Fully Autonomous DANNAR 4.00 Mobile Power Station Unveiled
CLARKSBURG, Md.--(BUSINESS WIRE)--Robotic Research (rr.ai), a global leader in autonomous driving systems, announced today that it was selected by DD DANNAR, LLC (“DANNAR”) to be the preferred autonomy provider for the company’s Mobile Power Station (MPS) platforms.
Robotic Research and DANNAR recently demonstrated the fully autonomous DANNAR 4.00 MPS, which served as both an unmanned logistics vehicle and mobile power station, at the Electric & Unmanned Logistics Demo Day, held on June 23 at Marine Corps Air Station Miramar.
“We are excited to be working DANNAR,” said Edward Mottern, COO at Robotic Research. “They produce off-road, heavy-duty, all-electric platforms that are already very versatile. Now add to them our robust autonomy solutions, and you have a platform that’s clean, intelligent, and ready to tackle a host of missions at home or abroad.”
The DANNAR 4.00 MPS base configuration comes with 125 kWh BMW i3 Li-Ion batteries. But it can be upgraded with up to a 504 kWh of onboard electricity, to serve as a mobile micro-grid while carrying hydraulic tools. Tough and durable, the base MPS model shown and listed on GSA can operate in four feet of water, weighs approximately 15,000 pounds, and is able to carry a payload of 15,000 pounds.
During the Electric & Unmanned Logistics Demo Day, the two companies demonstrated how an unmanned DANNAR 4.00 MPS can be used to deliver supplies and energy on the battlefield. The platform’s energy storage capacity places it in a prime position to be the fuel truck of the electrified battlefield.
“Given their utility, our MPS vehicles are often deployed in environments that are not always safe for operators,” said Gary Dannar, President and CEO of DANNAR. “The autonomous capability available through Robotic Research gives our customers yet another way to achieve their goals while keeping personnel safe.”
The Electric & Unmanned Logistics Demo Day came a day before the Electric Mobility Symposium, which featured demonstrations and panels on energy, connectivity, and autonomy solutions and how, combined, they benefit military installations and municipalities. Both the demo day and symposium were held at Marine Corps Air Station Miramar under the auspices of the NavalX SoCal Tech Bridge and its director, Lt. Col. Brandon Newell.
“The Electric & Unmanned Logistics Demo Day and Electric Mobility Symposium were about showing the art of the possible,” said Mottern. “We believe that autonomy has a major role to play in both civilian infrastructure and the modern battlefield.”
About Robotic Research
Robotic Research is a global technology company specializing in autonomy and platooning solutions for commercial and defense customers. Founded in 2002, the Company has been a trusted technology partner to the public and private sector for nearly twenty years. From people to platforms, at home or overseas, Robotic Research is driven to make the way you move smarter, safer, and more efficient.
To learn more about Robotic Research, visit www.rr.ai, and follow us on Twitter and LinkedIn.
About DANNAR
Headquartered in Muncie, Indiana, DD DANNAR, LLC (DANNAR) manufactures the revolutionary Mobile Power Station (MPS), the first zero-emission modular platform that functions as both a multi-purpose off-road work vehicle and offers a grid-scale auxiliary power supply. The DANNAR MPS can be customized with over 250 commercially available work attachments. It can also provide up to 500 kWh of on-demand electricity, via a configurable export panel.
With all-wheel-drive, remote and autonomous capabilities, the MPS can be deployed in a range of operating environments, especially in those that are unsafe for personnel. More information is available via the web at www.dannar.us.com.
Robotic Research Contact
Taylor Smith
This email address is being protected from spambots. You need JavaScript enabled to view it.
DANNAR Contact
Donna Marie Bertrand
This email address is being protected from spambots. You need JavaScript enabled to view it.
The project will generate over 2.6 million kWh of electricity annually, enough to supply nearly 217 average Maryland homes
BOSTON--(BUSINESS WIRE)--AEW (the "Company" or "AEW"), a global real estate investment manager focused on creating value by investing in and operating commercial properties, today announced completion of a rooftop solar array expected to deliver over 2.6 million kWh of electricity annually to the community. The solar installation will be hosted at an AEW-managed industrial facility and will supply clean energy to the local electric utility, Baltimore Gas & Electric Company, through the Maryland Community Solar program.
“AEW has been steadfast in our commitment to make a positive, long-lasting impact and continue our focus on ESG+R principles,” stated Anne Peck, Head of Architecture & Engineering at AEW. “These projects reflect that commitment. We are proud to host this solar array that will bring more renewable energy to Maryland and we look forward to implementing additional renewable energy projects in the future.”
The rooftop solar system was facilitated through AEW’s partnership with Black Bear Energy and was developed by Summit Ridge Energy, the largest owner-operator of community solar in the United States. It is slated to begin commercial operation in early July 2021.
“It has been a pleasure collaborating with AEW and Summit Ridge Energy on this project and we are excited to see it moving forward. It is a perfect example of how the Maryland community solar market provides a unique opportunity for commercial property owners to realize additional value for their portfolios while contributing renewable energy to the local community,” commented Drew Torbin, Black Bear Energy’s Chief Executive Officer.
“AEW and Black Bear Energy have been fantastic partners to work with throughout the entire development and construction process. We are excited about the positive impacts this project will have on this building and the surrounding community, and we look forward to more opportunities to partner with AEW and Black Bear Energy on additional solar projects on other AEW properties,” said Nate Greenberg, Vice President of Rooftop Community Solar at Summit Ridge Energy.
This solar project is part of a larger renewable energy, sustainability, and resiliency strategy for AEW’s global portfolio of commercial properties.
About AEW
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $85.6 billion of property and securities in North America, Europe and Asia (as of March 31, 2021). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Düsseldorf, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities. For more information please visit www.aew.com.
Gross asset value as of March 31, 2021. Total AEW AUM of $85.6 billion includes $41.2 billion in assets managed by AEW SA and its affiliates and $256 million in advisory/subadvisory, wrap and other accounts for which AEW Capital Management provides only a model portfolio.
About Summit Ridge Energy
Summit Ridge Energy is the country’s leading owner-operator of community solar assets. Through dedicated funding platforms, the team acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. Follow Summit Ridge Energy on LinkedIn and Twitter for updates, or learn more at srenergy.com.
Brian Lambert
AEW Capital Management
+1.617.261.9501
This email address is being protected from spambots. You need JavaScript enabled to view it.
Brianna Stevens
Communications Director
(720) 250-7579
This email address is being protected from spambots. You need JavaScript enabled to view it.
PASADENA, Calif.--(BUSINESS WIRE)--Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, announced today that the U.S. Agency for International Development (USAID) awarded the Company a five-year, $37 million single-award contract to promote the socioeconomic empowerment of women and girls in Colombia.
Through the USAID Generating Equity Activity, Tetra Tech will support the Government of Colombia to empower women and girls by engaging the public and private sector to reduce gender-based violence, transform gender norms and attitudes, create economic opportunities for women, and improve awareness and implementation of gender-related policies and services.
