WASHINGTON--(BUSINESS WIRE)--Nodal Exchange announced today that it achieved record share of monthly power and environmental futures trading volume in the United States in February 2021, with 46.6% and 11.7% respectively.
“We are excited to see strong growth in the Nodal Exchange power and environmental markets and very much appreciate the trust and support of our trading and clearing community which has enabled us to achieve these record results,” said Paul Cusenza, Chairman and CEO of Nodal Exchange.
In February 2021, Nodal achieved power futures trading volume of 218.4 million MWh ($6.1 billion per side) for a record 46.6% market share. This represents Nodal Exchange’s second highest volume month ever and a growth rate of 17.7% over February 2020. Trading on Nodal was especially strong this month in PJM with a record 52.5% market share with 179.1 million MWh of monthly futures trading volume and in New York ISO with a record 63.7% market share with 18.2 million MWh of monthly futures trading volume.
Nodal Exchange also set a daily trading record this month in power futures, on February 9, with total traded volume of 56.2 million MWh. Nodal continues to build on its strong position in the North American power markets and holds the majority of US power futures open interest with over 50% market share and over one billion MWh.
Nodal Exchange's North American environmental markets posted monthly futures volume in February of 29,580 contracts traded, up 284.7% from 7,690 contracts in February 2020, with open interest hitting a record 117,280 contracts up 98.5% from a year ago. Nodal also posted a record volume day in the environmental markets on February 26th with 6,575 contracts traded.
Market share in Nodal's North American environmental futures markets rose to a record 11.7% in terms of open interest in February, up from 6.9% a year earlier. In Renewable Energy Certificates (RECs), Nodal marketshare in total futures volume and open interest was 17.6% and 16.7% respectively in February, up from 6.5% and 9.1% a year earlier.
Nodal, in collaboration with IncubEx, continues to expand its environmental offering and posted several contract milestones in February.
“These environmental records on Nodal Exchange are a part of the unprecedented tailwinds in the environmental markets, and an expanding universe of brokers and traders actively supporting these contracts," said Dan Scarbrough, President and COO of IncubEx. "Accelerating the development of exchange traded environmental contracts based on direct feedback from the marketplace is our core mission at IncubEx. We thank Nodal and all market participants for helping achieve these results.”
About Nodal
Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.
Nodal Exchange Public Relations
Nicole Ricard
Phone : 703-962-9816
E-mail : This email address is being protected from spambots. You need JavaScript enabled to view it.
EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced its participation in the following virtual industry conferences.
Industry Conferences:
LOPEC Conference
Date: March 23-25, 2021
Location: Virtual
Presenter: Dr. Mike Hack, Vice President of Business Development
Presentation: Phosphorescent OLED Technology: Current Status and Future Directions
2021 Materials Research Society (MRS) Spring Meeting & Exhibit
Date: April 17-23, 2021
Location: Virtual
Presenter: Dr. Michael Fusella, Senior Research Scientist
Presentation: Plasmonics for Bright and Long-Lived Light Emitting Devices
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display, solid-state lighting applications with subsidiaries and offices around the world. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
All statements in this document that are not historical, such as those relating to the impact of the COVID-19 pandemic on the Company and otherwise, the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the sections entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
Follow Universal Display Corporation
(OLED-C)
Darice Liu
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 609-964-5123
Growing natural gas company achieves project milestone for measurement data management and regulatory compliance.
HOUSTON--(BUSINESS WIRE)--Quorum Software (Quorum), a world leader in digital transformation for the energy industry, announced today that Utah Gas Corp, a thriving energy company that focuses on the production and development of clean-burning natural gas, has achieved its first project milestone with the deployment of FLOWCAL gas measurement software. Utah Gas Corp selected Quorum to standardize their measurement processes and ensure data integrity for the company’s expanding business. After an implementation that was on time and within budget, the company successfully completed its first monthly close cycle.
With a commitment to efficiently manage its growing assets, Utah Gas Corp continually focuses on streamlining processes and maximizing customer satisfaction. The company identified FLOWCAL as the measurement solution that could support its key initiatives.
“As we continued our growth trajectory, we realized quickly that our existing measurement solution was overextended and could no longer support our business effectively,” said Aaron Martinsen, CEO of Utah Gas Corp. “In just a few years, we have grown from 60 to 1,800 meters. FLOWCAL’s functionality will allow us to integrate new assets more quickly and accurately and save us significant dollars in future acquisition costs.”
Quorum’s measurement software provides the following benefits to Utah Gas Corp:
Eighty percent of North American midstream operators depend on FLOWCAL to ensure data integrity in hydrocarbon measurement. The trusted industry standard for 20 years, FLOWCAL continues to lead in innovation through the strength of its customer advisory board, which includes industry representation from Energy Transfer, Noble Midstream Partners, Tallgrass Energy, and other measurement leaders. Learn more about how Quorum’s oil and gas measurement software helps companies like Utah Gas Corp by visiting https://www.quorumsoftware.com/products/measurement.
About Quorum Software
Quorum Software is the world's largest provider of digital technology focused solely on business workflows that empower the next evolution of energy. From emerging companies to supermajors, throughout every region of the globe, customers rely on Quorum's proven innovation and unmatched global expertise to streamline business operations and make data-driven decisions that optimize profitability and growth. Our industry-leading solutions are transforming energy companies across the entire value chain, helping visionary leaders evolve their organizations into modern energy companies. Visit quorumsoftware.com.
About Utah Gas Corp
Utah Gas Corp focuses on the production and development of clean-burning natural gas in the Rocky Mountain region. We invest in our leases for the long term and pride ourselves on consistently going above and beyond the stringent environmental standards set by the states of Colorado and Utah and the Bureau of Land Management (BLM) for mineral lease owners. Our operations, both old and new, are planned and operated with as small a development footprint as possible. For more information, visit www.utahgascorp.com
Jenna Billings
This email address is being protected from spambots. You need JavaScript enabled to view it.
978-618-8424
NEW YORK--(BUSINESS WIRE)--$PLL #Lithium--Piedmont Lithium Limited (ASX:PLL, NASDAQ:PLL) (Piedmont or Company) is pleased to provide the following update on the status of its proposed re-domiciliation from Australia to the United States via a Scheme of Arrangement (Scheme), under which Piedmont Lithium Inc. (Piedmont US), a newly formed US corporation, will acquire Piedmont.
If the Scheme is implemented:
First Court Hearing
The Supreme Court of Western Australia (Court) has today made orders approving the despatch of the Scheme Booklet to Piedmont shareholders and has ordered the convening of a meeting of Piedmont shareholders to consider and, if thought fit, approve the Scheme.
Scheme Meeting
Notice is given that the shareholder meeting will be held in person at the Conference Room, Ground Floor, 28 The Esplanade, Perth, Western Australia and electronically on April 7, 2021 at 10:00am (AWST) (Scheme Meeting).
Due to the potential health risks associated with large gatherings and the coronavirus (COVID-19) pandemic, the Company has made arrangements for Piedmont shareholders to participate in and vote at the Scheme Meeting electronically.
All Piedmont shareholders who cannot attend the Scheme Meeting are encouraged to vote either by joining the Scheme Meeting electronically, or by appointing a proxy, corporate representative or attorney to attend the Scheme Meeting or join the electronic Scheme Meeting on their behalf.
Despatch of Scheme Booklet
Piedmont will be despatching the Scheme Booklet (containing information about the Scheme) to shareholders electronically in accordance with the Court orders. No physical copies of the Scheme Booklet will be despatched to shareholders.
The Scheme Booklet will be registered with the Australian Securities and Investments Commission (ASIC) and announced to the market.
Following ASIC registration, the Scheme Booklet will be available for viewing and downloading on the Company's website at www.piedmontlithium.com and on Piedmont's platform on the ASX website at www.asx.com.au.
