CANONSBURG, Pa.--(BUSINESS WIRE)--#2021Guidance--Equitrans Midstream Corporation (NYSE: ETRN) today announced 2021 financial and capital expenditure guidance. Included in the “Non-GAAP Disclosures” section of this news release are important disclosures regarding the use of non-GAAP supplemental financial measures, including information regarding their most comparable GAAP financial measure.
Financial Forecast:(1)
$ millions |
|
2021 Forecast |
Net income attributable to ETRN |
|
$540 - $610 |
Adjusted EBITDA |
|
$1,035 - $1,105 |
Deferred revenue |
|
$295 |
Free cash flow |
|
$(150) - $(80) |
Retained free cash flow |
|
$(410) - $(340) |
Capital Expenditures and Capital Contributions:
$ millions |
|
2021 Forecast |
Mountain Valley Pipeline (MVP) |
|
$670 - $720 |
Gathering(2) |
|
$305 - $335 |
Transmission(3) |
|
$45 - $65 |
Water |
|
$20 |
Total |
|
$1,040 - $1,140 |
(1) |
Does not reflect impact of capital markets transactions, if any. |
|
(2) |
Includes approximately $30 million from ETRN’s 60% interest in Eureka Midstream Holdings, LLC (Eureka). |
|
(3) |
Includes capital contributions of approximately $20 million to Mountain Valley Pipeline, LLC (MVP JV) for the MVP Southgate project. |
Additional Information:
Investor Presentation
ETRN management speaks to investors from time-to-time and the presentation for these discussions, which is updated periodically, is available via www.equitransmidstream.com.
Non-GAAP Disclosures
Adjusted EBITDA
As used in this news release, adjusted EBITDA means, as applicable, net income, plus income tax expense, net interest expense, loss on early extinguishment of debt, depreciation, amortization of intangible assets, impairments of long-lived assets, payments on the preferred interest in EQT Energy Supply, LLC (Preferred Interest), non-cash long-term compensation expense (income), and transaction costs, less equity income, AFUDC-equity, unrealized gain (loss) on derivative instruments and adjusted EBITDA attributable to noncontrolling interest.
Free Cash Flow
As used in this news release, free cash flow means net cash provided by operating activities plus principal payments received on the Preferred Interest, and less net cash provided by operating activities attributable to noncontrolling interest, capital expenditures (excluding the noncontrolling interest share (40%) of Eureka capital expenditures), capital contributions to MVP JV, and dividends paid to Series A Preferred shareholders.
Retained Free Cash Flow
As used in this news release, retained free cash flow means free cash flow less dividends paid to common shareholders.
Adjusted EBITDA, free cash flow and retained free cash flow are non-GAAP supplemental financial measures that management and external users of ETRN's consolidated financial statements, such as industry analysts, investors, lenders, and rating agencies, may use to assess:
ETRN believes that adjusted EBITDA, free cash flow, and retained free cash flow provide useful information to investors in assessing ETRN's financial condition and results of operations. Adjusted EBITDA, free cash flow, and retained free cash flow should not be considered as alternatives to net income, operating income, net cash provided by operating activities, as applicable, or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA, free cash flow, and retained free cash flow have important limitations as analytical tools because they exclude some, but not all, items that affect net income, operating income and net cash provided by operating activities. Additionally, because these non-GAAP metrics may be defined differently by other companies in ETRN's industry, ETRN's definitions of adjusted EBITDA, free cash flow, and retained free cash flow may not be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measures. Free cash flow and retained free cash flow should not be viewed as indicative of the actual amount of cash that ETRN has available for dividends or that ETRN plans to distribute and are not intended to be liquidity measures.
ETRN is unable to provide a reconciliation of projected adjusted EBITDA from projected net income, the most comparable financial measure calculated in accordance with GAAP, or a reconciliation of projected free cash flow or retained cash flow to net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. ETRN has not provided a reconciliation of projected adjusted EBITDA to projected net income, the most comparable financial measure calculated in accordance with GAAP, due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy. Net income includes the impact of depreciation expense, income tax expense, the revenue impact of changes in the projected fair value of derivative instruments prior to settlement, potential changes in estimates for certain contract liabilities and unbilled revenues and certain other items that impact comparability between periods and the tax effect of such items, which may be significant and difficult to project with a reasonable degree of accuracy. Therefore, a reconciliation of projected adjusted EBITDA to projected net income is not available without unreasonable effort.
ETRN is unable to project net cash provided by operating activities because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. ETRN is unable to project these timing differences with any reasonable degree of accuracy to a specific day, three or more months in advance. Therefore, ETRN is unable to provide projected net cash provided by operating activities, or the related reconciliation of each of projected free cash flow and projected retained free cash flow to projected net cash provided by operating activities without unreasonable effort. ETRN provides a range for the forecasts of net income attributable to ETRN, adjusted EBITDA, free cash flow and retained free cash flow to allow for the inherent difficulty of predicting certain amounts and the variability in the timing of cash spending and receipts and the impact on the related reconciling items, many of which interplay with each other.
Water EBITDA
As used in this news release, water EBITDA means the earnings before interest, taxes, depreciation and amortization of ETRN’s water services business. Water EBITDA is a non-GAAP supplemental financial measure that management and external users of ETRN’s consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, use to assess the impact of ETRN’s water services business on ETRN’s operating performance and ETRN’s ability to incur and service debt and fund capital expenditures. Water EBITDA should not be considered as an alternative to ETRN’s net income, operating income or any other measure of financial performance presented in accordance with GAAP. Water EBITDA has important limitations as an analytical tool because the measure excludes some, but not all, items that affect net income and operating income. Additionally, because water EBITDA may be defined differently by other companies in ETRN’s industry, the definition of water EBITDA may not be comparable to similarly titled measures of other companies, thereby diminishing the utility of the measure.
ETRN has not provided a reconciliation of projected water EBITDA from projected water operating income, the most comparable measure calculated in accordance with GAAP. ETRN does not allocate certain costs, such as interest expenses, to individual assets within its business segments. Therefore, the reconciliation of projected water EBITDA from projected water operating income is not available without unreasonable effort.
About Equitrans Midstream Corporation:
Equitrans Midstream Corporation (ETRN) has a premier asset footprint in the Appalachian Basin and, as the parent company of EQM Midstream Partners, is one of the largest natural gas gatherers in the United States. Through its strategically located assets in the Marcellus and Utica regions, ETRN has an operational focus on gas transmission and storage systems, gas gathering systems, and water services that support natural gas development and production across the Basin. With a rich 135-year history in the energy industry, ETRN was launched as a standalone company in 2018 with the vision to be the premier midstream services provider in North America. ETRN is helping to meet America’s growing need for clean-burning energy, while also providing a rewarding workplace and enriching the communities where its employees live and work. For more information on Equitrans Midstream Corporation, visit www.equitransmidstream.com; and to learn more about our environmental, social, and governance practices, visit https://csr.equitransmidstream.com.
