Will reduce power consumption and size of renewable-energy power-supply systems, and more
TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today the launch of its LV100-type T-series insulated-gate bipolar transistor (IGBT) module for industrial uses. The LV100 package, which achieves high versatility and high current density, has been used widely in railway and electric power applications and now has been adapted for industrial uses. It is expected to help reduce the size and power loss of power converters, specifically inverters used for renewable energy applications such as photovoltaic and wind-power generation, and also high-capacity motor drives. Sales will start this September.
Product Features
1) Common-outline LV100 package adapted and optimized for industrial uses
- The LV100 package, used widely in railway and electric power applications, has been adapted and optimized to help standardize packages for industrial applications.
2) Industry-leading current density for small and more power-efficient inverters
- The LV100 is equipped with the latest (7th-generation) IGBT, which uses the CSTBTTM 1 structure, and RFC (Relax Field of Cathode) diode2 for low power loss. Industry-leading3 current density of 17.14A/cm2 is realized in this high-power IGBT module by optimizing the package structure. The package will help to miniaturize power converters, such as inverters for renewable energy power sources, and high-capacity motor drives (1700V/1200A and 1200V/1200A).
1 Mitsubishi Electric’s original IGBT structure using the carrier storage effect
2 Mitsubishi Electric’s original diode that optimizes electron mobility on the cathode side
3 As of August 25, 2020 according to Mitsubishi Electric research
3) Optimized internal structure for more reliable inverter systems
- Integrating the insulated and copper-base parts in the structure, and optimizing the internal electrode structure, increases thermal cycle life and achieves the industry's highest-class3 low-package inductance, which will contribute to equipment reliability.
For the full text, please visit: www.MitsubishiElectric.com/news/
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HOUSTON--(BUSINESS WIRE)--Orion Group Holdings, Inc. (NYSE: ORN) (the "Company") a leading specialty construction company, today provided an update on the explosion and fire in the Port of Corpus Christi involving its dredge Waymon Boyd.
On Friday morning a fire occurred in the Port of Corpus Christi Ship Channel near one of the Company’s dredges, the Waymon Boyd, and the vessel caught fire. The bodies of two missing crew members have been recovered and recovery efforts continue for two crew members who remain missing. Several crewmen were injured in the incident, some seriously, and are being treated for their injuries.
“We greatly appreciate the efforts of the U.S. Coast Guard and other first responders in their efforts to recover our missing crewmen,” said Mark Stauffer, Orion’s President and Chief Executive Officer. “Our focus is on supporting our employees and their families during this difficult time and our thoughts and prayers are with them and all the first responders. We continue to work alongside the U.S. Coast Guard, the Port of Corpus Christi Authority and the other agencies to assist in the recovery of our personnel and the wider investigation into this incident.”
The Company has notified its insurers of this incident, continues to focus on safely executing its projects, and does not expect any material adverse impacts as a result of this incident.
About Orion Group Holdings
Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including pour and finish, dirt work, layout, forming, rebar, and mesh across the light commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.
Forward-Looking Statements
The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, the provisions of which the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'seeks', 'approximately', 'intends', 'plans', 'estimates', or 'anticipates', or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, outlook, assumptions, or goals. In particular, statements regarding future operations or results, including those set forth in this press release and any other statement, express or implied, concerning future operating results or the future generation of or ability to generate revenues, income, net income, profit, EBITDA, EBITDA margin, or cash flow, including to service debt, and including any estimates, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward looking statements also include estimated project start date, anticipated revenues, and contract options which may or may not be awarded in the future. Forward looking statements involve risks, including those associated with the Company's fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints and any potential contract options which may or may not be awarded in the future, and are the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. In light of these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company's plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise.
Please refer to the Company’s Annual Report on Form 10-K, filed on February 28, 2020, which is available on its website at www.oriongroupholdingsinc.com or at the SEC’s website at www.sec.gov, for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.
Orion Group Holdings Inc.
Robert Tabb, Vice President & CFO
(713) 852-6500
www.oriongroupholdingsinc.com
INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
Fred Buonocore, CFA (212) 836-9607
Mike Gaudreau (212) 836-9620
To invest US$ 70 million USD by 2025 to establish 50,000 tonnes anode material capacity by 2025
MUMBAI, India--(BUSINESS WIRE)--#EpsilonAdvancedMaterials--Epsilon Carbon, India’s leading coal carbon company, is diversifying into the battery material business to develop and manufacture high performance and quality carbon products for anode components of Lithium Ion Batteries (LiB).
The battery materials business is housed under a new subsidiary, Epsilon Advanced Materials, formed with the purpose of becoming a preferred supplier of synthetic graphite material to cell manufacturers and energy storage device companies across the globe. Epsilon has protected its knowhow and technology by filing patents globally. This filing enhances the strength of the intellectual property the company holds in the field of synthetic graphite anodes for Lithium Ion Battery.
Epsilon Advanced Materials is the first global player that is fully backward integrated from raw coal tar to the synthetic graphite anode product. This allows us to supply consistent and high-quality anode materials to the LIB supply chain.
Epsilon Advanced Materials has commissioned production in India to produce 5000 Tonnes of anode material annually. It plans to triple this unit capacity to 15,000 tonnes in 2021 and further expand to 50,000 tonnes per annum by 2025. Epsilon will be investing 70 Mil USD over the next 5 years to meet the capacity target of this unit.
Trials have been initiated with anode material producers and cell manufacturers globally to start the qualification phase. This is a key step towards company’s evolution plan to become the world’s first vertically integrated and sustainable producer of high-performance synthetic anode material in LiB supply chain.
Epsilon has set-up a target-oriented research and development laboratory to cover complete array of carbon material testing as well as cell & pouch lithium battery cell testing to improve the quality of the material further by continuous development jointly with customers. Epsilon is also exploring working with Si-Graphite Anode players to jointly develop the next generation of Si-Graphite composite anodes. Epsilon Carbon operates India’s first and largest integrated Carbon complex in an environmentally friendly and sustainable manner with carbon footprint 10% lower than global peers and is focused on providing sustainable materials to the LiB supply chain globally.
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DUBLIN--(BUSINESS WIRE)--The "Coiled Tubing Market by Fleet (Operator, Region), Service (Well Intervention Service (Well Completions & Mechanical Operations, Well Cleaning & Pumping Operations) Drilling Service, Others), Application (Onshore, Offshore), Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global coiled tubing market size is projected to reach USD 4.0 billion by 2025, from an estimated USD 3.0 billion in 2020, growing at a post COVID-19 CAGR of 5.8% during the forecast period.
The global coiled tubing industry is driven mainly by the growing demand for well intervention operations, redevelopment of mature fields, and advancements in shale developments. The increasing demand for larger diameter coiled tubing and the evolution of intelligent coiled tubing units are likely to offer lucrative opportunities for the market players over the next five years.