Piedmont shareholders who have elected to receive communications electronically will receive an email which contains instructions about how to view or download a copy of the Scheme Booklet, as well as instructions on how to lodge their proxies for the Scheme Meeting online.
Piedmont shareholders who have not elected to receive communications electronically will be sent a letter, together with the proxy form for the Scheme Meeting and if required, may request from the Company a physical copy of the Scheme Booklet by contacting the Company Secretary by telephone on (08) 9322 6322 (within Australia) or +61 8 9322 6322 (outside Australia).
Piedmont shareholders are also advised that the notice of meeting for the Scheme Meeting is contained in Annexure E of the Scheme Booklet, which contains further details of how to vote on the resolution being considered at the Scheme Meeting.
Independent Expert's conclusion
The Scheme Booklet includes an Independent Expert's Report from BDO Corporate Finance Pty Ltd which concludes that Scheme is in the best interests of Piedmont shareholders. BDO's conclusion should be read in its context with the full Independent Expert's Report and the Scheme Booklet.
Directors' recommendation
Piedmont's directors unanimously recommend that shareholders vote in favour of the Scheme and intend to vote all the Piedmont shares held or controlled by them in favour of the Scheme, subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of Piedmont shareholders.
How to vote at the Scheme Meeting
Piedmont shareholders entitled to vote at the Scheme Meeting can vote:
A personalised proxy form accompanies the Scheme Booklet. The proxy form contains details of how to appoint persons and how to sign and lodge the proxy form.
To be valid, proxy forms or electronic voting instructions must be received no later than 48 hours before the commencement of the Scheme Meeting.
Voting online
Piedmont shareholders and their proxies, attorneys or corporate representatives may attend the Scheme Meeting online by visiting http://web.lumiagm.com using meeting ID 303-030-820. This online platform will allow Piedmont shareholders to attend the Scheme Meeting in real time and allow them to vote and ask questions.
Shareholders will need the following information to participate in the Scheme Meeting:
Attorneys and corporate representatives of Shareholders will need the username and password of the Shareholder they are representing.
Proxy holders will need to contact Computershare Investor Services on +61394154024 during the two hours before the start of the meeting to receive their unique username and password.
Further information regarding participating in the Scheme Meeting electronically, including browser requirements, is detailed in the Lumi Online Voting Guide available at www.computershare.com.au/virtualmeetingguide.
Registration will open one hour prior to the start of the Scheme Meeting. We recommend logging on to the online platform at least 15 minutes prior to the scheduled start time for the Scheme Meeting. If you require technical assistance, please call +61 3 9415 4024.
Voting by proxy
You can appoint a proxy by voting online or by completing the proxy form and returning it to Piedmont by one of the following methods:
To be valid, proxy forms must be received no later than 48 hours before the commencement of the Scheme Meeting.
Further information
Piedmont encourages Piedmont shareholders to read the Scheme Booklet in its entirety before deciding whether or not to vote in favour of the Scheme at the Scheme Meeting.
If you require further information or have questions, please contact the please contact the Piedmont Scheme Information Line on 1300 218182 (within Australia) or +61 3 9415 4233 (outside Australia) Monday to Friday between 8:30am and 5:00pm (AEDT).
This announcement has been authorized for release by the Company's Chief Executive Officer.
Forward Looking Statements
This announcement may include forward-looking statements. These forward-looking statements are based on Piedmont's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Piedmont, which could cause actual results to differ materially from such statements. Piedmont makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.
Keith Phillips
President & CEO
T: +1 973 809 0505
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
Brian Risinger
Vice President – Corporate Communications and Investor Relations
T: +1 704 910 9688
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--IOG Capital, LP (“IOG” or the “Firm”) reported today that, on March 2, 2021, IOG Resources LLC, one of its affiliated companies, closed on the acquisition of certain producing properties from affiliates of Sequel Energy Group LLC for an undisclosed amount. The assets consist of non-operated working interests in 77 producing horizontal wells operated by Southwestern Energy Company and Ascent Resources with net production of approximately 75 mmcfe/d (85% gas) as of the January 1, 2021 effective date.
Advisors
Kirkland & Ellis LLP acted as legal counsel for IOG. Sequel was advised on the sale process by RBC Richardson Barr and Welborn Sullivan Meck & Tooley acted as legal counsel.
About IOG Capital, LP
IOG Capital, LP is a Dallas, Texas-based energy investment firm that manages oil and gas assets. The Firm seeks to invest in diversified upstream oil and gas projects located onshore in the United States as a non-operated working interest partner. More information about IOG Capital can be found at www.iogcapital.com.
IOG Capital, LP
George Edwards, 214-272-2990
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (the “Company”) (NYSE: MUR) announced today that it has priced an offering of $550 million of 6.375% Senior Notes due 2028 pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission (“SEC”).
The Company expects to close the offering on March 5, 2021, subject to customary closing conditions, and expects to use the net proceeds from the offering, together with cash on hand, borrowings under its revolving credit facility or a combination thereof, to fund the full redemption of its outstanding 4.000% Senior Notes due 2022 and 3.700% Senior Notes due 2022 (together, the “Existing Notes”) and to pay any related premiums, fees and expenses in connection with the foregoing.
BofA Securities, J.P. Morgan and MUFG are acting as physical joint book-running managers for the offering. The offering is being made under an automatic shelf registration statement on Form S-3 (Registration No. 333-227875) filed by the Company with the SEC and only by means of a prospectus supplement and accompanying prospectus. An investor may obtain free copies of the prospectus supplement and accompanying prospectus related to the offering by visiting EDGAR on the SEC website, www.sec.gov, or by contacting:
BofA Securities
NC1-004-03-43
200 North College Street, 3rd Floor,
Charlotte, NC 28255
Attn: Prospectus Department
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone: (800) 294-1322
This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In addition, this news release does not constitute a notice of redemption of the Existing Notes.
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. It challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events or results, are subject to inherent risks and uncertainties. Factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement include, but are not limited to: macro conditions in the oil and natural gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where the Company does business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the US or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that the Company files, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.
Investor Contacts:
Kelly Whitley, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9107
Megan Larson, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9470
Black & Veatch program management team guiding retrofit of plant aiming to be powered by carbon-free hydrogen within a decade
OVERLAND PARK, Kan.--(BUSINESS WIRE)--With global energy solutions leader Black & Veatch as program manager, Ohio’s Long Ridge Energy Generation is retrofitting its 485-megawatt (MW) combined-cycle power plant to run on a blend of natural gas and carbon-free hydrogen, making it the nation’s first large gas turbine plant to transition operations to hydrogen fuel.
Long Ridge is working to reconfigure the plant to use a mix of natural gas and hydrogen – a rising star in power generation – after it begins commercial operations in August 2021. As the first worldwide plant to blend hydrogen in a General Electric H-class gas turbine, the Hannibal, Ohio-based site initially will burn 5 percent hydrogen by volume in the natural gas stream. The program is outlining the changes necessary to transition entirely to using 100 percent green hydrogen – produced by electrolysis that separates water into its oxygen and hydrogen elements – over the next decade.
With a goal of carbon-free baseload power production, Black & Veatch is providing expertise in the development of the plant’s hydrogen integration strategy to ensure safe, reliable industrial practices for the site. The plant also will serve as a key component of a low-carbon industrial complex that will sell power to on-site tenants and third parties seeking to decarbonize and balance their power resources.
Bo Wholey, president Long Ridge Energy, offers the perspective his team has brought to their hydrogen strategy: "As the number of companies with carbon-free energy goals continues to grow, we decided to make Long Ridge the first in the U.S. to burn hydrogen in a large gas turbine. We want to accelerate the transition to hydrogen as quickly as possible."
