PLANO, Texas--(BUSINESS WIRE)--Vine Energy Inc. announced today that it cancelled its second-quarter 2021 conference call scheduled for August 16, 2021 at 9am Central time following the announcement of the definitive agreement in which Chesapeake Energy intends to acquire Vine. The call is not expected to be rescheduled.
The company expects to file its second-quarter 2021 results on Form 10-Q on or before August 16, 2021.
About Vine Energy Inc.
Vine Energy Inc., based in Plano, Texas, is an energy company focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana. The Company is listed on the New York Stock Exchange under the symbol “VEI”.
David Erdman
(469) 605-2480
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DUBLIN--(BUSINESS WIRE)--The "Recreational Boats - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Recreational Boats estimated at US$26.7 Billion in the year 2020, is projected to reach a revised size of US$32.5 Billion by 2027, growing at a CAGR of 2.9% over the analysis period 2020-2027.
Outboard Boats, one of the segments analyzed in the report, is projected to record a 3.4% CAGR and reach US$13.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Inboard Boats / Stern Type Boats segment is readjusted to a revised 2.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $7.8 Billion, While China is Forecast to Grow at 2.7% CAGR
The Recreational Boats market in the U.S. is estimated at US$7.8 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.8 Billion by the year 2027 trailing a CAGR of 2.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 2.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR.
Personal Watercraft Boats Segment to Record 2.2% CAGR
In the global Personal Watercraft Boats segment, USA, Canada, Japan, China and Europe will drive the 2.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.4 Billion in the year 2020 will reach a projected size of US$4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.6 Billion by the year 2027.
Select Competitors (Total 36 Featured):
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/l6nfjq
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HAMDEN, Conn.--(BUSINESS WIRE)--TransAct Technologies Incorporated (Nasdaq: TACT) (“TransAct,” the “Company,” “we” or “our”), a global leader in software-driven technology and printing solutions for high-growth markets, today announced that it intends to offer newly issued shares of its common stock in an underwritten public offering. TransAct also expects to grant to the underwriters of the offering a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the underwritten public offering on the same terms and conditions.
Roth Capital Partners is acting as the sole book-running manager for the offering, and Craig-Hallum Capital Group is acting as co-manager for the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the size or terms of the offering.
TransAct intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include funding the further development of TransAct’s food service technology business and related sales, marketing and product development efforts, technology improvements and personnel costs in support of TransAct’s growth strategy.
A shelf registration statement relating to the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (the “SEC”) on August 17, 2020 and is effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and, when available, may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA 92660, by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by telephone at (800) 678-9147, or by accessing the SEC’s website, www.sec.gov.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is a global leader in developing software-driven technology and printing solutions for high-growth markets including food service, casino and gaming, POS automation, and oil and gas. The Company’s solutions are designed from the ground up based on customer requirements and are sold under the BOHA! ™, AccuDate™, EPICENTRAL®, Epic, Ithaca® and Printrex® brands. TransAct has sold over 3.5 million printers, terminals and other hardware devices around the world and is committed to providing world-class service, spare parts and accessories to support its installed product base. Through the TransAct Services Group, the Company also provides customers with a complete range of supplies and consumable items both online at http://www.transactsupplies.com and through its direct sales team. TransAct is headquartered in Hamden, CT. For more information, please visit http://www.transact-tech.com or call (203) 859-6800.
TransAct®, BOHA!™, AccuDate™, Epic, EPICENTRAL®, Ithaca® and Printrex® are trademarks of TransAct Technologies Incorporated. ©2021 TransAct Technologies Incorporated. All rights reserved.
Forward-Looking Statements
Certain statements in this press release include forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “project,” “plan” or “continue,” or the negative thereof, or other similar words. All forward-looking statements involve risks and uncertainties, including, but not limited to, the adverse effects of the COVID-19 pandemic, related vaccination rates and the emergence of virus variants on our business, operations, financial condition, results of operations and capital resources, including as a result of supply chain disruptions, shutdowns and/or operational restrictions imposed on our customers, an inability of our customers to make payments on time or at all, diversion of management attention, necessary modifications to our business practices and operations, cost cutting measures we have made and may continue to make, a possible future reduction in the value of goodwill or other intangible assets, inadequate manufacturing capacity or a shortfall or excess of inventory as a result of difficulty in predicting manufacturing requirements due to volatile economic conditions, price increases or decreased availability of component parts or raw materials, exchange rate fluctuations, volatility of and decreases in trading prices of our common stock and the availability of needed financing on acceptable terms or at all; our ability to successfully develop new products that garner customer acceptance and generate sales, both domestically and internationally, in the face of substantial competition; our reliance on an unrelated third party to develop, maintain and host certain web-based food service application software and develop and maintain selected components of our downloadable software applications pursuant to a non-exclusive license agreement, and the risk that interruptions in our relationship with that third party could materially impair our ability to provide services to our food service technology customers on a timely basis or at all and could require substantial expenditures to find or develop alternative software products; our ability to successfully transition our business into the food service technology market; our ability to fully remediate a previously disclosed material weakness in our internal control over financial reporting; risks associated with potential future acquisitions; general economic conditions; our dependence on contract manufacturers for the assembly of a large portion of our products in Asia; our dependence on significant suppliers; our ability to recruit and retain quality employees as the Company grows; our dependence on third parties for sales outside the United States; our dependence on technology licenses from third parties; marketplace acceptance of new products; risks associated with foreign operations; the availability of third-party components at reasonable prices; price wars or other significant pricing pressures affecting the Company’s products in the United States or abroad; increased product costs or reduced customer demand for our products due to changes in U.S. policy that may result in trade wars or tariffs; our ability to protect intellectual property; the effect of the United Kingdom’s withdrawal from the European Union; and other risk factors detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and other reports filed with the SEC. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release, and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances, except as required by applicable law.
Investor:
Bart Shuldman
Chairman and Chief Executive Officer
TransAct Technologies Incorporated
702-388-8180
Michael Bowen
ICR, Inc.
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203-682-8299
Ryan Gardella
ICR, Inc.
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203-682-8240
DUBLIN--(BUSINESS WIRE)--The "Mooring Inspection - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Mooring Inspection estimated at US$349.9 Million in the year 2020, is projected to reach a revised size of US$443.2 Million by 2027, growing at a CAGR of 3.4% over the period 2020-2027.
Below Water Inspection (BWI), one of the segments analyzed in the report, is projected to record 3.6% CAGR and reach US$324.6 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Above Water Inspection (AWI) segment is readjusted to a revised 2.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $94.7 Million, While China is Forecast to Grow at 5.6% CAGR
The Mooring Inspection market in the U.S. is estimated at US$94.7 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$87.4 Million by the year 2027 trailing a CAGR of 5.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2% and 2.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.
Select Competitors (Total 37 Featured):
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/jlb1nj
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) (PARIS: FTI) is joining forces with Loke Marine Minerals (Loke) to develop enabling technologies for the extraction of seabed minerals, driving the energy transition and a sustainable future.
Marine minerals have been identified by the World Bank, World Economic Forum, and International Energy Agency as one of the potential solutions to meet the increasing demand for metals used in electric vehicle batteries, clean energy technologies, and consumer electronics.
Together, Loke and TechnipFMC are developing a patent-pending, autonomous subsea production system that aims to have minimal impact on the environment and positions the company well for potential offshore licensing on the Norwegian Continental Shelf (NCS) and internationally.
Jonathan Landes, President, Subsea at TechnipFMC commented, “We are pleased to partner with Loke in the development of this important resource. Our culture of collaboration, integration, and innovation, along with our expertise in subsea robotics and extensive history on the NCS can help meet the rising demand for new technologies and resources that are driving the energy transition.”
TechnipFMC has a minority ownership stake in Loke. Wilh. Wilhemsen Holding ASA, a global maritime industry group, and NorSea Group have also taken an ownership stake in Loke.
Walter Sognnes, CEO at Loke, commented, “We are very excited and pleased to get these first class and top choice companies to join on the owner side of Loke. We see great benefits for the exciting phase the company now is entering from what they are bringing to the table, with regards to knowledge, experience, and culture. Their complementary business areas with common overlap is an ideal match with our ambition of becoming an international leading marine minerals company.”
The NCS is known to have copper, zinc, cobalt, and other rare earth elements. Norway is one of the only countries to have formalized marine mineral legislation. The Norwegian government is expected to make a final decision on licensing approval for exploration and production in 2023.
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 “expect,” “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 leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
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Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today Emera (TSX: EMA) reported 2021 second quarter financial results.
Highlights
“Our strong start to the year continued through the second quarter with solid EPS growth despite foreign exchange impacts,” said Scott Balfour, President and CEO of Emera Inc. “We are also very pleased with the unanimously supported settlement agreement reached with all intervening consumer parties in the Tampa Electric rate request that positions us to continue to deliver affordable, cleaner energy while making important investments in grid modernization and resiliency for our customers. This settlement represents the successful culmination of rates cases in our three US utilities and demonstrates the strength of our strategy as we continue to lead the energy transition towards a low carbon future.”
Quarterly Financial Results
Q2 2021 reported net loss of $17 million, or $(0.07) per common share, compared with net income of $58 million, or $0.24 per common share, in Q2 2020. Q2 2021 included a $154 million after-tax mark-to-market loss, compared to a $45 million mark-to-market loss last year.
Q2 2021 adjusted net income was $137 million, or $0.54 per common share, compared with $118 million, or $0.48 per common share, in Q2 2020.
Growth in quarterly adjusted net income was largely due to the timing of the preferred dividend declaration in Q2 2020, lower corporate interest expense and increased earnings at PGS and EES, partially offset by lower earnings contributions from Tampa Electric primarily as a result of a stronger CAD
Year-to-date Financial Results
Year-to-date reported net income was $256 million or $1.01 per common share, compared with a net income of $581 million or $2.37 per common share year-to-date in 2020. Year-to-date reported net income included a $124 million after-tax mark-to-market loss primarily at Emera Energy.
Year-to-date adjusted net income was $380 million or $1.49 per common share, compared with $311 million or $1.27 per common share year-to-date in 2020.
Growth in year-to-date adjusted net income was largely due to higher earnings contribution from EES and PGS, lower corporate interest expense, the 2020 revaluation of deferred taxes due to a reduction in the Nova Scotia corporate income tax rate, lower corporate OM&G, and the timing of preferred dividend declaration in Q2 2020. The increase was partially offset by lower earnings contributions from Tampa Electric, the impact of a stronger CAD, the 2020 recognition of a corporate income tax recovery previously deferred as a regulatory liability in 2018 at BLPC, and lower earnings from the sale of Emera Maine in Q1 2020.
