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DUBLIN--(BUSINESS WIRE)--The "Kuwait Diesel Genset Market (2021-2027): Market Forecast by KVA Rating, by Applications, by Regions and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.


Kuwait Diesel Genset Market size is projected to grow at a CAGR of 4.9% during 2021-2027.

Kuwait diesel genset market would witness modest growth over the coming years on account of rising demand for a continuous and reliable source of power, increasing power outages, thereby leading to the rising need for power backup solutions.

Additionally, the rising demand for electricity in Kuwait in line with the infrastructural growth in the country along with the projected growth in the construction market, upcoming new hotels and shopping malls such as Horeca Kuwait, Dusit Princess Mahboula, Al Khiran Hybrid Outlet Mall, Marina Mall on the back of increasing government spending on infrastructural development projects would drive the diesel genset market in the country over the forthcoming period.

The outburst of coronavirus has adversely impacted the country's diesel genset market in 2020 as the government imposed a nation-wide lockdown which has led to the closure of all construction operations and disrupted the demand and supply of diesel gensets, however, the market is expected to recover in 2021 due to opening of international borders and gradual restart of economic activities in the country.

Diesel gensets find its applications in various sectors such as industrial, commercial and residential, however, on account of the global coronavirus pandemic, the government decided to shut all the major operations in many sectors to curb the spread of the virus thereby restraining the diesel genset market growth during the first three quarters of 2020.

However, the upcoming construction projects such as Sabah Al Ahmad City Sector B, South Al Mutlaa City, Al Sabah Al Ahmad Future City, Jaber Al Ahmad City, Nuwaiseeb Independent Water and Power Project among many others require uninterrupted power supply which would bolster the demand for diesel gensets in the country over the coming period.

Based on applications, the industrial vertical emerged as the dominating segment, in revenue terms in 2020 on account of widespread usage of gensets in factories and manufacturing plants. Power generation and oil & gas industries are the major users of diesel generators in the industrial segment. As these processes are critical, they are generally backed by a secondary power source such as diesel gensets, to provide power in case of outages and to cater to additional load/power requirements.

Company Profiles

  • Aggreko PLC.
  • Atlas Copco Industrial Equipment Co.
  • Caterpillar Inc.
  • Cummins Middle East FZE.
  • Himoinsa Middle East, FZE
  • Kirloskar Oil Engines Limited
  • Kohler Co.
  • MHI Engine System Middle East FZE
  • MTU Onsite Energy Corporation
  • Yanmar Holdings Co., Ltd.

Key Highlights of the Report:

  • Kuwait Diesel Genset Market Overview.
  • Kuwait Diesel Genset Market Outlook.
  • Kuwait Diesel Genset Market Forecast.
  • Historical data and forecast of Kuwait Diesel Genset Market Revenues and Volume, for the Period, 2017-2027F.
  • Historical data and Forecast of Revenues and Volume, By kVA Ratings, for the Period, 2017-2027F.
  • Historical data and Forecast of Revenues and Volume, By Applications, for the Period, 2017-2027F.
  • Historical data and Forecast of Revenues and Volume, By Regions, for the Period, 2017-2027F.
  • Market Drivers and Restraints
  • Kuwait Diesel Genset Market Trends
  • Industry Life Cycle
  • Porter's Five Forces Analysis
  • Market Opportunity Assessment
  • Kuwait Diesel Genset Market Share, By Companies
  • Competitive Benchmarking
  • Company Profiles
  • Key Strategic Recommendations

Markets Covered

By kVA Ratings

  • Up to 75 kVA
  • 1 - 375 kVA
  • 1 - 750 kVA
  • 1 - 1000 kVA
  • Above 1000 kVA

By Applications

  • Commercial (Hospitality, BFSI, IT & ITES, Construction, Offices)
  • Industrial
  • Residential
  • Transportation & Infrastructure

By Regions

  • Northern Region
  • Southern Region

For more information about this report visit https://www.researchandmarkets.com/r/fz6bj


Contacts

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TULSA, Okla.--(BUSINESS WIRE)--Helmerich & Payne, Inc. (NYSE: HP) today announced that John Lindsay, President and Chief Executive Officer; Mark Smith, Senior Vice President and Chief Financial Officer; Dave Wilson, Vice President of Investor Relations; and other members of H&P management plan to participate in the following investor conferences during June 2021. Participation by the management team will vary by event.


  • 2021 Virtual Wells Fargo Energy Conference on Thursday, June 3, 2021
  • 2021 RBC Capital Markets Global Energy, Power & Infrastructure Conference on Tuesday, June 8, 2021
  • The TPH Hotter ’N Hell Conference on Thursday, June 10, 2021
  • The J.P. Morgan 2021 Energy, Power & Renewables Conference on both Tuesday and Wednesday, June 22-23, 2021

Investor slides to be used during the conferences will be available for download on the company’s website, within Investors, under Presentations, the afternoon of June 1, 2021.

About Helmerich & Payne, Inc.

Founded in 1920, Helmerich & Payne, Inc. is committed to delivering industry leading drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit www.helmerichpayne.com.

Helmerich & Payne uses its website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.helmerichpayne.com.


Contacts

Dave Wilson, Vice President of Investor Relations
918-588-5190
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The donation will fund educational programming at a new center honoring the victims and survivors of the 1921 Tulsa Race Massacre

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) today announced it is contributing $250,000 to Greenwood Rising, a new center in Tulsa’s historic Greenwood District that honors the victims and survivors of the Tulsa Race Massacre of 1921 and the legacy of the city’s Black Wall Street.


The center is being dedicated June 2, nearly 100 years to the day after one of the worst acts of racial violence in U.S. history left hundreds of Black residents dead and much of the Greenwood District, then a thriving neighborhood known as Black Wall Street, in ashes.

Greenwood Rising will be a place where Tulsans and people from all over the world can come together to learn about the 1921 Tulsa Race Massacre, honor the victims and survivors, and celebrate the community’s rich heritage and resilience,” said Sonya Reed, Senior Vice President of Human Resources and Corporate Communications for Phillips 66. “Phillips 66 is proud to support this important effort.”

The Phillips 66 contribution will fund educational programming at Greenwood Rising, a nonprofit and legacy project of the 1921 Tulsa Race Massacre Centennial Commission that aims to draw upon lessons from the past to inspire meaningful and sustainable change. It will support field trips for local area public schools, volunteerism and the creation of educational material.

It is important that we maintain the momentum of 1921 Tulsa Race Massacre education beyond the centennial year,” said Phil Armstrong, Project Director for the 1921 Tulsa Race Massacre Centennial Commission and Interim Director of Greenwood Rising. “We are grateful to Phillips 66, which is committing support to ensure that the tragedy of the massacre and resilience of Greenwood are never forgotten.”

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,200 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of March 31, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.


Contacts

Allison Stowe (media)
855-841-2368
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Winners to be featured in company’s first-ever “Protect Our Watersheds” wall calendar

MECHANICSBURG, Pa.--(BUSINESS WIRE)--Pennsylvania American Water today announced the winners of its 19th Annual “Protect Our Watersheds” art contest, with a sixth-grade student from Allegheny County scoring top honors. The company received nearly 200 entries from fourth-, fifth- and sixth-graders across the Commonwealth.



Sixth grader Ishi Gupta of South Fayette Middle School earned the grand prize for her artwork, which will be featured on the cover of Pennsylvania American Water’s first-ever “Protect Our Watersheds” wall calendar. The calendars will be printed and distributed across the Commonwealth later this year.

With increasing emphasis on environmental education in schools, we are seeing more students take an active role in watershed preservation and protection,” said Pennsylvania American Water President Mike Doran. “Activities like our art contest help to remind us that we all have a part in protecting our water sources.”

Gupta’s artwork earned first prize among western Pennsylvania entries, followed by Clare Johnson, a sixth-grade student from Thomas Jefferson Middle School (Allegheny County), in second place. Sixth grader Lizzie O’toole McKenna, also of Thomas Jefferson Middle School, finished third.

In eastern Pennsylvania, the first-place winner is Lia Limongelli, a sixth-grade student from Holy Rosary School (Luzerne County), with second place going to fourth-grader Veronica Griffith from Berks County, and fifth-grader Bianca Tolorico from St. Mary Mt. Carmel School (Lackawanna County) earning third place. The winning students will receive Barnes & Noble gift cards.

In addition, six runners-up have been selected and will also have their artwork featured in the calendar. They are Arjun Kairi, a fourth-grader at Mt. Lebanon Montessori School (Allegheny County), Sydney Ogoreuc, a sixth-grader at Thomas Jefferson Middle School (Allegheny County), Morgan Riddle, a sixth-grader from Southmoreland Middle School (Fayette County), Alice Hollenbach, a fifth-grader from Meadowbrook Christian School (Union County), Lillian Michael, a fourth-grader from Fairview Elementary (Luzerne County), and Eileen Wang, sixth-grader from Harrisburg Academy (Cumberland County).

Pennsylvania American Water’s contest requires that the students accompany their artwork with a short description of how watershed protection affects them personally.

Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.4 million people. With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 7,000 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to an estimated 15 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to help make sure we keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.