The onshore segment, by application, is expected to be the fastest-growing market from 2020 to 2025
The coiled tubing market is witnessing high demand from onshore applications as new well drilling activities are rising in onshore locations at a faster pace than in the offshore fields. Also, most of the onshore fields in the Middle East and North America are in their declining phase, where pumping operations and mechanical operations performed through coiled tubing can improve the production from reservoirs.
Additionally, the development of domestic shale gas and tight oil reserves drive the major surge in crude oil and natural gas production in North America. This has resulted in the improved efficiency of the operations for increasing production from oil & gas wells. This increase in well intervention activities leads to a rise in coiled tubing operations in onshore wells.
North America: The largest and the fastest-growing region in the global coiled tubing market.
North America is expected to dominate the global coiled tubing market between 2020 and 2025. The North American oil production is rising drastically, with a growth rate of 7.7% from 2017 to 2018. Moreover, the continuous shale activities in the region are driving the demand for well intervention operations. The upstream operators, such as Total, ExxonMobil, Chevron, and Apache, also have a significant presence in North America. This creates more opportunities for oilfield service providers to capture long-term contracts.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Profiled
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WUXI, China--(BUSINESS WIRE)--As a professional industrial boiler manufacturer, besides focusing on making good boiler products, ZOZEN also actively explores overseas market and vigorously develops cross-border electronic commerce business, so ZOZEN boilers are popular among the users around the world. At present, by virtue of excellent product quality and comprehensive customized services, ZOZEN has become the cooperative partner of Granit Unic and formed a good market reputation in Russian-speaking areas.
In the building materials industry, manufacturing processes of many products need sufficient heat source support. Granit Unic, specializing in gypsum products used for building, well knows that a set of stably-operating industrial boiler greatly affects the gypsum product quality.
However, with the continuous development of Granit Unic, its original boiler equipment has gradually not satisfied the production demands. When selecting the new boiler equipment supplier, Granit Unic was attracted by ZOZEN’s excellent quality and services. Via the cross-border electronic commerce mode, ZOZEN not only shew the precision and high efficiency of intelligent factory, but also helped customers learn all series of ZOZEN boiler products through digital 3D exhibition hall.
After a in-depth communication, ZOZEN customized the WNS series gas-fired steam boiler system for the production line of Granit Unic. The thermal efficiency of WNS series boiler with sufficient output and automatic operation system can reach above 98%. Meanwhile, the water quality in Moldova results in that the boiler feedwater hardness was 7.5 mmol/L. Therefore, ZOZEN technicians adjusted the water treatment device to complete the customization of the whole boiler system for Granit Unic.
After a series scientific work of design, manufacturing, quality inspection, ZOZEN’s WNS series gas-fired boiler would be delivered to Moldova and would play an important role in enhancing the production capacity of Granit Unic.
About ZOZEN:
Wuxi Zozen Boilers Co., Ltd, founded in 1988, has an annual capacity of 2,000 sets of industrial boilers with 25,000 tph. Besides possessing the A-grade boiler and BII grade pressure container manufacturing licence as well as the USA ASME “S” (utility boiler) , “U” (pressure container) steel seal licence, ZOZEN also passes the ISO9001:2000 international quality system certification. In Russian-speaking areas, ZOZEN’s gas-fired steam/hot water boilers and thermal oil heaters are popular among the building materials, food, nonferrous metals, chemical industries.
Jennifer Zhou
https://ru.zozen.com/
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LONDON--(BUSINESS WIRE)--#PowerRentalMarketinAmericas--Technavio has been monitoring the power rental market in Americas and it is poised to grow by $ 759.40 mn during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Aggreko Plc, APR Energy, Ashtead Group Plc, Atlas Copco AB, Caterpillar Inc., Cummins Inc., Generac Holdings Inc., Herc Holdings Inc., Siemens AG, and United Rentals Inc. are some of the major market participants. The need for uninterrupted power supply will offer immense growth opportunities. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Need for uninterrupted power supply has been instrumental in driving the growth of the market. However, rise in distributed energy and microgrids to improve grid flexibility might hamper market growth.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Power Rental Market in Americas 2020-2024: Segmentation
Power Rental Market in Americas is segmented as below:
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Power Rental Market in Americas 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The power rental market in Americas report covers the following areas:
This study identifies increasing infrastructure related activities as one of the prime reasons driving the power rental market growth in Americas during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Power Rental Market in Americas 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by End-user
Customer Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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DUBLIN--(BUSINESS WIRE)--The "Gas Turbine Market for Oil and Gas Industry Suppliers Strategic Positioning and Leadership Quadrant" report has been added to ResearchAndMarkets.com's offering.
The gas turbine market for oil and gas industry manufacture landscape is diverse and continually evolving. Major players in gas turbine market for oil and gas industry market have diversified product portfolios, strong geographical reach, and have made several strategic initiatives. The dynamics of the gas turbine market for oil and gas industry market extends beyond routine macro-economic elements of supply and demand. It is the relationship between buyer's needs and seller's capabilities as well as the macroeconomic forces at work that affect the market. It is how well and how efficiently the sellers meet the needs of the buyers that determine long-term success.
Over the years, the level of demand for gas turbine in oil and gas industry has increased in power generation due to power requirement in the offshore platforms and remote exploration locations. Gas turbine for oil and gas industry is used for a variety of applications, such as power generation and mechanical drive and is forecast to grow at a CAGR of 3.5%. The major growth drivers for this market are the growing exploration and production activities and increasing investment in unconventional oil and gas resources.
Firms that produce gas turbine market for oil and gas industry are approaching market opportunities with starkly different strategies. The analyst, a leading global management consulting and market research firm, has analyzed the global gas turbine market for oil and gas industry suppliers and has come up with a comprehensive research report, Leadership Quadrant and Strategic Positioning of Gas Turbine Market for Oil and Gas Industry Suppliers. Using its proprietary research methodology, the analyst has developed a comparative analysis tool, the Leadership Quadrant,' which identifies leaders, contenders, visionaries, and specialists in the gas turbine market for oil and gas industry market and rates each gas turbine market for oil and gas industry producer.
This report also offers a full competitive analysis from target markets to product mapping, from selling strategies to production capabilities. In this research study, six companies such as General Electric, Siemens, Mitsubishi, Solar Turbines, Kawasaki Heavy Industries, and Ansaldo were analyzed and profiled because they are the top revenue producers for gas turbines. The six profiled manufacturers are grouped in the quadrant. The leadership quadrant analyzes the relative strength among these players. The leadership quadrant addresses the need in the market for manufacturer evaluation based on objective data and metrics.
A total of 60 figures/charts and 6 tables are provided in this 140-pages report to help in your business decisions.
