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The AES Corporation extends its investment in Uplight and its digital and carbon-free future

Investment will speed development of critical software for a cleaner, more resilient and affordable grid for consumers, support Uplight’s organic and M&A-driven growth, and catalyze international expansion

BOULDER, Colo.--(BUSINESS WIRE)--Uplight, the technology partner of energy providers transitioning to the clean energy ecosystem, announced today that it has agreed to a new investment from a consortium of investors, co-led by Schneider Electric (EURONEXT:SU), the global leader in sustainable energy solutions; AES (NYSE:AES), a global company accelerating the future of sustainable energy; and a group of private equity investors led by Huck Capital that includes Coatue and Inclusive Capital Partners Spring Fund II. Uplight is valued at $1.5 billion in the transaction, which includes the investment of new equity to support significant organic and inorganic growth and adds world-class strategic and financial partners as the energy industry surges forward into transformation. Prior Uplight majority investor Rubicon Technology Partners, who along with AES led the formation of Uplight through the merger of six companies, will also remain a minority investor.


“The grid is experiencing its biggest change in 100 years as it decarbonizes in front of our eyes. The boom in clean hardware — electric vehicles, renewables, batteries, and connected devices — is rapidly changing energy demand and creating new complexity. Uplight is creating the software operating system that connects the dots between customer choice and control and grid resilience and affordability in this transformation,” said Uplight CEO Adrian Tuck. “This investment and these partners help us scale the OS and the ecosystem better and faster, by increasing our scale and operations with energy providers, developing more deeply integrated solutions with other technology and energy solutions providers, both organically and through focused M&A, and catalyzing expansion into international markets.”

Uplight currently serves more than 80 energy providers, representing 110 million energy consumers, with the market’s widest array of sustainable digital solutions. Using data-driven insights to personalize and simplify the customer experience, Uplight solutions help utilities to reduce their baseload by changing consumer behavior, orchestrate grid connected devices that keep customers' bills low while adjusting in real time to changing grid conditions, and speed customer adoption of renewables, electric vehicles, and energy management solutions. The company posted an operating profit in 2020 with significant year-over-year ARR growth which continues in 2021. At the same time, Uplight's solutions delivered through its utility partners saved energy users more than an estimated $390 million on their energy bills while helping homes and businesses become more sustainable.

The investment group of global leaders is well aligned with Uplight, a certified B Corp, and its purpose of “creating a sustainable future using business as a force for good.” Huck Capital was formed to focus on transformational investments that bring together sustainability and growth in the energy sector. Coatue is an approximately $35 billion global technology fund that has invested over $5 billion in cleantech companies like SunRun, Tesla and Rivian. Inclusive Capital Partners, a global investment firm, partners with its investment companies to speed their environmental and social impact. Schneider Electric was recently named the world’s most sustainable corporation by research firm Corporate Knights and is the global leader in the digital transformation of energy management and automation, with distributed energy solutions for both commercial and utility scale. As a global leader in renewables and energy storage, AES partners with its customers to help them achieve their sustainable energy goals with a focus on offering innovative and integrated solutions while maintaining reliability.

Andres Gluski, AES President and Chief Executive Officer: “Uplight shares AES’ commitment to accelerate a smarter, greener energy future. Digital technologies engage customers in new ways for the more efficient use of energy. These tools improve customer satisfaction while reducing the carbon footprint of utility companies. We are continuing to invest in Uplight based on their proven track record and the great benefits these solutions bring for our customers and society.”

Steve McBee, CEO, Huck Capital: “Uplight sits at the center of two energy megatrends: the pivot to a zero-carbon economy and applying SaaS and data to connect and orchestrate behind-the-meter energy solutions. Software is the fuel driving the energy transition and Uplight is ideally positioned to win. We’re excited to work with the management team and the new investment partners to rapidly scale the business.”

Jean-Pascal Tricoire, Chairman and CEO, Schneider Electric: “Uplight’s software will enhance Schneider Electric’s existing EcoStruxure Grid offering and has further potential to play a key enabling role between Smart Grid, Smart Home and Smart Building. We look forward to investing alongside AES and the other financial investors, who all share our vision of a more digital and more electric world, leading to a sustainable future.”

Uplight delivers a unique and critical scale in the rapidly growing sustainable technology market by acting as the connective layer to create cohesive customer experiences at every step of the customer energy journey. Nomura Greentech Capital estimates the total potential market for sustainable energy technologies and related products at more than $900 billion globally, across thousands of products and solutions connected to energy consumers and the energy grid.

“Every energy solution provider participating in the new energy ecosystem is going to be better off partnering with us to connect their solutions to others and improve their value to customers. Uplight is making it easier and faster to deliver outcomes at scale and hit carbon reduction goals,” said Mr. Tuck.

The transaction is expected to close following the receipt of customary regulatory approvals. Goldman Sachs & Co. LLC served as Exclusive Advisor to Uplight; Nomura Greentech served as Advisor to the Investors.

About Uplight

Uplight is the technology partner for energy providers and the clean energy ecosystem. Uplight’s software solutions connect energy customers to the decarbonization goals of power providers while helping customers save energy and lower costs, creating a more sustainable future for all. Using the industry’s only comprehensive customer-centric technology suite and critical energy expertise across disciplines, Uplight is streamlining the complex transition to the clean energy ecosystem for more than 80 electric and gas utilities around the world. By empowering energy providers to achieve critical outcomes through data-driven customer experiences, delivering control at the grid edge, creating new revenue streams and optimizing existing load and assets, Uplight shares a mission with its clients to make energy more sustainable for every community. Uplight is a certified B Corporation. To learn more, visit us at www.uplight.com, find us on Twitter @Uplight or on LinkedIn at Linkedin.com/company/uplightenergy.

About AES

The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.

About Huck Capital

Huck Capital makes investments in a new generation of clean, customer facing energy companies that sustainably power the world's energy needs.

We are a team of former operators, investors and entrepreneurs who have deep industry experience transforming energy companies into more efficient and sustainable businesses. We believe that a net zero emissions future is possible through bold action to build resilient clean energy companies. www.huckcapital.com

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On. Our mission is to be your digital partner for Sustainability and Efficiency. We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries. We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values. www.se.com


Contacts

Caleigh Bourgeois
kglobal
513-675-7466
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Elaine Reddy
Uplight
720-252-8105
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IRVINE, Calif. & OAKLAND, Calif.--(BUSINESS WIRE)--Adapture Renewables, Inc. announced today it has completed its acquisition of Rippey Solar, an 81 megawatt (MW) solar project in Cooke County, Texas from Hanwha Q CELLS USA Corp. Construction of the project, located 90 miles north of Dallas, began in April and the project achieved commercial operation in December 2020.


The project highlights Q CELLS’ strength as a vertically-integrated supplier of modules, developer, and engineering, procurement, and construction (EPC) manager. Hanwha Q CELLS USA Corp. had acquired the project mid-development and completed development work earlier last year before breaking ground. The project uses Q CELLS’ high-performance Q.PEAK DUO L-G8.3 and L-G8.2 modules, ideal for commercial and utility applications thanks to a combination of innovative cell technology and cutting-edge cell interconnection for superior yields and low LCOE.

JK (Jaekyu) Lee, Senior Vice President of Hanwha Q CELLS USA Corp. said, “We’re very proud to partner with Adapture Renewables, Inc. to bring this project to completion. The seamless integration between our development, EPC, and module supply teams facilitated a very efficient transaction during a challenging time in the capital markets due to COVID-19.”

Adapture Renewables, Inc. has a direct stake in the project’s success, having financed the project with in-house capital and will own and operate the project for the long-term. With this new acquisition, the company increases its total portfolio of solar energy generating assets to 239 MW DC across the country, including 95 MW DC in Texas.

“We take a deliberate approach to project selection and acquisition, adding only high-quality assets to our growing portfolio,” said Donald Miller, COO at Adapture Renewables, Inc. “The team at Q CELLS delivered a first-class facility with the Rippey project, and we’re looking forward to our new role as long-term neighbors, providing renewable energy to Texas consumers.”

About Adapture Renewables, Inc.

Adapture Renewables, Inc. is a solar project developer (and M&A shop), owner and operator. The company leverages its proven track record, deep domain expertise and comprehensive in-house development, EPC management, legal and project finance services to efficiently and effectively drive solar projects from origination to long-term operation. Backed by KIRKBI, Adapture Renewables, Inc. has the financial footing necessary to take a diligent and thoughtful approach to solar project development and is invested in its projects’ long-term success. The company’s culture of creative problem-solving and shared mission to accelerate the global transition to clean energy contribute to the company’s success deploying, owning and operating solar assets across ten states in the US. Adapture Renewables, Inc. is based in Oakland, CA. For more information about Adapture Renewables, Inc., visit https://adapturerenewables.com/.

About Q CELLS

Q CELLS is a renowned total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail. It is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with operations all over the world. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, Q CELLS provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit: http://www.q-cells.com.

Safe-Harbor Statement

This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and Adapture Renewables, Inc. and Q CELLS’ operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, Adapture Renewables, Inc. and Q CELLS does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Contacts

Adapture Renewables, Inc.
Camille Cater
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Q CELLS USA, Media
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HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ:DXPE), a leading products and service distributor that adds value and total cost savings solutions to MRO and OEM customers in virtually every industry, plans to issue a press release announcing its financial results for the fourth quarter and year ended December 31, 2020, on Tuesday, March 9, 2021, before the market opens and to host a conference call to be web cast live on the Company’s website (www.dxpe.com) at 10:30 A.M. Central Time on Tuesday, March 9, 2021.


The call and an accompanying slide presentation will be on the "Investor Relations" section of DXP's website, www.dxpe.com. A replay of the webcast will be available shortly after the conclusion of the presentation.

DXP's earnings press release, the slides and other related presentation materials will be posted to the "Investor Relations" section of DXP's website under the subheading "Financial Information" after the market closes on the date prior to the earnings call and will remain available following the call.

Web participants are encouraged to go to the Company’s website (www.dxpe.com) at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. For more information, review the Company's filings with the Securities and Exchange Commission.