Strengthening of the CAD decreased the net loss by $2 million and decreased adjusted earnings by $11 million ($0.04 per share) in Q2 2021 compared to Q2 2020. The strengthening of the CAD exchange rates decreased earnings by $9 million and adjusted earnings by $20 million ($0.11 per share) year-to-date in 2021, compared to the same period in 2020.
Outlook
Emera’s $7.4 billion capital investment plan over the 2021-to-2023 period, and the potential for additional capital opportunities of $1.2 billion over the same period, results in a forecasted rate base growth of 7.5 per cent to 8.5 per cent through 2023. Emera is on track to invest more than $2 billion in 2021, increasing rate base by 6 per cent to $22.5 billion. The capital investment plan continues to include significant investments across the portfolio in renewable and cleaner generation, reliability and integrity investments, infrastructure modernization and customer-focused technologies.
Emera’s capital investment plan is being funded primarily through internally generated cash flows and debt raised at the operating company level. Equity requirements in support of our capital investment plan are expected to be funded through the dividend reinvestment plan, the issuance of preferred equity and the issuance of common equity through our at-the-market program. Maintaining investment-grade credit ratings is a priority of management.
Emera has provided annual dividend growth guidance of four to five per cent through to 2022.
Consolidated Financial Review
The following table highlights significant changes in adjusted net income attributable to common shareholders from 2020 to 2021. |
|
|
||||
|
|
|
||||
For the |
Three months ended |
Six months ended |
||||
millions of Canadian dollars |
June 30 |
June 30 |
||||
Adjusted net income – 20201 |
$ |
118 |
|
$ |
311 |
|
Operating Unit Performance |
|
|
||||
Increased earnings at Emera Energy Services ("EES") due to favourable market conditions |
|
7 |
|
|
24 |
|
Increased earnings at PGS due to higher base revenues as the result of a base rate increase on January 1, 2021 and customer growth |
|
7 |
|
|
17 |
|
Decreased earnings at Tampa Electric due to the impact of a stronger CAD, higher depreciation and amortization reflecting increased capital investment, a 2020 regulatory settlement and increased operating, maintenance and general ("OM&G") expenses. These decreases were partially offset by higher allowance for funds used during construction ("AFUDC") earnings. USD earnings were $4M lower quarter over quarter and $2M higher year-to-date versus 2020. |
|
(21 |
) |
|
(17 |
) |
Decreased earnings due to the sale of Emera Maine in Q1 2020 |
|
- |
|
|
(6 |
) |
Tax Related |
|
|
||||
Revaluation of Corporate, NSPI and Emera Energy net deferred income tax assets and liabilities in Q1 2020 due to the reduction in the Nova Scotia provincial corporate income tax rate |
|
- |
|
|
14 |
|
Recognition of corporate income tax recovery in Q1 2020 previously deferred as a regulatory liability in 2018 at BLPC |
|
- |
|
|
(10 |
) |
Corporate |
|
|
||||
Timing of preferred dividend declaration in Q2 2020 |
|
12 |
|
|
12 |
|
Decreased interest expense, pre-tax, due to the impact of a stronger CAD, repayment of corporate debt and lower interest rates |
|
9 |
|
|
22 |
|
Decreased OM&G, pre-tax, year-over-year due to lower long-term compensation |
|
(2 |
) |
|
14 |
|
Other Variances |
|
7 |
|
|
(1 |
) |
Adjusted net income – 20211 |
$ |
137 |
|
$ |
380 |
|
1 See “Non-GAAP Measures” noted below. |
2 Excludes the effect of mark-to-market adjustments, the 2020 gain on sale of Emera Maine and 2020 impairment charges, net of tax. |
Segment Results and Non-US GAAP Reconciliation
For the |
Three months ended June 30 |
Six Months ended June 30 |
||||||||
millions of Canadian dollars (except per share amounts) |
2021 |
2020 |
2021 |
2020 |
||||||
Adjusted net income 1,2 |
|
|
|
|
||||||
Florida Electric Utility3 |
$ |
125 |
|
$ |
146 |
|
208 |
|
225 |
|
Canadian Electric Utilities4 |
|
44 |
|
|
37 |
|
132 |
|
129 |
|
Other Electric Utilities2,5 |
|
- |
|
|
(1 |
) |
7 |
|
19 |
|
Gas Utilities and Infrastructure6 |
|
34 |
|
|
27 |
|
114 |
|
97 |
|
Other 2,7 |
|
(66 |
) |
|
(91 |
) |
(81 |
) |
(159 |
) |
Adjusted net income1,2 |
$ |
137 |
|
$ |
118 |
|
380 |
|
311 |
|
Gain on sale, net of tax and transaction costs |
|
- |
|
|
(12 |
) |
- |
|
309 |
|
Impairment charges, net of tax |
|
- |
|
|
(3 |
) |
- |
|
(26 |
) |
After-tax mark-to-market loss |
|
(154 |
) |
|
(45 |
) |
(124 |
) |
(13 |
) |
Net income attributable to common shareholders |
$ |
(17 |
) |
$ |
58 |
|
256 |
|
581 |
|
EPS (basic) |
$ |
(0.07 |
) |
$ |
0.24 |
|
1.01 |
|
2.37 |
|
Adjusted EPS (basic) 1,2 |
$ |
0.54 |
|
$ |
0.48 |
|
1.49 |
|
1.27 |
|
1 See “Non-GAAP Measures” noted below. |
2 Excludes the effect of mark-to-market adjustments, the 2020 gain on sale of Emera Maine and 2020 impairment charges, net of tax. |
3 Decrease due to the impact of a stronger CAD, higher depreciation and amortization reflecting increased capital investment, a 2020 regulatory settlement and increased OM&G expenses. These decreases were partially offset by higher AFUDC earnings. |
4 Increase due to higher operating earnings at NSPI. |
5 Decrease year-to-date due to the recognition of a corporate income tax recovery at Barbados Light and Power in Q1 2020 and the sale of Emera Maine in Q1 2020, |
6 Increase due to stronger operating earnings at PGS due to new base rates and customer growth. |
7 Decreased loss due to stronger marketing and trading earnings, the timing of the preferred dividend declaration in Q2 2020, lower corporate financing costs and OM&G and revaluation of Nova Scotia deferred income tax assets and liabilities in Q1 2020. |
Non-GAAP Measures
Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures by adjusting certain GAAP and non-GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. Refer to the Non-GAAP Financial Measures section of our Management's Discussion and Analysis for further discussion of these items.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.
Teleconference Call
The company will be hosting a teleconference today, Wednesday, August 11, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q2 2021 financial results.
Analysts and other interested parties in North America are invited to participate by dialing 1-866-521-4909. International parties are invited to participate by dialing 1-647-427-2311. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.
A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available two hours after the conclusion of the call by dialing 1-800-585-8367 and entering pass code 3794189.
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H and EMA.PR.J. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or at www.sedar.com.
Emera Inc.
Investor Relations
Dave Bezanson VP, Investor Relations & Pensions
902-474-2126
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Media
902-222-2683
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HOUSTON--(BUSINESS WIRE)--#DNOW--NOW Inc. (NYSE:DNOW) announced today that Wayne Richards has resigned from the Company’s board of directors effective as of August 10, 2021 for personal reasons. The resignation was not the result of any disagreement with the Company or any of its affiliates on any matter relating to the Company's operations, policies or practices.
Dick Alario, Chairman of the Board of NOW Inc., stated, "I would like to thank Wayne for all of his contributions to DNOW's success through these past years. Wayne joined the Board prior to our spin-off into an independent, publicly traded company and has contributed significantly to the Company's progress during his tenure as a founding board member and former Chairman of the DNOW Board. We are grateful for his contributions to DNOW and wish him the very best in the future."
NOW Inc. is one of the largest distributors to energy and industrial markets on a worldwide basis, with a legacy of over 150 years. NOW Inc. operates primarily under the DistributionNOW and DNOW brands. Through its network of approximately 195 locations and 2,450 employees worldwide, NOW Inc. offers a comprehensive line of products and solutions for the upstream, midstream and downstream energy and industrial sectors. Our locations provide products and solutions to exploration and production companies, energy transportation companies, refineries, chemical companies, utilities, manufacturers and engineering and construction companies.
NOW Inc.
Brad Wise, (281) 823-4006
Vice President of Digital Strategy and Investor Relations
HOUSTON--(BUSINESS WIRE)--Branch Energy - a tech-powered, green energy provider focused on helping consumers reduce their energy bills and carbon footprints - has raised $4.5 million in its seed round. This round of financing was led by Comcast Ventures with participation from Global Founders Capital, Inovia Capital, and Assaf Wand - CEO of home insurance unicorn Hippo.
Branch Energy was co-founded by Alex Ince-Cushman, ex-Palantir and former nuclear fusion researcher; Daniel MacDonald, a serial B2C entrepreneur; and Todd Burgess, an energy industry veteran. The trio will use the funds to expand the team, and support the data and analytic infrastructure development at the heart of the company’s approach.
Electricity production is one of the biggest sources of greenhouse gas emissions worldwide and accounts for 25% of US emissions. Transitioning the electricity grid to green energy is therefore critical to reducing the effects of climate change. Recent catastrophes like the black outs in Texas and the fires in California highlight that the current energy system is struggling to cope with climate-related change. Branch Energy is setting out to help by showing consumers that green energy can actually save them money, time and hassle -- and by providing a dramatically better customer experience than incumbent energy providers.
“Climate change is a staggeringly large challenge and we’re building Branch Energy, from the ground up to be part of the solution. In particular, we think we can have the biggest impact by focusing on opportunities that reduce our customer’s energy bills and also help decarbonize society. Fortunately, this intersection is actually much, much larger than most people appreciate,” says Alex Ince-Cushman, Branch Energy’s CEO and cofounder.
Branch Energy will initially launch in the US in states with deregulated energy markets (where consumers are able to choose their energy provider). In these markets, Branch Energy will offer customers 100% green energy, be their interface for billing, payment and customer service while also helping them install and finance smart energy devices. Branch Energy is aiming to sign up its first customers in Texas this fall.