Contacts

Media:
Heather DuBose
Senior Specialist, External Affairs – Western PA
C: 412-335-9925
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NISKU, Alberta--(BUSINESS WIRE)--Staple Street Capital (“Staple Street Capital” or “SSC”), a leading middle-market private equity firm with approximately $800 million of capital under management, is pleased to announce the sale of Ironline Compression’s (“Ironline”) aftermarket services division (the “AMS Division”) to Surepoint Technologies Group (“Surepoint”). Staple Street Capital will continue to own Ironline’s compression rental business which acquires, sells, and leases a broad range of gas and air compressor packages across Canada’s Western Sedimentary Basin.


Tim Kelley, CEO of Ironline stated, “We want to thank the Staple Street Capital team for their partnership and support over the years. Staple Street Capital made significant investments in the business that have helped us achieve best-in-class standards for customer satisfaction and operational excellence. SSC’s long-term mindset and consensus-oriented approach has been integral to help us achieve this significant milestone. We are excited to work with SSC to further expand our compressor rental business going forward.”

The partners at Staple Street Capital, Hootan Yaghoobzadeh and Stephen Owens, added, “The partnership with the Ironline team is an exemplification of the value creation that occurs when an organization is aligned around a set of core values to deliver operational excellence and outstanding customer service. We are proud of the accomplishments of the entire Ironline team and want to thank them for their contributions. We are confident that the AMS Division and its employees will continue to flourish as part of the Surepoint family of companies and are excited to continue to build Ironline’s compression rental business as a standalone entity.”

About Staple Street Capital

Staple Street Capital, a leading private equity firm with approximately $800 million of capital under management, invests in market‐leading businesses where there are identifiable strategic or operational opportunities to create value. SSC helps companies navigate change, tackle challenges, and capitalize on new opportunities to build strong, more valuable businesses. Staple Street Capital typically seeks to invest $25 million - $125+ million of equity per transaction. For more information, please visit www.staplestreetcapital.com.

About Ironline Compression Services

Ironline Compression is a leading compression rental business consisting of the purchase, sale, and rental of gas and air compressor packages, and ancillary equipment. With one of the largest and best equipped fleets in Western Alberta, Ironline offers to a diversified set of oil and gas companies a differentiated set of contract compression and bare rental solution offerings.

About Surepoint Technologies Group Ltd.

Established in 2003, Surepoint Group is a premier industrial contractor specializing in electrical, instrumentation, telecom, compression and controls, modular buildings, and equipment fabrication. Working within many sectors and branches located in strategic areas, Surepoint Group provides clients with dependable, high quality, and responsive service.


Contacts

Kevin Siedenburg
Head of Business Development
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W: 212-613-3125
C: 646-447-2901

TAOS, N.M.--(BUSINESS WIRE)--Kit Carson Electric Cooperative, Inc (KCEC) is installing nine additional electric vehicle (EV) charging stations in the Enchanted Circle to complement KCEC's regional beneficial electrification plan for a greener, cleaner future. KCEC commends the hard work by the municipalities, tribes, governments, and Enchanted Circle COAD members to aid the transition to EVs in Northern New Mexico. Not only will EV's reduce carbon emissions, but they will also provide a new opportunity for rural communities to invest in more carbon-efficient vehicles.

The KCEC Board of Trustees unanimously approved the nine additional EV chargers to KCEC's current EV infrastructure. The future of transportation is shifting toward a carbon-free environment that relies on EV vehicles, charging stations and new cars with an extended battery range. The addition of the new stations will create opportunities for locals, tourists and businesses to invest in EVs.

"We are creating a clean environment for our communities to preserve the natural beauty of Northern NM. Creating a carbon-free climate will raise the standard for a better quality of life for our younger generations. We are investing in their future,” says CEO, Luis A. Reyes

KCEC wants to thank the Town of Taos, EC-COAD members, Renewable Taos, Taos County, Village of Red River, Village of Eagle Nest, Village of Questa, Village of Angel Fire and other critical stakeholders for their cooperation on the EV project. The participation and buy-in from these entities’ plan to introduce EVs to their fleets helps to support a regional carbon reduction footprint.

In a joint effort, KCEC is engaging with local and state stakeholders to find the desire for electrification infrastructure opportunities in our communities. Through a series of meetings, KCEC and these organizations have created a working group to address issues regarding KCEC's Beneficial Electrification Plan.

Sol Luna, a local solar installer and KCEC partner, will utilize a local labor force to install the EV charging stations in KCEC's service territory. KCEC's overall Beneficial Electrification Plan will import and introduce new economic development opportunities to the region and fill the demand for long-range electric vehicle drivers.

Once the EV Project is completed, KCEC will have 19 EV charging stations with 28 charging points for the communities to use. In May of 2020, KCEC received a New Mexico Environment Department (NMED) grant award, for $200,119, as one of 43 projects throughout the state from the Volkswagen Settlement Fund. The grant is meant to initiate an EV charging station network in the state and the Enchanted Circle.

KCEC's great partnership with its wholesale energy provider, Guzman Energy, gives KCEC the flexibility to reduce its carbon footprint while adapting to the transition of renewable energy. Guzman Energy has been a partner of KCEC since 2016 and is helping KCEC meet its goal of providing 100% daytime solar energy by 2022 through the development and commissioning of several solar arrays throughout the region.

About Kit Carson Electric Cooperative

Formed in 1944, Kit Carson is a member owned electric distribution cooperative in northern New Mexico and is the second largest cooperative in the state. Kit Carson is one of 16 electric cooperatives that serve rural New Mexico communities, serving nearly 30,000 members in Taos, Colfax and Rio Arriba counties. To learn more about Kit Carson, visit www.kitcarson.com.


Contacts

Jill Petersen
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ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ARR.TO #Renewable--Altius Renewable Royalties Corp. (TSX: ARR) (“ARR” or the “Company”), is pleased to report that Tri Global Energy (“TGE”) has announced the sale of two renewable energy projects, namely the 200 MW Blackford Wind project and the 150 MW Blackford Solar project both in Indiana to Leeward Renewable Energy, a portfolio company of Canadian pension fund subsidiary OMERS Infrastructure.


The two sales result in creation of royalties (see website arr.energy for details) in favour of Great Bay Renewables LLC (“Great Bay”), which is jointly controlled by ARR and certain funds managed by affiliates of Apollo Global Management, Inc.

These sales represent the seventh and eighth project royalties to be created under Great Bay’s royalty-based funding support agreement with TGE. The eight royalties in aggregate represent approximately 2,045 MW of new renewable energy projects.

Frank Getman, CEO of Great Bay commented, “Tri Global continues to excel in bringing new renewable energy projects to market to help accelerate our transition to a clean energy future. We are delighted to be able to support Tri Global in accomplishing this important work.”

The announcement made by TGE today is as follows:

TRI GLOBAL ENERGY AND LEEWARD RENEWABLE ENERGY FINALIZE DEAL FOR INDIANA RENEWABLE ENERGY PROJECTS

DALLAS (June 2, 2021) - Tri Global Energy, a leading originator and developer of utility-scale renewable energy projects, has announced an agreement to sell two renewable energy projects – a wind and a solar project -- in Blackford County, Indiana to Leeward Renewable Energy, a premier owner/operator with a portfolio of approximately 2,000 MW of generating capacity from renewable sources.

Tri Global Energy’s Chairman and CEO, John Billingsley, notes that the two projects have the potential to materially add to the renewable energy infrastructure in the region. “Tri Global Energy continues to drive the energy transition with renewable projects like these in Blackford County. We look forward to working cooperatively with representatives of the county, our participating landowners and our partners to make this significant investment in the community.”

Both projects were originated by Tri Global Energy (TGE) in 2019. Blackford Wind will be capable of delivering up to 200 MW and Blackford Solar will be capable of up to 150 MW. The projects combined are expected to produce enough energy to power more than 80,000 homes.

TGE and Leeward Renewable Energy will work with the county, state, and federal authorities to secure the requisite permits and bring the two projects into construction, with operations projected to commence as early as 2023.

“Projects of this scope demand world-class expertise and resources, and that’s why we consider Leeward Renewable Energy an outstanding partner going forward,” Billingsley said.

This is the second deal between Tri Global Energy and Leeward Renewable Energy. The two companies announced a transaction involving two of Tri Global Energy’s original Indiana projects in White County (180 MW Hoosier Line Wind and 400 MW Honey Creek Solar) in April.

“The acquisition of these quality projects is a great complement to Leeward’s growing portfolio of high-quality wind and solar assets. Leeward is dedicated to responsible energy development, while also providing economic benefits and clean, affordable power to the local community,” said Andrew Flanagan, Chief Development Officer of Leeward. “Tri Global Energy is a great partner and we look forward to continuing our strong relationship in the future.”

Great Bay Renewables, a joint venture company between certain funds managed by affiliates of Apollo Global Management, Inc. and Altius Renewable Royalties Corp. (TSX: ARR), is providing royalty financing in support of Tri Global Energy completing and funding this project development through the start of construction.

About Tri Global Energy

We are developers of sustainable energy. Tri Global Energy's mission is to improve communities through local economic development generated by originating and commercializing renewable energy and storage projects. The company currently originates and develops utility-scale wind, solar and energy storage projects in Texas, Nebraska, Illinois, Indiana, Pennsylvania and Virginia. Tri Global Energy's headquarters is in Dallas with regional development offices in Lubbock, Texas; El Paso and Forreston, Illinois; and Reynolds and Hartford City, Indiana. For more information, visit www.triglobalenergy.com.