Tetra Tech’s team of economic and gender specialists will work with public and private sector partners to improve local capacities to achieve equity and improve economic outcomes for Colombian women. Efforts will focus on the most vulnerable groups including Afro-Colombian, indigenous, LGBTQI+ populations, migrants, and women with disabilities. Tetra Tech also will support Colombian institutions and partners to engage men and boys to positively transform gender norms.
“Tetra Tech has supported USAID to enhance economic opportunity and promote conditions for peace in Colombia for more than 20 years,” said Dan Batrack, Tetra Tech Chairman and CEO. “We look forward to combining Tetra Tech’s focus on diversity, equity, and inclusion with our technical expertise in economic empowerment and gender integration to strengthen women’s equity in Colombia.”
About Tetra Tech
Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 20,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.
Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844
In July, Events are Scheduled for Customers in Alameda, Contra Costa, San Mateo, Santa Clara, Santa Cruz, Merced, San Joaquin, Stanislaus, Monterey, San Luis Obispo and Santa Barbara Counties
SAN FRANCISCO--(BUSINESS WIRE)--Weekly regional wildfire safety webinars will be taking place every Thursday in July, providing PG&E customers with an opportunity to better understand the wildfire prevention plans and progress that has been made in 2021 and to share their feedback.
Pacific Gas and Electric Company hosts these webinars as part of our commitment to the safety of customers and the communities we serve, as the company works year-round to make its system safer and more resilient and improve Public Safety Power Shutoff (PSPS) events.
During the events, the PG&E team will discuss:
Each event will feature a brief presentation, after which participants will have the opportunity to ask questions and provide feedback to PG&E representatives.
The Thursday webinar events take place each week from 6 p.m. to 7:30 p.m. and will continue through the summer. The following webinars are planned for June:
Although the webinar events will focus on regional work in the listed counties, all PG&E customers are welcome to join. Closed captioning will be available in English, Spanish and Chinese and a dial-in number is available for those who aren’t able to join online.
For information on how to participate, the full webinar events schedule, recordings and presentation materials from past events, and to learn more about PG&E’s Community Wildfire Safety Program, visit pge.com/wildfiresafety.
More information and resources to help you and your family prepare for and stay safe in the event of an emergency can be found at safetyactioncenter.pge.com.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
First hybrid cloud solution for the OSDU™ Data Platform—the industry standard for energy data—is ready for customer deployment
LONDON & ARMONK, N.Y.--(BUSINESS WIRE)--Regulatory News:
Schlumberger and IBM announced today the industry’s first commercial hybrid cloud Enterprise Data Management Solution for the OSDU Data Platform. The hybrid cloud offering is designed to expand access to customers globally—including those in locations where data residency requirements and local regulations may affect the use of global public cloud—and is engineered to reduce time for analysis and accelerate decision-making, with all workflow data available in one place.
This solution will provide energy operators with full interoperability, making their data accessible by any application within their exploration to production (E&P) environment through the OSDU common data standard to enable easy sharing of information between teams. This data solution is engineered to minimize the time for data transfers between applications to deliver reduced costs as well as enabling improved decision making.
“As momentum grows for the OSDU Data Platform, we are offering the industry’s first commercial hybrid cloud Enterprise Data Management Solution to leverage its advanced capabilities to help customers in all regions make faster decisions and optimize operational efficiency,” said Rajeev Sonthalia, president Digital & Integration, Schlumberger. “Our solution was developed to accelerate digitalization for all by enabling data to be connected and managed at an unprecedented scale, empowering AI and data analytics workflows that deliver new insights for operators to help drive increased production, cost optimization, and improved business performance.”
“This collaboration is a game changer for energy operators to drive higher performance and greater efficiencies by now enabling integrated workflows and innovation using AI. The hybrid cloud solution allows clients to maintain the sovereignty of their data and also gives them options as to how they choose to leverage the solution, with the freedom to deploy on a range of infrastructures or a regional cloud provider,” said Manish Chawla, global industry managing director, energy, resources and manufacturing, IBM. “Open Data for Industries on Cloud Pak for Data is one of the key technologies which enables the OSDU solution deployment for Schlumberger.”
The collaboration builds on the work between Schlumberger and IBM to leverage the Red Hat OpenShift Container Platform for deployment of the DELFI* cognitive E&P environment in all regions, worldwide. The solution will be offered by Schlumberger; all transition and managed services will be provided by Schlumberger and IBM Services. Schlumberger is an IBM ecosystem partner, and since the initial announcement the two companies have made significant advancements to engage customers in focus regions around the world, including the Middle East.
About Schlumberger
Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.
Find out more at www.slb.com.
About Red Hat
Red Hat is the world's leading provider of enterprise open source software solutions, using a community-powered approach to deliver reliable and high-performing Linux, hybrid cloud, container, and Kubernetes technologies. Red Hat helps customers integrate new and existing IT applications, develop cloud-native applications, standardize on our industry-leading operating system, and automate, secure, and manage complex environments. Award-winning support, training, and consulting services make Red Hat a trusted adviser to the Fortune 500. As a strategic partner to cloud providers, system integrators, application vendors, customers, and open source communities, Red Hat can help organizations prepare for the digital future.
About IBM
IBM combines technology with industry expertise to help Oil & Gas clients digitally reinvent their businesses for resilience and sustainability. Pioneering advances in materials science from IBM Research accelerate energy transition. Data science and AI take the guesswork out of exploration. Predictive asset management raises production throughput. Supply chain insights and blockchain build trust and transparency across the downstream ecosystem. Customer experience experts reshape consumer connections at the gas pump or electric charge station. Through these solutions IBM helps Oil & Gas clients emerge smarter. For further information visit: https://www.ibm.com/industries/oil-gas
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws — that is, statements about the future, not about past events. Such statements often contain words such as “expect,” “may,” “can,” “estimate,” “intend,” “anticipate,” “will,” “potential,” “projected" and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as forecasts or expectations regarding the deployment of, or anticipated benefits of, digital technologies. These statements are subject to risks and uncertainties, including, but not limited to, the inability to recognize intended benefits from digital strategies, initiatives or partnerships; and other risks and uncertainties detailed in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. If one or more of these or other risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date of this release, and Schlumberger disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.
*Mark of Schlumberger.
Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
This email address is being protected from spambots. You need JavaScript enabled to view it.
Ken Saunders – External Relations, IBM
Tel: +44 7887 830036
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
This email address is being protected from spambots. You need JavaScript enabled to view it.
Company’s IP portfolio now exceeds 75 Patents issued
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Optomec, an established leader in Additive Manufacturing solutions for 3D Metal Printing and 3D Printed Electronics, has received new patents covering the use of Aerosol Jet for producing 3-dimensional micro-structures. This novel capability enables the production of miniature elements with a resolution down to 15 micron features - approximately 1/5 the width of a human hair, and smaller than the resolution of the human eye. The capability has been demonstrated for a range of materials, including polymers, metals and composite structures. These new grants are the latest in an IP portfolio that totals more than 75 patents issued, with global protection including the US and key markets across Asia and Europe.