Despite the considerable energy-saving benefits of modern devices such as smart thermostats, smart water heaters, solar arrays, etc, the installation rate for these devices remains persistently low in the US. These low deployment rates are in large part due to the hurdles the average residential customer faces in getting devices installed. “Most people don’t wake up on a Sunday morning to do complex economic calculations on the payback period of a smart water heater, then go buy the device with cash, then coordinate with a plumber to install it, to eventually get savings in the future. It’s just too much friction for most people,” says Daniel MacDonald, cofounder and Branch Energy President.
In addition to delivering 100% green energy to its customers at a great price, Branch Energy will help customers save even more by doing the heavy lifting of device installation. By combining energy usage data, satellite imagery, hyper-local weather forecasts, AI and more, Branch Energy will calculate the economic benefit of each of these devices for each customer, and then coordinate financing and installations. The combination of energy saving smart devices and delivering 100% green power will make Branch Energy a compelling option for customers both financially and environmentally.
About Branch Energy
Branch Energy is a technology company that makes it easy for consumers to lower their energy bills and carbon footprint while providing dramatically better customer experiences than incumbents. Branch Energy uses data & AI to determine which smart devices reduce a consumer’s energy bill the most and then helps them finance and install those devices - saving customers money while they clean up their energy usage.
Alex Ince-Cushman
844-999-3532
VANCOUVER, British Columbia--(BUSINESS WIRE)--Loop Energy (TSX: LPEN) today announced consolidated financial results for the second quarter ending June 30, 2021. All amounts are in CAD dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).
"During Q2 2021, Loop Energy completed the deployment of its first 10 unit bus fleet in China,” said Ben Nyland, President and CEO, Loop Energy. “This represents the most significant commercial transition in the Company’s history. We have always believed we have one of the best stacks on the market, but now being able to demonstrate this in the field beyond a 1-unit deployment is truly transformational for Loop. Combined with our other customer activity in the quarter, this generated Loop’s first million-dollar revenue quarter. A substantial milestone in our company’s growth."
Three months ended June 30, 2021 Financial Results Highlights
(all comparisons are to the three months ended June 30, 2020 unless otherwise noted)
Q2 2021 Business Highlights
2021 Outlook and Investment
Q2 2021 Financial Summary
The Company will host a conference call at 11:00 a.m. EDT on Thursday, August 12 for a more detailed discussion of Loop Energy Inc. Q2 2021 results.
Dial-in by phone 5-10 min prior to the scheduled start time and ask to join the Loop Energy call:
Toll Free Dial-In Number: +1 8449314996
International Dial-In Number: (639) 380-0062
Conference ID: 9894473
The Company's financial statements and management's discussion & analysis are available at investors.loopenergy.com, www.sedar.com
About Loop Energy Inc.
Loop Energy is a designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop’s products feature the Company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. eFlow™ was designed to enable commercial customers to achieve performance maximization and cost minimization. Loop works with OEMs and major vehicle sub-system suppliers to enable the production of fuel cell electric vehicles. For more information about how Loop is driving towards a zero-emissions future, visit www.loopenergy.com.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflect management’s current expectations and projections regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward-looking information. Such risks and uncertainties include, but are not limited to, the ability of the Company to execute on its strategy and the factors discussed under “Risk Factors Company’s Annual Information Form" dated March 30, 2021. Loop disclaims any obligation to update these forward-looking statements.
Loop Energy Investor Contact: Darren Ready | Tel: +1.604.222.3400 Ext 302 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Loop Energy Business Contact: George Rubin | Tel: +1.604.828.8185 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Loop Energy EMEA Contact: Luigi Fusi | +39.028457.3048 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Loop Energy Media Contact: Ashley Eisner | Tel: +1.212.697.2600 | This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) announced today that it has executed two Gas Supply Agreements (“GSA”) with subsidiaries of Unigel Participações (“Unigel”) to supply natural gas to the Unigel Agro-BA and Unigel Agro-SE fertilizer plants (the “Fertilizer Plants”) located in the Brazilian states of Bahia and Sergipe, respectively. The agreements also include an option to supply Unigel’s chemicals facility in Candeias, state of Bahia, Brazil.
In total, NFE expects to supply Unigel with up to 41 Tbtu of natural gas annually (equivalent to approximately 1.4 million gallons of LNG per day) for a 5-year term beginning in Q1 2022.
“We are excited to become the strategic gas supply partner of Unigel, one of the premier industrial companies in Brazil,” said Wes Edens, Chairman and CEO of NFE. “This partnership demonstrates the value our LNG import terminals will provide to customers in Brazil as we bring affordable, reliable energy supply and support industry throughout Brazil.”
Andrew Dete, Managing Director at NFE added, “NFE is proud to partner with Unigel to support domestic fertilizer production in Northeast Brazil. These agreements are great examples of NFE’s mission to partner with leading industrial customers in Brazil to provide reliable energy supply.”
The supply of gas from NFE’s strategically-located Suape and Sergipe LNG terminals in Brazil’s northeast will connect Unigel’s operations to the global LNG and natural gas markets as well as significantly reduce pipeline transportation charges.
“We believe that this 5-year term agreement with NFE will provide a more reliable, stable operation for our plants in the long run, which is key to improve our competitiveness and solidify our commercial presence in Brazil,” said Roberto Noronha Santos, CEO of Unigel.
Unigel’s Fertilizer Plants are capable of producing over 3,000 tons per day of urea in total.
The transaction is subject to the receipt of certain regulatory approvals and other customary conditions.
About New Fortress Energy
New Fortress Energy is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.
About Unigel Participações
Unigel is one of the largest chemical companies in Brazil, holding a leading position in styrenics, acrylics and nitrogen fertilizers in Latin America. The company, with industrial facilities in Brazil and Mexico, makes itself present in day-to-day life serving multiple customers across a broad spectrum of industries including home appliances & electronics, automotive, paints and coatings, construction, pulp and paper, packaging, health and safety, textile, mining and agriculture.
Cautionary Language Regarding Forward-Looking Statements
This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. Forward looking statements include: the supply of natural gas to the Fertilizer Plants including the locations from where we will supply and the expected annual quantities and delivery dates; if and when the option to supply Unigel’s chemical facility will be exercised; the value our LNG import terminals will provide to customers in Brazil; the reduction of pipeline transportation charges; and other statements regarding NFE’s operations, goals and strategy.
These forward-looking statements represent the Company’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 the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: risks related to the development, construction or commissioning schedule for our LNG terminals may be longer than we expect; the funding of the project may not be possible on the terms we expect; we will be unable to operationalize our plans for the rights and key permits to develop the LNG terminals; the receipt of certain regulatory approvals; and that we will not be able to provide natural gas to customers as we currently expect. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company 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 the Company 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 annual report, quarterly and other reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update these forward-looking statements even though the situation may change in the future.
IR:
Joshua Kane
(516) 268-7455
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Jake Suski
(516) 268-7403
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today its financial and operating results for the second quarter ended June 30, 2021. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.
“We have made great progress this year on our Superior Way Forward acquisition and operational improvement initiatives, including six acquisitions completed or announced for total consideration of ~$600 million,” said Luc Desjardins, President and Chief Executive Officer. “We are increasing the bottom end of our Adjusted EBITDA guidance range to reflect the expected impact from the acquisitions in 2021, and reflecting some anticipated challenges in the last six months due to weaker wholesale propane market fundamentals, the higher commodity price environment in 2021 and the slower than expected recovery from COVID-19. Our trailing twelve month Adjusted EBITDA as at June 30, 2021 pro forma the impact of the acquisitions announced in 2021 was approximately $460 million, which excludes the anticipated synergies we expect based on past acquisitions.”
Financial Highlights:
Strategic Developments and Highlights:
Financial Overview |
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Three Months Ended |
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Six Months Ended |
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June 30 |
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June 30 |
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(millions of dollars, except per share amounts) |
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2021 |
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2020 |
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2021 |
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2020 (1) |
Revenue |
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365.6 |
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305.5 |
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1,205.1 |
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988.2 |
Gross Profit |
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149.1 |
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169.3 |
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498.2 |
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515.4 |
Net earnings (loss) from continuing operations |
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(36.1) |
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(0.1) |
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39.3 |
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1.0 |
Net earnings (loss) from continuing operations per share, basic and diluted (4) |
$ |
(0.24) |
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$ |
(0.00) |
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$ |
0.16 |
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$ |
0.01 |
EBITDA from operations (2) |
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$37.0 |
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$48.3 |
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$253.4 |
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$238.3 |
Adjusted EBITDA (2) |
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$31.6 |
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$39.1 |
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$243.2 |
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$224.5 |
Net cash flows from operating activities |
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105.1 |
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187.6 |
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231.2 |
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272.4 |
Net cash flows from operating activities per share, basic and diluted (4) |
$ |
0.51 |
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$ |
1.07 |
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$ |
1.12 |
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$ |
1.55 |
AOCF before transaction and other costs (2)(3) |
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$9.0 |
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$14.5 |
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$194.3 |
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$170.9 |
AOCF before transaction and other costs per share, basic and diluted (2)(3)(4) |
$ |
0.04 |
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$ |
0.08 |
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$ |
0.94 |
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$ |
0.97 |
AOCF (2) |
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4.7 |
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9.5 |
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180.6 |
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160.3 |
AOCF per share, basic and diluted (2)(4) |
$ |
0.02 |
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$ |
0.05 |
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$ |
0.88 |
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$ |
0.91 |
Cash dividends declared on common shares |
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31.7 |
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31.6 |
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63.4 |
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63.0 |
Cash dividends declared per share |
$ |
0.18 |
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$ |
0.18 |
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$ |
0.36 |
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$ |
0.36 |
(1) |
Comparative figures have been reclassified to exclude the results of the Specialty Chemicals segment due to the divestiture of the segment subsequent to the end of the first quarter. See the unaudited condensed interim consolidated financial statement for the three and six months ended, second quarter, 2021 and 2020. |
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(2) |
EBITDA from operations, Adjusted EBITDA, interest expense, AOCF before transaction and other costs, and AOCF are Non-IFRS measures. See “Non-IFRS Financial Measures”. |
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(3) |
Transaction and other costs for the three and six months ended, second quarter, 2021 and 2020 are related to acquisition activity, restructuring and the integration of acquisitions and the divestiture of the Specialty Chemical segment. See “Transaction and Other Costs” for further details. |
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(4) |
The weighted average number of shares outstanding for the three and six months ended, second quarter, 2021 was 206.0 million (three and six months ended, June 30, 2020 was 175.6 million, and 175.3 million). The weighted average number of shares assumes the exchange of the preferred shares into common shares. Superior has a Dividend Reinvestment and Optional Share Purchase Plan (“DRIP”) that was active for dividends paid in March through June 2020. There were no other dilutive instruments with respect to AOCF per share and AOCF before transaction and other costs per share for the three and six months ended, second quarter, 2021 and 2020. |
Segmented Information |
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Three Months Ended |
Six Months Ended |
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June 30 |
June 30 |
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(millions of dollars) |
2021 |
2020(1) |
2021 |
2020(1) |
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EBITDA from operations(1) |
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U.S. Propane Distribution |
14.0 |
27.1 |
154.1 |
130.5 |
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Canadian Propane Distribution |
23.0 |
21.2 |
99.3 |
107.8 |
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|
37.0 |
48.3 |
253.4 |
238.3 |
(1) |
See “Non-IFRS Financial Measures”. Comparative figures have been reclassified to exclude the results of the Specialty Chemicals segment as a result of the announced divestiture and subsequent closing of the transaction. See the unaudited condensed interim consolidated financial statements and notes thereto as at and for the three and six months ended, second quarter, 2021 and 2020. |
MD&A and Financial Statements
Superior’s MD&A, the unaudited Interim Condensed Consolidated Financial Statements and the Notes to the Interim Condensed Consolidated Financial Statements for the three and six months ended June 30, 2021 provide a detailed explanation of Superior’s operating results. These documents are available online at Superior’s website at www.superiorplus.com under the Investor Relations section and on SEDAR under Superior’s profile at www.sedar.com.
