IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM) will release second quarter 2021 financial results on Friday, July 30, 2021. A press release will be issued via Business Wire and available at 6:30 a.m. CT at www.exxonmobil.com.

Darren Woods, chairman and chief executive officer; Jack Williams, senior vice president; and Stephen Littleton, vice president of investor relations and secretary, will review the results during a live, listen-only conference call at 8:30 a.m. CT. The presentation can be accessed via webcast or by calling (888) 596-2592 (United States) or (786) 789-4790 (International). Please reference confirmation code 3168506 to join the call. An archive replay of the call and a copy of the presentation with accompanying supplemental financial data will be available at www.exxonmobil.com/ir.

ExxonMobil Media Relations
(972) 940-6007

SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (“QuantumScape,” Class A Common Stock - NYSE: QS; Public Warrants - NYSE: QS.WS) today announced that it has elected to redeem, at 5:00 p.m. Eastern Daylight Time on August 24, 2021 (the “Redemption Date”), all of QuantumScape’s outstanding public warrants (“Public Warrants”) that were issued under the Warrant Agreement dated as of June 25, 2020, as amended on February 13, 2021 (the “Warrant Agreement”), by and between Kensington Capital Acquisition Corp. (“Kensington”) and Continental Stock Transfer & Trust Company, as warrant agent. The Public Warrants were originally issued in connection with Kensington’s initial public offering in June 2020 (the “IPO”), and subsequently assumed by QuantumScape in November 2020 in connection with the business combination by and among Kensington, Kensington Merger Sub Corp., and QuantumScape Battery, Inc.

Registered holders of Public Warrants will have until 5:00 p.m. Eastern Daylight Time on August 24, 2021 to exercise their Public Warrants. Each Public Warrant entitles the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per Public Warrant (the “Exercise Price”). Each Public Warrant that remains outstanding as of the Redemption Date will be redeemed by QuantumScape for $0.01 (the “Redemption Price”). Any Public Warrants that remain unexercised at 5:00 p.m. Eastern Daylight Time on the Redemption Date will be delisted, void and no longer exercisable, and the holders will have no rights with respect to those Public Warrants, except to receive the Redemption Price. If a holder of a Public Warrant does not wish for its Public Warrant to be redeemed, it must exercise such Public Warrant before 5:00 p.m. Eastern Daylight Time on the Redemption Date.

QuantumScape is exercising its right to redeem the Public Warrants pursuant to Section 6.1 of the Warrant Agreement that provides for the right to redeem all the outstanding Public Warrants if the last reported sales price of QuantumScape’s Class A Common Stock has been at least $18.00 per share on each of 20 trading days within the 30-trading-day period ending on the third business day prior to the date on which a notice of redemption is given. The reported sales price of QuantumScape’s Class A Common Stock has been at least $18.00 per share on each of 20 trading days within the 30-trading-day period ending on July 20, 2021.

As a result of the redemption, the Public Warrants will cease to be traded on the NYSE effective August 24, 2021.

As of the time of this press release, QuantumScape has 1,544,871 Public Warrants outstanding. If all such currently outstanding Public Warrants are exercised prior to the Redemption Date, QuantumScape will issue an aggregate of 1,544,871 shares of Class A Common Stock and receive potential gross exercise proceeds of approximately $17.8 million.

Warrants to purchase shares of Class A Common Stock that were issued under the Warrant Agreement in private placements simultaneously with the closing of the IPO, as well as in connection with working capital loans made by Kensington Capital Sponsor LLC to Kensington (all such warrants, the “Private Placement Warrants”) are still held by the initial holders or their permitted transferees are not subject to this redemption. However, QuantumScape is considering the possible redemption of the Private Placement Warrants at a future date in accordance with the terms of the Warrant Agreement.

None of QuantumScape, its board of directors or employees have made or are making any representation or recommendation to any warrant holder as to whether to exercise or refrain from exercising any warrants.

The shares of Class A Common Stock underlying the Public Warrants have been registered by QuantumScape under the Securities Act of 1933, as amended, and are covered by a registration statement filed on Form S-1 with, and declared effective by, the Securities and Exchange Commission (Registration No. 333-251433).

Beneficial holders desiring to exercise their Public Warrants should contact the brokerage firm holding their Public Warrants immediately to process their exercise to avoid redemption. Brokers will likely have an earlier deadline for beneficial holders to exercise their Public Warrants than the deadline for registered holders set forth above.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of QuantumScape’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements

The information in this press release includes a “forward-looking statement” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the treatment of the Public Warrant, the number of shares of Class A Common Stock to be issued, the proceeds to be received in connection with the exercise of Public Warrants prior to the Redemption Date and the Company’s intentions regarding the potential redemption of Private Placement Warrants.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside QuantumScape’s control and are difficult to predict, including, but not limited to, fewer than all holders of Public Warrants exercising their Public Warrants prior to the Redemption Date. The foregoing factor is not exhaustive. Readers are cautioned not to put undue reliance on forward-looking statements. Information about other factors that could materially affect QuantumScape is set forth under the “Risk Factors” section in the QuantumScape’s registration statement on Form S-1 filed with the Securities and Exchange Commission on May 17, 2021, and available on the SEC’s website at www.sec.gov.

Except as otherwise required by applicable law, QuantumScape disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.

About QuantumScape

QuantumScape is a leader in developing next-generation solid-state lithium-metal batteries for electric vehicles. The company is on a mission to revolutionize energy storage to enable a sustainable future. For more information, please visit www.quantumscape.com.

For Investors
John Sager, CFA
Head of Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Media
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Global Towed Array Sonar Market Outlook 2028" report has been added to ResearchAndMarkets.com's offering.

In 2019, the market accounted for market value of about USD 363 million and is further estimated to garner significant revenue by growing at a CAGR of around 4% during the forecast period, i.e., 2020-2028.

The global towed array sonar market is anticipated to grow in upcoming years owing to advancements in naval border security and growth in fishing and oil & gas industry.

In terms of market segmentation, the global towed array sonar market is segmented by type, acoustic frequency, component, by end-use, and by region.

Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa, out of which, the market in North America held leading share in 2019 and is estimated to grow at significant pace owing to rising military spending on R&D activities, and advancements in defense operations among others.

Moreover, the market is bifurcated by acoustic frequency into infrasonic and ultrasonic sonar, out of which, the ultrasonic sonar segment is estimated to witness highest growth throughout the forecast period owing to the growing usage of ultrasonic sonar systems in defense, commercial, and scientific applications.

However, the negative impact of sonar technology on marine ecosystem might negatively affect the market growth.

Some of the leading market players in the global towed array sonar market are

• Ultra Electronics
• Neptune Sonar Limited
• Kongsberg
• L3Harris Technologies Inc
• Mind Technology Inc.
• General Dynamics Mission Systems Inc.
• Teledyne Reson
• Raytheon Technologies Corporation
• Nisshinbo Holdings Inc.
• Lockheed Martin Corporation
• Sonardyne International Limited
• Thales Group

Key Topics Covered:

1. Market Definition and Research Methodology

1.1. Market Definition

1.2. Research Objective

1.3. Research Methodology

2. Executive Summary

3. Market Dynamics

3.1. Drivers

3.2. Restraints

3.3. Opportunities

3.4. Trends

4. Industry Analysis

4.1. Value Chain Analysis

4.2. Impact of COVID-19 on the market

5. Global Towed Array Sonar Market

5.1. Market Overview - Market Size (2019-2028)

5.2. Market segmentation by:

5.2.1. Type

5.2.2. Acoustic Frequency

5.2.3. Component

5.2.4. End-Use Industry

5.2.5. Region

6. North America Towed Array Sonar Market

6.1. Market Overview - Market Size (2019-2028)

6.2. Market segmentation by:

6.2.1. Type

6.2.2. Acoustic Frequency

6.2.3. Component

6.2.4. End-Use Industry

6.2.5. Country

7. Europe Towed Array Sonar Market

8. Asia Pacific Towed Array Sonar Market

9. Latin America Towed Array Sonar Market

10. Middle East & Africa Towed Array Sonar Market

11. Competitive Landscape

12. Analyst Review

For more information about this report visit https://www.researchandmarkets.com/r/b7gk9z

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

DUBLIN--(BUSINESS WIRE)--The "Global Offshore Wind Energy Market 2020-2026" report has been added to ResearchAndMarkets.com's offering.

The global offshore wind energy market is anticipated to grow at a CAGR of around 14.6% during the forecast period.

Companies Mentioned

• ABB Ltd.
• Asociacion Empresarial Eolica
• Damen Shipyards Group
• Orsted Wind Power North America LLC
• Doosan Heavy Industries & Construction
• EDF Renewables, Inc.
• Envision Energy USA Ltd.
• General Electric Co.
• Goldwind Science & Technology Co., Ltd.
• . Hitachi, Ltd.
• London Aaray Ltd.
• Mingyang Smart Energy Group Co., Ltd.
• Nordex SE
• Sinovel Wind Group Co. Ltd.
• Siemens AG
• Navingo B.V.
• Vestas Wind System A/S,
• XEMC Darwind BV

A variety of factors such as growing awareness towards green energy, diversified wind energy application, and so on are significantly contributing to the growth of the offshore wind energy market. The market is growing rapidly as offshore winds are much steadier than on land implicating a more reliable source of energy. Offshore wind farms are providing renewable energy without consumption of water and not emitting environmental pollutants or any harmful gases. The future growth of an offshore wind energy market is predicted to increase due to the rising technological advancement and innovation of offshore wind farms and government incentives across the globe. However, some factors are limiting the growth of the market such as technological and economic challenges, lack of energy storage and transportation facility and unpredictable water calamity such as storms. Moreover, the government supportive initiatives and investment related to wind energy generation further projected to create a significant opportunity in the market.

Segmental Outlook

The global offshore wind energy market is segmented based on the turbine of the foundation, depth of turbine and application. Based on the component market is segmented into the turbine, electrical structure, support structure, and others. On the basis of the depth of the turbine, the market is segmented into shallow, transitional, and deep water. Further on the basis of application, the market is segmented into the commercial, industrial, household.

Global Offshore Wind Energy Market Share by Component, 2020 (%)

Among component, the turbine segment is estimated to have a significant share in the global offshore wind energy market. The wind turbines are generally a wind turbine that turns wind energy into electricity using the aerodynamic force from rotor blades which work like an aeroplane wing or helicopter rotor blade. Some of the advantages of wind turbines are that Wind power is cost-effective, the Land-based utility-scale wind is one of the lowest-priced energy sources available today, costing 1-2 cents per kilowatt-hour after the production tax credit. Further, Wind turbine energy does not pollute the environment in the same way that power plants that burn fossil fuels, such as coal or natural gas, do, emitting particulate matter, nitrogen oxides, and Sulphur dioxide, which cause public health issues and economic losses. Additionally, wind is a form of solar energy. Wind turbines are caused by the sun's heating of the atmosphere, the Earth's rotation, and the irregularities on its surface. On existing farms or ranches, wind turbines may be built.

Regional Outlooks

The global offshore wind energy market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. Europe projected to dominate the global offshore wind energy market. Contracts for difference were implemented by the UK government to ensure reliable long-term returns from electrical infrastructure ventures, lowering barriers to entry for industry participants.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global offshore wind energy
• market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where' in the market.

Key Topics Covered:

1. Report Summary

2. Market Overview and Insights

2.1. Scope of the Report

2.2. Analyst Insight & Current Market Trends

2.2.1. Key Findings

2.2.2. Recommendations

2.2.3. Conclusion

2.3. Regulations

3. Competitive Landscape

3.1. Key Company Analysis

3.1.1. Overview

3.1.2. Financial Analysis

3.1.3. SWOT Analysis

3.2. Key Strategy Analysis

3.3. Impact of COVID-19 on key players

4. Market Determinants

4.1. Motivators

4.2. Restraints

4.3. Opportunities

5. Market Segmentation

5.1. Global Offshore Wind Energy Market by Component

5.2. Global Offshore Wind Energy Market by Depth of Turbine

5.3. Global Offshore Wind Energy Market by Application

6. Regional Analysis

7. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/pv6w3o

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (“Helix”) (NYSE: HLX) announced today that its Board of Directors has appointed T. Mitch Little as a new director.