The project reflects Long Ridge’s long-term commitment to providing clean energy against a backdrop of growing demands by industry stakeholders for decarbonized power. The Long Ridge site is ideally situated along the Ohio River with industrial byproduct hydrogen readily available in the Ohio River valley. Its location at a port facility allows a quick-to-market solution while underground salt deposit geology can provide carbon or hydrogen storage. The river also provides an ample resource for production of green hydrogen.
“Balanced energy portfolios that maximize the use of next-generation, emissions-free fuel sources such as hydrogen will be critical to managing the energy transition and `repowering the power industry,’” said Mario Azar, president of Black & Veatch’s power business. “The first-of-a-kind Long Ridge project represents a significant step for the U.S. power industry and reflects the growing place for hydrogen as an important pillar of the global decarbonization effort.”
Once completed, the Long Ridge Energy Generation Project will be among the world’s lowest emission baseload power plants of any type while being compact, low-impact and significantly more advanced than earlier generations of natural gas plants.
As part of the project, Long Ridge has partnered with energy infrastructure company New Fortress Energy’s new Zero division, which is focused on investing in and deploying advancing hydrogen production technologies to reach zero-emission targets.
Editor’s Notes:
About Black & Veatch
Black & Veatch is an employee-owned engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on www.bv.com and on social media.
About Long Ridge Energy Terminal
The Long Ridge Energy Terminal is the Appalachian Basin’s leading multi-modal energy terminal, with a 485-MW Long Ridge Energy Generation Plant under construction, nearly 300 acres of flat land, two barge docks on the Ohio River, a unit-train-capable loop track and direct access to Ohio Route 7. Long Ridge is owned by a subsidiary of Fortress Transportation and Infrastructure Investors LLC and an affiliate managed by GCM Grosvenor. For more information about Long Ridge, please visit www.longridgeenergy.com.
Media Contact Information:
JIM SUHR | +1 913-458-6995 P | +1 314-422-6927 M | This email address is being protected from spambots. You need JavaScript enabled to view it.
24-HOUR MEDIA HOTLINE | +1 866-496-9149
ALPHARETTA, Ga.--(BUSINESS WIRE)--Anue Water Technologies, the manufacturer of cost- effective FORSe® and Phantom® Oxygen/ Ozone injection systems, Enviroprep® well-washers, and provider of Anue Geomembrane Covers with embedded carbon-filters and other sustainable and high-performance technologies to prevent odor, corrosion, scale, bacteria, and FOG (fat oil, grease) in municipal and industrial wastewater applications, is announcing that Faco Waterworks is the exclusive new channel partner for the sales and distribution of Anue’s eco-friendly product line throughout the State of Indiana.
According to Greg Bock, Anue Water VP General Manager, “We are happy and proud to have Faco Waterworks as our exclusive channel partner throughout the State of Indiana. Faco has a 56 year history of leadership in the wastewater treatment industry, an outstanding team of process technology experts and a high-level of energy and enthusiasm for solving customer problems.”
Steve Huffine, Co-Owner of Faco Waterworks declared,” Taking on Anue Water’s clean-tech product line is an important addition to Faco Waterworks portfolio and milestone in Faco Waterworks’ long history of service to the municipal, industrial and process water industry. Partnering with Anue Water Technologies enables us to offer clean oxygen/ozone FORSe and Phantom injection systems with remote digital telemetry that pay for themselves in terms of chemical, labor and other operating cost-savings over a 2 – 3 year period. Anue’s FOG busting Enviroprep well-washers and odor eliminating Geomembrane Covers with embedded carbon-filters will also be very popular in Indiana.”
Anue Water CEO Paul Turgeon added, “We are very pleased to have the Faco Waterworks team as our exclusive channel partners for the State of Indiana. We have recently added new channel partners, such as J.H. Wright throughout the Gulf States, the Florida Panhandle and Georgia, Kershner Environmental for Pennsylvania and New Jersey, Northwestern Power Equipment for the Upper Midwestern States and Daman Superior for West Virginia and Western PA. With the addition of Faco Waterworks in Indiana and our other excellent channel partners, we now have the capability to provide eco-friendly equipment solutions to over 80% of the municipalities in the USA and Canada.”
About Anue Water Technologies: Founded in 2005, Anue Water Technologies Inc. is headquartered in Tucker GA. The company manufactures and supplies eco-friendly, high efficiency, patented systems for the municipal and industrial wastewater markets, including oxygen/ozone injection, well-washers and carbon-embedded geomembrane covers for odor, corrosion and FOG (fats, oil, grease) control. For more information, contact Anue Water Technologies, Inc. at This email address is being protected from spambots. You need JavaScript enabled to view it.or (760) 727-2683 or visit our web site at www.anuewater.com.
About Faco Waterworks LLC : Since 1965 Faco Waterworks has been delivering municipal, industrial, and process fluid handling solutions to customers throughout the Midwest. We pride ourselves on dependable service with integrity. We provide technical expertise, the most appropriate equipment solutions and on-time delivery.
Jon Amdursky
This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK--(BUSINESS WIRE)--Seward & Kissel’s Maritime & Transportation Group will host its first-ever Maritime Outlook Symposium on Tuesday, March 30. The virtual event will feature timely and thought-provoking insights from leading maritime and shipping participants on current issues affecting the global maritime industry, including offshore wind and renewable energy, ESG considerations, and the current lending environment.
“Given the travel restrictions caused by the global pandemic, we felt this was an important time to communicate with our clients and industry partners on key topics that are affecting the global maritime and shipping industry,” said Mike Timpone, partner and head of the Maritime & Transportation Group at Seward & Kissel. “The symposium will provide a great opportunity for industry leaders to gain valuable market insight that we hope will help them navigate the remainder of 2021 and beyond.”
The symposium agenda and speakers are listed below. To register for the event, please visit: REGISTRATION.
Symposium Agenda:
Tuesday, March 30
9 a.m. EST |
ESG – How is the Maritime Industry Adapting? |
|
Moderated by Ted Horton, Partner, Seward & Kissel |
|
Hugo De Stoop, Chief Executive Officer, Euronav |
|
Paul Taylor, Global Head of Shipping & Offshore, Societe Generale |
|
|
9:30 a.m. EST |
Renewable Energy, Offshore Wind – Jones Act |
|
Moderated by Keith Billotti, Partner, Seward & Kissel |
|
Jeff Andreini, Vice President, New Energy Services, Crowley Marine Services |
|
Nick Zenkin, Research & Development Manager, Lautec U.S. |
|
|
10 a.m. EST |
Corporate Finance – What is the Current Environment for Lending? |
|
Moderated by Evan Uhlick, SVP & Head of Ocean Industries, DNB Bank ASA |
|
Robert Burke, Chief Executive Officer, Ridgebury Tankers |
|
|
10:30 a.m. EST |
Keynote “Fireside Chat” |
|
Martin Stopford, Non-Executive President, Clarkson Research Services Ltd. |
|
Moderated by Mike Timpone, Partner, Seward & Kissel |
About Seward & Kissel LLP
Seward & Kissel LLP, founded in 1890, is a leading U.S. law firm with offices in New York City and Washington, D.C., with particular expertise in the financial services, investment management, banking, and shipping industries. The Firm is well known for its representation of investment advisers and related investment funds, broker-dealers, major commercial banks, institutional investors, and transportation companies (particularly in the shipping area). Its practices primarily focus on corporate, M&A, securities, litigation (including white collar), restructuring/bankruptcy, real estate, regulatory, tax, employment, and ERISA for clients seeking legal expertise in these areas.
Media:
Sophie Greenberg
This email address is being protected from spambots. You need JavaScript enabled to view it.