Contacts

DXP Enterprises, Inc.
Kent Yee, 713-996-4700
Senior Vice President, CFO
www.dxpe.com

SUNNYVALE, Calif.--(BUSINESS WIRE)--Ondas Holdings Inc. (NASDAQ: ONDS), a developer of proprietary, software-based wireless broadband technology for large established and emerging industrial markets (“Ondas” or the “Company”), will release its fourth quarter and full year 2020 financial results before the market opens on Monday, March 8, 2021, with a webcast discussing these results to follow at 8:30 a.m. ET.


Investors may access the live webcast via the “News / Events” page of the Company’s Investor Relations website at https://ir.ondas.com. Following the presentation, a replay of the webcast will be available for 30 days in the same location of the Company’s website.

Conference Call & Audio Webcast Details

 
 

Date

Monday, March 8, 2021

Time

8:30 a.m. ET

Live Listen Only Webcast

https://ir.ondas.com

Participant Dial In (toll free)

1-866-777-2509

Participant Dial In (International)

1-412-317-5413

Participant Call Pre-Registration (encouraged)

Ondas Pre-Registration

 

Pre-registration allows callers to gain immediate access and bypass the live operator.

You can register at any time including during the call.

About Ondas Holdings Inc.

Ondas Holdings Inc., through its wholly owned subsidiary, Ondas Networks Inc., is a developer of proprietary, software-based wireless broadband technology for large established and emerging industrial markets. The Company’s standards-based, multi-patented, software-defined radio FullMAX platform enables Mission-Critical IoT (MC-IoT) applications by overcoming the bandwidth limitations of today’s legacy private licensed wireless networks. Ondas Networks’ customer end markets include railroads, utilities, oil and gas, transportation, aviation (including drone operators) and government entities whose demands span a wide range of mission critical applications. These markets require reliable, secure broadband communications over large and diverse geographical areas, many of which are within challenging radio frequency environments. Customers use the Company's FullMAX technology to deploy their own private licensed broadband wireless networks. The Company also offers mission-critical entities the option of a managed network service. Ondas Networks’ FullMAX technology supports IEEE 802.16s, the new worldwide standard for private licensed wide area industrial networks. For additional information, visit www.ondas.com or follow Ondas Networks on Twitter and LinkedIn.


Contacts

Investors:
Stewart Kantor, CFO
Ondas Holdings Inc.
888.350.9994 Ext. 1009
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Media:
Jeffrey Mathews / Dan Gagnier
Gagnier Communications
646.569.5711
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  • Joint venture company (Company) will combine the Baker Hughes Subsea Drilling Systems (SDS) business and MHWirth to better serve customers while simultaneously driving productivity and cost synergies
  • Company will have dual operational headquarters in Houston, TX and Kristiansand, Norway

 


HOUSTON & FORNEBU, Norway--(BUSINESS WIRE)--Baker Hughes (NYSE:BKR) and Akastor ASA (Oslo:AKAST) have announced an agreement to create a joint venture company (Company) that will bring together Baker Hughes’ Subsea Drilling Systems (SDS) business with Akastor’s wholly owned subsidiary, MHWirth AS (MHWirth). The Company will deliver a global full-service offshore drilling equipment offering that will provide customers with a broad portfolio of products and services.

The transaction will result in a leading equipment provider with integrated delivery capabilities, financial strength, and flexibility to address a full range of customer priorities. The Company will be owned 50-50 by Baker Hughes and Akastor, and following the closing of the transaction, the Company’s operations will be managed from current offices in Houston, Texas, and Kristiansand, Norway. Merrill A. “Pete” Miller will serve as chairman and chief executive officer. Miller has been in the oil and gas industry over 40 years holding various leadership roles including chairman, president and chief executive officer of National Oilwell Varco.

The Company’s broader scope of services will also provide a more solid foundation for future growth, including the capability to participate in the oil and gas industry’s transition towards more energy-efficient solutions, as well as deploying technologies and service solutions to make the sector more competitive through increased drilling efficiency.

“I would like to express sincere gratitude to the good work and dedication shown by the respective teams of Baker Hughes and Akastor for making this happen despite the current challenges caused by the global COVID-19 pandemic,” said Karl Erik Kjelstad, CEO of Akastor. “I strongly believe that this Company will give a solid basis for both organizations to meet the current challenges in today’s market and to continue as a leader in developing advanced and efficient drilling solutions that support the industry’s transition towards more sustainable operations.”

“This transaction is a major step for MHWirth, and the transformation strategy announced in February 2019,” said Kristian M. Røkke, chairman of Akastor. “The Company will offer customers a strengthened product offering and investors attractive value creation. This transaction will also allow Akastor to maximize, and ultimately realize, value to its shareholders.”

“The oil and gas industry is rapidly evolving, and we are constantly looking at new and innovative ways of delivering value to our customers,” said Neil Saunders, executive vice president of Oilfield Equipment at Baker Hughes. “This Company is the perfect fit between our respective portfolios and further transforms our core operations for long-term success, bringing complementary solutions to market and offering our customers a full offshore drilling equipment package.”

MHWirth is a global provider of advanced drilling solutions and services designed to offer customers a safer, more efficient and reliable alternative. MHWirth has a global span covering five continents with offices in 13 countries.

Baker Hughes’ SDS business is a division of the Oilfield Equipment segment of Baker Hughes and is headquartered in Houston. SDS provides integrated drilling products and services worldwide, with service and manufacturing facilities in 11 countries and a competitive portfolio, including world-class blowout preventor (BOP) systems, controls and riser equipment.

The closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in the second half of 2021. Morgan Stanley, Paul Weiss, Thommessen, and EY are acting as advisors for Baker Hughes. Goldman Sachs, BAHR, Sidley Austin, and EY are acting as advisors for Akastor.

Key Financial information

The table below provides certain estimated pro-forma financial information for the combined operations of SDS and MHWirth. This information is unaudited, based on management accounts for the respective companies and provided for illustrative purposes only. It may not be representative of reported figures following completion of the transaction. Further, the information may not necessarily be comparable to similar information presented by other companies nor relied upon as any indication of what the Company’s financial position or results of operations actually would have been had the transaction been consummated as of the dates indicated.

USD in million1

FY 2020
Aggregated
estimates
(unaudited)

FY 2019
Aggregated
estimates
(unaudited)

FY 2018
Aggregated
estimates
(unaudited)

Revenue2

713

850

731

Adjusted EBITDA (IAS 17)3

102

139

93

Note:

1 Average FX used for corresponding period

2 Pro forma MHWirth Group figures include MHWirth, Bronco Manufacturing (which has been part of MHWirth since June 2019) and Step Oiltools (which became part of MHW Group in February 2020)

3 Items affecting comparability comprises material items outside normal business such as net gains or losses from business and assets disposals, costs for closure of business operations and restructurings, and other costs of non-recurring nature

Transaction structure and main conditions

The Company shall be owned 50/50 by Baker Hughes and Akastor. Akastor shall contribute its shares in MHWirth to the Company in return for 50% of the shares and USD 120 million in consideration, of which USD 100 million is payable in cash at closing. Baker Hughes shall contribute the SDS business to the Company in return for the other 50% of the shares and USD 200 million in consideration, of which USD 120 million is payable in cash at closing. The Company shall issue notes to Baker Hughes and Akastor representing the balance of the consideration owed to them. The notes shall be subordinated to the Company’s external debt financing.

The Company will finance the cash consideration payable to Baker Hughes and Akastor by way of a USD 220 million bank facility. In addition, the Company will also be financed by a USD 80 million working capital facility.

The Transaction Agreement entered into by Akastor and Baker Hughes provides for customary terms for agreements of this nature, including representations and warranties relating to the businesses being contributed as well as an agreed form shareholders agreement customary for a 50/50 controlled company, including governance and exit provisions. Completion of the Transaction is subject to customary conditions, including regulatory approval. The closing of the Transaction is expected to take place in 2H 2021.

Implications for Akastor’s corporate credit facility and accounting policies

The transaction will require the refinancing of Akastor’s existing corporate credit facility. Akastor has received commitments for a NOK 1,250 million revolving credit facility that will be entered into prior to closing of the transaction.

Following completion of the transaction, it is expected that MHWirth no longer shall be accounted for as a consolidated subsidiary of Akastor. Instead, it is expected that Akastor shall treat the Company as a joint venture for accounting purposes and that, following which Akastor shall recognise 50% of the equity of the Company and 50% of the Company net profits in its accounts based on the “equity method”.

Implications for Baker Hughes’ accounting policies

Following completion of the transaction, it is expected that SDS will no longer be accounted for under Baker Hughes’ Oilfield Equipment segment. Instead, it is expected that BKR shall treat the Company as a joint venture for accounting purposes, following which BKR shall recognise 50% of the equity of the Company and 50% of the Company net profits in its accounts based on the “equity method.”

About Baker Hughes:

Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

About MHWirth and Akastor:

MHWirth is a wholly owned subsidiary of Akastor and accounts for a material part of Akastor’s revenues and assets. Akastor has reported MHWirth as a separate segment in its financial statements. MHWirth, with its subsidiaries, is a self-sufficient group which is a global provider of integrated drilling solutions and services with world class technology, leading engineering and project management capabilities. The MHWirth group delivered in the range of 25% of all offshore drilling packages for floaters between years 2000 and 2018. With its headquarters in Kristiansand, MHWirth’s global operations covers five continents with offices in 13 countries.

Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.

The management of Akastor and MHWirth will hold an investor conference in relation to the announced transaction on Tuesday March 2, 2021 at 14:00 CET, which will be held as a webcast only and audiocasted live. There will be a Q&A session following the presentation. The replay will be made available on Akastor’s website.

Live webcast and replay link:
https://channel.royalcast.com/landingpage/hegnarmedia/20210302_2/

The presentation will be available at www.akastor.com

This information is subject to the disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 17, cf section 5.12 of the Norwegian Securities Trading Act.


Contacts

Baker Hughes Investor Relations
Jud Bailey
+1 281-809-9088
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Baker Hughes Media Relations
Thomas Millas
+1 713-879-2862
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Akastor
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
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DUBLIN--(BUSINESS WIRE)--The "Boat Building and Repairing Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.


Boat Building and Repairing Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global boat building and repairing market as it emerges from the COVID-19 shut down.