This report answers the following key questions:
Key Topics Covered:
1. Leadership Analysis
1.1: Market Description
1.2: Scoring Criteria
1.3: Leadership Quadrant Analysis
1.3.1: Leaders (Top Right)
1.3.2: Contenders (Bottom Right)
1.3.3: Visionaries (Top Left)
1.3.4: Specialists (Lower Left)
2. Competitive Benchmarking
2.1: Product Portfolio Analysis
2.2: Financial Strength
2.3: Market Share Analysis
2.3.1: Market Share in Various Segments
2.3.2: Market Share in Various Regions
3. General Electric Profile
3.1: Company Overview
3.1.1: General Electric Company Description and Business Segments
3.1.2: General Electric Company Statistics
3.2: Gas Turbine Market for Oil and Gas Industry Business Overview
3.2.1: Gas Turbine Market for Oil and Gas Industry Business Segment
3.2.2: Global Gas Turbine Market for Oil and Gas Industry Operations
3.2.3: Key Differentiators and Strengths
3.3: Products and Product Positioning
3.3.1: Product Line Overview
3.3.2: Gas Turbine Market for Oil and Gas Industry Product Mapping
3.3.3: Product Positioning in Market Segments
3.4: Markets and Market Positioning
3.4.1: Market Position in Global Gas Turbine Market for Oil and Gas Industry Business
3.5: Revenue Breakdown by Market Segments
3.6: Revenue Breakdown by Regions
3.7: Production
3.7.1: Global Manufacturing Operations
3.8: Innovation and Market Leadership
3.9: Marketing, Sales, and Organizational Capabilities
3.9.1: Marketing and Sales
3.9.2: Management Commitment and Track Record
3.10: Financial Strength
4. Siemens Profile
5. Mitsubishi Profile
6. Solar Turbines Profile
7. Kawasaki Profile
8. Ansaldo Profile
For more information about this report visit https://www.researchandmarkets.com/r/quh1dm
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Evergy selected to build a 1.44 MW solar facility
KANSAS CITY, Mo.--(BUSINESS WIRE)--Paragould Light Water and Cable will partner with Evergy to provide solar power to the Paragould, Ark., community. Evergy was selected through an RFP process that was conducted by GDS Associates to build a new solar array that will generate 1.44 megawatts of energy.
“Paragould’s strong leadership shows their investment to continued growth in renewable energy and commitment to our partnership,” said Lloyd Jackson, managing director, Evergy Energy Partners. “Our Evergy team is proud to partner with Paragould as they expand their energy sources that will continue to serve the community.”
Paragould Light Water and Cable CEO Darrell Phillips said, “Our solar project can make Paragould more competitive as we attract companies that want renewable energy. The energy produced from this solar project will be our community’s most affordable peaking energy resource.”
Evergy has a strong commitment to renewable energy for a sustainable future. Currently, Evergy meets more than a third of the electricity needs of the homes and businesses it serves with renewable energy and about 50 percent with carbon-free energy.
Evergy Energy Partners is an industry leader with a team experienced in developing creative and flexible power supply strategies. By combining an in-depth understanding of utility planning, operations, and regulation with negotiated structures, Evergy Energy Partners has been able to secure favorable power supply arrangements with substantial long-term power cost benefits to utility, municipality, cooperative, and industrial clients.
About Evergy, Inc.
Evergy, Inc. (NYSE: EVRG) serves approximately 1.6 million customers in Kansas and Missouri. We were formed in 2018 when long-term local energy providers KCP&L and Westar Energy merged. We generate nearly half the power we provide to homes and businesses with emission-free sources. We support our local communities where we live and work, and strive to meet the needs of customers through energy savings and innovative solutions.
Media Contact:
Gina Penzig
Manager, External Communications
Phone: 785.575.8089
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Evergy logos are available on request by email or by calling the media line at 888-613-0003.
NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--$NGVT #ceo--Ingevity Corporation (NYSE:NGVT) today announced that it has named John C. Fortson as the company’s president and CEO, and that he would join the board of directors. Fortson had previously served as Ingevity’s executive vice president, CFO and treasurer. The appointment will be effective September 1, 2020.
“John presented the board with a compelling vision and strategy for ‘Ingevity 2.0,’ based on his familiarity with the company and its unique culture,” said Rick Kelson, chairman of the board. “His business acumen and credibility with capital markets, combined with his innate leadership skills, make John an ideal selection for Ingevity’s next CEO.”
Over the past six months, a CEO Search Committee, led by Michael Fitzpatrick, chair of the board’s Nominating, Governance and Sustainability Committee—with the help of executive search firm Spencer Stuart—conducted an exhaustive search including internal and external candidates. “The board took a very diligent and thorough approach to filling this key role,” said Fitzpatrick. “The process enabled us to make a strong, confident selection that will serve to benefit all of Ingevity’s stakeholders.”
Fortson joined Ingevity in October 2015 from AAR Corporation where he served as vice president, chief financial officer and treasurer since July 2013. Prior to joining AAR, he spent almost 15 years in the investment banking department of Bank of America Merrill Lynch, working in the firm’s New York, London and Chicago offices. As a managing director, Fortson had responsibility for advising capital goods and heavy machinery companies. He spent seven years as an infantry officer in the U.S. Army. His last assignment was as a parachute rifle company commander in the 82nd Airborne Division. Fortson is a graduate of the United States Military Academy at West Point, and holds a Master of Business Administration degree from Duke University’s Fuqua School of Business.
“All of us at Ingevity are grateful to Rick for his leadership as interim CEO during an unprecedented time,” said Fortson. “I’m looking forward to working with the board and my friends and colleagues at Ingevity to create the next phase of our company’s successful journey. Our strategy remains fundamentally the same. However, we will focus on sustainability, customer centricity and innovation to drive growth. It’s a new day for the company, and we’re ready to get to it.”
Fortson will continue to serve as the company’s CFO and treasurer on an interim basis until a permanent replacement is named.
Ingevity: Purify, Protect and Enhance
Ingevity provides specialty chemicals, high-performance carbon materials and engineered polymers that purify, protect and enhance the world around us. Through a team of talented and experienced people, Ingevity develops, manufactures, and brings to market products and processes that help customers solve complex problems. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bio-plastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,850 people. The company is traded on the New York Stock Exchange (NYSE: NGVT). For more information visit www.ingevity.com.
Cautionary Statements About Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements generally include the words “will,” “plans,” “intends,” “targets,” “expects,” “outlook,” or similar expressions. Forward-looking statements may include, without limitation, expected financial positions, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; and the impact of COVID-19. Actual results could differ materially from the views expressed. Factors that could cause actual results to materially differ from those contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include, without limitation, adverse effects from the COVID-19 pandemic; adverse effects of general economic and financial conditions; risks related to international sales and operations; and the other factors detailed from time to time in the reports we file with the SEC, including those described under "Risk Factors" in our Annual Report on Form 10-K, Form 10-Q and other periodic filings. These forward-looking statements speak only as of the date of this press release. Ingevity assumes no obligation to provide any revisions to, or update, any projections and forward-looking statements contained in this press release.
