MCLEAN, Va.--(BUSINESS WIRE)--BAE Systems, Inc. will continue providing lifecycle sustainment, integration, and engineering services to support U.S. aircraft carriers after being selected for a five-year, $68.5 million indefinite delivery, indefinite quantity contract.
Under the Air Traffic Control and Landing Systems (ATC&LS) Engineering Products & Technical Services (EPTS) contract awarded earlier this year, BAE Systems will leverage decades of program history to develop, produce, equip, test, evaluate, sustain, and update the AN/SPN-46(V) Automatic Carrier Landing System.
“With this win, BAE Systems retains a key air traffic control contract that we have held since 1973 to provide industry-leading systems integration capabilities and solutions that ensure the safety of critical carrier-based landing systems,” said Lisa Hand, vice president and general manager of BAE Systems’ Integrated Defense Solutions business.
BAE Systems’ technicians deploy around the world to support the warfighter. The company’s employees utilize established and proven methods as well as their systems engineering and software development expertise to sustain these critical landing systems. The company’s work results in improved hardware reliability, system precision, minimal downtime through onsite and remote technical assistance, and a certified landing system.
Maria McGregor, BAE Systems
Mobile: 619-207-8915
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SAN RAMON, Calif. & SARATOGA SPRINGS, N.Y. & HOUSTON--(BUSINESS WIRE)--Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), announced today that it closed its previously announced acquisition of an equity interest in American Natural Gas LLC and its network of 60 compressed natural gas stations across the United States from Mercuria Energy Trading.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. To advance a lower carbon future, we are focused on lowering the carbon intensity in our operations and growing our lower carbon businesses. More information about Chevron is available at www.chevron.com.
About Mercuria
Founded in 2004, Mercuria is one of the largest independent energy and commodity groups in the world. As an integrated group, Mercuria is present all along the commodity value chain with activities forming a balanced combination of trading flows, strategic assets and structuring solutions. With more than USD 100 billion in turnover, Mercuria has become one of the most active players in the energy and renewables markets. Over the next five years, the company will direct half of its investment towards the energy transition. For more information, visit www.mercuria.com.
Tyler Kruzich, Chevron
External Affairs
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t. (925) 549-8686
Matthew Lauer, Mercuria
Communications
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t. (703) 463-1841
DALLAS & HOUSTON--(BUSINESS WIRE)--#Dallas--Opportune LLP, a leading global energy business advisory firm, is pleased to announce that Randy L. Hill has joined the firm as a Partner to lead its Dallas office. Mr. Hill brings over 37 years of experience advising Fortune 500 energy, chemical, transportation, and other commercial entities. Mr. Hill will focus on growing the existing Dallas advisory practice across multiple industries with an emphasis on serving client needs principally focused on corporate governance matters, M&A transaction evaluation and due diligence, financial statement analyses, complex accounting matters involving GAAP and PCAOB standards, and SEC registration statement and capital markets services.
Before Opportune, Mr. Hill served as a Partner in KPMG LLP’s audit practice where he worked extensively with public companies focused on all aspects of debt and equity filings with the SEC. He also has significant experience working with companies during the initial public offering (IPO) process and has frequently advised global entities on various business combination transactions and participated in transaction due diligence-related activities.
“Knowing Randy for over 30 years, I’m delighted to welcome him as our first direct admit Partner in our history,” said David Baggett, Managing Partner of Opportune LLP. “Randy’s background complements our existing competency areas as we look forward to expanding our presence and delivering added value to clients in various industries in the Dallas-Fort Worth market.”
In addition, for almost a decade, Mr. Hill successfully led KPMG’s Dallas audit practice, leading a team of approximately 400 audit professionals. In this role, he was accountable for managing the day-to-day business operations, budgeting, and planning activities, and achieving certain financial metrics and profitability goals. Mr. Hill had direct oversight responsibility for all audit resources, audit growth initiatives, assessed client satisfaction and activities around hiring, people satisfaction, and employee retention. His audit leadership role afforded him the ability to develop key relationships in the business community.
“I’m excited to be joining such a well-regarded firm like Opportune,” added Mr. Hill. “The firm has unique strengths and relationships, and I look forward to working with the Dallas team to execute on the firm’s priorities, achieve further significant growth in the firm’s advisory practice, and enhance value to clients.”
Mr. Hill holds a BBA in Accounting from Texas A&M University. He has been a member of the American Institute of Certified Public Accountants and Texas Society of CPAs and currently is a CPA in the State of Texas.
About Opportune LLP
Opportune LLP is a leading global energy business advisory firm specializing in adding value to clients across the energy industry, including upstream, midstream, downstream, power and gas, commodities trading, and oilfield services. Opportune’s service lines include complex financial reporting, disputes and litigations, enterprise risk, investment banking, outsourcing, process and technology, reserve engineering and geosciences, restructuring, strategy and organizational design, tax, transactional due diligence, and valuation. For additional information, please visit www.opportune.com.
Bryan Sims
713-490-5050
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Reduction in Over $230 Million in Debt and Infusion of $45 Million in New Capital Positions Company for Long-Term Business Growth and Development
DALLAS--(BUSINESS WIRE)--Glass Mountain Pipeline Holdings LLC (the “Company” or “Glass Mountain”) announced today that, with the support of its equity sponsor GEPIF Glass Mountain Pipeline LLC (the “Sponsor”) and lenders holding 66.97% of the Company’s revolving and term loans (the “Consenting Lenders”), it has entered into a Restructuring Support Agreement (the “RSA”) that provides for the elimination of over $230 million in debt from the Company’s balance sheet and a $45 million investment from the Sponsor. Pursuant to the RSA, lenders will receive their pro rata share of (i) a $69,177,939.86 first lien term loan facility (the “New Term Loan Facility”) issued by a new borrower entity (the “New Borrower”) that will be the direct parent of Glass Mountain and Navigator Panhandle HoldCo LLC, and (ii) a cash payment of $44,038,698.89. The New Term Loan Facility will be secured by the collateral for the existing loans and a first-priority pledge of the equity interests of the New Borrower, its direct subsidiaries, and each guarantor.
The Company and its advisors continue to work with the Company’s lenders to gain 100% support of the transaction such that the RSA can be effectuated on an out-of-court basis in October 2021. To the extent that threshold cannot be achieved, the parties to the RSA have already agreed to a prepackaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code. While the Company hopes to receive the support of 100% of its lenders, the Company anticipates that the chapter 11 plan, pursuant to which all general unsecured claims would be unimpaired and paid in full, would be confirmed and consummated quickly and efficiently. The Company does not anticipate any change in its day-to-day operations or the services it provides to its customers throughout this process.
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Gray Reed & McGraw LLP are serving as legal counsel to the Company and PJT Partners LP is serving as the Company’s investment banker.
About Glass Mountain
Glass Mountain owns and operates a fully integrated pipeline system in the Anadarko region of Oklahoma and provides oil producers with comprehensive services, including crude oil gathering, transportation, and storage. Glass Mountain is headquartered in Dallas, Texas.
Forward-Looking Statements
Statements contained in this press release that express a belief, expectation, or intention, as well as those that are not historical fact, are forward-looking statements made in good faith that are subject to risks, uncertainties, and assumptions. These forward-looking statements are based on our current beliefs, intentions, and expectations. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events, or performance are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions, and uncertainties, which could cause actual results to differ materially from those expressed in these forward-looking statements. Our actual results, performance, or achievements could differ materially from those we express in the foregoing discussion as a result of a variety of factors, including general economic and business conditions and industry trends, levels and volatility of oil and gas prices, the continued demand for drilling services or production services in the geographic areas where we operate, the competitive nature of our business, technological advancements and trends in our industry, the loss of one or more of our major clients or a decrease in their demand for our services, future compliance with covenants under debt agreements, the continued availability of qualified personnel, the occurrence of cybersecurity incidents, the political, economic, regulatory, and other uncertainties encountered by our operations, and changes in, or our failure or inability to comply with, governmental regulations. These factors are not necessarily all the important factors that could affect us. Other unpredictable or unknown factors could also have material adverse effects on actual results of matters that are the subject of our forward-looking statements. All forward-looking statements speak only as of the date on which they are made and we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise. We advise readers that they should recognize that important factors not referred to above could affect the accuracy of our forward-looking statements and use caution and common sense when considering our forward-looking statements.