Major companies in the boat building and repairing market include Brunswick Corporation; Riviera; Holyhead Boatyard Ltd; Ancasta International Boat Sales Ltd and Survitec Survival Craft Ltd.

The global boat building and repairing market is expected to grow from $41.09 billion in 2020 to $43.95 billion in 2021 at a compound annual growth rate (CAGR) of 7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $57.11 billion in 2025 at a CAGR of 7%.

The boat building and repairing market consists of sales of boats and boat building and repairing services and related services by entities (organizations, sole traders and partnerships) that operate shipyards or boatyards. Shipyards and boatyards are fixed facilities with drydocks and fabrication equipment capable of building boats, including dinghies, hovercrafts, motorboats, rowboats, yachts, sailboats and inflatable rubber boats. The boat building and repairing market is segmented into boat building and boat repairing.

North America was the largest region in the global boat building and repairing market, accounting for 37% of the market in 2020. Asia Pacific was the second largest region accounting for 36% of the global boat building and repairing market. Africa was the smallest region in the global boat building and repairing market.

Boat building companies are increasingly using 3d printing technology in the manufacture of boats. 3D printing involves the building of three-dimensional objects using a digital model by laying successive layers of material. 3D printing provides boat manufacturers with advantages such as adjustability, cost reduction and convenience.

Manufacturing companies are focusing on new products especially for fishing and water sports. Many high-end yachts are already using 3D printed parts. For instance, in the USA, the UMaine (University of Maine) team built the largest 3D printed boat using the largest prototype polymer 3D Printer.

Advances in technology are expected to be a continued driver of market growth in the forecast period. The global boat building and repairing industry has experienced many technological advances in the last decade and this trend is expected to intensify.

The new features to expect in boats include autonomous driving, black finishing, wellness features, modern lighting, driver override systems, comprehensive tracking, active health monitoring and reconfigurable body panels. These innovations are expected to drive the boat building and repairing market during the forecast period.

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Boat Building and Repairing Market Characteristics

3.1. Market Definition

3.2. Key Segmentations

4. Boat Building and Repairing Market Product Analysis

4.1. Leading Products/ Services

4.2. Key Features and Differentiators

4.3. Development Products

5. Boat Building and Repairing Market Supply Chain

5.1. Supply Chain

5.2. Distribution

5.3. End Customers

6. Boat Building and Repairing Market Customer Information

6.1. Customer Preferences

6.2. End Use Market Size and Growth

7. Boat Building and Repairing Market Trends and Strategies

8. Impact of COVID-19 on Boat Building and Repairing

9. Boat Building and Repairing Market Size and Growth

9.1. Market Size

9.2. Historic Market Growth, Value ($ Billion)

9.2.1. Drivers of the Market

9.2.2. Restraints on the Market

9.3. Forecast Market Growth, Value ($ Billion)

9.3.1. Drivers of the Market

9.3.2. Restraints on the Market

10. Boat Building and Repairing Market Regional Analysis

10.1. Global Boat Building and Repairing Market, 2020, by Region, Value ($ Billion)

10.2. Global Boat Building and Repairing Market, 2015-2020, 2020-2025F, 2030F, Historic and Forecast, by Region

10.3. Global Boat Building and Repairing Market, Growth and Market Share Comparison, by Region

11. Boat Building and Repairing Market Segmentation

11.1. Global Boat Building and Repairing Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

  • Boat Building
  • Boat Repairing

12. Boat Building and Repairing Market Metrics

12.1. Boat Building and Repairing Market Size, Percentage of GDP, 2015-2025, Global

12.2. Per Capita Average Boat Building and Repairing Market Expenditure, 2015-2025, Global

Companies Mentioned

  • Brunswick Corporation
  • Riviera
  • Holyhead Boatyard Ltd
  • Ancasta International Boat Sales Ltd
  • Survitec Survival Craft Ltd

For more information about this report visit https://www.researchandmarkets.com/r/1vebmo


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

LONDON--(BUSINESS WIRE)--#MCommerce--P97 Networks, Inc., a leader in cloud-based mobile commerce and behavioral marketing solutions, announced today that it has been chosen by RCI Bank and Services, to bring mobility services to motorists. RCI Bank and Services, which operates in 36 countries specializes in automotive financing and services and supports Groupe Renault in the development of mobility services.


P97 is one of the leading providers of mobile commerce solutions, connecting mobility service providers to their customers by enabling mobile payments from a mobile device or the connected car. By easing the purchasing process, they enable their partners to achieve increased sales, greater brand loyalty, and lower operating costs. Mobile commerce enables a more touchless, effortless, and secure payment experience than more traditional payment methods, features that are in increasing demand in the current environment.

P97 partners with leading mobile wallets, cloud-based payment systems, and other payment providers to ensure mobile payments are more secure than traditional payment methods. The PetroZone® platform is Payment Card Industry (PCI) and Europay, Mastercard and Visa (EMV) compliant, and runs on Microsoft Azure Cloud Services with multifactor authentication to secure cardholder data.

“We are excited to have RCI Bank and Services as our partner,” says Nick Allen, Managing Director, Europe, Middle East & Africa at P97 Networks. “The connected car is the next step in the evolution of driving. RCi understands that creating a frictionless buying experience is a critical feature in their connected car strategy as drivers are increasingly demanding greater convenience and instant gratification in their daily buying experiences.”

About RCI Banque S.A.

Created and wholly owned by Groupe Renault, RCI Banque S.A. is a French bank specializing in automotive financing and services for the customers and dealership networks of Groupe Renault (Renault, Dacia, Alpine, Renault Samsung Motors and Lada) worldwide, the Nissan group (Nissan, Infiniti and Datsun) mainly in Europe, Brazil, Argentina and South Korea and through joint ventures in Russia and India, and Mitsubishi Motors in the Netherlands.

RCI Bank and Services has been the new commercial identity of RCI Banque S.A. since February 2016. With 3,800 employees in 36 countries, the group financed over 1.5 million contracts (for new and used vehicles) in 2020 and sold more than 4.6 million services. At end-December 2020, average performing assets stood at €46.9 billion in financing and pre-tax income at €1.003 million. RCI Bank and Services has rolled out a deposits collection business in six countries since 2012. At end-December 2020, net collected deposits totaled €20.5 billion, or 43% of the company's net assets. Find out more about RCI Bank and Services: www.rcibs.com. Follow us on Twitter: @RCIBS

About P97 Networks

P97 Networks provides secure, cloud-based mobile commerce and digital marketing solutions for the convenience retail, fuels, EV and transportation industries. P97’s mobile commerce solutions enhance the ability for its partners to attract and retain customers by providing technology that securely connects millions of individual mobile phones and connected cars with identity and geolocation-based software to create truly unique connected-consumer experiences. P97’s software personalizes the “find-buy-save” experience for every mobile consumer. For more information follow us on Twitter @p97networks or visit www.p97.com.


Contacts

Press Contact:
Tracy DeJarnett
+1 (713) 294 9888
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Annual IoT Breakthrough Awards Program Recognizes Standout Internet of Things Companies and Products

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, today announced that it has been selected as the winner of the “Public Safety Innovation of the Year” award for the third consecutive year in the annual IoT Breakthrough Awards program. This program is conducted each year by IoT Breakthrough, which is a leading market intelligence organization that recognizes the top companies, technologies and products in the global Internet of Things market today.


The 2021 Public Safety Innovation of the Year award recognizes the cutting-edge IoT-based wastewater monitoring solution developed through a collaboration between Miami-Dade County Water & Sewer Department (WASD), Itron, Utility Systems Science & Software (US3) and the Avanti Company. Taking advantage of real-time data from US3’s wastewater flow sensors and Itron’s expertise in delivering outcome-based IoT solutions for critical infrastructure operators, this innovative solution enabled Miami-Dade County Water and Sewer Department to proactively identify I/I, prevent sewer overflows, improve water quality, protect local ecosystems and ensure public safety.

“Itron is not only displaying a high-level of IoT innovation with the developer program and IoT solutions, but this innovative smart city solution is a shining example of real-world IoT deployment yielding results,” said James Johnson, managing director at IoT Breakthrough. “With the Itron wastewater management system, Miami-Dade is improving system reliability and ensuring safety for their 2.7 million residents. We extend our sincere congratulations to Itron for taking home our 'Public Safety Innovation of the Year' award for 2021.”

The mission of the IoT Breakthrough Awards program is to recognize the innovators, leaders and visionaries from around the globe in a range of IoT categories, including Industrial and Enterprise IoT, Smart City technology, Connected Home and Home Automation, Connected Car, and many more. This year’s program attracted more than 3,850 nominations from companies all over the world.

“With Itron’s IIoT solution and robust partner ecosystem, we are bringing innovative solutions to market, such as the wastewater monitoring capabilities at Miami-Dade County Water and Sewer Department, in order to enhance public safety for the communities our technology touches,” said John Marcolini, senior vice president of Networked Solutions at Itron. “We are thrilled that the success of this collaboration, which is improving the utility’s ability to address state and federal regulatory standards while increasing operational efficiency, is being recognized in the 2021 IoT Breakthrough Awards program.”

To mitigate regulatory issues and prevent sanitary sewer overflows, Miami-Dade County Water & Sewer Department (WASD), with the active collaboration of Itron, planned, coordinated, and deployed this solution. In addition to helping the utility comply with local environmental regulations, and mitigate sewer overflows, the solution delivers significant operational efficiencies for the department’s I/I reduction program. This solution automates the reporting process for regulatory compliance, and improve field personnel mobilization, reducing the amount of deployments by 60 percent, avoiding unnecessary deployments and reducing operational costs for the utility.

About Itron

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

About IoT Breakthrough

Part of the Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the IoT Breakthrough Awards program is devoted to honoring excellence in Internet-of-Things technologies, services, companies and products. The IoT Breakthrough Awards program provides a forum for public recognition around the achievements of IoT companies and products in categories including Connected Home and Home Automation, Connected Car, Industrial IoT (IIoT) and Smart City, Consumer IoT and more. For more information visit IoTBreakthrough.com.


Contacts

Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Global Naval Sensors - Market and Technology Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.


Global Naval sensors Market accounts for a market value of roughly USD 5 billion as of 2020.