The new 3D micro-printing patents present a method for fabricating three-dimensional structures using in-situ heating or UV illumination to modify the properties of aerosol droplets as they are jetted onto a target surface. In the case of the UV embodiment, light at least partially cures photopolymer droplets, or alternatively causes droplets of solvent-based nanoparticle dispersions to rapidly dry in-flight, and the resulting increased viscosity of the aerosol droplets facilitates the formation of free-standing 3D shapes. Lateral resolutions of 15um have been achieved, with layer thicknesses of 100 nanometers and aspect ratios of >100X for structure heights measured in millimeters.
Dr. Michael Renn, Chief Technology Officer, is the inventor on these new patents, and has more than 50 patents to his credit in total. “Optomec continues to invest heavily in its core technology, seeking to extend the already broad range of applications for its Aerosol Jet solution,” said Dr. Renn. “The capability demonstrated with our 3D Printed Micro-structures work is already seeing potential applications in Semiconductor Packaging and Medical Device markets.”
For more information, see:
US Patent No. 10,994473 - Fabrication of Three-Dimensional Structures by In-Flight Curing of Aerosols
China Patent No. ZL201680020145.5 - Fabrication of Three-Dimensional Structures by In-Flight Curing of Aerosols
Optomec is a privately-held, rapidly growing supplier of Additive Manufacturing systems. Optomec’s patented Aerosol Jet Systems for printed electronics, and LENS and Huffman brand 3D Printers for metal component production and repair, are used by industry to reduce product cost and improve performance. Together, these unique printing solutions work with the broadest spectrum of functional materials, ranging from electronic inks to structural metals and even biological matter. Optomec has delivered more than 500 of its proprietary Additive Manufacturing systems to more than 200 marquee customers around the world, for production applications in the electronics, energy, life sciences and aerospace industries. Our users include countless blue-chip manufacturing companies, such as GE, Samsung, Raytheon, Siemens, Lockheed and LiteOn, as well as the US Air Force, US Navy, US Army and NASA. For more information, visit optomec.com.
LENS is a registered trademark of Sandia National Labs; Aerosol Jet is a registered trademark of Optomec, Inc.
Shayna Watson
This email address is being protected from spambots. You need JavaScript enabled to view it.
(505) 761-8250
Ocean trade platform to streamline booking and shipping instructions for COSCO customers
AUSTIN, Texas & SHANGHAI--(BUSINESS WIRE)--E2open (NYSE: ETWO), a leading network-based provider of 100% cloud-based, mission-critical, end-to-end supply chain management software, and COSCO Shipping Corporation Limited (COSCO), a Chinese multinational transportation conglomerate, today announced an extension of their partnership through 2023. COSCO will continue to utilize the INTTRA by E2open (E2open) platform for a portion of its cargo shipment bookings and instructions.
E2open’s digital platform that manages more than 200,000 ocean freight container bookings a day, serves as a single, one-stop location where beneficial cargo owners (BCOs), logistics service providers (LSPs), freight forwarders and any other entity conveying goods can rate and book ocean shipments. E2open provides comprehensive booking services for ocean carriers through a well-maintained, secure and user-friendly system.
COSCO SHIPPING Lines is a fully owned subsidiary of COSCO SHIPPING Holdings Co., Ltd. By the end of December 2020, the company owned and operated 423 container vessels with a total capacity of 2.3 million TEUs. COSCO SHIPPING Lines operates 265 international services (including international feeder services), having anchors in 352 ports covering 105 countries and regions worldwide.
In addition to booking and shipping instruction submissions, COSCO utilizes E2open’s eVGM service to facilitate global container weight compliance by COSCO and its customers. The International Maritime Organization’s Safety of Life at Sea (SOLAS) Verified Gross Mass (VGM) amendment requires every container to have a VGM (or certified weight) in order to be loaded onto a ship. This eVGM service provides operational capabilities for digital submission, receipt, processing and auditing of SOLAS-compliant data for shippers and carriers.
“We are proud of the work we have done together and look forward to the continuation of our relationship with COSCO,” said Santosh Nanda, general manager at E2open. “From electronic booking to shipping instructions to eVGM, our expansive platform has and will continue to provide COSCO’s customers with the highest quality services and help them better navigate the current chaotic shipping environment.”
About COSCO SHIPPING Lines
As of February 28, 2019, the total fleet of COSCO SHIPPING comprises of 1,274 vessels with a capacity of 101.95 million DWT, ranking No.1 in the world. Its container fleet capacity is 2.94 million TEU, ranking the third in the world. Its dry bulk fleet (418 vessels/39.19 million DWT), tanker fleet (195 vessels/24.95 million DWT) and general and specialized cargo fleet (166 vessels/4.57 million DWT) are all topping the world’s list.
Thanks to its complete global service network, COSCO SHIPPING has become a top international brand. The upstream and downstream links along the industry chain, such as terminals, logistics, shipping finance, ship repair and shipbuilding, have formed a sound industrial structure. The Corporation has invested in 56 terminals, including over 51 container terminals, all over the world. The annual throughput of its container terminals amounts to 118.72 million TEU, taking the first place worldwide; the global sales volume of its bunker fuel exceeds 29 million tons, which is the largest in the world; and the container leasing business scale surpasses 2.7 million TEU, the third largest in the world. Its offshore engineering manufacturing competence and vessel agency business are also leading in the world.
About E2open
At E2open, we’re creating a more connected, intelligent supply chain. It starts with sensing and responding to real-time demand, supply and delivery constraints. Bringing together data from clients, distribution channels, suppliers, contract manufacturers and logistics partners, our collaborative and agile supply chain platform enables companies to use data in real time, with artificial intelligence and machine learning to drive smarter decisions. All this complex information is delivered in a single view that encompasses your demand, supply, logistics and global trade ecosystems. E2open is changing everything. Demand. Supply. Delivered. Visit www.e2open.com.
E2open, the E2open logo and INTTRA by E2open are registered trademarks of E2open, LLC. All other trademarks, registered trademarks and service marks are the property of their respective owners.
Sales and Customer Information:
Diane Mitchell | VP, Marketing | E2open | This email address is being protected from spambots. You need JavaScript enabled to view it. | 512-735-5692
Media Contact:
WE Communications for E2open | This email address is being protected from spambots. You need JavaScript enabled to view it. | 512-527-7029
HOUSTON--(BUSINESS WIRE)--Centaurus Renewable Energy LLC, the developer of the Arroyo Solar & Storage Project in McKinley County, New Mexico, announced today that it has closed a $70 million construction bridge loan facility provided by Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA).
The credit facility will be used to make payments for project equipment and for other development and construction expenses. The transaction was organized by Voya Investment Management’s Direct Infrastructure team led by Tom Emmons and Ed Levin.
The Arroyo Solar & Storage Project is a 300MW-AC solar generation facility and a150MW/600MWh battery energy storage system. Solar energy and battery storage services are committed under a 20-year power purchase agreement and energy storage agreement to Public Service Company of New Mexico. The project is expected to partially replace the power from the 847mw San Juan Generating Station, New Mexico’s largest coal-fired plant, which is scheduled to cease operations in 2022.
Houston-based Centaurus Renewable Energy LLC, was founded in 2013 and has developed approximately 20 solar projects totaling over 1.3GW-DC across seven states.
