Aetna’s expertise working with retail, hospitality and grocery sectors will help make EV charging more accessible and readily available to a wide range of drivers
LIBERTYVILLE, Ill. & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Electrical services and energy solutions provider Aetna Corp. and global electric vehicle charging solutions company EVBox Group today announced a strategic partnership to help grow EV charging infrastructure in the United States, with a focus on New England and the Mid-Atlantic states — an area Aetna Corp. has served for more than 90 years. Aetna’s expertise in serving retail, hospitality and grocery establishments is expected to play a key role in delivering EV charging to drivers in the places they visit most.
“There has never been a better time for businesses to invest in EV charging, and we are pleased we can now offer EVBox charging solutions to our customers. The electric vehicle industry is growing at a rate of 40% year-over-year. Favorable government policies and support through tax credits, utility rebates and incentives make it more affordable than ever. Companies can help accelerate society’s shift to a cleaner mobility future while also realizing business benefits, such as increased traffic and revenue.” – Chris Angelou, vice president of sales and marketing at Aetna Corp.
While Aetna Corp. has been offering EV charging services since 2017, it is adding EVBox Group to its offerings because of the company’s flexible and scalable approach and the fact that all EVBox products are Open Charge Point Protocol (OCPP) compliant. This allows Aetna Corp. to build customized charging options for its customers and ensure the hardware it sells is future-proof. EVBox Group’s wide range of AC and fast-charging DC hardware options means there is an EV charging solution for every need.
“Aetna Corp.’s expertise in retail and hospitality segments, together with its long history of serving the New England and Mid-Atlantic regions, has the potential to expand and deliver EV charging to tens of thousands more drivers each year. By prioritizing charging solutions with open standards, they are also giving business owners the confidence they need to meet the nation’s rising demand for accessible and readily-available EV charging.” – Kristof Vereenooghe, CEO of EVBox Group.
Aetna Corp. believes retailers and hospitality companies that have already installed EV charging are enjoying the benefits of attracting new customers and as a result, increasing sales. EV charging also helps their customers establish sustainability leadership and stand out from their competition.
In addition to its regional focus, Aetna Corp. offers EV charging services at a national level through its network of installers and provides solutions beyond retail and hospitality for workplace, fleets, multi-family and municipality sectors. The company will also support EVBox Group and its customers by serving as a Field Service partner, performing preventive and corrective maintenance on EVBox stations from Maine to Virginia.
Aetna Corp.’s extensive network of local technicians and energy services experts are available to help businesses plan for their EV futures so they can welcome more customers looking to charge up throughout their day. Companies can schedule a consultation by visiting the Aetna Corp. website. To learn more about EVBox charging solutions, visit www.EVBox.com.
About Aetna Corp.
Aetna Corp. is a national electrical services and energy solutions provider headquartered in Cambridge, Massachusetts. Its forward-thinking perspective combined with over 90 years of experience makes Aetna Corp. one of the most reputable companies in the industry. Aetna Corp. provides turnkey EV charging, efficient interior and exterior lighting solutions, electrical construction and specialty project services. Visit www.aetnacorp.com to learn more.
About EVBox Group
Founded in 2010, EVBox Group empowers forward-thinking businesses to build a sustainable future by providing flexible and scalable electric vehicle charging solutions. With its extensive portfolio of commercial and ultra-fast EVBox charging stations, as well as scalable charging management software engineered by Everon, EVBox Group ensures that electric mobility is accessible to everyone.
EVBox Group is a leader in R&D, with facilities across Europe and North America developing groundbreaking electric vehicle charging technology. With offices across the globe, including Amsterdam, Bordeaux, Munich and Chicago, and strong foundations in dozens of markets, EVBox Group is working to shape a sustainable future of transportation.
In 2021, EVBox Group will become a public company listed on the New York Stock Exchange via a business combination with TPG Pace Beneficial Finance (NYSE: TPGY) and initial investors BlackRock, Inclusive Capital, Neuberger Berman Funds, and Wellington Management. Visit www.EVBox.com to learn more.
EVBox Group Contacts
Investors:
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Job Karstens
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Madeline Vidak
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DUBLIN--(BUSINESS WIRE)--The "Global Autonomous Ships Market 2020-2030 by Component, Ship Type (Commercial, Defense, Passenger), Level of Autonomy (Semi, Fully), Fuel Type, End Use (Linefit, Retrofit) and Region: Trend Forecast and Growth Opportunity" report has been added to ResearchAndMarkets.com's offering.
The global autonomous ships market will reach $77.71 billion by 2030, growing by 8.4% annually over 2020-2030 driven by the demand for operational safety of ships, retrofitting of existing ships, increase in trade activities, and technological advancements in automation systems.
This report is based on a comprehensive research of the entire global autonomous ships market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2015-2020 and provides forecast from 2021 till 2030 with 2020 as the base year.
Key Players
In-depth qualitative analyses include identification and investigation of the following aspects:
The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify global autonomous ships market in every aspect of the classification from perspectives of Component, Ship Type, Level of Autonomy, Fuel Type, End Use, and Region.
The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Specifically, potential risks associated with investing in global autonomous ships market are assayed quantitatively and qualitatively through a Risk Assessment System. According to the risk analysis and evaluation, Critical Success Factors (CSFs) are generated as a guidance to help investors & stockholders identify emerging opportunities, manage and minimize the risks, develop appropriate business models, and make wise strategies and decisions.
Key Topics Covered:
1 Introduction
2 Market Overview and Dynamics
2.1 Market Size and Forecast
2.1.1 Impact of COVID-19 on World Economy
2.1.2 Impact of COVID-19 on the Market
2.2 Major Growth Drivers
2.3 Market Restraints and Challenges
2.4 Emerging Opportunities and Market Trends
2.5 Porter's Five Forces Analysis
3 Segmentation of Global Market by Component
3.1 Market Overview by Component
3.2 System and Structure
3.3 Software
3.4 Service
4 Segmentation of Global Market by Ship Type
4.1 Market Overview by Ship Type
4.2 Commercial Ships
4.3 Defense Ships
4.4 Passenger Ships
5 Segmentation of Global Market by Level of Autonomy
5.1 Market Overview by Level of Autonomy
5.2 Semi-Autonomous Ships
5.3 Fully Autonomous Ships
6 Segmentation of Global Market by Fuel Type
6.1 Market Overview by Fuel Type
6.2 Heavy Fuel Oil (HFO)
6.3 Carbon Neutral Fuels
6.4 Liquefied Natural Gas (LNG)
6.5 Electric Batteries
7 Segmentation of Global Market by End Use
7.1 Market Overview by End Use
7.2 Linefit
7.3 Retrofit
8 Segmentation of Global Market by Region
8.1 Geographic Market Overview 2020-2030
8.2 North America Market 2020-2030 by Country
8.3 European Market 2020-2030 by Country
8.4 Asia-Pacific Market 2020-2030 by Country
8.5 South America Market 2020-2030 by Country
8.6 MEA Market 2020-2030 by Country
9 Competitive Landscape
9.1 Overview of Key Vendors
9.2 New Product Launch, Partnership, Investment, and M&A
9.3 Company Profiles
10 Investing in Global Market: Risk Assessment and Management
10.1 Risk Evaluation of Global Market
10.2 Critical Success Factors (CSFs)
For more information about this report visit https://www.researchandmarkets.com/r/udiax5
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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THE WOODLANDS, Texas--(BUSINESS WIRE)--NorthStar HoldCo Energy, LLC ("NorthStar"), a portfolio company of funds managed by Oaktree Capital Management, L.P. (“Oaktree”), is pleased to report that the expansion of JAX LNG and the construction of the 5,400 cubic meter LNG articulated tug barge unit ("ATB"), Clean Canaveral, continue as expected towards being in service by Q4 2021. In addition, NorthStar recently closed on a $137 million debt financing facility to support these LNG expansions.
NorthStar and its partner at JAX LNG, Pivotal LNG, a subsidiary of BHE GT&S, are tripling the facility’s production capability to 360,000 gallons per day and doubling LNG storage capacity to four million gallons. The JAX LNG facility has been in service since the fourth quarter of 2018 and, through its integrated LNG marine loading dock, JAX LNG has safely completed more than 150 deliveries of LNG to the Clean Jacksonville bunker barge. JAX LNG has also been servicing additional customers in the shipping, over-the-road trucking and aerospace segments.
“With the excellent support we have from our construction contractors, we are excited to commence our expanded operations, particularly for our new anchor customer beginning its LNG-powered voyages in 2022,” said Tim Casey Senior Vice President – LNG for NorthStar. “The expansion of JAX LNG and the construction of the Clean Canaveral will allow us to supply our existing customers, take on new customers and deliver LNG to points anywhere from Savannah, Georgia to Miami, Florida. The market for LNG as a bunker fuel is accelerating as more LNG powered ships are put into service. JAX LNG and Polaris New Energy are prepared to support the shipping industry’s important effort to reduce its carbon footprint by using LNG, an environmentally friendly fuel that can reduce greenhouse gas emissions by over 20 percent.”