2021 Second Quarter Conference Call
Superior will be conducting a conference call and webcast for investors, analysts, brokers and media representatives to discuss the Second Quarter Results at 10:30 a.m. EDT on Thursday, August 12, 2021. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call on Superior’s website at www.superiorplus.com under the Events section.
Non-IFRS Financial Measures
Throughout the first quarter earnings release, Superior has used the following terms that are not defined by International Financial Reporting Standards (“Non-IFRS Financial Measures”), but are used by management to evaluate the performance of Superior and its business: AOCF before and after transaction and other costs, earnings before interest, taxes, depreciation and amortization (“EBITDA”) from operations, Adjusted Gross Profit, Adjusted EBITDA, Total Debt to Adjusted EBITDA leverage ratio, Senior Debt, Credit Facility EBITDA and Senior Debt to Credit Facility EBITDA leverage ratio. These measures may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance and ability to service debt. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-IFRS financial measures are clearly defined, qualified and reconciled to their most comparable IFRS financial measures. Except as otherwise indicated, these Non-IFRS financial measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See “Non-IFRS Financial Measures” in the MD&A for a discussion of Non-IFRS financial measures and certain reconciliations to IFRS financial measures.
The intent of Non-IFRS financial measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-IFRS financial measures differently. Investors should be cautioned that AOCF, EBITDA from operations, Adjusted EBITDA and Credit Facility EBITDA should not be construed as alternatives to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with IFRS as an indicator of Superior’s performance.
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share
AOCF is equal to cash flow from operating activities as defined by IFRS, adjusted for changes in non-cash working capital, other expenses, non-cash interest expense, current income taxes and finance costs. Superior may deduct or include additional items in its calculation of AOCF; these items would generally, but not necessarily, be infrequent in nature and could distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring. AOCF and AOCF per share are presented before and after transaction and other costs.
AOCF per share before transaction and other costs is calculated by dividing AOCF before transaction and other costs by the weighted average number of shares outstanding. AOCF per share is calculated by dividing AOCF by the weighted average number of shares outstanding.
AOCF is a performance measure used by management and investors to evaluate Superior’s ongoing performance of its businesses and ability to generate cash flow. AOCF represents cash flow generated by Superior that is available for, but not necessarily limited to, changes in working capital requirements, investing activities and financing activities of Superior.
The seasonality of Superior’s individual quarterly results must be assessed in the context of annualized AOCF. Adjustments recorded by Superior as part of its calculation of AOCF include, but are not limited to, the impact of the seasonality of Superior’s businesses, principally the Energy Distribution segment, by adjusting for non-cash working capital items, thereby eliminating the impact of the timing between the recognition and collection/payment of Superior’s revenues and expenses, which can differ significantly from quarter to quarter. AOCF is reconciled to cash flow from operating activities. Please refer to the Financial Overview section of the MD&A for the reconciliation.
EBITDA from operations
EBITDA from operations is defined as Adjusted EBITDA excluding costs that are not considered representative of Superior’s underlying core operating performance, including gains and losses on foreign currency hedging contracts, corporate costs and transaction and other costs. Management uses EBITDA from operations to set targets for Superior (including annual guidance and variable compensation targets). EBITDA from operations is reconciled to net earnings before income taxes. Please refer to the Results of Operating Segments in the MD&A for the reconciliations.
Adjusted EBITDA
Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments. Adjusted EBITDA is used by Superior and investors to assess its consolidated results and ability to service debt. Adjusted EBITDA is reconciled to net earnings before income taxes.
Adjusted EBITDA is a significant performance measure used by management and investors to evaluate Superior’s ongoing performance of its businesses. Adjusted EBITDA is also used as one component in determining short-term incentive compensation for certain management employees.
The seasonality of Superior’s individual quarterly results must be assessed in the context of annualized Adjusted EBITDA.
Total Net Debt to Adjusted EBITDA Leverage Ratio and Pro Forma Adjusted EBITDA
Adjusted EBITDA for the Total Net Debt to Adjusted EBITDA Leverage Ratio is defined as Adjusted EBITDA calculated on a 12-month trailing basis giving pro forma effect to acquisitions and dispositions adjusted to the first day of the calculation period (“Pro Forma Adjusted EBITDA”). Pro Forma Adjusted EBITDA is used by Superior to calculate its Total Net Debt to Adjusted EBITDA Leverage Ratio.
Total Net Debt is determined by taking the sum of borrowings before deferred financing fees and lease liabilities and reducing this by the cash and cash equivalents balance.
To calculate the Total Net Debt to Adjusted EBITDA Leverage Ratio divide Total Net Debt by Pro Forma Adjusted EBITDA. Total Net Debt to Adjusted EBITDA Leverage Ratio is used by Superior and investors to assess its ability to service debt.
Forward Looking Information
Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving Superior, Superior LP and its businesses. Such information is typically identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “plan”, “forecast”, “future”, “outlook, “guidance”, “may”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.
Forward-looking information in this document includes: future financial position, consolidated and business segment outlooks, updated 2021 Adjusted EBITDA guidance range, anticipated synergies on acquisitions in 2021, the markets for our products and our financial results, business strategy and objectives, development plans and programs, organic growth, weather, economic activity in Western Canada, product pricing and sourcing, wholesale propane market fundamentals, exchange rates, expected seasonality of demand, and future economic conditions.
Forward-looking information is provided for the purpose of providing information about management’s expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that Superior believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to Superior, including information obtained from third party industry analysts and other third party sources, and the historic performance of Superior’s businesses. Such assumptions include the closing of the Kamps acquisition in the third quarter of 2021 in accordance with the terms of the agreement, integration of acquisitions in 2021 consistent with past experience, anticipated financial performance, current business and economic trends, the amount of future dividends paid by Superior, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, future commodity prices relating to the oil and gas industry, future oil rig activity levels, trading data, cost estimates, our ability to obtain financing on acceptable terms, expected life of facilities and statements regarding net working capital and capital expenditure requirements of Superior or Superior LP, the assumptions set forth under the “Financial Outlook” sections of our MD&A. The forward looking information is also subject to the risks and uncertainties set forth below.
By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, Superior’s or Superior LP’s actual performance and financial results may vary materially from those estimates and intentions contemplated, expressed or implied in the forward-looking information.
Beth Summers Executive Vice President and Chief Financial Officer
Phone: (416) 340-6015
Rob Dorran Vice President, Investor Relations and Treasurer
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)
Uniting platforms to provide smarter logistics, vessel tracking worldwide
VIENNA, Va. & RESTON, Va.--(BUSINESS WIRE)--Today Spire Global, Inc. (“Spire” or the “Company”), a leading global provider of space-based data, analytics, and space services, and Gravity Supply Chain, a cloud-based supply chain management platform, jointly announced an extended strategic maritime data partnership, building upon the relationship initially established in 2017.
“We’re proud to partner with Gravity Supply Chain to help businesses around the world maintain a secure, robust, and efficient supply chain in face of significant complexities,” said Mark Dembitz, APAC Sales Director of Maritime Solutions. “This past year has reinforced that major disruptions to trade can cause ripple effects across the supply chain, which makes integrated and smart logistics solutions such as real-time end-to-end shipment visibility critical to business success.”
Informed by Spire’s advanced maritime data insights, Gravity Supply Chain has built a proprietary predictive and prescriptive platform which unlocks data across not just an organization's immediate supply chain, but throughout the multiple tiers that support it, including potential disruptors like weather, labor strikes, the impact of natural disasters. Using satellite-based data from Spire’s maritime solution, users are able to monitor their fleet and shipment location around the globe.
“Modern businesses rely on having current, precise, and reliable data to make informed decisions. Our continued partnership with Spire lets us confidently deliver the insights customers need to manage their supply chains efficiently and cost-effectively,” said Graham Parker, Gravity Supply Chain CEO. “We look forward to continuing to work with Spire to provide innovative smart logistics solutions to users across the world.”
About Spire Global, Inc.
Spire is a leading global provider of space-based data, analytics, and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, Boulder, Washington DC, Glasgow, Luxembourg, and Singapore. To learn more, visit http://www.spire.com.
About NavSight Holdings, Inc.
NavSight Holdings, Inc. (“NavSight”) (NYSE:NSH) is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
Special Meeting of NavSight Stockholders to Approve Business Combination
On July 26, 2021, Spire announced that the registration statement on Form S-4 (File No. 333-256112) of NavSight relating to the previously announced merger of NavSight and Spire (the “Business Combination”) was declared effective by the U.S. Securities and Exchange Commission as of July 22, 2021. A previously announced special meeting of NavSight’s stockholders (the “Special Meeting”) is expected to be held on August 13, 2021 at 10:00 AM ET to, among other things, allow stockholders to vote to approve the proposed Business Combination. The Special Meeting will be completely virtual and conducted via live webcast. Stockholders of record of NavSight common stock as of the close of business on the record date of June 21, 2021 may vote at or before the Special Meeting. If the proposals at the Special Meeting are approved, the parties anticipate that the Business Combination will close shortly thereafter, subject to the satisfaction or waiver (as applicable) of all other closing conditions. Upon the closing of the Business Combination, the parties expect that the combined company will operate as Spire Global, Inc., and that the shares of common stock and the warrants of the combined company are expected to be listed on New York Stock Exchange under the symbols “SPIR” and “SPIR.WS,” respectively.