646.394.9693
HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) (“Magnolia” or the “Company”) today announced the pricing of an underwritten public offering of an aggregate 17,000,000 shares of the Company’s Class A common stock (“Class A Common Stock”) by certain affiliates of EnerVest, Ltd. (the “Selling Stockholders”), for total gross proceeds (before underwriters’ fees and estimated expenses) to the Selling Stockholders of approximately $178.5 million (the “Offering”). The underwriters have an option for 30 days to purchase up to an aggregate additional 2,550,000 shares of Class A Common Stock from the Selling Stockholders. The Offering is expected to close on March 5, 2021, subject to customary closing conditions. The Company will not sell any shares of its Class A Common Stock in the Offering or receive any proceeds from the Offering.
Credit Suisse Securities (USA) LLC and Citigroup are acting as the book-running managers for the Offering.
Concurrently with the closing of the Offering, the Company has agreed to purchase from the Selling Stockholders 5,000,000 shares of the Company’s Class B common stock at a price per share equal to the price per share at which the underwriters purchase shares of the Company’s Class A Common Stock in the Offering (the “Class B Common Stock Purchase”). The Offering is not conditioned upon the completion of the Class B Common Stock Purchase, but the Class B Common Stock Purchase is conditioned upon the completion of the Offering.
The Offering is being made pursuant to an effective shelf registration statement, which has been filed with the Securities and Exchange Commission (the “SEC”) and became effective August 30, 2018. The Offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the SEC’s website at www.sec.gov. Alternatively, the book-running managers will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting:
Credit Suisse Securities (USA) LLC Attn: Prospectus Department 6933 Louis Stephens Drive Morrisville, NC 27560 Telephone: 1-800-221-1037 E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it. |
Citigroup c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Telephone: 1-800-831-9146 |
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Magnolia Oil & Gas
Magnolia is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow.
Forward-Looking Statements
The information in this press release includes 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. All statements, other than statements of present or historical fact included in this press release, regarding the completion of the Offering and the Class B Common Stock Purchase are forward looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this press release are subject to the following factors: (i) the length, scope and severity of the ongoing coronavirus disease 2019 pandemic, including the effects of related public health concerns and the impact of continued actions taken by governmental authorities and other third parties in response to the pandemic and its impact on commodity prices, supply and demand considerations, and storage capacity; (ii) the outcome of any legal proceedings that may be instituted against Magnolia; (iii) Magnolia’s ability to realize the anticipated benefits of its acquisitions, which may be affected by, among other things, competition and the ability of Magnolia to grow and manage growth profitably; (iv) changes in applicable laws or regulations; and (v) the possibility that Magnolia may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on February 23, 2021. Magnolia’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
Brian Corales
713-842-9036
This email address is being protected from spambots. You need JavaScript enabled to view it.
Project to Increase Flow of Refined Fuels Into Region While Increasing Pipeline Efficiency and Environmental Performance
SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy, L.P. (NYSE: NS) today announced a plan to develop incremental pipeline capacity that will allow for the delivery of approximately 6,000 barrels per day (BPD) of additional refined products, including gasoline, diesel and jet fuel, into the Albuquerque, NM region.
NuStar will upgrade pump stations on a pipeline system it jointly owns with Phillips 66 Partners that transports refined products from Amarillo, Texas to Albuquerque. In addition to increasing capacity on the system, the project will install larger and more efficient electric pumps and a modern, efficient, diesel-driven pump, providing for higher flow while reducing emissions by eliminating two diesel-driven pump stations. The project is expected to be completed by mid-2022.
“The Albuquerque Pipeline upgrades will help ensure ample refined product supply for the market which has lost production due to a recent refinery closure in the state,” said NuStar President and CEO Brad Barron. “Working with Phillips 66 Partners, we are excited that we can provide this additional capacity for our shippers and the region while also achieving the environmental benefits this project provides."
Barron also noted that this project announcement comes on the heels of another project in a neighboring region that resulted in increased supply for Colorado. In August 2020, NuStar completed the reactivation of an idled pump station on its Colorado Springs Pipeline system. This effectively increased the pipeline’s transportation capacity by approximately 6,000 BPD of refined products, including gasoline, diesel and jet fuel into the Colorado Springs and Denver markets, both of which had lost supply due to a recent refinery closure in Wyoming.
About NuStar Energy L.P.
NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. The partnership’s combined system has approximately 72 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.'s website at www.nustarenergy.com.
Media:
Chris Cho
210-918-3953
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors:
Pam Schmidt
210-918-2854
This email address is being protected from spambots. You need JavaScript enabled to view it.
Virtual conference to expand F&L Asia’s event and digital portfolio
HONG KONG--(BUSINESS WIRE)--F+L Asia Ltd., organiser of the preeminent fuels, lubricants and base oils event in Asia, F+L Week, has today announced a brand-new virtual event -- to be held from 9-12 March 2021. F+L Week Virtual will offer an engaging digital experience that will explore the disruptive forces our industry is facing and provide insights on how to prepare your business for the coming decades. The four-day conference features a training seminar on 9 March, live panel sessions, live keynote and technical presentations, live Q&A, commercial presentations, and bespoke networking from 10-12 March.
Since 1995, F+L Week, formerly known as the Annual Fuels & Lubes Asia Conference, has forged an enviable reputation for delivering progressive, cutting-edge subject matter discussions on current industry trends, from a unique combination of both commercial and technical perspectives. The inaugural F+L Week Virtual conference will complement the F+L Week Live! event on “Disruption & Transformation”, which has been postponed until 15-18 November 2021 due to continued uncertainty relating to the Covid-19 pandemic. The virtual event will have a particular focus on the post-Covid-19 industry impact, supply chain, sustainable mobility, and future specifications.
“F+L Week Virtual will be as rich in content as the live event, and includes an impressive 40+ speakers, a veritable industry who’s who, plus bespoke networking opportunities,” says Vicky Villena-Denton, CEO of F&L Asia Ltd. “We have tailored our session timings to allow for North American and European participation, in addition to Asian involvement,” she says.
Content Highlights
Highlights of F+L Week Virtual include live panel discussions on "2020- The Year That Wasn't: The Pandemic's Lasting Effect on our Industry”; “Sustainable Mobility - Fuels & Lubricants Development”; and an assessment, "Is There a Need for New Lubricant & Grease Standards?” The panels feature some of the foremost representatives from leading companies within our industry. A seminar on 9 March, presented by Patrick E. Brutto of Faith-Full MWF Consulting, on “Maximizing Metalworking Fluid Performance and Service Life” offers detailed strategies for preventing or managing problems encountered in the use of water-dilutable metalworking fluids.
Keynote presentations include:
“How a Specialty Base Oil Refiner Looks at Security of Supply: What it Takes to Stay in the Game,” by Mary Ann Abney, Global Technical Marketing Manager, Process Oils, R&M Technology, Ergon, Inc.
“Enabling E-Mobility – Challenges for Battery Development and Testing,” by Tono Nasch, CEO, and Michael Koenig, Division Manager, Battery Testing, ISP Salzbergen GmbH & Co. KG
“Disruption and Changing Dynamics Facing the Lubricants Industry in Asia,” by Paul Nai, Director, Product Management, Lubrizol Additives, SEA & Australia, Lubrizol Southeast Asia (Pte) Ltd
Some of the highlights of the technical presentations include:
“Investigation into Performance Test Methods and Lubricating Oils Suited for Hybrid Electric Vehicles,” Isao Tanaka, Team Leader, AEO Product Development Team, Omaezaki Technology Center, Chevron Japan Ltd. Oronite
“New Challenges for Lubricants in EV Technology,” by Huifang Shao, Senior Research and Development Scientist, Afton Chemical Corporation
“New Perspectives on Driveline Lubricants on Copper Corrosion for Electric Vehicles,” by Alex Wang, Driveline Technology Manager, Lubrizol China
Some of the highlights of the commercial presentations include:
“Prepared to Meet the GM dexos1™ Gen 3 Specification,” Anand Bhargav, Global Segment Manager Main Tier PCMO, Chevron Oronite
“Formulating for the Future: Next Generation PAOs for Enhanced Fuel Economy, Energy Efficiency and Durability,” by Mark Khai-Hsien Tan, AP Synthetics Sales Manager, ExxonMobil
“Introducing Vanlube® 407 – New Liquid Antioxidant,” by Joshua Jurs, Global Industrial Oil Technical Manager, Vanderbilt Chemicals, LLC
You can view the full, comprehensive virtual program here.