Cautionary Statements
This news release contains certain forward-looking statements within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 27A of the United States Securities Act of 1933, as amended (the Securities Act), concerning ETRN and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the management of ETRN, as well as assumptions made by, and information currently available to, such management. Words such as “could,” “will,” “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” “target,” "expect," "intend" or “continue,” and similar expressions are used to identify forward-looking statements. These statements are subject to various risks and uncertainties, many of which are outside ETRN's control. Without limiting the generality of the foregoing, forward-looking statements contained in this communication specifically include expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of ETRN and its affiliates, including guidance regarding net income attributable to ETRN, adjusted EBITDA, deferred revenue, free cash flow, retained free cash flow and water EBITDA; projected revenue (including from firm reservation fees) and volume; the cost, timing of regulatory approvals, and targeted in-service dates of current or in-service projects or assets, in each case as applicable; the impact of a dispute with EQT (or resolution thereof) regarding the Hammerhead gathering agreement and/or ownership of the Hammerhead pipeline on ETRN’s business and results of operations; expected cash flows and minimum volume commitments; projected capital contributions and capital and operating expenditures, including the amount and timing of reimbursable capital expenditures, capital budget and sources of funds for capital expenditures; dividend amounts, timing and rates; liquidity and financing requirements, including sources and availability; and expectations regarding production, gathered and water volumes in ETRN’s areas of operations. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected results.
Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. ETRN has based these forward-looking statements on current expectations and assumptions about future events. While ETRN considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond ETRN’s control. The risks and uncertainties that may affect the operations, performance and results of ETRN’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, "Risk Factors" in ETRN's Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (the SEC), as updated by the risk factors disclosed under Part II, Item 1A, "Risk Factors," of ETRN’s Quarterly Report on Form 10-Q for the three months ended September 30, 2020 filed with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and ETRN does not intend to correct or update any forward-looking statement, unless required by securities laws, whether as a result of new information, future events or otherwise. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
Analyst inquiries:
Nate Tetlow – Vice President, Corporate Development and Investor Relations
412-553-5834
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media inquiries:
Natalie Cox – Communications and Corporate Affairs
412-395-3941
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Import Substitution in Oil and Gas Industry: Myths and Reality" report has been added to ResearchAndMarkets.com's offering.
The import substitution process was started in earnest after the imposition of sanctions in 2014. Six years is a substantial enough period to summarise interim results.
On the one hand, the figures are not that bad: the industry already depends on imports by less than 50 percent. On the other, this is a typical average, while details are all-important.
And an important question is what exactly should be deemed Russian equipment, considering active use of foreign parts and especially software.
Some import substitution examples are a success indeed, but there are also failures that are no less obvious. The latter in fact emphasise the effect of precisely aimed sanctions.
The new and much more demanding OPEC+ deal has led to large-scale closure of old wells whose operations did not require much-imported equipment. At once, however, the question arose about how Russia will withdraw from the deal in the future and whether it will be able to promptly increase production. Only new projects can compensate for the closure of the old wells. Meanwhile, dependence on imports is greater there. And here is where lagging behind in offshore technology and hydraulic fracturing can have an effect.
In the gas sector, the key problems are also of an "offshore nature"; this goes for LNG production as well as the construction of offshore gas pipelines.
The completion of Nord Stream 2 by Russia on its own has become the main "hit" and a real detective story - so far without a happy end for Russia though.
From the new report you will learn:
Key Topics Covered:
Introduction
1. Drivers behind Import Substitution
2. Criteria for Grouping Oil & Gas Sector Products under Imported Category. Official Results of Import Substitution in Russian Oil & Gas Industry
3. Import Substitution Success Story: National Drilling Equipment Buoys Upstream Segment
4. 'Pain Points' of Import Substitution in Russian Oilfield Services Industry Hydraulic Fracturing and Seismic Surveying
4.1. Hydraulic Fracturing
4.2. Seismic Surveying
5. Development Prospects for Russian Oil and Gas Industry Offshore in Context of Import Substitution
5.1. Pressure on Offshore Projects
5.2. Lack of Drilling Platforms and Subsea Production Systems
5.3. LNG Production: in Search of Russian Technology
5.4. Problems of Russian Shipbuilding
6. Regulation of Import Substitution in Oil and Gas Sector
Forecast
Appendix 1. Plan of Import Substitution Measures for Mechanical Engineering for the Oil and Gas Industry in the Russian Federation
For more information about this report visit https://www.researchandmarkets.com/r/reoxvq
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) announced today that the Board of Directors of its general partner declared a distribution for the quarter ending December 31, 2020 to be paid to the holders of the Partnership’s 9.00% Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) and the 9.625% Class C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class C Preferred Units”) in accordance with the terms outlined in NGL’s partnership agreement. Each of the Class B Preferred Units quarterly distribution of $0.5625 per unit and the Class C Preferred Units quarterly distribution of $0.60156 per unit will be made on January 15, 2021 to holders of record on January 1, 2021.
About NGL Energy Partners LP
NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.
This release is a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of NGL Energy Partner LP’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Therefore, distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.
NGL Energy Partners LP
Trey Karlovich, 918.481.1119
Executive Vice President and Chief Financial Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
or
Linda Bridges, 918.481.1119
Senior Vice President – Finance and Treasurer
This email address is being protected from spambots. You need JavaScript enabled to view it.
LOS ANGELES--(BUSINESS WIRE)--Fisker Inc. (NYSE: FSR) (Fisker) – designer and manufacturer of the world’s most emotion-stirring, eco-friendly electric vehicles and advanced mobility solutions – today announced it has entered into definitive “operational phase” platform-sharing and initial manufacturing agreements with Magna International Inc. (collectively with its affiliates, “Magna”), which clarify and finalize key aspects of the framework agreement previously announced on Oct. 15, 2020.
“I’m very pleased to have closed this definitive agreement, as planned, following the signing of the original framework deal,” commented Fisker Chairman and Chief Executive Officer, Henrik Fisker. “With the recent completion of the PPS gateway, the Fisker and Magna teams are working literally around the clock to ensure we can keep our rapid development program on track towards the delivery of the all-electric Fisker Ocean SUV, projected to commence in Q4 2022.”
The Fisker Ocean will initially be manufactured exclusively by Magna in Europe, where it currently produces several high-quality vehicles on behalf of global brands. Interest in the Ocean continues to build at an encouraging pace, with global paid reservations now standing at more than 10,400 as of today. Fisker plans to unveil a production-intent prototype of the Ocean in the summer of 2021.
“Our teams are fully engaged to enable the projected start of production in Q4 2022 and are working through a common set of program milestones,” said Frank Klein, President of Magna Steyr. “Our complete vehicle development approach is ideally suited to the Ocean program and its rapid development path to market.”
