HOUSTON--(BUSINESS WIRE)--#LNG--NextDecade Corporation (NextDecade) (NASDAQ: NEXT) today announced that it has completed a competitive bid and contracting process and has selected Great Lakes Dredge & Dock Corporation (Great Lakes) (NASDAQ: GLDD) to perform essential improvements to the Brownsville Ship Channel (Channel).
These improvements, which include deepening the Channel, will enhance commercial navigation into and out of the Port of Brownsville, ensuring the safe and reliable access of LNG carriers to NextDecade’s Rio Grande LNG facility and optimizing the ability of shallower draft traffic to pass LNG carriers in either direction in accordance with U.S. Coast Guard guidelines. NextDecade, in coordination with the Port of Brownsville, has completed the permitting process for the project activities within the scope of the Dredge and Disposal Construction Agreement (DDCA) announced today.
The DDCA is consistent with NextDecade’s overall Rio Grande LNG construction budget and timeline and features provisions that enable efficient sequencing and coordination with Rio Grande LNG project development activities pursuant to engineering, procurement, and construction contracts executed with Bechtel Oil, Gas & Chemicals in May 2019.
“We have finalized our contract for channel improvements with Great Lakes Dredge & Dock, the nation’s largest provider of marine dredging services,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “These improvements, to be completed without the use of public funds, will benefit existing Port tenants and pave the way for future development of the Port of Brownsville. As we continue to advance our development activities, we are pleased to demonstrate our continued commitment to the Port, to Cameron County, and to the entire Rio Grande Valley.”
“Great Lakes looks forward to partnering with NextDecade on this important project,” said Lasse Petterson, Great Lakes’ President and Chief Executive Officer. “Great Lakes’ extensive dredging experience, proven track record for successful completion of similar projects, and emphasis on safe work performance uniquely qualifies Great Lakes for this work. We are encouraged by the project’s commitment to the Port of Brownsville and we look forward to supporting this effort during our dredging program. This will be the largest project ever undertaken by Great Lakes and we anticipate adding this project to backlog once a Notice to Proceed is received.”
About NextDecade Corporation
NextDecade Corporation (NextDecade) is a liquefied natural gas (LNG) development company focused on LNG export projects. NextDecade is developing the largest LNG export solution linking Permian Basin and Eagle Ford Shale natural gas to the global LNG market, creating value for producers, customers, and stockholders. Its portfolio of LNG projects includes the 27 mtpa Rio Grande LNG export facility in the Port of Brownsville, Texas. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, visit www.next-decade.com.
About Great Lakes Dredge & Dock Corporation
Great Lakes Dredge & Dock Corporation (Great Lakes) is the largest provider of dredging services in the United States. In addition, Great Lakes has a long history of performing significant international projects. Great Lakes employs experienced civil, ocean and mechanical engineering staff in its estimating, production, and project management functions. In its over 130-year history, Great Lakes has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of over 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through company operations. Great Lakes’ Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the company’s culture. Great Lakes’ commitment to the IIF® culture promotes a work environment where employee safety is paramount.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on NextDecade’s current assumptions, expectations, and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about progress in the development of NextDecade’s LNG liquefaction and export projects and the timing of that progress; NextDecade’s final investment decision (“FID”) in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the “Terminal”) and the timing of that decision; the successful completion of the Terminal by third-party contractors and an approximately 137-mile pipeline to supply gas to the Terminal being developed by a third-party; NextDecade’s ability to secure additional debt and equity financing in the future to complete the Terminal; the accuracy of estimated costs for the Terminal; statements that the Terminal, when completed, will have certain characteristics, including amounts of liquefaction capacities; the development risks, operational hazards, regulatory approvals applicable to the Terminal’s and the third-party pipeline's construction and operations activities; NextDecade’s anticipated competitive advantage and technological innovation which may render its anticipated competitive advantage obsolete; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG industry, including environmental laws and regulations that impose significant compliance costs and liabilities; the 2019 novel coronavirus pandemic and its impact on NextDecade’s business and operating results, including any disruptions in NextDecade’s operations or development of the Terminal and the health and safety of NextDecade’s employees, and on NextDecade’s customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade’s ability to maintain the listing of its securities on a securities exchange or quotation medium; changes adversely affecting the business in which NextDecade is engaged; management of growth; general economic conditions; NextDecade’s ability to generate cash; compliance with environmental laws and regulations; the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s Annual Report on Form 10-K for the year ended December 31, 2019 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference.
Additionally, any development of the Terminal remains contingent upon completing required commercial agreements, acquiring all necessary permits and approval, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.
NextDecade
Patrick Hughes
+1-832-209-8131
Great Lakes
Tina Baginskis
+1-630-574-3024
Acquisition of Energenix makes Veolia North America’s SourceOne the leading meter services provider in Greater Boston
BOSTON--(BUSINESS WIRE)--Representing a growth strategy focused on clean energy, Veolia North America, through its energy subsidiary, SourceOne Inc., has acquired Energenix, a Boston-based utility meter reading and billing service that provides services throughout Eastern Massachusetts.
The acquisition makes Veolia North America the leading provider of meter reading and billing services in the Northeast, with a portfolio of over 700 buildings and 200 customers. The offering represents a key component of the company’s growth strategy to provide advanced energy management technologies and programs to building owners, facilities managers and energy consumers throughout the region.
Energenix was created in 1994 by Guy Machnes, a former electrician who identified the need for efficient meter-reading services and steadily expanded the business over the past 26 years. Machnes recognized that in SourceOne he had found an experienced partner with the capabilities to offer technological advances and added services that will enhance the Energenix customer’s experience. SourceOne’s expertise in engineering services, design, implementation and maintenance of metering systems for a variety of utilities adds intrinsic value to the offering.
“We are excited to welcome Energenix into the SourceOne family,” said Matt Madeksza, Veolia North America President and CEO. “With this acquisition, we are strengthening our position as a trusted provider of energy services where innovation and vision lead to greater efficiency and sustainability.”
About Veolia North America
A subsidiary of Veolia group, Veolia North America (VNA) offers a full spectrum of water, waste and energy management services, including water and wastewater treatment, commercial and hazardous waste collection and disposal, heating and cooling networks, energy consulting and resource recovery. VNA helps commercial, industrial, healthcare, higher education and municipality customers throughout North America. Headquartered in Boston, Mass., Veolia North America has more than 7,000 employees working at more than 150 locations across the continent. www.veolianorthamerica.com
About Veolia
Veolia group is the global leader in optimized resource management. With nearly 179,000 employees worldwide, the Group designs and provides water, waste and energy management solutions which contribute to the sustainable development of communities and industries. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and to replenish them. In 2019, the Veolia group supplied 98 million people with drinking water and 67 million people with wastewater service, produced nearly 45 million megawatt hours of energy and treated 50 million metric tons of waste. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €27.189 billion in 2019 (USD 29.9 billion). www.veolia.com
Matt Burgard
(203) 859-4168
This email address is being protected from spambots. You need JavaScript enabled to view it.
~Greenlane continuing to demonstrate robust growth with record revenue up 30% and sales order backlog up over 350% over the same period last year~
VANCOUVER, British Columbia--(BUSINESS WIRE)--$GRN #RNG--Greenlane Renewables Inc. (“Greenlane” or the “Company”) (TSXV: GRN), today announced its interim financial results for the third quarter ended September 30, 2020. For further information on these results, please see Greenlane’s Condensed Consolidated Interim Financial Statements and Management Discussion and Analysis. All amounts are in Canadian dollars and in accordance with IFRS.
Third Quarter Highlights Include:
“Our record revenue this quarter was the result of conversion of our rapidly growing sales order backlog into the revenue line through execution of our customer contracts,” said Brad Douville, President and CEO of Greenlane. “From Q1 2020, our quarterly revenues have ramped sequentially on average by 50%. This is consistent with the growth rate of our sales order backlog since Q3 of 2019. Sales order backlog growth precedes revenue growth.”
“Our sales pipeline, which feeds our sales order backlog, currently stands at over $690 million and continues to expand year-over-year, which provides more evidence of a growing global focus on the low-carbon energy transition. We’ve been able to achieve these milestones through the hard work of the Greenlane team and the support of our trusted supply chain partners around the world.”
“We continue to have success converting opportunities into contract wins, as our sales order backlog has grown. Our signed agreement with the SWEN Impact Fund for Transition announced during the quarter puts Greenlane in an enviable and unique position in the European market, and we remain optimistic on a strong finish to 2020 as we started off the fourth quarter with a new repeat-customer system supply contract for a Brightmark RNG project in Florida. Chevron’s joint venture with Brightmark further demonstrates the increasing pull by the oil majors to secure attractive RNG offtake in the market including making the necessary project investments. With visibility to more than 180 project opportunities globally, proposed or proceeding, Greenlane remains well positioned to capture a growing share of the RNG value chain as a leading technology and solutions provider.”