Laura Woodcock
843-746-8197
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Investors:
Jack Maurer
843-746-8242
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The Clean Energy Finance Corporation (CEFC) led the round with participation from OneVentures, Viola Credit, Hana Ventures, Maniv Mobility and Contrarian Ventures
NEW YORK--(BUSINESS WIRE)--Bolt Bikes, the mobility startup, today announced it has completed a Series A capital raise of US$11 million to invest in expanding its operations in the United States and move into new categories globally. Along with the capital raise, the Australia-based startup is also announcing a rebrand with a new name, Zoomo, and a new logo.
The Australian Clean Energy Finance Corporation (CEFC) led the capital raise with a US$5 million equity investment. Equity investment from Hana Ventures and existing investors Maniv Mobility and Contrarian Ventures, together with venture debt from OneVentures and Viola Credit, completed the capital raise.
Zoomo will use the capital to launch a flagship brick-and-mortar operation in Los Angeles and expand its New York footprint to include services across the entire city. The startup is also expanding into new categories, such as parcel, mail and grocery deliveries.
"The US market is critical for Zoomo's growth, and the investment will allow us to expand our product lineup and physical presence in the country," said Mina Nada, CEO and Zoomo co-founder. "We're committed to growing our operations to new American cities and states as quickly as possible." Zoomo also has operations in the United Kingdom and Australia.
Since its US launch in 2019, Zoomo has grown exponentially and provided sustainable transportation for thousands of American gig workers through partnerships with companies such as Uber Eats, DoorDash and Postmates.
Ido Vigdor, General Partner at Viola Credit, said: "Last-mile delivery has been growing immensely and we believe it will continue to do so. Mina and the team have done an excellent job producing a compelling offering in the market and building strong brand recognition, which is why we at Viola Credit and OneVentures are delighted to join this round and provide the credit funding that will support their effort to scale internationally."
Zoomo's e-bikes are an efficient and sustainable delivery vehicle and an affordable alternative for American gig workers and the delivery economy. More than 57 million Americans participate in the gig economy, either through their primary or secondary jobs. But many find the cost of vehicles, including e-bikes, a barrier to enter the market. Zoomo's business model allows couriers to rent e-bikes weekly or to own them outright.
"Zoomo is differentiated by our vertically integrated approach. We offer smart utility bikes through a physical network of service centers and world-class software for a very affordable price," said Nada.
Backing the future
E-bikes are also one of the cleanest options for last-mile delivery. Zoomo calculates that it has already enabled its courier customers to make over 2 million deliveries globally, abating the equivalent of almost 3,000 tons of CO2 since 2017.
The lead investor for the Series A is the CEFC, which is responsible for investing $10 billion on behalf of the Australian Government to accelerate Australia’s sustainable transition to lower emissions.
Ian Learmonth, CEFC CEO, said: "Electrifying Australia's light vehicle fleet is an important step in meeting our emissions reduction target. Critical to this is the development of technologies, systems and policies that enable sustainable urban freight. Zoomo is an exciting Australian company with an innovative business model that can deliver that on a global scale."
For Mina Nada, e-bikes are the future. "We believe that the bike world is ready for disruption and that in five to ten years, light electric vehicles will be the predominant form of transportation. Zoomo is taking the lead in this transformation."
About Zoomo
Founded in 2017 by Mina Nada (former Deliveroo and Mobike executive) and Michael Johnson (former Bain & Co consultant), Zoomo offers smart utility e-bikes through innovative financing from a rapidly growing physical network of service centers. Currently operating in Australia, the United States and the United Kingdom, Zoomo offers accessible, sustainable and efficient solutions for the booming delivery sector, with unrivalled features and services, including vehicle maintenance and 24/7 customer support.
About the CEFC
The CEFC has a unique role to increase investment in Australia’s transition to lower emissions. With the backing of the Australian Government, we invest to lead the market, operating with commercial rigor to address some of Australia’s toughest emissions challenges – in agriculture, energy generation and storage, infrastructure, property, transport, and waste. We’re also proud to back Australia’s cleantech entrepreneurs through the Clean Energy Innovation Fund, and invest in the development of Australia’s hydrogen potential through the Advancing Hydrogen Fund. With $10 billion to invest on behalf of the Australian Government, we work to deliver a positive return for taxpayers across our portfolio.
About One Ventures and Viola Credit Ventures fund
Sydney-headquartered venture firm OneVentures Pty Ltd. has partnered with Viola Credit, the growth and venture lending arm of Israel-based Viola Group, to launch an $80 million venture credit fund that will provide venture funding for high-growth technology companies in the Australian market.
Zoomo media contact
Rich Trunzo
Sling & Stone
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(661) 600-5322
COVID-19 Successfully Neutralized in Latest Laboratory Tests
ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Aviation, Inc., a subsidiary of VSE Corporation (NASDAQ: VSEC), has been named the preferred partner for Aviation Clean Air’s (ACA) airborne and ACA/IAE’s ground-use purification and decontamination systems. VSE Aviation and its subsidiary 1st Choice Aerospace provide distribution and installation and product support, respectively.
Laboratory tests conducted by Innovative Bioanalysis in a setting designed to replicate the ionization conditions of corporate and commercial aircraft interiors showed neutralization of COVID-19 began immediately and that up to 99.4% of the virus was inactivated within 30 minutes both in the air and on surfaces.
ACA’s patented Ionization Purification System is certified by the Federal Aviation Administration (FAA) for aircraft installation on multiple platform types. The proactive system, which operates through the aircraft’s existing environmental control system (ECS), immediately improves interior air quality, eliminates odors and kills pathogens in the air and on surfaces throughout the aircraft. It uses a natural purification process that produces no harmful ozone or chemicals and requires no maintenance.
John Cuomo, President and CEO of VSE Corporation said, “We are proud to support ACA and ACA/IAE technology with product distribution, installation and support. We see this is as an important step for both commercial and business jet travel in restoring the confidence of passengers and crew.”
For inquiries on the ACA air purification system, contact VSE Aviation at This email address is being protected from spambots. You need JavaScript enabled to view it..
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include maintenance, repair and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. VSE Aviation expands VSE's distribution, supply chain management and MRO capabilities to federal and commercial aviation markets. 1st Choice Aerospace is an FAA/EASA Part 145 Repair Station. For additional information regarding VSE’s services and products, visit us at www.vsecorp.com, www.vseaviation.com and www.firstchoice.aero.