About Leeward Renewable Energy, LLC

Leeward Renewable Energy is a leading renewable energy company that owns and operates a portfolio of 22 renewable energy facilities across nine states totaling approximately 2,000 megawatts of generating capacity. Leeward is actively developing new wind, solar, and energy storage projects in energy markets across the U.S., with 17 gigawatts under development spanning over 100 projects. Leeward is a portfolio company of OMERS Infrastructure, an investment arm of OMERS, one of Canada’s largest defined benefit pension plans with C$105 billion in net assets (as at December 31, 2020). For more information, visit www.leewardenergy.com.

About ARR

ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.


Contacts

Flora Wood
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209
Direct: +1(416)346.9020

Ben Lewis
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: 1.877.576.2209

HOUSTON--(BUSINESS WIRE)--Champion Energy Services today announced that three Texas high school seniors have been selected to receive the 2021 Champion Scholars Award. Recipients were chosen from several hundred applicants for their academic excellence and contributions to their communities. The students will receive scholarship awards totaling $10,000 in 2021.


Champion Energy Services and its parent company Calpine Corporation remain committed to making a positive impact on the communities they serve. Now in its seventh year, the Champion Scholars Award was formed by Champion Energy Services to recognize promising young leaders who are active champions in their communities. To date, the Champion Scholars Award has provided $70,000 in scholarships to high school seniors pursuing higher education.

While the 2021 Champion Scholars Award recipients have diverse backgrounds and educational aspirations, they are united in their extensive service records and remarkable leadership qualities. Despite a challenging end to their high school careers, these graduates have allowed no concessions in their dedication to service. From leading socially distanced birthday parades to coordinating meals for displaced families following a natural disaster, these students have demonstrated an unwavering commitment to bettering the world around them.

The 2021 Champion Scholars Award recipients include:

  • Michael Morse of Clear Lake High School;
  • Michaela Sinclair of The Woodlands College Park High School; and
  • Grace Ross of Veritas Classical Academy.

Each of these students has an impressive history of being an active champion within their community,” said Michael Sullivan, CEO of Champion Energy Services. “Our hope is that these Champion Scholars will continue to embrace the spirit of service and carry it with them into their future endeavors.”

About Champion Energy Services

Champion Energy Services, a subsidiary of Calpine Corporation, is one of the largest retail electric providers in the United States. Champion Energy serves residential, governmental, commercial and industrial customers in deregulated electric energy markets across the U.S. Champion Energy’s growth is driven by competitive, straightforward pricing and a reputation for maintaining the highest levels of satisfaction with its customers. For more information, visit https://www.championenergyservices.com/.


Contacts

Brett Kerr
VP, Governmental & Regulatory Affairs
(713) 830-8809
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  • US$3 million annual Prize attracts 4,000 submissions
  • Brazil, India, Kenya, USA and China among top countries
  • Strong emphasis on food and health solutions highlights the urgency of building more resilient and robust ecosystems to further accelerate climate action

ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Following a six-month submissions phase amidst the prevailing restrictions imposed by the global COVID-19 pandemic, the Zayed Sustainability Prize, the UAE's pioneering global award in sustainability, has officially closed entries for its 2022 awards. With a remarkable 4,000 applications received, the Prize marked a notable 68.5% increase in submission entries compared to the previous cycle.



Attracting submissions from a record 151 countries, representing over three quarters of the world’s countries, the Prize proves to be truly global in its reach and impact. This includes a significant number of entries from innovative, knowledge-based economies, all hoping to have their world-changing solutions and technologies recognised and scaled amidst a rapidly evolving global landscape.

While the Prize postponed its 2021 Awards ceremony due to the global climate at the time, submitted entries in 2021 were automatically considered in the 2022 cycle, alongside the new applicants. The noteworthy increased appetite for applying is an indicator that climate action is top of mind for Small & Medium Enterprises, Non-profit Organisations and Global High Schools, who look to the Prize as a catalyst for innovation and subsequent human impact.

The submissions for the upcoming awards, to be held in January 2022, reflect the current global climate in the lead up to COP26 and in the wake of post-pandemic recovery, with Food (1,201) and Health (879) as the top categories to attract a high number of pioneering solutions, followed by Energy (759) and Water (627). With 534 submissions, the Global High Schools category is perhaps one of the most inspiring results as completing entries in the face of extensive disruption and school closures is a clear sign of the global youth’s commitment to a sustainable future.

H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Director General of the Prize, said: “Inspired by the legacy of the UAE’s founding father, the late Sheikh Zayed bin Sultan Al Nahyan, the Prize continues to demonstrate the UAE’s commitment to promoting sustainability and humanitarianism. We are proud and encouraged to have received so many applications despite the difficult conditions the world is facing, and we will move forward with purpose, as the Prize continues to fulfil its role in supporting innovators and forward-thinking organisations who seek to change our world for the better.”

“As the international community continues to unite around ambitious climate action in the lead up to COP26, the high level of participation registered this year further demonstrated that creative sustainable solutions could come from every part of the world, and importantly can deliver tangible economic benefits along with social progress.” he added.

The top positioning of Brazil, India, Kenya, USA and China emphasises the importance of the Prize as the leading global accolade for innovation, impact and inspiration in the field of sustainability in key global and emerging markets alike. Significantly this notable increase is a testament to the multi-faceted nature of the challenges and opportunities on the pathway to achieving a sustainable future.

The impressive number of submissions this year and their geographical diversity in terms of reaching both developed and emerging countries, including remote areas of the world such as Fiji and Kiribati, reflects the Prize’s pursuit of excellence in attracting pioneers who operate in the framework of a globally shared vision that streamlines an integrated approach to meeting United Nations Sustainable Development Goals (UN SDGs) and transforming the lives of millions of people.

Moreover, the Prize witnessed a notable increase in submissions this year from countries with a clear focus on sustainable innovations, as the Prize continues its drive to enable SMEs and non-profits, while encouraging and empowering youth to take on an active role in supporting their communities as future sustainability leaders. Key examples of this would be the substantial entries from South Africa, Rwanda, Japan, Indonesia, Denmark, Mexico and Colombia among others.

The strong representation of submissions in the Health category aligns with the ongoing global challenges posed by the pandemic. Of the solutions being presented, a high number is geared toward communicable diseases, including responding to and mitigating the effects of COVID-19, either through telehealth solutions, mobile clinics, or ICT platforms. Additionally, many solutions focused on new-born, child and maternal health, highlighting the cross-over of health with women empowerment and other central aspects of the sustainability agenda. In the Food category, which received the highest number of submissions, there is a firm representation of innovative solutions that support the agricultural value chain, while the high number of entries related to crop farming and food processing solutions also underline the ongoing transformation of food systems globally.

In the Energy category, a continued focus on energy accessibility and solar applications is well aligned with the consistent drop in solar technology costs globally. Energy efficiency and energy storage solutions are common themes, highlighting an increasing trend in the energy transition. Finally, for the Water category, a high number of solutions are geared towards extraction, filtration and wastewater purification technology, especially in relation to pandemics and natural disasters. A high number of submissions related to transmission and distribution may be in response to water scarcity and the water crisis the world is increasingly facing.

Another encouraging trend for the future of sustainability is the robust number of submissions from high schools, mirroring the ever-amplifying voice of youth for accelerating climate action and sustainable development in recent years. A large number of entries in the Global High Schools category proposed school garden projects to help feed the school and the most needy families in their communities, further attesting to the youth’s understanding of the intricacies and cross-sectoral nature of sustainability.

Furthermore, the record number of countries represented in 2021 submissions reflects the agile nature of the Prize, which, like most global award programmes, has had to adjust to a changing landscape, showcasing an alignment with the Decade of Action for global accelerated commitments towards achieving the UN SDGs. In line with that cross-sectoral mandate, the majority of solutions submitted focused on ecosystems’ resilience and affordability of solutions making a clear case for the economic benefits of sustainability innovation and climate action, while many of those solutions leverage next generation technologies focused on Artificial Intelligence (AI) and the Internet of Things (IoT) to drive impact.

Following the close of the submissions, the Prize now enters the evaluation stage. All entries will now be shortlisted by an independent research and analysis consultancy. A Selection Committee comprised of globally renowned industry experts will then assess the shortlisted entries and choose the finalists. The third and final tier of the evaluation process is the Jury, which will connect in October, to select the winners in each category.

Since its launch in 2008, the US$3 million annual Prize has, directly and indirectly, transformed the lives of over 352 million people across 150 countries. Its global impact continues to grow, as it further catalyses humanitarian outreach and sustainable development. Each category winner receives a prize fund of US$600,000. The Global High Schools category winners split the amount among six high schools from six world regions, each receiving up to US$100,000.

The winners of the 2022 awards will be announced at the Prize’s annual awards ceremony that will take place during Abu Dhabi Sustainability Week, in January 2022.

About Zayed Sustainability Prize

Established by the UAE leadership, in 2008, to honour the legacy of the founding father, the late Sheikh Zayed bin Sultan Al Nahyan, the Zayed Sustainability Prize is the UAE’s pioneering global award for recognising sustainability and humanitarian solutions around the world.

The Zayed Sustainability Prize acknowledges and rewards global pioneers and innovators who are committed to accelerating impactful sustainable solutions.