NavSight stockholders who need assistance voting, have questions regarding the Special Meeting, or would like to request documents may contact NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, Virginia 20191, by telephone at (571) 500-2236, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it., or NavSight’s proxy solicitor D.F. King & Co., Inc. by calling (800) 207-3158 or banks and brokers can call at (212) 269-5550, or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..
Additional Information and Where to Find It
In connection with the proposed Business Combination (the “Proposed Transaction”), NavSight has filed the Registration Statement with the SEC, which includes a proxy statement which has been distributed to holders of NavSight’s common stock in connection with NavSight’s solicitation of proxies for the vote by NavSight’s stockholders with respect to the Proposed Transaction and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to Spire’s stockholders in connection with the Proposed Transaction, and an information statement to Spire’s stockholders regarding the Proposed Transaction. NavSight has mailed a definitive proxy statement/prospectus/information statement and other relevant documents to its stockholders of record as of June 21, 2021, the record date established for the Special Meeting. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus/information statement, any amendments thereto and any other documents filed or that will be filed with the SEC carefully and in their entirety as they become available because they will contain important information about NavSight, Spire and the Proposed Transaction. Investors and security holders may obtain free copies of the proxy statement/prospectus/information statement and other documents filed with the SEC by NavSight (when available) through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, VA 20191.
Participants in Solicitation
NavSight and Spire and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Transaction. Information about the directors and executive officers of NavSight is set forth in its final prospectus filed on July 22, 2021 (the “NavSight Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Registration Statement, the NavSight Prospectus and other relevant materials filed or that will be filed with the SEC regarding the Proposed Transaction as they become available. Stockholders, potential investors and other interested persons should read the Registration Statement and NavSight Prospectus carefully before making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not 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 such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws with respect to the Proposed Transaction. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, those regarding the effect of Spire and Gravity Supply Chain’s solution on supply chains and other customer outcomes, the provision of logistics solutions to users across the world, the impact of the partnership to Spire’s maritime segment and the applicability of its maritime solutions to Spire’s market, the strengthening of Spire’s competitive advantage, the importance of Spire’s maritime products and capabilities to Gravity Supply Chain, potential benefits of the Proposed Transaction and the potential success of Spire’s market and growth strategies, and expectations related to the terms and timing of the Proposed Transaction. These statements are based on various assumptions and on the current expectations of NavSight’s and Spire’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of NavSight and Spire. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the risk that the Proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of NavSight's securities; (ii) the risk that the Proposed Transaction may not be completed by NavSight's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NavSight; (iii) the failure to satisfy the conditions to the consummation of the Proposed Transaction, including the approval of the Proposed Transaction by the stockholders of NavSight, the satisfaction of the minimum trust account amount following any redemptions by NavSight's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the inability to complete the PIPE investment in connection with the Proposed Transaction; (v) the failure to realize the anticipated benefits of the Proposed Transaction; (vi) the effect of the announcement or pendency of the Proposed Transaction on Spire’s business relationships, performance, and business generally; (vii) risks that the Proposed Transaction disrupts current plans of Spire and potential difficulties in Spire employee retention as a result of the Proposed Transaction; (viii) the outcome of any legal proceedings that may be instituted against NavSight or Spire related to the business combination agreement or the Proposed Transaction; (ix) the ability to maintain the listing of NavSight’s securities on the New York Stock Exchange; (x) the ability to address the market opportunity for Space-as-a-Service; (xi) the risk that the Proposed Transaction may not generate expected net proceeds to the combined company; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the Proposed Transaction, and identify and realize additional opportunities; (xiii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (iv) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive space data analytics industry; and those factors discussed in the NavSight Prospectus under the heading “Risk Factors,” and other documents of NavSight filed, or to be filed, with the SEC. If any of these risks materialize or Spire’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither NavSight nor Spire presently know or that NavSight and Spire currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect NavSight’s and Spire’s expectations, plans or forecasts of future events and views as of the date of this press release. NavSight and Spire anticipate that subsequent events and developments will cause NavSight’s and Spire’s assessments to change. However, while NavSight and Spire may elect to update these forward-looking statements at some point in the future, NavSight and Spire specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing NavSight’s and Spire’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
For Spire Global, Inc.:
Hillary Yaffe
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For NavSight Holdings, Inc.:
Jack Pearlstein
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LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Energy Partners, LP (“TEP”) announced today that it, along with Tallgrass Energy Finance Corp., a subsidiary of TEP, priced an offering of $500 million in aggregate principal amount of 6.000% senior unsecured notes due 2031 at an offering price equal to 100% of par (the “Notes Offering”).
The Notes Offering is expected to close August 18, 2021, subject to satisfaction of customary closing conditions. TEP intends to use the net proceeds of the Notes Offering, together with borrowings under its existing senior secured revolving credit facility, to fund a concurrent cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 5.50% Senior Notes due 2024 (the “2024 Notes”) and to redeem the 2024 Notes that remain outstanding following the consummation of the Tender Offer. The Tender Offer is being made pursuant to an Offer to Purchase dated August 11, 2021.
The securities to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. Unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. TEP plans to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. This press release is not an offer to purchase, a solicitation of an offer to purchase or a notice of redemption of any of the 2024 Notes.
About Tallgrass Energy
Tallgrass Energy is a leading energy and infrastructure company operating across 11 states with transportation, storage, terminal, water, gathering and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.
Investor and Financial Inquiries
Andrea Attel, (913) 928-6012
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or
Media and Trade Inquiries
Phyllis Hammond, (303) 763-3568
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LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter ended June 30, 2021. Revenue increased to $4.8 million for the second quarter of 2021, compared to $4.1 million for the first quarter of 2021. The Company is seeing increased revenue due to overall increases in EV adoption, uptake of EVgo’s products and offerings, and a customer count now exceeding 275,000, all resulting in a significant growth in network throughput.
“The second quarter of 2021 witnessed growth across all of EVgo’s customer segments, deepening relationships with our core partners, new customer offerings, and cultivation of new business opportunities as the transition to electric vehicles gains momentum,” said Cathy Zoi, CEO of EVgo. “We added a record number of customers, almost doubled our quarterly stall build-out compared to last quarter, and significantly accelerated investments associated with charger stall build-out looking forward. EVgo’s mission to speed the adoption of electric vehicles through the investment in charging infrastructure is progressing at an accelerating pace. Our build-own-operate business model has equipped EVgo with the experience and insight to be a market leader and to be a provider of first resort to the rapidly expanding EV market.”
Business Highlights
During the second quarter of 2021, EVgo placed 104 new charging stalls in service, with more than 2,000 additional charger stalls in the Active Engineering and Construction (“E&C”) Pipeline. Roughly 85% of the Active E&C pipeline stalls are located within the top 20 U.S. metropolitan markets and the majority are part of EVgo’s partnership with GM to deploy over 2,700 fast charging stalls by 2025.
In July 2021, EVgo was chosen by GM to serve as a preferred charging provider for its Ultium Charge 360 Fleet service. Additionally, EVgo and Chevrolet launched a new retail program enabling buyers and lessees of new Bolt EV and Bolt EUV vehicles to elect to receive a $500 EVgo charging credit or have a home Level 2 charger installation supported by Chevrolet.
As of the end of second quarter of 2021, EVgo has contracted with two leading AV companies to provide each with dedicated fast charging services under contract structures which include take-or-pay arrangements for their high mileage vehicles, generating network usage and reducing risk for both parties as the self-driving market continues to expand.
Also in July 2021, EVgo announced that it acquired leading e-mobility software company Recargo. Recargo, through its platform PlugShare, offers crowdsourced reviews, photos, and data to help the EV community understand customer needs. PlugShare currently has 1.6 million users and 3.3 million global downloads of the PlugShare app, and coverage of more than 61,000 L2 and DCFC charging stations and over 163,000 charging ports in North America alone. This acquisition is a strategic and logical extension of the efforts already well underway at EVgo – accelerating overall EV adoption by improving driver experiences, enhancing the interconnectedness of the charging ecosystem, and providing data to automakers and other key stakeholders to help move the EV community forward in terms of convenience, availability, and service.
EVgo continues to expand on its technical leadership in the transportation electrification sector and, as part of this effort, launched the EVgo Innovation Lab in April 2021 to test, validate, and certify charging equipment for customer experience, performance, and safety. The EVgo team at the lab works with automobile and charger original equipment manufacturers to evaluate new products and share insights. The EVgo Innovation Lab also designs, prototypes, and tests new hardware and EVgo’s own charger management software tools and user interfaces for both public and fleet applications.
Financial & Operational Highlights
For the avoidance of doubt, these figures reflect the results for the quarter ended June 30, 2021 of EVgo HoldCo, LLC, a subsidiary of EVgo, prior to completion of the business combination with CRIS on July 1, 2021.
($ in 000s) |
|
|
Q2'21 |
|
|
Q1'21 |
|
|
Q2'20 |
Network Throughput (GWh) |
|
|
6.1 |
|
|
4.1 |
|
|
2.7 |
Revenue |
|
$ |
4,783 |
|
$ |
4,130 |
|
$ |
2,957 |
GAAP COGS |
|
$ |
(7,549) |
|
$ |
(6,740) |
|
$ |
(5,916) |
GAAP Gross (Loss) |
|
$ |
(2,765) |
|
$ |
(2,609) |
|
$ |
(2,959) |
GAAP G&A Expenses |
|
$ |
(12,247) |
|
$ |
(11,073) |
|
$ |
(6,796) |
GAAP Net (Loss) |
|
$ |
(18,421) |
|
$ |
(16,610) |
|
$ |
(10,406) |
Adj. Gross (Loss) 1 |
|
$ |
(61) |
|
$ |
(162) |
|
$ |
(711) |
Adj. Gross Margin1 |
|
|
(1.3)% |
|
|
(3.9)% |
|
|
(24.0)% |
Adj. EBITDA1 |
|
$ |
(11,009) |
|
$ |
(9,779) |
|
$ |
(5,033) |
Adj. EBITDA Margin1 |
|
|
(230.2)% |
|
|
(236.8)% |
|
|
(170.2)% |
|
|
|
H1'21 |
|
|
H1'20 |
||
Cash flow from operations |
|
$ |
(1,357 |
) |
|
$ |
(15,757 |
) |
Cash flow from investing |
|
$ |
(23,341 |
) |
|
$ |
(7,734 |
) |
1. |
Adjusted Gross Profit / (Loss), Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definition of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release. COGS consists primarily of energy usage fees, depreciation and amortization expenses, site O&M expenses, customer service and network charges, warranty and repair services, and site lease and rental expense associated with charging equipment. Adjusted Gross Profit (Loss) is defined as Gross Profit (Loss) less: (i) depreciation and ARO accretion, (ii) stock option expense, and (iii) other non-recurring expenses. |
EVgo realized 48% quarter-over-quarter sequential growth in kilowatt-hour (kWh) network throughput during the second quarter of 2021 and 126% growth year-over-year.