About Voya Investment Management
A leading, active asset management firm, Voya Investment Management manages, as of March 31, 2021, more than $248 billion for affiliated and external institutions as well as individual investors. With over 40 years of history in asset management, Voya Investment Management has the experience and resources to provide clients with investment solutions with an emphasis on equities, fixed income, and multi-asset strategies and solutions. Voya Investment Management was named in 2015, 2016, 2017, 2018, 2019 and 2020 as a “Best Places to Work” by Pensions and Investments magazine. For more information, visit voyainvestments.com. Follow Voya Investment Management on Twitter @VoyaInvestments.
VOYA-IM
Media Contact:
Kristopher Kagel
(212) 309-6568
This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS & FORT WORTH, Texas & COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) and Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB) today announced that they have signed a Letter of Intent for Cummins to acquire a 50% equity interest in Momentum Fuel Technologies from Rush Enterprises.
The proposed transaction is expected to close later this year, subject to completion of customary pre-closing activities and entering into mutually agreeable transaction documentation. The joint venture between Rush Enterprises and Cummins will produce Cummins-branded natural gas fuel delivery systems for the commercial vehicle market in North America, combining the strengths of Momentum Fuel Technologies’ compressed natural gas (CNG) fuel delivery systems, Cummins’ powertrain expertise, and the engineering and support infrastructure of both companies.
“This collaboration shows Cummins’ continued commitment to natural gas powertrains,” said Srikanth Padmanabhan, President of the Engine Business at Cummins. “This partnership will improve customers service for both CNG and RNG through an improved support network. We are thrilled to expand our network of clean and reliable power solutions.”
“The immediate environmental benefits of CNG and RNG, combined with upcoming regulatory requirements, will drive growth in natural gas vehicles for the foreseeable future,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President, Rush Enterprises, Inc. “This partnership will enable Rush Enterprises to continue to provide unparalleled support to our customers through our mutual, wide-ranging portfolio of Cummins’ and RushCare aftermarket solutions and keep trucks up and running across the country.”
The joint venture will offer aftermarket support through Rush Truck Centers dealerships and Cummins distributors which will be able to service both the engine and the fuel delivery system. The partnership between Cummins and Rush Enterprises will benefit customers by providing them with access to an extensive CNG vehicle parts and service network; both Cummins’ and Rush Enterprises’ respective networks, which together represent over 250 locations in the US and Canada, will be equipped with certified technicians and access to a comprehensive CNG vehicle parts inventory.
About Rush Enterprises, Inc.
Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in the United States, with more than 100 dealership locations in 22 states. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, FUSO, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, leasing and rental. Rush Enterprises' operations also provide CNG fuel systems, telematics products and other vehicle technologies, as well as vehicle up-fitting, chrome accessories and tires. For more information, please visit us at www.rushtruckcenters.com, www.rushenterprises.com and www.rushtruckcentersracing.com, on Twitter @rushtruckcenter and Facebook.com/rushtruckcenters.
About Momentum Fuel Technologies.
Momentum Fuel Technologies, headquartered in the Dallas-Fort Worth Metroplex, is the industry’s first complete compressed natural gas (CNG) fuel system solution for Class 6-8 vehicles. A division of Rush Enterprises, the company officially launched in 2015 and is a vertically integrated provider of fuel system solutions, featuring state-of-the-art engineering, design and manufacturing processes, complete system installation capabilities and the industry’s most comprehensive sales, service and support network. For more information, please visit www.momentumfueltech.com.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,800 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. Learn more at cummins.com.
Jon Mills
Cummins Inc.
317-658-4540
This email address is being protected from spambots. You need JavaScript enabled to view it.
BUFFALO, N.Y.--(BUSINESS WIRE)--Viridi Parente, Inc., a developer of innovative battery technology that can be safely installed and operated in nearly any environment or location, appointed Dennis Elsenbeck as president. In this role, he is responsible for the strategic direction and the alignment of products and services for Viridi’s subsidiaries, Volta Energy and Green Machine, and represents Viridi in legislative and regulatory interests and energy policy.
“Dennis is one of the most recognized figures in New York’s utility and clean energy industry,” said Jon M. Williams, CEO of Viridi Parente. “I knew from our first conversation that he is aligned with our focus on tackling decarbonization from the point of use, and knowledge of utilities and the regulatory environment is already proving essential to our success.”
Before joining Viridi Parente, Elsenbeck established and led the Phillips Lytle LLP energy and sustainability group, which assisted clients with regulatory compliance and energy product/solution fit. He spent most of his career with National Grid championing sustainability projects with large commercial and industrial customers and aligning clean energy solutions with economic development opportunities during his nearly 30-year tenure.
Based on his extensive experience and reputation as a passionate advocate for clean energy solutions, Elsenbeck was appointed to the New York State Climate Action Council by New York State Senate Majority Leader Andrea Stewart-Cousins in January 2020. He is the only member with direct experience in electric and natural gas supply, demand and delivery to serve on the Council.
Elsenbeck is an active member of the community as chairman of the Northland Workforce Training Center and currently serves on the boards of the Buffalo Urban Development Corporation and the Erie Community College Foundation and is on the Deans Council for the University of Buffalo Engineering School. He is also the former Board Chair for United Way Buffalo and Erie County, a past executive committee member for the Buffalo Niagara Partnership, a past Board of Trustees member for Daemen College, and a past Steering Committee member for Invest Buffalo Niagara. Always a champion for clean energy and economic solutions, he is also a frequent writer and speaker on issues related to energy policy, sustainability, and economics.
Elsenbeck received his Bachelor of Technology in industrial engineering in 1987 from the SUNY Institute of Technology, his MBA in 1992 from the University of Rochester, and his Master of Engineering in 1996 from the University at Buffalo. Before his academic career, he served as an electrician’s mate second class in the United States Navy.
Viridi Parente deploys safe lithium-ion battery technology into applications that have been historically dominated by fossil fuel energy sources. The company’s architecture for its Green Machine mobile energy solution for the industrial market and its Volta Energy Products energy storage system for industrial, medical, commercial, municipal, and residential users is the only design in the market that can be safely installed and operated in nearly any environment or location. The company’s 42-acre campus, a former GM manufacturing facility, is bringing green jobs and workforce training opportunities to one of the nation’s most impoverished zip codes while also serving as a model of how adaptive reuse projects can spur the economy and revitalize communities.
About Viridi Parente
Viridi Parente (Viridi) is a disruptive energy company in Buffalo, New York, that is changing the way we use energy, improving systems, communities, and lives. Viridi deploys safe battery technology into applications that have been historically dominated by fossil fuel energy sources. Its innovative architecture is constructed from materials used for aerospace and military applications and is the only design in the market that can be safely installed and operated in nearly any environment or location. Through its subsidiary, Green Machine Equipment, Viridi is bringing quiet, fully renewable mobile energy solutions to products in construction equipment, waste disposal, last-mile delivery, and other portable industrial markets. Through its subsidiary, Volta Energy Products, Viridi brings stationary, point-of-use storage technology that is safe, locatable, and reliable to industrial, medical, commercial, municipal, and residential building applications. Learn more at: www.viridiparente.com.