The Company’s revenues are largely derived from a relatively small number of large biogas upgrader orders accounted for on a stage of completion basis over typically a nine to eighteen-month period. Timing of new contract awards varies due to customer-related factors such as finalizing technical specifications and securing project funding, permits and RNG off-take and feedstock agreements. Some projects have built-in pause periods to allow customers to complete concurrent activities such as civil work. As a result, the Company’s revenue varies from month to month and quarter-to-quarter.
The Market Outlook
While uncertainty remains with respect to the COVID-19 pandemic and its ongoing impact on global economies, the energy transition is here to stay and will play a meaningful and growing part in countries’ efforts to stimulate their economies while tackling climate change and moving toward a decarbonized future.
The European Union recently released its Methane Strategy, which recognizes the pivotal role of biogas and biomethane in accelerating the reduction of methane emissions from agriculture in Europe and achieving climate-neutrality by 2050. Capturing the methane from agricultural waste, which it estimates is responsible for over half of methane emissions within the Union, not only will play a fundamental role in decarbonizing Europe but will also provide a boost to struggling rural development through the production of biogas and RNG.
Commercial vehicle fleets continue to announce the switch to RNG as an alternative to diesel fuel. According to NGV America and the Coalition for Renewable Natural Gas, in the United States and Canada there are 110 RNG production facilities in operation, 40 under construction and 58 in development and RNG use as a transportation fuel has grown at a 30% compound annual growth rate over the five year period from 2015 through 2019 to reach 39% of all on-road fuel used in natural gas vehicles.
Global oil and gas supermajors are rapidly moving to adopt decarbonization strategies and increase renewable and low carbon energy sources within their respective portfolios, including RNG. Earlier in 2020, Royal Dutch Shell, BP and Total all announced their respective net zero by 2050 ambitions. In July 2020, Shell entered into an agreement with Denmark’s Nature Energy to buy RNG, described as the largest deal of its kind, to provide a range of lower-carbon energy choices for its customers across Europe. In September 2020, BP provided a deep dive on its net zero by 2050 strategy to the investment community, which highlighted that BP is already one of the largest suppliers of RNG to the US transportation sector through its Mavrix joint venture with Aria Energy and supply agreement with Clean Energy Fuels Corp, and that in June 2020 Mavrix agreed to its first dairy manure development with three farms in the Central Valley of California. According to the European Biogas Association, in September 2020 Total S.A revealed a new global business unit dedicated to biogas and biomethane production. In July 2020, Chevron announced its Adopt-a-Port initiative, partnering with Clean Energy Fuels, that provides truck operators serving the ports of Los Angeles and Long Beach with clean, carbon-negative RNG. In October 2020, Chevron announced the formation of a joint venture with Brightmark LLC to own projects across the United States to produce RNG from dairy farms where Chevron will purchase the RNG from these projects and market the volumes for use in vehicles operating on compressed natural gas.
Conference Call
The public is invited to listen to the conference call in real time by telephone. To access the conference call by telephone, please dial: 1-800-319-4610 (Canada & USA toll-free) or 604-638-5340. Callers should dial in 5-10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call.
Shortly after the conference call, the replay will be archived on the Greenlane Renewables website and replay will be available in streaming audio and a downloadable MP3 file.
NON-IFRS FINANCIAL MEASURES
Management evaluates the Company’s performance using a variety of measures, including “Adjusted EBITDA” and “sales order backlog”. The non-IFRS measures should not be considered as an alternative to or more meaningful than revenue or net loss. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. The Company believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company. Management uses these and other non-IFRS financial measures to exclude the impact of certain expenses and income that must be recognized under IFRS when analyzing consolidated underlying operating performance, as the excluded items are not necessarily reflective of the Company’s underlying operating performance and make comparisons of underlying financial performance between periods difficult. From time to time, the Company may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.
*Reconciliation of net loss to Adjusted EBITDA loss
|
Three months ended
|
Three months ended
|
|
Net income (loss) |
743 |
(1,750) |
|
Add back: |
|
|
|
Share based compensation |
152 |
215 |
|
Depreciation and amortization |
383 |
361 |
|
Finance expense |
101 |
198 |
|
Gain on extinguishment of promissory note |
(1,777) |
- |
|
Foreign exchange loss |
199 |
15 |
|
Change in fair value of special warrants |
- |
(249) |
|
Transaction costs |
- |
350 |
|
Adjusted EBITDA loss |
(199) |
(860) |
Note one - Sales order backlog refers to the balance of unrecognized revenue from contracted projects, where such revenue is recognized over time as completion of projects progress.
Note two - Greenlane maintains a sales pipeline of prospective projects that it updates regularly based on quote activity to ensure that it is reflective of sales opportunities that can convert into orders within approximately a rolling 24 month time horizon. Not all of these potential projects will proceed or proceed within the expected timeframe and not all of the projects that do proceed will be awarded to Greenlane. Additions to the amount in the sales pipeline come from situations where the Company provides a quote on a prospective project and reductions to the sales pipeline arise when the Company loses a prospective project to a competitor, a project does not proceed or, where a quote in the pipeline is converted to Greenlane’s sales order backlog.
Note three - The sales order backlog of $43.8 million disclosed for the quarter ended September 30, 2020 includes the $7.7 million Brightmark contract announced in early October.
All filings related to the third quarter ended September 30, 2020 are available on SEDAR at www.sedar.com.
About Greenlane Renewables
Greenlane is cleaning up two of the largest and most difficult-to-decarbonize sectors of the global energy system: the natural gas grid and the transportation sector. As a leading global provider of biogas upgrading systems, Greenlane’s solutions create clean, low-carbon renewable natural gas (RNG), suitable for injection into the natural gas grid and for direct use as vehicle fuel. Our systems, marketed and sold under the Greenlane Biogas™ brand, remove impurities and separate carbon dioxide from biomethane in the raw biogas created from organic waste at landfills, wastewater treatment plants, farms and food waste facilities. With multiple core technologies, more than 110 systems deployed in 18 countries and counting, and 30+ years’ experience, Greenlane finds the right solution, whatever the specific project requirements. Whether we’re working with waste producers, gas utilities, or project developers, we’re doing more with biogas, helping to turn a low-value product into a high-value renewable resource. For further information, please visit www.greenlanerenewables.com.
FORWARD-LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. The forward-looking information contained in this press release, includes, but is not limited to, Greenlane’s position within the European market, Greenlane’s expected financial performance for 2020, Greenlane’s role in countries’ efforts to stimulate their economies while tackling climate change and moving toward a decarbonized future, Greenlane’s market outlook including capturing methane from agricultural waste playing a fundamental role in decarbonizing Europe and improving rural development through biogas and RNG production, the amount invested in increasing California state RNG supply and the timing of RNG production facilities becoming operational, Greenlane’s position to capture a growing share of the RNG value chain as leading industry provider of biogas upgrading and project development solutions and Greenlane’s order backlog and sales pipeline. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of future growth, results of operations, operational matters, historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: risks relating to Greenlane’s expected position within the European market, Greenlane’s financial performance of 2020, Greenlane having a role in economies working towards combating climate change, Greenlane’s market outlook, Greenlane’s market share of the RNG value chain, Greenlane as a leading biogas upgrading and project development solutions provider, Greenlane’s order backlog being recognized in revenue and Greenlane’s sales pipeline resulting in orders. Additional risk factors can also be found in the Company's Annual Information Form, which has been filed under the Company's SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
FINANCIAL OUTLOOK INFORMATION – This news release contains “financial outlook information” regarding Greenlane’s prospective revenue and results, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above. Revenue and other estimates contained in this news release were made by Greenlane management as of the date of this news release and are provided for the purpose of describing anticipated changes, and are not an estimate of profitability or any other measure of financial performance. Investors are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. THE COMPANY QUALIFIES ALL THE FORWARD LOOKING STATEMENTS AND FINANCIAL OUTLOOK INFORMATION CONTAINED IN THIS NEWS RELEASE BY THE FOREGOING CAUTIONARY STATEMENTS.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this news release.
Incite Capital Markets
Eric Negraeff / Darren Seed
Greenlane Renewables Inc.
Brad Douville, President & CEO,
Ph: 604.493.2004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
New CarPlay compatibility brings essential charging data into the vehicle, making the experience for drivers easier and more seamless
CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint, one of the world’s largest electric vehicle (EV) charging networks, now works with Apple CarPlay, taking another step towards making the transition to electric mobility more seamless for drivers. This new integration brings essential EV charging data inside the vehicle, allowing drivers to easily access charging information directly from their vehicle’s infotainment system. Beginning today, drivers will be able to find nearby chargers, check station status, start a session, navigate to a station and more, without the need to pick up their iPhone while in transit. The announcement comes on the heels of the addition of several new features available to Apple users including Dark Mode, Apple Watch compatibility, and a new ChargePoint widget in Today View for iPhone where drivers can find nearby stations or check real-time charging status.