The Fisker Ocean SUV will use a modified version of a Magna-developed EV platform. According to Fisker, "Taking Magna's EV platform as the starting point, Fisker engineers are further developing FM29, and in the process, creating new IP that is unique to Fisker. To suit our requirements for the Ocean and other vehicles, we are redesigning the front-end structure and both lengthening and widening the platform. FM29 provides us the flexibility to accommodate a large battery, increase occupant space and enable the signature Fisker wide vehicle stance, while delivering purchasing cost efficiencies to bring the Ocean to market at a starting price below $40,000. Available on the range-topping Ocean Extreme model, the large battery format enabled by FM29 is also projected to support an Ultra Long Range (ULR) option with a potential range of more than 350 miles.”
“Complementing the FM29 platform will be an EE architecture that includes features not previously seen in automotive applications – developed in-house by Fisker,” continued Mr. Fisker. “Our powertrain team is working to optimize the drive unit in deep collaboration with our cell provider to deliver the expected class-leading output we are projecting for the battery pack. Further, as a digital car company we are creating smarter methodologies in digital and master data management (MDM) that enable smart platform sharing across different vehicle models. This helps us to deliver a seamless customer experience, as well as expedite the globalization of our supply chain and manufacturing.”
For more information, or for interview inquiries, contact This email address is being protected from spambots. You need JavaScript enabled to view it..
About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.
Forward Looking Statements
This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Form 8-K filed with the Securities and Exchange Commission on November 4, 2020 under the heading “Risk Factors” and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Fisker Inc.
Simon Sproule, SVP, Communications
310.374.6177 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Dan Galves, VP, Investor Relations
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.
Breakout year for energy personalization, utility resilience and digitalization underscored by Bidgely’s Utility Artificial Intelligence global adoption
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely continued to advance its mission of accelerating a clean energy future through artificial intelligence (AI) solutions in 2020, delivering personalized customer experiences as well as optimized operations to more than 30 global utilities and energy retailers. Southern California Gas (SoCalGas®), Duke Energy, TEPCO and others join the growing list of customers leveraging Bidgely’s UtilityAI™ Platform to transform their multidimensional datasets into actionable consumer energy profiles with 100+ attributes. These profiles enable energy providers to glean individual insights about their customers and support them in achieving their energy goals, ranging from becoming more energy efficient to adding solar PV to their homes or purchasing electric vehicles (EVs).
“2020 has accelerated digital and virtual ways of doing business, underscoring the importance of organizational resilience and the ability to pivot quickly to adapt to whatever the future may bring,” said Bidgely CEO Abhay Gupta. “We are passionate about enabling our utility customers to be future ready through the power of data and AI, and we were in lock step with them throughout the year to help them achieve their goals despite the challenges we all faced. Looking to 2021, we remain committed to being the go-to energy AI partner for creating a clean energy future, where new technologies like solar PV, EVs, battery storage and smart home devices are viewed as assets to the grid and consumers alike.”
New 2020 Customer Wins and Deployments
Bidgely added more than 11 new global customers like Ameren, Avista, Columbia Gas of Ohio (NiSource), Hydro One and many others to its existing customer base in 2020, which includes global energy providers Rocky Mountain Power, NV Energy, Duke Energy, Hydro Ottawa and VSE. The deployment of Bidgely’s solution for gas and dual fuel utilities by SoCalGas this year demonstrated significant improvements in energy savings and customer satisfaction for medium-consumption customers. For example, their first-of-its-kind digital-only home energy reports (HERs) program achieved over 286k therms savings and a 50 percent open rate for digital communications in less than four months.
Industry Recognition and Honors
Throughout 2020, Bidgely’s leadership in AI for the energy sector was recognized by industry leaders and analysts. In one Guidehouse Insights Report on Artificial Intelligence Solutions for Electric Vehicle Energy Management the Bidgely EV Solution was recognized for equipping utilities with personalized EV ownership insights to more accurately implement load shifting and grid management strategies. The Power of AI for Energy Management, Q2’20 and Market Data: Smart Home Data Analytics reports by Guidehouse Insights also distinguished AI-powered solutions like Bidgely’s as key to driving full-scale digital customer experience as well as effective engagement around smart home devices. Additionally in 2020, Bidgely CEO Abhay Gupta was honored by Utility Analytics Institute as a Top 25 Thought Leader in Utility Analytics, an exclusive list celebrating exemplary influencers in the space.
UtilityAI Platform - Solution Introductions for 2020
Powered by more than 17 unique patents for load disaggregation technology, Bidgely’s UtilityAI™ Platform solutions help utilities better manage their operations, customer interactions and grid loads. In 2020, Bidgely introduced a suite of new packaged solutions to its existing offerings around customer experience and engagement, Home Energy Reports, CARE call center and EVs, including:
To learn more about how Bidgely is partnering with utilities to drive innovation, visit www.bidgely.com/utilityai
About Bidgely
Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.
Christine Bennett
Bidgely
This email address is being protected from spambots. You need JavaScript enabled to view it.
Quinbrook Infrastructure Partners and Birch Infrastructure establish unique joint venture
HOUSTON--(BUSINESS WIRE)--Quinbrook Infrastructure Partners (“Quinbrook”), a specialist investor in lower carbon and renewable energy infrastructure, today announced the establishment of a joint venture with Birch Infrastructure PBLLC (“Birch”) to develop and construct renewables-powered hyperscale data center campuses in the US.
The joint venture has identified and is actively developing multiple, strategically-located sites to host next-generation, mission critical, hyperscale data centers which will be designed and configured with the objective to:
“Demand for high-performance computing and data storage is expanding at an extraordinary pace, as is the need for those resources to be powered by renewable energy, which makes now the opportune time to partner with a like-minded specialist data center developer. Birch is that partner for Quinbrook,” said David Scaysbrook, co-founder and managing partner of Quinbrook. “We are looking forward to combining our experience in renewable energy project development, construction and investment with Birch’s specialist expertise in data center siting and structuring of low cost power and utilities solutions, to address the acute demand for next generation, hyperscale data centers delivering a net zero carbon footprint.”
Quinbrook considers that demand for data computing and storage capacity is likely to grow at unprecedented rates over coming years as internet adoption rates increase and the products and services used by these internet users also increase in size.
Added Scaysbrook, “As the scale of the energy and water consumption and resultant environmental impact of data centers expands, the provenance of their energy supplies and the carbon intensity of those supplies is becoming an increasingly critical requirement in site selection. Recent public announcements made by many of the hyperscale operators indicate that several of them have already committed to using 100% renewable energy and to reducing their carbon footprint significantly by 2030 and beyond. The Quinbrook/Birch joint venture is dedicated to the conviction that renewable power supply and site selection are now integrally related and completely symbiotic.”
“We are excited about the opportunities that come through partnering with an experienced energy investment firm such as Quinbrook,” said Kenneth Davies, co-founder and Chief Risk Officer for Birch. “Hyperscale, renewable-powered data centers are the future, and we’re thrilled to pair our experience with Quinbrook’s to help shape that future.”