Last week, NorthStar, through a newly formed entity, Seaside LNG Holdings, LLC, closed on a $137 million debt financing facility supporting its interest in JAX LNG and Polaris New Energy. Proceeds from the financing will be used to fund construction of the JAX LNG expansion and the ATB.
“We are pleased to have the project finance community support our growth. Our lenders recognize the critical importance of LNG in the maritime sector and share in NorthStar’s excitement as a first-mover in LNG bunkering domestically. The financing facility provides the flexibility to stay at the forefront of these segments as we look toward future growth opportunities,” explained Matt McKenzie, Senior Vice President – Finance and Administration of NorthStar.
About JAX LNG
JAX LNG, LLC is a joint venture between NorthStar Midstream and Pivotal LNG, a subsidiary of BHE GT&S, currently operating a 120,000 gallon per day LNG plant with two million gallons of storage in Jacksonville, Florida. The LNG facility was constructed to bring liquefied natural gas to the southeast U.S. and Puerto Rico. For more information on JAX LNG, visit www.jaxlng.com
About Polaris New Energy
Polaris New Energy is a wholly owned subsidiary of NorthStar formed to supply marine transportation logistics to the growing demand for marine transportation of LNG in the U.S. Jones Act market. For more information, visit www.polarisnewenergy.com
About NorthStar
NorthStar is a diversified logistics company providing flexible crude oil, sand and LNG services, including storage and transportation solutions, to the North American energy industry. NorthStar’s assets include a 375-acre crude oil and sand logistics transloading and transportation terminal with 500,000 barrels of crude storage and over 23 tons of sand storage located in East Fairview, North Dakota, a crude oil terminal with 160,000 barrels of crude storage located in Alexander, North Dakota, a FERC-regulated crude oil pipeline located in McKenzie County, North Dakota providing access to the Dakota Access Pipeline via the terminals in East Fairview and Alexander, and an LNG production facility, marine loading dock and LNG barging operation in Jacksonville, Florida. For more information, visit www.northstarmidstream.com
About Pivotal LNG
Pivotal LNG, Inc. (Pivotal LNG) is a wholly-owned subsidiary of BHE GT&S, a Berkshire Hathaway Energy company, with more than forty years of experience providing clean, alternative energy solutions to industries throughout the United States – from power generation and manufacturing to marine transportation and heavy-duty trucking. With liquefied natural gas production, transportation and delivery capabilities, the company offers a number of reliable, flexible, and cost-effective solutions. Pivotal LNG owns and operates the Trussville LNG facility in Alabama and has 50% ownership of the JAX LNG facility in Florida. Pivotal LNG’s affiliate owns and operates the Towanda Facility in Bradford County, Pennsylvania. Visit www.pivotallng.com for more information on Pivotal LNG.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $148 billion in assets under management as of December 31, 2020. 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. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
Tim Casey
(713) 244-5992
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NEW YORK & OSLO, Norway--(BUSINESS WIRE)--FREYR has issued Invitations to Tender for equipment packages needed for the battery cell production line for FREYR’s pilot plant in Mo i Rana, Norway. The announcement of the chosen supplier is targeted for the end of May 2021.
“The pilot plant site is prepared so that the first stages of construction can begin. With the tender processes for the production line machinery underway, FREYR is on track to achieve the milestones outlined in our project plan,” said Einar Kilde, FREYR executive vice president in charge of projects.
Prior to issuing the request for tender, pre-qualification of potential vendors was carried out in close collaboration with 24M Technologies (“24M”). FREYR has a definitive License and Services Agreement to use 24M’s SemiSolid lithium-ion battery platform technology. The license agreement provides FREYR with rights to unlimited production of battery cells based on all of 24M’s current and future technology.
“FREYR is well on our way to building Norway’s first lithium-ion battery cell manufacturing facility at industrial scale. In the pilot plant, we will optimize and further industrialize 24M’s technology to produce clean, low-cost and high-energy density battery solutions based on renewable energy. It is exciting to see the development of our pilot plant materialize according to plan, which includes completing construction of the facility in 2022,” says Tom Einar Jensen, CEO of FREYR.
On 29 January 2021, FREYR announced that it will become a publicly-listed company through a business combination with Alussa Energy Acquisition Corp., raising approximately USD 850 million in equity proceeds to accelerate the development of clean battery cell manufacturing capacity in Norway. Subject to closing conditions being met, the combined company will be named “FREYR Battery” (“Pubco”) and its common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021. On 16 February 2021, the extraordinary general meeting of FREYR AS approved the business combination.
About FREYR AS
FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.
About Alussa Energy Acquisition Corp.
Alussa Energy is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While Alussa Energy may pursue an acquisition opportunity in any industry or sector, Alussa Energy intends to focus on businesses across the entire global energy supply chain. For more information, please visit: https://www.alussaenergy.com.
Forward-looking statements
The information in this press release includes forward-looking statements and information based on management’s expectations as of the date of this press release. All statements other than statements of historical facts, including statements regarding FREYR’s business strategy, anticipated business combination with Alussa Energy (the “Transaction”) and the terms of such combination, anticipated benefits of FREYR’s technologies and projected production capacity are forward-looking statements. The words “may,” will,” “expect,” “plan,” “target,” or similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. FREYR may not actually achieve the plans or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Factors that may cause actual results to differ materially from current expectations, include FREYR’s ability to execute on its business strategy and develop and increase production capacity in a cost-effective manner; changes adversely affecting the battery industry; the further development and success of competing technologies; the failure of 24M technology or FREYR’s batteries to perform as expected; and our ability to complete the business combination with Alussa Energy on the terms that we currently expect or at all.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the Transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
No Assurances
There can be no assurance that the Transaction will be completed, nor can there be any assurance, if the Transaction is completed, that the potential benefits of combining the companies will be realized.
Important Information about the Transaction and Where to Find It
In connection with the Transaction, Alussa Energy and Pubco will file relevant materials with the SEC, including a Form S-4 registration statement to be filed by Pubco (the “S-4”), which will include a prospectus with respect to Pubco’s securities to be issued in connection with the proposed business combination and a proxy statement (the “Proxy Statement”) with respect to Alussa Energy’s shareholder meeting at which Alussa Energy’s shareholders will be asked to vote on the proposed Business Combination and related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE S-4 AND THE AMENDMENTS THERETO AND OTHER INFORMATION FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT ALUSSA ENERGY, PUBCO, FREYR AND THE TRANSACTION. When available, the Proxy Statement contained in the S-4 and other relevant materials for the Transaction will be mailed to shareholders of Alussa Energy as of a record date to be established for voting on the proposed business combination and related matters. The preliminary S-4 and Proxy Statement, the final S-4 and definitive Proxy Statement and other relevant materials in connection with the Transaction (when they become available), and any other documents filed by Alussa Energy with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov) or by writing to Alussa Energy Acquisition Corp. at c/o PO Box 500, 71 Fort Street, Grand Cayman KY1-1106, Cayman Islands.
FREYR
Steffen Føreid, CFO, +47 9755 7406, This email address is being protected from spambots. You need JavaScript enabled to view it.
Harald Bjørland, Investor Relations, +47 908 58 221, This email address is being protected from spambots. You need JavaScript enabled to view it.
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Alussa Energy
Chi Chow, Alussa Energy, Strategy & Investor Relations, +1 929-303-6514, This email address is being protected from spambots. You need JavaScript enabled to view it.
WASHINGTON--(BUSINESS WIRE)--#energy--U.S. government leaders recently joined the National Association of Energy Service Companies (NAESCO) for its annual Federal Market Workshop to make one thing clear: there is a wealth of opportunity for Energy Services Companies (ESCOs) to leverage energy savings performance contracts (ESPCs) to support the Biden-Harris administration’s pursuit of net-zero greenhouse gas (GHG) emissions economy-wide by 2050.
Richard G. Kidd IV, the Deputy Assistant Secretary of Defense for Environment & Energy Resilience, underscored the pervasiveness of the administration’s climate priorities on the first day of the workshop stating, “the DoD is treating the climate crisis as a national security priority, and we anticipate an increase in funding for more complex projects that bring together private and public sectors focusing on resilience.”
Proven pathways towards achieving these goals include retrofitting, upgrading and otherwise adapting the nation’s aging public building infrastructure to meet target energy efficiency, emissions and resilience performance outcomes.
“We host this event every year to better equip our federal partners with the tools, resources, and information they need to achieve our shared climate and resiliency goals. But this year is arguably the most important,” said NAESCO Executive Director Dr. Timothy D. Unruh. “Investment in our aging public infrastructure should be a priority as we emerge from the pandemic and fully reopen facilities. With the new administration’s focus on climate change, it’s crucial federal agencies continue to partner with ESCOs through ESPCs to work towards upgrading our mission-critical facilities for a more sustainable, resilient future.”
President of the Alliance to Save Energy Paula R. Glover echoed these comments stating, “There’s a broad consensus that critical facilities are clearly past due for investment. The 2021 Open Back Better Act, a provision of the recent climate package introduced by House Democrats, will fulfill that obvious need for investment by delivering billions of dollars in federal funding to retrofit public facilities to make them more resilient and energy efficient. The federal funding will be matched with performance contracting and other financing mechanisms to leverage almost $100 billion in private investment.”