“The shift to electric mobility is transforming the driver experience, and ChargePoint’s integration with CarPlay is another pivotal step in the evolution already underway, driven by software and increased connectivity,” said Bill Loewenthal, Senior Vice President, Product, ChargePoint. “By integrating essential charging data directly into the vehicle’s infotainment system, drivers are even more empowered and informed than ever. With the ability to connect their phone directly with the vehicle through CarPlay, drivers now have access to ChargePoint app information right on the vehicle display. The seamless connection between the app and vehicle represents the next step in how drivers and passengers will experience mobility in the future, accelerated by the global shift to electric drive.”
ChargePoint compatibility with CarPlay offers a level of connectivity not previously available. By simply connecting a device updated to iOS 14 or above to a CarPlay-equipped vehicle, drivers will be able to easily begin accessing charging information from the in-vehicle display. With the ChargePoint app in the CarPlay experience, drivers will have access to information available in the ChargePoint app, but now integrated with the in-dash infotainment system. With CarPlay, drivers will be able to see a map with nearby stations, check station status, select the station list for more information, and start a charging session. In addition, drivers will be able to filter stations based on speed of the charger, cost, availability and plug type, find recent stations, access favorite charging spots and join waitlist all directly from the vehicle.
This integration with Apple CarPlay underscores ChargePoint’s decade-plus commitment to enhancing the experience for drivers and businesses to help enable the future of electric mobility.
About ChargePoint
ChargePoint is creating the new fueling network to move all people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric, with one of the largest EV charging networks and most complete set of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware is designed internally and includes options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and fleets of all kinds. Today, one ChargePoint account provides access to hundreds of thousands of places to charge throughout North America and Europe with drivers plugging in to the ChargePoint network approximately every two seconds while delivering more than 84 million charges. For more information, visit the ChargePoint pressroom or contact the This email address is being protected from spambots. You need JavaScript enabled to view it. or the This email address is being protected from spambots. You need JavaScript enabled to view it..
ChargePoint:
Darryll Harrison, Sr. Director, Global Communications and Social Media
(o) 669-237-3380
(c) 562-250-4720
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HOUSTON--(BUSINESS WIRE)--ADS Services, LLC (“ADS” or the “Company”), a Black Bay Energy Capital (“Black Bay”) portfolio company, is pleased to announce the acquisition of the PowerChokes™ business unit ("PowerChokes™") from Expro Americas LLC, a part of the Expro Group (“Expro”).
ADS is the Permian Basin leader for cost-effective, reliable, safe, and fully traceable managed pressure drilling (“MPD”) systems. The acquisition of PowerChokes™ significantly enhances the ADS geographic footprint, technology portfolio, and asset base. ADS can now provide the industry's most economical, autonomous, and compact MPD offering as part of their comprehensive, bundled services. The Company has recently opened the industry’s only dynamic MPD testing and training school, including a high-capacity and high-pressure flow loop. This facility will be open to clients in early 2021 for training of E&P operator staff, rig and wellsite personnel on the systems and procedures used for managed pressure drilling and dynamic well control.
Charlie Orbell, President & CEO of ADS, said, “For over two decades, PowerChokes™ has been the premier provider of well control chokes, pressure relief systems and premium MPD equipment. ADS is thrilled to combine the PowerChokes™ team, manufacturing and sales capabilities, and intellectual property portfolio with ADS’ existing next-generation approach to the managed pressure drilling market. The MPD & pressure control sector needs improved automation and rig control system integration, and this acquisition enables ADS to be the clear market leader.”
The PowerChokes™ business unit consists of pressure control-related product sales and service, along with a rental offering of well control and MPD equipment. PowerChokes™ product sales and services are provided for various domestic, offshore, and international drilling markets, and will soon be introducing new products for the completion and production pressure control markets.
“By combining the ADS platform with PowerChokes’™ unique sales footprint and intellectual property portfolio, Charlie and the team can provide the drilling market with fully integrated, lower-cost, and safer pressure control solutions. The combined ADS and PowerChokes™’ team will deliver the next step-change towards automated well control for the onshore US, offshore, and international markets,” said Tom Ambrose, Partner of Black Bay.
In addition to acquiring the PowerChokes™ business unit, ADS and Expro are establishing an international partnership agreement to provide value-added MPD services in several regions around the world. Keith Palmer, Expro’s Product Line Executive Vice President, said, “Since Expro acquired PowerChokes 14 years ago, it has grown to be a well-established and recognized brand in its own right. This is a positive step forward for both Expro and ADS, and I am excited to collaborate on projects in the future where we can utilize our specific resources and skills both domestically and internationally.”
Fishman Haygood acted as legal counsel to ADS and Black Bay.
About ADS Services
ADS has established a highly skilled team of pressure-control professionals to deliver premium and innovative managed pressure drilling and well control solutions to the oil and gas industry. Based in Midland and Houston, the Company has a presence in the key US shale plays and provides products and services for the offshore and international markets. ADS recently opened the industry’s first managed pressure drilling technical training school, at its Odessa, TX manufacturing facility. The Company partnered with Black Bay Energy Capital in 2017 to expand its product suite and customer base, with particular emphasis on growth in the high-pressure drilling markets in the Permian Basin.
For more information, please visit: www.adsmpd.com
About Black Bay Energy Capital
Black Bay Energy Capital (“Black Bay”) is an energy private equity firm focused on the North American oilfield service sector. Black Bay invests equity capital in businesses managed by talented entrepreneurs that provide a differentiated product or service to the industry. Black Bay's investment strategy and success stem from the more than 75 years its investment professionals have been working day-to-day with great teams and building high-growth oilfield service companies. Black Bay spends every day collaborating with successful, driven oilfield management teams and has the experience to know what it takes to be successful.
For more information, please visit: www.blackbayenergy.com
About Expro Group
Expro is the well flow optimization expert. Combining innovative disruptive technology with high quality data across well testing, subsea well access, well intervention and production services, delivering a service that’s not just state of the art but highly accurate.
For more information, please visit: www.exprogroup.com
ADS Services, LLC
Charlie Orbell
(432) 218-4700
Black Bay Energy Capital, LLC
Tom Ambrose
(504) 227-3020
Expro Group
Hannah Rumbles
(+44) 7740 377 269
Tier-one automotive supplier shortens cycle time, improves standardized work adherence on assembly line that was previously considered optimized
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Drishti Technologies, Inc. (Drishti), whose AI-powered production technology uses video analytics, data and insights to bring significant benefits to manufacturers and their employees, today announced that it has successfully concluded a 10-week proof of concept deployment with HELLA (FRA:HLE), a tier-one automotive supplier with a large global footprint.
HELLA, which is an advanced manufacturing company with disciplined adherence to lean principles, deployed 12 Drishti cameras on an automotive component assembly line in Guanajuato, Mexico. Because HELLA has established a lean philosophy throughout the organization since 2007, the selected assembly line was already a high-performing line in the company. HELLA was intrigued by Drishti’s AI-powered production solution and challenged the company to find opportunities for improvement, even though the line was already considered optimized based on state-of-the-art, non-AI lean methodologies.
Using Drishti Trace, which allows manufacturers to use live and recorded video to learn from what has happened, and Drishti Flow, which adds AI to provide assembly data that lets manufacturers closely monitor and rapidly improve performance, the HELLA team and Drishti jointly identified a number of potential improvements. In some instances, HELLA engineers were able to verify adherence to standardized work and implement improvements to the standardized work to reduce process delays and microstops.
“Standardized work is the foundation of our assembly operations, and finding opportunities to improve adherence has the potential to significantly boost our productivity,” said Marcos Aurelio Alves Junior, operational excellence and industrial engineering manager at HELLA Mexico.
Alves and his team used the AI-generated data points in Drishti’s Portal to pinpoint statistical outliers, cycles that took significantly more or less time than the others. Because of the sheer volume of cycle time data Drishti provides, these outliers were clear indicators that attention was required.
“Drishti Trace lets anyone with access to the Portal go back in time and see exactly what happened on the factory floor,” said Alves. “It solves a number of questions about what happened in the past, making the process to identify deviations shorter and us more assertive in attacking the correct outliers in our histograms. And it’s particularly useful during the coronavirus because it doesn’t require our team to travel to the site to know what’s happening.”
At the conclusion of the 10-week deployment, HELLA saw a significant improvement in productivity on the assembly line. A broader Drishti deployment is currently in the works.
“Drishti’s technology uniquely provides us with information about what’s happening on the factory floor, now and in the past, wherever we are,” said Michael Hammoud, vice president of operations, HELLA. “It helps us support our lean practices with data, and use the information we get from the cameras and AI to train our operators, improving their productivity and job satisfaction at the same time. It’s a win-win for the company and our employees.”
For more information on Drishti, visit Drishti.com.
About Drishti Technologies
Drishti’s mission is to extend human capabilities in an increasingly automated world. Its AI-powered video analytics technology provides visibility and insights that transform the pace and impact of manual assembly line improvement. Manufacturers use Drishti to anchor true digital transformation, driving sweeping improvements in quality costs, efficiency gains and time-to-proficiency for line associate training. And line associates rely on Drishti to be more consistent and efficient, becoming even more valuable on the factory floor. In 2019, Drishti was selected by the World Economic Forum as a Technology Pioneer; in 2020, Drishti was named to the Forbes AI 50 and a Top 5 AI Company in North America by NVIDIA. For more information, visit Drishti.com.