Two-For-One Registration Offer
Register for F+L Week Live! in November and receive a free registration to F+L Week Virtual. Registration to the training seminars and workshops are not included in the conference two-for-one package. You can also register for F+L Week Virtual only. Full registration details are available here.
About F+L Asia Ltd
F&L Asia was a pioneer in the Asia-Pacific region with the first Fuels & Lubricants industry conference in Singapore in 1995, followed by the launch of the first industry newsletter. Today, F&L Asia is a digitally led boutique media platform for the Fuels and Lubricants industry. Our extensive, cross-platform media network includes web, mobile app, email, social, print, and event channels. We celebrated our 25th anniversary in 2019. As we enter another decade, the company continues to be steered by industry veteran journalist Vicky Villena-Denton, supported by a global team.
For more information, please, visit the website: http://flweek.fuelsandlubesnews.com.
Vicky Villena-Denton
F&L Asia Ltd.
http://flweek.fuelsandlubesnews.com/
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
22/F., 3 Lockhart Road
Wanchai, Hong Kong
Phone (Hong Kong): +852 3183 4143
New Analysis by Leading Energy Market and Policy Expert Sets Forth the Long-Term Risks and Opportunities Facing ExxonMobil and Its Peers
Engine No. 1’s Nominees Have the Proven Success Across the Energy Industry to Help ExxonMobil Better Protect Long-Term Shareholder Value in a Rapidly Evolving Industry
SAN FRANCISCO--(BUSINESS WIRE)--Engine No. 1, which has nominated four highly qualified independent director candidates to the Exxon Mobil Corporation (NYSE: XOM) (“ExxonMobil” or the “Company”) Board of Directors (the “Board”), today released a white paper by a leading energy market and policy expert analyzing the risks and opportunities facing ExxonMobil in a rapidly changing industry. This analysis details an evolving industry that requires significant long-term business model innovation to enhance and protect shareholder value, which contrasts sharply with the outlook set forth by ExxonMobil in its presentation to investors today. Engine No. 1 believes this analysis underscores the need for new Board members with successful and transformative energy industry experience who can help position ExxonMobil better for today and tomorrow.
Engine No. 1 stated: “ExxonMobil has now adopted the language of long-term net zero emissions and dramatically shifted its emphasis from production growth to investor returns, both of which are remarkable shifts since the start of our campaign last year. However, we believe that reacting to the threat of a shareholder vote is not the same as a coherent and value-enhancing long-term strategy, and that without real change these gains could be short-lived. More importantly, we believe that turning these newfound ambitions into action will require leadership, and that without a diverse mix of successful and transformative energy experience on the Board, ExxonMobil will risk continued long-term shareholder value destruction.”
The new paper (available here) was authored by leading expert Professor David Victor of the University of California San Diego, who was a convening lead author for the Intergovernmental Panel on Climate Change (IPCC), an organization which ExxonMobil today referred to as the authoritative source on these topics, in association with Engine No. 1. Topics covered in detail which have direct implications for ExxonMobil include:
Engine No. 1 today also noted that, “ExxonMobil today presented a vision of the future that we believe risks continued long-term value destruction, including a lack of serious diversification efforts and the hope that carbon capture will enable the Company to avoid long-term evolution. Reasonable people of goodwill can differ as to where the energy industry is going in the decades to come, and there are no easy answers. What we think is not debatable is that capitalizing on the opportunities and managing the risks created by rapid technological, policy, and market changes will require successful and diverse energy experience on the Board. We have benefited greatly from this analysis and our discussions with numerous other experts, and we hope that this paper will be helpful to other ExxonMobil shareholders as well.”
The full white paper and additional information regarding Engine No. 1’s campaign to reenergize ExxonMobil may be found at www.ReenergizeXOM.com.
About Engine No. 1
Engine No. 1 is an investment firm purpose-built to create long-term value by driving positive impact through active ownership. The firm also will invest in public and private companies through multiple strategies. For more information, please visit: www.Engine1.com.
About David Victor
David Victor is a professor of industrial organization and innovation at the School of Global Policy and Strategy at UC San Diego. He co-directs the campus-wide Deep Decarbonization Initiative, an effort to understand how quickly the world can eliminate emissions of warming gases. He is adjunct professor in Climate, Atmospheric Science & Physical Oceanography at the Scripps Institution of Oceanography and a professor (by courtesy) in Mechanical and Aerospace Engineering. Prior to joining the faculty at UC San Diego, Victor was a professor at Stanford Law School where he taught energy and environmental law. He has been heavily involved in many different climate- and energy-policy initiatives, including as convening lead author for the Intergovernmental Panel on Climate Change (IPCC), a United Nations-sanctioned international body with 195 country members that won the Nobel Peace Prize in 2007. His Ph.D. is from the Massachusetts Institute of Technology and A.B. from Harvard University.
Important Information
Engine No. 1 LLC, Engine No. 1 LP, Engine No. 1 NY LLC, Christopher James, Charles Penner (collectively, “Engine No. 1”), Gregory J. Goff, Kaisa Hietala, Alexander Karsner, and Anders Runevad (collectively and together with Engine No. 1, the “Participants”) intend to file with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of WHITE proxy to be used in connection with the solicitation of proxies from the shareholders of Exxon Mobil Corporation (the “Company”). All shareholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants when they become available, as they will contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying WHITE proxy card will be furnished to some or all of the Company’s shareholders and will be, along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov/.
Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the preliminary proxy statement filed by the Participants with the SEC on March 2, 2021. This document is available free of charge on the SEC website. The definitive proxy statement, when filed, will be available on Engine No. 1's website and the SEC website.
Disclaimer
This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this press release and the material contained herein are for general information only, and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this press release and the material contained herein that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and subject to revision without notice. Engine No. 1 disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Past performance is not indicative of future results. Engine No. 1 has neither sought nor obtained the consent from any third party to use any statements or information contained herein that have been obtained or derived from statements made or published by such third parties. Except as otherwise expressly stated herein, any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein.
Media Contacts
Gasthalter & Co.
Jonathan Gasthalter/Amanda Klein
212-257-4170
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Contacts:
Innisfree M&A Incorporated
Scott Winter/Gabrielle Wolf
212-750-5833
The AES Corporation extends its investment in Uplight and its digital and carbon-free future
Investment will speed development of critical software for a cleaner, more resilient and affordable grid for consumers, support Uplight’s organic and M&A-driven growth, and catalyze international expansion
BOULDER, Colo.--(BUSINESS WIRE)--Uplight, the technology partner of energy providers transitioning to the clean energy ecosystem, announced today that it has agreed to a new investment from a consortium of investors, co-led by Schneider Electric (EURONEXT:SU), the global leader in sustainable energy solutions; AES (NYSE:AES), a global company accelerating the future of sustainable energy; and a group of private equity investors led by Huck Capital that includes Coatue and Inclusive Capital Partners Spring Fund II. Uplight is valued at $1.5 billion in the transaction, which includes the investment of new equity to support significant organic and inorganic growth and adds world-class strategic and financial partners as the energy industry surges forward into transformation. Prior Uplight majority investor Rubicon Technology Partners, who along with AES led the formation of Uplight through the merger of six companies, will also remain a minority investor.