The Global pandemic is one of the key factors that has created a shift in market trends. The CAGR for the market is anticipated to be 5% during the forecast period (2021-2029).

Regions like China account for a maximum market value owing to its ongoing fleet procurement programs. The planning is to invest heavily in the development and procurement of naval armament in order to enhance its combat abilities. China's strained relationships with the US and India as well as disputes like the South China Sea necessitate the requirement for a strong naval force.

Detection systems, integrated onto Naval Platforms, are used to detect both systems as well as environmental changes associated with the platform. Information about the perimeter is used in order to devise strategic plans for naval operations. While the data procured for system functionality is used by technology innovators to monitor the operation and maintenance aspects of the product.

Growth in munition technology, as well as anti-ship/anti-submarine warfare systems, is one of the factors that boost the growth dynamics of the market. Sensors with enhanced sensitivity are now being devised to detect the movements of the adversaries. These components serve as the interface between the detection system and the environment.

They are integrated onto the surface of technologies like RADAR, SONAR, LIDAR, and EW systems to optimize the combat abilities of a vessel. Amongst these sub-sets, SONAR systems account for roughly 21% of the product-based segment. ASW and underwater acoustic sensing capabilities associated with SONAR are some of the key factors that promote its growth.

RADAR systems account for the second-largest market segment. According to the product life cycle, both RADAR and SONAR account for mature market segments. RADAR systems make use of EM waves in order to transmit/receive information. EM waves tend to portray reduced efficiency when it comes to scenarios based on phase change. Therefore, technologies like Acoustic sensing and MAD (Magnetic Analogue Detection) are used for underwater detection by platforms like warships and logistical vessels.

Key Topics Covered:

1 Introduction

1.1 Objective

1.2 Market Definition

1.3 Methodology

1.4 Scenario Based Forecast

2 Executive Summary

2.1 Naval Sensors Market Trends and Insights

2.2 Top Five Major Findings

2.3 Major Conclusion

2.4 Important Tables and Graphs

3 Current Technologies of the Global Naval Sensors Market

3.1 AESA Radar

3.2 MIMO (Multiple Input and Output) Radar

3.2.1 Monostatic MIMO Radar

3.2.2 Bi-Static MIMO Radar

3.3 LPIR (Low Probability Of Intercept) Radar

3.4 Quantum Radar

3.5 Quantum and Superconducting Magnetometer

3.6 Hydroacoustic Monitoring

3.7 Electronic Warfare

3.8 Hypersonic Missile System

3.9 3D Printing in defense technologies

3.10 UUV (Unmanned Underwater Vehicles)

3.11 Big Data

3.12 IoT

4 Current Market Overview of the Global Naval Sensors Market

4.1 Introduction

4.1.1 Naval Sensors

4.1.2 Types of Information

4.1.3 Categorization of Sensors

4.2 Maritime Sensors in Anti-Air Warfare (AAW)

4.2.1 History of AAW

4.2.2 Components of AAW Defense System

5 Current Market Trends in Global Naval Sensors Market

5.1 Sensor's Interface with the external environment

5.1.1 Sensor's Detection Capability

5.1.2 Information Extraction amongst sensors

5.2 Naval Communication Systems

5.3 Electronic Warfare and its impact on Naval sensors

5.3.1 Type of Electronic Warfare used across varied platforms

5.4 Fortification of South China Sea

5.4.1 EW Capabilities of PLA

5.5 Naval RADAR Systems and their frequency

5.5.1 Challenges linked with Electronic noise and clutter

6 Market Analysis of the Global Naval Sensors Market

6.1 Competitive Forces Analysis

6.1.1 Buyer's Bargaining Power

6.1.2 Supplier's Bargaining Power

6.1.3 Threat of Substitution

6.1.4 The Threat of New Entrants

6.1.5 Rivalry Amongst Competitors

6.2 Macro environment

6.2.1 Political

6.2.2 Economic

6.2.3 Social

6.2.4 Technological

6.3 Forecast Factors

6.3.1 Drivers

6.3.2 Inhibitors

6.3.3 Challenges

6.3.4 Market Segmentation of the Global Naval Sensors Market

7 Country Analysis

7.1 United States

7.1.1 Introduction

7.1.2 United States Naval Sensors EXIM Data

7.1.3 Market Introduction United States Exports

7.1.4 Market Introduction United States Imports

7.1.5 United States Market Attractiveness

7.2 Russia

7.3 China

7.4 India

7.5 South Korea

7.6 France

7.7 Italy

7.8 United Kingdom

7.9 Germany

7.10 Israel

7.11 Conclusion- Market Attractiveness of the Global Naval Sensors Market

8 Global Naval Sensors Market to 2029 By Region

9 Global Naval Sensors Market to 2029 By Platform

9.1 Market Introduction

9.2 Total Global Naval Sensors Market by Platform (by Product)

9.2.1 Surface Warships

9.2.2 Submarine

9.2.3 Unmanned Systems

9.2.4 Munitions

9.2.5 Others

9.3 Total Global Naval Sensor by Platform (By Application)

9.3.1 Surface Warships

9.3.2 Submarine

9.3.3 Unmanned Systems

9.3.4 Munitions

9.3.5 Others

10 Global Naval Sensors Market to 2029 by Product

10.1 Market Introduction

10.2 Total Global Naval Sensors Market by Product (By Application)

10.2.1 RADAR

10.2.2 SONAR

10.2.3 LIDAR

10.2.4 Magnetometer

10.2.5 IR Sensors

10.2.6 Seismic Sensors

10.2.7 Hyperspectral Imaging

11 Events based forecast for the Global Naval Sensors Market to 2029

12 Opportunity Analysis

12.1 By Region

12.2 By Platform

12.3 By Product

13 Corona Impact on Global Naval Sensors Market

14 Leading Companies in the Global Naval Sensors Market

  • ASELSAN
  • BAE Systems
  • General Dynamics
  • HENSOLDT GmbH
  • L3 Harris Technologies
  • Leonardo S.p. A
  • Lockheed Martin
  • Northrop Grumman
  • Raytheon
  • Saab AB
  • TERMA A/S
  • Thales

For more information about this report visit https://www.researchandmarkets.com/r/8preip


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DES PLAINES, Ill.--(BUSINESS WIRE)--#CJLogistics--DSC Logistics, a leading logistics and supply chain management company, today officially announced its rebranding as CJ Logistics and launched its new website, cjlogisticsamerica.com.



CJ Logistics, a major supply chain leader in Asia and a top global logistics services provider, joined with DSC to expand its North American platform which now includes over 80 locations in the United States, Canada and Mexico, including warehouses, transportation, freight forwarding and corporate offices, with a combined warehousing footprint now exceeding 30 million square feet.

DSC was founded in 1960 on Chicago’s South Side as Dry Storage Corporation. Under the leadership of former CEO Ann Drake, the company grew to become DSC Logistics, excelling at strategic partnerships and providing large-scale warehouse operations leadership for highly regulated industries including food, CPG and healthcare. In August 2018, DSC completed the transfer of majority ownership to CJ Logistics, and, in early 2020, completed a full transfer of ownership, announcing that it had combined with other CJ Logistics North American entities under one operating company, CJ Logistics America, with plans to rebrand as CJ Logistics in 2021.

As a newly integrated company with broadened capabilities and a global network, CJ Logistics America, a division of CJ Logistics, is focused on unlocking the potential of customers’ supply chains. Its corporate offices are based in Des Plaines, IL, the longtime site of DSC Logistics’ headquarters, with leader Ed Bowersox serving as CEO of CJ Logistics America. "We are expanding solutions, providing a worldwide network and leading-edge technology,” said Bowersox. “Our focus continues to be on customer value creation and cultivating exceptional talent, and now the possibilities are greater than ever before."

The company’s new website, cjlogisticsamerica.com, reflects the combined talent and capabilities of DSC and CJ Logistics. With emphasis on unity, mobility and speed, the CJ Logistics brand embodies themes of innovation, leadership, trust, customer well-being and commitment to community. “We are now offering fully integrated end-to-end supply chain solutions across the globe, and it’s very exciting,” said Kevin Coleman, Chief Customer Officer of CJ Logistics America. “Serving customers as one united company and brand reflects our passion for continuous improvement and a fully integrated customer experience.”

CJ Logistics and CJ Logistics America

CJ Logistics provides integrated global supply chain services, maximizing customer value through continuous improvement and innovation. With a focus on social responsibility and sustainability through growth with customers and communities, CJ Logistics prioritizes the well-being of the end consumer. CJ Logistics offers an integrated, one-stop SCM service platform with air and sea international freight forwarding, warehousing and transportation contract logistics, asset-based transportation, parcel and express delivery, and supply chain consulting. As a lead logistics partner (LLP), third-party logistics provider (3PL) and supply chain consultant, CJ Logistics helps customers leverage supply chain management as a competitive advantage, reducing total system costs, transforming business processes, improving service and facilitating growth and change. CJ Logistics America, a division of CJ Logistics, is responsible for leading warehousing, transportation and freight forwarding operations across the North America region, specializing in solutions for regulated industries such as food and beverage, consumer packaged goods, healthcare and medical supplies, and tire and automotive. cjlogisticsamerica.com


Contacts

Jennifer Nix at This email address is being protected from spambots. You need JavaScript enabled to view it. or call (312) 402-0740

—CSI to Refocus on Residential Solar and Battery Storage Market—

—Concurrently to Acquire Hawaii Energy Connection and E-GEAR—

—Intends to Build a Leading National Residential Solar Energy Service Provider—

—CSI to Monetize Assets and Distribute Cash to Existing Shareholders—

—CSI Will Fully Support Current Business Lines Pending Divestiture—

MINNETONKA, Minn.--(BUSINESS WIRE)--Communications Systems, Inc. (NASDAQ: JCS) (“CSI” or the “Company”), an IoT intelligent edge products and services company, today announced that it entered into a definitive merger agreement with privately held Pineapple Energy, LLC (“Pineapple”), a growing U.S. operator and consolidator of residential solar, battery storage, and grid services solutions. Upon closing, CSI will commence doing business as Pineapple Energy, with a business model focused on the rapidly growing home solar industry. The Company expects shares of the combined company to continue to trade on the Nasdaq Capital Market under the new ticker symbol “PEGY.” The definitive merger agreement and transaction have been approved by CSI’s Board of Directors and are subject to approval by CSI’s shareholders. The transaction is expected to close in the second quarter of 2021.