For Media Inquiries
Meredith Howard
(210) 737-4478
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DUBLIN--(BUSINESS WIRE)--The "APAC Data Center Power Market - Industry Outlook & Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
APAC data center power market size by investments to reach USD 5,772.7 million by 2026, growing at a CAGR of 5.49% during 2021-2026
In the APAC region, countries with high population growth such as India and Indonesia are witnessing high demand for data storage. The major contributors in terms of power capacity are China, Hong Kong, India, Japan, Singapore, and Australia. The upcoming 5G technology installations in various countries will lead to higher demand for data center power, mostly in technology-driven countries in APAC. The data center market in APAC is mainly dominated by colocation providers, followed by internet and cloud service providers.
The APAC region is among the fastest-growing regions with increased investments from global and local facilities operators. Government agencies in the APAC region across several countries are actively engaged in growth to digitize their operations. In APAC, the implementation of edge computing across various territories, particularly in China and India, accommodates the region's data growth.
The study considers the present scenario of the APAC data center power market and its market dynamics for the period 2020-2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
GEOGRAPHICAL ANALYSIS
Baidu, in China, had purchased 550 GWh of wind power to power its facilities in the Shangxi province.
China & Hong Kong are the prominent markets for data center operations in APAC. Apple is investing more than USD 1 billion in its facilities in Guizhou and Ulanqab, which will accelerate the growth. The increasing demand for cryptocurrency data centers in China is boosting the development of high-performance computing infrastructure. Increasing the rack power density developed in the country will raise the demand for efficient power infrastructure.
The Australian government initiated 34 renewable energy projects to increase the generation of renewable energy, with solar energy as one of the major contributors. During the forecast period, installations of renewable energy sources such as solar are expected to grow, which would further reduce the power cost for data center operators.
VENDOR LANDSCAPE
The industry is witnessing growth in adoptions of generators with a power capacity of more than 2 MW. The revenue generation opportunity for the vendors is higher in the developed countries with the presence of major operators. The demand for software-defined power solutions by vendors is expected to drive growth in demand for automation and monitoring of power infrastructure.
ABB, Caterpillar, Cummins, Eaton, Legrand, Schneider Electric, and Vertiv are some of the leading players in the region.
SNIPPETS
APAC DATA CENTER POWER MARKET SHARES AND SEGMENTS
Market Dynamics
Market Opportunities & Trends
Market Growth Enablers
Market Restraints
Key Power Infrastructure Vendors
Other Prominent Power Infrastructure Vendors
For more information about this report visit https://www.researchandmarkets.com/r/stlu9v
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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Expro to Begin Trading on NYSE Under Symbol “XPRO” on October 4, 2021
HOUSTON--(BUSINESS WIRE)--Expro Group, an international energy services company with market leadership in well access and well flow optimization, today announced it has completed its previously announced merger with Frank’s International N.V. (NYSE: FI), a global oil services company offering a broad range of highly engineered drilling and completions solutions and services.
The combined company has assumed the Expro Group Holdings N.V. name and will begin trading on the New York Stock Exchange on October 4, 2021 under the ticker symbol “XPRO.” In connection with the close of the transaction, Frank’s common stock ceased trading on the New York Stock Exchange under the ticker symbol “FI” as of the close of trading on October 1, 2021.
“This is an exciting day for Expro and Frank’s as we bring our companies together to create a new global leader with the breadth of capabilities and expertise across the well lifecycle to better support customers,” said Mike Jardon, Chief Executive Officer of Expro. “I would like to thank everyone at Expro and Frank’s for their great work in completing the transaction, planning for a successful integration, and positioning the combined company for long-term success. This is where the talented teams come together and we look forward to continuing to deliver cost-effective, innovative technologies and solutions, and best-in-class safety and service quality performance to our customers, all while advancing our commitment to creating a more sustainable business and lower carbon future. With our broad portfolio of services and solutions, enhanced scale, global operating footprint and strong, debt-free balance sheet, Expro is well positioned for an expected industry recovery and is well positioned to deliver compelling value for shareholders.”
Expro presents an attractive investment opportunity due to its:
Proven Leadership Team
Expro is governed by an experienced Board of Directors led by Mike Kearney as Board Chairman. Mr. Kearney is the former Chairman, President and CEO of Frank’s. Also serving on Expro’s nine-member Board is Mike Jardon, Expro CEO, and a diverse group of leaders with significant expertise and experience, including:
The Company also has a proven management team led by Mr. Jardon as Chief Executive Officer. Other members of the executive management team include:
ABOUT EXPRO
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and best-in-class safety and service quality. The company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well integrity and intervention.
Founded in 1938, Expro has more than 6,500 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries with over 100 locations.
For more information, please visit: expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.
Forward-Looking Statements and Disclaimer
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this release include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks and uncertainties include the outcome and results of the integration process associated with the Company’s recent merger, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, including COVID-19 and any variants thereof, the possibility of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, the length of time it will take for the United States and the rest of the world to slow the spread of the COVID-19 virus to the point where applicable authorities are comfortable easing current restrictions on various commercial and economic activities, future actions of foreign oil producers such as Saudi Arabia and Russia, the timing, pace and extent of an economic recovery in the United States and elsewhere, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance. Such assumptions, risks and uncertainties also include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and the Company’s proxy statement/prospectus dated August 5, 2021, in each case filed with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
Investors:
Karen David-Green
+1 281-994-1056
Media:
Hannah Rumbles
+44 1224-796729
“7 Saturdays” Digital Video Series Introduces Californians to Cost-effective Ways to Prepare their Homes for Wildfire.
SAN FRANCISCO--(BUSINESS WIRE)--To prepare homes for the threat of wildfire, Californians across the state are looking for affordable ways to make their homes more fire safe. Making improvements to a home’s infrastructure (known as home hardening) can prevent embers from entering and starting a fire.
In the third episode of Pacific Gas and Electric Company’s (PG&E) digital video series, “7 Saturdays to a More Fire-Resistant Home,” customers will learn three simple and affordable ways to make their homes more fire resistant in just one Saturday. You can stream the show on PG&E’s preparedness website, the Safety Action Center, which provides information to help customers keep their families, homes and businesses safe during natural disasters and other emergencies.
The “7 Saturdays” series is co-hosted by Alicia Mason and David Hawks, a PG&E Senior Public Safety Specialist and former CAL FIRE Chief of the Butte Unit. According to Hawks, “Embers can travel several miles and find their way into gaps and cracks on your home and ignite a fire. By hardening your home, you improve the chances that your home will withstand a wildfire and keep embers out.” For over 31 years, Hawks has served California as a firefighter and he understands that simple home adjustments can better protect people and communities during an emergency. This episode will show customers:
You can watch the third episode now on the Safety Action Center (safetyactioncenter.pge.com).
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
HOUSTON--(BUSINESS WIRE)--Ranger Energy Services, Inc. (NYSE: RNGR) has closed its previously announced acquisition of certain assets of Basic Energy Services, Inc. and its subsidiaries through its controlled subsidiary Ranger Energy Acquisition, LLC. The assets were sold by Basic as part of its bankruptcy process. The agreement to purchase the assets was approved by the United States Bankruptcy Court on September 23, 2021. The purchase price of approximately $36.65 million was paid with proceeds from the private placement described below.