Mr. Little, 58, served as Executive Vice President – Operations for Marathon Oil Corporation (“Marathon”) (NYSE: MRO) from August 2016 until his retirement in December 2020, where he held full responsibility for all operations and development activities. Prior to such role Mr. Little served in a variety of roles of progressing leadership responsibility at Marathon, including Vice President – Conventional & Oil Sands Mining Assets, Vice President – International & Offshore Exploration & Production Operations, Managing Director – Norway, and General Manager – Worldwide Drilling & Completions. Mr. Little joined Marathon in 1986 and has over 30 years’ experience in the petroleum industry in various technical, supervisory and senior management positions. Mr. Little previously served as the Chairman of the Oilfield Energy Center, a non-profit venture dedicated to expanding awareness of subsurface hydrocarbon energy resources and supporting global stewardship in the communities that develop those resources in a safe and environmentally responsible manner.

Mr. Little will serve as a Class I director whose term will expire at Helix’s next Annual Meeting of Shareholders.

About Helix

Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix, please visit our website at www.HelixESG.com.

Erik Staffeldt
Executive Vice President & CFO
281-618-0465
This email address is being protected from spambots. You need JavaScript enabled to view it.

MANSFIELD, Ohio--(BUSINESS WIRE)--#EARNINGS--The Gorman-Rupp Company (NYSE: GRC) reports financial results for the second quarter and six months ended June 30, 2021.

Second Quarter 2021 Highlights

• Second quarter earnings per share were $0.27 compared to $0.22 per share for the second quarter of 2020
  • Second quarter results included a non-cash pension settlement charge of $0.05 per share in 2021 and $0.06 per share in 2020
• Net sales increased 8.4% or $7.2 million compared to the second quarter of 2020 and increased 4.5% compared to the first quarter of 2021
• Incoming orders increased 46.6% compared to the second quarter of 2020 and increased 18.2% compared to the first quarter of 2021
• Backlog improved to $153.0 million at June 30, 2021, increasing $27.5 million during the second quarter

Net sales for the second quarter of 2021 were $93.0 million compared to net sales of $85.8 million for the second quarter of 2020, an increase of 8.4% or $7.2 million. Domestic sales increased 8.1% or $4.8 million and international sales increased 9.1% or $2.4 million compared to the same period in 2020. As the global economy has started to recover from the COVID-19 pandemic, sales and incoming orders have increased across nearly all of our markets.

Sales in our water markets increased 4.5% or $2.8 million in the second quarter of 2021 compared to the second quarter of 2020. Sales increased $3.1 million in the repair market, $1.6 million in the construction market, $0.9 million in the fire protection market, and $0.5 million in the agriculture market. Partially offsetting these increases was a sales decrease of $3.3 million in the municipal market primarily due to timing of shipments.

Sales in our non-water markets increased 18.1% or $4.4 million in the second quarter of 2021 compared to the second quarter of 2020. Sales increased $2.1 million in the petroleum market, $2.0 million in the OEM market, and $0.3 million in the industrial market.

Gross profit was $24.7 million for the second quarter of 2021, resulting in gross margin of 26.5%, compared to gross profit of $21.8 million and gross margin of 25.5% for the same period in 2020. Gross margin improved 100 basis points due to improved leverage on fixed labor and overhead resulting from increased sales volume.

Selling, general and administrative (“SG&A”) expenses were $14.1 million and 15.1% of net sales for the second quarter of 2021 compared to $12.9 million and 15.0% of net sales for the same period in 2020. SG&A expenses increased 9.4% or $1.2 million and increased 10 basis points as a percentage of sales. The increase in SG&A expenses is the result of compensation, travel and other expense items returning closer to pre-pandemic levels as operational activities begin to return to normal.

Operating income was $10.6 million for the second quarter of 2021, resulting in an operating margin of 11.4%, compared to operating income of $9.0 million and operating margin of 10.5% for the same period in 2020. Operating margin improved 90 basis points primarily as a result of improved leverage on fixed labor and overhead resulting from increased sales volume.

Other income (expense), net was $1.7 million of expense for the second quarter of 2021 compared to expense of $1.9 million for the same period in 2020. The decrease to expense was due primarily to a decrease in non-cash pension settlement charges from $1.9 million in the second quarter of 2020 to $1.7 million in the second quarter of 2021.

Net income was $7.1 million for the second quarter of 2021 compared to $5.6 million in the second quarter of 2020, and earnings per share were $0.27 and $0.22 for the respective periods. Earnings per share for the second quarter included a non-cash pension settlement charge of $0.05 per share in 2021 and $0.06 per share in 2020.

Year to date 2021 Highlights

Net sales for the first six months of 2021 were $182.0 million compared to net sales of $177.5 million for the first six months of 2020, an increase of 2.6% or $4.5 million. Domestic sales increased 1.7% or $2.0 million and international sales increased 4.7% or $2.5 million compared to the same period in 2020.

Sales in our water markets increased 2.7% or $3.4 million in the first six months of 2021 compared to the first six months of 2020. Sales increased $4.0 million in the repair market, $2.1 million in the construction market, and $0.7 million in the agriculture market. Partially offsetting these increases was a decrease of $3.4 million in the municipal market, while the fire market was flat.

Sales in our non-water markets increased 2.2% or $1.1 million in the first six months of 2021 compared to the first six months of 2020. Sales in the petroleum market increased $2.2 million and sales in the OEM market increased $1.0 million. Partially offsetting these increases was a decrease of $2.1 million in the industrial market.

Gross profit was $47.7 million for the first six months of 2021, resulting in gross margin of 26.2%, compared to gross profit of $45.3 million and gross margin of 25.5% for the same period in 2020. Gross margin improved 70 basis points due principally to improved leverage on fixed labor and overhead resulting from increased sales volume compared to the first six months of 2020.

SG&A expenses were $28.1 million and 15.5% of net sales for the first six months of 2021 compared to $27.7 million and 15.6% of net sales for the same period in 2020. SG&A expenses increased 1.5% or $0.4 million but improved 10 basis points as a percentage of sales.

Operating income was $19.6 million for the first six months of 2021, resulting in an operating margin of 10.8%, compared to operating income of $17.6 million and operating margin of 9.9% for the same period in 2020. Operating margin improved 90 basis points primarily as a result of improved leverage on fixed labor and overhead resulting from increased sales volume compared to the first six months of 2020.

Other income (expense), net was $1.4 million of expense for the first six months of 2021 compared to expense of $3.6 million for the same period in 2020. The decrease to expense was due primarily to reduced non-cash pension settlement charges of $1.7 million in 2021 compared to $3.4 million in 2020.

Net income was $14.5 million for the first six months of 2021 compared to $11.1 million in the first six months of 2020, and earnings per share were $0.56 and $0.43 for the respective periods. Earnings per share included a non-cash pension settlement charge of $0.05 per share in 2021 and $0.10 per share in 2020.

The Company’s backlog of orders was $153.0 million at June 30, 2021 compared to $110.3 million at June 30, 2020 and $113.1 million at December 31, 2020. Incoming orders increased 21.6% for the first six months of 2021 compared to the same period in 2020. Incoming orders during the second quarter of 2021 increased 46.6% when compared to the same period last year.

Capital expenditures for the first six months of 2021 were $3.5 million and consisted primarily of machinery and equipment and building improvements. Capital expenditures for the full-year 2021 are presently planned to be in the range of $12-$15 million.

Jeffrey S. Gorman, Chairman and CEO commented, “As the global economy has started to recover from the COVID-19 pandemic, our incoming orders have continued to improve. We were pleased that the increases in both sales and incoming orders have been broad-based, with almost all of our markets showing increases. This resulted in a record level of incoming orders during the second quarter of 2021 giving us a very strong backlog position as we enter the second half of the year. Although operations are beginning to return to normal, the global economic recovery is not without its challenges. We continue to manage developments in our global supply chain related to material costs and availability, lead times and transportation challenges. Our approach to building inventory levels during the pandemic has allowed us to continue to meet our customers’ needs.”

About The Gorman-Rupp Company

Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.

Forward-Looking Statements

In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such factors include, but are not limited to: company specific risk factors including (1) loss of key personnel; (2) intellectual property security; (3) acquisition performance and integration; (4) impairment in the value of intangible assets, including goodwill; (5) defined benefit pension plan settlement expense; and (6) family ownership of common equity; and general risk factors including (7) continuation of the current and projected future business environment, including the duration and scope of the COVID-19 pandemic, the impact of the pandemic and actions taken in response to the pandemic; (8) highly competitive markets; (9) availability and costs of raw materials; (10) cyber security threats; (11) compliance with, and costs related to, a variety of import and export laws and regulations; (12) environmental compliance costs and liabilities; (13) exposure to fluctuations in foreign currency exchange rates; (14) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (15) changes in our tax rates and exposure to additional income tax liabilities; and (16) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.

Brigette A. Burnell
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1246
NYSE: GRC

For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548.

CANONSBURG, Pa.--(BUSINESS WIRE)--#ETRN--Equitrans Midstream Corporation (NYSE: ETRN) today declared quarterly cash dividends of $0.15 per common share and $0.4873 per share of Series A Perpetual Convertible Preferred Stock for the second quarter 2021. The dividends will be paid on August 13, 2021 to all applicable ETRN shareholders of record at the close of business on August 4, 2021.

About Equitrans Midstream Corporation:

Equitrans Midstream Corporation (ETRN) has a premier asset footprint in the Appalachian Basin and, as the parent company of EQM Midstream Partners, is one of the largest natural gas gatherers in the United States. Through its strategically located assets in the Marcellus and Utica regions, ETRN has an operational focus on gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production across the Basin. With a rich 135-year history in the energy industry, ETRN was launched as a standalone company in 2018 with the vision to be the premier midstream services provider in North America. ETRN is helping to meet America’s growing need for clean-burning energy, while also providing a rewarding workplace and enriching the communities where its employees live and work.

For more information on Equitrans Midstream Corporation, visit www.equitransmidstream.com; and to learn more about our environmental, social, and governance practices visit ETRN Sustainability Reporting.

Source: Equitrans Midstream Corporation

Analyst inquiries:
Nate Tetlow – Vice President, Corporate Development and Investor Relations
412.553.5834
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media inquiries:
Natalie A. Cox – Communications and Corporate Affairs
412.395.3941
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Global revenue of $5.6 billion increased 8% sequentially
• International revenue was $4.5 billion and North America revenue was $1.1 billion
• EPS of $0.30 increased 43% sequentially
• Cash flow from operations was $1.2 billion and free cash flow was $869 million
• Board approved quarterly cash dividend of $0.125 per share

PARIS--(BUSINESS WIRE)--Schlumberger Limited (NYSE: SLB) today reported results for the second-quarter 2021.

Schlumberger CEO Olivier Le Peuch commented, “Our second-quarter results demonstrate the broad strength of our portfolio, the extent of our market participation—both in North America and internationally—and our enhanced ability to capture and translate activity growth into sustained margin expansion and strong free cash flow. The quarter marks a leap forward in achieving our full-year financial targets with the potential for further upside given the right conditions. As I reflect on the progress we have made since last year, I want to acknowledge the entire Schlumberger team whose exemplary commitment to safety and performance has not wavered despite the challenges. Once again, I am extremely proud of our people for their dedication and resilience, and for delivering a strong quarter, clearly seizing the beginning of the upcycle.

“Second-quarter global revenue grew 8% sequentially, outperforming the rig count growth in both North America and the international markets. All four Divisions grew, resulting in the highest sequential quarterly revenue growth rate since the second quarter of 2017.

“In North America, revenue grew 11% sequentially, representing the highest sequential quarterly growth rate for this area since the third quarter of 2017. This performance was driven by US land revenue, which increased 19% due to higher drilling activity and increased sales of well and surface production systems. Well Construction revenue in US land grew more than 30% sequentially, significantly outperforming the rig count growth of 16%. In addition, Canada land revenue increased despite the spring breakup, due to higher Asset Performance Solutions (APS) project revenue, while North America offshore revenue was slightly higher due to sales of subsea production systems.