A conference call to discuss the proposed merger is scheduled for today, March 2, 2021 at 11:00 a.m. ET (8:00 a.m. PT). Instructions for participating on the conference call are below.

Members of both CSI’s and Pineapple’s management teams will assume leadership roles in the combined company. Roger H.D. Lacey, Executive Chairman of CSI, and Mark Fandrich, CSI’s Chief Financial Officer, are expected to remain in these same roles. Pineapple’s Chief Executive Officer Kyle Udseth, an industry veteran who previously served as an executive at leading residential solar energy providers Sunnova and Sunrun, will assume the Chief Executive Officer position of the combined company. The Company expects to remain in its current headquarters near Minneapolis, Minnesota.

Mr. Lacey commented, “Over the last three years, CSI’s Special Committee oversaw a series of initiatives designed to drive shareholder value. In 2020, we completed a reorganization of our business. While pleased with our progress, we have concluded that our two current operating segments would provide more substantial long-term growth opportunities to organizations that can unlock additional synergies, expand into adjacent markets, add scale, and broaden their existing product lines. We are committed to finding new owners for these businesses that can continue their long tradition of quality products and services, but remain committed to supporting these businesses and their current operations and customers during this process. Meanwhile, by re-inventing CSI through this proposed merger, we will set the stage to become a fast-growing and profitable company, with a focus on delivering immediate value to our shareholders while retaining an opportunity for long-term appreciation.”

Founded in November 2020 by private equity firm Northern Pacific Group and seasoned industry executives, Pineapple provides solar, battery storage and other energy services to homeowners. Through its unique “battery-first” business model, Pineapple will offer compelling residential solar power systems, with longer-term plans to aggregate its customer fleet into regional virtual power plants.

Commenting on Pineapple’s vision for the future of energy, Mr. Udseth said, “We see the energy system of tomorrow as a decentralized network grown from the grass roots of individual homeowners and their solar-plus-battery systems. Our vision is for Pineapple to become a champion for homeowners in this energy transition by delivering the best customer experience in a consultative manner. We will offer the full range of financing options and a broad selection of hardware from leading manufacturers, all with the purpose of empowering homeowners and giving them choice. We want to always stay aligned with our customers’ interests, including as we share future grid-services revenues.”

Pineapple recently signed definitive agreements to acquire Hawaii Energy Connection (“HEC”) and E-GEAR, both Hawaii-based sustainable energy solution providers. These follow on Pineapple’s acquisitions of Horizon Solar Power and certain assets of Sungevity in December 2020. In particular, HEC is among the leading solar, battery storage, and distributed energy resource (“DER”) management companies in the nation's most advanced alternative energy market. These pending acquisitions are expected to close simultaneously with the closing of the CSI-Pineapple merger. The combined company’s post-merger strategy is to consolidate other leading regional players, with several acquisition targets already in the due diligence phase.

Commenting on the two pending Pineapple acquisitions, Mr. Udseth noted, “The anticipated addition of HEC and E-GEAR to the Pineapple family will solidify our foundation and expand our geographic footprint. We intend to leverage HEC's experience in storage design, installation and support, as well as E-GEAR’s proprietary distributed aggregation, control and grid service technology. These advantages will enhance our product offering through the mainland US, including in underpenetrated markets such as Florida and Texas.”

Scott Honour, Managing Partner of Northern Pacific Group, added, “We formed Pineapple in order to meet the growing demand for green home energy services by offering customers high-quality solutions in a transparent manner. We are very enthusiastic about the merger of Pineapple with CSI. This transaction will pave the way for the combined company to effectively raise capital and use stock as a currency to acquire other leading regional solar, storage and energy services companies.”

Mr. Lacey concluded, “The re-invented company will be well positioned to grow organically and via targeted acquisitions. The energy transition in the U.S. is well underway but still in the early stages, as solar paired with battery storage should continue to drive down the cost of electricity and increase the resiliency of power grids nationwide. The recent grid emergency in Texas underscores the urgent need for more distributed, secure power sources for homeowners. Our new company intends to capitalize on growing demand for solutions that provide home energy security, supported by federal and local government policies related to tax credits, trade tariffs, decarbonization targets, and research and development spending.”

Cash Dividends; Contingent Value Rights; Continuing Ownership for CSI’s Shareholders

In conjunction with the merger, CSI intends to divest substantially all its current operating and non-operating assets, including its Electronics & Software business, its Services & Support business, real estate holdings, and cash, cash equivalents, and investments. CSI is in discussions and negotiations with potential acquirers of its business segments and real estate holdings. CSI expects the sale proceeds from any pre-merger divestitures to be distributed in the form of a cash dividend to existing CSI shareholders prior to the effective date of the merger. In addition to any proceeds from pre-merger divestitures, CSI expects to distribute to the pre-merger shareholders a cash dividend of at least $1.00 per share prior to the closing of the merger. The Company also intends to make additional cash dividends from cash, cash equivalents, and investments and proceeds from the sale of legacy CSI assets and businesses sold after the merger through the CVRs, as described below.

Under terms of the merger agreement, each CSI shareholder as of the merger record date, will receive Contingent Value Rights (“CVRs”) that reflect the right to receive that shareholder’s percentage of the net proceeds from the sale of legacy CSI businesses and assets, after the closing. The Company currently expects that these CVRs will be nontransferable. As of September 30, 2020, CSI’s net book value was $47.2 million, it had cash, cash equivalents, and investments of $21.0 million and had working capital of $28.5 million.

Additionally, current CSI shareholders will retain shares in the combined company, initially holding approximately 37% of total shares outstanding. This ownership is expected to decrease over time due to earnouts to Pineapple shareholders and capital to be raised through potential future equity offerings, as described below.

Other information about the Merger and Related Transaction

  • The transaction is structured as a statutory reverse triangular merger under Delaware law under which a new CSI subsidiary will be merged with and into Pineapple. Pineapple will survive the merger and become a wholly-owned subsidiary of CSI.
  • CSI directors and executive officers have entered into voting agreements under which they agreed to vote their shares in favor of the merger.
  • The Members of Pineapple will receive base consideration of 15.6 million shares of CSI common stock. The base consideration will be increased for any outstanding convertible notes issued by Pineapple in a pre-closing financing, which will convert into additional shares of CSI common stock at a rate of $2.00 per share and be decreased for any outstanding indebtedness of Pineapple in excess of $22.5 million, which will reduce the base consideration at a rate of $2.00 per share;
  • In addition to the base consideration, Members of Pineapple may receive additional shares pursuant to an earnout. Additional shares of common stock will be issued to Members of Pineapple upon the occurrence of the following milestones:
    • If Pineapple discharges its Permitted Indebtedness of $22.5 million within three months of closing, then the Members of Pineapple will be entitled to an additional 3.0 million shares.
    • If, within two years of closing, the CSI common stock achieves a 30-day VWAP (volume weighted average price) of at least $6.00 per share, the Members of Pineapple will be entitled to receive up to 4.0 million shares of common stock (to be increased to 5.0 million if CSI consummates the “Dispositions,” (as defined below) by the 18-month anniversary of the closing).
    • If, within two years of closing, the CSI common stock achieves a 30-day VWAP of at least $8.00 per share, the Members of Pineapple will be entitled to receive up to an additional 4.0 million shares of common stock (to be increased to 5.0 million if CSI consummates the “Dispositions” by the 18-month anniversary of the closing).
  • The Board of Directors of CSI will recommend approval of the merger agreement to its shareholders and intends to ask its shareholders to approve:
    • the transactions (including the merger agreement, the CVR agreement, and issuance of CSI stock consideration),
    • the amendment of CSI’s articles of incorporation to increase the authorized shares and make certain additional changes regarding future shareholder approval requirements;
    • the adoption of a new equity incentive plan and,
    • if applicable, the issuance of any new shares in connection with any Private Investment in Public Entity (“PIPE”) or other equity offering transaction.
  • Prior to closing, CSI may pursue dispositions of legacy assets (“Dispositions’’) and declare a cash dividend to its shareholders. CSI will continue to support existing business lines as it pursues new partners or owners for these businesses. To the extent not sold prior to closing, following the closing, CSI will use commercially reasonable efforts to complete the Dispositions of the Company’s legacy assets as soon as reasonably practicable (and, in any event, within 18 months of the closing).
  • Prior to closing, CSI and Pineapple will cooperate in connection with a potential private equity transaction that would result in the issuance of additional shares of CSI common stock at the closing of the merger.

The merger agreement also contains indemnification provisions, has termination provisions, and under certain circumstances, requires the payment of a termination fee.

Any statement about the merger agreement and the transactions in this press release is a summary and subject to the terms of the merger agreement, which will be filed as an exhibit to a filing with the Securities and Exchange Commission (“SEC”), and to other SEC filings. See “Important Information and Where to Find It,” set forth below.

Financing Growth

In conjunction with the merger, CSI and Pineapple Energy are exploring equity financing through a private placement that would close in connection with the closing of merger, with proceeds to be used by the combined company to finance additional acquisitions and working capital needs of the combined company. In addition, Pineapple is exploring equity financing that would lower the amount of debt associated with its past and pending acquisitions. Any equity issued by the combined company after closing of the merger would increase the number of post-merger shares outstanding and decrease the percentage ownership of continuing CSI shareholders.

Important Information and Where to Find It

A full description of the terms of the transaction will be provided in a proxy statement for the shareholders of Communications Systems, Inc. (the “Proxy Statement”) to be filed with the SEC. CSI urges investors, shareholders and other interested persons to read, when available, the preliminary proxy statement as well as other documents filed with the SEC because these documents will contain important information about CSI, Pineapple, and the proposed transaction. The definitive proxy statement will be mailed to CSI shareholders as of a record date to be established for voting on the proposed transaction. Shareholders will also be able to obtain a copy of the definitive proxy statement (when available), without charge, by directing a request to: Communications Systems, Inc., 10900 Red Circle Drive, Minnetonka, MN 55343. The preliminary and definitive proxy statement, once available, can also be obtained, without charge, at the SEC’s website (www.sec.gov).