Stuart Bodden, President and Chief Executive Officer of Ranger stated, “We are pleased with the purchase price of the Basic assets, and we look forward to welcoming a number of Basic personnel into the Ranger family. In addition to assets, this transaction gives Ranger access to many talented field personnel and managers that worked at Basic. I would also like to thank the Ranger team for their tireless work over the last two weeks to lay the groundwork for what I know will be a successful integration as we continue to build value for our stockholders.”
As previously announced, in connection with the acquisition, the Company’s controlled subsidiary RNGR Energy Services, LLC entered into a credit facility on September 27, 2021 with Eclipse Business Capital LLC as the sole administrator and collateral agent and Eclipse Business Capital SPV, LLC as the sole lender, for a new $77.5 million credit facility consisting of a $50 million revolving credit facility, a $12.5 million M&E term loan facility and a $15 million term loan B facility.
Concurrent with the close of the acquisition, the Company also closed its previously announced private placement of $42 million of shares of its newly issued Series A Convertible Preferred Stock to certain accredited investors.
In addition, concurrent with the close of the acquisition, Ranger LLC and the Company completed the previously announced redemption of the outstanding units of Ranger LLC and of corresponding shares of Class B Common Stock of the Company held by affiliates of CSL Capital Management, L.P. and Bayou Well Holdings Company, LLC for an equivalent number of shares of Class A Common Stock of the Company. Following the redemptions, no shares of Class B Common Stock of the Company are issued and outstanding.
Conference Call
The Company will host a conference call to discuss the acquisition on October 4 at 10:30 a.m. Central Time (11:30 a.m. Eastern Time). To join the conference call from within the United States, participants may dial 1-833-255-2829. To join the conference call outside of the United States, participants may dial 1-412-902-6710. When instructed, please ask the operator to join the Ranger Energy Services, Inc. call. Participants are encouraged to login to the webcast or dial in to the conference call approximately ten minutes prior to the start time. The Company will make a presentation available before the start of the conference call. To view the presentation or listen via live webcast, please visit the Investor Center section of the Company’s website, http://www.rangerenergy.com.
An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing 1-877-344-7529 within the United States or 1-412-317-0088 outside of the United States. The conference call replay access code is 10160762. The replay will also be available in the Investor Center section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.
Advisors
Piper Sandler is serving as exclusive financial advisor to the Company with respect to the Basic asset acquisition and sole placement agent with respect to the debt financing and private placement of Preferred Stock. Winston & Strawn LLP is serving as legal counsel to the Company.
About Ranger Energy Services, Inc.
Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Ranger also provides services necessary to bring and maintain a well on production. The Processing Solutions segment engages in the rental, installation, commissioning, start-up, operation and maintenance of MRUs, Natural Gas Liquid stabilizer and storage units and related equipment.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements represent Ranger’s expectations or beliefs concerning future events and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ranger does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ranger to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our filings with the Securities and Exchange Commission. The risk factors and other factors noted in Ranger’s filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement.
J. Brandon Blossman
Chief Financial Officer
(713) 935-8900
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LOS ANGELES--(BUSINESS WIRE)--The State of California and the Port of Los Angeles have directed $12 million to AltaSea, a nonprofit corporation, to fund the construction of the West Coast’s largest blue economy ocean research and development center. Berth 58 – the site of the initial 60,000 square feet of the planned 180,000 feet of the Center of Innovation at AltaSea – will be the first fully renovated structure on AltaSea’s 35-acre campus at the Port of Los Angeles. The center will house ocean-focused businesses specializing in sustainable aquaculture, offshore renewable energy, and underwater robotics, as well as supporting educational and workforce development initiatives. California State Senator Steven Bradford and California State Assemblyman Patrick O’Donnell led an effort to secure $6 million in state funding to match the Port of Los Angeles’ $6 million commitment. Construction on the Center of Innovation is anticipated to commence by mid-2022 and be completed in the first half of 2023.
“This commitment of state funding will help unlock important innovations that will help the people of this planet,” said Senator Bradford (D-Gardena), who represents California's 35th State Senate District, including parts of South LA and the South Bay. “I am looking forward to AltaSea collaborating with our public schools to give students, especially in underserved communities, the opportunity to engage in innovative ocean STEM programs through workshops and internships. Investing in our young people is an essential part of environmental justice, and I am glad AltaSea will be expanding their ability to do so.”
“I’ve seen AltaSea’s work up close – it’s already a hub for convening experts within critical fields of ocean preservation and education,” said Assemblyman O’Donnell, who represents California's 70th Assembly District in South LA County. “With this new state funding, these advances will have a new home that is worthy of the important work they’re doing.”
AltaSea’s growing campus is primed to be the hub of the emerging blue economy, creating new good-paying jobs, tackling climate change, and working to solve some of the most pressing issues in the marine environment. The blue economy, as estimated by the Los Angeles Economic Development Corporation, will create well over 126,000 direct jobs in LA County alone, paying a combined $37.7 billion in wages by 2030. AltaSea recently announced that its campus will be home to the nation’s largest solar installation at an ocean research and development center.
AltaSea’s signed anchor tenants to occupy various locations on the 35-acre campus include the University of Southern California, the Southern California Marine Institute (made up of 23 universities, colleges, and institutes), Braid Theory, Holdfast Aquaculture, Montauk Technologies, and Pacific Mariculture.
Also among AltaSea’s tenants is famed oceanographer and explorer Dr. Robert Ballard’s Ocean Exploration Trust (OET) and the research vessel Nautilus, which docks at AltaSea. Dr. Ballard is best known for his historic discoveries of hydrothermal vents, the sunken R.M.S Titanic, the German battleship Bismarck, and many other shipwrecks around the world. OET has plans to build a 10,000 square foot interactive research and educational center at AltaSea.
The Center of Innovation will focus on three Clusters: Aquaculture, Blue Technology, and Ocean Energy. The Aquaculture Cluster invites companies to develop sustainable food production, while preserving delicate marine ecologies and reducing global carbon emissions. Sustainable aquafarms will also help combat global hunger by providing a much-needed protein source. Companies in the Blue Technology Cluster will construct and use underwater robotics and other ocean exploration technologies. Technologies like these make vital marine conservation measures easier and more attractive to public and private sector partners. The developing Ocean Energy Cluster will focus on opportunities in kinetic wave energy, wind, and algae fuel technologies.
“Senator Bradford and Assemblyman O’Donnell are proven leaders in economic development, job training, education and environmental sustainability. They understand that growing the emerging Blue Economy and advancing research in the ocean will help stave off the worst impacts of climate change we face today,” said AltaSea CEO Tim McOsker. “The Center of Innovation at AltaSea will be a place where the private sector is able to team up with universities and high schools to advance education and workforce development, while at the same time developing the next generation of ocean-focused technologies.”
Recently the Port of Los Angeles agreed to advance the first $6 million of a $40 million commitment to AltaSea, allowing the non-profit to proceed with renovation of Berth 58, the site of the initial 60,000 square feet of the planned 180,000 feet of the Center of Innovation. As a condition of this advance of funds, the Port requested AltaSea secure $6 million in matching funds. With the State of California’s $6 million funding, the funds have been secured to start construction.
“AltaSea’s focus on the rapid growth of the blue economy adds a new dimension to our pursuit of sustainable solutions and expands the diversity of jobs across our port ecosystem,” said Port Executive Director Gene Seroka. “The blue economy will not only provide workers with pathways to sustain and grow their professional and personal lives, but these jobs will allow them to be a crucial part of the solution to some of the world’s most challenging issues, including climate change.”
About AltaSea at the Port of Los Angeles
AltaSea at the Port of Los Angeles, located on 35 acres at North America’s leading seaport by both container volume and cargo value, is dedicated to accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.