Media Contact:
Mercom Communications
Wendy Prabhu
Tel: 1-512-215-4452
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Supports FireBird Energy’s Commitment to Significantly Reducing CO2 Emissions
ARLINGTON, Texas--(BUSINESS WIRE)--Priority Power Management, LLC (“Priority Power”), an independent energy services provider offering smart energy solutions and streamlined transitions to carbon neutrality, announced that it has entered into a Solar Development Services Agreement (“DSA”) with FireBird Energy LLC (“FireBird Energy”), an upstream oil and gas company operating numerous properties in the Midland Basin.
Under the DSA, Priority Power will develop a 6.5 megawatt solar photovoltaic facility located on 50 acres of FireBird Energy’s land near Odessa, Texas in Ector County. FireBird Energy’s private primary distribution system will serve as the point of interconnection behind the utility meter.
Priority Power will develop, finance, engineer, construct, operate, and maintain the solar facility without upfront cost to FireBird Energy. FireBird Energy will enter into a 10-year Power Purchase Agreement (“PPA”) for the renewable energy produced from the solar facility. The PPA will integrate with all existing and future supply agreements managed by Priority Power.
Over its lifetime, the project will secure significant financial savings and environmental benefits for FireBird Energy. An estimated 136 million kilowatt hours of clean power will be reliably delivered from the solar facility for use by FireBird in its operations, or the equivalent of nearly 54,000 metric tons of CO2 emissions avoided, according to the Environmental Protection Agency (EPA).
“Reducing our carbon footprint is key to our environmental stewardship and social responsibility goals,” said Travis F. Thompson, Chief Executive Officer of FireBird Energy. “This agreement illustrates both our commitment to leading the way toward improved sustainability in the upstream sector and Priority Power’s ability to work seamlessly with our team, leveraging their experience, to achieve our objectives.”
“We applaud FireBird Energy for their proactive leadership in striving to produce low-cost energy for our country while reducing their environmental footprint,” said John Bick, Chief Commercial Officer of Priority Power. “Our entire development process was tailored to FireBird’s specific needs and objectives, and will deliver operational savings while reducing their carbon footprint.”
About Priority Power Management, LLC
Priority Power is an independent energy solutions provider focused on energy infrastructure, energy transition program management, market intelligence operations, and energy structuring. Priority Power serves over 6,700 clients, totaling $2.7 billion in energy spend and 94 TWh of electricity managed across 31 states, including serving one-third of Texas’ Top 100 independent oil and gas producers and leading midstream and long-haul pipeline companies. The Company prioritizes energy efficiency and seeks to leverage its engineering, procurement, construction, and market expertise to aid in decarbonization of the industrial economy. For more information on Priority Power, please visit www.prioritypower.com.
About Firebird Energy LLC
FireBird Energy is a Fort Worth, Texas-based upstream oil and gas company focused on the acquisition and responsible development of assets in the Midland Basin. With a strong long-term commitment from its ownership and an innovative and experienced management team in place in both its Fort Worth and Midland offices, FireBird is well positioned to aggressively target and execute on further strategic acquisition opportunities and to develop its properties in a fiscally and socially responsible manner for the benefit of all of its stakeholders. For more information, please visit www.firebirdenergy.com.
Priority Power
Katherine Tappan
Investor Relations
501-951-5282
This email address is being protected from spambots. You need JavaScript enabled to view it.
New financing supports SHINE’s commercialization of diagnostic and therapeutic isotope technologies, positions company for growth in development of new fusion-based technologies
JANESVILLE, Wis.--(BUSINESS WIRE)--#clean--SHINE Medical Technologies LLC today announced that it has closed a $150-million Series C-5 financing. Koch Disruptive Technologies (KDT) led the round, which also included participation by Fidelity Management & Research Company, Baillie Gifford and other new and current investors. The financing will support SHINE’s commercialization of its diagnostic and therapeutic medical isotope technologies and position the company for future growth as it works toward developing new fusion-based technology applications.
“KDT is an incredible strategic partner for SHINE as we commercialize both diagnostic and therapeutic medical isotopes, and work towards fusion-based nuclear waste recycling and clean energy production,” said Greg Piefer, Chairman and CEO of SHINE. “Koch knows how to scale a company, with more than 120,000 employees around the world, and we look forward to tapping that knowledge as we continue to grow. SHINE’s mission is to usher in a new era of nuclear fusion technology and Koch, which is among the biggest players in energy, is a great long-term, strategic match for us as we pursue our ultimate goal: fusion-based clean energy. We are grateful for their confidence and investment in SHINE.”
“SHINE’s innovative medical isotope technologies, which play a crucial role in identifying and treating patients with debilitating diseases, are astounding,” said Chase Koch, President of KDT. “We believe SHINE has the potential to change not only the production and supply of medical isotopes, but to transform industrial segments globally by leveraging the company’s nuclear-fusion based technology for industrial inspection and imaging, nuclear waste recycling and energy production. Koch’s global knowledge networks and capabilities are uniquely suited to help SHINE’s impressive team implement its vision to advance fusion technology. We look forward to a productive partnership.”
An existing SHINE facility produces the therapeutic medical isotope lutetitum-177 (Lu-177). Radiotherapeutics are one of the fastest growing areas of oncology and has significant potential for the treatment of several cancers because of their ability to directly irradiate cancer including at the late stages. SHINE’s manufacturing process can produce high-specific-activity Lu-177, the form of the isotope most in demand by today’s clinical trial sponsors. Last December, SHINE also broke ground for a large-scale therapeutic isotope plant, which is expected to be operational in mid-2022 and will produce Lu-177.
SHINE is also constructing a U.S. fusion-based medical isotope production facility in Janesville, Wisconsin, to produce molybdenum-99 (Mo-99), which more than 40 million patient procedures rely on each year. There has been little production of Mo-99 in the United States for decades – contributing to chronic shortages of the isotope – and this production facility will be capable of supplying more than one-third of the global demand for Mo-99. SHINE announced in May a location for its new European medical isotope production facility, which when combined with the capacity of SHINE’s U.S. plant will give the company the ability to produce 70 percent of the global patient need for Mo-99. The production facility will be driven by nuclear fusion technology that does not require a reactor and is cleaner, safer and more sustainable than a nuclear research reactor.
“SHINE is grateful for the confidence of our world-class investor syndicate and the ongoing support of our early-stage investors,” said Todd Asmuth, SHINE’s President and Chief Strategy Officer. “The support of our institutional and individual investors and local, state and federal partners ensures that SHINE can fully execute its medical isotope plans by building multiple facilities and improving the lives of people around the world. As we bring these production facilities online, we will move into nuclear waste recycling and clean energy production, the next two phases of our plan. By doing so, we will continue to build long-term value for our stakeholders, including our customers, physicians and their patients, our employees and our shareholders.”