About Birch
Birch Infrastructure (www.birch.coop) is an independent, employee-owned developer of shovel-ready data center industrial campuses (>50MW) designed to capture fundamental cost advantages related to land acquisition, renewable power supply and other infrastructure and utilities. Birch’s senior executive team have deep industry experience in data center site identification in the US that covers both power sector knowledge as well as hyperscale data center insider knowledge. The Birch team have an exceptional track record of innovative project development and origination of first-of-a-kind offtake structures for utility scale renewables.
About Quinbrook
Quinbrook Infrastructure Partners (www.quinbrook.com) is a specialist investment manager focused exclusively on lower carbon and renewable energy infrastructure investment and operational asset management in the U.S., U.K. and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested over US $8 billion of equity in energy infrastructure assets since the early 1990s, representing a total enterprise value of US $28.7 billion or 19.5 GW of power supply capacity. Quinbrook's investment and asset management team has offices in Houston, London, Jersey, and the Gold Coast of Australia. Quinbrook's global investment and portfolio company teams are actively developing and constructing a portfolio exceeding 8GW of onshore wind, solar PV, reserve peaking power, battery storage projects, grid support infrastructure, Virtual Power Plants and Community Energy Networks across the U.S., U.K. and Australia.
Media Contact:
Amanda Coyle, Sloane & Company
212-446-1867
This email address is being protected from spambots. You need JavaScript enabled to view it.
Twin Rivers Unified School District Receives 10 Additional LionC All-Electric School Buses
SACRAMENTO, Calif.--(BUSINESS WIRE)--Northern Genesis Acquisition Corp. (NYSE: NGA) announces that its proposed business combination partner, The Lion Electric Company (Lion), has delivered 10 all-electric LionC school buses to the Twin Rivers Unified School District (“Twin Rivers”) in Sacramento, California. With these new buses, Twin Rivers is now operating the largest zero-emission school bus fleet in North America, with 40 all-electric school buses in its fleet. Lion is an innovative manufacturer of purpose-built all-electric medium and heavy-duty urban vehicles and will join the public capital markets through its proposed merger with NGA
“Twin Rivers is the recognized leader in zero-emission school buses, and the numbers speak for themselves — this delivery represents a deeply impressive accomplishment for the school district and zero-emission transportation as a whole, and demonstrates Twin Rivers’ dedication to the health of the local community,” said Marc Bedard, CEO and Founder of Lion. “This milestone delivery serves as an example that electrification of school transportation is not coming tomorrow, it is here now, meeting and exceeding the needs of operators.”
The purchase of 10 LionC all-electric buses have been made possible by California Climate Investments, a statewide initiative that puts billions of cap-and-trade dollars to work reducing greenhouse gas emissions, strengthening the economy and improving public health and the environment — particularly in disadvantaged communities. The electric buses were funded in large part by the aforementioned cap-and-trade dollars, with additional funding from the Sacramento Metropolitan Air Quality Management District, the Sacramento Municipal Utility District and California’s Carl Moyer Memorial Air Quality Standards Attainment Program. The all-electric buses each have a range of 125 miles and will eliminate on average 230 tons of greenhouse gas emissions per year. The Sac Metro Air District, California Air Resources Board and the Twin Rivers School District have collaborated on funding 63 zero-emission school buses in the region to date, with an additional 90 pending delivery in 2021. To support these buses, over $4.5 million has been funded to support the charging infrastructure.
“The Sac Metro Air District is pleased to partner with Lion and Twin Rivers School District. Together, we are at the cutting edge of school bus electrification, bringing zero emission technology to protect our children, but also showing that electric vehicles are real, tangible alternatives to toxic diesel combustion engines,” said Alberto Ayala, Sac Metro Air District’s Air Pollution Control Officer. “This is no longer a pilot demonstration. With support from our partners and Twin Rivers School District’s vision, the Sacramento region can lead the way in the fight for clean air and the transition to a zero-carbon transportation future today.”
“Thanks to California Climate Investments and other incentives, as well as manufacturers such as Lion Electric, schoolkids here in Sacramento – and across California – are riding in the cleanest-running school buses on the market,” CARB Deputy Executive Officer Steve Cliff said. “These investments mean cleaner air for our kids, and for communities that need it most.”
Twin Rivers is a pioneer in zero-emission school buses and it has been among the first fleets in the United States to put all-electric buses into service in 2016 when it received its first buses from Lion. Lion has worked closely with the district to train staff in vehicle operation and maintenance, both on-site at its transit yard and at Lion’s nearby Sacramento Experience Center where the vehicles are also serviced. The district has since consistently added more electric buses to its fleet and was among the school districts to receive electric buses from the California Energy Commission's first School Bus Replacement Program.
“We started down the road of electrification four years ago, and the reception has been unanimously positive. Everyone from the drivers and maintenance staff, to the community, and most importantly students, have welcomed the possibilities of zero-emission buses and the health benefits that come with their adoption,” said Twin Rivers Unified School District Director of Transportation, Timothy Shannon.
All of Lion’s vehicles are purpose-built for electric propulsion from the ground up, and are manufactured at Lion’s North American facility, which has a current capacity to produce 2,500 electric vehicles per year. Over the last decade, Lion has established itself as a leader in the all-electric school bus industry, having delivered over 300 all-electric school buses in North America with over 6 million miles driven since 2016. Lion’s vehicles are distributed and serviced through the company’s network of Experience Centers, including two locations in California along with facilities in New York, Washington, Florida and Arizona.
About Lion Electric
Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles all its vehicle components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.
About Northern Genesis Acquisition Corp.
Northern Genesis Acquisition Corp. (NYSE: NGA) is a special purpose acquisition company formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. The Northern Genesis management team brings a unique entrepreneurial owner-operator mindset and a proven history of creating shareholder value across the sustainable power and energy value chain. Northern Genesis is committed to helping the next great public company find its path to success; a path which will most certainly recognize the growing sensitivity of customers, employees and investors to alignment with the principles underlying sustainability.
Transaction with Northern Genesis Acquisition Corp.
On November 30, 2020, Lion announced that it had entered into a business combination agreement and plan of reorganization pursuant to which, subject to the satisfaction of customary closing conditions, a wholly-owned subsidiary of Lion will merge with Northern Genesis Acquisition Corp. (NYSE: NGA), a publicly traded special purpose acquisition company focused on a commitment to sustainability and strong alignment with environmental, social and governance principles. Upon completion of the transaction, holders of NGA shares will receive Lion shares on a one-for-one basis and Lion is expected to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “LEV”.