For more information on AltaSea, please see our website: https://altasea.org.
Jacob Scott
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412-445-7719
OVERLAND PARK, Kan.--(BUSINESS WIRE)--TortoiseEcofin today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of September 30, 2021, the company’s unaudited total assets were approximately $565.7 million and its unaudited net asset value was $410.3 million, or $34.40 per share.
As of September 30, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 508 percent, and its coverage ratio for preferred shares was 392 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2021.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$511.3 |
$42.87 |
|
Cash and Cash Equivalents |
1.1 |
0.09 |
|
Income Tax Receivable |
52.1 |
4.36 |
|
Other Assets |
1.2 |
0.11 |
|
Total Assets |
565.7 |
47.43 |
|
Short-Term Borrowings |
24.5 |
2.06 |
|
Senior Notes |
83.9 |
7.03 |
|
Preferred Stock |
32.3 |
2.71 |
|
Total Leverage |
140.7 |
11.80 |
|
Other Liabilities |
3.2 |
0.27 |
|
Current Tax Liability |
11.5 |
0.96 |
|
|
|
|
|
Net Assets |
$ 410.3 |
$ 34.40 |
11.93 million common shares currently outstanding.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of September 30, 2021, the company’s unaudited total assets were approximately $274.2 million and its unaudited net asset value was $209.8 million, or $37.18 per share.
As of September 30 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 540 percent, and its coverage ratio for preferred shares was 435 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2021.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$ 273.2 |
$ 48.42 |
|
Cash and Cash Equivalents |
0.4 |
0.07 |
|
Other Assets |
0.6 |
0.10 |
|
Total Assets |
274.2 |
48.59 |
|
|
|
|
|
Short-Term Borrowings |
43.3 |
7.67 |
|
Senior Notes |
7.2 |
1.27 |
|
Preferred Stock |
12.2 |
2.17 |
|
Total Leverage |
62.7 |
11.11 |
|
|
|
|
|
Other Liability |
1.3 |
0.23 |
|
Current Tax Liability |
0.4 |
0.07 |
|
|
|
|
|
Net Assets |
$ 209.8 |
$ 37.18 |
5.64 million common shares currently outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of September 30, 2021, the company’s unaudited total assets were approximately $85.7 million and its unaudited net asset value was $64.5 million, or $28.97 per share.
As of September 30, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 589 percent, and its coverage ratio for preferred shares was 414 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2021.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$ 83.6 |
$ 37.51 |
|
Cash and Cash Equivalents |
1.8 |
0.82 |
|
Other Assets |
0.3 |
0.15 |
|
Total Assets |
85.7 |
38.48 |
|
|
|
|
|
Senior Notes |
14.5 |
6.49 |
|
Preferred Stock |
6.1 |
2.74 |
|
Total Leverage |
20.6 |
9.23 |
|
|
|
|
|
Other Liabilities |
0.6 |
0.28 |
|
Net Assets |
$ 64.5 |
$ 28.97 |
2.23 million common shares currently outstanding.
TTP has completed its share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through August 31, 2021. Under the program, TTP has repurchased 276,331 shares of its common stock at an average price of $18.078 and an average discount to NAV of 20.7%.
Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of September 30, 2021, the company’s unaudited total assets were approximately $48.5 million and its unaudited net asset value was $45.1 million, or $24.44 per share.
As of September 30, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 1,555 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2021.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$ 48.0 |
$ 25.99 |
|
Cash and Cash Equivalents |
0.4 |
0.23 |
|
Other Assets |
0.1 |
0.06 |
|
Total Assets |
48.5 |
26.28 |
|
Credit Facility Borrowings |
3.1 |
1.68 |
|
|
|
|
|
Other Liabilities |
0.3 |
0.16 |
|
Net Assets |
$ 45.1 |
$ 24.44 |
1.85 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of September 30, 2021, the company’s unaudited total assets were approximately $125.9 million and its unaudited net asset value was $101.3 million, or $15.53 per share.
As of September 30, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 522 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2021.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$ 124.1 |
$ 19.01 |
|
Cash and Cash Equivalents |
0.9 |
0.14 |
|
Other Assets |
0.9 |
0.13 |
|
Total Assets |
125.9 |
19.28 |
|
|
|
|
|
Credit Facility Borrowings |
24.0 |
3.68 |
|
|
|
|
|
Other Liabilities |
0.6 |
0.07 |
|
Net Assets |
$ 101.3 |
$ 15.43 |
6.53 million common shares currently outstanding.
TPZ has completed its share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through August 31, 2021. Under the program, TPZ has repurchased 424,834 shares of its common stock at an average price of $11.749 and an average discount to NAV of 18.7%.
Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) today announced that as of September 30, 2021, the company’s unaudited total assets were approximately $259.4 million and its unaudited net asset value was $231.9 million, or $17.19 per share.
As of September 30, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 1,039 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance sheet at September 30, 2021.
Unaudited balance sheet
|
(in Millions) |
Per Share |
|
Investments |
$ 254.1 |
$ 18.84 |
|
Cash and Cash Equivalents |
0.7 |
0.05 |
|
Other Assets |
4.6 |
0.33 |
|
Total Assets |
259.4 |
19.22 |
|
|
|
|
|
Credit Facility Borrowings |
24.7 |
1.83 |
|
|
|
|
|
Other Liabilities |
2.8 |
0.20 |
|
Net Assets |
$231.9 |
$17.19 |
13.49 million common shares outstanding.
The top 10 holdings for TYG, NTG, TTP, NDP, TPZ and TEAF as of the most recent month-end can be found on each fund’s portfolio web page at https://cef.tortoiseecofin.com.
About TortoiseEcofin
TortoiseEcofin focuses on essential assets – those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior living. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. For additional information, please visit www.TortoiseEcofin.com.
Tortoise Capital Advisors, L.L.C. (also dba TCA Advisors) (“TCA”) is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc. and Ecofin Sustainable and Social Impact Term Fund. Ecofin Advisors Limited is a sub-adviser to Ecofin Sustainable and Social Impact Term Fund.
For additional information on these funds, please visit cef.tortoiseecofin.com.
Safe harbor statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and TCA believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and TCA do not assume a duty to update this forward-looking statement.
Maggie Zastrow, (913) 981-1020
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The large-scale commercial deployment of ElectReon’s wireless charging infrastructure will be used to charge 200 public buses in Tel Aviv in a $9.4M USD partnership with one of Israel’s largest Public Transport Operator, Dan Bus Company.
BEIT YANAI, Israel--(BUSINESS WIRE)--ElectReon (TASE: ELWS.TA), the leading provider of wireless and in-road wireless electric vehicle (EV) charging technology, announced it has signed a 5-year agreement with Dan Bus Company, an Israeli bus company, to expand its wireless charging network to support public electric bus routes in Tel Aviv and the wider metropolitan area. The implementation, costing $9.4M USD, will supply 200 electric buses with active charging at operational city terminals (stations) for buses between bus trips and while passengers board and disembark.
This charging strategy will allow for the reduction of electrical grid connection capacities at the bus facilities and reduce vehicle battery capacity, size and weight for Dan Bus Company’s electric buses—curtailing fleet vehicle down-time and enabling extended operational hours. ElectReon will provide a full charging service at multiple operating terminals in the Tel Aviv Metropolitan Area and in Israel’s Southern District, for which Dan will pay a monthly fee for the complete charging service stack for approximately 200 electric buses. Dan elected to choose ElectReon’s Charging as a Service (CaaS) model, in which ElectReon finances the charging infrastructure at the terminals and provides operation services and maintenance throughout the length of the 5-year project. Additionally, the partners will explore the possibility of installing ElectReon’s wireless charging system for the rest of Dan's electric fleet and in Dan’s highway project 'Netivei Ayalon’.