About SHINE Medical Technologies
SHINE is a nuclear technology company committed to improving the lives of people and the planet. The company is focusing its fusion-based technology initially on advanced industrial imaging and the production of diagnostic and therapeutic isotopes. These isotopes include molybdenum-99, a diagnostic isotope used to diagnose heart disease, cancer, and other conditions, and lutetium-177, a therapeutic isotope that holds the promise of significantly improving the outcome of some cancer patients. SHINE has a long-term strategy to solve some of humanity’s biggest problems, including nuclear waste recycling and the production of clean fusion energy, in addition to advanced industrial imaging and medical isotopes, by pursuing our vision for progressively broad and impactful uses of fusion technology. For more information about SHINE, please visit our website at www.shinemed.com.
About Koch Disruptive Technologies
Koch Disruptive Technologies (KDT) is a unique investment firm, focused on empowering founders to create a could-be world. KDT provides a flexible, multi-stage investment approach which includes both traditional venture and growth stages. We work with principled entrepreneurs who are building transformative companies, disrupting the status quo, and creating new platforms. KDT is a subsidiary of Koch Industries, one of the largest privately held companies in the world with $115 billion in revenue and operating in more than 70 countries. KDT helps its partners unlock their full potential by bringing Koch’s capabilities and network to them, structuring unique capital solutions, and embracing a long-term, mutual benefit mindset. For more information, visit www.kochdisrupt.com.
Rod Hise
Senior Manager, Corporate Communications
608-530-5659 direct, 608-770-7850 mobile
This email address is being protected from spambots. You need JavaScript enabled to view it.
Mallory Prouty, MBA
Manager, Investor Relations
608-530-5606 direct, 630-945-2379 mobile
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Prospects for Public Infrastructure Projects, Middle East and Africa" report has been added to ResearchAndMarkets.com's offering.
This report provides a detailed analysis of the prospects for an acceleration in public infrastructure investment, including a listing of key projects.
Many governments across the region are attempting to step up investment in infrastructure to support the recovery from COVID-19 disruption and also as part of ambitious strategic plans to promote the private sector, improve connectivity and enhance competitiveness.
In the Middle East and North Africa (MENA), spending of at least 8.2% of GDP will be needed to meet the infrastructure goals by 2030, according to the World Bank, but infrastructure spending over the past decade has averaged just 3% of GDP.
Infrastructure financing has come mostly from public sector funds, but government finances have been hit hard by the impact of COVID-19 pandemic and the slump in oil prices in 2020, creating a requirement for regulatory frameworks and policies to attract greater private investment. When taking into consideration the five key factors, Saudi Arabia, the UAE, Qatar and Egypt are considered to have relatively good prospects for accelerating infrastructure investment.
Sub Saharan Africa has significant infrastructure needs, but despite the huge opportunities for investment, funding remains insufficient. Most governments in the region have had to use limited resources to provide COVID-19 support policies. The immediate requirements to deal with both economic and humanitarian crises has generally prevented governments from being able to focus policies on infrastructure investment, but efforts to boost growth will be stepped up.
This will be driven by ongoing investment in infrastructure and the expansion of oil production, as well as expansion in the energy sector, in order to achieve sustainable social and economic development milestones, which will help make individual countries more resilient. Tanzania stands out as having good prospects for accelerating infrastructure, along with Cameroon, Ghana and Kenya.
Given the increased focus on infrastructure investment as a potential path to generate growth momentum to support the recovery from the COVID-19 crisis, the publisher has assessed the potential for governments to succeed with such efforts as well as illustrating scenarios reflecting this
Scope
Reasons to Buy
Public Infrastructure Prospects
For more information about this report visit https://www.researchandmarkets.com/r/c3wiwb
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
NEW YORK--(BUSINESS WIRE)--Falcon Minerals Corporation (“Falcon,” or the “Company,” “we,” “our,”) (NASDAQ: FLMN, FLMNW), a leading oil and gas minerals company, announces the appointment of Bryan C. Gunderson as President and Chief Executive Officer and the departure of Daniel C. Herz, former President and Chief Executive Officer. Mr. Gunderson’s appointment and Mr. Herz’s departure are both effective immediately. Mr. Gunderson has also been appointed to the Board of Directors (the “Board”) to fill the vacancy created by Mr. Herz’s resignation.
Falcon’s Board of Directors has also hired Matthew B. Ockwood to serve as Chief Financial Officer. Mr. Ockwood joins Falcon as an experienced oil and gas investor, most recently serving as a Managing Director and member of the investment committee for Chambers Energy Capital.
Board and Management Statement
Claire R. Harvey, Chairman of Falcon’s Board of Directors, commented, “We are grateful to Daniel for the leadership, vision, and loyalty he has provided Falcon since the formation of the Company and we wish him all the best in his future endeavors. Bryan has served as Falcon’s Chief Financial Officer for over two years and brings a wealth of experience to his new role. We are delighted that he has agreed to lead the Company, and we are confident that Bryan is the ideal person to execute on Falcon’s strategic path forward.” Ms. Harvey continued saying, “Matt is a proven investor in the oil and gas industry and is a strong addition to the Falcon team.”
Mr. Herz, Falcon’s outgoing Chief Executive Officer, said, “Having successfully navigated through the last year and a half, and with Falcon positioned for continued growth and success, now is the right time for me to move on to pursue a new chapter. I am proud of the great Company and team we have built, and I look forward to rooting Bryan and the entire Falcon team on as they continue to move the business forward.”
Mr. Gunderson commented, “I am grateful to the Board for the opportunity to further serve Falcon and our shareholders. We have the assets, balance sheet, and team to succeed and we are poised to thrive with the improving market backdrop. I am looking forward to working with Matt in his new role and I want to thank Daniel personally for his mentorship and guidance during my tenure as Chief Financial Officer.”
About Falcon Minerals
Falcon Minerals Corporation (NASDAQ: FLMN, FLMNW) is a C-Corporation formed to own and acquire high growth oil-weighted mineral rights. Falcon Minerals owns mineral, royalty, and over-riding royalty interests covering approximately 256,000 gross unit acres in the Eagle Ford Shale and Austin Chalk in Karnes, DeWitt, and Gonzales Counties in Texas. The Company also owns approximately 80,000 gross unit acres in the Marcellus Shale across Pennsylvania, Ohio, and West Virginia. For more information, visit our website at www.falconminerals.com.
Cautionary Note Regarding Forward-Looking Statements
This document contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Falcon cautions readers not to place any undue reliance on these forward-looking statements as forward-looking information is not a guarantee of future performance. Such forward looking statements include, but are not limited to, statements about future financial and operating results, future dividends paid, the tax treatment of dividends paid, Falcon’s plans, initiatives, objectives, expectations and intentions and other statements that are not historical facts. Risks, assumptions and uncertainties that could cause actual results to materially differ from the forward-looking statements include, but are not limited to, those associated with general economic and business conditions; the COVID-19 pandemic and its impact on Falcon and on the oil and gas industry as a whole; Falcon’s ability to realize the anticipated benefits of its acquisitions; changes in commodity prices; uncertainties about estimates of reserves and resource potential; inability to obtain capital needed for operations; Falcon’s ability to meet financial covenants under its credit agreement or its ability to obtain amendments or waivers to effect such compliance; changes in government environmental policies and other environmental risks; the availability of drilling equipment and the timing of production in Falcon’s regions; tax consequences of business transactions; and other risks, assumptions and uncertainties detailed from time to time in Falcon’s reports filed with the U.S. Securities and Exchange Commission, including under the heading “Risk Factors” in Falcon’s most recent annual report on Form 10-K as well as any subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K. Forward looking statements speak only as of the date hereof, and Falcon assumes no obligation to update such statements, except as may be required by applicable law.