Kelly Speakes-Backman, Acting Assistant Secretary for Energy Efficiency and Renewable Energy (EERE) at the U.S. Department of Energy (DOE) disclosed that EERE’s clean energy programs will need to benefit all Americans and American jobs.
“Our focus is building back better after the pandemic and creating jobs and economic activity is of the utmost importance,” said Speakes-Backman. “Additionally, we need to make investments in ensuring our energy system is equitable. Right now, minority communities feel the impacts of pollution and climate change the hardest, and lower income households face the highest-energy burden. Our programs will work to ensure all Americans have access to new technologies and a brighter, cleaner future.”
During the three-day virtual conference, prominent federal officials tasked with setting and implementing federal energy efficiency and infrastructure improvement measures discussed their respective organization’s energy efficiency priorities and continued efforts to meet climate goals. A full list of the 2021 Federal Market Workshop speakers includes:
Learn more about NAESCO’s 2021 Federal Market Workshop by visiting www.naesco.org/past-events. And for more about NAESCO, its members, membership benefits and accreditation process at www.naesco.org and follow NAESCO on Twitter (@NaescoNews) and LinkedIn (@naesco).
About NAESCO
The National Association of Energy Service Companies (NAESCO) is the leading advocacy and accreditation organization for Energy Service Companies (ESCOs) and is dedicated to modernizing America’s building infrastructure through performance contracting. Uniting the energy service industry, NAESCO promotes favorable government policies; sponsors a rigorous accreditation program; provides training and education; and champions the interests of ESCOs across the nation.
ESCOs contract with private and public sector energy users to provide cost-effective energy efficiency retrofits across a wide spectrum of client facilities, from college campuses to water treatment plants. Effectively utilizing a performance-based contract business model, ESCOs have implemented more than $50 billion in comprehensive energy efficiency retrofit projects over the last three decades.
Amanda Jada
+1 (813) 808-0736
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DUBLIN--(BUSINESS WIRE)--The "Offshore Drilling Rigs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The offshore drilling rigs market is expected to grow at a CAGR of more than 1% during the forecast period of 2021 - 2026.
The COVID-19 pandemic has severely affected the market due to the decline in oil prices in 2020 and delays in oil and gas upstream projects in offshore areas. However, the recovery of crude oil prices after the scenario in 2020 is expected to make offshore drilling profitable.
Company Profiles
Key Market Trends
Deepwater and Ultra-deepwater Segment to Witness Significant Growth
Middle-East and Africa to Witness Significant Growth
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Historical Average Day Rates of Floaters and Jackup Rigs, till 2019
4.4 Major Offshore Upstream Projects
4.5 Recent Trends and Developments
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Type
5.2 Water Depth
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Market Share Analysis - Service Providers
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/4f0las
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) announced today that it has entered into an agreement to sell its subsidiary Hess Denmark ApS, which holds a 61.5% interest in the South Arne Field, to Ineos E&P AS for a total consideration of $150 million, effective January 1, 2021.
“The sale of our Denmark asset enables us to further focus our portfolio and strengthen our cash and liquidity position,” CEO John Hess said. “Proceeds will be used to fund our world class investment opportunity in Guyana.”
The South Arne Field produced an average of 5,800 barrels of oil equivalent per day net to Hess in the fourth quarter of 2020.
The sale is expected to close in the third quarter of 2021, subject to government approvals and customary closing conditions.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information is available at www.hess.com.
Cautionary Statements
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. These forward-looking statements may include, without limitation, the expected timing and completion of the proposed sale and use of proceeds. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: the ability of our contractual counterparties to satisfy their obligations to us, the ability to satisfy the conditions to the proposed sale; contract and other laws, regulations and governmental actions applicable to our business; and other factors described in the Risk Factor section in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and any additional risks described in our other filings with the Securities and Exchange Commission. As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
Investor Contact:
Jay Wilson
(212) 536-8940
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Media Contact:
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(212) 536-8250
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Research shows that 90 percent of the power system can be decarbonized reliably and affordably using today’s technologies, with evolving approaches to planning and operating the grid
WASHINGTON--(BUSINESS WIRE)--Today, the REBA Institute and Grid Strategies released the Designing the 21st Century Electricity System report, which synthesizes complex energy market research and analyses to create a roadmap of recommendations for leaders dedicated to accelerating the transition to a zero-carbon energy future.
“A re-envisioned 21st century electricity system needs to be both resilient for extreme weather events and decarbonized to prevent the worsening damages of climate change,” said Miranda Ballentine, CEO of REBA Institute. “Decarbonizing the power system cannot happen at the rate and scale necessary without updated market design, and that includes integrating insights and needs of customers throughout the process.”
The current power system is designed to optimize an outdated resource mix dependent on fossil-fuel powered sources and there is a lack of consensus on key pathways toward a zero-carbon future. The REBA Institute report cuts through the noise with a clear, comprehensive review of all academic and technical evidence and recommendations to help establish a common understanding of current challenges that hinder decarbonization.
“Key high-impact market design elements – if prioritized by planning institutions – can decarbonize 90 percent of our electricity system,” said Rob Gramlich, founder and president of Grid Strategies. “It’s vital that stakeholders across the markets spectrum – markets experts, operators, transmission planning entities, and the federal government – collaborate to optimize existing structures and methods, and partner with large electricity customers to design the system of the future.”
The 21st century power system requires fundamental changes to achieve climate action targets, provide affordable electricity to all customers, and ensure reliability and resilience, including:
“The REBA Institute report is distinct in that it encapsulates the entire menu of organized market design concepts needed for the sustainable grid of the future. It helps create a roadmap for large electricity customers to work with key stakeholders to translate conceptual solutions into actionable proposals,” said Peter Freed, Head of Energy Strategy at Facebook. “We are in a pivotal moment for the energy industry transition, and we need a re-envisioned electricity system that can help achieve decarbonization goals quickly, reliably and for the benefit of all electricity customers.”
Large electricity customers have championed renewable energy for more than a decade by addressing persistent policy and regulatory market barriers that includes developing new contracting structures and utilizing emerging technologies to meet their own ambitious climate goals. The report highlights the particular importance of engaging this group as each customer has created a path to renewables that previously did not exist, and each individual has unique insights that will only strengthen the re-envisioned electricity system of the future.
Read the full report here.
Marisa Long, Inspire PR Group, 412-877-7592, This email address is being protected from spambots. You need JavaScript enabled to view it.
CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) (the "Corporation" or “Ampco-Pittsburgh”) reported net income for the three and twelve months ended December 31, 2020, of $2.2 million, or $0.12 per common share, and $8.0 million, or $0.56 per common share, respectively. By comparison, the Corporation reported net income for the three months ended December 31, 2019, of $3.1 million, or $0.24 per common share, and a net loss of $(21.0) million, or $(1.67) per common share, for the twelve months ended December 31, 2019. For the full year 2019, this includes a loss from discontinued operations, net of tax, of $(9.1) million, or $(0.72) per common share.
Sales from continuing operations were $87.0 million and $328.5 million for the three and twelve months ended December 31, 2020, respectively, compared to $97.0 million and $397.9 million for the three and twelve months ended December 31, 2019, respectively. The decrease is primarily attributable to a lower volume of shipments for the Forged and Cast Engineered Products segment due to deferral of deliveries by customers in the flat-rolled steel and aluminum markets and reduced demand for forged engineered products, primarily in the oil and gas market.
Commenting on the quarter and full year results, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer, said, “Despite the decline in sales driven by the global pandemic, Ampco-Pittsburgh delivered another profitable quarter in Q4 2020 and improved sequentially over prior quarter EPS. The restructuring initiatives and efficiency improvements our team has been engaged in over the past two years have positioned us to face these challenges and deliver our first profitable year since 2015 while improving our liquidity position. We are cautiously optimistic that order activity levels will increase moving into the second half of 2021 as the lingering impacts of the pandemic subside.”
The Corporation reported income from continuing operations for the three and twelve months ended December 31, 2020, of $2.0 million and $6.4 million, respectively, compared to income of $3.0 million and a loss of $(10.9) million, respectively, for the same periods of the prior year. Income from continuing operations for the twelve months ended December 31, 2020, includes $0.8 million in subsequent proceeds from a 2018 business interruption claim (“Proceeds from Business Interruption Insurance Claim”) and a $0.3 million charge associated with the potential insolvency of an asbestos-related insurance carrier (“Asbestos-Related Charge”). By comparison, loss from continuing operations for the twelve months ended December 31, 2019, includes $1.8 million in Proceeds from Business Interruption Insurance Claim, $4.6 million in excess costs of the Corporation’s Avonmore, PA cast roll manufacturing facility (“Avonmore”), which was sold in September 2019 (“Excess Costs of Avonmore”), $2.4 million in professional fees and employee severance costs associated with the Corporation’s overall restructuring plan (“Restructuring-Related Costs”), $1.4 million in bad debt expense for a cast roll customer who had filed for bankruptcy protection (“Bad Debt Expense”), and an impairment loss (“Impairment Charge”) of $10.1 million associated with the write-down of certain assets of Avonmore in anticipation of its sale.