In the first phase of the project, ElectReon will install its wireless charging system in 100 buses and at the major public transport terminal, Reading, in North Tel Aviv. As part of the second phase of the project that will take place within two years, the charging infrastructure will be expanded to other major terminals in Tel Aviv and in the south region of Israel, so that the company will provide wireless charging for about 200 buses in total.
“Not only will this be ElectReon’s first large-scale commercial project, it will also be a world-class showcase of wireless EV charging for fleet vehicles,” said Oren Ezer, CEO of ElectReon. “This will continue to demonstrate the improved efficiency and cost savings that electric bus fleet operators can expect by implementing wireless charging infrastructure.”
"In order to turn Dan's public transportation network in the Tel Aviv metropolitan area into a fully electric network, the company is currently establishing a charging infrastructure system and support for one of the largest public transportation operators in the region. We have tested ElectReon's technology and it has proven to be suitable for top-up charging at operational terminals as part of our day-to-day operations and workflows,” said Ofir Karni, CEO of Dan Bus Company, “This advanced technology is expected to enable our electric fleet to achieve greater range and extended operational hours while flattening peak energy consumption loads from overnight depot charging and simultaneously, allow us to maintain our essential maneuvering space and operational flexibility at our terminals. What is interesting that is out of an average 19 operational hours a day, one of our buses stands for about two hours in total at one of our terminals while drivers rest, switch over or wait to pick up passengers; according to our estimations, by just utilizing this time alone to charge the buses, we’re able to provide around 30% of the vehicle’s daily energy requirements.”
This agreement expands on the initial September 2020 collaboration between ElectReon and Dan Bus Company to deploy wireless EV charging infrastructure to actively charge a bus from a half mile of electrified wireless roadway between Tel Aviv University and the nearby train station as well as wireless stationary charging stations installed at the bus terminal at the beginning of the bus route. The bus operator was able to reduce the vehicle battery capacity by 90% by enabling the bus to actively charge while driving as well as increase vehicle operational hours due to the fact that less downtime for charging was required.
“We are proud to be expanding the ElectReon network in Tel Aviv significantly just a year after the initial pilot and our collaboration with Dan began,” said Ezer. “This momentum signals the growing need today for EV charging solutions across the global transportation market beyond the traditional charging station that enables a more seamless transition to electrification.”
Adding to the efficiency of the wireless charging infrastructure, the expanded agreement also includes ElectReon providing Dan Bus Company with a Charging as a Service (CaaS) financing model which will demonstrate the feasibility of the innovative financial model for the company and its customers globally.
About ElectReon
ElectReon is the leading provider of wireless charging solutions for electric vehicles (EVs), providing end-to-end charging infrastructure and services to meet the needs and efficiency demands of shared, public and commercial fleet operators and consumers. The company’s proprietary inductive technology dynamically (while in motion) and statically (while stopped) charges EVs quickly and safely, eliminating range anxiety, lowering total costs of EV ownership, and reducing battery capacity needs—making it one of the most environmentally sustainable, scalable, and compelling charging solutions available today. ElectReon works with cities and fleet operators on a charging as a service (CaaS) platform that enables cost-effective electrification of public, commercial, and autonomous fleets for smooth and continuous operation. For more information, visit electreon.com.
Media Contact
Katelyn Davis
On behalf of ElectReon
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VELIZY-VILLACOUBLAY, France--(BUSINESS WIRE)--#3DEXPERIENCE--Dassault Systèmes (Paris:DSY) (Euronext Paris: FR0014003TT8, DSY.PA) today announced that the construction phase of Meyer Werft’s first luxury passenger ship designed with the 3DEXPERIENCE platform as well as the engineering phase of its sister ship are underway. Meyer Werft, one of the world’s leading cruise ship builders and a long-term Dassault Systèmes customer, extended and expanded its use of the 3DEXPERIENCE platform to increase design efficiency and shorten construction time on this and future customer projects.
The luxury ship, with an expected delivery in 2022, will have a volume of 144,000 gross register tonnage, a capacity for 1,250 passenger cabins, and run on environmentally friendly liquefied natural gas. The efficient design and delivery of such state-of-the-art ships is crucial in a competitive marketplace.
Meyer Werft set an objective to efficiently design and deliver in time the most innovative cruise ships. To achieve this, the company expanded its engineering, product lifecycle management, automated production deliverables, and manufacturing user capabilities with the “Designed for Sea” and “Optimized Production for Sea” industry solution experiences based on the 3DEXPERIENCE platform.
In addition, the 3DEXPERIENCE platform’s openness allows Meyer Werft to integrate project data generated by legacy digital design tools at its sites and its suppliers. This supports a smooth and gradual transition to a unified and integrated business experience platform.
“Extending our use of the 3DEXPERIENCE platform is part of our ambition to more efficiently design and build innovative cruise ships,” said Dr. Paul Meyer, CIO, Meyer Werft. “We aim to unify tools and processes across our sites. As we are in the construction phase for our first ship designed with the 3DEXPERIENCE platform, our partnership with Dassault Systèmes continues to strengthen to achieve this.”
“The 3DEXPERIENCE platform is the only platform that enables industry leaders like Meyer Werft to transform their industrial business and deliver new customer experiences,” said François-Xavier Dumez, Vice President, Marine & Offshore Industry, Dassault Systèmes. “The platform has already been at the core of many innovative designs, as shipbuilders can avoid manufacturing errors, rework or delays downstream. Together with Meyer Werft we are creating the next generation of shipbuilding solutions to deliver long-term value.”
Social media:
Share this on Twitter: #MeyerWerft engineers and now builds its first luxury passenger ship designed entirely with #3DEXPERIENCE @Dassault3DS
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For more information:
Dassault Systèmes’ industry solution experiences for the Marine & Offshore industry: https://ifwe.3ds.com/marine-offshore
Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com
###
About Dassault Systèmes
Dassault Systèmes, the 3DEXPERIENCE Company, is a catalyst for human progress. We provide business and people with collaborative 3D virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers push the boundaries of innovation, learning and production. Dassault Systèmes brings value to more than 290,000 customers of all sizes, in all industries, in more than 140 countries. For more information, visit www.3ds.com
3DEXPERIENCE, the Compass icon, the 3DS logo, CATIA, BIOVIA, GEOVIA, SOLIDWORKS, 3DVIA, ENOVIA, NETVIBES, MEDIDATA, CENTRIC PLM, 3DEXCITE, SIMULIA, DELMIA, and IFWE are commercial trademarks or registered trademarks of Dassault Systèmes, a French “société européenne” (Versailles Commercial Register # B 322 306 440), or its subsidiaries in the United States and/or other countries.
Dassault Systèmes Press Contacts
Corporate / France
Arnaud MALHERBE
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North America
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China
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India
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Japan
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Oceana Calls on President Biden to Deliver on Campaign Promise, Permanently Protect Coasts from Offshore Drilling
WASHINGTON--(BUSINESS WIRE)--#ProtectOurCoast--On Sunday, reports surfaced of a major oil spill disaster currently unfolding off the California coast. The city of Huntington Beach reported that the 126,000-gallon oil spill is causing “substantial ecological impacts occurring at the beach and at the Huntington Beach Wetlands.”
Oceana released the following statement from Chief Policy Officer, Jacqueline Savitz:
“This is the legacy of the fossil fuel age, in which the oil and gas industry pushed their product until we were addicted. We need to break that addiction by shifting to clean energy. It’s time for the age of oil and gas to be history. This is just the latest of many tragedies caused by the oil and gas industry. The reality of our reliance on oil and gas is on full display here.