“The grid is experiencing its biggest change in 100 years as it decarbonizes in front of our eyes. The boom in clean hardware — electric vehicles, renewables, batteries, and connected devices — is rapidly changing energy demand and creating new complexity. Uplight is creating the software operating system that connects the dots between customer choice and control and grid resilience and affordability in this transformation,” said Uplight CEO Adrian Tuck. “This investment and these partners help us scale the OS and the ecosystem better and faster, by increasing our scale and operations with energy providers, developing more deeply integrated solutions with other technology and energy solutions providers, both organically and through focused M&A, and catalyzing expansion into international markets.”
Uplight currently serves more than 80 energy providers, representing 110 million energy consumers, with the market’s widest array of sustainable digital solutions. Using data-driven insights to personalize and simplify the customer experience, Uplight solutions help utilities to reduce their baseload by changing consumer behavior, orchestrate grid connected devices that keep customers' bills low while adjusting in real time to changing grid conditions, and speed customer adoption of renewables, electric vehicles, and energy management solutions. The company posted an operating profit in 2020 with significant year-over-year ARR growth which continues in 2021. At the same time, Uplight's solutions delivered through its utility partners saved energy users more than an estimated $390 million on their energy bills while helping homes and businesses become more sustainable.
The investment group of global leaders is well aligned with Uplight, a certified B Corp, and its purpose of “creating a sustainable future using business as a force for good.” Huck Capital was formed to focus on transformational investments that bring together sustainability and growth in the energy sector. Coatue is an approximately $35 billion global technology fund that has invested over $5 billion in cleantech companies like SunRun, Tesla and Rivian. Inclusive Capital Partners, a global investment firm, partners with its investment companies to speed their environmental and social impact. Schneider Electric was recently named the world’s most sustainable corporation by research firm Corporate Knights and is the global leader in the digital transformation of energy management and automation, with distributed energy solutions for both commercial and utility scale. As a global leader in renewables and energy storage, AES partners with its customers to help them achieve their sustainable energy goals with a focus on offering innovative and integrated solutions while maintaining reliability.
Andres Gluski, AES President and Chief Executive Officer: “Uplight shares AES’ commitment to accelerate a smarter, greener energy future. Digital technologies engage customers in new ways for the more efficient use of energy. These tools improve customer satisfaction while reducing the carbon footprint of utility companies. We are continuing to invest in Uplight based on their proven track record and the great benefits these solutions bring for our customers and society.”
Steve McBee, CEO, Huck Capital: “Uplight sits at the center of two energy megatrends: the pivot to a zero-carbon economy and applying SaaS and data to connect and orchestrate behind-the-meter energy solutions. Software is the fuel driving the energy transition and Uplight is ideally positioned to win. We’re excited to work with the management team and the new investment partners to rapidly scale the business.”
Jean-Pascal Tricoire, Chairman and CEO, Schneider Electric: “Uplight’s software will enhance Schneider Electric’s existing EcoStruxure Grid offering and has further potential to play a key enabling role between Smart Grid, Smart Home and Smart Building. We look forward to investing alongside AES and the other financial investors, who all share our vision of a more digital and more electric world, leading to a sustainable future.”
Uplight delivers a unique and critical scale in the rapidly growing sustainable technology market by acting as the connective layer to create cohesive customer experiences at every step of the customer energy journey. Nomura Greentech Capital estimates the total potential market for sustainable energy technologies and related products at more than $900 billion globally, across thousands of products and solutions connected to energy consumers and the energy grid.
“Every energy solution provider participating in the new energy ecosystem is going to be better off partnering with us to connect their solutions to others and improve their value to customers. Uplight is making it easier and faster to deliver outcomes at scale and hit carbon reduction goals,” said Mr. Tuck.
The transaction is expected to close following the receipt of customary regulatory approvals. Goldman Sachs & Co. LLC served as Exclusive Advisor to Uplight; Nomura Greentech served as Advisor to the Investors.
About Uplight
Uplight is the technology partner for energy providers and the clean energy ecosystem. Uplight’s software solutions connect energy customers to the decarbonization goals of power providers while helping customers save energy and lower costs, creating a more sustainable future for all. Using the industry’s only comprehensive customer-centric technology suite and critical energy expertise across disciplines, Uplight is streamlining the complex transition to the clean energy ecosystem for more than 80 electric and gas utilities around the world. By empowering energy providers to achieve critical outcomes through data-driven customer experiences, delivering control at the grid edge, creating new revenue streams and optimizing existing load and assets, Uplight shares a mission with its clients to make energy more sustainable for every community. Uplight is a certified B Corporation. To learn more, visit us at www.uplight.com, find us on Twitter @Uplight or on LinkedIn at Linkedin.com/company/uplightenergy.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.
About Huck Capital
Huck Capital makes investments in a new generation of clean, customer facing energy companies that sustainably power the world's energy needs.
We are a team of former operators, investors and entrepreneurs who have deep industry experience transforming energy companies into more efficient and sustainable businesses. We believe that a net zero emissions future is possible through bold action to build resilient clean energy companies. www.huckcapital.com
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On. Our mission is to be your digital partner for Sustainability and Efficiency. We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries. We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values. www.se.com
Caleigh Bourgeois
kglobal
513-675-7466
This email address is being protected from spambots. You need JavaScript enabled to view it.
Elaine Reddy
Uplight
720-252-8105
This email address is being protected from spambots. You need JavaScript enabled to view it.
New Coalition Calls on General Assembly to Keep Utility Bills Low
DENVER--(BUSINESS WIRE)--#ProtectMyGas--Colorado homeowners and businesses are calling on the General Assembly to protect their right to propane and natural gas as part of a new initiative “Protect My Gas.” The goal of the coalition is to protect consumers’ right to choose their energy source, and a bill currently moving through the Colorado House of Representatives has this coalition’s full support.
“Propane and natural gas are clean, affordable sources of energy,” said Dan Binning, Executive Director of the Colorado Propane Gas Association and a member of the Protect My Gas coalition. “Yet, there’s a movement underway to ban gas from homes and businesses. This effort would have severe consequences on the residents and businesses of our state: higher utility bills, new appliances and the threat of rolling blackouts. Colorado families have already suffered enough this year.”
Protect My Gas is not an effort to protect the choice of just a few. In fact, nearly three-quarters of Colorado households use natural gas or propane to heat their homes, cook their dinners and provide hot water, safe lighting and many other critical energy needs.
During these challenging economic times, gas has remained affordable for Colorado residents and businesses. Propane and natural gas are low-cost energy sources for cooking, heating water, driving garbage and freight trucks, transporting cargo or manufacturing products. Homeowners who use gas save an average of $874 per year on their utility bills.
Representative Dan Woog, a member of the Colorado General Assembly, filed a proposal this session that will protect Colorado residents’ access to energy. HB21-1034 protects consumers’ right to use natural gas or propane. The measure, if passed, effectively invalidates any statute, rule, local ordinance or resolution that limits or prohibits the use of natural gas or propane for cooking, hot water, space heating or electrical generation.
“If the state or local governments across Colorado were to ban gas as an energy source, homeowners would be stuck with the bill,” said Rep. Woog of Weld County. “Not only would they have higher monthly fees, but Colorado residents would have to purchase new appliances and invest in infrastructure updates just to comply with the new laws.”
“Colorado businesses have struggled to make ends meet through the COVID-19 pandemic,” Woog continued. “It would be foolish, if not cruel, to impose new government regulations on our state, especially when they come with severe consequences and higher bills.”
Rep. Woog’s bill will be heard by the House Energy & Environment Committee on Wednesday, March 3.
The Protect My Gas coalition invites residents and businesses to make their voices heard. Sign the petition and learn more at https://www.protectmygascolorado.org/.
Gas is a clean, reliable and affordable source of energy for Colorado families and businesses. The direct use of natural gas and propane achieves 91% energy efficiency. Through its distribution value chain, gas delivers three times more useful energy to end-use consumers compared to energy delivered through the electric grid.
Gas is also an important part of Colorado’s economy, generating more than $31 billion in economic impact. The industry also provides high-paying jobs for Colorado workers, supporting more than 239,000 jobs and paying more than $23 billion in wages each year.