ABOUT AVIATION CLEAN AIR
Aviation Clean Air, LLC (ACA) offers the only proactive system that immediately improves interior air quality and kills pathogens where they live throughout the aircraft. ACA’s airborne Ionization System is installed on a variety of aircraft models. Aviation Clean Air’s facility is located adjacent to the Savannah/Hilton Head International Airport in Savannah, Georgia. For more information, please visit www.aviationcleanair.com.
ABOUT INTERNATIONAL AERO ENGINEERING
International Aero Engineering, LLC (IAE), founded in 1998 as a sister company to International Aero Services, LLC (founded in 1986), is a dependable and efficient source of quality Engineering, CATIA certified, Aircraft Test Equipment, Aircraft Ground Support Equipment and CNC Machined and Fabricated Parts for Aerospace, Military, Electronic and Commercial manufacturers. IAE also serves the Automotive, Motorsports, Aftermarket, Medical and Electronic industries. The company is ISO9001 / AS9100 Certified. For more information, please visit www.internationalaero.com.
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VSE Aviation
Hunter Mitchem, This email address is being protected from spambots. You need JavaScript enabled to view it.
LONDON--(BUSINESS WIRE)--#GlobalOilfieldDrillingDerrickandMastMarket--Technavio has been monitoring the oilfield drilling derrick and mast market and it is poised to grow by USD 5.42 million during 2020-2024, progressing at a CAGR of almost 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
Frequently Asked Questions-
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Chengdu Zhonghang Machinery Co. Ltd., Drillmec Spa, FABTECH International Ltd., Lee C. Moore, A Woolslayer Co., MHWirth AS, National Oilwell Varco Inc., Schlumberger Ltd., Superior Derrick Services LLC, Tri-Service Oilfield Manufacturing Ltd., and TSC Group Holdings Ltd. are some of the major market participants. The increase in oil and gas E&P activities will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Oilfield Drilling Derrick and Mast Market 2020-2024: Segmentation
Oilfield Drilling Derrick and Mast Market is segmented as below:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR43994
Oilfield Drilling Derrick and Mast Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The oilfield drilling derrick and mast market report covers the following areas:
This study identifies growing upstream investment as one of the prime reasons driving the oilfield drilling derrick and mast market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Oilfield Drilling Derrick and Mast Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Customer Landscape
Geographic Landscape
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Transaction Receives Early HSR Termination; On Track to Close Early in the Fourth Quarter of 2020
HOUSTON--(BUSINESS WIRE)--Noble Energy, Inc. (NASDAQ: NBL) (“Noble Energy” or the “Company”) today announced that the Special Meeting of Shareholders (the “Special Meeting”) to approve the pending combination with Chevron Corporation (NYSE: CVX) is scheduled to take place on Friday, October 2, 2020 at 10:00 am Central time. The Record Date for Noble Energy shareholders entitled to vote at the Special Meeting is the close of business on Friday, August 21, 2020.
Noble Energy expects to file its definitive proxy statement with the U.S. Securities and Exchange Commission and begin mailing the definitive proxy statement to the Company’s shareholders later this week. The definitive proxy statement will be available on the Investor Relations section of Noble Energy’s website, as well as www.sec.gov.
As announced on July 20, 2020, Noble Energy entered into a definitive agreement with Chevron, under which Chevron will acquire all of the outstanding shares of Noble Energy in an all-stock transaction at an enterprise value of $13 billion. Under the terms of the agreement, the Company’s shareholders will receive 0.1191 shares of Chevron for each share of Noble Energy. The Board of Directors of Noble Energy unanimously recommend that shareholders vote “FOR” the merger proposal.
Noble Energy shareholders are encouraged to read the definitive proxy materials, when they become available, including among other things, the reasons for the Board’s unanimous recommendation that shareholders vote "FOR" the transaction and the background of the thorough process that led to the transaction with Chevron. Noble Energy shareholders who need assistance in completing the proxy card, need additional copies of the proxy materials, or have questions regarding the Special Meeting may contact the Company’s proxy solicitor, MacKenzie Partners, by phone at (212) 929-5500 or (800) 322-2885, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
The U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 on Thursday, August 20, 2020. Noble Energy and Chevron expect to close the transaction early in the fourth quarter following Noble Energy shareholder approval.
J.P. Morgan Securities LLC is acting as financial advisor to Noble Energy and Vinson & Elkins LLP is acting as its legal advisor.
Noble Energy (NASDAQ: NBL) is an independent oil and natural gas exploration and production company committed to meeting the world’s growing energy needs and delivering leading returns to shareholders. The Company operates a high-quality portfolio of assets onshore in the United States and offshore in the Eastern Mediterranean and off the west coast of Africa. Founded more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and respect for stakeholders, communities and the environment. For more information on how the Company fulfills its purpose: Energizing the World, Bettering People’s Lives®, visit https://www.nblenergy.com.
Access Noble Energy’s 2019 Sustainability Report for more information about how the Company is continuously improving its social, environmental and governance performance around the world.
Important Additional Information
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. In connection with the potential transaction, Chevron filed a registration statement on Form S-4 with the Securities and Exchange Commission (“SEC”) containing a preliminary prospectus of Chevron that also constitutes a preliminary proxy statement of Noble Energy. After the registration statement is declared effective, Noble Energy will mail a definitive proxy statement/prospectus to stockholders of Noble Energy. This communication is not a substitute for the proxy statement/prospectus or registration statement or for any other document that Chevron or Noble Energy may file with the SEC and send to Noble Energy’s stockholders in connection with the potential transaction. INVESTORS AND SECURITY HOLDERS OF CHEVRON AND NOBLE ENERGY ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders are able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC by Chevron or Noble Energy through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Chevron are available free of charge on Chevron’s website at http://www.chevron.com/investors and copies of the documents filed with the SEC by Noble Energy are available free of charge on Noble Energy’s website at http://investors.nblenergy.com.