Erin D. Caldwell, This email address is being protected from spambots. You need JavaScript enabled to view it., 585-329-6479
HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced the net profits interest calculation for November 2020. The net profits interest calculation represents reported oil production for the month of August 2020 and reported natural gas production during July 2020. The calculation includes accrued costs incurred in September 2020.
This month, excluding prior net profits interest shortfalls, income from the distributable net profits interest this month would have been approximately $0.1 million. As a result of the cumulative outstanding net profits shortfall of approximately $2.0 million, however, no distribution will be paid to the Trust’s unitholders of record on November 30, 2020 in December 2020. Distributions to the Trust will resume once the cumulative net profits shortfall, which now totals approximately $1.8 million, is eliminated.
The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations. The amounts in the table have not been adjusted to reflect temporarily delayed sales and shut-in oil volumes discussed below.
|
|
Underlying Sales Volumes |
|
|
Average Price |
|||||||||||||||
|
|
Oil |
|
|
Natural Gas |
|
|
Oil |
|
|
Natural Gas |
|||||||||
|
|
Bbls |
|
|
Bbls/D |
|
|
Mcf |
|
|
Mcf/D |
|
|
(per Bbl) |
|
|
(per Mcf) |
|||
Current Month |
|
43,598 |
|
1,406 |
|
337,966 |
|
10,902 |
|
$ |
39.84 |
|
$ |
1.45 |
||||||
Prior Month |
|
54,070 |
|
1,744 |
|
465,732 |
|
15,524 |
|
$ |
35.70 |
|
$ |
1.23 |
||||||
Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $1.7 million for the current month on realized wellhead prices of $39.84/Bbl, down $0.2 million from the prior month distribution period.
Recorded natural gas cash receipts from the Underlying Properties totaled $0.5 million for the current month, a decrease of $0.1 million from the prior month’s distribution period.
Total accrued operating expenses for the period were $2.0 million, a $0.3 million decrease month-over-month from October 2020 primarily due to the decrease in recorded production. Capital expenditures, which were less than $0.1 million, remained consistent with the prior month.
The remaining cumulative shortfall in net profits for the prior months will be deducted from any net profits in next month’s net profits interest calculation. At this time based on current commodity prices, COERT Holdings 1 LLC (the “Sponsor”) anticipates that the Underlying Properties will continue to generate positive net profits to reduce the cumulative shortfall before returning to monthly distributions again.
About Permianville Royalty Trust
Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.
Forward-Looking Statements and Cautionary Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expected expenses, including capital expenditures, and expectations regarding the ability of the Underlying Properties to continue to generate positive net profits before returning to monthly distributions. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have declined since the beginning of 2020 in response to the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, resulting in an oversupply of crude oil and exacerbating the decline in crude oil prices, and could remain low for an extended period of time. Continued low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2019 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 16, 2020, and the Trust’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, filed with the SEC on November 6, 2020. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.
Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555
Companies big and small are running out of time to collect Chinese tariff relief with nearing deadline
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Global logistics company C.H. Robinson, revealed today that U.S. companies importing from China could be missing out on more than a billion dollars in refunds via Section 301 tariff exclusions. The vast majority of these refund opportunities, which have continued to be updated since 301 tariffs were implemented as a result of the U.S.-China trade war, are set to expire Dec. 31. With two-thirds of Chinese imported goods subject to 301 tariffs, businesses both large and small may be leaving millions on the table if they don’t take action.
Since 301 tariffs were implemented in 2018, C.H. Robinson has identified potential savings for its customers of roughly $980 million related to exclusion refunds, with 96% of them being product-specific which require a more complex, time-consuming analysis for qualification. The company has already assisted hundreds of U.S. importers in navigating the complexity of these tariffs and exclusions along with providing duty recovery and compliance consulting.
“The U.S.-China trade war has added another layer of complexity to what has been a challenging global transportation market over the past year,” said Mike Short, President of Global Forwarding at C.H. Robinson. “As we have consulted with businesses of all sizes, it’s clear that the biggest barriers to duty recovery for these companies are a lack of time, data, and expertise to navigate the complex and lengthy application process. With our global suite of services and technology built by and for supply chain experts, we help customers cut through the clutter, save time by automating processes, and maximize refund potential. This is especially important now as the pandemic has so many businesses seeking cost savings.”
C.H. Robinson is providing expertise companies can rely on and shaving off critical time in a complex and lengthy refund recovery process so that companies can focus on maximizing operations while still accessing savings for which they qualify. On their own, a U.S. importer would first need to see if their Harmonized Tariff Schedule (HTS) codes qualify for any one of the specific 301 exclusions and then go through the time-consuming act of comparing their specific products against the product-specific exclusions. With its global trade experts and single, multimodal, global technology platform Navisphere®, C.H. Robinson reduces this time-intensive process by running data comparisons and analysis that delivers strategic recommendations to maximize refund potential for its customers.
Throughout the trade war and the onset of the pandemic – which accelerated the rate of exclusion updates – C.H. Robinson has helped companies of all sizes submit for hundreds of millions in savings. To give one example, C.H. Robinson assisted Wheel Pros, a large wheel design and distribution company, in submitting for a significant refund.
“It was great to work alongside C.H. Robinson’s team as we navigate a challenging global trade climate,” said Holly Smith, Director of Logistics at Wheel Pros. “Not only have they saved us many hours of work via their technology and global trade expertise and been a trusted partner in navigating compliance issues, but they helped us successfully uncover and submit for a substantial refund.”
To help even more customers navigate the latest tariff challenges and opportunities, C.H. Robinson announced today the launch of Trade & Tariff Insights, which is a digital one-stop-shop for ongoing updates and insights on the latest in trade issues.
“The Trade & Tariff Insights hub is like having your very own global trade concierge service with weekly updates on the changing global trade marketplace along with custom insights and commentary from our leading global trade experts to help you make sense of it all,” said Short. “As one of the world’s largest global logistics platforms, we are dedicated to using our information advantage to help our customers solve complex global logistics challenges, including ever-changing trade issues, so they can focus on operating their business.”
Visit Trade & Tariffs Insights or connect with an expert to explore refund potential for 301 tariffs ahead of the Dec. 31 exclusion deadline.
About C.H. Robinson
C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With nearly $20 billion in freight under management and 18 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our more than 119,000 customers and 78,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at http://www.chrobinson.com (Nasdaq: CHRW).
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LONDON & PARIS & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) has received a Notice to Proceed for a major(1) Engineering, Procurement, and Construction (EPC) contract by Sempra LNG and Infraestructura Energética Nova, S.A.B. de C.V. (IEnova) at their Energía Costa Azul (ECA) liquefied natural gas (LNG) facility in Baja California, Mexico. The project will add a natural gas liquefaction facility with nameplate capacity of 3.25 Mtpa(2) to the existing regasification terminal using a compact and high efficiency mid-scale LNG design.
This addition will allow for natural gas liquefaction and LNG export capability at the ECA LNG facility, which has been operating as a regasification terminal since 2008. ECA LNG is one of Sempra LNG’s strategically located natural gas liquefaction infrastructure projects currently in development in North America.
TechnipFMC has been involved in this project since 2017, including the delivery of the FEED(3).
Arnaud Pieton, President of Technip Energies, stated: “We are very pleased to have been selected by Sempra LNG and IEnova for this strategic development. This project is fully aligned with our selective approach through very early stage involvement. We look forward to bringing our global project execution capabilities and our extensive LNG track record to this exciting project. LNG plays a major role in the energy transition, and we are proud to leverage our expertise to support this journey.”
(1) |
For TechnipFMC, a “major” contract is over $1.0 billion. |
|
(2) |
Mtpa = Million tons per annum |
|
(3) |
FEED: Front End Engineering Design |
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “believe”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a global leader in the energy industry; delivering projects, products, technologies and services. With our proprietary technologies and production systems, integrated expertise, and comprehensive solutions, we are transforming our customers’ project economics.
Organized in three business segments — Subsea, Surface Technologies and Technip Energies — we are uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, our offering unlocks new possibilities for our customers in developing their energy resources and in their positioning to meet the energy transition challenge.
Each of our approximately 37,000 employees is driven by a steady commitment to clients and a culture of project execution, purposeful innovation, challenging industry conventions, and rethinking how the best results are achieved.
TechnipFMC utilizes its website www.TechnipFMC.com as a channel of distribution of material company information. To learn more about us and how we are enhancing the performance of the world’s energy industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
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Vice President Investor Relations
+1 281 260 3665
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Media relations
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DUBLIN--(BUSINESS WIRE)--The "Electric Vehicle Battery - Global Market Outlook (2019-2027)" report has been added to ResearchAndMarkets.com's offering.