Over the past 12 years, the Prize has awarded 86 winners. Collectively, they have directly and indirectly, positively impacted the lives of over 352 million people around the world. The Zayed Sustainability Prize categories are: Health, Food, Energy, Water and Global High Schools.

For more information, please visit www.ZayedSustainabilityPrize.com or go to our social media platforms on, Twitter, Facebook, Instagram, YouTube.

*Source: AETOSWire


Contacts

Hill+Knowlton Strategies
Medhat Juma, +971 561399482
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Erika Spagakou, +971 551398765
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EL PASO, Texas--(BUSINESS WIRE)--As required by the Public Utility Regulatory Act and the Public Utility Commission Texas (PUC) Rules, El Paso Electric (EPE, or the Company) submitted a base rate application for its Texas customers today.


“The timing is based on the PUC’s Rules that require EPE to file a base rate review no later than four years from the final order in its last rate review, which was December 18, 2017,” stated EPE President and CEO Kelly A. Tomblin. “We are sensitive to the timing of this filing, but we must act according to the process, rules and procedures set forth by the PUC. We continue to be committed to providing safe and efficient energy to every customer, and have invested in maintaining the reliability our customers expect as we prepare for weather extremes.”

The 2021 base rate application asks the PUC to consider almost $1 billion of investments the Company has made into its generation, transmission, and distribution system. This includes the need for addressing additional growth within the service region and the necessary replacements made to infrastructure in order to ensure reliable service. If approved by the PUC, the base rate filing will result in a monthly bill increase of $11.76, or 13.36%, for an average Texas residential customer utilizing 686 kilowatt hours (kWh) .

The filing also proposes a reduction to the minimum bill for all non-grandfathered distributed generation (DG) residential and small commercial customers, from the current $30 to $24.02 and $25.19 respectively. This proposal includes the elimination of the minimum bill for those DG customers who have elected the demand charge time of day rate. Additionally, EPE is proposing to return approximately $2.5 million in excess deferred taxes to customers over the next four years. The application also introduces a new plan to support the deployment of electric vehicle (EV) charging stations to ensure our region is ready for the transition to EVs.

The regulatory process can take anywhere from six months to a year to reach a final approved decision. The next step in the process will be for the PUC to assign an Administrative Law Judge and establish a procedural schedule.

About El Paso Electric

El Paso Electric is a regional electric utility providing generation, transmission, and distribution service to approximately 443,240 retail and wholesale customers in a 10,000-square mile area of the Rio Grande valley in west Texas and southern New Mexico.

Facebook @ElPasoElectric | www.epelectric.com | Twitter @ElPasoElectric


Contacts

Javier C. Camacho
Public Relations Specialist
El Paso Electric Company
C: 915.487.4753
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DUBLIN--(BUSINESS WIRE)--The "Global Refinery Coking Units Outlook to 2025 - Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Coking Units" report has been added to ResearchAndMarkets.com's offering.


The global refinery coking units capacity increased from 8,965 mbd in 2015 to 9,692 mbd in 2020 at an Average Annual Growth Rate (AAGR) of 1.6 percent. It is expected to increase from 9,692 mbd in 2020 to 11,124 mbd in 2025 at an AAGR of 2.8 percent. The US, China, India, Canada, and Brazil are the major countries that accounted for 70.1 percent of the total coking unit capacity in 2020.

Scope

  • Updated information on all active and upcoming (planned and announced) refinery coking units globally.
  • Provides key details such as refinery name, operator name, refinery type, status for all active, suspended, planned, and announced refinery coking units in a country.
  • Provides an annual breakdown of new-build and expansion capital expenditure outlook by region and by key countries for the period 2021-2025.

Reasons to Buy

  • Obtain the most up to date information available on all active, suspended, planned, and announced refinery coking units globally
  • Identify growth segments and opportunities in the refinery coking units industry
  • Facilitate decision making on the basis of strong refinery coking units capacity data
  • Assess your competitor's refinery coking units portfolio

Key Topics Covered:

1. Introduction

2. Global Refinery Coking Units, Snapshot

3. Africa Refinery Coking Units

4. Asia Refinery Coking Units

5. Caribbean Refinery Coking Units

6. Europe Refinery Coking Units

7. Former Soviet Union Refinery Coking Units

8. Middle East Refinery Coking Units

9. North America Refinery Coking Units

10. South America Refinery Coking Units

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


Contacts

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

DALLAS--(BUSINESS WIRE)--Energy Transfer LP (“ET”) today announced it has priced an underwritten public offering (the “offering”) of 900,000 of its 6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units (the “Series H Preferred Units”) at a price of $1,000.00 per unit, resulting in total proceeds of $900 million, before deducting underwriting discounts and offering expenses payable by ET.


Distributions on the Series H Preferred Units, which will be paid semi-annually on May 15 and November 15 each year beginning November 15, 2021, will accrue and be cumulative from and including the date of original issue to, but excluding, November 15, 2026, at a rate of 6.500% per annum of the stated liquidation preference of $1,000.00. On and after November 15, 2026, distributions on the Series H Preferred Units will accumulate at a percentage of the $1,000.00 liquidation preference equal to an interest rate equal to the Five-year U.S. Treasury Rate (as described in the prospectus supplement relating to the offering), plus a spread of 5.694% per annum. The Series H Preferred Units are redeemable, in whole or in part, on one or more occasions, at ET’s option during any Redemption Period (as described in the prospectus supplement relating to the offering) at a redemption price of $1,000.00 per Series H Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption.

The offering of the Series H Preferred Units is expected to close on or about June 15, 2021, subject to the satisfaction of customary closing conditions.

ET intends to use the net proceeds from the offering to repay certain of its outstanding indebtedness and for general partnership purposes.

J.P. Morgan, Mizuho Securities, PNC Capital Markets LLC and Truist Securities are acting as joint book-running managers of the offering. When available, copies of the prospectus supplement and prospectus relating to the offering may be obtained by sending a request to:

J.P. Morgan Securities LLC
383 Madison Avenue, 3rd Floor
New York, New York 10179
Attention: Investment Grade Syndicate Desk
Telephone: (212) 834-4533

Mizuho Securities USA LLC
1271 Avenue of the Americas
New York, New York 10020
Attention: Debt Capital Markets
Telephone: (866) 271-7403

PNC Capital Markets LLC
300 Fifth Avenue, 10th Floor
Pittsburgh, Pennsylvania 15222
Attention: Debt Capital Markets
Telephone: 1 (855) 881-0697
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Truist Securities, Inc.
303 Peachtree Street
Atlanta, Georgia 30308
Attention: Prospectus Department
Telephone: (800) 685-4786
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

You may also obtain these documents for free when they are available by visiting EDGAR on the Securities and Exchange Commission (the “SEC”) website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. The offering will be made pursuant to an effective shelf registration statement and prospectus previously filed by ET with the SEC.

Energy Transfer LP owns and operates one of the largest and most diversified portfolios of energy assets in the United States. Strategically positioned in all of the major U.S. production basins, its core operations include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. Energy Transfer LP also owns Lake Charles LNG Company, as well as limited partner interests and the general partner interests of publicly traded master limited partnerships Sunoco LP (NYSE: SUN) and USA Compression Partners, LP (NYSE: USAC).

Statements about the offering may be forward-looking statements as defined under federal law. Forward-looking statements can be identified by words such as “anticipates,” “believes,” “intends,” “projects,” “plans,” “expects,” “continues,” “estimates,” “goals,” “forecasts,” “may,” “will” and other similar expressions. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of ET, and a variety of risks that could cause results to differ materially from those expected by management of ET. Important information about issues that could cause actual results to differ materially from those expected by management of ET can be found in ET’s public periodic filings with the SEC, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. ET undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.


Contacts

Energy Transfer LP
Investor Relations:
William Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795
or
Media Relations:
Vicki Granado, 214-840-5820

 

DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) will hold its 2021 Annual Meeting of Shareholders on Friday, June 4, 2021 at 9:30 a.m. Central Time.


The Annual Meeting will be held at The Westin Galleria Dallas hotel, 13340 Dallas Parkway, Dallas, Texas 75240. Refreshments will be provided beginning at 8:30 a.m. Central Time to provide shareholders the opportunity to have a social time with directors, management and senior staff prior to the meeting.

The Annual Meeting will be webcast live. To access the live webcast, you can use the following link https://edge.media-server.com/mmc/p/m4bzpehv or visit the Events page located under the Investor Relations tab on Matador’s website at www.matadorresources.com.

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations, primarily through its midstream joint venture, San Mateo, in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

For more information, visit Matador Resources Company at www.matadorresources.com.


Contacts

Mac Schmitz
Capital Markets Coordinator
This email address is being protected from spambots. You need JavaScript enabled to view it.
(972) 371-5225

MIDLAND, Texas--(BUSINESS WIRE)--Colgate Energy Partners III, LLC (the “Company” or “Colgate”) announced today that it has entered into a definitive agreement under which Colgate will acquire a majority of the assets owned by Luxe Energy LLC (“Luxe”) in an all-stock transaction. Luxe will continue to own and manage certain assets including a portion of the non-operated leasehold interests that are operated by MDC Reeves Energy, LLC and its affiliates. Closing occurred simultaneously with signing of a definitive agreement on June 1, 2021.