Chevron and Noble Energy and certain of their respective directors, certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the potential transaction under the rules of the SEC. Information about the directors and executive officers of Chevron is set forth in its Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 21, 2020, and its proxy statement for its 2020 annual meeting of stockholders, which was filed with the SEC on April 7, 2020. Information about the directors and executive officers of Noble Energy is set forth in its Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the SEC on February 12, 2020, and its proxy statement for its 2020 annual meeting of stockholders, which was filed with the SEC on March 10, 2020. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of such participants in the solicitation of proxies in respect of the potential transaction are included in the registration statement and proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
Forward-Looking Statements and Cautionary Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements regarding the potential transaction between Chevron and Noble Energy, including any statements regarding the expected timetable for completing the potential transaction, the ability to complete the potential transaction, the expected benefits of the potential transaction (including anticipated annual run-rate operating and other cost synergies and anticipated accretion to return on capital employed, free cash flow, and earnings per share), projected financial information, future opportunities, and any other statements regarding Chevron’s and Noble Energy’s future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions. All such forward-looking statements are based on current expectations of Chevron’s and Noble Energy’s management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements. Key factors that could cause actual results to differ materially from those projected in the forward-looking statements include the ability to obtain the requisite Noble Energy stockholder approval; uncertainties as to the timing to consummate the potential transaction; the risk that a condition to closing the potential transaction may not be satisfied; the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated by the parties; the effects of disruption to Chevron’s or Noble Energy’s respective businesses; the effect of this communication on Chevron’s or Noble Energy’s stock prices; the effects of industry, market, economic, political or regulatory conditions outside of Chevron’s or Noble Energy’s control; transaction costs; Chevron’s ability to achieve the benefits from the proposed transaction, including the anticipated annual run-rate operating and other cost synergies and accretion to return on capital employed, free cash flow, and earnings per share; Chevron’s ability to promptly, efficiently and effectively integrate acquired operations into its own operations; unknown liabilities; and the diversion of management time on transaction-related issues. Other important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for Chevron’s or Noble Energy’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the parties operate; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; Chevron’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the parties’ suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond Chevron’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; Chevron’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; and Chevron’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements. Noble Energy assumes no obligation to update any forward-looking statements, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Additional factors that could cause results to differ materially from those described above can be found in Noble Energy’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available on the Noble Energy’s website at http://investors.nblenergy.com/financial-information/sec-filings and on the SEC’s website at http://www.sec.gov, and in Chevron’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available on Chevron’s website at https://chevroncorp.gcs-web.com/financial-information/sec-filings and on the SEC’s website at http://www.sec.gov.
Investor Contact
Brad Whitmarsh
(281) 943-1670
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Daniel Burch
(212) 929-5748
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Laurie Connell
(202)591-5233
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Media Contact
Trudi Boyd
(281) 569-8009
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DUBLIN--(BUSINESS WIRE)--The "Renewable Energy - Thematic Research" report has been added to ResearchAndMarkets.com's offering.
To improve energy security, reduce CO2 emissions and attain corporate sustainability goals, the global power sector has witnessed a shift in capacity additions from conventional power sources to renewable sources. With a focus on decarbonizing electricity supply, several governments and utilities are focusing on increasing the share of renewables in the overall energy mix. They have provided support measures that include incentives for renewable power development and to offer a level playing field against conventional sources.
The changing geopolitical situation in the oil and gas supply markets in the Middle East is also expected to lead the demand for renewable energy across the globe. Over the past decade, the growth of renewable power has gained momentum in many countries. With the industry maturing and costs falling significantly to make renewable power economically viable with little or no subsidies, the publisher expects renewable energy adoption to continue its upward trend. In 2019, generators in several countries included large renewable power capacities for the first time. In 2020, more countries are expected to enter the league of large scale renewable power installations.
Scope of this report:
Key report benefits:
Key Topics Covered:
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/98hwk9
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Company will emerge debt-free, paving the way for future strategic growth
FORT WORTH, Texas--(BUSINESS WIRE)--FTS International, Inc. (NYSE American: FTSI) (“FTSI” or the “Company”) today announced that it has entered into a restructuring support agreement (the “Agreement”) with approximately 75 percent of the holders of the Company’s 6.250% senior secured notes due 2022 (the “Secured Notes”) and approximately 64 percent of the Company’s secured debt claims. The Agreement outlines a comprehensive restructuring that will deleverage the Company’s balance sheet by $437.3 million and provide it with the financial flexibility to deliver results-oriented and innovative well completion solutions to its customers. Importantly, the Agreement contemplates that the Company’s vendors, suppliers, and customers will remain unaffected by the transaction.
Michael Doss, Chief Executive Officer, commented, “In recent months, we have worked diligently to cut costs and preserve liquidity under circumstances few people could have predicted. I am extremely pleased to announce this consensual deal with our Secured Noteholders which guarantees that we will remain a strong partner to our customers and suppliers going forward.” Mr. Doss continued, “We could not have reached this agreement without the support of our lenders, employees, customers, and suppliers and I thank you for that.”
To implement the restructuring, the Company and its subsidiaries, including FTS International Services, LLC, and FTS International Manufacturing, LLC, will commence voluntary cases under chapter 11 of the U.S. Bankruptcy Code and file a prepackaged chapter 11 plan of reorganization in the coming weeks. The Agreement provides that holders of the Secured Notes and lenders under the Term Loan will exchange their debt claims for $30.6 million in cash consideration and 90.1% of the equity of a reorganized FTSI. Existing holders of FTSI equity will receive the remaining 9.9% of the equity. Additionally, the consenting creditor parties to the Agreement have agreed to allow the Company to use existing cash to fund the chapter 11 cases and continue operations in the ordinary course, thereby preserving critical value for all stakeholders. The Company’s cash balance was $192.7 million as of August 20, 2020. Upon execution of the Agreement, consenting creditors will also receive a cash payment equal to 3% of the principal amount of secured debt claims held by the applicable consenting creditor, subject to the terms and conditions described in the Agreement. Upon completion of the transaction, the Company intends to enter into a new revolving exit facility on terms acceptable to the consenting creditors to provide working capital to support operations.
Kirkland & Ellis LLP and Winston & Strawn LLP are acting as legal counsel, Lazard is acting as financial advisor, and Alvarez & Marsal LLP is acting as restructuring advisor to the Company in connection with the restructuring. Davis Polk & Wardwell LLP is acting as legal counsel and Ducera Partners LLC and Silver Foundry, LP are acting as financial advisors to an ad hoc group of Secured Noteholders and consenting creditors.
About FTS International, Inc.
Headquartered in Fort Worth, Texas, FTS is an independent hydraulic fracturing service company and one of the only vertically integrated service providers of its kind in North America.
To learn more, visit www.FTSI.com.