Revenue exhibited similar growth trends, with 16% quarter-over-quarter sequential growth during the second quarter of 2021.
Adjusted Gross Margin for the second quarter of 2021 improved 260 basis points to (1.3%) from (3.9%) in the first quarter of 2021 due to lower energy costs per kWh as a result of improved leveraging of demand charges, which are part of our energy tariffs.
GAAP General & Administrative Expenses increased to $12.2 million in the second quarter of 2021 compared to $11.0 million in the first quarter of 2021 and $6.8 million in the second quarter of 2020. The increase is in line with EVgo’s expectations, and primarily driven by the Company’s ongoing growth investments.
Adjusted EBITDA Margin in the second quarter of 2021 was ($11) million compared to ($9.8) million in the first quarter of 2021.
EVgo realized an increase of $14.4 million in cash flow from operations in the first half of 2021 as compared to the first half of 2020 from $(15.8) million to $(1.4) million owing in part to a $20 million pre-payment from OEM partners in the first quarter of 2021.
Capital expenditures in the first half of 2021 more than tripled to $23.3 million from $7.7 million, as EVgo is actively executing on its charger stall build plan.
2021 Guidance
EVgo is affirming its prior financial forecast for full year 2021 of $20 million in revenues, 24 gigawatt-hours of network throughput, and ($58) million in Adjusted EBITDA.
Conference Call Information
A live audio webcast and conference call for our second quarter 2021 earnings release will be held at 11:00 AM ET / 8:00 AM PT on August 11, 2021. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:
Toll Free: 1-877-407-4018
Toll/International: 1-201-689-8471
Conference ID: 13722018
This press release, along with other investor materials, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 275,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements regarding EVgo’s future financial performance, revenues and capital expenditures, EVgo’s expectation of acceleration in our business due to factors including a re-opening economy and increased EV adoption; and the Company’s strong liquidity position enabling effective deployment of chargers. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: changes or developments in the broader general market; ongoing impact from COVID-19 on our business, customers, and suppliers; macro political, economic, and business conditions; our limited operating history as a public company; our dependence on widespread adoption of EVs and increased installation of charging station; mechanisms surrounding energy and non-energy costs for our charging stations; the impact of governmental support and mandates that could reduce, modify, or eliminate financial incentives, rebates, and tax credits; supply chain interruptions; impediments to our expansion plans; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property; and risks that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of EVgo” in EVgo’s registration statement on Form S-1 originally filed with the Securities and Exchange Commission (the “SEC”) on July 20, 2021, as well as its other filings with the SEC, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
Use of Non-GAAP Financial Measures
To supplement EVgo’s financial information, which is prepared and presented in accordance with GAAP, EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of EVgo’s recurring core business operating results.
EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo’s performance. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo’s institutional investors and the analyst community to help them analyze the health of EVgo’s business.
For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included at the end of this release.
Definitions of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measures: “Adjusted COGS,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “EBITDA,” “Adjusted EBITDA”. EVgo believes these measures are useful to investors in evaluating EVgo’s financial performance. In addition, EVgo uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business. EVgo believes that these non-GAAP financial measures help to depict a more realistic representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future. EVgo believes that investors should have access to the same set of tools that its management uses in analyzing operating results.
Adjusted COGS is defined as cost of goods sold before: (i) depreciation and ARO accretion, (ii) stock option expense, and (iii) other non-recurring expenses. Adjusted Gross Profit (Loss) is defined as Gross Profit (Loss) less (i) depreciation and ARO accretion, (ii) stock option expense, an (iii) other non-recurring expenses. Adjusted Gross Margin is defined as Adjusted Gross Profit (Loss) as a percentage of revenue. EBITDA is defined as net income (loss) before (i) interest expense, (ii) income taxes and (iii) depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus other unusual or nonrecurring income (expenses) such as bad debt expense. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue. Adjusted COGS, Adjusted Gross Profit (Loss), Adjusted Gross Margin, EBITDA, and Adjusted EBITDA are not prepared in accordance with GAAP and that may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP, and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo’s financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.
Reconciliations of Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
EVgo - Gross Profit / (Loss) Bridge ($000) |
|
Q1 2020 |
|
Q2 2020 |
|
Q3 2020 |
|
Q4 2020 |
|
Q1 2021 |
|
Q2 2021 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
GAAP Gross Profit / (Loss) |
$ |
(2,543 |
) |
$ |
(2,959 |
) |
$ |
(3,382 |
) |
$ |
(3,729 |
) |
$ |
(2,609 |
) |
$ |
(2,765 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Site Depreciation & ARO Accretion |
$ |
2,095 |
|
$ |
2,256 |
|
$ |
2,651 |
|
$ |
2,527 |
|
$ |
2,447 |
|
$ |
2,705 |
|
|||||
Stock Option Expense and Other |
|
7 |
|
|
(8 |
) |
|
(4 |
) |
|
(4 |
) |
|
(0 |
) |
|
(1 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted Gross Profit / (Loss) |
$ |
(441 |
) |
$ |
(711 |
) |
$ |
(735 |
) |
$ |
(1,205 |
) |
$ |
(162 |
) |
$ |
(61 |
) |
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
EVgo - COGS Bridge ($000) |
Q1 2020 |
Q2 2020 |
Q3 2020 |
|
Q4 2020 |
|
Q1 2021 |
|
Q2 2021 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP COGS |
$ |
6,396 |
|
$ |
5,916 |
|
$ |
6,954 |
|
$ |
7,923 |
|
$ |
6,740 |
|
$ |
7,549 |
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Less: |
|
|
|
|
|
|
|
|
|
||||||||||||||
Site Depreciation & ARO Accretion |
$ |
2,095 |
|
$ |
2,256 |
|
$ |
2,651 |
|
$ |
2,527 |
|
$ |
2,447 |
|
$ |
2,705 |
|
|||||
Stock Option Expense and Other |
7 |
|
(8 |
) |
(4 |
) |
|
(4 |
) |
|
(0 |
) |
|
(1 |
) |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted COGS |
$ |
4,294 |
|
$ |
3,668 |
|
$ |
4,307 |
|
$ |
5,399 |
|
$ |
4,293 |
|
$ |
4,844 |
|
|||||
|
|
||||||||||||||||||||||
EVgo - Adj. EBITDA Bridge ($000) |
Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
|
Q1 2021 |
Q2 2021 |
||||||||||||||||
|
|
||||||||||||||||||||||
Net Income |
$ |
(14,810 |
) |
$ |
(10,406 |
) |
$ |
(7,475 |
) |
$ |
(15,519 |
) |
$ |
(16,610 |
) |
$ |
(18,421 |
) |
|||||
|
|
||||||||||||||||||||||
+ Taxes |
$ |
8 |
|
$ |
(2 |
) |
$ |
(12 |
) |
$ |
8 |
|
$ |
- |
|
$ |
- |
|
|||||
+ Depreciation, ARO, Amor. |
4,202 |
|
4,707 |
|
5,126 |
|
4,999 |
|
|
4,957 |
|
5,251 |
|
||||||||||
+ Interest Income / Expense |
122 |
|
280 |
|
410 |
|
603 |
|
|
875 |
|
1,039 |
|
||||||||||
EBITDA |
$ |
(10,478 |
) |
$ |
(5,421 |
) |
$ |
(1,952 |
) |
$ |
(9,910 |
) |
$ |
(10,778 |
) |
$ |
(12,132 |
) |
|||||
|
|
||||||||||||||||||||||
+ Bad Debt, Non-Recurring Costs, Other Adj. |
$ |
5,783 |
|
$ |
388 |
|
$ |
(3,455 |
) |
$ |
1,089 |
|
$ |
999 |
|
$ |
1,123 |
|
|||||
Adj. EBITDA |
$ |
(4,695 |
) |
$ |
(5,033 |
) |
$ |
(5,407 |
) |
$ |
(8,821 |
) |
$ |
(9,779 |
) |
$ |
(11,009 |
) |
|||||
Financial Statements
EVgo HoldCo, LLC (Successor) and EVgo Services, LLC (Predecessor) |
||||||
Condensed Consolidated Balance Sheets |
||||||
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
||
|
|
2021 |
|
2020 |
||
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash |
|
$ |
1,040,046 |
|
$ |
7,914,150 |
Restricted cash |
|
|
361,030 |
|
|
— |
Accounts receivable, net |
|
|
2,157,140 |
|
|
2,164,346 |
Accounts receivable, capital build |
|
|
3,249,706 |
|
|
3,258,724 |
Deferred offering costs |
|
|
7,215,869 |
|
|
3,071,282 |
Prepaid expenses and other current assets |
|
|
2,858,797 |
|
|
3,563,021 |
Total current assets |
|
|
16,882,588 |
|
|
19,971,523 |
Property and equipment, net |
|
|
94,827,359 |
|
|
71,265,503 |
Intangible assets, net |
|
|
63,661,371 |
|
|
67,956,371 |
Goodwill |
|
|
22,111,166 |
|
|
22,111,166 |
Other assets |
|
|
1,839,114 |
|
|
836,347 |
|
|
$ |
199,321,598 |
|
$ |
182,140,910 |
|
|
|
|
|
|
|
Liabilities and Members’ Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,211,032 |
|
$ |
2,998,448 |
Payables to related parties |
|
|
1,554,400 |
|
|
135,146 |
Accrued liabilities |
|
|
20,315,881 |
|
|
10,945,013 |
Deferred revenue, current |
|
|
2,962,647 |
|
|
1,653,042 |
Customer deposits |
|
|
6,537,688 |
|
|
7,660,378 |
Note payable, related party |