Luxe Highlights

  • ~22,000 net acres adjacent to Colgate’s existing position in Reeves and Ward Counties
  • Current average net daily production of ~17,000 Boepd
  • ~5,000 gross surface acres that support go-forward development
  • 1 rig running focused on Luxe’s existing Ward County position

Transaction Highlights

  • Combination creates one of the largest private companies in the Permian Basin, with ~57,000 net acres, ~45,000 Boepd and 4 rigs running as of June 1, 2021
  • Adds meaningful operational scale and synergies, which will build on Colgate’s track record of successful, low-cost execution
  • Adds high-quality inventory directly offset Colgate’s successful legacy development in Reeves and Ward Counties
  • Transaction adds significant production and cash flow without assuming any additional debt

“The acquisition of Luxe is a transformational event that positions Colgate as one of the largest private companies in the Permian. It allows both Colgate and Luxe stakeholders to take advantage of increased scale while generating substantial free cash flow. This transaction enhances our already best-in-class balance sheet and puts us in a position of strength as we look to opportunistically pursue further consolidation,” stated James Walter, Co-Chief Executive Officer of Colgate.

Will Hickey, Co-Chief Executive Officer of Colgate, added “This acquisition is a perfect fit into the existing Colgate portfolio. The large contiguous acreage position sits right in Colgate’s backyard, and its Ward County position will compete for capital immediately. This transaction delivers the right balance of up-front production and cash flow to provide balance sheet strength, along with high-quality inventory to drive value over the coming years. The Colgate team is excited to continue our operational success on the Luxe assets.”

Conference Call

Colgate will host a conference call for investors and analysts to discuss the transaction on Wednesday, June 2, 2021 at 10:00 a.m. EST / 9:00 a.m. CDT. To participate in the Conference Call, register using this link or at https://www.colgateenergyir.com/irinfo.

About Colgate

Colgate is a privately held, independent oil and natural gas company headquartered in Midland, Texas that is engaged in the acquisition, exploration and development of oil and natural gas assets in the Delaware Basin, with operations principally focused in Reeves County, Ward County, and Eddy County. For more information regarding Colgate, please visit our Investor Relations website.

Forward-Looking Statements

This press release contains forward-looking statements based on Colgate’s current expectations that involve a number of risks and uncertainties. Generally, forward-looking statements do not relate strictly to historical or current facts and may include words such as “believes,” “will,” “expects,” “anticipates,” “intends” or similar words or phrases. No forward-looking statement can be guaranteed. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statement.


Contacts

Michael Poynter
432-695-4222
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Fourth Quarter Revenues of $31.7 Million Increased 10% Year Over Year

SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today reported financial results for its fiscal fourth quarter and full year ended March 31, 2021. During the fiscal first quarter 2021, the company completed the sale of its Agriculture and Weather Analytics segment to DTN, LLC. The results of the Agriculture and Weather Analytics segment are reported as discontinued operations for all periods presented in this release. During the fiscal third quarter 2021, the company completed its acquisition of substantially all of the assets of TrafficCast International, Inc. (TrafficCast).


Fiscal Fourth Quarter 2021 Financial Highlights

  • Record total revenue of $31.7 million, up 10% year over year
  • Record total ending backlog of $78 million, up 26% year over year
  • GAAP net loss from continuing operations of $0.4 million, or $(0.01) per share, a $1.6 million, or $0.04 per share, improvement year over year
  • Adjusted EBITDA of $1.8 million, a $0.8 million decrease year over year

Fiscal Full Year 2021 Financial Highlights

  • Record total revenue of $117.1 million, up 9% year over year
  • GAAP net income from continuing operations of $0.5 million, or $0.01 per share, a $2.2 million, or $0.05 per share, improvement year over year
  • Adjusted EBITDA of $7.5 million, a $3.3 million, or 79%, increase year over year
  • Acquisition of TrafficCast on December 7, 2020

Fiscal Full Year 2022 Outlook

  • Total revenue of $132.0 million to $142.0 million, which would represent growth of 22% year over year at the high end of our guidance range
  • Adjusted EBITDA of 7% to 8% of full fiscal year 2022 revenue, which would represent growth of 27% year over year at the high end of our guidance range

Management Commentary:

“Our record fourth quarter revenue is a nice capstone to a solid fiscal year ending March 31, 2021,” said Joe Bergera, president and CEO of Iteris. “Despite the challenges of COVID-19, our ClearMobility strategy demonstrated measurable operating leverage with 9% revenue growth translating to significant improvements in fiscal 2021 net income, adjusted EBITDA and cash flow from operations. Additionally, we made good progress delivering against our ClearMobility roadmap, and the successful acquisition and integration of TrafficCast accelerated the development of Iteris’ ClearMobility Cloud.

“Based on our product roadmap and record total ending backlog as we enter fiscal 2022, we expect to gain additional share of the smart mobility infrastructure management market, which remains vibrant due to the need for cities and states to upgrade aging infrastructure and the desire of various commercial entities for better insight into the infrastructure they depend upon. Therefore, in fiscal 2022, we anticipate an acceleration in year-over-year revenue growth with significant improvements in net income and adjusted EBITDA, even without any potential upside from a possible national infrastructure investment program.”

GAAP Fiscal Fourth Quarter 2021 Financial Results

Total revenue in the fourth quarter of fiscal 2021 increased 10% to $31.7 million, compared with $28.9 million in the same quarter a year ago. This revenue increase was driven primarily by a 19% increase in Roadway Sensors and a 3% increase in Transportation Systems.

Operating expenses in the fourth quarter increased 14% to $13.4 million, compared with $11.7 million in the same quarter a year ago. This increase was primarily due to expenses related to the amortization of intangible assets and other operating expenses as a result of the acquisition of TrafficCast, and an increase in research and development expenses.

Operating loss from continuing operations in the fourth quarter was approximately $0.4 million, which included approximately $0.1 million of acquisition-related expenses and $0.1 million of a fair value inventory adjustment related to the TrafficCast acquisition, compared with an operating income from continuing operations of approximately $1.0 million in the same quarter a year ago. Net loss from continuing operations in the fourth quarter was approximately $0.4 million, or $(0.01) per share, compared with a net income of approximately $1.1 million, or $0.03 per share, in the same quarter a year ago.

GAAP Fiscal Full Year 2021 Financial Results

Total revenue in fiscal 2021 increased 9% to $117.1 million, compared with $107.4 million in fiscal 2020. This revenue increase was driven primarily by a 15% increase in Roadway Sensors and a 4% increase in Transportation Systems.

Operating expenses in fiscal 2021 increased 1% to $46.4 million, compared with $45.7 million in fiscal 2020. This increase was primarily due to expenses related to the amortization of intangible assets and acquisition costs related to the TrafficCast acquisition, and an increase in research and development expenses.

Operating income from continuing operations in fiscal 2021 was approximately $0.4 million, compared with an operating loss from continuing operations of approximately $2.1 million in the previous year period. Net income from continuing operations in fiscal 2021 was approximately $0.5 million, or $0.01 per share, compared with a net loss of approximately $1.8 million, or $0.04 per share, in the previous year period.

Non-GAAP Fiscal Fourth Quarter and Full Year 2021 Financial Results

In addition to results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the company has included the following non-GAAP financial measure: Adjusted income (loss) from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, restructuring costs, executive severance and transition costs and opening inventory fair value adjustment (“Adjusted EBITDA”). A discussion of the company’s use of this non-GAAP financial measure is set forth below in the financial statements portion of this release under the heading “Non-GAAP Financial Measures and Reconciliation.”

Adjusted EBITDA in the fourth quarter of fiscal 2021 was approximately $1.8 million, or 5.5% of total revenues, compared with approximately $2.5 million, or 8.7% of total revenues, in the same quarter a year ago.

Adjusted EBITDA in fiscal 2021 was approximately $7.5 million, or 6.4% of total revenues, compared with approximately $4.2 million, or 3.9% of total revenues in fiscal 2020.

Earnings Conference Call

Iteris will conduct a conference call today to discuss its fiscal fourth quarter and full year 2021 results.

Date: Tuesday, June 1, 2021
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: +1 800-367-2403
International dial-in number: +1 334-777-6978
Conference ID: 1646227

To listen to the live or archived webcast of the earnings call or to view the press release, please visit the investor relations section of the Iteris website at www.iteris.com.

A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through June 8, 2021. To access the replay dial information, please click here.

About Iteris, Inc.

Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "feel(s)," "seeks," "estimates," "may," "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s anticipated demand and growth opportunities, conversion of bookings to revenue, the impact and success of new solution offerings, the Company’s recent acquisition, our future performance, growth and profitability, operating results, and financial condition and prospects. Such statements are subject to certain risks, uncertainties, and assumptions that are difficult to predict and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, federal, state and local government budgetary issues, spending and scheduling changes, funding constraints and delays, including in light of the COVID-19 pandemic; the timing and amount of government funds allocated to overall transportation infrastructure projects and the transportation industry; our ability to replace large contracts once they have been completed; the effectiveness of efficiency, cost, and expense reduction efforts; our ability to achieve anticipated benefits from our sale of our Agriculture and Weather Analytics segment; our ability to successfully complete and integrate acquired assets and companies; our ability to specify, develop, complete, introduce, market and gain broad acceptance of our new and existing product and service offerings; risks related to our ability to recruit and/or retain key talent; the potential unforeseen impact of product and service offerings from competitors, increased competition in certain market segments, and such competitors’ patent coverage and claims; any softness in the markets that we address; adverse effects of the COVID-19 pandemic on our vendors and our employees; and the impact of general economic and political conditions and specific conditions in the markets we address, and the possible disruption in government spending and commercial activities, such as the COVID-19 pandemic, import/export tariffs, terrorist activities or armed conflicts in the United States and internationally. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, as contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC's website (www.sec.gov).