“International revenue grew 7% sequentially with all four Divisions registering growth. The revenue growth outpaced the international rig count increase—reflecting the depth and diversity of our portfolio—as activity surpassed the impact of the seasonal recovery in the Northern Hemisphere. Many countries posted double-digit sequential revenue growth.

“Globally, the second-quarter revenue growth was led by Reservoir Performance and Well Construction, where activity intensified beyond the seasonal recovery. Reservoir Performance revenue increased 12% sequentially due to the seasonal activity rebound in the Northern Hemisphere, in addition to higher exploration and appraisal activity. Well Construction revenue increased 9% sequentially from increased drilling activity in US land and broadly across the international markets, particularly offshore. Digital & Integration revenue increased 6% sequentially due to higher sales of digital solutions and higher APS project revenue. Production Systems revenue grew 6%, primarily due to higher sales of well, surface, and subsea production systems.

“Sequentially, second-quarter pretax segment operating income increased 22%. Pretax segment operating margin expanded by 162 basis points (bps) to 14% while adjusted EBITDA margin grew 118 bps to 21%. Adjusted EBITDA margin was the highest since 2018 and pretax segment operating margin reached its highest level since 2015. This performance highlights the impact of our capital stewardship and cost-out measures, which are providing us with significant operating leverage.

“Second-quarter cash flow from operations was $1.2 billion and free cash flow was $869 million. These amounts include a $477 million US federal tax refund. We are very pleased with our cash flow performance which is on track with our full-year target and enabled us to begin deleveraging the balance sheet during the quarter.

“While the rise of the COVID-19 Delta variant and resurgence of related disruptions could impact the pace of economic reopening, industry projections of oil demand reflect the anticipation of a wider vaccine-enabled recovery, improving road mobility, and the impact of various economic stimulus programs. Under this scenario, we believe the momentum of international activity growth that we experienced in the second quarter will continue as the cyclical recovery unfolds. This view is supported by rig count trends, capital spending signals, and customer feedback. In North America, we anticipate the growth rate to moderate; however, drilling activity could still surprise to the upside due to private E&P operator spending.

“Consequently, absent any further setback in the recovery, we continue to see our international revenue growing in the second half of 2021 by double-digits when compared to the second half of last year. This translates into full-year 2021 international revenue growth, setting the stage for a strong baseline as we move into 2022 and beyond.

“During the quarter, we also continued to execute our long-term strategy with advances in Digital and New Energy through our technology and unique partnerships. In addition, we accelerated our commitment to sustainability and decarbonization of our industry. In particular, we took definitive climate change action during the quarter and launched our Transition Technologies portfolio which will aid our clients in meeting their climate change ambitions. Finally, I am very proud that we announced our commitment to achieve net-zero emissions by 2050. Our net-zero emissions target is based on a verifiable, science-based approach that is aligned with the 1.5 degrees Celsius target of the Paris Agreement and includes our Scope 3 emissions.

“Overall, the second-quarter performance and the progress we made on our strategic targets align very well with our long-term financial ambition. We will seize the industry upcycle with strength in our core, will leverage the accretive impact of digital, and will continue building our portfolio of low-carbon energy ventures.

“I am truly excited about Schlumberger in the new industry landscape and our commitment to higher value and lower carbon for our people, our customers, our shareholders, and the global community.”

Other Events

On June 28, 2021, Schlumberger repurchased $665 million of its outstanding 3.300% Senior Notes due September 2021.

On July 22, 2021, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on October 7, 2021 to stockholders of record on September 1, 2021.

Revenue by Geographical Area

North America

North America revenue of $1.1 billion increased 11% sequentially, with US land revenue growing 19% due to higher drilling activity and increased sales of well and surface production systems. The North America revenue increase represented the highest sequential quarterly growth rate since the third quarter of 2017. Well Construction revenue in US land grew more than 30% sequentially, outperforming the rig count growth of 16%. In addition, Canada land revenue increased despite the spring breakup due to higher APS project revenue, while offshore revenue was slightly higher due to sales of subsea production systems.

International

International revenue of $4.5 billion grew 7% sequentially outperforming the rig count growth. The revenue increases that all four Divisions experienced was driven by activity that strengthened beyond the impact of the seasonal recovery in the Northern Hemisphere, leading to double-digit sequential revenue growth in several countries.

Revenue in Latin America of $1.1 billion increased 2% sequentially due to double-digit sequential revenue growth in both Argentina and Guyana from higher Reservoir Performance intervention activity. In addition, Ecuador revenue increased due to higher Well Construction activity, partially offset by reduced drilling in Mexico and lower Production Systems revenue in Brazil following strong sales in the previous quarter.

Europe/CIS/Africa revenue of $1.5 billion increased 16% sequentially. This significant growth was driven by activity that strengthened beyond the impact of the seasonal recovery in the Northern Hemisphere, leading to double-digit sequential growth in most of the countries in the area. All four Divisions posted double-digit sequential revenue growth in the area, primarily from higher activity in digital solutions, stimulation, wireline, wellbore drilling including measurements, and fluids.

Revenue in the Middle East & Asia of $2.0 billion increased 4% sequentially. Growth was posted across all countries in the area except for India, which was impacted by COVID-related disruption. Double-digit sequential revenue growth was posted in Qatar, United Arab Emirates (UAE), and East Asia from higher Reservoir Performance and Well Construction activity. The revenue growth was driven by higher activity in wireline, intervention, stimulation, wellbore drilling including measurements, and fluids.

Results by Division

Digital & Integration

Digital & Integration revenue of $817 million increased 6% sequentially due to strong sales of digital solutions and higher APS project revenue partially offset by lower sales of multiclient seismic data licenses. Growth was led by Canada land from higher APS revenue in addition to higher digital solutions sales in Europe/CIS/Africa.

Digital & Integration pretax operating margin of 33% expanded 147 bps sequentially due to increased high-margin digital solutions sales and improved profitability from APS projects.

Reservoir Performance

Reservoir Performance revenue of $1.1 billion increased 12% sequentially due to higher activity that surpassed the impact of the seasonal rebound in the Northern Hemisphere, resulting in double-digit sequential revenue growth internationally. Growth was driven by seasonal rebound of activity in Russia, China, and Europe and higher offshore exploration in Guyana and Angola, benefiting wireline and testing activity. Higher activity was also posted in Argentina, Qatar, and the UAE.

Reservoir Performance pretax operating margin of 14% expanded 373 bps sequentially. Profitability was boosted by the seasonal recovery in the Northern Hemisphere, higher offshore and exploration activity, and favorable technology mix in wireline activity in Africa and in the Middle East.

Well Construction

Well Construction revenue of $2.1 billion increased 9% sequentially. Stronger North America and international activity beyond the seasonal rebound in the Northern Hemisphere was supported by the rig count increase. North America revenue growth was driven by US land revenue growth of more than 30%, outpacing the US land rig count increase of 16%, but partially offset by the decline in Canada land revenue due to the spring breakup. International growth was led by double-digit growth in Ecuador, the United Kingdom, Algeria, Angola, Gabon, Nigeria, Russia, Qatar, Iraq, East Asia, and Australia.

Sequentially, Well Construction pretax operating margin of 13% improved by 209 bps due to higher drilling activity following the seasonal recovery in the Northern Hemisphere, higher drilling in US land, increased volume of activity in Europe & Africa and the Middle East, and increased higher-margin offshore exploration activity in Africa.

Production Systems

Production Systems revenue of $1.7 billion increased 6% sequentially. The revenue increase was led by double-digit revenue growth in Russia, the United Kingdom, Norway, Kazakhstan, Turkey, Algeria, China, Kuwait, Qatar, UAE, and Mexico. US land also posted double-digit revenue growth on strong sales of surface and well production systems, outpacing the increase in drilling and completed well counts. Overall revenue growth was driven by higher sales of surface, subsea, and well production systems.

Sequentially, Production Systems pretax operating margin of 10% expanded 146 bps, due to improved profitability from higher sales of surface, well, and subsea production systems.

Quarterly Highlights

Schlumberger’s technology integration, with deep domain knowledge and performance differentiation, continues to earn the confidence of our customers globally. This is reflected in a considerable pipeline of new contract awards across geographies that will drive future growth in Well Construction and Reservoir Performance. Some notable contract awards during the quarter include:

• In Norway, Equinor ASA awarded Schlumberger an integrated contract for up to 23 wells in its Breidablikk development in the North Sea. Schlumberger will supply drilling services, well construction fluids, cementing, electric wireline logging, and completions. Due to the complexity of the reservoir and Equinor’s focus on maximizing the potential of people and assets, the project will implement digital well planning, automation, and advanced remote operations. In addition, a cloud-enabled 3D workflow—developed jointly with Equinor using data from the GeoSphere HD* reservoir mapping-while-drilling service—will be used to optimize well placement in real time. The contract also includes 18 PhaseWatcher* subsea multiphase flowmeters from OneSubsea^®, with an option for eight additional units. Work will commence in the spring of 2022.

• In Iraq, Schlumberger was awarded a contract, valued at USD 480 million, to drill 96 wells in southern Iraq for ExxonMobil, which operates the giant West Qurna 1 Field owned by Basra Oil Company. Building on a track record of integrated well construction performance in Iraq, Schlumberger will drill these wells over a period of 4.5 years, with well designs varying from laterals exceeding 2,000 m, upsized big-bore wells, and barefoot completions. In addition to vast project management experience and state-of-the-art technologies, Schlumberger digital capabilities will further enhance overall project execution, supporting operational safety and optimized drilling efficiency.

• In the Kingdom of Bahrain, Schlumberger has been awarded a three-year, production enhancement contract—valued at USD 150 million—in the Bahrain Field. This project, which follows a successful pilot phase, will be conducted jointly with Tatweer Petroleum and will integrate fit-for-purpose technologies, including advanced logging and core analysis, extreme extended-reach drilling, and fracture stimulation techniques, to unlock the potential of a key reservoir in the field.

• ADNOC Offshore awarded Schlumberger a large, five-year contract, valued at USD 381 million, for integrated rigless services for the artificial islands offshore UAE. This is the first contract awarded by ADNOC to integrate all rigless services, including high-rate stimulation, production logging, surface testing, and coiled tubing. Schlumberger will introduce the latest technologies and high-specification equipment to overcome the unique challenges of increasing production from extended-reach laterals.

• Shell has awarded Schlumberger a contract for the provision of well services including well construction, evaluation, and pumping for a number of their activities in the Gulf of Mexico, Trinidad, and West Africa. Under the multiple year contract, a Schlumberger joint team comprising drilling, evaluation, and completions will provide integration, reliability, and efficiency improvement opportunities in Shell deepwater operations using a combination of unique, fit-for-basin technologies, standard work platforms, and advanced remote operations.

In the offshore markets, Schlumberger Production Systems is positioned to benefit significantly from the recovery by leveraging our subsea technologies, in-country value creation, domain support, and integration capabilities. This differentiated approach is being recognized with increasing awards, resulting in a notable step up in book-to-bill ratio during the quarter. Awards include:

• Petrobras awarded OneSubsea an engineering, procurement, construction, and installation (EPCI) contract, valued at more than USD 180 million, for the provision of subsea production systems equipment and associated services for four development phases of the deepwater Buzios Field offshore Brazil. The project scope includes 21 fit-for-purpose vertical subsea trees, controls systems, and seven subsea power distribution units, as well as installation, commissioning, and services for the life of field. The project will be supported by the OneSubsea Brazil Center of Excellence for Subsea Production Systems (SPS), which will drive in-country value across both equipment and service scopes. Located in the pre-salt area of the Santos Basin, Buzios is one of world’s largest deepwater oil fields.