Excluding the Proceeds from the Business Interruption Insurance Claim and the Asbestos-Related Charge from the current year operating results, and the Bad Debt Expense, the Excess Costs of Avonmore, the Restructuring-Related Costs, the Proceeds from the Business Interruption Insurance Claim, and the Impairment Charge from the prior year operating results, as applicable, adjusted income (loss) from continuing operations, which is not based on U.S. generally accepted accounting principles (“GAAP”), was $2.3 million and $6.0 million for the three and twelve months ended December 31, 2020, in comparison to $1.9 million and $5.7 million for the three and twelve months ended December 31, 2019, respectively. Adjusted income from continuing operations for the three and twelve months ended December 31, 2020, increased by $0.4 million and $0.3 million, respectively, in comparison to the prior year periods, despite decreases in sales of approximately 10% and 17%, respectively, for the three and twelve months ended December 31, 2020, driven principally by the pandemic. Although the current year periods benefited from reduced SG&A expense compared to the corresponding periods of 2019, and, we experienced improved roll pricing and lower raw material costs during fiscal year 2020 compared to fiscal year 2019, these factors were approximately offset by the pandemic-driven impacts of the lower shipment volumes and net unfavorable plant absorption from lower production levels in the Forged and Cast Engineered Products segment. A reconciliation of these GAAP to non-GAAP results is provided below under “Non-GAAP Financial Measures Reconciliation Schedule.”
Other income – net for the three months ended December 31, 2020, improved in comparison to the prior year primarily due to lower interest expense. On a year-to-date basis, however, lower interest expense and lower foreign exchange transaction losses in 2020 did not completely offset the impact of net gains recorded in 2019 from the curtailment of pension and postretirement plans and special termination benefit costs associated with the Avonmore cast roll plant exit.
The income tax benefit for the twelve months ended December 31, 2020, includes a benefit of $3.5 million for the additional tax loss carryback provisions included in the CARES Act.
Segment Results
Forged and Cast Engineered Products
Sales for the three and twelve months ended December 31, 2020, declined 14% and 22% from the respective prior year periods primarily due to customers deferring shipments for mill rolls in response to pandemic-related market impacts and, to a lesser extent, lower demand for other forged engineered products, mainly in the oil and gas market. Operating results for the three months ended December 31, 2020, declined compared to prior year given the $1.8 million in Proceeds from Business Interruption Insurance Claim recorded in the prior year quarter. The unfavorable effects of lower sales volumes, pricing and product mix were more than offset by the favorable effects of reduced cost structure from the segment’s restructuring efforts and the restructuring-related costs recorded in the prior year quarter which are not recurring. Operating results for the twelve months ended December 31, 2020, improved significantly from the prior year period, as the prior year included the Impairment Charge, the segment’s portion of the Restructuring-Related Costs, the Excess Costs of Avonmore, and the Bad Debt Expense. In addition, favorable pricing and product mix, lower raw materials costs and lower selling and administrative expense compared to the prior year partially offset the unfavorable effects of the lower volume of shipments, net unabsorbed costs due to the periodic and temporary idling of plant capacity in response to the pandemic, and the lower Proceeds from Business Interruption Insurance Claim in the current year compared to the prior year.
Air and Liquid Processing
Despite the market effects of COVID-19, sales for the Air and Liquid Processing segment for the three and twelve months ended December 31, 2020, were comparable to prior year levels. Operating income for the quarter and full year was approximately equal to the prior year level, as favorable product mix and process improvement savings offset the Asbestos-Related Charge in the current period.
Teleconference Access
Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Thursday, March 18, 2021, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the fourth quarter and fiscal year ended December 31, 2020. The Corporation encourages participants to pre-register at any time, including up to and after the call start time via this link: https://dpregister.com/sreg/10152460/e2dc80e4bc. Those without internet access or unable to pre-register should dial in at least five minutes before the start time using:
For those unable to listen to the live broadcast, a replay will be available one hour after the event concludes on the Corporation’s website under the Investors menu at www.ampcopgh.com.
About Ampco-Pittsburgh Corporation
Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industry. It also manufactures open-die forged products that principally are sold to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems, and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, Slovenia, and participates in three operating joint ventures located in China. It has sales offices in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.
Non-GAAP Financial Measures
The Corporation presents non-GAAP adjusted income from continuing operations as a supplemental financial measure to GAAP financial measures regarding the Corporation’s operational performance. This non-GAAP financial measure excludes unusual items affecting comparability, as described more fully in the footnotes to the attached “Non-GAAP Financial Measures Reconciliation Schedule,” including the Impairment Charge, the Restructuring-Related Costs, the Excess Costs of Avonmore, the Bad Debt Expense, the Proceeds from Business Interruption Insurance Claim, and the Asbestos-Related Charge, which the Corporation believes are not indicative of its core operating results. A reconciliation of this non-GAAP financial measure to income (loss) from continuing operations, the most directly comparable GAAP financial measure, is provided below under “Non-GAAP Financial Measures Reconciliation Schedule.”
The Corporation has presented non-GAAP adjusted income from continuing operations because it is a key measure used by the Corporation’s management and Board of Directors to understand and evaluate the Corporation’s operating performance and to develop operational goals for managing the business. Management believes this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the operating results of the Corporation, enhancing the overall understanding of the Corporation’s past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by management in its financial and operational decision-making. Non-GAAP adjusted income from continuing operations should be used only as a supplement to GAAP information, in conjunction with the Corporation’s condensed consolidated financial statements prepared in accordance with GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are limitations related to the use of non-GAAP adjusted income from continuing operations rather than GAAP income (loss) from continuing operations. Among other things, the Excess Costs of Avonmore, which are excluded from the non-GAAP financial measure, necessarily reflect judgments made by management in allocating manufacturing and operating costs between Avonmore and the Corporation’s other operations and in anticipating how the Corporation will conduct business following the sale of Avonmore, which was completed on September 30, 2019.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by or on behalf of Ampco-Pittsburgh Corporation (the “Corporation”). This press release may include, but is not limited to, statements about operating performance, trends, events that the Corporation expects or anticipates will occur in the future, statements about sales and production levels, restructurings, the impact from global pandemics (including COVID-19), profitability and anticipated expenses, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Act and words such as “may,” “will,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For the Corporation, these risks and uncertainties include, but are not limited to: cyclical demand for products and economic downturns; excess global capacity in the steel industry; fluctuations of the value of the U.S. dollar relative to other currencies; increases in commodity prices or shortages of key production materials; consequences of global pandemics (including COVID-19); changes in the existing regulatory environment; new trade restrictions and regulatory burdens associated with “Brexit”; inability of the Corporation to successfully restructure its operations; limitations in availability of capital to fund the Corporation’s operations and strategic plan; inoperability of certain equipment on which the Corporation relies; work stoppage or another industrial action on the part of any of the Corporation’s unions; liability of the Corporation’s subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of those subsidiaries; inability to satisfy the continued listing requirements of the New York Stock Exchange or NYSE American; failure to maintain an effective system of internal controls; potential attacks on information technology infrastructure and other cyber-based business disruptions; and those discussed more fully elsewhere in this report and in documents filed with the Securities and Exchange Commission by the Corporation, particularly in Item 1A, Risk Factors, in Part I of the Corporation’s latest Annual Report on Form 10-K, and Part II of the Quarterly Report on Form 10-Q for the period ended September 30, 2020. The Corporation cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that the Corporation may not be able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, the Corporation assumes no obligation, and disclaims any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.