Forward Looking Statements
This press release contains “forward-looking statements” related to future events. Forward-looking statements contain words such as “expect,” “anticipate,” “could,” “should,” “intend,” “plan,” “believe,” “seek,” “see,” “may,” “will,” “would,” or “target.” Forward-looking statements are based on management’s current expectations, beliefs, assumptions and estimates and may include, for example, statements regarding our pursuing protection under Chapter 11 of the Bankruptcy Code (the “Chapter 11 Cases”), the Company’s ability to complete the restructuring, its ability to continue operating in the ordinary course while the Chapter 11 Cases are pending, the results and effects of the restructuring and the entry into a new revolving exit facility. These statements are subject to significant risks, uncertainties, and assumptions that are difficult to predict and could cause actual results to differ materially and adversely from those expressed or implied in the forward-looking statements, including risks and uncertainties regarding the Company’s ability to successfully complete a restructuring under Chapter 11, including: consummation of the restructuring; the Company’s ability to meet certain conditions in the RSA; potential adverse effects of the Chapter 11 Cases on the Company’s liquidity and results of operations; the Company’s ability to obtain timely approval by the bankruptcy court with respect to the motions filed in the Chapter 11 Cases; objections to the Company’s recapitalization process or other pleadings filed that could protract the Chapter 11 Cases; employee attrition and the Company’s ability to retain senior management and other key personnel due to the distractions and uncertainties; the Company’s ability to comply with financing arrangements; the Company’s ability to maintain relationships with suppliers, customers, employees and other third parties and regulatory authorities as a result of the Chapter 11 Cases and other matters; the effects of the Chapter 11 Cases on the Company and on the interests of various constituents, including holders of the Company’s common stock; the bankruptcy court’s rulings in the Chapter 11 Cases, including the approvals of the terms and conditions of the restructuring and the outcome of the Chapter 11 Cases generally; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 Cases; risks associated with third party motions in the Chapter 11 Cases, which may interfere with the Company’s ability to consummate the restructuring or an alternative restructuring transaction; increased administrative and legal costs related to the Chapter 11 process; potential delays in the Chapter 11 process due to the effects of the COVID-19 virus; and other litigation and inherent risks involved in a bankruptcy process. Forward-looking statements are also subject to the risk factors and cautionary language described from time to time in the reports the Company files with the U.S. Securities and Exchange Commission, including those in the Company’s most recent Annual Report on Form 10-K and any updates thereto in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These risks and uncertainties may cause actual future results to be materially different than those expressed in such forward-looking statements. The Company has no obligation to update or revise these forward-looking statements and does not undertake to do so.
Lance Turner
Chief Financial Officer
817-862-2000
DUBLIN--(BUSINESS WIRE)--The "Fuel Additives Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The market for fuel additives is expected to register a CAGR of around 5.5%, during the forecast period. Owing to the enactment of stringent environmental regulations across the world, the formulations of different petroleum fuels are changing gradually. This factor has been driving the demand for fuel additives, in the recent scenario. However, there is an increasing demand for battery electric vehicles (BEVs) in countries, such as the United States, China, and Germany. This, along with high R&D costs of fuel additives and the impact of the COVID-19 pandemic, may hamper the growth of the market studied during the forecast period.
Accelerating demand for ultra-low-sulfur diesel (ULSD) is likely to act as an opportunity for market growth, in the future. North America dominated the fuel additives market, owing to the high demand from various applications.
Gasoline to Dominate the Market
Competitive Landscape
The global fuel additives market is fragmented in nature, with the top five players accounting for around 30% of the market share. Afton Chemical is the market leader, with an extensive product portfolio of fuel additives, such as gasoline fuel additive packages and diesel fuel additive packages. It is followed by The Lubrizol Corporation, Innospec Inc., Chevron Corporation, and BASF SE, in terms of the market share.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Enactment of Stringent Environmental Regulations
4.2 Restraints
4.2.1 Increasing Demand and Penetration of Battery Electric Vehicles (BEVs)
4.2.2 High Costs of R&D Activities
4.2.3 Impact of the COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Patent Analysis
5 MARKET SEGMENTATION
5.1 Product Type
5.2 Application
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Afton Chemical
6.4.2 Baker Hughes (General Electric)
6.4.3 BASF SE
6.4.4 Chevron Corporation
6.4.5 Clariant
6.4.6 Croda International Plc
6.4.7 Dorfketal Chemicals (I) Pvt Ltd
6.4.8 Eni SpA
6.4.9 Evonik Industries AG
6.4.10 Exxon Mobil Corporation
6.4.11 Infineum International Limited
6.4.12 Innospec Inc.
6.4.13 LANXESS
6.4.14 QAFAC
6.4.15 Royal Dutch Shell PLC
6.4.16 The Lubrizol Corporation
6.4.17 Total SA
6.4.18 VeryOne SaS (EURENCO)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/cf6ocn
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
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WILLIAMSPORT, Pa.--(BUSINESS WIRE)--Eureka Resources, LLC has been awarded a U.S. patent for its groundbreaking approach to cleansing and recycling wastewater from oil and gas operations.
Hydraulically fractured oil and gas wells can use from 1.5 million gallons to 16 million gallons of water, creating a wastewater stream that is typically disposed of through injection into deep wells. Eureka Resources’ recent patent was awarded for its proprietary technology that can remove hundreds of types of impurities from oil and gas wastewater, isolate recyclable minerals and generate clean water so pure it can be returned to the hydrologic cycle.
“We partner with oil and gas producers to provide an environmentally friendlier solution for their fracking effluent and a cost-effective means to achieve CRSD Certification. This, our third patent, will help accelerate our expansion to other oil and gas plays across the country,” said Daniel Ertel, Eureka’s Chief Executive Officer. “Not only does our process avoid the underground disposal of contaminated water, it generates pure water that can be used to restore wetlands, replenish depleted waterways or be reused by the oil and gas industry to reduce their draw from freshwater sources.”
In addition to creating pure water, Eureka’s process extracts minerals, such as lithium, salt and calcium chloride, from the wastewater. The company purifies its extracted minerals to exacting standards and markets them to third parties.
“We are one of only a few lithium producers based in the U.S., so we can help America’s lithium battery producers avoid imports for a more-stable supply chain,” Mr. Ertel added.
The company has been operating under permits administered by the Pennsylvania Department of Environmental Production since 2008, in compliance with U.S. EPA regulations.
About Eureka Resources, LLC
Headquartered in Williamsport, Pa., Eureka Resources has three facilities in the Marcellus Shale. Two wastewater treatment facilities have the capacity to treat 10,000 barrels of wastewater per day. A third facility serves as a secure storage site for produced water and coproducts destined for customers. All three facilities are geographically positioned for easy access by Marcellus Shale oil and gas producers and their transportation partners. For further information, visit www.eureka-resources.com.
Cindy Tallman
570-651-9972
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) today announced that it has completed the previously announced transaction to acquire additional Montney acreage in Canada from Kelt Exploration Ltd. Cash consideration for the transaction was approximately $390 million at current foreign exchange rates and is subject to customary post-closing adjustments. The company also assumed approximately $30 million in financing obligations for associated partially owned infrastructure. The company now has 295,000 net acres in the Montney with 100 percent working interest.
“The liquids-rich Montney represents an attractive low cost of supply resource within our portfolio,” said Matt Fox, executive vice president and chief operating officer. “By nearly doubling our net acreage position, this acquisition provides us with the scale to optimize development in an area where we are already seeing encouraging early results.”
Production associated with the acquired asset was approximately 15 thousand barrels of oil equivalent per day (MBOED) in the second quarter of 2020. Given ongoing variability and uncertainty in the outlook for production curtailments, the company will continue to suspend forward-looking guidance and sensitivities.