• Equinor has awarded a large contract to Subsea Integration Alliance—a non-incorporated strategic global alliance between Subsea 7 and OneSubsea, the subsea technologies, production, and processing systems business of Schlumberger—for its project in the Bacalhau Field, which lies 185 km offshore Brazil in a water depth of 2,050 m.

Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Office +1 (713) 375-3535
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Chemtrade Logistics Income Fund (TSX: CHE.UN) will release its results for the three months ended June 30, 2021 on Wednesday, August 11, 2021 after close of markets.

A conference call to review the results will be webcast live on Thursday, August 12, 2021 at 9:30 a.m. To access the webcast click here.

Rohit Bhardwaj
Chief Financial Officer
Tel: (416) 496-4177

Ryan Paull
Business Development Manager
Tel: (973) 515-1831

• Global revenue of $5.6 billion increased 8% sequentially
• International revenue was $4.5 billion and North America revenue was $1.1 billion
• EPS of $0.30 increased 43% sequentially
• Cash flow from operations was $1.2 billion and free cash flow was $869 million
• Board approved quarterly cash dividend of $0.125 per share

PARIS--(BUSINESS WIRE)--Regulatory News:

Schlumberger Limited (NYSE: SLB) today reported results for the second-quarter 2021.

Schlumberger CEO Olivier Le Peuch commented, “Our second-quarter results demonstrate the broad strength of our portfolio, the extent of our market participation—both in North America and internationally—and our enhanced ability to capture and translate activity growth into sustained margin expansion and strong free cash flow. The quarter marks a leap forward in achieving our full-year financial targets with the potential for further upside given the right conditions. As I reflect on the progress we have made since last year, I want to acknowledge the entire Schlumberger team whose exemplary commitment to safety and performance has not wavered despite the challenges. Once again, I am extremely proud of our people for their dedication and resilience, and for delivering a strong quarter, clearly seizing the beginning of the upcycle.

“Second-quarter global revenue grew 8% sequentially, outperforming the rig count growth in both North America and the international markets. All four Divisions grew, resulting in the highest sequential quarterly revenue growth rate since the second quarter of 2017.

“In North America, revenue grew 11% sequentially, representing the highest sequential quarterly growth rate for this area since the third quarter of 2017. This performance was driven by US land revenue, which increased 19% due to higher drilling activity and increased sales of well and surface production systems. Well Construction revenue in US land grew more than 30% sequentially, significantly outperforming the rig count growth of 16%. In addition, Canada land revenue increased despite the spring breakup, due to higher Asset Performance Solutions (APS) project revenue, while North America offshore revenue was slightly higher due to sales of subsea production systems.

“International revenue grew 7% sequentially with all four Divisions registering growth. The revenue growth outpaced the international rig count increase—reflecting the depth and diversity of our portfolio—as activity surpassed the impact of the seasonal recovery in the Northern Hemisphere. Many countries posted double-digit sequential revenue growth.

“Globally, the second-quarter revenue growth was led by Reservoir Performance and Well Construction, where activity intensified beyond the seasonal recovery. Reservoir Performance revenue increased 12% sequentially due to the seasonal activity rebound in the Northern Hemisphere, in addition to higher exploration and appraisal activity. Well Construction revenue increased 9% sequentially from increased drilling activity in US land and broadly across the international markets, particularly offshore. Digital & Integration revenue increased 6% sequentially due to higher sales of digital solutions and higher APS project revenue. Production Systems revenue grew 6%, primarily due to higher sales of well, surface, and subsea production systems.

“Sequentially, second-quarter pretax segment operating income increased 22%. Pretax segment operating margin expanded by 162 basis points (bps) to 14% while adjusted EBITDA margin grew 118 bps to 21%. Adjusted EBITDA margin was the highest since 2018 and pretax segment operating margin reached its highest level since 2015. This performance highlights the impact of our capital stewardship and cost-out measures, which are providing us with significant operating leverage.

“Second-quarter cash flow from operations was $1.2 billion and free cash flow was $869 million. These amounts include a $477 million US federal tax refund. We are very pleased with our cash flow performance which is on track with our full-year target and enabled us to begin deleveraging the balance sheet during the quarter.

“While the rise of the COVID-19 Delta variant and resurgence of related disruptions could impact the pace of economic reopening, industry projections of oil demand reflect the anticipation of a wider vaccine-enabled recovery, improving road mobility, and the impact of various economic stimulus programs. Under this scenario, we believe the momentum of international activity growth that we experienced in the second quarter will continue as the cyclical recovery unfolds. This view is supported by rig count trends, capital spending signals, and customer feedback. In North America, we anticipate the growth rate to moderate; however, drilling activity could still surprise to the upside due to private E&P operator spending.

“Consequently, absent any further setback in the recovery, we continue to see our international revenue growing in the second half of 2021 by double-digits when compared to the second half of last year. This translates into full-year 2021 international revenue growth, setting the stage for a strong baseline as we move into 2022 and beyond.

“During the quarter, we also continued to execute our long-term strategy with advances in Digital and New Energy through our technology and unique partnerships. In addition, we accelerated our commitment to sustainability and decarbonization of our industry. In particular, we took definitive climate change action during the quarter and launched our Transition Technologies portfolio which will aid our clients in meeting their climate change ambitions. Finally, I am very proud that we announced our commitment to achieve net-zero emissions by 2050. Our net-zero emissions target is based on a verifiable, science-based approach that is aligned with the 1.5 degrees Celsius target of the Paris Agreement and includes our Scope 3 emissions.

“Overall, the second-quarter performance and the progress we made on our strategic targets align very well with our long-term financial ambition. We will seize the industry upcycle with strength in our core, will leverage the accretive impact of digital, and will continue building our portfolio of low-carbon energy ventures.

“I am truly excited about Schlumberger in the new industry landscape and our commitment to higher value and lower carbon for our people, our customers, our shareholders, and the global community.”

Other Events

On June 28, 2021, Schlumberger repurchased $665 million of its outstanding 3.300% Senior Notes due September 2021.

On July 22, 2021, Schlumberger’s Board of Directors approved a quarterly cash dividend of $0.125 per share of outstanding common stock, payable on October 7, 2021 to stockholders of record on September 1, 2021.

Revenue by Geographical Area

North America

North America revenue of $1.1 billion increased 11% sequentially, with US land revenue growing 19% due to higher drilling activity and increased sales of well and surface production systems. The North America revenue increase represented the highest sequential quarterly growth rate since the third quarter of 2017. Well Construction revenue in US land grew more than 30% sequentially, outperforming the rig count growth of 16%. In addition, Canada land revenue increased despite the spring breakup due to higher APS project revenue, while offshore revenue was slightly higher due to sales of subsea production systems.

International

International revenue of $4.5 billion grew 7% sequentially outperforming the rig count growth. The revenue increases that all four Divisions experienced was driven by activity that strengthened beyond the impact of the seasonal recovery in the Northern Hemisphere, leading to double-digit sequential revenue growth in several countries.

Revenue in Latin America of $1.1 billion increased 2% sequentially due to double-digit sequential revenue growth in both Argentina and Guyana from higher Reservoir Performance intervention activity. In addition, Ecuador revenue increased due to higher Well Construction activity, partially offset by reduced drilling in Mexico and lower Production Systems revenue in Brazil following strong sales in the previous quarter.

Europe/CIS/Africa revenue of $1.5 billion increased 16% sequentially. This significant growth was driven by activity that strengthened beyond the impact of the seasonal recovery in the Northern Hemisphere, leading to double-digit sequential growth in most of the countries in the area. All four Divisions posted double-digit sequential revenue growth in the area, primarily from higher activity in digital solutions, stimulation, wireline, wellbore drilling including measurements, and fluids.

Revenue in the Middle East & Asia of $2.0 billion increased 4% sequentially. Growth was posted across all countries in the area except for India, which was impacted by COVID-related disruption. Double-digit sequential revenue growth was posted in Qatar, United Arab Emirates (UAE), and East Asia from higher Reservoir Performance and Well Construction activity. The revenue growth was driven by higher activity in wireline, intervention, stimulation, wellbore drilling including measurements, and fluids.

Results by Division

Digital & Integration

Digital & Integration revenue of $817 million increased 6% sequentially due to strong sales of digital solutions and higher APS project revenue partially offset by lower sales of multiclient seismic data licenses. Growth was led by Canada land from higher APS revenue in addition to higher digital solutions sales in Europe/CIS/Africa.

Digital & Integration pretax operating margin of 33% expanded 147 bps sequentially due to increased high-margin digital solutions sales and improved profitability from APS projects.

Reservoir Performance

Reservoir Performance revenue of $1.1 billion increased 12% sequentially due to higher activity that surpassed the impact of the seasonal rebound in the Northern Hemisphere, resulting in double-digit sequential revenue growth internationally. Growth was driven by seasonal rebound of activity in Russia, China, and Europe and higher offshore exploration in Guyana and Angola, benefiting wireline and testing activity. Higher activity was also posted in Argentina, Qatar, and the UAE.

Reservoir Performance pretax operating margin of 14% expanded 373 bps sequentially. Profitability was boosted by the seasonal recovery in the Northern Hemisphere, higher offshore and exploration activity, and favorable technology mix in wireline activity in Africa and in the Middle East.

Well Construction

Well Construction revenue of $2.1 billion increased 9% sequentially. Stronger North America and international activity beyond the seasonal rebound in the Northern Hemisphere was supported by the rig count increase. North America revenue growth was driven by US land revenue growth of more than 30%, outpacing the US land rig count increase of 16%, but partially offset by the decline in Canada land revenue due to the spring breakup. International growth was led by double-digit growth in Ecuador, the United Kingdom, Algeria, Angola, Gabon, Nigeria, Russia, Qatar, Iraq, East Asia, and Australia.

Sequentially, Well Construction pretax operating margin of 13% improved by 209 bps due to higher drilling activity following the seasonal recovery in the Northern Hemisphere, higher drilling in US land, increased volume of activity in Europe & Africa and the Middle East, and increased higher-margin offshore exploration activity in Africa.

Production Systems

Production Systems revenue of $1.7 billion increased 6% sequentially. The revenue increase was led by double-digit revenue growth in Russia, the United Kingdom, Norway, Kazakhstan, Turkey, Algeria, China, Kuwait, Qatar, UAE, and Mexico. US land also posted double-digit revenue growth on strong sales of surface and well production systems, outpacing the increase in drilling and completed well counts. Overall revenue growth was driven by higher sales of surface, subsea, and well production systems.

Sequentially, Production Systems pretax operating margin of 10% expanded 146 bps, due to improved profitability from higher sales of surface, well, and subsea production systems.

Quarterly Highlights

Schlumberger’s technology integration, with deep domain knowledge and performance differentiation, continues to earn the confidence of our customers globally. This is reflected in a considerable pipeline of new contract awards across geographies that will drive future growth in Well Construction and Reservoir Performance. Some notable contract awards during the quarter include:

• In Norway, Equinor ASA awarded Schlumberger an integrated contract for up to 23 wells in its Breidablikk development in the North Sea. Schlumberger will supply drilling services, well construction fluids, cementing, electric wireline logging, and completions. Due to the complexity of the reservoir and Equinor’s focus on maximizing the potential of people and assets, the project will implement digital well planning, automation, and advanced remote operations. In addition, a cloud-enabled 3D workflow—developed jointly with Equinor using data from the GeoSphere HD* reservoir mapping-while-drilling service—will be used to optimize well placement in real time. The contract also includes 18 PhaseWatcher* subsea multiphase flowmeters from OneSubsea^®, with an option for eight additional units. Work will commence in the spring of 2022.

• In Iraq, Schlumberger was awarded a contract, valued at USD 480 million, to drill 96 wells in southern Iraq for ExxonMobil, which operates the giant West Qurna 1 Field owned by Basra Oil Company. Building on a track record of integrated well construction performance in Iraq, Schlumberger will drill these wells over a period of 4.5 years, with well designs varying from laterals exceeding 2,000 m, upsized big-bore wells, and barefoot completions. In addition to vast project management experience and state-of-the-art technologies, Schlumberger digital capabilities will further enhance overall project execution, supporting operational safety and optimized drilling efficiency.