“In Southern California, the oil has already made its way onto our coasts, covering our beaches in oil and suffocating wildlife, and most of the oil now in our ocean will never be recovered. When we drill, we spill. It’s well past time to prevent future oil spills by permanently protecting our coasts from offshore drilling. The devastating social, economic, and ecological consequences of offshore drilling are, sadly, on full display in Southern California right now. It’s time for President Biden to deliver on his campaign promise to end offshore drilling and we need California’s Senators to ensure this gets done immediately.”
Oceana recently released an analysis detailing the economic benefits of banning new offshore drilling in California. Specifically, the analysis looks at data for ocean-dependent jobs and revenue from fishing, tourism, and recreation along the California coast. The analysis found that ending new leasing off the coast of California will safeguard California’s clean coast economy, which collectively supports around 654,000 jobs and over $50 billion in GDP. Nationwide, the U.S. clean coast economy supports around 3.3 million American jobs and $250 billion in GDP.
Oceana’s analysis also found that ending new leasing for offshore oil and gas in the United States could prevent over 19 billion tons of greenhouse gas emissions as well as more than $720 billion in damages to people, property, and the environment nationally. Oceana is calling on President Biden to permanently protect our coasts from offshore drilling to ensure the future of our coastal economy that depends on a healthy ocean and help address the growing climate crisis.
As of today, opposition and concern over offshore drilling activities includes:
For more information about Oceana’s efforts to stop the expansion of offshore drilling, please click here.
Oceana is the largest international advocacy organization dedicated solely to ocean conservation. Oceana is rebuilding abundant and biodiverse oceans by winning science-based policies in countries that control one-third of the world’s wild fish catch. With more than 225 victories that stop overfishing, habitat destruction, pollution, and the killing of threatened species like turtles and sharks, Oceana’s campaigns are delivering results. A restored ocean means that 1 billion people can enjoy a healthy seafood meal, every day, forever. Together, we can save the oceans and help feed the world. Visit www.oceana.org to learn more.
Austin Matheny, This email address is being protected from spambots. You need JavaScript enabled to view it., 858.395.5577
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CHELTENHAM, England--(BUSINESS WIRE)--#Aerospace--Ontic has completed the sale and licensing of certain legacy product lines from Triumph Group’s Staverton facility in the UK. The transaction includes the existing facility and select product lines associated with the site.
The Staverton facility in Gloucestershire supports a range of platforms in the Military, Civil and Marine Markets including the Airbus A330, BAE Hawk and Tornado, as well as the weapon handling systems on a variety of submarines.
This acquisition expands Ontic’s capacity in the UK following the successful growth of its existing facility in Cheltenham.
Gareth Hall, President and CEO of Ontic, said, “Ontic is excited at the opportunity to grow our UK presence with the purchase of the Staverton facility as part of our long-term strategy to expand the licensing solutions we are able to provide our partners across the industry. Not only will we be growing our business footprint with space, equipment, and product lines, but we will be welcoming 90+ talented new employees to the Ontic family, with expertise in mechanical solutions.”
Ontic maintains a global focus by supporting customers and licencing partners from manufacturing and MRO facilities in Chatsworth, California; Creedmoor, North Carolina; Plainview, New York; Cheltenham and Bolton in the United Kingdom, Singapore, and newly added Staverton.
About Ontic:
With over 47 years of aerospace product manufacturing and aftermarket support experience, Ontic provides FAA, CAAS, CAAC, TCCA, DCA, EASA Part 21 and 145 OEM support, including new and serviceable spares and repairs for over 7,000 established aircraft parts. Ontic’s portfolio of products, licensed or acquired from major OEMs such as Honeywell, Collins Aerospace, Safran, Thales and GE Aviation, span all major aircraft systems in both civil and military markets.
For more information, please visit www.ontic.com.
Susan Carpenter, Marketing Manager
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PARIS--(BUSINESS WIRE)--Regulatory News:
Technip Energies (PARIS: TE), a leading Engineering & Technology company for the energy transition, announces that its Board of Directors intends to nominate Ms. Colette Cohen for appointment as a non-executive director at the Company’s 2022 Annual General Meeting of Shareholders (“AGM”). Until the AGM, Ms. Cohen will attend meetings of the Board of Directors as an observer.
Joseph Rinaldi, Chairman of the Board of Technip Energies, declared: "I am delighted that Colette has agreed to be nominated to join the Technip Energies Board. With over two decades of expertise in the energy sector, the leadership role she is playing in the industrial transformation of the sector towards a net zero future and her well recognized advocacy for women in industry, Colette will be a valuable addition to the Board. I look forward to welcoming Colette to the Board.”
Colette Cohen OBE is the Chief Executive Officer for the Net Zero Technology Centre, an organization committed to the development and deployment of technology to accelerate the transition to an affordable net zero future. She has worked in the industry for over 25 years, having held senior positions within industry leaders such as BP, ConocoPhillips and Centrica E&P, both in the UK and internationally.
Colette Cohen has a degree in Pure & Applied Chemistry from Queen’s University Belfast, as well as a master’s in Project Management & Economics from CERAM (France) and an honorary PhD from Aberdeen University.
She was formerly a Commissioner for the Just Transition Commission for Scotland and a member of the Technology Leadership Board for the UK Government.
Colette is an ambassador for Powerful Women and, in 2020, she was awarded the Order of the British Empire for services to the Oil and Gas industry.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.
For further information: www.technipenergies.com.
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. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.
For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
Investor relations
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DUBLIN--(BUSINESS WIRE)--The "Wind Power Market - China and Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
This study analyzes the historical and present-day scenario of the China and global wind power market to accurately gauge its growth potential. the study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the China and global wind power market in order to identify opportunities for stakeholders. the report also provides insightful information about how the wind power market in China and across the globe would expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the wind power market in China and across the globe, which aids companies operating in the market in making strategic decisions. the publisher's study also elaborates on the significant changes that are anticipated to configure growth of the wind power market in China and across the globe during the forecast period. It also includes key indicator assessment that highlights growth prospects for the wind power market in China and across the globe, and estimates statistics related to the market in terms of volume (Units/MW) and value (US$ Bn).
This study covers detailed segmentation of the China and global wind power market, along with key information and a competition outlook. the report mentions company profiles of players that are currently dominating the wind power market in China and across the globe, wherein various development, expansion, and winning strategies practiced by these players have been presented in detail.
Companies Mentioned
Key Questions Answered in the publisher's Report on China and Global Wind Power Market
The report provides detailed information about the wind power market in China and across the globe on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the Chinese and global market and are looking for innovative methods to create a unique benchmark in the China and global market so as to help them design successful strategies and make target-driven decisions.
Key Topics Covered:
1. Executive Summary
2. Market Overview
2.1. Market Segmentation
2.2. Market Indicators
2.3. Market Dynamics
2.4. Drivers and Restraints Snapshot Analysis
2.4.1.1. Drivers
2.4.1.2. Restraints
2.4.1.3. Opportunities
2.5. Regulatory Scenario
2.6. Porter's Five Forces Analysis
2.6.1. Threat of Substitutes
2.6.2. Bargaining Power of Buyers
2.6.3. Bargaining Power of Suppliers
2.6.4. Threat of New Entrants
2.6.5. Degree of Competition
2.7. Value Chain Analysis
3. CAPEX Analysis
4. COVID-19 Impact Analysis
5. China Wind Power Market Volume (Units) and Value (US$ Bn) Analysis, by Component
6. China Wind Power Market Volume (MW) and Value (US$ Bn) Analysis, by Location
7. China Wind Power Market Volume (MW) and Value (US$ Bn) Analysis, by Application
8. Global Wind Power Market Volume (MW) and Value (US$ Bn) Analysis, by Region
9. Competition Landscape
9.1. Competition Matrix
9.2. China and Global Wind Power Market Share Analysis, by Company (2020)
9.3. Market Footprint Analysis
9.4. Company Profiles
10. Primary Research - Key Insights
11. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/nzew17
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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AUSTIN, Texas--(BUSINESS WIRE)--In the third quarter, we produced approximately 238,000 vehicles and delivered over 240,000 vehicles. We would like to thank our customers for their patience as we work through global supply chain and logistics challenges.
