is equipped with an advanced health monitoring system based on a network of Luna’s HYPERION® measurement systems and advanced fiber optic sensors installed by Luna’s integration partner GHT photonics. The system will monitor the structural response of the bridge, as well as conditions including the number and weight of vehicles, water stagnation, weather and other important variables helpful for bridge monitoring, control and inspection. The sensors installed on the infrastructure will capture the data necessary to create a digital twin of the bridge, that reproduces all the viaduct’s physical characteristics, in real time.
“The re-building of this bridge was a national priority for Italy and stands as a symbol of progress for using our fiber in all smart infrastructures. Luna is proud to partner with disruptors like GHT Photonics and CETENA to work on this significant and historic project,” said Scott Graeff, President and Chief Executive Officer of Luna Innovations. “Our alliance has helped pave the way for innovative growth in how we operate, inspect, monitor and manage all infrastructure in the future.”
CETENA guided the development of groundbreaking software, Cymon, that connects to the Luna fiber-optic sensing system for data acquisition, analysis, and comparison with bridge design data and storage. “The goal of the structural monitoring system is to ensure that the condition of the bridge can be monitored closely, consistently and continuously,” said Paolo Ceni, CEO of CETENA. “By assessing in real-time the bridge conditions and correlating them with load factors, any maintenance or operational needs will be addressed swiftly so the working performance and safety of the structure and passengers will be ensured. In the next stage, acquired data will offer the possibility to construct a digital twin of the bridge and to review structural loads and environmental factors with augmented reality (AR) technology, in which CETENA has acquired deep experience in the maritime and naval simulation field.”
In order to meet the demanding requirements for micro seismic monitoring and operational modal analysis (OMA), Luna provided best-in-class fiber-optic interrogators and instrumented the entire bridge with an extensive network of fiber-optic accelerometers, the only optical solution available on the market that fit the project’s OMA requirements. Combined with Luna’s HYPERION® instrument platform, the os7500 family of accelerometers can be easily distributed and synchronized with other sensors. The fully fiber-optic solution, which forms the basis of an internal “nerve” network for the structure, was easily deployed across the large structure and is now ready to be centrally operated, producing data critical to the health and maintenance of the structure for decades to come.
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a leader in optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for the aerospace and automotive industries. Luna is organized into two business segments, which work closely together to turn ideas into products: a Lightwave segment and a Luna Labs segment. Luna’s business model is designed to accelerate the process of bringing new and innovative technologies to market.
About CETENA
CETENA SpA (www.cetena.it), is the engineering and technical consultancy and R&D center of Fincantieri Group, operating both in the traditional fields of maritime and naval engineering (structures, hydrodynamics, safety, sea trials, ship performances, …) and in transversal ones (monitoring systems, simulation and augmented reality environments, green energy technologies, air and underwater noise emission reduction).CETENA is organized into several Business Units working together to develop advanced consultancy services and products, based on knowledge, applied R&D, experimental laboratories and on-field experience.
Media Contact:
Jane Bailey
Phone: 540.525.0364
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GREENWOOD, S.C.--(BUSINESS WIRE)--#circulareconomy--Power management company Eaton today announced it has launched a new recycling program based out of its Emerald Road facility in Greenwood, South Carolina, that allows customers to responsibly dispose of aged, obsolete or damaged power capacitor units. The program includes onsite material pickup and supports any unit, regardless of age, original manufacturer or condition.
“At our site, we concentrate our efforts on several environmental variables within our direct control such as the materials we use, the efficiency of our equipment and the water and energy consumption at our plants,” said Gordon Pettersen, product manager, capacitors, Eaton. “Now we’re expanding our focus to include end-of-life management of equipment.”
The program was initiated after the team received customer interest in a recycling program, which aligns with Eaton’s broader effort to help its customers reach their sustainability goals. “It became very clear that this was something our customers were hungry for,” said Pettersen. “We started drilling down into what exactly customers wanted in a recycling service and received plenty of feedback around site pickup and the ability to recycle any unit. That’s how we designed our program.”