AMPCO-PITTSBURGH CORPORATION FINANCIAL SUMMARY (in thousands except per share amounts) |
||||||||||||||||||||
|
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Three Months Ended
|
Twelve Months Ended
|
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|
|
|
|
|
|
|||||||||||||||
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|||||||
|
|
|
|
|
|
|
||||||||||||||
Sales |
$ |
87,029 |
|
$ |
97,019 |
|
$ |
328,544 |
$ |
397,904 |
|
|||||||||
|
|
|
|
|
||||||||||||||||
Cost of products sold |
|
|
|
|
||||||||||||||||
(excl. depreciation and amortization) |
|
67,909 |
|
|
75,925 |
|
|
257,513 |
|
326,157 |
|
|||||||||
Selling and administrative |
|
12,068 |
|
|
13,464 |
|
|
45,542 |
|
53,643 |
|
|||||||||
Depreciation and amortization |
|
4,712 |
|
|
4,556 |
|
|
18,575 |
|
18,967 |
|
|||||||||
Impairment charge |
|
- |
|
|
- |
|
|
- |
|
10,082 |
|
|||||||||
Charge for asbestos litigation |
|
283 |
|
|
- |
|
|
283 |
|
- |
|
|||||||||
Loss (gain) on disposal of assets |
|
54 |
|
|
30 |
|
|
185 |
|
(37 |
) |
|||||||||
Total operating expenses |
|
85,026 |
|
|
93,975 |
|
|
322,098 |
|
408,812 |
|
|||||||||
|
|
|
|
|
||||||||||||||||
Income (loss) from continuing operations |
|
2,003 |
|
|
3,044 |
|
|
6,446 |
|
(10,908 |
) |
|||||||||
Other income (expense) – net |
|
1,645 |
|
|
868 |
|
|
2,254 |
|
2,541 |
|
|||||||||
|
|
|
|
|
||||||||||||||||
Income (loss) from continuing operations before income taxes |
|
3,648 |
|
|
3,912 |
|
|
8,700 |
|
(8,367 |
) |
|||||||||
Income tax (provision) benefit |
|
(1,179 |
) |
|
(392 |
) |
|
470 |
|
(2,108 |
) |
|||||||||
|
|
|
|
|
||||||||||||||||
Net income (loss) from continuing operations |
|
2,469 |
|
|
3,520 |
|
|
9,170 |
|
(10,475 |
) |
|||||||||
Loss from discontinued operations, net of tax |
|
- |
|
|
(54 |
) |
|
- |
|
(9,085 |
) |
|||||||||
Net income (loss) |
|
2,469 |
|
|
3,466 |
|
|
9,170 |
|
(19,560 |
) |
|||||||||
|
|
|
|
|
||||||||||||||||
Less: Net income attributable to noncontrolling interest |
|
277 |
|
|
391 |
|
|
1,200 |
|
1,426 |
|
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Net income (loss) attributable to Ampco-Pittsburgh |
$ |
2,192 |
|
$ |
3,075 |
|
$ |
7,970 |
$ |
(20,986 |
) |
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|
|
|
|
|
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|
|
|
|
|
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Net income (loss) from continuing operations per share attributable to Ampco-Pittsburgh common shareholders: |
|
|
|
|
||||||||||||||||
Basic |
$ |
0.12 |
|
$ |
0.25 |
|
$ |
0.56 |
$ |
(0.95 |
) |
|||||||||
Diluted |
$ |
0.12 |
|
$ |
0.25 |
|
$ |
0.54 |
$ |
(0.95 |
) |
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|
||||||||||||||||||||
Loss from discontinued operations, net of tax, per share attributable to Ampco-Pittsburgh common shareholders: |
|
|
|
|
||||||||||||||||
Basic |
$ |
- |
|
$ |
(0.01 |
) |
$ |
- |
$ |
(0.72 |
) |
|||||||||
Diluted |
$ |
- |
|
$ |
(0.01 |
) |
$ |
- |
$ |
(0.72 |
) |
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|
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Net income (loss) per share attributable to Ampco-Pittsburgh common shareholders: |
|
|
|
|
||||||||||||||||
Basic |
$ |
0.12 |
|
$ |
0.24 |
|
$ |
0.56 |
$ |
(1.67 |
) |
|||||||||
Diluted |
$ |
0.12 |
|
$ |
0.24 |
|
$ |
0.54 |
$ |
(1.67 |
) |
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|
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Weighted-average number of common shares outstanding: |
|
|
|
|
|
|||||||||||||||
Basic |
|
|
18,312 |
|
|
12,646 |
|
|
14,272 |
|
|
12,590 |
|
|||||||
Diluted |
|
|
18,752 |
|
|
12,692 |
|
|
14,636 |
|
|
12,590 |
|
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AMPCO-PITTSBURGH CORPORATION SEGMENT INFORMATION (in thousands) |
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|
Three Months Ended
|
Twelve Months Ended
|
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|
|
|
|
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|
|
2020 |
|
|
2019 |
|
|
2020 |
|
2019 |
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|
|
|
|
|
|
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Net Sales: |
|
|
|
|
||||||||||||||
Forged and Cast Engineered Products |
$ |
64,166 |
|
$ |
74,331 |
|
$ |
237,889 |
|
$ |
305,630 |
|
|
|||||
Air and Liquid Processing |
|
22,863 |
|
|
22,688 |
|
|
90,655 |
|
|
92,274 |
|
|
|||||
Consolidated |
$ |
87,029 |
|
$ |
97,019 |
|
$ |
328,544 |
|
$ |
397,904 |
|
|
|||||
Income (Loss) from Continuing Operations: |
|
|||||||||||||||||
Forged and Cast Engineered Products |
$ |
3,187 |
|
$ |
4,510 |
|
$ |
8,621 |
|
$ |
(6,130 |
) |
|
|||||
Air and Liquid Processing |
|
2,442 |
|
|
2,631 |
|
|
10,133 |
|
|
10,002 |
|
|
|||||
Corporate costs |
|
(3,626 |
) |
|
(4,097 |
) |
|
(12,308 |
) |
|
(14,780 |
) |
|
|||||
Consolidated |
$ |
2,003 |
|
$ |
3,044 |
|
$ |
6,446 |
|
$ |
(10,908 |
) |
|
|||||
AMPCO-PITTSBURGH CORPORATION
NON-GAAP FINANCIAL MEASURES RECONCILIATION SCHEDULE
(in thousands)
As described under “Non-GAAP Financial Measures” above, the Corporation presents non-GAAP adjusted income (loss) from continuing operations as a supplemental financial measure to GAAP financial measures. The following is a reconciliation of income (loss) from continuing operations, the most directly comparable GAAP financial measure, to this non-GAAP financial measure for the three and twelve months ended December 31, 2020 and 2019:
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||
|
|
|
|
|||||||||||
|
|
2020 |
|
2019 |
|
|
2020 |
|
|
2019 |
|
|||
|
|
|
|
|
||||||||||
Income (loss) from continuing operations, as reported (GAAP) |
$ |
2,003 |
$ |
3,044 |
|
$ |
6,446 |
|
$ |
(10,908 |
) |
|||
Impairment Charge (1) |
|
- |
|
- |
|
|
- |
|
|
10,082 |
|
|||
Restructuring-Related Costs (2) |
|
- |
|
697 |
|
|
- |
|
|
2,350 |
|
|||
Excess Costs of Avonmore (3) |
|
- |
|
- |
|
|
- |
|
|
4,572 |
|
|||
Bad Debt Expense (4) |
|
- |
|
- |
|
|
- |
|
|
1,366 |
|
|||
Proceeds from Business Interruption Insurance Claim (5) |
|
- |
|
(1,803 |
) |
|
(769 |
) |
|
(1,803 |
) |
|||
Asbestos-Related Charge (6) |
|
283 |
|
- |
|
|
283 |
|
|
- |
|
|||
Income (loss) from continuing operations, as adjusted (Non-GAAP) |
$ |
2,286 |
$ |
1,938 |
|
$ |
5,960 |
|
$ |
5,659 |
|
|||
(1) |
Represents an impairment charge recognized in the first quarter of 2019 to record certain assets of Avonmore to their estimated net realizable value less costs to sell in anticipation of their sale, which was completed in September 2019. |
|
(2) |
Represents professional fees associated with the Corporation’s overall restructuring plan and employee severance costs due to reductions in force. |
|
(3) |
Represents estimated net operating costs not expected to continue after the sale of certain assets of Avonmore, which was completed in September 2019. The estimated excess costs include judgments made by management in allocating manufacturing and operating costs between Avonmore and the Corporation’s other operations and in anticipating how it will conduct business following the sale of Avonmore. |
|
(4) |
Represents bad debt expense for a British cast roll customer who filed for bankruptcy in 2019. |
|
(5) |
Represents business interruption insurance proceeds received for equipment outages that occurred in 2018. |
|
(6) |
Represents a charge for the potential insolvency of an asbestos-related insurance carrier. |
Michael G. McAuley
Senior Vice President, Chief Financial Officer and Treasurer
(412) 429-2472
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REDWOOD CITY, Calif.--(BUSINESS WIRE)--#eneos--Ubiquitous Energy, the leader in truly transparent solar energy technology, has secured a strategic equity investment of $8M from ENEOS Holdings, one of the most prominent and comprehensive energy, resources, and materials companies in Asia. The investment from ENEOS represents an initial close of Ubiquitous Energy’s Series B financing round and will help support the company’s go-to-market strategy and production efforts — helping to bring its UE Power™ window products to market in the US and internationally.
There is a strong strategic alignment and synergy between Ubiquitous Energy and ENEOS. UE is focused on developing new ways to reduce humanity’s carbon footprint by seamlessly integrating solar technology into everyday products and surfaces, without aesthetic compromises. ENEOS has a portfolio that reduces carbon dioxide emissions and have begun investing substantial resources behind their smart city and renewable energy strategies. Working together they will pioneer the cultivation of an accessible low-carbon and renewables-oriented society.
“We are very pleased to announce our partnership with ENEOS. They share our commitment to powering the buildings of the future with renewable energy and we look forward to a long and fruitful partnership with the ENEOS team.”
— Ubiquitous Energy CEO Susan Stone
___________
About Ubiquitous Energy
Ubiquitous Energy is the world leader in transparent photovoltaics. Its award-winning UE Power™ technology is the world’s only truly transparent solar product. UE Power™ harvests solar energy and serves as an invisible, onboard source of electricity for a variety of end use products. The thin coating can be applied to the surface of window glass to provide electricity generation and energy efficiency while remaining visibly indistinguishable from the fully transparent standard windows on the market today. Originally spun out of MIT, Ubiquitous Energy is now producing its highly transparent, efficient solar cells and windows in its production facility in Silicon Valley.