For more information about Protect My Gas, visit https://www.protectmygascolorado.org/.
This email address is being protected from spambots. You need JavaScript enabled to view it., (202) 680-9262
HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ:DXPE), a leading products and service distributor that adds value and total cost savings solutions to MRO and OEM customers in virtually every industry, plans to issue a press release announcing its financial results for the fourth quarter and year ended December 31, 2020, on Tuesday, March 9, 2021, before the market opens and to host a conference call to be web cast live on the Company’s website (www.dxpe.com) at 10:30 A.M. Central Time on Tuesday, March 9, 2021.
The call and an accompanying slide presentation will be on the "Investor Relations" section of DXP's website, www.dxpe.com. A replay of the webcast will be available shortly after the conclusion of the presentation.
DXP's earnings press release, the slides and other related presentation materials will be posted to the "Investor Relations" section of DXP's website under the subheading "Financial Information" after the market closes on the date prior to the earnings call and will remain available following the call.
Web participants are encouraged to go to the Company’s website (www.dxpe.com) at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. For more information, review the Company's filings with the Securities and Exchange Commission.
DXP Enterprises, Inc.
Kent Yee, 713-996-4700
Senior Vice President, CFO
www.dxpe.com
HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) (“Magnolia” or the “Company”) today announced that it has commenced an underwritten public offering (the “Offering”) of an aggregate 17,000,000 shares of the Company’s Class A common stock (“Class A Common Stock”) by certain affiliates of EnerVest, Ltd. (the “Selling Stockholders”). The Selling Stockholders expect to grant the underwriters a 30-day option to purchase up to an aggregate additional 2,550,000 shares of Class A Common Stock. Magnolia will not sell any shares of its Class A Common Stock in the Offering or receive any proceeds from the Offering.
Credit Suisse Securities (USA) LLC and Citigroup are acting as the book-running managers for the Offering.
Concurrently with the closing of the Offering, the Company intends to purchase from the Selling Stockholders 5,000,000 shares of the Company’s Class B common stock at a price per share equal to the price per share at which the underwriters purchase shares of the Company’s Class A Common Stock in this Offering (the “Class B Common Stock Purchase”). The Offering is not conditioned upon the completion of the Class B Common Stock Purchase, but the Class B Common Stock Purchase is conditioned upon the completion of the Offering.
The Offering is being made pursuant to an effective shelf registration statement, which has been filed with the Securities and Exchange Commission (the “SEC”) and became effective August 30, 2018. The Offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the SEC’s website at www.sec.gov. Alternatively, the book-running managers will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting:
Credit Suisse Securities (USA) LLC Attn: Prospectus Department 6933 Louis Stephens Drive Morrisville, NC 27560 Telephone: 1-800-221-1037 E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it. |
Citigroup c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 Telephone: 1-800-831-9146 |
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Magnolia Oil & Gas
Magnolia is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow.
Forward-Looking Statements
The information in this press release includes 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. All statements, other than statements of present or historical fact included in this press release, regarding the completion of the Offering and the Class B Common Stock Purchase are forward looking statements. When used in this press release, the words could, should, will, may, believe, anticipate, intend, estimate, expect, project, the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids. In addition, Magnolia cautions you that the forward looking statements contained in this press release are subject to the following factors: (i) the length, scope and severity of the ongoing coronavirus disease 2019 pandemic, including the effects of related public health concerns and the impact of continued actions taken by governmental authorities and other third parties in response to the pandemic and its impact on commodity prices, supply and demand considerations, and storage capacity; (ii) the outcome of any legal proceedings that may be instituted against Magnolia; (iii) Magnolia’s ability to realize the anticipated benefits of its acquisitions, which may be affected by, among other things, competition and the ability of Magnolia to grow and manage growth profitably; (iv) changes in applicable laws or regulations; and (v) the possibility that Magnolia may be adversely affected by other economic, business, and/or competitive factors. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on February 23, 2021. Magnolia’s SEC filings are available publicly on the SEC’s website at www.sec.gov.
Brian Corales
713-842-9036
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON & FORNEBU, Norway--(BUSINESS WIRE)--Baker Hughes (NYSE:BKR) and Akastor ASA (Oslo:AKAST) have announced an agreement to create a joint venture company (Company) that will bring together Baker Hughes’ Subsea Drilling Systems (SDS) business with Akastor’s wholly owned subsidiary, MHWirth AS (MHWirth). The Company will deliver a global full-service offshore drilling equipment offering that will provide customers with a broad portfolio of products and services.
The transaction will result in a leading equipment provider with integrated delivery capabilities, financial strength, and flexibility to address a full range of customer priorities. The Company will be owned 50-50 by Baker Hughes and Akastor, and following the closing of the transaction, the Company’s operations will be managed from current offices in Houston, Texas, and Kristiansand, Norway. Merrill A. “Pete” Miller will serve as chairman and chief executive officer. Miller has been in the oil and gas industry over 40 years holding various leadership roles including chairman, president and chief executive officer of National Oilwell Varco.
The Company’s broader scope of services will also provide a more solid foundation for future growth, including the capability to participate in the oil and gas industry’s transition towards more energy-efficient solutions, as well as deploying technologies and service solutions to make the sector more competitive through increased drilling efficiency.
“I would like to express sincere gratitude to the good work and dedication shown by the respective teams of Baker Hughes and Akastor for making this happen despite the current challenges caused by the global COVID-19 pandemic,” said Karl Erik Kjelstad, CEO of Akastor. “I strongly believe that this Company will give a solid basis for both organizations to meet the current challenges in today’s market and to continue as a leader in developing advanced and efficient drilling solutions that support the industry’s transition towards more sustainable operations.”
“This transaction is a major step for MHWirth, and the transformation strategy announced in February 2019,” said Kristian M. Røkke, chairman of Akastor. “The Company will offer customers a strengthened product offering and investors attractive value creation. This transaction will also allow Akastor to maximize, and ultimately realize, value to its shareholders.”
“The oil and gas industry is rapidly evolving, and we are constantly looking at new and innovative ways of delivering value to our customers,” said Neil Saunders, executive vice president of Oilfield Equipment at Baker Hughes. “This Company is the perfect fit between our respective portfolios and further transforms our core operations for long-term success, bringing complementary solutions to market and offering our customers a full offshore drilling equipment package.”
MHWirth is a global provider of advanced drilling solutions and services designed to offer customers a safer, more efficient and reliable alternative. MHWirth has a global span covering five continents with offices in 13 countries.
Baker Hughes’ SDS business is a division of the Oilfield Equipment segment of Baker Hughes and is headquartered in Houston. SDS provides integrated drilling products and services worldwide, with service and manufacturing facilities in 11 countries and a competitive portfolio, including world-class blowout preventor (BOP) systems, controls and riser equipment.
The closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in the second half of 2021. Morgan Stanley, Paul Weiss, Thommessen, and EY are acting as advisors for Baker Hughes. Goldman Sachs, BAHR, Sidley Austin, and EY are acting as advisors for Akastor.
Key Financial information
The table below provides certain estimated pro-forma financial information for the combined operations of SDS and MHWirth. This information is unaudited, based on management accounts for the respective companies and provided for illustrative purposes only. It may not be representative of reported figures following completion of the transaction. Further, the information may not necessarily be comparable to similar information presented by other companies nor relied upon as any indication of what the Company’s financial position or results of operations actually would have been had the transaction been consummated as of the dates indicated.