• In the Kingdom of Bahrain, Schlumberger has been awarded a three-year, production enhancement contract—valued at USD 150 million—in the Bahrain Field. This project, which follows a successful pilot phase, will be conducted jointly with Tatweer Petroleum and will integrate fit-for-purpose technologies, including advanced logging and core analysis, extreme extended-reach drilling, and fracture stimulation techniques, to unlock the potential of a key reservoir in the field.

• ADNOC Offshore awarded Schlumberger a large, five-year contract, valued at USD 381 million, for integrated rigless services for the artificial islands offshore UAE. This is the first contract awarded by ADNOC to integrate all rigless services, including high-rate stimulation, production logging, surface testing, and coiled tubing. Schlumberger will introduce the latest technologies and high-specification equipment to overcome the unique challenges of increasing production from extended-reach laterals.

• Shell has awarded Schlumberger a contract for the provision of well services including well construction, evaluation, and pumping for a number of their activities in the Gulf of Mexico, Trinidad, and West Africa. Under the multiple year contract, a Schlumberger joint team comprising drilling, evaluation, and completions will provide integration, reliability, and efficiency improvement opportunities in Shell deepwater operations using a combination of unique, fit-for-basin technologies, standard work platforms, and advanced remote operations.

In the offshore markets, Schlumberger Production Systems is positioned to benefit significantly from the recovery by leveraging our subsea technologies, in-country value creation, domain support, and integration capabilities. This differentiated approach is being recognized with increasing awards, resulting in a notable step up in book-to-bill ratio during the quarter. Awards include:

• Petrobras awarded OneSubsea an engineering, procurement, construction, and installation (EPCI) contract, valued at more than USD 180 million, for the provision of subsea production systems equipment and associated services for four development phases of the deepwater Buzios Field offshore Brazil. The project scope includes 21 fit-for-purpose vertical subsea trees, controls systems, and seven subsea power distribution units, as well as installation, commissioning, and services for the life of field. The project will be supported by the OneSubsea Brazil Center of Excellence for Subsea Production Systems (SPS), which will drive in-country value across both equipment and service scopes. Located in the pre-salt area of the Santos Basin, Buzios is one of world’s largest deepwater oil fields.

• Equinor has awarded a large contract to Subsea Integration Alliance—a non-incorporated strategic global alliance between Subsea 7 and OneSubsea, the subsea technologies, production, and processing systems business of Schlumberger—for its project in the Bacalhau Field, which lies 185 km offshore Brazil in a water depth of 2,050 m.

Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Office +1 (713) 375-3535
This email address is being protected from spambots. You need JavaScript enabled to view it.

LEAWOOD, KS--(BUSINESS WIRE)--Ecofin announces the release of the Ecofin Tax-Advantaged Social Impact Fund (NASDAQ: TSIFX) quarterly commentary piece. The piece highlights deal transactions made during the quarter and includes a market update and outlook. A copy of the commentary piece is available here.

About Ecofin

Ecofin is a sustainable investment firm dedicated to uniting ecology and finance. Our mission is to generate strong risk-adjusted returns while optimizing investors’ impact on society. We are socially-minded, ESG-attentive investors, harnessing years of expertise investing in sustainable infrastructure, energy transition, clean water & environment and social impact. Our strategies are accessible through a variety of investment solutions and seek to achieve positive impacts that align with UN Sustainable Development Goals by addressing pressing global issues surrounding climate action, clean energy, water, education, healthcare and sustainable communities. Ecofin Investments, LLC is the parent of registered investment advisers Ecofin Advisors, LLC and Ecofin Advisors Limited (collectively "Ecofin"). To learn more, please visit www.ecofininvest.com.

Before investing in the fund, investors should consider their investment goals, time horizons and risk tolerance. The fund's investment objective, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus (click here) contain this and other important information about the fund. Copies of the fund's prospectus may be obtained by calling 855-TCA-FUND. Read it carefully before investing.

Investing involves risks. Principal loss is possible. The fund is suitable only for investors who can bear the risks associated with the limited liquidity of the fund and should be viewed as a long-term investment.

TCA Advisors is the adviser to the fund and Ecofin Advisors, LLC is the sub-adviser.

Quasar Distributors, LLC, distributor

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and TCA Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and TCA Advisors do not assume a duty to update this forward-looking statement.

Maggie Zastrow
(913) 981-1020
This email address is being protected from spambots. You need JavaScript enabled to view it.

• REE U.S. HQ to capitalize on growing market demand for EVs in North America
• REE Austin is expected to generate more than 150 jobs in the region in the next few years
• Expected annual capacity of U.S. Integration Center to be 40,000 modular EV platforms by H2 2022

TEL-AVIV, Israel--(BUSINESS WIRE)--REE Automotive Ltd. [NASDAQ: “REE”], a leader in e-Mobility, today announced that it will open its U.S. headquarters in Austin, Texas to address the growing U.S. market demand for mission-specific EVs from delivery and logistics companies, Mobility-as-a-Service and new technology players. In addition, Austin will be the location of REE’s first asset-light Integration Center for the assembly and testing of its disruptive REEcorner™ technology and ultra-modular EV platforms. The new Integration Center will offer REE’s technology to its existing and future automotive partners in North America, enabling them to build modular EVs “Powered by REE”. REE is exploring several collaborations with a number of Koch Industries, Inc. companies, to support and accelerate the establishment of REE’s integration center in Austin. Koch Strategic Platforms, LLC, a subsidiary of Koch Industries, is an investor in REE as well. The REE Austin facility is expected to create approximately 150 jobs in upcoming years.

“Establishing our U.S. headquarters in Austin, Texas best positions us for growth and rapid expansion,” said Daniel Barel, REE’s Co-Founder and CEO. “Austin is fast becoming a worldwide home for elite technology professionals. REE needs to continue growing and thriving, and Austin’s dynamism and entrepreneurial spirit definitely fit REE’s culture and values. Our U.S. presence will allow us to capitalize on the incredible opportunities in the U.S. market and put us closer to our North American-based customers and partners, including Magna International and JB Poindexter, as we work together to develop and deliver modular EVs (MEVs™).”

REEcorner™ technology integrates critical vehicle components, including steering, braking, suspension, powertrain and control, into a single compact module between the chassis and the wheel, using x-by-wire technology for steering, driving and braking. This innovation has enabled REE to develop a modular, fully-flat skateboard chassis with more room for passengers, cargo and batteries that will be highly adaptable to customers. EV platforms using REEcorners™ are agnostic to vehicle size and design, power-source and driving mode, enabling REE to target a $700 billion total addressable market, and help OEMs, delivery fleets, Mobility-as-a-Service providers and new mobility players get to market faster at a fraction of the cost.

REE intends to tap into a global network of Tier 1 partners’ manufacturing capacity, with full point-of-sale component assembly and testing set to take place in REE’s Integration Centers. REE expects this manufacturing process to significantly reduce capital expenditures and increase REE’s global presence and market share. REE’s CapEx-light manufacturing approach and Integration Centers are designed to enable the company to remain a comparatively asset-light enterprise, helping to increase operating margins and ROI and reduce the carbon footprint of its operations.

Michael Charlton, REE’s COO, commented, “REE’s Integration Centers will be designed to be fully modular and scalable to ensure the Company achieves projected production volumes. The state-of-the-art centers will utilize automation, including Automated Guided Vehicles (AGVs), for the optimal movement of assemblies, with the goal of increasing automation levels to Industry 4.0 Technology and beyond.”

About REE

REE is an automotive technology leader creating the cornerstone for tomorrow's zero-emission vehicles. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market. Our revolutionary, award-winning REEcorner technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry's flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.

Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany, REE has a CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines. REE’s technology, together with its unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility.

For more information visit: www.ree.auto

Caution About Forward-Looking Statements

This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plan,” “projects,” “believes,” “views,” “estimates”, “future”, “allow”, “aims”, “strives” “endeavors” and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company’s statements about the Company’s strategic and business plans, relationships or outlook, the impact of trends on and interest in its business, intellectual property or product and its future results. These forward-looking statements are based on REE’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: REE’s ability to commercialize its strategic plan; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that the Company is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the ongoing COVID-19 pandemic and any other worldwide health epidemics or outbreaks that may arise; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s final prospectus relating to its business combination filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 1, 2021 and in subsequent filings with the SEC. While the list of factors discussed above and the list of factors presented in the final prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.

Media
Keren Shemesh
Chief Marketing Officer | REE Automotive
+972-54-5814333
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
Limor Gruber
VP Investor Relations | REE Automotive
+972-50-5239233
This email address is being protected from spambots. You need JavaScript enabled to view it.

Coupling the Storage and eMobility technology play with the ambition to own and operate the preferred EV Fast Charging network of Stellantis

PARIS--(BUSINESS WIRE)--Regulatory News:

NHOA’s Chief Executive Officer, Carlalberto Guglielminotti, presented to the Board of Directors the outcome of a comprehensive strategic review of NHOA (Paris:NHOA), started by the management after the signing of the agreement between the new majority shareholder TCC (TWSE: 1101) and ENGIE, aimed at updating short and long-term objectives and setting a layout to guide future growth and development in the context of the new horizons ahead with TCC.

NHOA’s chairman, Mr. Nelson Chang stated that “The recent natural catastrophes of massive floods in Western Europe and central China and the scorching wildfires in Northern America clearly demonstrate that global warming is a real threat to humanity’s survival. NHOA sees the urgency and will be fully engaged in helping our world decarbonise to reduce such threat of climate change.”

The outcome of such strategic review resulted in new short-term targets and long-term outlook, namely “Masterplan10x” and new strategic ambitions of NHOA (“Strategic Ambitions”) prepared by the Executive Committee of NHOA and unanimously approved by the Board of Directors.

In this context, NHOA has already presented in April 2021 the new simplified operating model, structured around two Global Business Lines (“GBL”):

• GBL Storage, led by Giuseppe Artizzu as General Manager, operating across 3 geographies: Americas, EMEA and Asia-Pacific; and
• GBL eMobility, represented Free2Move eSolutions, the joint venture with Stellantis led by Roberto di Stefano as Chief Executive Officer, operating by eMobility brands.

Mr. Guglielminotti presented the Masterplan 10x and the Strategic Ambitions as a way to enhance the growth of the company by 10x by 2025.

More specifically, the Masterplan 10x has the ambition to:

• set short-term targets for NHOA for 2021 and 2022, announcing the revised guidance; and
• define NHOA’s long-term outlook for 2025 and 2030.

In addition, NHOA announces, following the signature of a Memorandum of Understanding with Free2Move eSolutions and Stellantis, the creation of a new Global Business Line named “Atlante”. The Atlante Project is timely in the context of the adoption by the European Commission, on July 14 2021, of the Fit for 55 package whose aims are, among others, having 100% zero-emission cars registered as of 2035 and installing charging and fueling points at regular intervals on major highways: every 60 kilometres for electric charging and every 150 kilometres for hydrogen refueling. Through the Atlante GBL, NHOA has the Strategic Ambitions to own and operate a fastcharging network for electric vehicles in Southern Europe, that, as announced during the Stellantis EV Day 2021 on July 8, 2021, will become the preferred fastcharging network of Stellantis and its customers. Furthermore, in due course when the opportunity avails, GBL Atlante plans to deploy its fastcharging network also in Taiwan and other selected Asian countries, and along with GBL eMobility it has the ambition, as announced during the Stellantis EV Day 2021 on July 8, 2021, to mimic its business model in the North American market.

NHOA’s management expects that the strengthening of the capital structure of the company in the context of the Masterplan 10x and the initial financing of the Strategic Ambitions will entail over 230 million euro of new financial resources.

As of today, thanks to the support TCC, NHOA has approved and secured 50 million dollar credit lines and is further negotiating with multiple financial institutions to secure up to additional 60 million euro facilities, totaling over 100 million euro new credit lines (the “New Financing”).