Important Information and Where to Find It
In connection with the proposed business combination, Lion Electric intends to file a registration statement on Form F-4 (the “Registration Statement”) with the SEC, which will include a proxy statement of Northern Genesis in connection with Northern Genesis’ solicitation of proxies for the vote by its stockholders with respect to the transaction and other matters as described in the Registration Statement, as well as the prospectus relating to the registration of the securities to be issued by Lion Electric to Northern Genesis’ stockholders in connection with the transaction. After the Registration Statement has been filed and declared effective, Northern Genesis will mail a definitive proxy statement, when available, to its stockholders. Investors and security holders of Northern Genesis and other interested parties are urged to read, when available, the Registration Statement, any amendments thereto and other any other documents filed with the SEC, including the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”), because they will contain important information about Lion Electric, Northern Genesis and the proposed business combination. Investors and security holders of Northern Genesis may obtain free copies of the Joint Proxy Statement/Prospectus (when available) and other documents filed with the SEC by Northern Genesis and Lion Electric through the website maintained by the SEC at http://www.sec.gov or by directing a request to: Northern Genesis Acquisition Corp., 4801 Main Street, Suite 1000, Kansas City, MO 64112 or (816) 983-8000. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
Northern Genesis and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Northern Genesis’ stockholders in respect of the proposed business combination. Lion Electric and its officers and directors may also be deemed participants in such solicitation. Information regarding Northern Genesis’ directors and executive officers is available under the heading “Management” in its final prospectus dated August 17, 2020 filed with the SEC on August 18, 2020 (the “Company IPO Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, which may, in some cases, be different than those of their stockholders generally, will be contained in the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC in connection with the proposed business combination when they become available. Stockholders, potential investors and other interested persons should read the Joint Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. No offer of securities, other than with respect to the PIPE, shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release constitute “forward-looking statements” (which shall include forward-looking information within the meaning of Canadian securities laws) within the meaning of Section 27A of the Securities Act. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “potential,” “seem,” “seek,” “future,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding the transaction, including with respect to timing and closing thereof, the ability to consummate the transaction, the benefits of the transaction, the ability to satisfy the Cash Condition, the completion of the PIPE, estimates and forecasts of financial and other performance metrics, visibility on potential orders and business relationships, sufficiency and use of funds following completion of the proposed transaction, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Lion Electric’s and Northern Genesis’ management and are not predictions of actual performance. These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of the Lion Electric’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of the Lion Electric’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lion Electric and Northern Genesis, and are based on a number of assumptions, as well as other factors that Lion Electric and Northern Genesis believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Lion Electric’s vision, business, objectives, plans and strategies will be achieved. Many risks and uncertainties could cause Lion Electric’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including any adverse changes in the U.S. and Canadian general economic, business, market, financial, political and legal conditions; Lion Electric’s inability to successfully and economically manufacture and distribute its vehicles at scale and meet its customers’ business needs; Lion Electric’s inability to execute its growth strategy; Lion Electric’s inability to maintain its competitive position; Lion Electric’s inability to reduce its costs of supply overtime; any inability to maintain and enhance Lion Electric’s reputation and brand; any significant product repair and/or replacement due to product warranty claims or product recalls; any failure of information technology systems or any cybersecurity and data privacy breaches or incidents; natural disasters, epidemic or pandemic outbreaks, boycotts and geo-political events; the risk that a condition to closing of the transaction (including the obtention of Northern Genesis’ stockholders approval) may not be satisfied; the failure to realize the anticipated benefits of the proposed transaction; the amount of redemption requests made by Northern Genesis’ public stockholders; the risk that the proposed transaction disrupts Lion Electric’s or Northern Genesis’ current plans and operations as a result of the announcement of the transaction; the outcome of any legal proceedings that may be instituted against Lion Electric or Northern Genesis following announcement of the transaction; the inability of the parties to successfully or timely consummate the proposed transaction; and those factors discussed in Northern Genesis’ IPO Prospectus, and any subsequently filed Quarterly Report on Form 10-Q, in each case, under the heading “Risk Factors,” and other documents of Northern Genesis filed, or to be filed, with the SEC, as well as any documents to be filed by Lion Electric in accordance with applicable securities laws. These factors are not intended to represent a complete list of the factors that could affect Lion Electric, and there may be additional risks that neither Northern Genesis nor Lion Electric presently know or that Northern Genesis and Lion Electric currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Northern Genesis’ and Lion Electric’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company and Lion Electric anticipate that subsequent events and developments will cause Northern Genesis’ and Lion Electric’s assessments to change. However, while Northern Genesis and Lion Electric may elect to update these forward-looking statements at some point in the future, Northern Genesis and Lion Electric have no intention and undertake no obligation to do so except as required by applicable law. These forward-looking statements should not be relied upon as representing Northern Genesis’ and Lion Electric’s assessments as of any date subsequent to the date of this press release.
Lion Contacts:
Patrick Gervais
Lion Electric
Vice President of Marketing and Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
514-992-1060
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.
Northern Genesis Contact:
Avi Das
Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
816-514-0324
250-megawatt wind and 250-megawatt solar assets join company’s existing investments in Big Sky Country
HOUSTON--(BUSINESS WIRE)--Broad Reach Power (“Broad Reach”), an independent power producer (IPP) based in Houston which owns a five-gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas, announced today that it has acquired a 250-megawatt (MW) wind project and a 250-MW solar project, both located in Montana.
“I am looking forward to begin developing these projects as we continue investing in Montana,” said Broad Reach Power Developer Daniel Zolnikov. “Once completed, these projects will provide much needed reliability to the region’s grid while also contributing valuable local construction jobs and significant tax dollars to counties such as Yellowstone, Stillwater and Golden Valley.”
Located in Billings, the solar and wind projects were purchased from leading privately held developer of sustainable energy projects Invenergy and are expected to be online in 2022 and 2023, respectively. They join an existing portfolio of solar and battery storage assets also located in Billings owned by Broad Reach and are part of the company’s broader portfolio in the Pacific Northwest where it has a pipeline of more than 1,400 MW of renewable generation projects and more than 900 MW of storage projects.
“Similar to Texas, where we have become the leading owner of storage projects in the ERCOT interconnection queue in just over a year, we have also built a dynamic portfolio of both renewable power and standalone storage power plants in the Pacific Northwest through greenfield development and M&A in an equally short amount of time,” added Broad Reach Power Vice President of Development James Ferguson, whose company is backed by leading energy investors EnCap Investments L.P., Yorktown Partners and Mercuria Energy.
“Broad Reach has assembled the Pacific Northwest’s best in class diversified portfolio of renewables plus storage assets and is perfectly poised to serve the region’s large evolving needs,” said EnCap Energy Transition Managing Partner Shawn Cumberland.
About Broad Reach Power
Broad Reach Power is a utility-scale storage independent power producer (IPP) based in Houston backed by leading energy investors EnCap Investments L.P., Yorktown Partners and Mercuria Energy. The company owns a five-gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, Wyoming, Utah and Texas which give utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. Broad Reach is led by a team comprised of solar, wind and storage experts who have delivered more than four gigawatts of projects and have a combined 80 years of experience in the field. For more information about the company, visit www.broadreachpower.com.