For more information, visit www.ubiquitous.energy or contact us as This email address is being protected from spambots. You need JavaScript enabled to view it..
About ENEOS Holdings, Inc.
ENEOS Holdings, Inc. is a Japanese petroleum, oil & gas exploration, and metals conglomerate, a listed company on the first section of Tokyo Stock Exchange in Japan.
ENEOS Group are engaged in businesses such as not only oil, natural gas, copper and other non-ferrous metals, but also chemicals, recycling, electricity, and hydrogen.
ENEOS Group seeks to develop new businesses that are in line with the group’s “Long-Term Vision” through its Corporate Venture Capital arm, ENEOS IP (https://www.eneos-innovation.co.jp).
You can read more at: https://www.hd.eneos.co.jp/english/company/system/plan.html
Ubiquitous Energy, Inc. – Communication
Veeral Hardev
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Dangerous Goods Specialist Recognized for Leadership in Helping Shippers Navigate Business Challenges, Leverage Supply Chains for Competitive Advantage
CHICAGO--(BUSINESS WIRE)--#Compliance--Labelmaster, the leading provider of products, services and technology for the safe and compliant transport of dangerous goods (DG) and hazardous materials (hazmat), today announced that Director of Regulatory Affairs and Corporate Responsibility Brian Beetz has been selected as a 2021 Pros to Know Award recipient by Supply & Demand Chain Executive magazine.
The Pros to Know Awards recognize outstanding executives whose accomplishments offer a roadmap for other leaders looking to leverage supply chain for competitive advantage. This year’s list includes individuals and teams from software and service providers, consultancies and academia, trucking and transportation firms, professional development agencies, sourcing and procurement divisions, and more. All have helped supply chain clients and the supply chain community at large prepare to meet many of today’s – and tomorrow’s – challenges.
Brian Beetz has more than 20 years of experience in the hazmat, environmental, health and safety sectors. As director of regulatory affairs and corporate responsibility, Beetz helps provide organizations in diverse industries (including manufacturing, retail, electronics, pharmaceutical and others) with the DG products, technology, training, regulatory materials and support services they need to in order to execute their supply chain operations efficiently, safely and compliantly.
“We are proud to have Brian recognized for his ongoing efforts to support the safe and compliant movement of dangerous goods around the globe,” said Alan Schoen, president, Labelmaster. “His deep industry expertise and knowledge of hazmat shipping regulations helps organizations navigate the complex, ever-changing regulations that govern the transport of dangerous goods, and achieve real business value by creating a more compliant supply chain.”
Overcoming Gaps in Today’s Hazmat Supply Chain
The growth of ecommerce, the evolution of the global supply chain, expanding regulations and a host of other factors have made moving DG in a safe and compliant manner more important than ever. Unfortunately, several key gaps exist within many organizations’ processes and infrastructure that make maintaining a safe and reliable hazmat supply chain challenging, and put their operational efficiency and bottom line at risk.
These DG management gaps became especially clear during the COVID-19 pandemic, as many organizations experienced significant challenges in keeping goods moving, as well keeping teams up-to-date and trained on new and existing compliance rules. To learn more about the gaps that exist within the DG supply chain, and strategies to improve compliance within your organization, download the 2020 Global Dangerous Goods Confidence Outlook report: https://www.labelmaster.com/dg-confidence-outlook.
To learn more about dangerous goods software or how to establish a safer, more compliant supply chain, visit https://www.labelmaster.com.
About Labelmaster
For more than five decades, Labelmaster has been the go-to source for companies big and small to navigate and comply with the complex, ever-changing regulations that govern the transport of dangerous goods and hazardous materials. From hazmat labels and UN-certified packaging, hazmat placards and regulatory publications, to advanced technology and regulatory training, Labelmaster’s comprehensive offering of industry-leading software, products, and services helps customers remain compliant with all dangerous goods regulations, mitigate risk, and maintain smooth, safe operations. Labelmaster's dedication to supporting its customers' operational and compliance needs is enhanced through its unmatched industry expertise and consulting services, which serve as a valuable resource for customers to answer difficult and commonplace regulatory questions. Whether you're shipping hazardous materials by land, air, or sea, Labelmaster is your partner in keeping your business ahead of regulations and compliant every step of the way. To learn more, visit www.labelmaster.com.
Stephen Dye
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312-957-8911
Certification program offers benchmark for terminal operators to validate skills for efficient operations
OAKLAND, Calif.--(BUSINESS WIRE)--Navis, a part of Cargotec Corporation, and the provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain, announced today the availability of the Navis Certification Program. This new series of certification exams verify fundamental knowledge of the N4 TOS and how to use it for Yard Planning, Vessel Planning and IT Administration, and was designed to produce Navis experts across terminal operations.
Employers around the world have found that professional certifications motivate individuals to engage and deepen their own commitment to their work. The Navis Certification Program offers a benchmark to measure knowledge across operations through online tests, available worldwide, 24/7. The exams measure learning objectives taught in the popular N4 fundamentals and role-based courses, and certifications validate whether operations staff have cleared a bar of knowledge necessary to perform competently and efficiently in their jobs and highlight where they can improve their skills.
“Companies who help their operational teams reach their professional goals reap the benefits of happier people who stay longer. We’ve also learned that overall, teams that meet industry benchmarks deliver higher and more consistent quality for their organizations,” said Andy Clason, Vice President Of Technical Services at Navis. “This is why we created the Navis Training program. We wanted to help customers reach their operational goals by ensuring their workforce was trained and certified on our services, and also empower them to troubleshoot issues and work at their full potential.”
Every person certified by Navis receives a digital badge through the third-party credentialing agency Credly, which they can display in their email signatures and via web and social media channels.
The newly developed Certifications includes:
For a more detailed description of the entire certification program, see Navis’ online certification brochure: https://courses.navis.com/view/320769/.
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact’s Business Ambition for 1.5°C. The company’s sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com
Jennifer Grinold
Navis, LLC
T+1 510 267 5002
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Geena Pickering
Affect
T+1 212 398 9680
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Colombia’s Largest Petroleum Company Deploys Aspen GDOT Software to Optimize Margin in Cartagena and Barrancabermeja Refineries
BEDFORD, Mass.--(BUSINESS WIRE)--Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in asset optimization software, today announced that Ecopetrol, the largest petroleum company in Colombia, has selected Aspen GDOT™ dynamic optimization software as part of its digitalization initiative to improve refining margins at its two refineries in Cartagena and Barrancabermeja, and upgrading to Aspen DMC3™ advanced process control software in Barrancabermeja refinery.
“Optimizing production and increasing margins in today’s downstream business environment requires digital technology that enables refineries to see the entire process and make adjustments based on real-time data,” said Francisco Trespalacios Vergara, digital downstream champion at Ecopetrol. “This combination of AspenTech solutions gives us unparalleled visibility and control so that we can respond to changes in market conditions and align our planning, optimization and control strategies at our Cartagena and Barrancabermeja facilities with our global models. These solutions also fit in with our corporate digitalization initiative that we call ‘Best of the Best,’ which is an effort to deploy the ideal technology solutions to meet our needs across the organization.”
Aspen GDOT and Aspen DMC3 join other AspenTech solutions currently used by Ecopetrol, including Aspen PIMS-AO™ for planning, aspenONE® Engineering for process optimization, Aspen Petroleum Scheduler™ and Aspen Refinery Multi-Blend Optimizer™ for scheduling, and Aspen Operations Reconciliation and Accounting™ for mass balance reconciliation. With Aspen GDOT, Ecopetrol aims to improve performance and margin by closed-loop coordination of multiple refining units in real time. Ecopetrol will use Aspen DMC3 to sustain optimal performance with adaptive process control technology that enables simultaneous process optimization, background model maintenance and testing.
“Ecopetrol is applying a truly innovative, state-of-the-art approach to production optimization and closing the gap between planning, scheduling and operations,” said Alex Muro, Vice President of Regional Sales for Latin America at Aspen Technology. “These solutions will give these Ecopetrol facilities the agility and operational flexibility they need to adapt to customer demands and will allow Ecopetrol to achieve greater time to value by integrating with the AspenTech software already in place.”
Supporting Resources
About Aspen Technology
Aspen Technology (AspenTech) is a global leader in asset optimization software. Its solutions address complex, industrial environments where it is critical to optimize the asset design, operation and maintenance lifecycle. AspenTech uniquely combines decades of process modelling expertise with artificial intelligence. Its purpose-built software platform automates knowledge work and builds sustainable competitive advantage by delivering high returns over the entire asset lifecycle. As a result, companies in capital-intensive industries can maximize uptime and push the limits of performance, running their assets safer, greener, longer and faster. Visit AspenTech.com to find out more.
© 2021 Aspen Technology, Inc. AspenTech,, the Aspen leaf logo, Aspen GDOT™, Aspen DMC3™, Aspen PIMS-AO™ and aspenONE® are trademarks of Aspen Technology, Inc.
Aspen Technology, Inc.