 

ITERIS, INC.
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS
(in thousands)

 

March 31,

 

2021

 

2020

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

25,205

 

 

$

14,217

 

Restricted cash

263

 

 

146

 

Short-term investments

3,100

 

 

11,556

 

Trade accounts receivable, net of allowance for doubtful accounts of $1,019 and $802 at March 31, 2021 and 2020, respectively

19,020

 

 

16,706

 

Unbilled accounts receivable

11,541

 

 

9,848

 

Inventories

5,066

 

 

3,040

 

Prepaid expenses and other current assets

5,445

 

 

2,040

 

Current assets of discontinued operations

 

 

1,476

 

Total current assets

69,640

 

 

59,029

 

Property and equipment, net

1,923

 

 

1,835

 

Right-of-use assets

11,353

 

 

12,598

 

Intangible assets, net

14,297

 

 

6,066

 

Goodwill

28,340

 

 

20,590

 

Other assets

1,238

 

 

1,213

 

Noncurrent assets of discontinued operations

78

 

 

626

 

Total assets

$

126,869

 

 

$

101,957

 

Liabilities and stockholders' equity

 

 

 

Current liabilities:

 

 

 

Trade accounts payable

$

8,935

 

 

$

8,101

 

Accrued payroll and related expenses

11,734

 

 

7,508

 

Accrued liabilities

4,921

 

 

3,665

 

Deferred revenue

7,349

 

 

4,413

 

Current liabilities of discontinued operations

94

 

 

2,828

 

Total current liabilities

33,033

 

 

26,515

 

Long-term liabilities

14,596

 

 

11,958

 

Noncurrent liabilities of discontinued operations

261

 

 

357

 

Total liabilities

14,857

 

 

12,315

 

Stockholders’ equity

78,979

 

 

63,127

 

Total liabilities and stockholders' equity

$

126,869

 

 

$

101,957

 

ITERIS, INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS
(in thousands, except per share amounts)

Three Months Ended
March 31,

 

Twelve Months Ended
March 31,

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

Product revenues

$

16,002

 

 

 

$

13,735

 

 

 

$

62,933

 

 

 

$

55,007

 

 

Service revenues

15,710

 

 

 

15,178

 

 

 

54,205

 

 

 

52,396

 

 

Total revenues

31,712

 

 

 

28,913

 

 

 

117,138

 

 

 

107,403

 

 

Cost of product revenues

9,107

 

 

 

7,640

 

 

 

34,933

 

 

 

30,266

 

 

Cost of service revenues

9,625

 

 

 

8,555

 

 

 

35,349

 

 

 

33,524

 

 

Cost of revenues

18,732

 

 

 

16,195

 

 

 

70,282

 

 

 

63,790

 

 

Gross profit

12,980

 

 

 

12,718

 

 

 

46,856

 

 

 

43,613

 

 

Operating expenses:

 

 

 

 

 

 

 

Selling, general and administrative

11,047

 

 

 

10,309

 

 

 

39,164

 

 

 

40,665

 

 

Research and development

1,647

 

 

 

1,200

 

 

 

5,130

 

 

 

4,315

 

 

Amortization of intangible assets

668

 

 

 

230

 

 

 

1,504

 

 

 

757

 

 

Restructuring charges

 

 

 

 

 

 

619

 

 

 

 

 

Total operating expenses

13,362

 

 

 

11,739

 

 

 

46,417

 

 

 

45,737

 

 

Operating income (loss)

(382

)

 

 

979

 

 

 

439

 

 

 

(2,124

)

 

Non-operating income:

 

 

 

 

 

 

 

Other income, net

52

 

 

 

147

 

 

 

54

 

 

 

297

 

 

Interest income, net

5

 

 

 

81

 

 

 

113

 

 

 

229

 

 

Income (loss) from continuing operations before income taxes

(325

)

 

 

1,207

 

 

 

606

 

 

 

(1,598

)

 

Provision for income taxes

(60

)

 

 

(125

)

 

 

(115

)

 

 

(160

)

 

Net income (loss) from continuing operations

(385

)

 

 

1,082

 

 

 

491

 

 

 

(1,758

)

 

Loss from discontinued operations before gain on sale, net of tax

(8

)

 

 

(865

)

 

 

(1,654

)

 

 

(3,852

)

 

Gain on sale of discontinued operations, net of tax

(22

)

 

 

 

 

 

11,297

 

 

 

 

 

Net income (loss) from discontinued operations, net of tax

(30

)

 

 

(865

)

 

 

9,643

 

 

 

(3,852

)

 

Net income (loss)

$

(415

)

 

 

$

217

 

 

 

$

10,134

 

 

 

$

(5,610

)

 

 

 

 

 

 

 

 

Income (loss) per share - basic:

 

 

 

 

 

 

 

Income (loss) per share from continuing operations

$

(0.01

)

 

 

$

0.03

 

 

 

$

0.01

 

 

 

$

(0.04

)

 

Income (loss) per share from discontinued operations

$

0.00

 

 

 

$

(0.02

)

 

 

$

0.23

 

 

 

$

(0.10

)

 

Net income (loss) per share

$

(0.01

)

 

 

$

0.01

 

 

 

$

0.24

 

 

 

$

(0.14

)

 

 

 

 

 

 

 

 

Income (loss) per share - diluted:

 

 

 

 

 

 

 

Income (loss) per share from continuing operations

$

(0.01

)

 

 

$

0.03

 

 

 

$

0.01

 

 

 

$

(0.04

)

 

Income (loss) per share from discontinued operations

$

(0.01

)

 

 

$

(0.02

)

 

 

$

0.23

 

 

 

$

(0.10

)

 

Net income (loss) per share

$

(0.01

)

 

 

$

0.01

 

 

 

$

0.24

 

 

 

$

(0.14

)

 

 

 

 

 

 

 

 

Shares used in basic per share calculations

41,637

 

 

 

40,662

 

 

 

41,176

 

 

 

39,012

 

 

Shares used in diluted per share calculations

41,637

 

 

 

41,571

 

 

 

41,599

 

 

 

39,012

 

 

ITERIS, INC.
UNAUDITED SEGMENT REPORTING DETAILS
(in thousands)

Roadway

Sensors

 

Transportation

Systems

 

Iteris, Inc.

Three Months Ended March 31, 2021

 

 

Product revenues

$

14,521

 

 

$

1,481

 

 

$

16,002

 

 

Service revenues

439

 

 

15,271

 

 

15,710

 

 

Total revenues

$

14,960

 

 

$

16,752

 

 

$

31,712

 

 

Segment operating income

$

2,658

 

 

$

2,151

 

 

$

4,809

 

 

Corporate expenses

 

 

 

 

(4,391

)

 

Amortization of intangible assets

 

 

 

 

(668

)

 

Acquisition costs

 

 

 

 

(132

)

 

Operating loss

 

 

 

 

$

(382

)

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

Product revenues

$

12,480

 

 

$

1,255

 

 

$

13,735

 

 

Service revenues

104

 

 

15,074

 

 

15,178

 

 

Total revenues

$

12,584

 

 

$

16,329

 

 

$

28,913

 

 

Segment operating income

$

1,744

 

 

$

4,379

 

 

$

6,123

 

 

Corporate expenses

 

 

 

 

(4,892

)

 

Amortization of intangible assets

 

 

 

 

(230

)

 

Acquisition costs

 

 

 

 

(22

)

 

Operating income

 

 

 

 

$

979

 

 

 

 

 

 

 

 

Roadway

Sensors

 

Transportation

Systems

 

Iteris, Inc.

(In thousands)

Twelve Months Ended March 31, 2021

 

 

Product revenues

$

55,773

 

 

$

7,268

 

 

$

63,041

 

 

Service revenues

776

 

 

53,321

 

 

54,097

 

 

Total revenues

$

56,549

 

 

$

60,589

 

 

$

117,138

 

 

Segment operating income

$

11,554

 

 

$

8,689

 

 

$

20,243

 

 

Corporate expenses

 

 

 

 

(17,264

)

 

Amortization of intangible assets

 

 

 

 

(1,504

)

 

Restructuring charges

 

 

 

 

(619

)

 

Acquisition costs

 

 

 

 

(417

)

 

Operating income

 

 

 

 

$

439

 

 

 

 

 

 

 

 

Twelve Months Ended March 31, 2020

 

 

 

 

 

Product revenues

$

49,082

 

 

$

5,925

 

 

$

55,007

 

 

Service revenues

288

 

 

52,108

 

 

52,396

 

 

Total revenues

$

49,370

 

 

$

58,033

 

 

$

107,403

 

 

Segment operating income

$

7,787

 

 

$

10,556

 

 

$

18,343

 

 

Corporate expenses

 

 

 

 

(19,021

)

 

Amortization of intangible assets

 

 

 

 

(757

)

 

Acquisition costs

 

 

 

 

(689

)

 

Operating loss

 

 

 

 

$

(2,124

)

 

ITERIS, INC.
Non-GAAP Financial Measures and Reconciliation

In addition to results presented in accordance with GAAP, the company has included the following non-GAAP financial measure in this release: Adjusted income (loss) from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, and restructuring charges (“Adjusted EBITDA”).