Morgan Moritz
Pierpont Communications
+ 1 512 448-4950 (O)
+ 1 512 745-2575 (C)
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced that its previously announced cash tender offer to purchase any and all of the outstanding aggregate principal amount of the 6.000% senior unsecured notes due 2023 that we co-issued with our subsidiary, Genesis Energy Finance Corporation (the “Notes”) expired at 5:00 p.m., New York City time, on December 16, 2020 (the “Expiration Time”). As of the Expiration Time, $308,783,000 aggregate principal amount of the outstanding Notes (79.25%) were validly tendered, which excludes $557,000 aggregate principal amount of the outstanding Notes that remain subject to guaranteed delivery procedures. The settlement date for the Notes is expected to be December 17, 2020.
Pursuant to the terms of the tender offer, Notes not tendered in the tender offer will remain outstanding. We intend to call such outstanding Notes for redemption in accordance with the terms and conditions of the indenture governing the Notes.
Persons with questions regarding the tender offer should contact the dealer manager, RBC Capital Markets, LLC by telephone at telephone at (877) 371-2099 (toll-free) or (212) 618-7843, or the information agent and tender agent, D. F. King & Co., Inc., by telephone at (877) 283-0325 (toll-free) or, for banks and brokers, at (212) 269-5550 (Banks and Brokers Only) or in writing at D. F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York, New York 10005, Attention: Andrew Beck, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
This press release includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, no assurance can be given that our goals will be achieved, including statements related to the tender offer and redemption. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
LONDON--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announces that ICE has been appointed to host emissions auctions on behalf of the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS).
As announced on December 14, 2020, the UK Government and Devolved Administrations will launch a UK Emissions Trading Scheme (UK ETS) from January 1, 2021, to replace the UK’s participation in the EU ETS.
Further details on the auction calendar and the spot and futures contracts ICE intends to launch in connection with the new UK ETS will be announced in due course. ICE plans to commence auctions and launch the related futures contracts as soon as feasible and no later than the second quarter of 2021, subject to regulatory approval.
“We congratulate the UK Government for its commitment and vision for a UK emissions trading scheme and are delighted to continue hosting auctions on its behalf,” said Gordon Bennett, Managing Director, Utility Markets at ICE. “Market-based mechanisms like carbon cap and trade programs are pivotal in allowing policy makers to control the quantity of carbon to align with their net-zero commitments and consequently put a price on the externality of pollution to reach those goals in the most cost-effective manner.”
ICE has conducted Phase III EUA auctions on behalf of the UK Government since November 2012 and the first EUAA auction on ICE took place in September 2014.
ICE has been a leader in environmental markets for nearly two decades. A wide and increasing group of stakeholders use the price signals from ICE’s markets and indices to help assess climate transition risk in their portfolios, and access liquidity pools for compliance purposes, managing risk and allocating capital to benefit from energy transition opportunities.
On December 4, EUA open interest (OI) hit a record value for notional equivalent of more than €51.4 billion. EUA futures and options are part of ICE’s environmental complex which also includes futures and options connected to ICE’s California Carbon allowances (CCA), Regional Greenhouse Gas Initiative (RGGI) and renewable energy credits (RECs). ADV in the environmental complex is up by approximately 20%, with OI up by approximately 16% from the end of 2019.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at http://www.intercontinentalexchange.com/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 6, 2020.
Source: Intercontinental Exchange
ICE-CORP
ICE Media Contact
Rebecca Mitchell
+44 7951 057351
This email address is being protected from spambots. You need JavaScript enabled to view it.
ICE Investor Contact
Warren Gardiner
770-835-0114
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Boat Rental - Global Market Outlook (2019-2027)" report has been added to ResearchAndMarkets.com's offering.
Global Boat Rental market accounted for $19.36 billion in 2019 and is expected to reach $30.86 billion by 2027 growing at a CAGR of 6.0% during the forecast period.
Growing investments to encourage nautical tourism across several countries is the major factor propelling the growth of the market. However, high taxation on boat rental services across various regions is hampering the growth of the market.
Boat rental presents an easy and convenient way to own a boat without really owning it. In the current market scenario, where everything can be rented, from bicycle to home, car to workplace sharing, renting a boat is a much-needed service, as most of the boats are parked in the harbor for more than half of their service life.
Based on the boat class, the luxury segment is anticipated to hold considerable market share during the forecast period due to the increase in the spending capacity of people and surge in the first choice for arranging family events and vacations on luxury yachts. The growing popularity of boating vacations on exotic destinations is likely to be a key factor that drives the market. By geography, Europe is anticipated to grow at a significant rate during the forecast period due to the high preference for nautical tourism in this region. The enormous scenic coastline and developed infrastructure have played a vital role in pouring the boat rental market.
Some of the key players profiled in the Boat Rental Market include BLUE BAY MARINE, Blue Boat Yacht Entertainment Company, Boatjump, S.L., Boatsetter, GETMYBOAT INC., GLOBE SAILOR, Incrediblue, Le Boat, Nautal, Odyssey Boats, Sailo Inc., THE MOORINGS, West Coast Marine, Yachtico Inc., and Zizooboats GmbH.
What the report offers:
Key Topics Covered:
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.5 Research Sources
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Boat Rental Market, By Power Source
5.1 Introduction
5.2 Electric
5.3 IC Engine
6 Global Boat Rental Market, By Boat Type
6.1 Introduction
6.2 Catamaran
6.3 Motorboat
6.4 Sailing Boat
6.5 Yachts
6.6 Fuel-powered Boats
7 Global Boat Rental Market, By Business Model
7.1 Introduction
7.2 Business to Consumer (B2C)
7.3 Charter
7.4 Day Cruise
7.5 Event/ B2B
7.6 Luxury Charter
7.7 Luxury Day Cruise
7.8 Peer to Peer (P2P)
7.9 Tour
8 Global Boat Rental Market, By Product Type
8.1 Introduction
8.2 Speedboat
8.3 Cruise Ship
9 Global Boat Rental Market, By Activity Type
9.1 Introduction
9.2 Sailing
9.3 Fishing
10 Global Boat Rental Market, By Boat Class
10.1 Introduction
10.2 Luxury
10.3 Sports
11 Global Boat Rental Market, By Length
11.1 Introduction
11.2 Up to 28 Feet
11.3 28 to 45 Feet
11.4 More Than 45 Feet
12 Global Boat Rental Market, By Application
12.1 Introduction
12.2 Business Group
12.3 Personal
13 Global Boat Rental Market, By Geography
14 Key Developments
14.1 Agreements, Partnerships, Collaborations and Joint Ventures
14.2 Acquisitions & Mergers
14.3 New Product Launch
14.4 Expansions
14.5 Other Key Strategies
15 Company Profiling
15.1 BLUE BAY MARINE
15.2 Blue Boat Yacht Entertainment Company
15.3 Boatjump, S.L.
15.4 Boatsetter
15.5 GETMYBOAT INC.
15.6 GLOBE SAILOR
15.7 Incrediblue
15.8 Le Boat
15.9 Nautal
15.10 Odyssey Boats
15.11 Sailo Inc.
15.12 THE MOORINGS
15.13 West Coast Marine
15.14 Yachtico Inc.
15.15 Zizooboats GmbH
For more information about this report visit https://www.researchandmarkets.com/r/v2d8zd
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
LONDON--(BUSINESS WIRE)--#NavalCombatSystemsMarket--The new naval combat systems market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
For a More Detailed Analysis, Get a Free Sample Report Delivered Instantly
"One of the primary growth drivers for this market is the greater focus on ISR operations,” says a senior analyst for Industrials at Technavio. As the markets recover, Technavio expects the naval combat systems market size to grow by USD 7.56 billion during the period 2020-2024.