In addition, c.130 million euro rights issue is expected be launched after the completion of the simplified tender offer expected to take place in September (the “Potential Capital Increase”). TCC will, as majority shareholder and subject to internal and regulatory approvals, subscribe for its proportion of its entitlement and, if necessary, such amount to achieve a successful Potential Capital Increase.

Masterplan10x Short-Term Financial Targets and Long Term Outlook

Strategic Ambitions: preliminary assumptions and potential impact on Masterplan 10x

Masterplan10x: multiplying by 10 key performance indicators and industrial results

Masterplan10x is a plan that NHOA’s management has put together with a view to enhance NHOA’s growth by 10 by 2025. To realize this plan, there are key performance indicators and industrial results NHOA will need to multiply by 10:

• Storage installed base: Following completion of the Potential Capital Increase and thereby re-capitalizing NHOA, NHOA will be in a position to tender for meaningful projects which NHOA believes will help its target to install, in 2025 10 times the whole energy storage installed base realized between 2015 and 2021, i.e. over 170MW. This in turn means that, in 2025 NHOA is targeting 1.7GWh of new storage capacity additions, coming from projects that would have to be secured by the end of 2023.
• Production Expansion: NHOA planning, through its GBL eMobility, to expand its production by 10 and increasing its production of 1,500 EV charging devices a week, to 15,000 by 2025. This target can only be achieved through further enhancing our relationship with our partners such as leveraging on the industrial footprint of Stellantis and TCC’s access to a unique world-class supply chain.
• Life-Time-Value of eMobility customers: NHOA is planning, through its GBL eMobility, to multiply by 10 the Life-Time-Value (LTV) of its eMobility customers. Indeed, when the wallbox is bundled into a subscription including the energy to charge the EV with a long-term contract, the value of the wallbox is virtually multiplied by 10.
• Women Engineers: 29% of NHOA’s employees are women, NHOA intends to shatter the glass ceiling and disrupt the structural gender gap of female students in engineering (e.g. in Italy only 20% of engineering students are women), targeting by 2025 to multiply by 10 the number of women engineers it employs.
• HSEQ: NHOA anticipates carrying out, by 2025, more than 10 times the investments in Health, Safety and Quality to support the Masterplan10x while minimizing its execution risk.
• Pipeline: to facilitate a continuous growth through 2030 in line with the objectives of the Masterplan, NHOA also sets a target in terms of pipeline of projects for 2025. NHOA has the ambition to multiply by 10 the €1.0 billion pipeline achieved in 2020 to €10 billion in 2025, whereby a material contribution to this pipeline is expected to be made by the GBL Atlante with the rest from GBL eMobility and GBL Storage.

Strategic Ambitions: ATLANTE as cornerstone

Atlante is at the center stage of NHOA’s Strategic Ambitions: which represent the structural transformation of Engie EPS from a pure technology player to NHOA, an infrastructure developer, owner and operator that fully leverages on a complete product portfolio and vertically integrated technology in both storage and eMobility.

The Southern European public fastcharging market, namely Italy, France, Spain and Portugal, is still nascent with rapid growth expected towards 2030. Around 90% of 2030 Southern European on-the-go fastcharging network is yet to be built and developed and this constitutes a great potential business opportunity.

In particular, according to the analysis carried out by the GBL eMobility with the support of McKinsey & Co: (i) the battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) penetration in Southern Europe is expected to grow 26 times to 13 million BEVs by 2030, reaching 3 million by 2025, and (ii) the on-the-go fast charging demand is expected to grow 46 times to 9 TWh by 2030, and up to 1.9 TWh by 2025. Charging System Operators and Charging Point Operators will take center stage in this market, and the role of owner and operator would represent the most attractive long-term opportunity in public fast charging market.

Given the potential size of this market, GBL Atlante has the ambition of creating, over the next 10 years, one of the largest Southern European vehicle-grid-integrated (“VGI”) fastcharging network, to cater for the demands of the varied customers of Stellantis (the “Atlante Network”), with the ambition to develop, in line with what was announced by Stellantis at the EV Day 2021 held on July 8, 2021:

• by 2025: charging stations in over 1,500 sites (of which 300 in Microgrid Setup, as defined below), with c.5,000 VGI Fastchargers integrated with storage and solar in Southern Europe (“Phase 1”); and
• by 2030: charging stations in c.9,000 sites, with over 35,000 VGI Fastchargers integrated with storage and solar in Southern Europe (“Phase 2”).

All details about the Atlante Network perimeter and the Strategic Ambitions developed with the support of McKinsey & Co, are described in the dedicated Press Release issued on the date hereof.

In addition, NHOA will leverage on the 1,500 sites to be developed in Phase 1 to target, by 2025, 10 times the whole microgrid installed-base commissioned between 2015 and 2021, i.e. 30 microgrids. Therefore, by 2025 approx. 300 microgrids, representing 20% of the 1,500 locations in which fastchargers will be installed, will be equipped with solar power and storage. This technical configuration will constitute real microgrids delivering not only Vehicle-to-Grid services, but also behind-the-meter and business continuity services to Commercial & Industrial customers. In addition, NHOA is planning to secure the installation of up to 10MW of storage power for each of such microgrids, embedding the 300 microgrids with the potential of up to 3GW of storage services, that will constitute one of the largest Virtual-Power Plant ever developed thanks to the NHOA innovative PROPHET Energy Management System (“Microgrid Setup”).

Funding plan

The strengthening of the capital structure of NHOA in the context of the Masterplan 10x and the initial financing of the Strategic Ambitions will require approx. €130 million that are expected to be funded with the Potential Capital Increase in context of which TCC will, as majority shareholder and subject to internal and regulatory approvals, subscribe for its proportion of its entitlement and, if necessary, such amount to achieve a successful Potential Capital Increase.

In this respect, following completion of the tender offer, NHOA is planning to convene an Extraordinary General Meeting to consider, resolve, and approve the Potential Capital Increase. NHOA intends to appoint Société Générale to act as Sole Global Coordinator for the Potential Capital Increase.

Use of proceeds of the Potential Capital Increase will serve (i) the re-capitalization of NHOA, plus (ii) funding the first phase of GBL Atlante’s capital expenditures and the related Strategic Ambitions. The progress of the Strategic Ambitions will depend on the successful execution of the Potential Capital Increase.

Indeed, the development of the Atlante Network would require significant additional resources for NHOA, and the deployment of material capital expenditures. In this respect, NHOA’s Board of Directors requested the management to prepare a detailed business and funding plan for GBL Atlante before the Potential Capital Increase.

At this stage, current analysis and preliminary assumptions of NHOA’s management are as follows:

• over the period capital expenditures ranging between 100 and 140 thousand euros per VGI Fastcharger integrated with storage and solar;
• utilization rate of the Atlante Network between 4% in 2022 to 15% in 2030;
• in Phase 1, the development of the Atlante Network to be funded by NHOA’s resources, including (i) the ones arising from the New Financing and the Potential Capital Increase which per se will cover AtlanteCo’s 2022-2024 cash needs; and (ii) additional resources from other potential investors including, among others, TCC’s as key founding investor in the Atlante Network, and other forms of debt or equity financing to be structured in line with NHOA’s planned EBITDA growth trajectory (from EBITDA breakeven in 2022 to up to low double-digit EBITDA margin in 2025);
• in Phase 2, funding plan for the development of the Atlante Network to benefit from expected strong cashflow generation allowing optimized debt to equity ratio capital structures with the potential involvement of strategic partners with equity or equity-like instruments.

Execution strictly monitored with quarterly Trading and Operational Updates

The new strategy implies a high level of execution risk. For this reason, NHOA is planning to release regularly a “Trading and Operational Update” containing a series of performance indicators that will transparently outline the level of execution of the Masterplan10x and Strategic Ambitions.

The first Trading and Operational Update will be released before the Potential Capital Increase, and then regularly on quarterly basis.

Quarterly performance indicators (unaudited) will be set for:

- NHOA, e.g. sales, backlog and order intake, all by Global Business Lines

- GBL Storage, e.g. shortlisted projects in pipeline, MW online and under development

- GBL eMobility, e.g. conversion rate of wallbox and subscriptions over the quarterly Stellantis EVs sales, total wallbox and subscriptions outside Stellantis and manufacturing capacity update

- GBL Atlante, e.g. utilization rate of the Atlante network, number of sites, fastchargers and microgrids online, site pipeline update and conversion rate.

* * *

NHOA

NHOA develops technologies enabling the global transition towards clean energy and sustainable mobility, shaping the future of a next generation living in harmony with our planet.

Listed on Euronext Paris regulated market (NHOA:PA), NHOA forms part of the CAC^® Mid & Small and CAC^® All-Tradable financial indices. Its registered office is in Paris, with research, development and production located in Italy.

For further information, go to www.nhoa.energy

follow us on LinkedIn
follow us on Instagram

Press Office: Simona Raffaelli, Image Building, +39 02 89011300, This email address is being protected from spambots. You need JavaScript enabled to view it.
Corporate and Institutional Communication: Cristina Cremonesi, +39 345 570 8686, This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Gas Separation Membrane Market, by Product Type, by Module, by Application, and by Region - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.

Recent advancements in the petrochemical industries has led to an increased use of membranes for gas separation. The membranes act as a permeable medium through which gas molecules can pass on the basis of their size and solubility in the medium. Gas separation membrane system is widely used to separate air into oxygen and nitrogen, in natural gas dehydration process, for hydrogen gas recovery in oil refinery, for the removal of volatile organic liquids (VOL) from exhaust streams, and for separation of methane from biogas. A variety of membrane materials have been used for gas separation such as polymer, zeolite, silica, and others. For instance, in March 2019, NGK Insulators, Ltd., a Japanese ceramics company announced the use of DDR-type zeolite membrane for the demonstration test of CO2 recovery during oil production.

Market players are increasing investments in research and development activities, which could contribute to the growth of the global gas separation membrane market over the forecast period. For instance, in February 2018, Air Liquide Advanced Separations, a French chemical and electronics manufacturer made an investment of US$ 170 million for setting up an Air Separation Unit (ASU) in Secunda that produces 5,000 tons of oxygen per day. This enabled the company to expand their market potential to South Africa region.

Market players are focusing on launch of products, which is expected to strengthen their position in the global gas separation membrane market. For instance, in 2018, Evonik Industries AG, a German chemical company launched SEPURAN NG membrane to enable efficient processing of natural gas.

Market players are involved in market strategies such as acquisition and partnership with other companies in order to enhance distribution, this is expected to drive the growth of the gas separation membrane market. For instance, in 2018, Air Products and Chemicals Inc., an American chemical company, signed an agreement with Royal Dutch Shell plc, a British-Dutch oil and gas company to acquire its coal gasification technology business. Moreover, in April 2017, Honeywell UOP, an American oil and gas company received a contract from Dangote oil refinery to provide design services, technology licensing, and advanced equipment for oil and gas refinery plants.

Company Profiles

• Fujifilm Manufacturing Europe B.V.
• Air Products and Chemicals, Inc.
• Honeywell UOP
• Air Liquide Advanced Separations
• Schlumberger Ltd.
• DIC Corporation
• Ube Industries Ltd.
• Parker Hannifin Corporation
• Membrane Technology and Research Inc.
• Generon

Key features of the study:

• This report provides an in-depth analysis of global gas separation membrane market, provides market size (US$ Million), and compound annual growth rate (CAGR %) for the forecast period (2021-2028), considering 2020 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategies adopted by the leading players
• It profiles leading players in the global gas separation membrane market based on the following parameters - company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future product launch, technology up-gradation, market expansion, and marketing tactics.
• The global gas separation membrane market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision making through various strategy matrices used in analyzing the global gas separation membrane market.