When viewed with our financial results prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and accompanying reconciliations, we believe Adjusted EBITDA provides additional useful information to clarify and enhance the understanding of the factors and trends affecting our past performance and future prospects. We define these measures, explain how they are calculated and provide reconciliations of these measures to the most comparable GAAP measure in the table below. Adjusted EBITDA and the related financial ratios, as presented in this Annual Report on Form 10-K (“Form 10-K”), are supplemental measures of our performance that are not required by or presented in accordance with GAAP. They are not a measurement of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP, or as an alternative to net cash provided by operating activities as measures of our liquidity. The presentation of these measures should not be interpreted to mean that our future results will be unaffected by unusual or nonrecurring items.

We use Adjusted EBITDA non-GAAP operating performance measures internally as complementary financial measures to evaluate the performance and trends of our businesses. We present Adjusted EBITDA and the related financial ratios, as applicable, because we believe that measures such as these provide useful information with respect to our ability to meet our operating commitments.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include:

  • They do not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments;
  • They do not reflect changes in, or cash requirements for, our working capital needs;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements;
  • They are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
  • They do not reflect the impact on earnings of charges resulting from matters unrelated to our ongoing operations; and
  • Other companies in our industry may calculate Adjusted EBITDA differently than we do, whereby limiting its usefulness as comparative measures.

Because of these limitations, Adjusted EBITDA and the related financial ratios should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only as supplemental information. See our audited consolidated financial statements contained in this Form 10-K. However, in spite of the above limitations, we believe that Adjusted EBITDA is useful to an investor in evaluating our results of operations because these measures:

  • Are widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such terms, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired, among other factors;
  • Help investors to evaluate and compare the results of our operations from period to period by removing the effect of our capital structure from our operating performance; and
  • Are used by our management team for various other purposes in presentations to our Board of Directors as a basis for strategic planning and forecasting.

The following financial items have been added back to or subtracted from our net income (loss) when calculating Adjusted EBITDA:

  • Interest expense. Iteris excludes interest expense because it does not believe this item is reflective of ongoing business and operating results. This amount may be useful to investors for determining current cash flow;
  • Income tax. This amount may be useful to investors because it represents the taxes which may be payable for the period and the change in deferred taxes during the period, and may reduce cash flow available for use in our business;
  • Depreciation expense. Iteris excludes depreciation expense primarily because it is a non-cash expense. These amounts may be useful to investors because it generally represents the wear and tear on our property and equipment used in our operations;
  • Amortization. Iteris incurs amortization of intangible assets in connection with acquisitions. Iteris also incurs amortization related to capitalized software development costs. Iteris excludes these items because it does not believe that these expenses are reflective of ongoing operating results in the period incurred. These amounts may be useful to investors because it represents the estimated attrition of our acquired customer base and the diminishing value of product rights;
  • Stock-based compensation. These expenses consist primarily of expenses from employee and director equity based compensation plans Iteris excludes stock-based compensation primarily because they are non-cash expenses and Iteris believes that it is useful to investors to understand the impact of stock-based compensation to its results of operations and current cash flow;
  • Restructuring charges. These expenses consist primarily of employee separation expenses, facility termination costs, and other expenses associated with Company restructuring activities. Iteris excludes these expenses as it does not believe that these expenses are reflective of ongoing operating results in the period incurred. These amounts may be useful to our investors in evaluating our core operating performance;
  • Acquisition costs. In connection with its business combinations, Iteris incurs professional service fees, changes to the fair value of contingent consideration, and other direct expenses. Iteris excludes such items as they are related to acquisitions and have no direct correlation to the operation of Iteris’ business. These amounts may be useful to our investors in evaluating our core operating performance..
  • Executive severance and transition costs. Iteris excludes executive severance and transition costs because it does not believe that these expenses are reflective of ongoing operating results in the period incurred. These amounts may be useful to our inve

Contacts

Iteris Contact
Douglas Groves ​​​​​​​
Senior Vice President and Chief Financial Officer
Tel: (949) 270-9643
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Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.


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  • Initial funding commitment aims to participate in the fast growing solar power generation sector in Brazil

LONDON--(BUSINESS WIRE)--VH Global Sustainable Energy Opportunities plc (“GSEO”) – a £243m London-listed Investment company – is proud to announce a $63m commitment to fund the construction of 18 remote distributed solar generation projects across ten Brazilian states with a total capacity of 75MW. Brazil is a Key Partner of the OECD and one of the world’s fastest growing energy markets.


An initial tranche of $4m will fund the construction of four projects across Rio de Janeiro, which once operational will provide 5MW of energy to a combination of local communities and regional utilities.

The initial tranche will be followed by a second $24m tranche in June to fund up to eight projects across Sergipe, Rio Grande do Norte, Paraiba, Mato Grosso do Sul, Piaui, Bahia and Para, which will provide 28MW of energy.

The remaining $35m will be deployed by August across Rio de Janeiro, Minas Gerais, Bahia and Sao Paulo to build six solar projects which will generate 42MW of power.

The fully-equity funded projects are at the ready-to-build stage and are expected to be operational in less than six months from investment. Once operational, the expected annual returns will exceed the Company’s target annual dividend yield of 5% and total return of 10%.

An independent assessment of the project, as per the process, has concluded that it is compliant with the Company’s six relevant Sustainable Development Goals – goals 3, 7, 8, 9 13 and 17 – and will do no significant harm in the context of the remaining eleven goals.

GSEO is partnering with developer Energea Global LLC, which has a proven track record in developing and operating distributed power generation assets in Brazil.

The aim of this investment is to support and accelerate the growth of a sustainable energy system in Brazil by improving and securing localised access to clean energy and helping to lower Brazilian energy prices.

The projects involve building solar PV farms to supply energy to creditworthy commercial and industrial energy users, as well as large multinational corporations with operations in Brazil. About half of the total production capacity is to be contracted with a multinational telecoms company. The lengths of the contracts will be 20 years on average and will be inflation-linked.

Approximately 37% of the net proceeds raised on IPO are currently committed to the Enhanced Pipeline Assets.

Eduardo Monteiro, Co-Chief Investment Officer of Victory Hill Capital Advisors LLP (“Victory Hill”), investment adviser to GSEO, said: “As promised to investors, this funding commitment marks the beginning of a very exciting journey for the Company in Brazil, where we can support real and lasting improvements in the country’s energy infrastructure. Brazil is experiencing rapid growth in its energy sector and there is significant potential for investors with the right expertise to help contribute to the country’s growth with cleaner and reliable sources of power.”

Mike Silvestrini, Managing Partner at Energea, said: “Brazil is one of the most exciting markets in the world when it comes to distributed generation and we are proud to have the backing of an experienced team at Victory Hill to develop further distributed solar power generation across the country. Right now, Brazil has the attractive combination of enabling policy landscape, strong energy economics and high degrees of customer adoption, marking it as a prime opportunity for investors looking to have a positive impact on the world and help battle the climate crisis.”

Ends

Notes to editors

Distributed power generation: Distributed generation refers to the use of technology such as solar panels to generate electricity near to where it will be used, serving either a single home or business, or forming part of a ‘microgrid’ tied into the larger electricity network which can be used to serve thousands of homes and businesses. Distributed generation can help support delivery of clean, reliable power to additional customers and reduce electricity losses along transmission and distribution lines and help lower energy prices.

About Victory Hill Capital Advisors LLP

Victory Hill Capital Advisers LLP is the investment-focused subsidiary of Victory Hill Capital Group LLP. Victory Hill Capital Advisors LLP (FRN 938594) is an Appointed Representative of G10 Capital Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 648953).

Victory Hill is based in London and was founded in May 2020 by an experienced team of energy financiers that have spun-out of a large established global project finance banking group. The team have an established track record built over five years while working together in their previous roles and participating in over $37.1bn in sustainable energy project transaction values, generating over 24.2 per cent. equity returns. In addition, the team has also participated in more than $200bn in transaction values across 91 conventional and renewable energy-related transactions in over 30 jurisdictions worldwide, throughout their individual careers. The average experience per individual is 21 years of relevant energy finance experience.

The Victory Hill team deploys its experience across different financial disciplines to holistically assess investments from different perspectives. The firm pursues operational stability and well-designed corporate governance to generate sustainable positive returns for investors. It focuses on supporting and accelerating the Energy Transition and the attainment of the UN Sustainable Development Goals.

Victory Hill is a signatory of the United Nations Principles for Responsible Investing (UN PRI), the United Nations Global Compact (UN GC) and is a formal supporter of the Financial Stability Board’s Task-Force on Climate-related Disclosures (TFCD).

About Energea

Energea was launched in 2017 by American entrepreneurs Mike Silvestrini and Chris Sattler, who have built successful US distributed generation businesses, Greenskies Renewable Energy and North American Power. Today, Energea Global develops projects across multiple countries around the world and have built a presence in Brazil over the last four years with over 24 staff members based in Brazil and the US. The company is an expert developer and operator of highly differentiated distributed generation projects.