Falcon Minerals:
Jeff Brotman
Chief Legal Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
RICHMOND, Va.--(BUSINESS WIRE)--Harris Williams, a global investment bank specializing in M&A advisory services, announces it is advising Riggs Distler & Company, Inc. (Riggs Distler), a portfolio company of funds managed by Oaktree Capital Management, L.P. (Oaktree), on its pending sale to Centuri Group, Inc. (Centuri), a wholly-owned subsidiary of Southwest Gas Holdings, Inc. (NYSE: SWX; SWGH). Riggs Distler is a leading provider of power and utility services throughout the Northeast and Mid-Atlantic regions of the United States. Under the terms of the transaction, Centuri will acquire a 100% ownership interest in Riggs Distler for $855 million. The transaction is being led by Drew Spitzer, Matt White, Greg Waller, Thomas Saunders and Phil Hart of the Harris Williams Energy, Power & Infrastructure (EPI) Group.
“Riggs Distler’s impressive suite of offerings in the utility and infrastructure sectors has helped the company develop a diverse and recurring client base,” said Drew Spitzer, a managing director at Harris Williams. “During its partnership with Oaktree, Riggs Distler unlocked new, transformative growth opportunities, including early entry into 5G and offshore wind infrastructure, while completing several highly accretive acquisitions which complement the platform. Their addition to the Centuri family of companies provides an attractive opportunity to expand operations across the Northeast and Mid-Atlantic regions, which are experiencing strong growth given increasing demand for utility infrastructure replacement and expansion work.”
“We continue to see tremendous interest across the broader utility services market, and Riggs Distler’s unique combination of market leadership and highly visible revenue streams provides a foundation in a market where resiliency continues to be one of the focal points for potential acquirors,” added Matt White, a managing director at Harris Williams.
“The industry expertise and attention to detail provided by Drew, Matt and the rest of Harris Williams was integral to this transaction,” said Stephen Zemaitatis, Jr. president and CEO of Riggs Distler. “We believe joining the Centuri enterprise will be an excellent opportunity for Riggs Distler as we embark on our next chapter, and all of us at Riggs Distler are grateful to have worked with Harris Williams to achieve this ideal outcome.”
Riggs Distler, based in Cherry Hill, New Jersey, is one of the largest utility contractors in the Northeast and Mid-Atlantic regions of the United States. The company has established itself as a leading provider of turnkey network and infrastructure maintenance, repair and upgrade solutions, with a focus on critical electric and gas services for clients in the power, industrial and utility industries. The company also sits at the forefront of several energy transition megatrends, with capabilities in smart meters, energy storage, EV charging infrastructure and renewables. In addition to its turnkey solutions for utility providers, Riggs Distler is the only provider in the region with a full suite of civil, mechanical, electrical and fabrication capabilities.
Oaktree is a leader among global investment managers specializing in alternative investments, with $153 billion in assets under management as of March 31, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide.
Centuri is a comprehensive utility infrastructure services enterprise dedicated to delivering a diverse array of solutions to North American gas and electric providers. Through sound investment, shared services, and an unwavering commitment to the safety of its employees and the communities it serves, Centuri supports the performance of its operating companies throughout the U.S. and Canada. Centuri is a subsidiary of Southwest Gas Holdings, Inc. (NYSE: SWX).
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams EPI Group has significant experience advising market leading providers of technology, services and products across a broad range of sectors. These sectors include energy management; infrastructure services; utility services; testing, inspection, and certification services; environmental services; engineering and construction; power products and technology; and energy technology. For more information on the Group’s experience, please visit the EPI Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: This email address is being protected from spambots. You need JavaScript enabled to view it.). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.
For media inquiries:
Julia Moore
This email address is being protected from spambots. You need JavaScript enabled to view it..
HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE:USDP) (“USDP” or the “Partnership”) announced today that the Partnership has entered into a Terminal Services Agreement with USD Clean Fuels LLC (“USDCF”), a newly-formed subsidiary of US Development Group, LLC (“USDG”). The Terminal Services Agreement provides for the inbound shipment of renewable diesel on rail and the outbound shipment of the product on tank trucks to local consumers. The agreement has an initial term of five years with a target commencement date of December 1, 2021, and is supported by a minimum throughput commitment to USDCF from an investment-grade rated, refining customer as well as a performance guaranty from USDG.
“We are excited to announce this very accretive opportunity at the Partnership. This opportunity is incremental to our existing ethanol business at West Colton and is projected to generate additional Adjusted EBITDA of approximately $2.0 million per year at the Partnership over the five-year term,” said Adam Altsuler, the Partnership’s Chief Financial Officer. “Total capital associated with the opportunity is approximately $1.8 million, which we intend to fund from cash flows from operations.”
USDCF is a newly-created entity formed by USDG, the Partnership’s sponsor, to focus on providing production and logistics solutions to the growing market for clean energy transportation fuels.
“USDG has created USD Clean Fuels in response to a structural shift in demand associated with decarbonizing the transportation fuels sector,” said Brad Sanders, Executive Vice President and Chief Commercial Officer for USDG. “We believe our assets, capabilities and vision are ideally suited to serve our customers’ growth plans in clean fuels in terms of both geography and product offering (renewable diesel, sustainable aviation fuel, etc.). We are thrilled to be able to bring cleaner and sustainable industry solutions to California fuel markets, and we look forward to more announcements in the future as the industry and clean fuels markets continue to evolve.”
In connection with the execution of the Terminal Services Agreement, the Partnership entered into a Marketing Agreement with USDCF granting USDCF the right to market and develop renewable diesel growth projects at the West Colton terminal. Additionally, USDG entered into to an amended and restated Omnibus Agreement with the Partnership to extend the term of the Partnership’s right of first offer on any midstream infrastructure assets that the sponsor may develop, construct, or acquire, which would include any renewable diesel growth projects at the West Colton Terminal, for an additional five years, subject to certain conditions. The Partnership’s right of first offer was otherwise set to expire in October of 2021.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.