Production |
Deliveries |
Subject to operating lease accounting |
||||||
Model S/X |
8,941 |
9,275 |
20% |
|||||
Model 3/Y |
228,882 |
232,025 |
6% |
|||||
Total |
237,823 |
241,300 |
7% |
***************
Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q3 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.
Investor Relations Contact:
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Utility business to be named Exelon; competitive energy business to be named Constellation
CHICAGO--(BUSINESS WIRE)--Exelon Corp. (Nasdaq: EXC) today announced the senior leadership of the transmission and distribution utility business and the competitive power generation and retail energy business that will result from the planned separation of the companies.
Christopher Crane, Exelon president and CEO, will continue as CEO of the regulated utility business, which will be called Exelon, and Joseph Dominguez, currently CEO of ComEd, has been named CEO of Exelon Generation and incoming CEO of the competitive energy business, which will be called Constellation. The company also announced that Joseph Nigro, Exelon CFO, will continue as CFO of Exelon, and Daniel Eggers, currently senior vice president of corporate finance for Exelon, has been named CFO of Exelon Generation and incoming CFO of Constellation. Dominguez and Eggers will move into their new roles immediately, and Crane and Nigro will remain in their current roles.
Calvin Butler, currently CEO of Exelon Utilities, will assume the role of interim CEO of ComEd, in addition to his current duties.
The separation remains on track to close in the first quarter of 2022, pending completion of the remaining regulatory approvals.
These announcements mark the latest milestone in the separation process, which was first announced in February. The transaction will give each company the financial and strategic independence to focus on its unique customer needs, while remaining focused on its core business strategy.
“The two companies will be leaders in their respective industries and will have the resources necessary to best serve their respective customers and sustain long-term investment and operating excellence,” Crane said. “As an independent company, Exelon will lead the way toward a brighter and cleaner energy future for our more than 10 million electric and gas customers, while continuing to invest in critical infrastructure, expand economic opportunity and promote equity in all the communities we serve.”
“Constellation will be the largest producer of clean energy in the nation by a wide margin, giving our expansive customer-facing platform a competitive edge as consumers and policymakers increasingly demand sustainable energy solutions,” Dominguez said. “I’m excited about the opportunity to lead such a talented workforce as we seek new opportunities to help our customers and communities reduce pollution and power a next-generation energy grid.”
About Christopher Crane:
Crane has served as president and CEO of Exelon Corp. since 2012, overseeing the nation’s leading competitive power provider and the largest utility company by customer count. During his tenure, he has led the company through major acquisitions, capital programs and cost management initiatives, while growing revenue from $23.5 billion in 2012 to $33 billion in 2020. Prior to being named CEO, he served as president and chief operating officer of the company, overseeing one of the nation’s largest portfolios of electric power facilities, including the nation’s largest fleet of nuclear plants. He has held a variety of progressively more responsible positions over the course of his more than 30-year career. He joined Exelon (then ComEd) in 1998 and was named chief nuclear officer in 2004. He played a key role in transforming the nuclear fleet into an industry leader in operational, safety, management, regulatory, workforce and financial practices. He assumed responsibility for Exelon’s fossil, hydro and renewables facilities, in addition to the nuclear fleet, in 2007. He oversaw a broad range of generation business development initiatives, including new nuclear development, nuclear operating services, development of the largest urban solar project and asset optimization. He was named president of Exelon Generation in 2008. Prior to joining Exelon, Crane served as Browns Ferry site vice president for Tennessee Valley Authority and worked in new plant start-up at the Comanche Peak Nuclear Power Plant in Texas and Palo Verde Nuclear Generating Station in Arizona. You can read his full bio here.
About Joseph Nigro:
As Exelon’s chief financial officer, Nigro is responsible for overseeing the execution of all financial activities, including capital investment, financial reporting, planning, risk management, tax and insurance. He also leads the treasury function in developing and implementing financing plans, and investor relations. Prior to his current role, Nigro served as CEO of Constellation, Exelon’s competitive retail and wholesale energy business. He was responsible for marketing electricity, natural gas and other energy-related products and services for Constellation customers, as well as optimizing the value of Exelon’s generation output. Prior to his CEO role, Nigro served as senior vice president, portfolio strategy, for Constellation. He led the portfolio management, structuring, quantitative analysis, transmission analysis, fundamental forecasting, strategic business and other functions. Nigro joined Exelon’s PECO Power Team in 1996 and later held a series of roles on the Exelon Power Team, including senior vice president of portfolio management and strategy. Prior to joining Exelon, he spent seven years with Phibro Energy Inc., an independent trading and refining company in Greenwich, Conn., and Houston. You can read his full bio here.
About Joseph Dominguez:
Dominguez became CEO of ComEd in 2018, overseeing management of the electric grid serving more than 4 million customers in Chicago and most of northern Illinois. He led ComEd during a period of record performance for customers, including best-ever reliability and customer satisfaction. However, the majority of his more than 20-year career at Exelon has been working on behalf of the generation business, leading transformational changes in the policy landscape supporting zero-emission nuclear energy, negotiating large commercial transactions and cementing Exelon Generation’s reputation as the leading provider of clean energy solutions in the U.S. For much of that time Dominguez served as executive vice president of governmental and regulatory affairs and public policy for Exelon. In that role, he led the development and implementation of federal, state and regional governmental, regulatory and public policy strategies for the company. Dominguez began his career at Exelon in 2002 as associate general counsel, taking responsibility for all litigation matters in the mid-Atlantic region. He was named general counsel for Exelon utility PECO in 2004, and in 2007 was named senior vice president of state regulatory and government affairs and general counsel of Exelon Generation. His role expanded in 2009 to include senior vice president of communications, and in 2010 he was named senior vice president of federal regulatory affairs and public policy for Exelon. Prior to Exelon, Dominguez was a partner in the law firm of White and Williams, LLP, with a broad-based litigation practice counseling large and small corporations, institutions and government entities. He also is a former assistant U.S. Attorney, Eastern District of Pennsylvania, where he spearheaded the investigation and prosecution of numerous crimes, ranging from money laundering to murder-for-hire. You can read his full bio here.
About Daniel Eggers:
Eggers currently serves as senior vice president of Corporate Finance, leading the investor relations, treasury, corporate planning, corporate financial operations and insurance functions. He and his team serve as the primary interface between Exelon and the financial community, including investors and rating agencies, and are responsible for explaining the company’s financial, strategic, operational and regulatory goals and results. He joined the company in 2016 as senior vice president of investor relations, taking responsibility for developing and managing strategy and message content for external financial communications, including earnings and other investor presentations. In 2018 he was named a top IR professional in the utilities sector by Institutional Investor. Prior to Exelon, Eggers was a managing director at Credit Suisse in the Investment Banking division. He served as a member of the Equity Research department, where he covered regulated utility, integrated power and independent power producer stocks, including Exelon. He also served as co-head of U.S. Energy Research and had macro coverage responsibilities for the power sector, as well as wind energy and carbon policy. Over his 18-year career at Credit Suisse, he was a top-ranked analyst in the Institutional Investor Poll and the Bloomberg/Greenwich Associate poll, and also received awards for stock picking and estimate accuracy from Starmine, among other honors. You can read his full bio here.