Naval Combat Systems Market Segment Highlights for 2020
Regional Analysis
Develop Smart Strategies for Your Business: Get a Free Sample Report Now!
Related Reports on Industrials Include:
Global Naval Vessels MRO Market - Global naval vessels MRO market segmentation by vessels (aircraft carriers, submarines, destroyers, frigates, amphibious vessels, and others) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Global Nuclear Powered Naval Vessels Market - Global nuclear powered naval vessels market segmentation by product (surface naval vessels and submerged naval vessels) and geography (North America, APAC, Europe, MEA, and South America). Click Here to Get an Exclusive Free Sample Report
Notes:
Subscribe to World-Class Market Intelligence and gain instant access to 17,000+ market research reports and connect with expert analysts
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.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.technavio.com/
HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE:EPD) today announced that the first vessel powered by liquefied petroleum gas (“LPG”) has been loaded at the Enterprise Hydrocarbon Terminal on the Houston Ship Channel. The Very Large Gas Carrier (“VLGC”) BW Gemini, which had been retrofitted for dual fuel capabilities, was loaded with a record 590,000 barrels of LPG, including cargo and fuel.
“Enterprise is proud to be part of this milestone achievement which benefits both the supply and demand sides of the LPG value chain, provides environmental benefits and improves the lives of people around the world,” said A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “LPG-powered vessels provide another source for growing U.S. shale production and offer enhanced efficiencies and economics for ship owners and their customers by allowing VLGCs to refuel at the loading dock instead of making an additional stop at a bunkering facility. Enterprise is already the largest exporter of propane in the world, and is helping to raise the standard of living and improve the health and quality of life for developing nations around the globe.”
By providing the option for vessels to refuel with LPG, Enterprise is also helping shipping companies reduce their emissions in accordance with the new International Maritime Organization standards (IMO 2020).
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and export and import terminals; crude oil gathering, transportation, storage and export and import terminals; petrochemical and refined products transportation, storage, export and import terminals and related services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership’s assets include approximately 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 Bcf of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745
Rick Rainey, Media Relations (713) 381-3635
PARIS LA DÉFENSE--(BUSINESS WIRE)--The BlueGuard project, developed under a partnership between Thales and the start-up MyDataModels, specialized in data processing and artificial intelligence, was selected on 3 December 2020 after a call for projects for the Nice Côte d’Azur metropolitan council's Blue Innovation Challenge. The Blue Innovation Challenge aims to support local jobs and develop an innovation ecosystem focused on the maritime sector as an area of strategic importance for the region.
As the threat environment evolves, it is crucially important to protect the maritime and underwater space around sensitive coastal infrastructure such as ports, industrial facilities and sites of economic or military importance, and to ensure security for major events. The BlueGuard project involves developing a demonstrator of a smart surveillance system designed to monitor sensitive coastal sites and protect populations and the coastline reliably at all times from new and emerging threats such as unmanned underwater vehicles.
MyDataModels has a unique set of skills in AI-based data analytics and will be providing expertise in automatic data classification. Thales has already worked with the MyDataModels through AI@Centech, a start-up accelerator programme in Montreal, Canada.
With more than 60 years of experience in undersea defence and global recognition for its underwater systems expertise, Thales will provide its technical and operational insights as well sonar transmit and receive arrays and electronic systems.
"The city's support for the BlueGuard project and Thales' investment will enable the launch of a new surveillance product against coastal threats. This project illustrates the co-innovation developed by Thales with more than 160 startups," Alexis Morel, Vice President, Underwater Systems, Thales.
"It is rare for a major corporation to work successfully in agile mode with a start-up. BlueGuard is a prime example of a win-win partnership focused on developing disruptive technology and demonstrating its capabilities in real-life conditions around the port of Nice thanks to the Nice Côte d’Azur metropolitan council." Denis Bastiment, CTO, MyDataModels
About MyDataModels
Founded in March 2018, MyDataModels offers TADA, a predictive analytics platform powered by artificial intelligence. Powerful and easy to use providing fully interpretable models, TADA helps every professional to deeply analyse their data and make more informed decisions. As such, MyDataModels technology is the preferred solution for healthcare, research, industry and embedded systems. MyDataModels is based in France and employs 30 people. Learn more: www.mydatamodels.com
About Thales
Thales (Euronext Paris: HO) is a global high technology leader investing in digital and “deep tech” innovations – connectivity, big data, artificial intelligence, cybersecurity and quantum technology – to build a future we can all trust, which is vital to the development of our societies. The company provides solutions, services and products that help its customers – businesses, organisations and states – in the defence, aeronautics, space, transportation and digital identity and security markets to fulfil their critical missions, by placing humans at the heart of the decision-making process.
With 83,000 employees in 68 countries, Thales generated sales of €19 billion in 2019 (on a basis including Gemalto over 12 months).
Press contact
Thales
Faïza Zaroual
+33 (0) 7 81 48 80 41
This email address is being protected from spambots. You need JavaScript enabled to view it.
MyDataModels
Francine Fichter
+33 (0) 6 75 92 10 12
This email address is being protected from spambots. You need JavaScript enabled to view it.
Terminal implements cloud-based solution to optimize N4 TOS
OAKLAND, Calif.--(BUSINESS WIRE)--Navis, a part of Cargotec Corporation, and the provider of operational technologies and services that unlock greater performance and efficiency for leading organizations throughout the global shipping industry, announced today that Kloosterboer Vlissingen has gone live with Navis 360 Managed Services in the cloud to aid in its automation and modernization goals and to enhance the terminal’s performance on N4.
Located in The Netherlands, Kloosterboer Vlissingen is a leading handler of reefer containers in the region and currently operates at 250,000 TEU, annually. With strategic plans for growth, Kloosterboer Vlissingen needed a solution that could handle its business as they scaled, increase automation offerings at the terminal and optimize operations to remain competitive in the industry, which led them to selecting Navis N4 for its TOS. Along with N4, the terminal opted to enhance its terminal operations with Navis 360 Managed Services to ensure its N4 infrastructure is managed and functioning to its full potential, allowing the team to focus on daily operations at the terminal. The terminal deployed several 360 Managed Services solutions - including Monitoring and Diagnostics, Upgrade Testing Services, Application Management Services and Database Services - to make the most out of their TOS investment.