Global Electric Vehicle Battery market accounted for $35.16 billion in 2019 and is expected to reach $151.69 billion by 2027 growing at a CAGR of 20.1% during the forecast period.
Increase in the global awareness regarding climate change, decrease in the cost of the electric vehicle battery system and rise in the demand for zero-emission vehicles are the major factors driving the market growth. However, stringent lead pollution norms in electric vehicle battery, high import taxes on EV batteries and instability in raw material prices are restraining the market growth. Moreover, evolution of lithium-ion technology in EV battery and growth in public charging infrastructure would provide ample opportunities for the market growth.
A battery is used as a secondary power source in automobiles. An electric vehicle battery is a secondary (rechargeable) battery. It uses chemical energy stored in rechargeable battery packs for power and therefore does not require any combustion engine for propulsion. An electric vehicle battery or traction battery powers the propulsion of battery electric vehicles.
Based on type, the lithium-ion battery segment is likely to have a huge demand due to its high energy density, fast recharging capability, and high discharge power, owing to which, the lithium-ion batteries are the only available technology that are capable of meeting OEM requirements for vehicle driving range and charging time. By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to increasing deployment of electric vehicles in countries, such as China and India, and the high demand for vehicles with urbanization and increasing power purchase parity.
Some of the key players profiled in the Electric Vehicle Battery Market include Automotive Energy Supply Corporation, Boston-Power, BYD Company Limited, Contemporary Amperex Technology Co Ltd, Crown Battery Corporation, East Penn Manufacturing Company, GS Yuasa Corporation, Hitachi Chemical Company, Johnson Controls International, LG Chem Ltd, Narada Power Source, Panasonic Corporation, Quallion, Samsung SDI Co Ltd and Tianneng Power International.
What the report offers:
Key Topics Covered:
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.5 Research Sources
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Electric Vehicle Battery Market, By Power Source
5.1 Introduction
5.2 On Board Electric Generator
5.3 Stored Electricity
6 Global Electric Vehicle Battery Market, By Powertrain
6.1 Introduction
6.2 Combined Hybrid Electric Vehicle
6.3 Parallel Hybrid Electric Vehicle
6.4 Series Hybrid Electric Vehicle
7 Global Electric Vehicle Battery Market, By Battery Capacity
7.1 Introduction
7.2 Less Than 20 kWh
7.3 21-40 kWh
7.4 More Than 41 kWh
8 Global Electric Vehicle Battery Market, By Voltage Type
8.1 Introduction
8.2 12 Volt
8.3 14 Volt
8.4 24 Volt
8.5 48+ Volt
9 Global Electric Vehicle Battery Market, By Propulsion Type
9.1 Introduction
9.2 Battery Electric Vehicle (BEV)
9.3 Hybrid Electric Vehicle (HEV)
9.4 Plug-In Electric Vehicles
9.5 Plug-In Hybrid Electric Vehicle (PHEV)
10 Global Electric Vehicle Battery Market, By Type
10.1 Introduction
10.2 Lead-Acid Battery
10.3 Lithium-Ion Battery
10.4 Nickel Metal Hydride Battery
10.5 Sodium-Ion
10.6 Zebra Batteries
10.7 Ultra Capacitors Batteries
10.8 Sodium Nickel Chloride Batteries
10.9 Metal Air Batteries
11 Global Electric Vehicle Battery Market, By Vehicle Type
11.1 Introduction
11.2 Two Wheeler
11.3 Passenger Car
11.4 Commercial Vehicle
11.4.1 Heavy Commercial Vehicle
11.4.2 Light Commercial Vehicle
11.5 Other Vehicle Types (Golf Cart)
12 Global Electric Vehicle Battery Market, By End User
12.1 Introduction
12.2 Aftermarket
12.3 Original Equipment Manufacturer's (OEM)
13 Global Electric Vehicle Battery Market, By Geography
13.1 Introduction
13.2 North America
13.2.1 US
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 Italy
13.3.4 France
13.3.5 Spain
13.3.6 Rest of Europe
13.4 Asia Pacific
13.4.1 Japan
13.4.2 China
13.4.3 India
13.4.4 Australia
13.4.5 New Zealand
13.4.6 South Korea
13.4.7 Rest of Asia Pacific
13.5 South America
13.5.1 Argentina
13.5.2 Brazil
13.5.3 Chile
13.5.4 Rest of South America
13.6 Middle East & Africa
13.6.1 Saudi Arabia
13.6.2 UAE
13.6.3 Qatar
13.6.4 South Africa
13.6.5 Rest of Middle East & Africa
14 Key Developments
14.1 Agreements, Partnerships, Collaborations and Joint Ventures
14.2 Acquisitions & Mergers
14.3 New Product Launch
14.4 Expansions
14.5 Other Key Strategies
15 Company Profiling
15.1 Automotive Energy Supply Corporation
15.2 Boston-Power
15.3 BYD Company Limited
15.4 Contemporary Amperex Technology Co Ltd
15.5 Crown Battery Corporation
15.6 East Penn Manufacturing Company
15.7 GS Yuasa Corporation
15.8 Hitachi Chemical Company
15.9 Johnson Controls International
15.10 LG Chem Ltd
15.11 Narada Power Source
15.12 Panasonic Corporation
15.13 Quallion
15.14 Samsung SDI Co Ltd
15.15 Tianneng Power International
For more information about this report visit https://www.researchandmarkets.com/r/b61pa5
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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BROWNSVILLE, Texas--(BUSINESS WIRE)--For the eighth year in a row, Foreign Trade Zone No. 62 (FTZ) at the Port of Brownsville remains near the top in the nation for the value of exports, according to the U.S. Foreign-Trade Zones (FTZ) Board’s annual report to Congress released on November 13, 2020.
FTZ No. 62 ranks second in the country with more than $4.3 billion in exported goods in 2019, an increase from the $3.8 billion reported in 2018. Celebrating its 40th anniversary this year, the port’s FTZ has consistently ranked in the top three for exports out of 193 FTZs nationwide since 2012. Additionally, FTZ No. 62 ranks number 18 in the nation for the value of imports totaling $4.6 billion, up from $3.69 billion in goods reported in 2018.
“These are the highest numbers we’ve seen in the zone’s history, which highlight the importance of the Port of Brownsville as a statewide and regional economic driver,” said Eduardo A. Campirano, Port Director and CEO. “This year, we’ve made significant investments in infrastructure and FTZ 62’s continuous high ranking only further validates our efforts to increase the port’s role in the global marketplace.”
The 81st Annual Report of U.S. Foreign-Trade Zones Board to the Congress of the United States for 2019 is available at www.trade.gov/ftz. For more information about FTZ No. 62, visit https://www.portofbrownsville.com/about/foreign-trade-zone-no-62/.
About the Port of Brownsville
The Port of Brownsville is the only deepwater seaport directly on the U.S.-Mexico border, and the largest land-owning public port authority in the nation with 40,000 acres of land. It transships more steel into Mexico than any other U.S. port. With more than $40 billion worth of projects currently in the works, the Port of Brownsville is transforming the Rio Grande Valley by creating positive investment opportunities and new good paying jobs.
Jorge I. Montero, Director of Communications
Office: (956) 838-7006
Cell: (956) 525-2067
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
LONDON--(BUSINESS WIRE)--#brandstrategysolutions--The high demand for major derivatives of the petrochemical industry in industries such as pharmaceuticals and electronics plays a crucial role in determining its growth trajectory. Additionally, factors such as government policies that aim to incentivize, and the consequent rise of investment in petrochemicals are also driving growth in the petrochemical industry. The most crucial factors influencing growth in the petrochemical industry are technological advancements and rising environmental concerns. What does this mean for the future of companies in the petrochemical industry? The industry's growth has led to increasing competition and the need for a unique brand identity and strategy. Therefore, industry leaders leverage brand strategy solutions to enable authentic ideas, and establish a plan that differentiates their offerings and brand from competitors. Infiniti’s brand strategy solutions help petrochemical industry players gain a significant competitive edge and develop a loyal customer base. To leverage Infiniti’s brand strategy solutions, and set your organization and offerings apart in the highly competitive petrochemical industry, request a free proposal.
“Although the petrochemical industry continues to be impacted by the globalization and integration of the world economy, several factors influencing the industry's growth include technology, government policies, and environmental concern,” says a petrochemical industry expert at Infiniti Research.
Business Challenge:
The client, a petrochemical industry leader, has manufacturing units in various locations across the globe. The client was struggling to differentiate their offerings and products from those of their competitors. To tackle this challenge and establish a unique brand identity, the client approached Infiniti Research to leverage our expertise in developing effective brand strategies for companies in the petrochemical industry. During this five-week engagement, the client sought to create unique marketing campaigns and improve brand awareness by gaining a quantifiable understanding of the firm’s value and authenticity.