USD in million1 |
FY 2020
|
FY 2019
|
FY 2018
|
Revenue2 |
713 |
850 |
731 |
Adjusted EBITDA (IAS 17)3 |
102 |
139 |
93 |
Note: |
1 Average FX used for corresponding period |
2 Pro forma MHWirth Group figures include MHWirth, Bronco Manufacturing (which has been part of MHWirth since June 2019) and Step Oiltools (which became part of MHW Group in February 2020) |
3 Items affecting comparability comprises material items outside normal business such as net gains or losses from business and assets disposals, costs for closure of business operations and restructurings, and other costs of non-recurring nature |
Transaction structure and main conditions
The Company shall be owned 50/50 by Baker Hughes and Akastor. Akastor shall contribute its shares in MHWirth to the Company in return for 50% of the shares and USD 120 million in consideration, of which USD 100 million is payable in cash at closing. Baker Hughes shall contribute the SDS business to the Company in return for the other 50% of the shares and USD 200 million in consideration, of which USD 120 million is payable in cash at closing. The Company shall issue notes to Baker Hughes and Akastor representing the balance of the consideration owed to them. The notes shall be subordinated to the Company’s external debt financing.
The Company will finance the cash consideration payable to Baker Hughes and Akastor by way of a USD 220 million bank facility. In addition, the Company will also be financed by a USD 80 million working capital facility.
The Transaction Agreement entered into by Akastor and Baker Hughes provides for customary terms for agreements of this nature, including representations and warranties relating to the businesses being contributed as well as an agreed form shareholders agreement customary for a 50/50 controlled company, including governance and exit provisions. Completion of the Transaction is subject to customary conditions, including regulatory approval. The closing of the Transaction is expected to take place in 2H 2021.
Implications for Akastor’s corporate credit facility and accounting policies
The transaction will require the refinancing of Akastor’s existing corporate credit facility. Akastor has received commitments for a NOK 1,250 million revolving credit facility that will be entered into prior to closing of the transaction.
Following completion of the transaction, it is expected that MHWirth no longer shall be accounted for as a consolidated subsidiary of Akastor. Instead, it is expected that Akastor shall treat the Company as a joint venture for accounting purposes and that, following which Akastor shall recognise 50% of the equity of the Company and 50% of the Company net profits in its accounts based on the “equity method”.
Implications for Baker Hughes’ accounting policies
Following completion of the transaction, it is expected that SDS will no longer be accounted for under Baker Hughes’ Oilfield Equipment segment. Instead, it is expected that BKR shall treat the Company as a joint venture for accounting purposes, following which BKR shall recognise 50% of the equity of the Company and 50% of the Company net profits in its accounts based on the “equity method.”
About Baker Hughes:
Baker Hughes (NYSE: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and with operations in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
About MHWirth and Akastor:
MHWirth is a wholly owned subsidiary of Akastor and accounts for a material part of Akastor’s revenues and assets. Akastor has reported MHWirth as a separate segment in its financial statements. MHWirth, with its subsidiaries, is a self-sufficient group which is a global provider of integrated drilling solutions and services with world class technology, leading engineering and project management capabilities. The MHWirth group delivered in the range of 25% of all offshore drilling packages for floaters between years 2000 and 2018. With its headquarters in Kristiansand, MHWirth’s global operations covers five continents with offices in 13 countries.
Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments. The company has a flexible mandate for active ownership and long-term value creation.
The management of Akastor and MHWirth will hold an investor conference in relation to the announced transaction on Tuesday March 2, 2021 at 14:00 CET, which will be held as a webcast only and audiocasted live. There will be a Q&A session following the presentation. The replay will be made available on Akastor’s website.
Live webcast and replay link:
https://channel.royalcast.com/landingpage/hegnarmedia/20210302_2/
The presentation will be available at www.akastor.com
This information is subject to the disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 17, cf section 5.12 of the Norwegian Securities Trading Act.
Baker Hughes Investor Relations
Jud Bailey
+1 281-809-9088
This email address is being protected from spambots. You need JavaScript enabled to view it.
Baker Hughes Media Relations
Thomas Millas
+1 713-879-2862
This email address is being protected from spambots. You need JavaScript enabled to view it.
Akastor
Øyvind Paaske
Chief Financial Officer
Tel: +47 917 59 705
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") announced that it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 with the Securities and Exchange Commission on March 2, 2021. A copy of this 10-K may be found on the Partnership's website, www.wlkpartners.com, by selecting the "Investor Relations" tab, then "SEC 10-K Filings."
Unitholders of the Partnership may receive a hard copy of its Annual Report on Form 10-K, including complete audited financial statements, free of charge. Requests should be submitted in writing to Westlake Chemical Partners LP – 2019 Form 10-K, 2801 Post Oak Blvd., Suite 600, Houston, TX 77056.
About Westlake Chemical Partners LP
Westlake Chemical Partners is a limited partnership formed by Westlake Chemical Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets include three facilities in Calvert City, Kentucky, and Lake Charles, Louisiana which process ethane and propane into ethylene, and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com/.
Media Relations – Ben Ederington – 713.585.2900
Investor Relations – Steve Bender – 713.585.2900
LONDON--(BUSINESS WIRE)--#MCommerce--P97 Networks, Inc., a leader in cloud-based mobile commerce and behavioral marketing solutions, announced today that it has been chosen by RCI Bank and Services, to bring mobility services to motorists. RCI Bank and Services, which operates in 36 countries specializes in automotive financing and services and supports Groupe Renault in the development of mobility services.
P97 is one of the leading providers of mobile commerce solutions, connecting mobility service providers to their customers by enabling mobile payments from a mobile device or the connected car. By easing the purchasing process, they enable their partners to achieve increased sales, greater brand loyalty, and lower operating costs. Mobile commerce enables a more touchless, effortless, and secure payment experience than more traditional payment methods, features that are in increasing demand in the current environment.
P97 partners with leading mobile wallets, cloud-based payment systems, and other payment providers to ensure mobile payments are more secure than traditional payment methods. The PetroZone® platform is Payment Card Industry (PCI) and Europay, Mastercard and Visa (EMV) compliant, and runs on Microsoft Azure Cloud Services with multifactor authentication to secure cardholder data.
“We are excited to have RCI Bank and Services as our partner,” says Nick Allen, Managing Director, Europe, Middle East & Africa at P97 Networks. “The connected car is the next step in the evolution of driving. RCi understands that creating a frictionless buying experience is a critical feature in their connected car strategy as drivers are increasingly demanding greater convenience and instant gratification in their daily buying experiences.”
About RCI Banque S.A.
Created and wholly owned by Groupe Renault, RCI Banque S.A. is a French bank specializing in automotive financing and services for the customers and dealership networks of Groupe Renault (Renault, Dacia, Alpine, Renault Samsung Motors and Lada) worldwide, the Nissan group (Nissan, Infiniti and Datsun) mainly in Europe, Brazil, Argentina and South Korea and through joint ventures in Russia and India, and Mitsubishi Motors in the Netherlands.
RCI Bank and Services has been the new commercial identity of RCI Banque S.A. since February 2016. With 3,800 employees in 36 countries, the group financed over 1.5 million contracts (for new and used vehicles) in 2020 and sold more than 4.6 million services. At end-December 2020, average performing assets stood at €46.9 billion in financing and pre-tax income at €1.003 million. RCI Bank and Services has rolled out a deposits collection business in six countries since 2012. At end-December 2020, net collected deposits totaled €20.5 billion, or 43% of the company's net assets. Find out more about RCI Bank and Services: www.rcibs.com. Follow us on Twitter: @RCIBS
About P97 Networks
P97 Networks provides secure, cloud-based mobile commerce and digital marketing solutions for the convenience retail, fuels, EV and transportation industries. P97’s mobile commerce solutions enhance the ability for its partners to attract and retain customers by providing technology that securely connects millions of individual mobile phones and connected cars with identity and geolocation-based software to create truly unique connected-consumer experiences. P97’s software personalizes the “find-buy-save” experience for every mobile consumer. For more information follow us on Twitter @p97networks or visit www.p97.com.
Press Contact:
Tracy DeJarnett
+1 (713) 294 9888
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.