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 16 countries, $63 billion of total assets, and approximately 9,700 employees on June 30, 2020. Production excluding Libya averaged 1,130 MBOED for the six months ended June 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as "anticipate," "estimate," "believe," "budget," "continue," "could," "intend," "may," "plan," "potential," "predict," "seek," "should," "will," "would," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas and the resulting company actions in response to such changes, including changes resulting from the imposition or lifting of crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining, or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete our announced dispositions or acquisitions on the timeline currently anticipated, if at all; the possibility that regulatory approvals for our announced dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of our announced dispositions, acquisitions or our remaining business; business disruptions during or following our announced dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced dispositions in the manner and timeframe we currently anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We may use the term "resource" in this news release that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the ConocoPhillips website.
Media Relations
John Roper
281-293-1451
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Investor Relations
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Energy Finance Veteran Added to Digital Flare Mitigation® and Distributed Cloud Computing Leadership Team
DENVER--(BUSINESS WIRE)--Crusoe Energy Systems Inc. (Crusoe) announced today that Matthew DeNezza joined as the Company’s Chief Financial Officer. DeNezza brings decades of financial and strategic leadership experience to the Digital Flare Mitigation® and distributed cloud computing company and will allow Crusoe to finance and build a new paradigm of ESG-forward energy and computing services for the oil and gas industry.
DeNezza, Crusoe’s new CFO, said, “I have served as the CFO of a publicly traded upstream operator as well as a private equity sponsored midstream operator, and I have heard first-hand from investors that they need to solve environmental problems like flaring. Crusoe goes one step further and is creating innovative new business models with their oil and gas clients that unlock value from previously stranded or wasted resources. This is an innovation that I want to be a part of.” Crusoe is already accomplishing these goals at a significant scale, with more than 30 flare-powered computing modules deployed across North America’s oilfields. The Company is reducing flaring by millions of cubic feet per day, eliminating emissions in the process and creating a new source of value for both energy producers and compute resource users. DeNezza continued, “I am inspired by Crusoe’s mission, values, and business proposition. We will continue to build Crusoe into a novel, paradigm-shifting leader in both the energy industry and technology industries.”
Chase Lochmiller, Crusoe’s CEO and Co-Founder, said, “Matt brings a new level of experience and leadership to our fast-growing team and will help Crusoe access new funding streams and financing relationships. With Matt’s support and financing capabilities, we can scale Crusoe by orders of magnitude.”
Cully Cavness, Crusoe’s President and Co-Founder, said, “Early in our conversations with Matt, he recognized the need for today’s oil and gas operators to embrace novel, efficient environmental technologies like Digital Flare Mitigation as part of the industry’s response to environmental, social and governance (ESG) demands from investors and the public. As an industry insider who wants to make a difference and be part of the solution, Matt is well aligned with Crusoe’s mission and environmental goals.”
Prior to joining Crusoe, DeNezza served as the CFO of Meritage Midstream, a private equity-sponsored midstream firm operating in the Powder River Basin in Wyoming. Previous to his leadership role at Meritage, DeNezza was the CFO of Eclipse Resources, an early entrant into the Utica shale play. DeNezza joined Eclipse in 2013 where he and the senior management team rapidly grew the business, took the company public in 2014 and eventually merged the business to create Montage Resources Corporation in 2018.
DeNezza launched his finance career as an energy-focused investment banker, primarily at Deutsche Bank in New York City, where he worked from 2002 to 2013 serving both privately held and publicly traded upstream, midstream and downstream firms.
Prior to Deutsche Bank, DeNezza served his country in the U.S. Navy as a commissioned officer assigned to the USS Boise, a fast-attack nuclear submarine, from 1994 to 1998. He holds a BA from Harvard University and an MBA from NYU Stern School of Business and lives in Denver, Colorado with his wife and children.
About Crusoe Energy Systems Inc.
Crusoe Energy Systems provides innovative solutions for the energy industry. By converting natural gas to energy-intensive computing, Crusoe’s Digital Flare Mitigation® service delivers an environmentally sound way to create a beneficial use for otherwise wasted natural gas. Crusoe has deployed flare mitigation projects in North Dakota, Montana, Wyoming and Colorado. Systems are scalable up to millions of cubic feet per day and can be deployed anywhere in the United States or Canada.
Background on Flaring
Natural gas flaring has become an acute pain point for shale oil producers, which produce natural gas as a byproduct of oil. This oil-associated natural gas production has outpaced gas pipeline infrastructure in many parts of the North American shale industry. In the absence of pipeline capacity, operators tend to burn natural gas in a process known as “flaring” or “combusting.” Approximately 335 billion cubic feet of natural gas are flared annually in the United States, according to latest 2017 data from the World Bank’s Global Gas Flaring Reduction Partnership (GGFR), which is enough gas to power more than 7 million U.S. homes. Flaring generates pushback from the public and policymakers, who increasingly raise environmental concerns around emissions, resource waste, visual impacts and air quality.
Please reach out to This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.crusoeenergy.com to learn more, and follow Crusoe on Linkedin and Twitter.
Chase Lochmiller
CEO and Chairman
Cully Cavness
President
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HOUSTON--(BUSINESS WIRE)--Mesa Royalty Trust (the “Trust”) (NYSE: MTR) announced today that there will be no distribution paid for the month ended August 2020 to holders of record as of the close of business on August 31, 2020, as costs, charges and expenses attributable to the Trust’s royalty properties exceeded the revenue received from the sale of oil, natural gas and other hydrocarbons produced from such properties, as reported by the working interest owners.
The Trust was formed to own an overriding royalty interest of the net proceeds attributable to the specified interest in certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust's filings, the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the Trust as a result of production, oil and natural gas prices and the amount of the Trust’s administrative expenses, among other factors. The amount of proceeds, if any, received or expected to be received by the Trust (and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by the volatility in commodity prices. Recently, there has been a substantial decrease in oil and natural gas prices due in part to significantly decreased demand as a result of the COVID-19 pandemic and an oversupply of crude oil. Oil and natural gas prices could remain low for an extended period of time, which in turn could have a material adverse effect on Trust distributions. Continued low oil and natural gas prices, among other things, will reduce proceeds to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.
This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions by the Trust. Other important factors that could cause these statements to differ materially include delays in actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, and other factors described in the Trust’s Form 10-K for the year ended December 31, 2019 under “Part I, Item 1A. Risk Factors,” the Trust’s Form 10-Q for the quarter ended March 31, 2020 under “Part II, Item 1A. Risk Factors” and the Trust’s Form 10-Q for the quarter ended June 30, 2020 under “Part II, Item 1A. Risk Factors.” Statements made in this press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.
Mesa Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
713-483-6020
http://mtr.investorhq.businesswire.com/
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