Conference Call Information

A conference call is scheduled for today, March 2, 2021 at 11:00 a.m. ET (8:00 a.m. PT). CSI’s and Pineapple’s management will comment on the merger agreement and business strategy. Interested parties may participate in the call by dialing 877-445-9755; please dial in 10 minutes before the scheduled starting time and ask for the Communications Systems call.

The conference call will also be webcast live via https://78449.themediaframe.com/dataconf/productusers/csi/mediaframe/43929/indexl.html or the Company’s Investor Resources page https://www.commsystems.com/investor-resources. To listen to the live webcast, go to the website at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, the conference call will be archived on the Company’s web site.

Website Information

CSI routinely posts important information for investors on its website, www.commsystems.com, in the “Investor Resources” section. CSI uses this website as a means of disclosing material information in compliance with its disclosure obligations under SEC Regulation FD. Accordingly, investors should monitor the “Investor Resources” section of CSI’s website, in addition to following its press releases, SEC filings, future public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, CSI’s website is not incorporated by reference into, and is not a part of, this document.

About Communications Systems, Inc.

Communications Systems, Inc., an IoT intelligent edge products and services company, provides network infrastructure and services for global deployments of enterprise and industrial networks. CSI operates under its Electronics & Software and Services & Support operating segments. Its Electronics & Software segment provides smart, flexible solutions at network edge, by giving customers the ability to easily provision and proactively manage their networks with actionable insights about their edge devices and connected end points, thereby minimizing the administrative burden of the operator. Its Services & Support segment provides fully managed services for all aspects of design, deployment, support, and maintenance of customer networks. With partners and customers in over 50 countries, CSI has built a reputation as a reliable global innovator focusing on quality and customer service. For more information visit: commsysinc.com.

About Pineapple Energy LLC

Pineapple Energy was founded to acquire and grow leading local and regional solar, storage, and energy services companies nationwide. Pineapple’s vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage on consumers' homes. Pineapple puts the customer at the heart of everything it does, building long-term relationships to create and share in recurring revenue from the electric grid of the future. Pineapple's cornerstone acquisitions of certain assets of Sungevity and Horizon Solar Power in December 2020 brought an installed customer base of 44,000+ solar customers across 12 states.

Advisors

Northland Capital Markets serves as financial advisor to CSI in connection with the transaction and JMP Securities serves at financial advisor to Pineapple Energy. Ballad Spahr LLP is acting as legal counsel to CSI and Faegre Drinker Biddle & Reath LLP is acting as legal counsel to Pineapple Energy.

Participants in the Solicitation

Communications Systems, Inc. and its directors and executive officers may be considered participants in the solicitation of proxies by CSI in connection with the proposed transaction. Information about the directors and executive officers of CSI is set forth in its Annual Report on Form 10-K/A for the fiscal year ended December 31, 2019, its 2020 Proxy Statement and its Current Report on Form 8-K dated December 1, 2020, which were filed with the SEC on March 17, 2020, April 29, 2020 and December 1, 2020, respectively, and will be set forth in its Proxy Statement, which will be filed with the SEC when it becomes available. You may obtain these documents (when they become available, as applicable) free of charge through the sources indicated above.

Non-Solicitation

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

Forward Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Communications Systems’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. There can be no guarantee that the proposed transactions described in this document will be completed, or that they will be completed as currently proposed, or at any particular time. Actual results may vary materially from those expressed or implied by the statements here due to changes in economic, business, competitive or regulatory factors, and other risks and uncertainties affecting the operation of Communications Systems’ business, as well as the business of Pineapple Energy. These risks, uncertainties and contingencies are presented in the Company’s Annual Report on Form 10-K and, from time to time, in the Company’s other filings with the Securities and Exchange Commission. The information set forth herein should be read considering such risks. Further, investors should keep in mind that the Company’s financial results in any period may not be indicative of future results. Communications Systems is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether because of new information, future events, changes in assumptions or otherwise. In addition these factors, there are a number of specific factors related to this transaction, including:

  • The Company’s ability to obtain shareholder approval for the merger agreement and related transactions;
  • The ability of Pineapple to successfully close its Hawaii Energy Connection (HEC) and E-GEAR acquisitions and integrate these businesses into its operations;
  • The ability of the combined company to successfully maintain a Nasdaq Capital Market listing;
  • The ability of the combined company to successfully access the capital markets, identify and acquire appropriate acquisition targets and successfully integrate these companies into its operations;
  • The Company’s ability to successfully sell its existing operating business assets and its real estate assets and distribute these proceeds to its existing shareholder base.
  • conditions to the closing of the merger may not be satisfied or the merger may involve unexpected costs, liabilities or delays;
  • the occurrence of any other risks to consummation of the merger, including the risk that the merger will not be consummated within the expected time period or any event, change or other circumstances that could give rise to the termination of the merger agreement;
  • risks that the merger disrupts current CSI plans and operations or that the business or stock price of CSI may suffer as a result of uncertainty surrounding the merger;
  • the outcome of any legal proceedings related to the merger;
  • CSI or Pineapple Energy may be adversely affected by other economic, business, or competitive factors.

 


Contacts

For Communications Systems, Inc.
Anita Kumar
Chief Executive Officer
+1 (952) 996-1674

Roger H. D. Lacey
Executive Chair
+1 (952) 996-1674

Mark D. Fandrich
Chief Financial Officer
+1 (952) 582-6416
This email address is being protected from spambots. You need JavaScript enabled to view it.

The Equity Group Inc.
Lena Cati
Vice President
+1 (212) 836-9611
This email address is being protected from spambots. You need JavaScript enabled to view it.

Devin Sullivan
Senior Vice President
+1 (212) 836-9608
This email address is being protected from spambots. You need JavaScript enabled to view it.

For Pineapple Energy LLC
Kyle Udseth
Chief Executive Officer
+1 (952) 582-6460
This email address is being protected from spambots. You need JavaScript enabled to view it.

The Blueshirt Group
Gary Dvorchak, CFA
Managing Director
+1 (323) 240-5796
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GRAND JUNCTION, Colo.--(BUSINESS WIRE)--#SCADA--Iron-IQ kicks off 2021 by offering mid-market oil and gas operators a more sensible way of getting all their equipment, people, and processes connected within the cloud. Now operators don’t have to spend a small fortune in CAPEX or heavy OPEX maintenance costs to have best-in-class SCADA and workflow automation.


“After working in the patch for hundreds of hours, dealing with the hassles and high-cost of on-premise SCADA solutions. Our team knew there had to be a better way,” commented Iron-IQ CEO, Michael Ligrani.

Iron-IQ’s platform pushes the edge of SCADA technology with powerful tools like integrated NodeREDTM automation, advanced Production Forecasting, and intelligent alarms. “We taught it to play nice with others so it’s third party friendly too,” Ligrani said. “Our SCADA system is able to think, enabling people to avoid the pain of trying to get their SCADA system to integrate with other software. Now, it’s right at their fingertips.”

Their advantages aren’t all technological. Having merged with an established production optimization software company, Iron-IQ offer deep domain expertise encoded into their system. With multiple petroleum and automation engineers on staff, they can quickly get your operations online and optimized.

“SCADA systems should be simple to use, customizable, and easy to access by anyone regardless of their company size,” Michael explained, “It shouldn’t matter if you and your son are working a dozen wells or you’ve got a team of 100 guys; everyone deserves a dependable system that transfers directly into their operations. That’s why we started the SCADA revolution with Iron-IQ.”

More and more companies are choosing to join the SCADA revolution. Migration from existing legacy systems is fast and well supported. Iron-IQ provides internal IT and OT support to make transitioning quick and painless.

To join the SCADA revolution, visit https://iron-iq.com/ or contact Iron-IQ directly using the contact information below.

Related Links
https://iron-iq.com/


Contacts

Josh Spraker
877-664-9355
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TROY, Mich.--(BUSINESS WIRE)--Electric Last Mile, Inc. (“ELMS” or the “Company”), a commercial electric vehicle company focused on last-mile delivery solutions, today announced its participation in several upcoming investor events:


  • Deutsche Bank EV Startups Virtual Bus Tour (March 4, 2021)
  • Baird Vehicle Technology and Mobility Conference (March 9-10, 2021)
  • Cowen Mobility Disruption Conference (March 11-12, 2021)
  • UBS Global Energy Transition Call (March 17, 2021)
  • Piper Sandler Commercial EVs Zoom Event (March 19, 2021)
  • Evercore ISI EV / New Energy Day (March 23, 2021)
  • Colliers Spring Alternative Transportation Conference (March 25-26, 2021)
  • Wedbush EV Conference (April 8, 2021)

Please contact your bank salesperson if you would like to participate in the events.

The Company has also posted an updated investor presentation to its website at www.electriclastmile.com.

Electric Last Mile, Inc. has previously announced a definitive merger agreement with Forum Merger III Corporation (NASDAQ: FIII). Upon the closing of the transaction, the combined company will be named Electric Last Mile Solutions, Inc. and will continue to be listed on the Nasdaq Capital Market under the new ticker symbol, “ELMS.”