Andy Rodger
+ 1 781-221-4252
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NeoLith Energy’s differentiated direct lithium extraction process aims to enable a sustainable, efficient, and flexible lithium production ecosystem.
HOUSTON--(BUSINESS WIRE)--Schlumberger New Energy announced today the development of a lithium extraction pilot plant through its new venture, NeoLith Energy. The deployment of the pilot plant will be in Clayton Valley, Nevada, USA. The NeoLith Energy sustainable approach uses a differentiated direct lithium extraction (DLE) process to enable the production of high-purity, battery-grade lithium material while reducing the production time from over a year to weeks. This innovative process can create new market opportunities for lithium extraction and battery manufacturing economy, and maximize the value of the lithium-rich resource base in Nevada with cutting-edge extraction technology.
The demand for battery-grade lithium is projected to grow exponentially, driven by growth in the electric vehicle (EV) market. As EVs greatly depend on lithium-ion rechargeable batteries, sustainable and efficient lithium production has become an important topic for regions, industries, and technology companies, as well as battery and large automotive manufacturers. NeoLith Energy’s pilot plant is a step towards a full-scale, commercial lithium production facility. The pilot plant results will be used to optimize the design of the full-scale production plant. The production plant will utilize an environmentally friendly method for subsurface brine extraction and lithium production that requires a significantly smaller footprint and reduces water consumption by over 85% compared to current methods for lithium extraction from brine.
“Nevada lithium resources present an excellent opportunity to demonstrate a leap in production efficiency with a more sustainable approach,” said Ashok Belani, Schlumberger New Energy executive vice president. “Schlumberger’s expertise in the subsurface domain, development of process technology, and global deployment of technology at scale with various partners all play an important role in the innovation and efficiency of our DLE process. We are accelerating the deployment of our pilot plant in response to the high market demand for battery-grade lithium material.”
The pilot plant’s deployment is part of the Pure Energy Minerals agreement with Schlumberger New Energy for the development of its Nevada lithium brine property, using advanced technology to process the brine and extract high-purity lithium, maximizing the lithium resource recovery. Commissioning of the pilot plant will begin following receipt of all necessary permits. NeoLith Energy intends to begin operations before the end of 2021.
Schlumberger New Energy has invested more than USD 15 million in this DLE process, and expects the development and operation of the pilot plant in Nevada to require a similar amount of investment. This innovative and sustainable DLE process has the potential to disrupt the lithium economy by opening new opportunities to existing production regions, and enabling new lithium production regions across the globe to meet the growing demand.
About Schlumberger New Energy
Schlumberger is the world's leading provider of technology to the global energy industry. Schlumberger New Energy explores new avenues of growth by leveraging Schlumberger’s intellectual and business capital in emerging new energy markets, with a focus on low-carbon and carbon-neutral energy technologies. Its activities include ventures in the domains of hydrogen, lithium, carbon capture and sequestration, geothermal power and geoenergy for heating and cooling buildings.
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 projected demand growth for battery-grade lithium, and other forecasts or expectations regarding global climate change. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of the partnership; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and permits; and other risks and uncertainties detailed in the companies’ public filings, including Schlumberger’s 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. The forward-looking statements speak only as of the date of this press release, the parties disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN #EV--iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience for solar, electrical and data services, today announced that it has made a $1.5 million strategic investment in Gemini Electric Mobility Co. (“Gemini”) and a $1 million investment in Nad Grid Corp (“AmpUp”).
Highlights
“The investments in Gemini and AmpUp are important steps forward for iSun as we seek to expand our presence in the clean mobility market and further establish the Company as a leader in solar infrastructure, inside and outside of our traditional regional markets from Maine to California,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “These investments complement our new product offerings acquired in January and are part of our ongoing growth strategy that targets companies serving new markets and that help iSun provide energy as a service to enable our customers to convert from dirty energy to clean energy. We believe the investments in Gemini and AmpUp fit well within that framework. They provide iSun with a unique advantage to serve our customers in the clean mobility infrastructure market and provide growth opportunities for our solar installation business. The investments also expand our opportunities to own and operate electric vehicle charging assets and to increase our base of recurring revenue and earnings.”
Gemini Electric Mobility Co. has developed a sustainable fintec solution for mobility, which accelerates the adoption of electric vehicles for those who drive the most. Their solution delivers on EV’s GHG reduction and clean air promises, by increasing accessibility and by maximizing utilization over the full vehicle lifecycle.
AmpUp (Nad Grid Corp) was founded by Thomas Sun, Timotej Gavrilovic and Ronnie Nguyen in 2019. AmpUp is an electric vehicle (EV) software company and network provider that enables drivers, hosts, and fleets to charge stress-free. With three issued and four pending patents, their technology gives businesses and property owners the ability to efficiently manage multiple charge stations and locations in one platform. Advanced features, such as smart scheduling, dynamic access control and energy optimization provide site hosts more flexibility and affordability for their charger investment. AmpUp’s network and software solutions have been deployed for customers across North America requiring installation and management of multiple electric vehicle chargers. AmpUp has been working with iSun on the development of its proprietary iSunOS solution, which provides site owners with metrics across solar power generation, electric vehicle charging status, clean miles driven, air quality and battery management capacities.
ABOUT iSUN
Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values that align people, purpose, innovation and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 200 megawatts of rooftop, ground mount and EV carport solar systems (equal to power required for 38,000 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.
INVESTOR CONTACT
Chase Jacobson
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802-264-2040
NeoLith Energy’s differentiated direct lithium extraction process aims to enable a sustainable, efficient, and flexible lithium production ecosystem.
HOUSTON--(BUSINESS WIRE)--Regulatory News:
Schlumberger New Energy announced today the development of a lithium extraction pilot plant through its new venture, NeoLith Energy. The deployment of the pilot plant will be in Clayton Valley, Nevada, USA. The NeoLith Energy sustainable approach uses a differentiated direct lithium extraction (DLE) process to enable the production of high-purity, battery-grade lithium material while reducing the production time from over a year to weeks. This innovative process can create new market opportunities for lithium extraction and battery manufacturing economy, and maximize the value of the lithium-rich resource base in Nevada with cutting-edge extraction technology.
The demand for battery-grade lithium is projected to grow exponentially, driven by growth in the electric vehicle (EV) market. As EVs greatly depend on lithium-ion rechargeable batteries, sustainable and efficient lithium production has become an important topic for regions, industries, and technology companies, as well as battery and large automotive manufacturers. NeoLith Energy’s pilot plant is a step towards a full-scale, commercial lithium production facility. The pilot plant results will be used to optimize the design of the full-scale production plant. The production plant will utilize an environmentally friendly method for subsurface brine extraction and lithium production that requires a significantly smaller footprint and reduces water consumption by over 85% compared to current methods for lithium extraction from brine.
“Nevada lithium resources present an excellent opportunity to demonstrate a leap in production efficiency with a more sustainable approach,” said Ashok Belani, Schlumberger New Energy executive vice president. “Schlumberger’s expertise in the subsurface domain, development of process technology, and global deployment of technology at scale with various partners all play an important role in the innovation and efficiency of our DLE process. We are accelerating the deployment of our pilot plant in response to the high market demand for battery-grade lithium material.”
The pilot plant’s deployment is part of the Pure Energy Minerals agreement with Schlumberger New Energy for the development of its Nevada lithium brine property, using advanced technology to process the brine and extract high-purity lithium, maximizing the lithium resource recovery. Commissioning of the pilot plant will begin following receipt of all necessary permits. NeoLith Energy intends to begin operations before the end of 2021.
Schlumberger New Energy has invested more than USD 15 million in this DLE process, and expects the development and operation of the pilot plant in Nevada to require a similar amount of investment. This innovative and sustainable DLE process has the potential to disrupt the lithium economy by opening new opportunities to existing production regions, and enabling new lithium production regions across the globe to meet the growing demand.
About Schlumberger New Energy
Schlumberger is the world's leading provider of technology to the global energy industry. Schlumberger New Energy explores new avenues of growth by leveraging Schlumberger’s intellectual and business capital in emerging new energy markets, with a focus on low-carbon and carbon-neutral energy technologies. Its activities include ventures in the domains of hydrogen, lithium, carbon capture and sequestration, geothermal power and geoenergy for heating and cooling buildings.
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 projected demand growth for battery-grade lithium, and other forecasts or expectations regarding global climate change. These statements are subject to risks and uncertainties, including, but not limited to, the inability to achieve net-negative carbon emissions goals; the inability to recognize intended benefits of the partnership; legislative and regulatory initiatives addressing environmental concerns, including initiatives addressing the impact of global climate change; the timing or receipt of regulatory approvals and permits; and other risks and uncertainties detailed in the companies’ public filings, including Schlumberger’s 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. The forward-looking statements speak only as of the date of this press release, the parties disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Joy V. Domingo – Director of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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Invests in Solar Generation Assets Under EnfraGen Subsidiary Fontus Renewables
Increasing Contribution to the Energy Transition Trend Across Latin America
NEW YORK & SANTIAGO, Chile--(BUSINESS WIRE)--EnfraGen, LLC ("EnfraGen"), a developer, owner, and operator of specialized sustainable and renewable power and grid stability assets in Latin America owned by leading global private markets firm Partners Group, on behalf of its clients, and Glenfarne Group, LLC ("Glenfarne"), announced today an expansion of its renewables business through new investments in solar energy generation assets, which further enhance EnfraGen’s infrastructure market leadership in the energy transition.