Contacts

For more information on Victory Hill
Quill PR
Sarah Gibbons-Cook
07769 648806
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For more information on Energea
Ryan Becnel
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NEW YORK--(BUSINESS WIRE)--#dividend--The Board of Directors of Hess Corporation (NYSE: HES) today declared a regular quarterly dividend of 25 cents per share payable on the Common Stock of the Corporation on June 30, 2021 to holders of record at the close of business on June 15, 2021.


Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.


Contacts

For Hess Corporation

Investor Contact:
Jay Wilson
(212) 536-8940

Media Contact:
Lorrie Hecker
(212) 536-8250
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~Acquisition marks Lineage’s entrance into the European freight forwarding industry, strengthening efficiencies in global supply chain offering~

NOVI, Mich.--(BUSINESS WIRE)--#onelineage--Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced it has closed the acquisition of UTI Forwarding (“UTI”), a renowned Rotterdam-based freight forwarder.


The acquisition was first announced on April 26, 2021.

UTI Forwarding is a leading freight forwarding company that is strategically located in Rotterdam, Netherlands, which specializes in the exporting and importing of Full Container Load (“FCL”) cargo, handling both temperature-controlled and other containerized goods.

The acquisition marks Lineage’s entrance into the freight forwarding industry in Europe, further strengthening Lineage’s end-to-end supply chain offering by advancing the operational synergies for the movement of goods through Lineage’s global warehouse network.

“Together with UTI we will create even greater opportunities to provide end-to-end supply chain offerings for our shared customers,” said Mike McClendon, President of International Operations & EVP of Network Optimization at Lineage. “We are thrilled to close on this acquisition and officially welcome UTI into the Lineage family.”

About Lineage Logistics

Lineage Logistics is the world’s largest temperature-controlled industrial REIT and logistics solutions provider. It has a global network of over 340 strategically located facilities totaling over 2 billion cubic feet of capacity which spans 15 countries across North America, Europe, Asia-Pacific, and South America. Lineage’s industry-leading expertise in end-to-end logistical solutions, its unrivaled real estate network, and development and deployment of innovative technology help increase distribution efficiency, advance sustainability, minimize supply chain waste, and most importantly, as a Visionary Partner of Feeding America, help feed the world. In recognition of the company’s leading innovations and sustainability initiatives, Lineage was recognized as the No 1. Data Science company, and 23rd overall, on Fast Company’s 2019 list of The World’s Most Innovative Companies, in addition to being included on Fortune’s Change The World list in 2020. (www.lineagelogistics.com)


Contacts

Lineage Logistics
Megan Hendricksen
949.247.5172
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Allison Transmission FracTran™ will drive productivity and deliver sustainability for fracturing fleets

INDIANAPOLIS--(BUSINESS WIRE)--Allison Transmission, a leading designer and manufacturer of conventional and electrified propulsion solutions and the largest global manufacturer of medium- and heavy-duty fully automatic transmissions for commercial and defense vehicles, today announced the launch of the Allison FracTran, a revolutionary hydraulic fracturing transmission.



Purpose built based on the specific performance requirements of the customer, the FracTran is an all-new Oil Field SeriesTM transmission, designed to meet the unique and continually evolving demands of the hydraulic fracturing industry. This next-generation solution is a result of extensive voice of customer insights as well as an analysis of duty cycle information from decades of Allison products operating in this application. This significant front-end effort ensures FracTran will provide differentiated value, meet the evolving needs of Allison’s customers, and deliver the Allison Brand Promise of providing the most reliable and valued propulsion solutions in the world.

“As hydraulic fracturing fleets and operators move toward higher horsepower, smaller spreads to reduce their environmental footprint, and seek shorter times to reach depth in search of improved sustainability, efficiency and profitability, Allison is innovating with them to remain a desired partner of choice for the energy market,” said John Coll, Senior Vice President of Global Marketing, Sales, and Service at Allison Transmission. “Allison is committed to our energy customers and has invested significant resources to bring them the product they demanded, FracTran.”

Based on current market demand, FracTran will be launched with a rating of 3,300 horsepower and 10,000 lb.-ft. of input torque. However, FracTran is capable of up to 3,500 horsepower with no hardware modifications required. This robust hydraulic fracturing transmission will deliver unparalleled performance in high pressure duty cycles in the harshest of operating environments. Key benefits and specifications of the FracTran include high reliability with a service life up to 25,000 hours, an overhaul that provides a second life without hard parts replacement resulting in low total cost of ownership, and eight ranges available with multiple gear ratio options to meet the unique performance demands of our customers. In addition, the FracTran offers filter and fluid life prognostics, a transmission-mounted control module, torsional measuring diagnostics, and an on-rig telematics gateway.

Allison’s commitment to quality and customer support extends beyond the purpose built FracTran hardware. FracTran will be backed by Allison’s Authorized Service Network of more than 1,400 Allison Authorized Dealers and Distributors. Each location is outfitted with specialized tools and equipment, and teams of trained and certified technicians that will ensure FracTran delivers optimized total cost of ownership by minimizing nonproductive time.

Allison hosted an event at its global headquarters in Indianapolis today to kick off its FracTran road show. Over the next several months, the company will visit dozens of cities in North America to showcase FracTran to our valued customers and industry partners, in preparation for start of production in 2023.

For more information on the Allison FracTran and to view footage from today’s event, please visit https://tinyurl.com/FracTranMediaEvent.

About Allison Transmission

Allison Transmission (NYSE: ALSN) is a leading designer and manufacturer of vehicle propulsion solutions for commercial and defense vehicles, the largest global manufacturer of medium- and heavy-duty fully automatic transmissions, and a leader in electrified propulsion systems that Improve the Way the World Works. Allison products are used in a wide variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (school, transit and coach), motorhomes, off-highway vehicles and equipment (energy, mining and construction applications) and defense vehicles (tactical wheeled and tracked). Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA. With a presence in more than 150 countries, Allison has regional headquarters in the Netherlands, China and Brazil, manufacturing facilities in the USA, Hungary and India, as well as global engineering resources, including electrification engineering centers in Indianapolis, Indiana, Auburn Hills, Michigan and London in the United Kingdom. Allison also has more than 1,400 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.


Contacts

Claire Gregory
Director, Global External Communications
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317-694-2065

Demonstrates strong progress in completeness of vision, offers robust end-to-end solutions

IRVINE, Calif.--(BUSINESS WIRE)--#3pl--Ingram Micro Commerce & Lifecycle Services today announced that it has been named a Visionary Third-Party Logistics provider in Gartner’s recent industry report: 2021 Magic Quadrant for Third-Party Logistics, North America. The highly regarded biannual report evaluates third-party logistics providers conducting significant business in the U.S., Canada and Mexico.


2021 marks Ingram Micro Commerce & Lifecycle Services’ third appearance in the Gartner Magic Quadrant for 3PLs report. Through each new analysis, the company has demonstrated more advanced and thorough logistics solutions to support customers’ needs through all stages of their product lifecycles. The most recent report highlights Ingram Micro’s strengths in the following areas:

  • Comprehensive end-to-end services, including supply chain planning, forward and reverse logistics, transportation, IT asset disposition and management, product liquidation and secondary market sales;
  • Advanced technology platforms including Shipwire, BlueIQ and Renugo, as well as investments and innovations under development in software and hardware automation to further support retail, e-commerce and enterprise customers; and
  • A commitment to reduce the company’s environmental impact through BREAAM-certified sites, zero-waste practices, transportation optimization and sustainable packaging.

“We are proud to be recognized as a Visionary supply chain and logistics leader in Gartner’s 2021 Third-Party Logistics report,” said Glen Sutton, senior vice president, Ingram Micro Commerce & Lifecycle Services. “Our service offerings are more robust than ever, which is validated by the diversity of new customers we’re working with and the growth and expansion of our existing relationships. Furthermore, over the past year, our global warehouse network and operations teams delivered amazing results, handling the unprecedented demand for e-commerce and the challenges of the global pandemic with admirable agility, adherence to safety precautions, and a resolute commitment to success.”

Gartner states: “Visionaries display process, technological or business model innovation, and are influencing […] the direction of the logistics industry,” adding that customers seek such providers for their “less-regimented and potentially innovative approach to logistics.”

The 2021 Gartner Magic Quadrant for Third-Party Logistics, North America, assessed 19 elite 3PL providers in writing its report. Gartner noted that this year, the global pandemic shed clear light on the value of strategic partnerships between shippers and 3PLs. It also emphasized the importance of continuous improvement, innovative and technology-driven solutions, and supply chain visibility.

About Ingram Micro Commerce & Lifecycle Services

Ingram Micro Commerce & Lifecycle Services provides global supply chain solutions that connect supply and demand. From cross-border fulfillment to dropship and returns management, IT asset disposition, re-marketing, distribution and more, our solutions drive growth across the commerce and technology markets.

We proudly serve customers ranging from fast-growing brands to Global 2000 enterprises and are dedicated to facilitating their success through our global warehousing network, world-class technology, strategic partnerships, and decades of experience. Learn more at www.ingrammicroservices.com.


Contacts

Lauren Jow
Global Brand Manager
Ingram Micro Commerce & Lifecycle Services
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