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forum Merger III Corporation’s (“Forum”) and ELMS’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Forum’s and ELMS’s expectations with respect to future performance and anticipated financial impacts of the previously announced business combination of Forum and ELMS (the “business combination”), the satisfaction of the closing conditions to the business combination, the size, demands and growth potential of the markets for ELMS’s products and ELMS’s ability to serve those markets, ELMS’s ability to develop innovative products and compete with other companies engaged in the commercial delivery vehicle industry and/or the electric vehicle industry, ELMS’s ability to attract and retain customers, the estimated go to market timing and cost for ELMS’s products, the implied valuation of ELMS and the timing of the completion of the business combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Forum’s and ELMS’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement and plan of merger (“Merger Agreement”) relating to the business combination or could otherwise cause the business combination to fail to close; (2) the inability of ELMS to (x) execute the transaction agreements for the Carveout Transaction (as defined below) that are in form and substance acceptable to Forum (at Forum’s sole discretion), (y) acquire a leasehold interest or fee simple title to the Indiana manufacturing facility or (z) secure key intellectual property rights related to its proposed business; (3) the outcome of any legal proceedings that may be instituted against Forum or ELMS following the announcement of the business combination; (4) the inability to complete the business combination, including due to failure to obtain approval of the stockholders of Forum or other conditions to closing in the Merger Agreement; (5) the receipt of an unsolicited offer from another party for an alternative business transaction that could interfere with the business combination; (6) the inability to obtain the listing of the common stock of the post-acquisition company on the Nasdaq Stock Market or any alternative national securities exchange following the business combination; (7) the risk that the announcement and consummation of the business combination disrupts current plans and operations; (8) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the business combination; (10) changes in applicable laws or regulations; (11) the possibility that ELMS may be adversely affected by other economic, business, and/or competitive factors; (12) the impact of COVID-19 on the combined company’s business; and (13) other risks and uncertainties indicated from time to time in the proxy statement filed relating to the business combination, including those under the “Risk Factors” section therein, and in Forum’s other filings with the SEC. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that Forum and ELMS consider immaterial or which are unknown. Forum and ELMS caution that the foregoing list of factors is not exclusive. Forum and ELMS caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. ELMS is currently engaged in limited operations only and its ability to carry out its business plans and strategies in the future are contingent upon the closing of the proposed business combination. The consummation of the business combination is subject to, among other conditions, (i) the execution and effectiveness of transaction agreements by ELMS with SF Motors, Inc. (d/b/a SERES) (“SERES”), including as contemplated by the term sheet entered into by ELMS and SERES, that are each in form and substance acceptable to Forum (at Forum’s sole discretion), (ii) the acquisition by ELMS of a leasehold interest or fee simple title to the Indiana manufacturing facility prior to the business combination, and (iii) the securing by ELMS of key intellectual property rights related to its proposed business (collectively, the “Carveout Transaction”). All statements herein regarding ELMS’s anticipated business assume the completion of the Carveout Transaction. Forum and ELMS do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based.

Important Information About the Business Combination and Where to Find It

In connection with the proposed business combination with ELMS, Forum filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (“SEC”) and intends to file a definitive proxy statement with the SEC. Forum’s stockholders and other interested persons are advised to read the preliminary proxy statement and any amendments thereto and, when available, the definitive proxy statement, in connection with Forum’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination, because these documents contain important information about Forum, ELMS and the proposed business combination. When available, the definitive proxy statement for the proposed business combination will be mailed to stockholders of Forum as of a record date to be established for voting on the proposed business combination. Forum’s stockholders may also obtain a copy of the preliminary proxy statement and the definitive proxy statement, once available, as well as other documents filed with the SEC by Forum, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: Forum Merger III Corporation, 1615 South Congress Avenue, Suite 103, Delray Beach, FL 33445. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Forum and its directors and executive officers may be considered participants in the solicitation of proxies with respect to the business combination. Information about the directors and executive officers of Forum and a description of their interests in Forum are set forth in the preliminary proxy statement, which was filed on February 16, 2021 with the SEC, and definitive proxy statement, when it is filed with the SEC, in connection with the proposed business combination. These documents can be obtained free of charge from the sources indicated above.

ELMS and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Forum in connection with the business combination. A list of the names of such directors and executive officers and information regarding their interests in the business combination are set forth in the preliminary proxy statement, which was filed on February 16, 2021 with the SEC, and definitive proxy statement, when it is filed with the SEC, in connection with the proposed business combination. These documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Electric Last Mile, Inc.

ELMS is focused on redefining the last mile with efficient, customizable and sustainable solutions. ELMS’ first vehicle, the Urban Delivery, is anticipated to be the first Class 1 electric vehicle in the U.S. market. The company is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com.

About Forum Merger III Corporation

Forum Merger III Corporation (NASDAQ: FIII, FIIIU, FIIIW) is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Forum’s mandate is to consider an initial business combination target in any business or industry and it focused its search on companies with an aggregate enterprise value of approximately $500 million to $2 billion that are based in the United States. Forum is led by Co-Chief Executive Officers Marshall Kiev and David Boris.


Contacts

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

Highlights:



  • Company developing no-manning-required ship design notion
  • Key innovations enable advanced operational capabilities
  • Demonstrates company’s leadership in Unmanned Surface Vehicle (USV) systems

 

MELBOURNE, Fla.--(BUSINESS WIRE)--L3Harris Technologies (NYSE:LHX) has been selected to design an autonomous surface ship concept for the U.S. Defense Advanced Research Projects Agency (DARPA) to demonstrate the reliability and feasibility of an unmanned ship performing lengthy missions.

L3Harris was chosen for phase one of the two-phase No Manning Required Ship (NOMARS) program. The L3Harris design concept will streamline NOMARS’ construction, logistics, operations and maintenance life-cycle. The company teamed with VARD Marine to validate the concept and design of the architecture and hull, mechanical and electrical systems.

The L3Harris design features an advanced operating system that can make decisions and determine actions on its own – without direct human interaction. This concept optimizes autonomous surface ship operations to support the U.S. Navy’s future missions.

“L3Harris continues to pioneer innovative autonomous solutions that offer fully automated and integrated ship control and preventative maintenance systems to the U.S. Navy and its allies,” said Sean Stackley, President, Integrated Mission Systems, L3Harris. “The NOMARS program selection reinforces our commitment to deliver highly reliable and affordable autonomous solutions that transform the way the U.S. Navy conducts its future missions.”

L3Harris is a world leader in Unmanned Surface Vehicle (USV) systems, with over 125 USVs and optionally manned vehicles delivered. The company’s USVs are actively serving U.S and international navies, universities, research institutions and commercial businesses.

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 48,000 employees, with customers in more than 100 countries. L3Harris.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about technology capabilities are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


Contacts

Marcella F. Thompson
Integrated Mission Systems
This email address is being protected from spambots. You need JavaScript enabled to view it.
214-430-8872

Jim Burke
Corporate
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321-727-9131

FRAMINGHAM, Mass.--(BUSINESS WIRE)--#efficiency--Ameresco, Inc. (NYSE:AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced that members of its management team will attend the following investor conferences:


  • On March 2, 2021, Ameresco’s Senior Vice President and Chief Financial Officer, Doran Hole, will present at the Raymond James’ 42nd Annual Institutional Investors Conference at 10am ET. Ameresco’s management will also host virtual investor meetings throughout the day.
  • On March 10, 2021, Ameresco’s Senior Vice President and Chief Financial Officer, Doran Hole, will host a fireside chat at the B Riley Securities Sustainable Energy & Technology Conference at 8am ET. Ameresco’s management will also host virtual investor meetings throughout the day.
  • On March 15 and 17, 2021, Ameresco’s Senior Vice President and Chief Financial Officer, Doran Hole, will participate in the Virtual 33rd Annual ROTH Conference and host investor meetings throughout the day.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.


Contacts

Media:
Ameresco: Leila Dillon, 508.661.2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations: Eric Prouty, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Lynn Morgen, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.

 

  • Maana Q knowledge platform enables new category of intelligent applications for mission critical operations
  • Fanar is the first application of its kind on Microsoft Azure to be built for the oil and gas industry

DHAHRAN, Saudi Arabia & PALO ALTO, California--(BUSINESS WIRE)--#AI--Aramco Trading Company (ATC) and Maana today announced the launch of Fanar, the first Artificial Intelligence (AI)-driven maritime fleet optimization application on Microsoft Azure purpose-built for the oil and gas industry.

Fanar combines the expertise of ATC and the Maana Q knowledge technology. It unifies maritime fleet optimization, planning, management and shipment scheduling on a single platform. The application:

  • systematically integrates all data sources, constraints, and business rules
  • automatically optimizes schedules across the fleet with a single click
  • rapidly processes “what if” scenarios for better insights
  • dynamically incorporates historic performance to generate new predictions

Fanar has been tested daily by ATC since June 2020.

“Collaboration between Maana and Microsoft helps us, through Fanar, to drive down costs,” said Ibrahim Q. Al Buainain, President and CEO of Aramco Trading Company. “Fanar enables us to optimize all local decisions across our maritime shipping and logistics workflows.”

Based on any given a set of cargoes and fleet of vessels, Fanar can determine how to ship the cargo in a way that minimizes cost, optimizes fleet utilization and maximizes business value. It continuously computes dynamic criteria such as vessel locations and actuals; terminals and ports status and congestion; bunkering locations, costs and quality; vessel cleaning; time and spot chartering costs; weather; risk of piracy, terrorism or war; risk of labor and social unrest resulting in closures; epidemics; shipping routes; canal fees; charter party specifications; Contracts of Affreightment (COA); commodity prices; special considerations; business rules and more.

“Under the hood of Fanar is the digital twin of ATC’s global maritime operations,” said Babur Ozden, founder and CEO of Maana. “It is the largest digital twin in the world on Microsoft Azure for global maritime shipments of oil and gas, holding the history, present state and future simulations of billions of barrels of petroleum products, thousands of voyages and vessels.”

“Maana is a founding technology member of Energy Core, a global Microsoft initiative dedicated to digital transformation in the energy sector, through the power of artificial intelligence and cloud technologies,” said Darryl Willis, Corporate Vice President of Energy at Microsoft. “Fanar is a great example of how Maana and ATC are using Microsoft Azure for supply chain optimization.”

The Fanar application is available to Azure customers. For more information, please contact This email address is being protected from spambots. You need JavaScript enabled to view it.

About Aramco Trading Company

Aramco Trading Company (ATC) is a wholly owned subsidiary of Saudi Aramco and is responsible for handling Saudi Aramco’s domestic and international supplies to worldwide markets. ATC’s mission is to integrate Saudi Aramco’s global Downstream assets to maximize profitability while ensuring Saudi Aramco’s systems are optimized and reliably balanced.

About Maana

Maana organizes human expertise, enterprise knowhow and industrial data into digital knowledge to assist subject matter experts at critical operation affecting the global economy.


Contacts

Mandi Browning
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BUFFALO, N.Y.--(BUSINESS WIRE)--Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, conservation, residential and infrastructure markets, announced today the appointment of Betsy Jensen as Chief Human Resources Officer, who succeeds Cherri Syvrud, who served as Senior Vice President of Human Resources and Organizational Development since April 2016. Betsy joins Gibraltar from Danaher Corporation and will report to Chief Executive Officer Bill Bosway.