US Development Group, LLC, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USDG solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USDG, along with its partner Gibson Energy, Inc., is pursuing long-term solutions to transport heavier grades of crude oil produced in Western Canada through the construction of a Diluent Recovery Unit at the Hardisty terminal. USDG is also currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on websites referenced in this release is not part of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements with respect to the ability of the Partnership, USDG and USDCF to generate future Adjusted EBITDA; amount and timing of future capital expenditure; business prospects of USDCF; and the ability of the Partnership, USDG and USDCF to develop future additional projects and expansion opportunities and whether those projects and opportunities developed by USDCF would be owned by USDCF and whether they would be subject to the Partnership’s right of first offer. Words and phrases such as “plans,” “expects,” “will,” “would,” “believes,” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to the Partnership are based on management’s expectations, estimates and projections about the Partnership, its interests and the energy industry in general on the date this press release was issued. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include the impact of the novel coronavirus (COVID-19) pandemic and related economic downturn and changes in general economic conditions and commodity prices, as well as those factors set forth under the heading “Risk Factors” and elsewhere in the Partnership’s most recent Annual Report on Form 10-K and in the Partnership’s subsequent filings with the Securities and Exchange Commission (many of which may be amplified by the COVID-19 pandemic and the significant reductions in demand for, and fluctuations in the prices of, crude oil, natural gas and natural gas liquids). The Partnership is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Category: Operations
Adam Altsuler, (281) 291-3995
Executive Vice President, Chief Financial Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
Jennifer Waller, (832) 991-8383
Director, Financial Reporting & Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Single-Pole Double-Throw Multi-Chip Module switch optimized for high reliability military communication applications. SCDs are supported, devices are tested and shipped from Teledyne’s certified US production facility.
MILPITAS, Calif.--(BUSINESS WIRE)--#teledyne--Teledyne e2v HiRel today announced availability of a new single-pole, double-throw multi-chip module (MCM) switch with world class power handling. The surface mount PIN-diode hybrid exhibits superior RF and thermal performance compared to MMIC or glass carrier-based technologies.
The small form factor (10.1 mm x 6.2 mm x 2.5 mm) offers world class power handling, low insertion loss, and superior intermodulation performance exceeding all competitive technologies. The TDSW002040X-198 symmetrical switch is tailored to minimize Transmit-to-Antenna loss while maximizing Transmit-to-Receive isolation and to enable maximum flexibility as the designer can assign either port as Transmit Port and the other as the Receive Port.
The extremely low thermal resistance of the hybrid assembly permits reliably handling up to +56 dBm (400 W) CW power and up to +60 dBm (1 kW) peak RF incident power while operating at an ambient of 125 °C.
“Our military customers requested this part because their previous supplier exited the market, leaving them without a solution,” said Mont Taylor, VP of Business Development at Teledyne HiRel. “The TDSW002040 is surprisingly small given the very high power-handling it is capable of, making it perfect for modern military communications transmit/receive switching.”
Devices are available for ordering and shipment today. They are shipped from our Product Distribution Center, in Milpitas, California, and are available to US customers only.
ABOUT TELEDYNE e2v HIREL ELECTRONICS
Teledyne HiRel’s innovations lead developments in space, transportation, defense, and industrial markets. HiRel’s unique approach involves listening to the market and application challenges of customers and partnering with them to provide innovative standard, semi-custom or fully-custom solutions, bringing increased value to their systems. For more information, visit http://www.tdehirel.com
ABOUT TELEDYNE DEFENSE ELECTRONICS
Serving Defense, Space and Commercial sectors worldwide, Teledyne Defense Electronics offers a comprehensive portfolio of highly engineered solutions that meet your most demanding requirements in the harshest environments. Manufacturing both custom and off-the-shelf product offerings, our diverse product lines meet emerging needs for key applications for avionics, energetics, electronic warfare, missiles, radar, satcom, space, and test and measurement. www.teledynedefelec.com.
Sharon Fletcher
Teledyne Defense Electronics
+1 323-241-1623 This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products announced today that INSW CFO Jeff Pribor has been invited to present at Future of Shipping Virtual Conference, presented by Maxim Group LLC and hosted by M-Vest, on Tuesday June 29th, 2021.
Mr. Pribor will participate in a panel discussion led by Tate Sullivan, Maxim Group’s Senior Research Analyst covering Industrials, along with other shipping industry professionals.
On June 29th, 2021, Maxim Group and M-Vest will host a “Future of Shipping” Virtual Conference. This conference will feature roundtable/panel discussions with company executives in the Dry Bulk, Tanker, Container and Gas sectors of the shipping industry. As the world transitions to the next cycle of international trading activity, executives will discuss any recent industry developments and the overall demand and supply trends in various shipping markets. To attend, just sign up to become an M-Vest member, and stay tuned for more updates!
Click Here to Reserve your seat
Panels
Dry Bulk Shipping: Future Demand For Cargoes and Longer Contracts (9:00AM - 10:00AM ET)
SEANERGY MARITIME HOLDINGS CORP. (SHIP)
Tanker Industry Update: Future Vessel Supply and Industry Trends (10:30AM - 11:30AM ET)
ARDMORE SHIPPING CORP. (ASC)
INTERNATIONAL SEAWAYS INC. (INSW)
PERFORMANCE SHIPPING INC. (PSHG)
TOP SHIPS INC. (TOPS)
Containership Demand: Global Supply Chain Ramifications (12:00PM - 1:00PM ET)
CAPITAL PRODUCT PARTNERS L.P. (CPLP)
GLOBAL SHIP LEASE, INC. (GSL)
Gas Shipping: Future Trends in LPG and LNG Ocean Transportation (1:30PM - 2:30PM ET)
DORIAN LPG LIMITED (LPG)
GASLOG LIMITED (GLOG)
About International Seaways, Inc.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 36 vessels, including 11 VLCCs, two Suezmaxes, four Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s planned merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2020 for the Company, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, the Company’s Registration Statement on Form S-4 dated May 5, 2021, the Company’s Amended Registration Statement on Form S-4 dated June 4, 2021, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.
Investor Relations & Media Contact:
David Siever, International Seaways, Inc.
(212) 578-1635
This email address is being protected from spambots. You need JavaScript enabled to view it.
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) will be releasing its second quarter 2021 financial results on Tuesday, July 20, 2021 after the market closes in a news release to be posted to the Investors’ section of the company’s website at www.avangrid.com/wps/portal/avangrid/Investors. The company will issue an advisory news release over Business Wire the evening of July 20th, which will include a link to the financial results news release on the company’s website.
In conjunction with the earnings release, AVANGRID will conduct a webcast conference call with financial analysts on Wednesday, July 21, 2021 beginning at 10:00 A.M. ET. AVANGRID’s Executive team will present an overview of the financial results followed by a question and answer session.
Interested parties, including analysts, investors and the media, may listen to a live audio-only webcast by accessing a link located in the Investors’ section of AVANGRID’s website at www.avangrid.com/wps/portal/avangrid/Investors.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Analysts: Patricia Cosgel 203-499-2624
Media: Zsoka McDonald 203-997-6892
HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) will host a conference call and webcast beginning at 9:00 a.m. Eastern Daylight Time (EDT) on Thursday, August 5, 2021 to discuss second quarter 2021 earnings. The company plans to release its financial and operating results before the market opens that morning.
A webcast link and related presentation material will be included on the Investors page of the company’s website at http://ir.murphyoilcorp.com.
Date: Thursday, August 5, 2021
Time: 9:00 a.m. EDT
Toll Free Dial-in: 888-886-7786
Conference ID: 11711715
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. Murphy 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. Additional information can be found on the company’s website at www.murphyoilcorp.com.
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 we do 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 US Securities and Exchange Commission (“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, 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.
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
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.