EnfraGen, through its Fontus Renewables division, has recently acquired 10 ready-to-build solar photovoltaic (PV) projects and three nine-megawatt operating solar PV plants, all of which are located in Chile.
EnfraGen also announced it has entered into EPC contracts with Metka – EGN Limited and its Chilean subsidiary Metka EGN Chile SpA, as well as with Elecnor S.A. and its Chilean subsidiary Elecnor Chile S.A., to construct the 10 ready-to-build projects. EnfraGen has provided Metka and Elecnor with a limited notice to proceed beginning the construction process.
The 10 projects, once completed and in operations, will total approximately 90 MWac installed capacity and when combined with the newly acquired and existing operating projects owned by EnfraGen, the portfolio totals 126 MWac. All projects will qualify for Chile’s stabilized price regime as PMG/PMGD plants and add to EnfraGen’s existing value-added renewable power business, Fontus Renewables.
Brendan Wolters, Head of Solar for Fontus Renewables, said, “Chile has some of the greatest potential for solar photovoltaic power generation in the world and an energy policy designed to support its advancement. Fontus Renewables’ solar efforts leverage our existing capabilities and expertise in the region, and contribute to Chile’s energy transition to renewable power.”
Ed Diffendal, Managing Director, Private Infrastructure Americas, Partners Group, adds, "EnfraGen continues to grow as a premier platform of renewable power and grid stability assets in Latin America, providing essential renewable solar power to local communities. We are proud of the significant transformation the business has gone through to date, as well as the broad positive impact it has by securing sustainable power for the region. Partners Group looks forward to further supporting EnfraGen's growth and leadership in the transition to a more sustainable future."
“The acquisition of these 13 solar assets marks another significant milestone for the EnfraGen business, which has grown into one of the pre-eminent power businesses in Latin America,” said Brendan Duval, Chief Executive Officer of EnfraGen, LLC, and Founder and Managing Partner of Glenfarne Group, LLC. “Chile has made great strides to incorporate renewable energy sources into its power grid in recent years, and we see further growth potential to enhance our power infrastructure portfolio in Latin America going into 2021 and beyond.”
About EnfraGen, LLC
EnfraGen is a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin American investment-grade countries. EnfraGen’s grid stability assets supply flexible capacity and energy to local and regional grids in support of renewable power plant intermittent energy production. EnfraGen’s renewable plants are smaller scale, distributed solar photovoltaic and hydroelectric assets that take advantage of unique access points to electrical infrastructure or are located in optimized geographical locations. The business’ mission is to support the transition to zero-carbon emission electric grids.
EnfraGen is jointly controlled by Glenfarne Group, LLC, and global private markets investment manager Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 1.7GW of installed capacity in operation. The company, including its affiliates and subsidiaries, is supported by a team of approximately 325 professionals. EnfraGen maintains offices and assets in Chile, Panama, Colombia, and the United States.
About Glenfarne Group, LLC
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Dallas, Texas, Panama City, Panama; Santiago, Chile, and Bogota, Colombia. Glenfarne's seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy and infrastructure assets throughout North and South America and Asia. For more information, please visit www.glenfarnegroup.com.
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 145 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group is a committed, responsible investor and aims to create broad stakeholder impact through its active ownership and development of growing businesses, attractive real estate and essential infrastructure. With over USD 109 billion in assets under management as of 31 December 2020, Partners Group serves a broad range of institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
Kris Cole
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(310) 652-1411
2021 Charitable Funding to Support Families and Minority- and Women-Owned Small Businesses Suffering Financial Repercussions of Pandemic
SAN FRANCISCO--(BUSINESS WIRE)--Today, Pacific Gas and Electric Company (PG&E) announced it will contribute $1.25 million in 2021 to nonprofit organizations assisting vulnerable individuals, families and communities, as well as small businesses, as they cope with the ongoing impacts of the COVID-19 pandemic. Contributions will support nonprofits focused on food insecurity, support for minority- and women-owned small businesses, general community relief, utility bill assistance, and youth programming. PG&E’s continuing support for the customers and communities it serves builds on the $1 million in funding provided to nonprofits supporting COVID-19 relief in 2020 from PG&E and The PG&E Corporation Foundation.
This year’s funding includes $500,000 to support minority- and women-owned small business restaurants in partnership with the California Restaurant Foundation. The fund will provide one-time grants to help keep restaurant staff employed and stabilize operations.
PG&E’s contribution also includes $200,000 to the California Association of Food Banks (CAFB) to help feed vulnerable community members through the CAFB’s Rapid Response Fund. Established last year in response to the pandemic, the Rapid Response Fund provides critical support for food banks to increase their capacity to purchase food and supplies, and to supplement their staffing needs through the pandemic and future emergencies.
“For the past year, food banks have been on the frontlines of an unprecedented hunger crisis, serving millions of hungry Californians each month. Today, food banks are still seeing double the demand for food compared to before the pandemic — and we know these devastating rates of hunger will persist for years to come,” said Stacia Levenfeld, chief executive officer of the California Association of Food Banks. “Thank you to PG&E for yet another donation to the California Food Bank Rapid Response Fund. These critical funds ripple out to our statewide network of food banks helping to sustain their heroic efforts to nourish our communities through this ongoing crisis."
The Rapid Response Fund will distribute money to 30 food banks serving 48 counties located in PG&E’s service area. Individuals and families in need of assistance can find a food bank close to them by searching their county at https://www.cafoodbanks.org/find-a-food-bank, by dialing their local 2-1-1, or by calling the statewide hotline at (833) 544-2374.
“Food insecurity affects every aspect of daily life, whether it’s kids trying to learn at school, adults performing in the workplace or families at home. We wholeheartedly support the food banks and other organizations that have stepped up to meet the growing demand for basic, nutritious food services during this economic and health crisis,” said PG&E Vice President of Regulatory and External Affairs, Robert Kenney.
PG&E’s support also will provide $100,000 to nonprofit organizations focused on supporting seniors struggling with food insecurity and other needs during the COVID-19 pandemic.
A portion of the funding also will benefit diverse community foundations supporting economic relief, housing assistance and other general needs. This includes contributions to the Latino Community Foundation and the Asian Pacific Fund’s COVID-19 relief funds. Contributions will also support local youth programs, which are providing afterschool programming and academic assistance to impacted youth.
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
SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it will be participating in the Simmons Energy Conference on March 23, 2021 and the Scotia Howard Weil Energy Conference on March 24, 2021.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 13 ethanol plants with a combined production capacity of approximately 1.69 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.investorvalero.com for more information.
Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
DUBLIN--(BUSINESS WIRE)--The "Global Naval Vessels and Surface Combatants Market to 2031" report has been added to ResearchAndMarkets.com's offering.
Global Naval Vessels and Surface Combatants Market to 2031 report provides the market size forecast and the estimated Compound Annual Growth Rate (CAGR) for the next ten years. The report covers industry analysis including the key market drivers, trends, emerging technologies, and major challenges faced by industry participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for naval vessels and surface combatants market over the forecast period.
Territorial disputes and emerging maritime threats such as smuggling, piracy, and terrorism are expected to drive the procurment of naval platforms. Countries such as Russia, China, India, the UK, France and Canada consist of fleets which are rapidly aging and require replacements. Hence, to enhance the naval capapbilities to counter asymmetric threats, these countries have initiated naval modernization programs to replace the outdated vessels that are in active service. In addition, the need for new naval vessels is further substantiated due to the ongoing counter-piracy efforts in highly affected maritime shipping routes in regions such as the Malacca Straits and Gulf of Aden. As such, the procurement of new naval vessels will continue to grow across the globe over the forecast period.
The frigate segment is expected to be the largest segment and accounts for 32.7% of the global naval vessels and surface combatants market over the forecast period. The increasing demand for multirole vessels that are capable of carrying out military operations other than war (MOOTW), which includes humanitarian relief in the aftermath of natural disasters, emergency medical care, combating smuggling, piracy, terrorism, and environmental protection, among others expected to drive the segment's growth over the forecast period. According to Chandan N, Defense Analyst with the publisher: "Various countries across the globe are focusing on the indigenous design and construction of naval vessels to reduce their dependency on imports. Indigenously built ships can also be customized, repaired and overhauled without depending on a foreign supplier for spare parts and other accessories. This is expected to propel the growth of naval vessels and surface combatants market over the next decade."
Companies Mentioned
Key Highlights
Reasons to Buy
Key Topics Covered:
1. Executive Summary
2. Market Dynamics
3. Global Naval Vessels and Surface Combatants Market Segment Analysis Segment Analysis: Frigate
4. Global Naval Vessels and Surface Combatants Market Regional Analysis
5. Global Naval Vessels and Surface Combatants Market Trend Analysis
6. Competitive Landscape Analysis
For more information about this report visit https://www.researchandmarkets.com/r/m0zq45
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