To understand the influence of brand strategy solutions and brand identity in the highly competitive and rapidly evolving petrochemical industry, speak to industry experts
Our Approach:
To assist the petrochemical industry client, Infiniti’s experts developed a comprehensive approach that included the following:
Business Outcome:
Infiniti’s brand strategy engagement enabled the petrochemical industry client to gain comprehensive insights and achieve clarity regarding the market's competitive landscape. The petrochemical industry firm also successfully identified and understood the strengths and weaknesses of their competitors. Additionally, the client identified their target audience and the relevant needs and preferences of said brand. Further, the petrochemical industry client built brand credibility and increased advertising effectiveness, consequently increasing brand awareness and recognition. The brand strategy engagement enabled the petrochemical client to improve their overall brand performance effectively.
Request more information to learn how our brand strategy solutions can transform your business, help you build a unique brand identity, and develop a loyal customer base in the challenging petrochemical industry.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to analyze competitive activity, see beyond market disruptions and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
Infiniti Research
Anirban Choudhury
Marketing Manager
US: +1 844 778 0600
UK: +44 203 893 3400
https://www.infinitiresearch.com/contact-us
VALLEY FORGE, Pa.--(BUSINESS WIRE)--UGI Corporation (NYSE: UGI) announced today that it will be hosting its 2020 Virtual Investor Day on December 7, 2020. The event will take place from 1:00 p.m. to 3:00 p.m. EST and feature presentations from UGI’s senior management on the company’s strategic plans, operational and growth strategies, implementation of sustainable energy solutions, and financial outlook.
Those interested in participating are invited to pre-register at https://onlinexperiences.com/Launch/QReg/ShowUUID=00AC912F-4BE5-4A09-AA29-8D657D48B941. A replay of the webcast and the slide presentation will be available after the meeting on UGI’s corporate website at http://www.ugicorp.com under “Investors - Presentations.”
INVESTOR DAY WEBCAST AND DIAL-IN DETAILS
Webcast Link: https://onlinexperiences.com/Launch/QReg/ShowUUID=00AC912F-4BE5-4A09-AA29-8D657D48B941
Toll-Free Attendee Dial-In: (833) 674-0436
International/Toll Attendee Dial-In: (270) 855-8769
Event Plus Passcode: 1393933
About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing in twelve states, the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
Investor Relations
Brendan Heck, 610-337-1000 ext. 6608
Alanna Zahora, 610-337-1000 ext. 1004
Shelly Oates, 610-337-1000 ext. 3202
WASHINGTON--(BUSINESS WIRE)--IHS Markit Vice Chairman Daniel Yergin has been named “Energy Writer of the Year” for his new book, The New Map: Energy, Climate and the Clash of Nations (Penguin Press; U.S. edition / UK edition). The award is presented by the American Energy Society, a non-partisan, independent network of nearly 135,000 professionals from every energy sector.
In bestowing the award, the American Energy Society said that The New Map “earned energy’s highest literary prize for its ambitious survey and realistic assessment of energy and how it shapes all of human affairs. It is also an exceptional literary triumph in its narrative and in the quality of writing that we have come to expect from Dan Yergin.”
Eric Vettel, President of American Energy Society said of this year’s award: "Mr. Yergin's legendary contributions to the field, highlighted with the release of The New Map, made this year's selection obvious. We selected him as the Energy Writer of the Year for his intellectual approach, his balanced treatment of competing ideas, his extraordinary grasp of an enormous subject, his methodical defense of an ambitious thesis with massive amounts of data, his masterful storytelling skills and in recognition of a lifetime of literary achievement.”
Upon receiving the award, Yergin said: “I am deeply honored to receive the distinguished award of 'Energy Writer of the Year' from the American Energy Society. Energy’s unique ability to touch every aspect of our collective lives and influence the course of history, as well as shape the future, has been a perpetual focus throughout my career—a fascination that I have always striven to share in my writings. To be recognized with this award from the American Energy Society, with its commitment to engaging the widest cross-section of stakeholders in the energy world, is a singular honor.”
Read the complete American Energy Society award announcement here: https://www.energysociety.org/ewoty2020.html
In The New Map, Yergin looks at how the global COVID-19 pandemic brought new complexity and disruption to an energy world already being reshaped by myriad forces—from the remarkable change in the energy position of the United States in the middle of a contentious presidential election, to geopolitical tension with China and Russia, to the reappearance of the electric car, the growing global role of renewables and the “post-Paris” era of energy transition.
“As a result of the pandemic, an uncharted chasm has suddenly appeared on the map, which the world is now beginning to work its way around,” Yergin writes.
“This is no simple map to follow, for it is dynamic, constantly changing as major countries chart intersecting and sometimes conflicting geopolitical paths in a new era of great power competition,” he adds.
Additional Praise for The New Map:
A “wonderful book on the transformation of the global map of power and wealth.” – Sunday Times (London)
“Brisk and authoritative, an impressive combination.” — The Economist
“Reportorial and supremely readable—no mean feat among geostrategy tomes.” — Wall Street Journal
“At a time when solid facts and reasoned arguments are in retreat, Daniel Yergin rides to the rescue…. Yergin provides an engaging survey course on the lifeblood of modern civilization — where the world has been and where it is likely headed. By the final page, the reader will feel like an energy expert herself.”— USA Today
“Yergin delivers a fascinating and meticulously researched page-turner…. Required reading. Another winner from a master.” — Kirkus, Starred Review
About Daniel Yergin:
Daniel Yergin is a highly respected authority on energy, international politics and economics, and a Pulitzer Prize winner. He is Vice Chairman of IHS Markit, one of the leading information and advisory firms in the world with 16,000 employees worldwide.
Time Magazine said, “If there is one man whose opinion matters more than any other on global energy markets, it’s Daniel Yergin.” Fortune said that he is “one of the planet’s foremost thinkers about energy and its implications.”
A Pulitzer Prize winner, his latest book, The New Map: Energy, Climate, and the Clash of Nations, was designated by Kirkus as “required reading. Another winner from a master.”
Dr. Yergin is the author of the bestseller The Quest: Energy, Security, and the Remaking of the Modern World. The Quest has been described by the Financial Times as “a triumph.” The New York Times said it is “necessary reading for C.E.O.’s, conservationists, lawmakers, generals, spies, tech geeks, thriller writers,” among many others.
Bill Gates summed up his review of The Quest by saying, “This is a fantastic book.”
Dr. Yergin is known around the world for his book The Prize: The Epic Quest for Oil Money and Power, which was awarded the Pulitzer Prize. It became a number one New York Times best seller and has been translated into 20 languages.
Of Dr. Yergin’s book Commanding Heights: The Battle for the World Economy, which has been translated into 13 languages, The Wall Street Journal said, “No one could ask for a better account of the world’s political and economic destiny since World War II.”
Both The Prize and Commanding Heights were made into award-winning television documentaries for PBS, BBC and Japan’s NHK.
Dr. Yergin has served on the U.S. Secretary of Energy Advisory Board under the last four presidents. He is a member of the Energy Policy Council of the Dallas Federal Reserve.
Dr. Yergin was awarded the United States Energy Award for “lifelong achievements in energy and the promotion of international understanding.” The International Association for Energy Economics honored Dr. Yergin for “outstanding contributions to the profession of energy economics and to its literature.”
Dr. Yergin is a director of the Council on Foreign Relations and a senior trustee of the Brookings Institution. He is a member of the Advisory Boards of the Massachusetts Institute of Technology Energy Initiative and of the Columbia University Center on Global Energy Policy and of Singapore’s International Energy Advisory Board.
Dr. Yergin holds a BA from Yale University, where he founded The New Journal, and a PhD from Cambridge University, where he was a Marshall Scholar.
Follow Daniel Yergin on Twitter: @DanielYergin
For interview requests and media inquiries contact:
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About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2020 IHS Markit Ltd. All rights reserved.
Jeff Marn
IHS Markit
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China dominates the market, accounting for 86% of seated e-scooter unit sales in 2020, but this figure is expected to decrease as sales in other countries grow quickly
BOULDER, Colo.--(BUSINESS WIRE)--#ElectricScooters--A new report from Guidehouse Insights examines the global market for seated e-scooters, providing market forecasts for annual seated e-scooter unit sales, revenue, and average transaction prices, through 2030.
The global market for seated e-scooters is expected to experience considerable growth over the coming decade as consumers and governments continue to prioritize the adoption of low carbon, physically distanced, and congestion-reducing technologies. Click to tweet: According to a new report from @WeAreGHInsights, the global market for seated e-scooter unit sales is expected to grow from 5.7 million in 2020 to 10.1 million by 2030, at a compound annual growth rate (CAGR) of 5.9%.
“Advancements in motor and Lithium ion (Li-ion) battery technologies are helping to bolster the market through improved seated e‑scooter range, speed, and power capabilities,” says Ryan Citron, senior research analyst with Guidehouse Insights. “The growth in seated e-scooter sharing programs has also contributed to an expanding global market.”
Although China currently dominates the market, accounting for 86% of seated e-scooter unit sales in 2020, this figure is expected to decrease to 56% by 2030 as sales in other countries grow far more quickly. Most of the new growth in the seated e-scooter market is expected to come from India, Organisation for Economic Cooperation and Development (OECD) Asia Pacific (e.g., Taiwan), the Rest of Asia Pacific (e.g., Vietnam), and Europe.