Key Topics Covered:

1. Research Objectives and Assumptions

2. Market Overview

3. Market Dynamics, Regulations, and Trends Analysis

• Market Dynamics
• Drivers
• Restraints
• Market Opportunities
• Impact Analysis
• PORTER's Analysis
• Industry Trends
• Pipeline Analysis
• Key Highlights
• Regulatory Scenario
• Product Launch and Approval
• Acquisition and Collaboration Scenario

4. COVID - 19 Impact Analysis

• COVID-19 Epidemiology
• Impact of COVID-19 on Demand and Supply of Gas Separation Membrane

5. Global Gas Separation Membrane Market, By Product Type, 2017-2028 (US$ Million)

6. Global Gas Separation Membrane Market, By Module, 2017 - 2028 (US$ Million

7. Global Gas Separation Membrane Market, By Application, 2017 - 2028 (US$ Million)

8. Global Gas Separation Membrane Market, By End User, 2017 - 2028 (US$ Million)

9. Global Gas Separation Membrane Market, By Region, 2017 - 2028 (US$ Million)

10. Competitive Landscape

For more information about this report visit https://www.researchandmarkets.com/r/hfhfbg

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

An open network, with privileged access for Stellantis’ customers, targeting the largest Fastcharging Network in Southern Europe

PARIS--(BUSINESS WIRE)--Regulatory News:

In the context of the Masterplan10x and the Strategic Ambitions released by NHOA (Paris:NHOA) on the date hereof, and of the approval of the Board of Directors of Free2Move eSolutions, Carlalberto Guglielminotti, NHOA’s Chief Executive Officer and Executive Chairman of Free2Move eSolutions, announces the project to develop the first electric vehicle fastcharging network 100% vehicle-to-grid integrated (VGI), enabled by renewables and energy storage (the “Atlante Project”). The Atlante Project is also timely in the context of the adoption by the European Commission, on July 14 2021, of the Fit for 55 package whose aims are, among others, having 100% zero-emission cars registered as of 2035 and installing charging and fuelling points at regular intervals on major highways: every 60 kilometres for electric charging and every 150 kilometres for hydrogen refuelling.

The Atlante Project will be initially developed in Southern Europe and, as announced during the Stellantis EV Day 2021 on July 8, 2021, will be an open network and will cater to the demands of the varied customers of Stellantis, being the preferred fastcharging network of Stellantis and its customers (the “Atlante Network”).

NHOA will develop and invest in the Atlante Network as owner and operator, with its own resources and other forms of financing including among others, TCC’s support as key founding investor, and Free2Move eSolutions will act as turn-key technology provider.

“The Atlante Project is the cornerstone of our Strategic Ambitions and a testament to the new transformational business model of NHOA: from a pure technology player to an infrastructure developer, owner and operator that fully leverages on a complete product portfolio and vertically integrated technology in both Storage and eMobility,” said Carlalberto Guglielminotti, Chief Executive Officer of NHOA and Executive Chairman of Free2Move eSolutions.

Roberto di Stefano, Chief Executive Officer of Free2Move eSolutions commented, “Atlante is opening a new era where the energy transition and the Zero Emission Mobility will become the normality on our life allowing a better Planet for future generations.”

The market potential, perimeter and ambitions of the Atlante Project have been defined by NHOA and Free2Move eSolutions having regard to the market analyses prepared by McKinsey & Co.

Market outlook and 2-step Roadmap to 2030

The Southern European public fastcharging market, namely Italy, France, Spain and Portugal (“Core Countries”), is still nascent with rapid growth expected towards 2030. Around 90% of 2030 Southern European on-the-go fastcharging network is yet to be built and developed and this constitutes a great potential business opportunity.

In particular, according to the analysis carried out by NHOA and Free2Move eSolutions with the support of McKinsey & Co: (i) the battery electric vehicle (BEV) and plug-in hybrid electric vehicle penetration in the Core Countries is expected to grow 26 times to 13 million BEVs by 2030, reaching 3 million by 2025, and (ii) the “on-the-go” fast charging demand is expected to grow 46 times to 9 TWh by 2030, and up to 1.9 TWh by 2025. Charging System Operators and Charging Point Operators will take center stage in this market, and the role of owner and operator would represent the most attractive long-term opportunity in public fast charging market.

Given the size of this potential market, the Atlante Project has the ambition of developing, over the next 10 years, in line with what announced by Stellantis at the EV Day 2021 held on July 8, 2021:

• by 2025: charging stations in over 1,500 sites, with c.5,000 VGI Fastchargers integrated with storage and solar in the Core Countries (“Phase 1”); and
• by 2030: charging stations in c.9,000 sites, with over 35,000 VGI Fastchargers integrated with storage and solar in the Core Countries (“Phase 2”).

Perimeter and ambition

The Atlante Network will follow stringent unique technical features:

• fastcharging technology up to 200kW power, tailored to the “on-the-go” customer charging needs of max 15-30 min, with a unique centralized station setup to facilitate cost-effective and progressive scaling up of charging units over time. Charging stations will be equipped with canopies for convenient charging and parking.
• charging stations fully integrated in iconic local microgrids, with storage solutions and renewable energy sources to optimize charging costs and vehicle-to-grid integration services, that depending on sites’ configuration will include: (i) batteries with over 100kWh capacity to facilitate VGI services, (ii) second-life-batteries to ensure cost effective setup; (ii) additional renewable energy source through solar panels integrated in the canopies;
• All connected together, operating as a single aggregate of distributed energy and capacity resources, controlled and managed centrally providing grid services to European Transmission and Distribution System Operators (“Virtual Power Plant”). Accordingly, the Atlante Network could in due course become the largest Virtual Power Plant ever built as of today, powering advanced VGI and behind-the-meter services to improve the fast charging business case, including: (i) basic VGI services with behind-the-meter off-peak charging or peak shaving to reduce electricity costs; (ii) advanced VGI services with in-front of the meter energy trading and grid balancing through at scale microgrid networks; (iii) self-consumption of solar photo-voltaic supporting low-cost electricity sourcing.

The main goals of the Atlante Project will be to reach market leader levels with:

• achieving a sizeable market share of around 15% market share in public “on-the-go” fast charging, in size and customers, across the Core Countries, in order to secure a sustainable long-term positioning. Indeed, market relevance and scale attract customers and reinforce utilization of network, while a large network with steady pipeline of locations and installations reduces operational and capital costs.
• an excellent customer charging experience through tailored charging offering with relevant charging speeds, price offering (e.g. with loyalty programs), and station infrastructure; and
• strategic charging sites across all Core Countries with at least one station per 100 km of highway and strategic non-highway sites to provide coverage to daily on-the-go customer needs.

ATLANTE go-to-market strategy

The Atlante Network will be developed at strategic locations across the Core Countries, by setting up the charging stations following three strategic criteria:

• Highway Charging: directly next to or near highway entrance/exit every 100-150 km, with ultra-fast charging speeds, specific for charging for long-distance drives;
• Off-Highway Charging: in urban areas, at traffic hot spots or at retailers, specific for charging for shorter drives, with fast to ultra-fast charging speed depending on local customer needs;
• Hybrid Charging: in other selected locations or premium sites in densely populated urban areas, i.e. between “on-the-go charging” and "destination charging”.

Project Atlante is structured in two phases, and all investments, expected to range over the period between 100 and 140 thousand euros per VGI Fastcharger integrated with storage and solar, will be made through a dedicated vehicle named “AtlanteCo”. AtlanteCo will be initially owned 100% by NHOA and funded with its own resources and other forms of financing including, among others, TCC’s support as key founding investor.

PHASE 1 – 2022 to 2025

Phase 1 of the Atlante Network would start from Italy and France in 2022, scaling up to Spain and Portugal from 2023, and would be focused on:

• securing as many strategic sites as possible at minimal configuration to scale up at low cost securing the market positioning for the scale-up through 2030; and
• optimize technology setup to scale up rapidly through a centralized station approach, with up to 200kW chargers with VGI services.

PHASE 2 – 2026 to 2030

Phase 2 of the Atlante Network would be focused on rapidly gaining market share through scaling up stations and securing new sites. In particular:

• a modular setup will allow for cost-effective scale up as increasingly more 200kW chargers will be connected to centralized station approach as BEV charging speeds increase; and
• the use of growing scale in VGI will allow to move into more advanced grid services (e.g. grid balancing) to optimize charging use case,

targeting a 15% market share in the Core Countries, and such critical mass is expected to support the mid double-digit unlevered IRR target.

Project Atlante key industrial competences and partners

In order to reach the market goals and financial targets outlined above, the Atlante Project will have to leverage on:

• specific technologies, know-how and industrial capabilities:
  • a full suite of e-mobility products, services and technologies, including VGI technology and electrified mobility service provider capabilities, that will be provided by Free2Move eSolutions; and
  • microgrids, energy storage and grid interconnection technology, including electrical system integration, engineering, procurement, construction and project development capabilities, that will be provided by NHOA.

In this respect, in its capacity as preferred turn-key technology provider, Free2Move eSolutions will act as preferred general contractor towards AtlanteCo, leveraging on the competencies of all the partners in the project, and above all, on the NHOA’s system integration, engineering, procurement, construction and project development capabilities.

• a wide network coverage and quick access to strategic charging locations, that will be identified with the support of Stellantis, also involving its dealership network and other partners, particularly in the first 18 months in light of the complexity and timing to account for sites’ planning and ability to achieve agreement on terms for use; and
• a broad customer base, with Stellantis’ ability to offer customer loyalty programs for Stellantis customers and ensuring a high level of utilization rate in the market for the Atlante Network.
• significant financial resources that NHOA has the intention to source, starting with the 50 million dollars funding that it has already secured and an additional 130 million euro from a potential capital increase as outlined in the Masterplan10x and the Strategic Ambitions released on the date hereo.

Project Atlante execution

As outlined in the Masterplan10x and the Strategic Ambitions released by NHOA on the date hereof, Project Atlante will be part of the Trading and Operational Updates released quarterly by NHOA. Quarterly performance indicators for the Atlante Project are expected to be (i) utilization rate of the Atlante network, (ii) number of sites, fastchargers and microgrids online, (iii) site pipeline update and (iv) conversion rate.

NHOA

NHOA develops technologies enabling the global transition towards clean energy and sustainable mobility, shaping the future of a next generation living in harmony with our planet.

Listed on Euronext Paris regulated market (NHOA:PA), NHOA forms part of the CAC^® Mid & Small and CAC^® All-Tradable financial indices. Its registered office is in Paris, with research, development and production located in Italy.

For further information, go to www.nhoa.energy.

Free2Move & Free2Move e-Solutions

Free2Move is a global mobility brand offering a complete and unique ecosystem for its private and professional customers around the world. Relying on data and technology, Free2Move puts the customer experience at the heart of the business to reinvent mobility and facilitate the transition to e-mobility.

Free2Move eSolutions is a joint venture between Stellantis and Engie EPS, aiming to become a leader in the design, development, manufacturing and distribution of electric mobility products. In a spirit of innovation and as a pioneer, the company will guide the transition to new forms of electric mobility, to contribute to the depletion in CO2 emissions.

Visit us on our websites: www.free2move.com/, www.esolutions.free2move.com/

Follow us on LinkedIn
Follow us on Instagram

NHOA Press Office: Simona Raffaelli, Image Building, +39 02 89011300, This email address is being protected from spambots. You need JavaScript enabled to view it.
NHOA Institutional & Investor Relations: Cristina Cremonesi, +39 345 570 8686, This email address is being protected from spambots. You need JavaScript enabled to view it.
Free2Move Press Office: Marco Belletti, +39 334 6004837, This email address is being protected from spambots. You need JavaScript enabled to view it.

  Company announces Board membership as it prepares to merge with Reinvent Technology Partners (NYSE:RTP)

Appoints diverse selection of accomplished Board members with wide-ranging experience

SANTA CRUZ, Calif.--(BUSINESS WIRE)--Joby Aero, Inc. (“Joby”), a California-based company developing all-electric aircraft for commercial passenger service, today announced the composition of its Board of Directors in anticipation of the company’s merger with Reinvent Technology Partners (“Reinvent” or “RTP”) (NYSE:RTP), a special purpose acquisition company that takes a “venture capital at scale” approach to partnering with bold leaders and companies. Upon the closing of the transaction, the combined company will be named Joby Aviation, Inc., and become publicly traded, with its common stock to be listed on the New York Stock Exchange under the ticker symbol “JOBY”.