|
|
59,578,994 |
|
|
39,164,383 |
Capital-build, buyout liability |
|
|
— |
|
|
627,647 |
Other current liabilities |
|
|
136,635 |
|
|
397,228 |
Total current liabilities |
|
|
94,297,277 |
|
|
63,581,285 |
Deferred revenue, noncurrent |
|
|
22,200,470 |
|
|
2,732,257 |
Capital-build liability, excluding buyout liability |
|
|
17,086,501 |
|
|
17,387,686 |
Asset retirement obligations |
|
|
10,271,676 |
|
|
8,801,806 |
Other liabilities |
|
|
— |
|
|
150,903 |
Total liabilities |
|
|
143,855,924 |
|
|
92,653,937 |
Members’ equity |
|
|
55,465,674 |
|
|
89,486,973 |
|
|
$ |
199,321,598 |
|
$ |
182,140,910 |
EVgo HoldCo, LLC (Successor) and EVgo Services, LLC (Predecessor) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
||||||||||||
|
|
(unaudited) |
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 16, |
|
|
January 1, |
||||
|
|
Three months |
|
Three months |
|
|
Six months |
|
2020 |
|
|
2020 |
|||||
|
|
ended |
|
ended |
|
|
ended |
|
through |
|
|
through |
|||||
|
|
June 30, |
|
June 30, |
|
|
June 30, |
|
June 30, |
|
|
January 15, |
|||||
|
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
2020 |
|||||
Revenue |
|
$ |
4,783,250 |
|
$ |
2,956,974 |
|
|
$ |
8,352,045 |
|
$ |
5,283,287 |
|
|
$ |
1,461,395 |
Revenue from related parties |
|
|
— |
|
|
— |
|
|
|
561,700 |
|
|
— |
|
|
|
65,294 |
Total revenues |
|
|
4,783,250 |
|
|
2,956,974 |
|
|
|
8,913,745 |
|
|
5,283,287 |
|
|
|
1,526,689 |
Cost of sales |
|
|
7,548,717 |
|
|
5,915,939 |
|
|
|
14,288,264 |
|
|
11,176,535 |
|
|
|
1,135,789 |
Gross (loss) profit |
|
|
(2,765,467) |
|
|
(2,958,965) |
|
|
|
(5,374,519) |
|
|
(5,893,248) |
|
|
|
390,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
12,246,772 |
|
|
6,796,485 |
|
|
|
23,319,765 |
|
|
12,572,392 |
|
|
|
1,084,284 |
Transaction bonus |
|
|
— |
|
|
— |
|
|
|
— |
|
|
5,316,124 |
|
|
|
— |
Depreciation, amortization, and accretion |
|
|
2,545,075 |
|
|
2,451,122 |
|
|
|
5,055,303 |
|
|
4,488,154 |
|
|
|
69,435 |
Total operating expenses |
|
|
14,791,847 |
|
|
9,247,607 |
|
|
|
28,375,068 |
|
|
22,376,670 |
|
|
|
1,153,719 |
Operating loss |
|
|
(17,557,314) |
|
|
(12,206,572) |
|
|
|
(33,749,587) |
|
|
(28,269,918) |
|
|
|
(762,819) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, related party |
|
|
1,038,826 |
|
|
279,699 |
|
|
|
1,914,610 |
|
|
401,561 |
|
|
|
— |
Interest income |
|
|
(716) |
|
|
(7) |
|
|
|
(716) |
|
|
(7) |
|
|
|
— |
Other income, related party |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(341,954) |
Other income, net |
|
|
(173,975) |
|
|
(2,080,135) |
|
|
|
(631,863) |
|
|
(3,876,149) |
|
|
|
— |
Total other expense (income) , net |
|
|
864,135 |
|
|
(1,800,443) |
|
|
|
1,282,031 |
|
|
(3,474,595) |
|
|
|
(341,954) |
Net loss |
|
$ |
(18,421,449) |
|
$ |
(10,406,129) |
|
|
$ |
(35,031,618) |
|
$ |
(24,795,323) |
|
|
$ |
(420,865) |
EVgo HoldCo, LLC (Successor) and EVgo Services, LLC (Predecessor) |
||||||||||
|
||||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor |
|
|
Predecessor |
|||||
|
|
(unaudited) |
|
|
|
|
||||
|
|
|
|
January 16, |
|
|
January 1, |
|||
|
|
Six months |
|
2020 |
|
|
2020 |
|||
|
|
ended |
|
through |
|
|
through |
|||
|
|
June 30, |
|
June 30, |
|
|
January 15, |
|||
|
|
2021 |
|
2020 |
|
|
2020 |
|||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(35,031,618) |
|
|
(24,795,323) |
|
|
|
(420,865) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
|
|
|
|
Depreciation, amortization, and accretion |
|
|
10,207,361 |
|
|
8,540,764 |
|
|
|
367,659 |
Net loss on disposal of property and equipment |
|
|
346,628 |
|
|
295,153 |
|
|
|
— |
Share based compensation |
|
|
1,010,319 |
|
|
451,638 |
|
|
|
12,733 |
Interest on note payable, related party |
|
|
1,914,611 |
|
|
401,561 |
|
|
|
— |
Other |
|
|
96,577 |
|
|
104,286 |
|
|
|
— |
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(160,782) |
|
|
527,387 |
|
|
|
32,963 |
Receivables from related parties |
|
|
— |
|
|
— |
|
|
|
(333,527) |
Prepaid expenses and other current and noncurrent assets |
|
|
278,822 |
|
|
852,103 |
|
|
|
(45,882) |
Accounts payable |
|
|
(1,338,931) |
|
|
(549,195) |
|
|
|
315,011 |
Accrued expenses |
|
|
1,284,507 |
|
|
(788,978) |
|
|
|
(247,585) |
Deferred revenue |
|
|
20,777,818 |
|
|
(252,562) |
|
|
|
(36,866) |
Customer deposits |
|
|
(1,122,690) |
|
|
(306,966) |
|
|
|
12,538 |
Payables to related parties |
|
|
1,419,254 |
|
|
140,483 |
|
|
|
(1,031) |
Other current and noncurrent liabilities |
|
|
(1,039,143) |
|
|
(32,704) |
|
|
|
— |
Net cash used in operating activities |
|
|
(1,357,267) |
|
|
(15,412,353) |
|
|
|
(344,852) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(23,340,749) |
|
|
(7,568,384) |
|
|
|
(165,608) |
Net cash used in investing activities |
|
|
(23,340,749) |
|
|
(7,568,384) |
|
|
|
(165,608) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
Proceeds from note payable, related party |
|
|
24,000,000 |
|
|
20,750,000 |
|
|
|
— |
Payments on note payable, related party |
|
|
(5,500,000) |
|
|
— |
|
|
|
— |
Capital-build funding, net |
|
|
1,337,030 |
|
|
2,933,067 |
|
|
|
— |
Payment of deferred offering costs |
|
|
(1,652,088) |
|
|
— |
|
|
|
— |
Contributions |
|
|
— |
|
|
5,316,124 |
|
|
|
— |
Net cash provided by financing activities |
|
|
18,184,942 |
|
|
28,999,191 |
|
|
|
— |
Net (decrease) increase in cash and restricted cash |
|
|
(6,513,074) |
|
|
6,018,454 |
|
|
|
(510,460) |
Cash and restricted cash, beginning of period |
|
|
7,914,150 |
|
|
257,288 |
|
|
|
1,403,172 |
Cash and restricted cash, end of period |
|
$ |
1,401,076 |
|
|
6,275,742 |
|
|
|
892,712 |
Supplemental disclosure of noncash investing and financing activities |
|
|
|
|
|
|
|
|
|
|
Asset retirement obligations incurred |
|
$ |
787,214 |
|
$ |
628,562 |
|
|
$ |
— |
Purchases of property and equipment in accounts payable and accrued liabilities |
|
$ |
9,076,659 |
|
$ |
1,604,925 |
|
|
$ |
1,758,727 |
Accrued deferred offering costs |
|
$ |
4,870,103 |
|
$ |
— |
|
|
$ |
— |
EVgo
For Investors:
Ted Brooks, VP of Investor Relations
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310-954-2943
For Media:
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BURLINGTON, Vt.--(BUSINESS WIRE)--$isun #cleanenergy--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, today announced that it will issue second quarter 2021 results after the market closes on Monday, August 16, 2021. A conference call will be held on Tuesday, August 17, 2021 at 8:30 AM EDT to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of iSun’s website at investors.isunenergy.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
Domestic Live: |
888-506-0062 |
|
International Live: |
973-528-0011 |
|
Conference ID: |
662586 |
|
Webcast URL: |
To listen to a replay of the teleconference, which will be available through August 31st, 2021:
Domestic Replay: |
877-481-4010 |
|
International Replay: |
919-882-2331 |
|
Conference ID: |
42507 |
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
IR Contact:
Tyler Barnes
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802-289-8141
The transaction enhances the EV charging leader’s position in fleet with a visionary team, customers and technology
AMSTERDAM & CAMPBELL, Calif.--(BUSINESS WIRE)--#Bethechange--ChargePoint Holdings, Inc. (NYSE:CHPT), a leading electric vehicle (EV) charging network operating in North America and Europe, today announced it acquired ViriCiti, a leading provider of electrification solutions for eBus and commercial fleets. ChargePoint acquired ViriCiti for a total purchase price of approximately €75 million in cash, subject to adjustments. The ViriCiti team, customer accounts and technology will become part of ChargePoint’s operations. Along with the pending acquisition of leading European e-mobility technology provider has·to·be, this transaction confirms ChargePoint’s commitment to the electrification of fleet and commercial segments in North America and Europe.
ViriCiti will enhance the ChargePoint fleet solution portfolio of hardware, software and services by integrating information sources to optimize electric fleet operations, including battery management, charging station monitoring, OEM-agnostic telematics, vehicle maintenance and vehicle operations data. The combined solution will enable fleets to identify what routes to electrify, monitor and report on uptime, optimize fueling to ensure operational readiness at low cost, and integrate vehicle and charging station management. Working with existing systems of record enables ChargePoint to deliver the most complete set of solutions for electric fleet operators, ensuring success from initial infrastructure buildout to optimization and growth.
Pasquale Romano, President and CEO of ChargePoint, said, “The future of fleets is electric, and integrating charging solutions with the many business systems already in place in today’s depots is essential to successful electrification. Adding ViriCiti’s vehicle management capabilities to our fleet portfolio allows ChargePoint to deliver more functionality to eBus and commercial fleet operators, while remaining open to integration with existing telematics systems. The combined solution underscores the importance of software to EV charging and will ensure operational readiness at low cost as fleets of all types across North America and Europe continue to electrify.”