The report, Market Data: Seated E-Scooters, analyzes the global market for seated e-scooters. The study provides a detailed analysis of the market opportunities, key drivers of growth, and technology trends associated with personal and shared seated e-scooters. Forecasts are provided for annual seated e-scooter unit sales (segmented by region and peak motor power level), revenue, and average transaction prices. Projections for shared seated e-scooter service revenue, number of trips provided, and installed base of vehicles are also included in the analysis. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Seated E-Scooters, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
Lindsay Funicello-Paul
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HOUSTON--(BUSINESS WIRE)--Cold Bore Technology Inc. (“Cold Bore”), a leader in completion optimization technology and Houston-based Permian Basin oil and natural gas producer, Hibernia Resources III (Hibernia), announced today results from digitized completion operations during 2020.
Hibernia deployed Cold Bore Technology’s SmartPAD across 100% of its 2020 operations. Using a combination of sensors and proprietary state detection algorithms, the SmartPAD tracks operations directly at the wellhead and connects all onsite service companies to a trusted source of formatted and timestamped operational data.
With high resolution digital data coming from wellhead sensors, onsite teams are able to move away from traditional verbal communications and manual data recording and track and refine operations in real time.
During the 2020 campaign, due to a gap in operations, Hibernia was forced to swap several crews out. While this type of disruption would typically result in some short-term efficiency losses, through the gathering of high-resolution operational data, Hibernia was able to refine, enhance and repeat effective processes. These processes were able to be replicated and exceed efficiencies even when swapping crews became a necessity.
For operations relying on manual data gathering processes, swapping crews during an operational gap will commonly result in lagging trends that make recovering efficiencies far more challenging and time consuming.
“Throughout the year, our goal has been to consistently drive our internal teams and the trusted group of service companies we work with to refine our processes and advance how we operate as a unit,” said John Blevins, COO Hibernia. “We have dedicated ourselves to tracking and capturing previously invisible lost time. The improvements in efficiency and resulting cost savings we, together with our service company partners, have been able to drive through having access to real time digital data have been notable.”
Across Hibernia’s six pads in 2020, the company:
Brett Chell, President at Cold Bore Technology said, “In the past, we’ve seen high commodity prices disincentivize innovation. In today’s tight market innovative operators like Hibernia are finding ways to reduce costs and augment the performance of their operations. Digitization is the foundation on which numerous improvements and efficiencies can be built. Companies achieving quantifiable results today will be the winners of tomorrow.”
Hibernia was able to effectively work with its service partners to better understand their operations to ensure that all services on location exceeded project goals. Services engaged with Hibernia during this successful 2020 campaign include: FTS International, PerfX Wireline and Total Sand Solution (TSS).
About Cold Bore
Cold Bore Technology Inc. (“Cold Bore”) is a global leader in completion optimization technology, developing the first Completions Operating System through Cold Bore’s SmartPAD service.
For more information, please visit - https://www.coldboretechnology.com/
About Hibernia Resources
Hibernia Resources III, LLC is an acquisition and development company focused on the exploration, growth and production of oil and natural gas assets.
For more information, please visit - http://www.hiberniaresources.com/
Josh Stanbury
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LOS ANGELES--(BUSINESS WIRE)--Romeo Systems, Inc. (“Romeo Power”), a leader in designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles, has secured another large production contract with a commercial vehicle leader. Romeo Power announced today that it has secured a multi-year production contract with The Lion Electric Co. (“Lion Electric”), a leading OEM in North American electric commercial transportation. The contract is expected to generate $234 million in revenue for Romeo Power over a five-year period beginning in 2021. The contract spans across Lion Electric’s fleet of all-electric class 6-8 commercial urban trucks and all-electric buses.
“Romeo Power is very excited about this partnership with Lion Electric, which represents Romeo Power’s eighth production contract in North America and nearly doubles our contracted revenue to date. Lion has already proven itself as a formidable leader in the electrification of the transportation industry with its growing fleet of commercial electric vehicles on the road today,” commented Lionel Selwood, Jr., Chief Executive Officer of Romeo Power. “This contract demonstrates increasing customer demand for our products, reinforces our ability to turn our pipeline into contracted revenue, and further validates Romeo Power as the industry leader in battery pack and module technology.”
“As a leader in zero-emission heavy duty vehicles, we focus on putting more all-electric buses and other commercial vehicles on roads across North America. We are happy to partner with Romeo Power and use its best-in-class battery technology. We are proud of this association that will help us deploy even more all-electric buses and trucks in the years to come,” commented Marc Bédard, Chief Executive Officer - Founder of Lion Electric.
Through its industry leading technology and energy dense battery packs, Romeo Power enables large-scale sustainable transportation by delivering safer, longer lasting batteries with shorter charge times. The company has a 7 GWh-capable manufacturing facility in Los Angeles, California. Its core product offering is focused on the battery electric vehicle medium duty short haul and heavy duty long haul trucking markets.
About Romeo Power
Romeo Power, founded in 2016 in California by Michael Patterson, is an industry leading energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles. Through its energy dense battery modules and packs, Romeo Power enables large-scale sustainable transportation by delivering safer, longer lasting batteries with shorter charge times. With greater energy density, Romeo Power is able to create lightweight and efficient solutions that deliver superior performance, and provide improved acceleration, range, safety and durability. Romeo Power’s modules and packs are customizable and scalable, and they are optimized by its proprietary battery management system. The company has approximately 100 employees and more than 60 battery-specific engineers and a 113,000 square foot manufacturing facility in Los Angeles, California with key battery development capabilities performed in-house. On October 5, 2020, Romeo Power and RMG Acquisition Corp. (“RMG”) (NYSE: RMG), a special purpose acquisition company, announced a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Romeo Power, Inc. and is expected to remain listed on the NYSE and trade under the new ticker symbol “RMO.” For additional information on Romeo Power, please visit https://romeopower.com
About The Lion Electric Co.
Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs, and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit, and mass transit markets. Lion is a North American leader in electric transportation and designs, builds, and assembles several of its vehicles’ key components, including chassis, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment, and overall quality of life.
Lion Electric, The Bright Move
For additional information, please visit thelionelectric.com.
About RMG Acquisition Corp.
RMG Acquisition Corp is a special purpose acquisition company whose management and board has deep experience in power, renewable energy, environmental services, energy technology and corporate governance. RMG’s team includes top level executives from Goldman Sachs, Carlyle Group, Cogentrix Energy, Deloitte & Touché, Access Industries, Calpine Corporation (CPN) and Riverside Management Group. For additional information, please visit http://www.rmgacquisition.com/.
Important Information and Where to Find It
This press release relates to a proposed transaction between RMG and Romeo Power. RMG intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that will include a proxy statement and prospectus of RMG. The proxy statement/prospectus will be mailed to stockholders of RMG as of a record date to be established for voting on the proposed business combination. RMG also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF RMG ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY RMG FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/prospectus and other documents containing important information about RMG and Romeo Power once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by RMG when and if available, can be obtained free of charge on RMG’s website at www.rmginvestments.com or by directing a written request to RMG Acquisition Corp., 50 West Street, Suite 40-C, New York, New York 10006.
Participants in the Solicitation
RMG and Romeo Power and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of RMG’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of RMG’s directors and officers in RMG’s filings with the SEC, including RMG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on April 1, 2019. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to RMG’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the proxy statement/prospectus that RMG intends to file with the SEC.
No Offer or Solicitation
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Forward Looking Statements
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside RMG’s or Romeo Power’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by RMG stockholders; the ability to meet the NYSE’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; Romeo Power’s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power’s products; the success of other competing technologies that may become available; Romeo Power’s ability to identify and integrate acquisitions; the performance of Romeo Power’s products; potential litigation involving RMG or Romeo Power; and general economic and market conditions impacting demand for Romeo Power’s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of RMG’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4 and proxy statement/prospectus discussed below and other documents filed by RMG from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither RMG nor Romeo Power undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Romeo Power
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ICR, Inc.
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Lion Electric
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RMG Acquisition Corp.
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DENVER--(BUSINESS WIRE)--#energy--The Western States and Tribal Nations (WSTN) Natural Gas Initiative applauds Sempra Energy’s announcement today that its subsidiary ECA Liquefaction, reached a final investment decision (FID) for the development, construction and operation of the Energía Costa Azul LNG Phase 1 natural gas liquefaction-export project in Baja California, Mexico.
“As the only LNG export project in the world to reach FID in 2020, we see this announcement as an important step towards helping our Asian allies bolster their energy security and meet shared environmental priorities,” said Andrew Browning of WSTN. “This significant milestone will help to connect abundant natural gas supplies from the western U.S. directly to countries across Asia where energy demand is soaring from manufacturing and economic growth – all while helping to lower global emissions by developing and offering lower-emitting fuel alternatives to growing international markets.”