“Betsy’s record of accomplishment at multi-industrial companies and her deep skill set in all areas of human resources are impressive. We will look to Betsy’s leadership as we advance our plans under our Organization Development strategic pillar, creating an environment for success, developing talent across the organization, accelerating our diversity, equity and inclusion and ESG initiatives, and maintaining a safe environment for our people while executing our operating playbook. We welcome Betsy to Gibraltar,” stated Bill Bosway. “The Board joins me in thanking Cherri for her contributions to our ongoing transformation, and to strengthening our organization over the last five years. We wish Cherri all the best as she enters retirement and starts her next chapter.”

“This is a very exciting time for Gibraltar and all its team members, and I look forward to joining and contributing to this progressive organization as it grows and delivers value for all stakeholders,” stated Betsy Jensen.

Betsy will be responsible for overseeing the development and execution of Gibraltar’s Human Resources and Organizational Development strategies across the corporation, will coordinate with Gibraltar’s IT team to develop and implement enhanced human resource management systems, and liaise with Gibraltar’s Board of Directors, including the Compensation and Human Capital Committee.

At Danaher Corporation, Betsy she served as Vice President, Human Resources and Internal Communications for Hach, a Danaher company. Prior to Danaher, Betsy served as Director, Corporate Human Resources for Illinois Tool Works (ITW) and has held leadership positions at W. W. Grainger, Snap-on, and Abbott Laboratories. Throughout Betsy’s career, she has partnered effectively with her customer groups and businesses to accelerate growth, embrace continuous improvement, provide leadership, and strategy and analytics to drive change and accelerate innovation.

Betsy holds a B.S. in Business Management with a concentration in Human Resources Management from San Jose State University and earned her Lean Certification from The Fisher College of Business, the Ohio State University.

About Gibraltar

Gibraltar Industries is a leading manufacturer and provider of products and services for the renewable energy, conservation, residential, and infrastructure markets. With a three-pillar strategy focused on business systems, portfolio management, and organization and talent development, Gibraltar’s mission is to create compounding and sustainable value with strong leadership positions in higher growth, profitable end markets. Gibraltar serves customers primarily throughout North America. Comprehensive information about Gibraltar can be found on its website at www.gibraltar1.com.


Contacts

LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
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Sunverge’s advanced platform integrated with Panasonic’s EverVolt energy storage system provides customers and utilities with advanced consumer, grid and market services

SAN FRANCISCO--(BUSINESS WIRE)--#DER--Sunverge, the provider of an industry-leading real-time Distributed Energy Resource (DER) control and aggregation platform, today announced that the Sunverge Energy Platform and the Sunverge Infinity intelligent edge controller are now fully integrated with EverVolt, the residential energy storage system (ESS) from leading technologies and solutions developer Panasonic.


Together, Panasonic and Sunverge provide homeowners with newfound control over their self-generation and energy use, while providing advanced orchestration and aggregation VPP capabilities such as real-time flexible load management and grid services to utilities, grid operators and third party aggregators. All of Sunverge’s advanced platform features are now supported and running with the Panasonic EverVolt Energy Storage System.

Through this integration, Sunverge expands its platform footprint, enabling co-optimization and aggregation of consumer services, grid services and ancillary market services. This enables customers to achieve benefits such as bill reduction, maximizing self-consumption, backup power, time-of-use and dynamic pricing, and demand charge management while also providing grid services such as frequency response, frequency regulation, voltage support and demand response. It will also provide system benefits such as local system flexibility and resiliency, carbon reduction to local distribution utilities and enablement of bidding aggregated ancillary services into wholesale markets.

“Together with Panasonic’s EverVolt battery storage system, Sunverge’s advanced DER platform can provide homeowners with greater control over their energy consumption and help them avoid costly time-of-use electricity rates during peak consumption hours,” said Dan Glaser, Senior Sales Engineer at Panasonic. “Sunverge’s integration with EverVolt battery storage creates a flexible energy management system that benefits both homeowners and utilities.”

“The opportunity to deliver advanced dynamic and multiservice VPP capabilities with global energy storage leaders like Panasonic is further validation for the Sunverge real-time DER control and aggregation platform,” said Sunverge CEO Martin Milani. “DERs are a critical component of the distributed and federated smart grid of the future. Intelligent, real-time and adaptive flexibility through dynamic multi-objective optimization of consumer, grid and market services are instrumental to optimizing significant system wide integration of renewables generation and achieving carbon reduction goals while maintaining system reliability, affordability and improving local resiliency.”

If you are an energy industry professional who is interested in learning more about Sunverge’s capabilities, please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

About Sunverge Energy

Sunverge Energy provides the leading open dynamic platform for Multi-service Virtual Power Plants (VPP), a grid-aware and dynamic power source built from the orchestration and aggregation of behind-the-meter DERs (distributed energy resources). The Sunverge multi-service VPP platform is unique in providing dynamic multi-objective optimization of services on both sides of the meter, helping customers with intelligent management of their own renewable energy generation and utilities with greater flexibility in managing their infrastructure investments, reducing generation costs, increasing system reliability, and meeting their renewable energy and carbon reduction goals. Together with the Sunverge Infinity edge controller, the Sunverge VPP platform provides intelligent dynamic near real-time control over decentralized energy resources that is efficient, reliable, and responsive to ISO/RTOs, utilities and their customers. For more information please visit http://www.sunverge.com/

About Panasonic Corporation of North America

Newark, NJ-based Panasonic Corporation of North America is committed to creating a better life and a better world by enabling its business-to-business customers through innovations in Sustainable Energy, Immersive Entertainment, Integrated Supply Chains and Mobility Solutions. The company is the principal North American subsidiary of Osaka, Japan-based Panasonic Corporation. One of Interbrand’s Top 100 Best Global Brands of 2020, Panasonic is a leading technology partner and integrator to businesses, government agencies and consumers across the region. Learn more about Panasonic’s ideas and innovations at www.na.panasonic.com/us.


Contacts

Jared Blanton
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(415) 712-1417

Yessica Castillo
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(201) 253-6728

HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (the “Company”) (NYSE:MUR) announced today that, subject to market conditions, it intends to offer $550 million of Senior Notes due 2028 pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (“SEC”).


The Company expects to use the net proceeds from the offering, together with cash on hand, borrowings under its revolving credit facility or a combination thereof, to fund the full redemption of its outstanding 4.000% Senior Notes due 2022 and 3.700% Senior Notes due 2022 (together, the “Existing Notes”) and to pay any related premiums, fees and expenses in connection with the foregoing.

BofA Securities, J.P. Morgan and MUFG are acting as physical joint book-running managers for the offering. The offering is being made under an automatic shelf registration statement on Form S-3 (Registration No. 333-227875) filed by the Company with the SEC and only by means of a prospectus supplement and accompanying prospectus. An investor may obtain free copies of the prospectus supplement and accompanying prospectus related to the offering by visiting EDGAR on the SEC website, www.sec.gov, or by contacting:

BofA Securities
NC1-004-03-43
200 North College Street, 3rd Floor,
Charlotte, NC 28255
Attn: Prospectus Department
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone: (800) 294-1322

This news release does 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 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. In addition, this news release does not constitute a notice of redemption of the Existing Notes.

ABOUT MURPHY OIL CORPORATION

As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. It challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement include, but are not limited to: macro conditions in the oil and natural gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where the Company does business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the US or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that the Company files, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.


Contacts

Investor Contacts:
Kelly Whitley, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9107
Megan Larson, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9470

Infrastructure investor continues to invest in energy transition solutions

HOUSTON--(BUSINESS WIRE)--Arroyo Energy Investors, a Houston-based, independent infrastructure investment firm with a footprint in North and South America, announced their investment in two leading “behind the meter” power solutions companies, Life Cycle Power (“LCP”) and Alliance OGP (“Alliance”). Together, these companies provide a turnkey power and natural gas solution, enabling customers to convert natural gas into a clean, reliable source of electricity independent of the grid. Solutions scale from 1 to 100+ megawatts in an economically and environmentally effective manner.


LCP is a turnkey power solutions company based in Midland, Texas that utilizes mobile gas turbine generators to supply clean, reliable, and cost-effective power to customers in oil and gas, mining and other industrial sectors. LCP’s environmentally friendly solution enables operators to eliminate diesel consumption for power generation and reduce their carbon footprint by utilizing wellhead natural gas that may otherwise be flared. LCP operates more than 150 megawatts of mobile gas turbine generators in the U.S.

Alliance is a leading natural gas treatment and compression company based in Houston, Texas that is focused on helping the oil and gas industry move away from diesel consumption and use natural gas to electrify oil and gas operations. Alliance provides natural gas solutions to some of the largest operators in the oil and gas completions industry.

“We are excited to partner with both companies, which focus on bringing cost-effective and environmentally friendly power solutions to the oil and gas industry,” said Sam Warfield, Principal and Head of U.S. Investments at Arroyo. “The impact of the recent polar vortex event in Texas further highlights the need for more reliable, cost-effective and clean ‘behind the meter’ power generation solutions.”

These investments demonstrate Arroyo’s history of supporting the electrification of the oil and gas industry and its transition toward cleaner emissions.

“The LCP and Alliance offerings provide creative solutions that help customers unlock economic growth potential and create a net positive for our environment,” elaborated Chuck Jordan, an Arroyo Founding Partner. “Life Cycle Power and Alliance are installing solutions that immediately contribute to reduce emissions in the field and cost effectively use existing resources.”

For more information, including multi-media assets, please access our Digital Press Kit and follow on LinkedIn at https://www.linkedin.com/company/arroyo-energy-group.

ABOUT ARROYO

Arroyo Energy Investment Partners LLC is a private equity fund manager focused on infrastructure project investments throughout the Americas. Based in Houston with an office in Santiago, Chile, Arroyo actively manages more than $2 billion in assets. For further information, visit www.arroyoenergygroup.com.


Contacts

For media inquiries:
Jennifer Petree
Petree Partners LLC
713-269-3776

Kerri Quinn
Arroyo Energy Partners LLC
281-825-5480

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