Founded in 2012, ViriCiti today has more than 50 employees in the Netherlands and United States, and established market share in North America and Europe with approximately 150 fleet operators, 3,500 connected vehicles and 2,500 networked ports under management. ViriCiti customers include prominent fleet operators and OEMs, such as Arriva, Berliner Verkehrsbetriebe, Chicago Transit Authority, GILLIG, Keolis, King County Metro, Metropolitan Transit Authority (New York), PicNic, San Francisco Municipal Transportation Authority and Toronto Transit Commission.
Freek Dielissen, CEO of ViriCiti, said, “Our mission over the last nine years has been to help fleet operators manage their electric operations. Today, zero-emission transportation is at a tipping point, and we are excited to join EV charging leader ChargePoint, integrate our complementary offerings and tap into the resources that will enable the electrification of fleets at a faster pace across North America and Europe.”
Dr. Jose Serras-Pereira, Director – Advisory, Mobility Group, Frost & Sullivan, confirmed, “The need for efficient software tools to gather, analyze and recommend vehicle types, charging hardware, site energy requirements and other operational strategies has never been greater. Software, analytics and advisory are expected to be key portfolio components for any industry actor wishing to provide a holistic suite of electrification services in a B2B setting and help accelerate fleet electrification over the next decade. With this acquisition and their recently announced global fleet solution portfolio, which already includes a scalable EV charging platform with hardware, installation and fleet management services, ChargePoint is now well positioned to offer fleet managers large and small a full range of tools required to start planning and executing their electrification journeys."
Goldman Sachs & Co. LLC served as exclusive financial advisor to ChargePoint. IMPROVED Corporate Finance B.V. served as the exclusive M&A advisor to ViriCiti and its shareholders.
About ChargePoint
ChargePoint is creating a new fueling network to move 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 a comprehensive portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 92 million charging sessions have been delivered, with drivers plugging into the ChargePoint network every two seconds or less. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. press offices or This email address is being protected from spambots. You need JavaScript enabled to view it..
About ViriCiti
ViriCiti started in 2012 with a focus on electric buses and trucks and is now the market leader in the United States and Europe for public transit in North America and Europe, with thousands of buses and chargers connected to its platform. From energy management to maintenance, the ViriCiti online monitoring system provides in-depth insights tailored to each fleet’s needs. The company is working with over 150 vehicle OEMs and fleet operators across continents and aims to accelerate the adoption of electric vehicles by offering an all-in-one solution for full-electric and mixed fleets.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our commitment to the fleet and commercial segments, expectations and plans for growth, the expected benefits of the acquisition of ViriCiti to us, our leadership and market position, and our customers, and the expected impact of the acquisition on our offerings. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: developments and changes in the general market; the continuing impact of COVID-19, including in our business and those of our customers and suppliers; political, economic, and business conditions; our limited operating history as a public company; our ability as an organization to successfully integrate ViriCiti and acquire and integrate other companies, products or technologies in a successful manner; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; our current dependence on sales of charging stations for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions; our ability to expand in Europe; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our quarterly report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on June 11, 2021, which is available on our website at investors.chargepoint.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
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European Press
Matthew Enevoldson
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Investor Relations
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DUBLIN--(BUSINESS WIRE)--The "Flywheel Energy Storage (FES) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Flywheel Energy Storage (FES) estimated at US$377.6 Million in the year 2020, is projected to reach a revised size of US$640.4 Million by 2027, growing at a CAGR of 7.8% over the analysis period 2020-2027.
Utility-Scale, one of the segments analyzed in the report, is projected to record a 9.3% CAGR and reach US$211.4 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the UPS segment is readjusted to a revised 7.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $111.8 Million, While China is Forecast to Grow at 7.3% CAGR
The Flywheel Energy Storage (FES) market in the U.S. is estimated at US$111.8 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$111.3 Million by the year 2027 trailing a CAGR of 7.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.4% and 6.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 6.3% CAGR.
Transportation Segment to Record 7.7% CAGR
In the global Transportation segment, USA, Canada, Japan, China and Europe will drive the 7.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$56.3 Million in the year 2020 will reach a projected size of US$95.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$73.4 Million by the year 2027.
Select Competitors (Total 43 Featured):
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/et9vyy
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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First-to-market solution allows utility companies to package programs and services based on customer needs
Similar to Netflix model, Plus offers subscription energy giving customers a more personalized experience and predictable bills
BOULDER, Colo.--(BUSINESS WIRE)--Uplight, the technology partner of energy providers transitioning to the clean energy ecosystem, today announced Plus, a new solution that bundles multiple utility programs into simple, personalized offers in a consumer-friendly digital experience, making it easy for customers to understand and enroll in beneficial energy and billing programs.
“Our customers seek more certainty around their energy bills, and we believe it’s important to be innovative in meeting our customers’ needs,” said Duke Energy Vice President, Rate Design and Strategic Solutions, Lon Huber. “Being able to offer subscription energy bundles through a tailored customer experience is paramount, and it further helps us meet critical goals around clean energy and reduced peak demand.”
“AES Indiana is focused on providing our customers with tools and resources that will help them achieve their most important objectives, including reliability, affordability and sustainability,” said Wendy Mehringer, AES Indiana Chief Customer Officer. “Through Plus, we are creating a more personalized experience that puts our customers in control of their energy use and billing.”
Uplight is the first utility partner to offer a subscription-based customer experience allowing customers to pay the same amount each month. Plus provides customers with a new level of clarity into their gas and electricity usage. From digital, fixed subscription payments to energy usage information and savings incentives, the personalized solution connects customers to the right programs at the right time with easy-to-understand options to enroll in plans that work best for them. To create the personalized energy bundles, Plus uses customer-provided feedback on offer types, information on utility program eligibility, and innovative propensity modeling tailored to individual customers.
Utilities have the ability to offer customers a unique and cohesive experience through Plus with:
Leading utilities including AES, Duke Energy, and others have already launched Plus as part of successful pilots.
“Our data shows utility customers want more engagement and less hassle with more predictable bills and access to relevant utility programs. In the age of Amazon, Netflix and Peloton, it makes sense for utilities to move to a smart subscription service model, tailoring customer experiences based on data,” said Jennifer Kinney, Chief Innovation Officer at Uplight. “This makes the energy consumption experience easier while eliminating the guesswork surrounding billing, energy usage and savings.”
Utilities interested in learning more about Plus can visit https://uplight.com/plus.
About Uplight
Uplight is the technology partner for energy providers and the clean energy ecosystem. Uplight’s software solutions connect energy customers to the decarbonization goals of power providers while helping customers save energy and lower costs, creating a more sustainable future for all. Using the industry’s only comprehensive customer-centric technology suite and critical energy expertise across disciplines, Uplight is streamlining the complex transition to the clean energy ecosystem for more than 80 electric and gas utilities around the world. By empowering energy providers to achieve critical outcomes through data-driven customer experiences, delivering control at the grid edge, creating new revenue streams and optimizing existing load and assets, Uplight shares a mission with its clients to make energy more sustainable for every community. Uplight is a certified B Corporation. To learn more, visit us at www.uplight.com, find us on Twitter @Uplight or on LinkedIn at Linkedin.com/company/uplightenergy.
Elaine Reddy
720-252-8105
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DUBLIN--(BUSINESS WIRE)--#climatechange--Gazelle Wind Power Limited announced today that it has raised $4 million in funding to accelerate the development of its hybrid floating offshore wind platform. The Gazelle platform is unlocking the massive deep-water offshore wind market, making this sector a key driver for the worldwide transition to renewable energy.
This investment includes $1.3 million in seed funding and another $2.7 million in strategic long-term financing which will be used to develop the company’s first grid-connected demonstrator. Investor participation included distinguished Spanish businessman and E2IN2 founding partner Valentin de Torres-Solanot del Pino, along with Peter Murphy and Zach Mecelis, co-founders of Covalis Capital and leading investors in the energy transition.
“Gazelle has the potential to completely change the offshore wind industry,” said E2IN2 founding partner Valentin de Torres-Solanot del Pino. “By combining the best features of tension-leg and semi-submersible platforms—while eliminating their drawbacks—Gazelle’s technology will be at the forefront of tomorrow’s energy landscape. The E2IN2 team is delighted to join Gazelle and contribute in its efforts to carry out this invaluable undertaking.”
Offshore wind projects have traditionally lagged behind onshore wind and other renewable energy projects in both investment and implementation. Costs of construction, installation, and maintenance have hindered the widespread adoption of offshore wind projects. Gazelle has emerged as a key enabler for floating offshore wind platforms with its disruptive hybrid floating design, which surmounts the current barriers of buoyancy, and geographic limitations while reducing costs and preserving fragile marine environments.
Gazelle Wind Power’s innovative, stable, hybrid attenuated mooring platform is designed and engineered by leading naval engineers to enable floating offshore wind production in deeper waters farther out at sea. The patented design allows for a 70% reduction in the weight of steel, while delivering a highly stable platform with a tilt of less than 1° together with a 30% cost reduction compared to other floating wind platforms.
Gazelle recently named an elite group of energy industry veterans to its board of directors, including leading global policymakers, government officials, engineers, and CEOs.
About Gazelle Wind Power
Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonization. The company’s durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy, and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, and Paris. For more information, visit www.gazellewindpower.com.
For Gazelle Wind Power:
Wendy Prabhu | Mercom Communications
T: +1 512 215 4452
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LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Energy Partners, LP (“TEP”) announced today that, subject to market conditions, it, along with Tallgrass Energy Finance Corp., a subsidiary of TEP, intend to offer $500 million aggregate principal amount of senior unsecured notes due 2031 in a private placement to eligible purchasers (the “Notes Offering”).
TEP intends to use the net proceeds of the Notes Offering, together with borrowings under its existing senior secured revolving credit facility, to fund a concurrent cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 5.50% Senior Notes due 2024 (the “2024 Notes”), and to redeem any 2024 Notes outstanding after completion of the Tender Offer. The Tender Offer is being made pursuant to an Offer to Purchase dated August 11, 2021.
The securities to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. Unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. TEP plans to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.
About Tallgrass Energy
Tallgrass Energy is a leading energy and infrastructure company operating across 11 states with transportation, storage, terminal, water, gathering and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.
Investor and Financial Inquiries
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