Timing and Approvals
Closing of the transaction in the first quarter of 2022 is subject to final approval by the company’s Board of Directors, a Form 10 registration statement being declared effective by the Securities and Exchange Commission, the receipt of remaining regulatory approvals and the satisfaction of other conditions. The transaction was approved by the Federal Energy Regulatory Commission in August. Approval by the Nuclear Regulatory Commission and New York Public Service Commission remains pending. Exelon shareholder approval is not required. There can be no assurance that any separation transaction will ultimately occur or, if one does occur, of its terms or timing.
About Exelon Corporation
Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.
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Corporate Communications
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Emily Duncan
Investor Relations
312-394-2345
The Aliso Canyon natural gas storage facility released 109,000 metric tons of methane over 118 days in the biggest natural gas leak in U.S. history.
DALLAS--(BUSINESS WIRE)--Today, the national law firm of Baron & Budd, as part of the plaintiffs’ steering committee, announced a $1.8 billion settlement with Southern California Gas Company and its parent company Sempra Energy over personal injury and property damage claims related to the 2015 Aliso Canyon natural gas blowout.
The Aliso Canyon natural gas storage facility is located near Porter Ranch in Los Angeles County, California. Over 35,000 victims in the surrounding community were affected by the leak, including complaints of nausea, rashes, nosebleeds, respiratory problems, and other symptoms.
During the blowout, 8,300 homes had to be evacuated after 109,000 metric tons of methane were released into the environment over 118 days, making it the biggest natural gas leak in U.S. history.
“This settlement is a major success for the tens of thousands of area residents affected by the negligent actions of SoCalGas,” said Baron & Budd Shareholder, Roland Tellis. “Companies like SoCalGas have a duty to operate safely and responsibly in our communities and we will hold these companies accountable when they fail to do so.”
During the litigation, SoCalGas, Sempra Energy, and their counsel Morgan, Lewis & Bockius LLP were sanctioned over $5.7 million for wrongfully withholding over 150,000 documents, in one of the largest discovery sanctions in California history.
The area residents are represented by Baron & Budd alongside Panish Shea & Boyle LLP, Boucher LLP, Cotchett Pitre & McCarthy LLP, Kirtland Packard LLP, Kiesel Law LLP, Morgan & Morgan, Parris Law Firm, and Weitz & Luxenberg.
About Baron & Budd, P.C.
Baron & Budd, P.C. is among the largest and most accomplished plaintiffs’ law firms in the country. With more than 40 years of experience, Baron & Budd has the expertise and resources to handle complex litigation throughout the United States. As a law firm that takes pride in remaining at the forefront of litigation, Baron & Budd has spearheaded many significant cases for hundreds of entities and thousands of individuals. Since the firm was founded in 1977, Baron & Budd has achieved substantial national acclaim for its work on cutting-edge litigation, trying hundreds of cases to verdict and settling tens of thousands of cases in areas of litigation as diverse and significant as dangerous and highly addictive pharmaceuticals, defective medical devices, asbestos and mesothelioma, California wildfires and environmental contamination, fraudulent banking practices, e-cigarettes, motor vehicles, federal whistleblower cases, and other consumer fraud issues.
Debra Webb
Baron & Budd, P.C.
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MILAN--(BUSINESS WIRE)--#CESI--Starting as of today, Guido Bortoni is the new Chairman of the Board of Directors at CESI S.p.A (Centro Elettrotecnico Sperimentale Italiano), following the appointment of the new Board by the CESI S.p.A. Ordinary Assembly of the Shareholders on July 14th, 2021.
In the first Board of Directors meeting, held on July 15th, Matteo Codazzi was confirmed as Group Chief Executive Officer for the three-year period 2021 - 2023.
The new Board of Directors is comprised of:
Alberto Calvo
Antonio Cammisecra
Ernesto Ciorra
Giuseppe Del Villano
Giacomo Donnini
Fabio Ignazio Romeo
Francesco Venturini
Flavio Villa
The new Chairman, Guido Bortoni, has been Chairman of ARERA – Italian Regulatory Authority for Energy Network and Environment – from 2011 to 2018. Previously, he was Chief Executive at the Energy Department of the Italian Government (2009-2011); Head of the Energy Markets Department at the then Italian Electricity and Gas Regulatory Authority (1998-2009); Engineer for Power Grid Studies at CESI/Enel (1987-1998), where he committed to long-term internships at several US utilities and at Électricité de France - études et Recherches (EDF), in Paris. From July 2019, he held the role of Senior Advisor - Regulatory at the Directorate-General Energy of the European Commission. He graduated in Electric Engineering at the Università degli Studi in Pavia and obtained a Masters’ Degree in Administration and Corporate Management at the Politecnico University in Milan.
“My gratitude goes to the CESI Shareholders, the new Board of Directors and the new colleagues who I hope to meet as soon as it will be safe and possible. This is a return to the place in which my professional career first started, where I had the opportunity to develop a background based on the Italian and European best practices, which is essential to interact with institutions and key players in the energy sector,” says the Chairman of CESI Group. “Today, I come back to a much bigger, improved and more diversified CESI Group, which has the goal to support and inspire the players of the global energy transition through its testing and consulting services, integrated with civil and environmental engineering activities. This happened thanks to the know-how and expertise of those working at CESI and to the vision of recent management. Indeed, the CESI capabilities in offering services to support the adaptation of energy systems to climate change are truly extraordinary. Just like the latest tools at the disposal of CESI consulting activities on the policies of emissions mitigation and integration into the energy markets are truly impressive.”
Matteo Codazzi has been CEO of CESI since 2009. From 2006 to 2009 he has been CEO and Country Manager of Enel in Romania. He joined Enel in 1999; He has been Residential and Business Market Director at Enel Distribuzione and has held important roles such as Director for the Italian Regulatory Affairs, CFO, and Mergers & Acquisitions Manager in the Generation and Electricity & Gas Distribution areas. Codazzi began his career in 1990 at Finmeccanica-Ansaldo and Alenia, holding several roles in the fields of power generation and aerospace. He graduated with honors in Economics and Commerce from the LUISS University in Rome, where he also served as Professor, and completed the Advanced General Management Program at the Columbia University in New York.
“I take the opportunity to thank our shareholders for the trust they have placed in me once again. In the past years, CESI has been able to face the challenges posed by the evolution of the energy sector, turning them into an opportunity for growth, which made us a global leader in innovation and energy transition services. In this context, the authority, independence and profound skills of a figure of great institutional importance, such as Chairman Bortoni, are an essential contribution for the future of CESI,” says Matteo Codazzi. “Let me also thank Salvatore Machì, our former Chairman, on behalf of all shareholders and employees, for the valuable contribution he offered to the Group over the course of twenty-two years of great commitment, as CEO first and as Chairman subsequently. Thanks to his action, CESI has become a world leader in the field of innovation, testing and consulting for the electricity industry and in civil and environmental engineering.”
CESI S.p.A (Centro Elettrotecnico Sperimentale Italiano) for over 60 years has offered services to its customers, located in over 70 countries around the world, in the field of innovation, engineering, testing and consulting for the electric sector and in the civil and environmental engineering sectors. With its KEMA Labs Division, the Group is world leader in testing, inspection and certification of electromechanical components for the power sector. CESI is, also, one of the few companies in the world to develop and produce advanced solar cells (III-V triple junction GaAs) for earth and space applications (CPV). The company’s key global clients include major power utilities, Transmission System Operators (TSOs), Distribution System Operators (DSOs), power generation companies (GenCos), system integrators, financial investors and global electromechanical and electronic manufacturers, as well as governments and regulatory authorities. CESI works in close cooperation with international financial institutions such as World Bank Group, European Bank for Reconstruction and Development, Inter-American Bank, Asian Development Bank and Arab Fund. CESI is headquartered in Milan and has facilities and offices in Arnhem, Berlin, Mannheim, Chalfont (USA), Prague, Dubai, Rio de Janeiro, Santiago de Chile and Knoxville (USA).
www.cesi.it
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