The following appointments have been made to Joby’s Board of Directors since December 2020:

• Aicha Evans, CEO, Zoox. Aicha has more than two decades of experience leading global engineering teams and shaping core technologies that power the modern world. She also led Zoox’s successful acquisition by Amazon. Prior to Zoox, Evans held executive roles at Intel, driving its transformation from a PC-centric to a data-centric company. In addition to Joby’s board, Evans acts as a supervisory board member of SAP. As the CEO of a company developing revolutionary autonomous transport technology, Aicha’s experience is particularly relevant to Joby’s mission.
  
  Dr. James Kuffner, CEO and Representative Director of Woven Planet Holdings, and Member of the Board of Directors and Operating Officer of Toyota Motor Corporation. James is best known as a co-inventor of the Rapidly-exploring Random Tree (RRT) algorithm, which has become a key standard benchmark for robot motion planning. As a Research Scientist and Engineering Director at Google, he was part of the initial engineering team that built Google’s self-driving cars.

The following appointments are expected to be made to Joby’s Board of Directors upon the closing of the transaction:

• Reid Hoffman, LinkedIn Co-Founder and Co-Lead Director of Reinvent Technology Partners. Reid is an accomplished entrepreneur and investor, who served on the founding Board of Directors of PayPal, co-founded LinkedIn and today sits on the Board of Directors of a wide variety of companies, including Microsoft and Aurora. Reid is a Partner at Greylock, and Co-Lead Director of Reinvent Technology Partners with whom Joby intends to merge.

• Halimah DeLaine Prado, General Counsel, Google. Halimah has spent 15 years at Google, working on some of the most complex and important legal issues of the digital age, including a variety of projects at Google X. Prior to her current position, Halimah was a Vice President of Legal, managing a global team providing counsel across Google’s products, including Ads, Search, Cloud, Hardware, Platforms & Ecosystems, and YouTube. Halimah’s expertise in protecting digital technologies and supporting the development of highly-regulated hardware, such as autonomous vehicles, will be particularly applicable to Joby.

• Laura Wright, former CFO, Southwest Airlines. Laura has significant experience managing airline finances and operations, having helped to establish Southwest as one of the top US airlines across a 25 year tenure at the company. Her experience of leading an airline through a period of high growth will be particularly relevant to Joby as it seeks to establish and rapidly grow an aerial ridesharing service beginning in 2024.

Commenting on the recent appointments, JoeBen Bevirt, Founder and CEO of Joby, said, “We are incredibly humbled to have been able to assemble such a remarkable and diverse group of world-class leaders to guide and support Joby as we plan to enter the public market.”

“Each of these individuals is exceptionally accomplished in their respective fields and we’re grateful that they have chosen to lend us their expertise.”

Following the closing of the transaction, these recent appointees and expected appointees are expected to join three current members of Joby’s Board of Directors:

• JoeBen Bevirt is the founder and Chief Executive Officer of Joby and has led the team since its inception more than a decade ago. He has dedicated his life to driving radical innovation in electric propulsion and robotics. In 1999, he co-founded Velocity11 to develop high-performance robotic laboratory systems, which was acquired by Agilent Technologies. In 2005, he founded Joby Inc., a company that develops useful and delightful consumer products including the popular Gorillapod flexible camera tripod.

• Paul Sciarra is Joby’s Executive Chairman and was its first outside investor. Paul’s proven ability to lead world-changing companies by building products designed around the customer is best exhibited by his role as the co-founder and CEO of Pinterest. After Pinterest, Paul was an entrepreneur-in-residence at the leading venture capital firm Andreessen Horowitz. Paul was instrumental in Joby’s move to a four-passenger aircraft operating within a service-based model.

• Dipender Saluja is Managing Director of Capricorn Investment Group. He joined Joby’s board of directors in 2016 after he led the company’s Series A financing. He has extensive management and operations experience in the technology, transportation, and cleantech industries. He serves as a Commissioner of the Global Commission to End Energy Poverty, on the Investment Council of CalStart, and on the advisory board of the Institute on the Environment.

Earlier this week, RTP announced that an Extraordinary General Meeting of Shareholders has been scheduled for August 5, 2021 to vote on the approval and adoption of RTP’s business combination with Joby.

About Joby

Joby Aero, Inc. is a California-headquartered transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a range of 150 miles on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 800 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com.

Forward Looking Statements

This Press Release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between RTP and Joby Aviation. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” in “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Press Release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of RTP’s securities, (ii) the risk that the transaction may not be completed by RTP’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by RTP, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Agreement and Plan of Merger, dated as of February 23, 2021 (the “Merger Agreement”), by and among RTP, Joby and RTP Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of RTP, by the shareholders of RTP, the satisfaction of the minimum trust account amount following redemptions by RTP’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Joby Aviation’s business relationships, operating results and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Joby Aviation and potential difficulties in Joby Aviation employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Joby Aviation or against RTP related to the Merger Agreement or the transaction, (x) the ability to maintain the listing of RTP’s securities on a national securities exchange, (xi) the price of RTP’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which RTP plans to operate or Joby Aviation operates, variations in operating performance across competitors, changes in laws and regulations affecting RTP’s or Joby Aviation’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive aviation industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of RTP’s Annual Report on Form 10-K for the year ended December 31, 2020, as amended, the registration statement on Form S-4 (File No. 333-254988) and other documents filed by RTP from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and RTP and Joby Aviation assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither RTP nor Joby Aviation gives any assurance that either RTP or Joby Aviation or the combined company will achieve its expectations.

Investors:
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1-831-201-6006

Media:
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) will announce its earnings for the Second Quarter ended June 30, 2021 on August 4, 2021, before the market opens.

Genesis Energy, L.P.’s Second Quarter Earnings Conference Call will be held Wednesday, August 4, 2021, at 9:15 a.m. Central time (10:15 a.m. Eastern time). This call can be accessed at www.genesisenergy.com. Choose the Investor Relations button. For those unable to attend the live broadcast, a replay will be available beginning approximately one hour after the event.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521

WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) today announced that it will release its second-quarter 2021 financial results before the market opens on Friday, Aug 6, 2021, and host a conference call that morning for investors and analysts.

The call also will be webcast live and archived on the Investor Relations section of the Global Partners website, https://ir.globalp.com.

About Global Partners LP

With approximately 1,550 locations primarily in the Northeast, Global is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit https://www.globalp.com/.

Daphne H. Foster
Chief Financial Officer
Global Partners LP
(781) 894-8800

Sean T. Geary
Interim General Counsel and
Vice President – Mergers & Acquisitions
Global Partners LP
(781) 894-8800

DUBLIN--(BUSINESS WIRE)--The "Military Vehicle Electrification Market by Technology (Hybrid and Fully Electric), by System (Power Generation, Cooling System, Energy Storage, Traction Drive System and Power Conversion) by Platform, by Operation and by Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The Military vehicle electrification market is projected to grow from an estimated USD 4.8 billion in 2020 to USD 8.6 billion by 2025, at a CAGR of 13.0% and to USD 17.6 billion by 2030 at a CAGR of 15.6%.

The major growth drivers for this market include rising global concerns, increasing technologies supporting the vehicle dynamics to integrate the electrification in military vehicles and focus on increasing the fleet size.

The unmanned armoured vehicle segment of the market is projected to grow at the highest CAGR from 2021 to 2025.

The growth in the Military Vehicle Electrification market is expected to drive the growth of the three platforms proportionately. The requirement of military vehicle electrification in combat and support vehicles are expected to be in a similar range during the forecast period.

Based on operations, the autonomous/semi-autonomous military vehicle segment is projected to grow at the highest CAGR during the forecast period.

Based on operations, the autonomous/semi-autonomous military vehicle segment is projected to grow at the highest CAGR during the forecast period. The requirement of autonomous vehicles that help in reducing human loss and increasing capabilities are helping the growth of the market for Autonomous/semiautonomous military vehicles.

Based on systems, the power generation segment is projected to grow at the highest CAGR during the forecast period.

Growing demand for power systems due to the integration of new technologies and increasing power requirements in the vehicles are projected to increase the growth of the military vehicle electrification market.

The Europe region is estimated to account for the largest share of the Military vehicle electrification market in 2021

The Military vehicle electrification market in the North American region is expected to witness substantial growth during the forecast period, owing to increased investments in Military vehicle electrification technologies by countries in this region. Ministry of defence in the European countries are involved in the development of technologically advanced military vehicles and the procurement of new to increase their fleet size. Well-established and prominent manufacturers of Military vehicle electrification systems in this region include BAE Systems (UK), Leonardo Spa (Italy), Qinetiq (UK) and Arquus (France).

Market Dynamics

Drivers

• Rising Requirement for Electric Power Sources
• Increasing Oil Prices and Emission Regulations
• Increasing Demand for Lithium-Ion Batteries for Military Vehicles
• Rising Demand for Autonomous Military Vehicles
• Increasing Budget Allocations for Hybrid Electric Vehicles
• Evolution of Advanced Hybrid Propulsion Systems

Restraints

• Enhancements in Power-To-Weight Ratio
• Limited Range of Military Electric Vehicles
• High Cost of Fuel Cell Electric Vehicles

Opportunities

• Demand for Power Resources
• Development of Hydrogen Fuel Cell-Powered Military Vehicles
• Development of Advanced Power Electronic Components

Challenges

• Life and Durability of Integrated Systems
• Range and Charging Limits

Companies Mentioned

• Alke
• AM General
• Arquus
• Aselsan A.S.
• BAE Systems
• Ballard Power Systems
• Epsilor Electric Fuel Ltd
• Flensburger Fahrzeugbau Gesellschaft GmbH
• General Dynamics
• General Motors
• Highland Systems
• Krauss-Maffei Wegmann
• Leonardo Spa
• Mega Engineering Vehicles Inc.
• Milrem Robotics
• Nexter Group
• Nikola Motor Company
• Oshkosh Corporation
• Otokar Otomotive VE Savunma Sanayi
• Polaris Industries Inc
• Qinetiq Group plc
• St Engineering
• Tesla Inc.
• Textron Inc.
• UKroboronprom

For more information about this report visit https://www.researchandmarkets.com/r/66vu2v

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

DUBLIN--(BUSINESS WIRE)--The "Shell and Tube Heat Exchangers - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Shell and Tube Heat Exchangers estimated at US$10.1 Billion in the year 2020, is projected to reach a revised size of US$14 Billion by 2027, growing at a CAGR of 4.8% over the analysis period 2020-2027.

Steel, one of the segments analyzed in the report, is projected to record a 5.1% CAGR and reach US$4.9 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 Nickel & Nickel Alloys segment is readjusted to a revised 5.3% CAGR for the next 7-year period.

The U.S. Market is Estimated at $3 Billion, While China is Forecast to Grow at 4.5% CAGR

The Shell and Tube Heat Exchangers market in the U.S. is estimated at US$3 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.5 Billion by the year 2027 trailing a CAGR of 4.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.6% and 3.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.

Titanium Segment to Record 4.7% CAGR

In the global Titanium segment, USA, Canada, Japan, China and Europe will drive the 4.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.6 Billion in the year 2020 will reach a projected size of US$2.2 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$1.6 Billion by the year 2027.

Select Competitors (Total 35 Featured):

• Alfa Laval
• API Heat Transfer Inc
• Balcke-Durr
• Barriquand Technologies Thermiques
• Brask Inc
• Chicago Bridge and Iron Company
• EJ Bowman
• Enerfin
• GEA Heat Exchangers Group
• Hamon Group
• Harsco Industrial Air-X-Changers
• HISAKA
• Hrs Heat Exchangers Ltd
• Hughes Anderson Heat Exchangers Inc
• Kelvion Holdings GmbH
• Koch Heat Transfer Co
• Manning and Lewis
• SmartHeat
• Sondex
• Southern Heat Exchanger Corp
• SPX Cooling Technologies
• SPX Heat Transfer
• Tranter
• Vahterus
• Xylem

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• Impact of Covid-19 and a Looming Global Recession

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/uqexrh

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900