“With the U.S. leading the world in cutting emissions, WSTN is pleased this project will serve as an opportunity for Rockies-produced energy resources to help expand trade and infrastructure development that will help communities – in the U.S. and Asia- to thrive both economically and environmentally,” said WSTN Chairman Jason Sandel. “Thankfully, the comparative advantage of using natural gas from the western U.S. will enable Energía Costa Azul to become a major North American west coast energy export hub to countries across Asia who are eager for access to lower-emitting fuels.”
Earlier this year, WSTN members sent a letter to Mexico’s Energy Minister Nahle to express support for the 20 Year Export Permit Application for the Costa Azul LNG project.
About Western States and Tribal Nations
Western States and Tribal Nations is a unique, trans-national initiative led by, state, sovereign tribal nation and county governments focused on creating rural economic development, advancing tribal self-determination and reducing global emissions by exporting western North American natural gas to international markets that need lower-emitting fuels.
Bryson Hull
P: 202-657-2855
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Partnership establishes a leadership position in the rubber & plastic sustainability markets
First-ever sustainable carbon black blends are commercially available
Customized blends ready to place into rubber & plastics products with measurable environmental benefits
BOULDER, Colo. & HOUSTON--(BUSINESS WIRE)--Bolder Industries (“Bolder”), a pioneer in converting end-of-life tires into sustainable industrial products, and Continental Carbon Company (“CCC”), a leader in the development and manufacture of furnace-grade carbon blacks for the tire and rubber industry, announced today that they have entered into a co-marketing agreement to commercialize breakthrough, sustainable products for the global rubber and plastics industry.
Following five years of research and development with BolderBlack®, Bolder’s flagship carbon black alternative, and over 300 product validations in rubber and plastics applications. Bolder and CCC have agreed to jointly supply the rubber and plastics industry with the first-ever commercially available sustainable blend of CCC’s carbon black grades with BolderBlack Inside virgin grades, including N550, N650, N660, N762, and N774. BolderBlack is produced from 100% post-consumer or post-industrial tires and rubber scrap and is the world’s most sustainable replacement for traditional carbon black, a key material used globally in rubber tire production.
The partnership establishes a leadership position for Bolder and CCC in the rubber and plastic sustainability markets. Customers can now purchase sustainable, pre-blended fillers customized at various ratios directly from Continental Carbon Company with measurable environmental sustainability benefits.
Bolder Industries released a study that demonstrates a BolderBlack Inside blend of N762 at 20% does not have any physical properties variation beyond the accepted measurement tolerance. A 3% blend of the 27Blb global market would result in a reduction of 3 million tons of greenhouse gas emissions, 9 billion gallons of water saved, 1 billion kWh less electricity used, and 120 million tires diverted from landfills. These studies can be found in the technical library in Bolder’s website: www.bolderindustries.com.
"We have always believed in partnering with the traditional carbon black manufacturers to support the end customer. We can now provide a unique solution to tire companies, industrial rubber goods, and plastics manufacturers at a large scale," said Tony Wibbeler, founder and CEO of Bolder Industries. "We recently announced that Bolder Industries plans to merge with a publicly-traded company, GigCapital2. This merger will provide the capital required to address the global market created by this partnership with CCC."
"We have been impressed by the quality, consistency, and manufacturing prowess of Bolder Industries and strongly believe this is an important step toward a more profitable and sustainable future for the rubber and plastics industry. This strategic partnership allows us to offer soft-grade blends into a marketplace that desperately needs to provide a closed-loop solution,” said CCC President Dennis Hetu.
Bolder and CCC also announced their collective project to create an ASTM-grade sustainable black at Bolder’s Bledsoe Innovation Center to impact rubber and plastics sustainability further and invite collaborators to join in this global opportunity.
On October 27, 2020, GigCapital2, Inc. (NYSE: GIX), a publicly traded special purpose acquisition company, and Bolder announced that they have entered into a non-binding letter of intent (“LOI”) for a business combination. The business combination would result in Bolder becoming a publicly traded company on the New York Stock Exchange.
About Bolder Industries
Bolder Industries makes the world’s most sustainable plastic and rubber products possible. The company is a pioneer in converting end-of-life tires into a desirable carbon black alternative (BolderBlack®), petrochemicals, steel and power with minimal waste. Its mission is to solve a growing tire-waste problem and increasing demand for sustainably sourced materials simultaneously while reducing greenhouse gas emissions, water consumption, and the use of electricity and creating manufacturing jobs. The passion for the mission has created a series of technological developments and patents focused on the waste tire problem and its custom compounding lab to help customers accelerate time to market. www.bolderindustries.com.
About Continental Carbon Company
Continental Carbon Company is a recognized leader in the development and manufacture of furnace-grade carbon blacks for the tire and rubber industry. Headquartered in Houston, Texas, Continental Carbon Company owns and operates production facilities in Alabama, Oklahoma, and Texas and a distribution center in Ohio. Continental Carbon Company’s research and development laboratory in Houston, Texas provides complete solutions from product development, pilot production, to full-scale manufacture of carbons suited to the individual customer’s needs. Continental Carbon Company has carbon black manufacturing facilities located in key areas across the United States, Taiwan, China, and India. Continental Carbon stands ready to deliver quality carbon black products for all of your global needs.
Bolder Industries
Media:
Cory Ziskind
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Ashish Gupta
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sPower owners, AES and AIMCo, announce agreement to merge sPower with AES’ US clean energy business
SALT LAKE CITY--(BUSINESS WIRE)--sPower, a leading renewable energy Independent Power Producer (IPP), announced an agreement by the Company’s owners, The AES Corporation (NYSE: AES) and Alberta Investment Management Corporation (AIMCo), to merge with AES’ US-based clean energy development business. AES’ wholly-owned clean energy development business includes AES Distributed Energy and a wind development team formerly part of Advance Energy. The merged business will represent one of the top renewables growth platforms and be focused on accelerating the safe, reliable transition to cleaner energy solutions in the US.
As states, communities and organizations of all types make commitments and plans to reduce their carbon footprints, renewables are on track to be the fastest-growing source of electricity generation in the US in 2020. The merged sPower and AES clean energy business will work with its customers to co-create and deliver the smarter, greener energy solutions that meet their needs, including 24/7 carbon-free energy.
"We share our customers’ commitments to a more sustainable energy future. Together, we can create a safe, resilient and carbon-free grid," said Andrés Gluski, AES President and Chief Executive Officer. "The merger of sPower with AES’ clean energy business will benefit customers by providing access to a broader portfolio of product offerings as well as an expanded highly skilled and experienced team to drive innovation at scale."
“sPower has been one of our key infrastructure platforms since our initial investment made in partnership with AES in 2017,” stated Kevin Uebelein, Chief Executive Officer of AIMCo. “Our experience working with AES has shown that they are a world leader in delivering on customers’ sustainable energy needs, and the formation of this new renewables platform in the US will take that capability to an even higher level. On behalf of our clients and consistent with our investment mandate, we are excited about the value the next phase of our partnership will bring to our many stakeholders.”
The merged renewables platform will bring together sPower’s and AES’ differentiated capabilities in solar, wind and energy storage to accelerate our customers’ energy transitions.
“The leading renewables platform that sPower is today is a testament to the hard work of our people and the partnership we’ve had in place with AES and AIMCo,” said Ryan Creamer, CEO of sPower. “As sPower merges with AES’ clean energy business in the US, we look forward to continuing to power our customers’ energy transitions in ways that also benefit the communities we operate in and our industry. I am excited to help transition the team to AES by the end of the year.”
Future projects developed from the combined 12 gigawatts (GW) development pipeline will be owned 75% by AES and 25% by AIMCo, leveraging our successful partnership at sPower. Although there is no change in ownership of operating assets and backlog, the newly formed platform will manage the 2.5 GW of operating assets and the existing 2.6 GW contracted backlog. The transaction is expected to close in the next few months upon successful completion of customary closing conditions.
About sPower:
Headquartered in Salt Lake City, Utah, sPower is a leading independent power producer (IPP) that owns and operates a wind, solar, and storage portfolio of nearly 2,000 megawatts. sPower is owned by a joint venture partnership between The AES Corporation (NYSE: AES), a Fortune 500 global power company, and the Alberta Investment Management Corporation (AIMCo), one of Canada’s largest and most diversified institutional investment managers.
Visit www.spower.com, or follow up on social media @sPower_US to learn more.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we’re improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aesrenewablejobs.com.
About AIMCo
AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than $115 billion of assets under management. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 pension, endowment and government funds in the Province of Alberta.
AIMCo’s Infrastructure and Renewable Resources group manages a portfolio of nearly $10 billion in infrastructure investments, comprised primarily of long-term equity positions in OECD-based infrastructure assets. These assets typically provide essential services to the public and are either regulated or have highly contracted revenues with the potential for long-term capital appreciation. AIMCo infrastructure investments are intended to match long duration real return asset characteristics with inflation-indexed pension liabilities.
For more information on AIMCo please visit www.aimco.ca.
sPower
Lara Hamsher
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