The capacitor unit recycling process will vary depending on the material, construction and age of the unit. Where applicable, recovery of capacitor dielectric fluid will be collected and introduced into re-refining operations to become an ingredient in oil-based products. Metals such as steel, stainless-steel, aluminum and internal wires will be sorted, shredded and melted and will undergo purification processes for future use in steel and non-ferrous goods manufacturing. And although some materials will be incinerated, this will only be used if the heat generated by incineration is collected and used to create more energy than was required for the incineration process.
This program is an example of how Eaton is driving the movement to a circular economy— one that is aimed at eliminating waste and making the best use of natural resources. It is also in alignment with Eaton’s recently announced sustainability goals, which include the company’s commitment to science-based targets and its intention to become carbon neutral in its operations by 2030. Over the same time period, Eaton also aims to certify 100 percent of its manufacturing facilities as zero waste-to-landfill—a designation Eaton sites earn when they achieve a landfill waste diversion rate of 98 percent or more through reuse, composting, recycling or other means. The Emerald Road facility in Greenwood reached zero waste-to-landfill status in 2018.
“We are excited to provide this recycling program as it truly fills a critical need within the industry,” said Randy Gazdecki, product line manager, capacitors, Eaton. “By leveraging our facility’s successes, we are able to offer a comprehensive program that completes the life cycle of our product.”
The Emerald Road facility in Greenwood produces capacitor units, switches, assembled equipment and network protector products for utilities and other industrial companies. It has 215 employees.
Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2019 revenues were $21.4 billion, and we sell products to customers in more than 175 countries. We have approximately 93,000 employees. For more information, visit www.eaton.com.
Margaret Hagan, 440-523-4343
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HOUSTON--(BUSINESS WIRE)--National Oilwell Varco, Inc. (the “Company”) (NYSE: NOV) announced today the closing of the previously announced cash tender offer (the “Tender Offer”) to purchase any and all of the outstanding 2.600% Senior Unsecured Notes due 2022 (the “Notes”) issued by the Company. The Tender Offer expired at 5:00 p.m., New York City time, on August 25, 2020 (the “Expiration Time”). The complete terms and conditions of the Tender Offer were set forth in an Offer to Purchase, dated August 19, 2020 (the “Offer to Purchase”), and the related Notice of Guaranteed Delivery.
As of the Expiration Time, $217,068,000 aggregate principal amount of Notes had been validly tendered and not validly withdrawn. This amount excludes $2,963,000 aggregate principal amount of the Notes expected to be tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase. Notes tendered pursuant to the guaranteed delivery procedures must be provided no later than 5:00 p.m., New York City time, on August 27, 2020.
The Company has accepted for payment all the Notes validly tendered and not validly withdrawn prior to the Expiration Time and, in accordance with the terms of the Offer to Purchase, has paid all holders of such Notes $1,035 per $1,000 principal amount of Notes tendered plus accrued and unpaid interest from the last interest payment date to, but not including, today, August 26, 2020 (the “Payment Date”). The Company intends to accept for payment all of the Notes that are tendered pursuant to the guaranteed delivery procedures. Payment for Notes validly tendered pursuant to the guaranteed delivery procedures is expected to be made on August 28, 2020, as described in the Offer to Purchase.
The Company funded the purchase of the Notes with cash on hand. Barclays Capital Inc. and J.P. Morgan Securities LLC acted as dealer managers for the Tender Offer. D.F. King & Co., Inc. was the information agent and tender agent for the Tender Offer.
About NOV
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. Information on the Company’s website is not part of this release.
Cautionary Notice Regarding Forward-Looking Statements
Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and may involve risks and uncertainties. Such statements include plans, projections and estimates regarding the completion of the Tender Offer. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including prevailing market conditions and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Readers are referred to documents filed by NOV with the SEC, including the Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which identify significant risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to update forward-looking statements, except as required by law.
Blake McCarthy
(713) 815-3535
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