“Working with the Navis team, we were able to seamlessly deploy Navis 360 Managed Services in the cloud to boost the capabilities of the N4 TOS being used on site,” said Dennis Lobel, Project Manager IT at Kloosterboer Vlissingen. “We are looking forward to getting the most out of our TOS with 360 Managed Services and having our system run at its peak performance to help our team maximize ROI.”
“We have also subscribed to Managed N4 Upgrade Services to help us run our business better on N4 TOS,” said Roy de Witte, Project Engineer at Kloosterboer. “The added service gives us peace of mind that our key business processes will be automatically tested and validated before receiving an N4 upgrade, which will help us run our operations at an optimal level.”
“Navis 360 Managed Services helps our customers keep up with the technical demand of the TOS and provides value by finding strategic ways terminals can improve performance to meet their business goals,” said Jacques Marchetti, General Manager of EMEA at Navis. “We are proud to offer a solution to help our customers get the most out of their N4 TOS so they can focus on the meaningful work servicing their customers and are thrilled to partner with Kloosterboer Vlissingen to help the terminal unlock its full operating potential.”
For more information visit www.navis.com and to learn more about Navis 360 Managed Services, visit https://www.navis.com/en/services-support/n4-services/360-managed-services/.
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimize global cargo flows and create sustainable customer value. Cargotec's sales in 2019 totaled approximately EUR 3.7 billion and it employs around 12,000 people. www.cargotec.com
Jennifer Grinold
Navis, LLC
T+1 510 267 5002
This email address is being protected from spambots. You need JavaScript enabled to view it.
Geena Pickering
Affect
T+1 212 398 9680
This email address is being protected from spambots. You need JavaScript enabled to view it.
LONDON--(BUSINESS WIRE)--#apac--The new Aviation Fuel market research report from SpendEdge indicates an incremental growth during the forecast period as the business impact of COVID-19 spreads.
As the markets recover SpendEdge expects the Aviation Fuel market size to grow by USD 19 billion during the period 2020-2024.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the Aviation Fuel market. Download free report sample
Aviation Fuel Market Analysis
Analysis of the cost and volume drivers and supply market forecasts in various regions are offered in this Aviation Fuel research report. This market intelligence report also analyzes the top supply markets and the critical cost drivers that can aid buyers and suppliers to devise a cost-effective category management strategy.
Insights Delivered into the Aviation Fuel Market
This market intelligence report on Aviation Fuel answers to all the critical problems faced by investors who seek cost-saving opportunities in a competitive market. It also offers actionable anecdotes on the industry structure and supply market forecasts including highlights of the top vendors in this market. Our procurement experts have determined effective category pricing strategies that are attuned to the dynamics of this market which can be leveraged to maximize revenue generation against minimum investments on the products.
Information on Latest Trends and Supply Chain Market Information Knowledge center on COVID-19 impact assessment
The reports help buyers understand:
This Aviation Fuel Market procurement research report offers coverage of:
For more information on the exact spend growth rate and yearly category spend, download a free sample.
This market intelligence report identifies the major costs incurred by suppliers and provides additional information on:
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
Notes:
Get access to regular sourcing and procurement insights to our digital procurement platform- Contact Us.
Table of Content
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more https://www.spendedge.com/request-for-demo
SpendEdge
Anirban Choudhury
Marketing Manager
Ph No: +1 (872) 206-9340
https://www.spendedge.com/contact-us
EPC introduces the 40 V, 3 milliohm EPC2055 eGaN® FET, offering designers a device that is smaller, more efficient, and more reliable than currently available devices for high performance, space-constrained applications
EL SEGUNDO, Calif.--(BUSINESS WIRE)--#DCDC--Efficient Power Conversion Corporation, the world’s leader in enhancement-mode gallium nitride on silicon (eGaN) power FETs and ICs, advances the performance capability of low voltage, off-the-shelf gallium nitride transistors with the introduction of the EPC2055 (3 mΩ, 40 V) eGaN FET.
This device is ideal for applications with demanding requirements for performance in space-constrained form factors including USB-C battery chargers and ultra-thin point-of-load (POL) converters. Other low-voltage applications benefiting from the fast-switching speeds and ultra-high efficiency of the EPC2055 include LED lighting, 12 V – 24 V input motor drivers, and lidar systems for robotics, drones, and autonomous cars.
According to Alex Lidow, EPC’s co-founder and CEO, “The EPC2055 is a very good example of the rapid evolution of GaN FET technology. This 40 volt device offers both smaller size and reduced parasitics compared with previous-generation 40 V GaN FETs and at lower cost, thus, offering designers both improved performance and cost savings.”
Development Board
The EPC90132 development board is a 40 V maximum device voltage, 25 A maximum output current, half bridge with onboard gate drives, featuring the EPC2055 eGaN FETs. This 2” x 2” (50.8 mm x 50.8 mm) board is designed for optimal switching performance and contains all critical components for easy evaluation of the EPC2055. Both the EPC2055 and EPC90132 are available to order from Digi-Key at http://www.digikey.com/Suppliers/us/Efficient-Power-Conversion.page?lang=en.
About EPC
EPC is the leader in enhancement-mode gallium nitride-based power management devices. EPC was the first to introduce enhancement-mode gallium-nitride-on-silicon (eGaN) FETs as power MOSFET replacements in applications such as DC-DC converters, wireless power transfer, envelope tracking, RF transmission, power inverters, remote sensing technology (lidar), and class-D audio amplifiers with device performance many times greater than the best silicon power MOSFETs. EPC also has a growing portfolio of eGaN-based integrated circuits that provide even greater space, energy, and cost efficiency.
Visit our web site: www.epc-co.com.
eGaN is a registered trademark of Efficient Power Conversion Corporation, Inc.
Rene Yawger
tel: 908.475.5702
email: This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) will host a conference call webcast on Tuesday, Feb. 2, 2021, at 12:00 p.m. Eastern time to discuss fourth-quarter 2020 financial and operating results. The company’s financial and operating results will be released before the market opens on Feb. 2.
To access the webcast, visit ConocoPhillips’ Investor Relations site, www.conocophillips.com/investor, and click on the "Register" link in the Investor Presentations section. You should register at least 15 minutes prior to the start of the webcast. The event will be archived and available for replay later the same day. A transcript will be available on the Investor Relations site.
--- # # # ---
About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $63 billion of total assets, and approximately 9,800 employees at Sept. 30, 2020. Production excluding Libya averaged 1,108 MBOED for the nine months ended Sept. 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; the ability to successfully receive the requisite approvals and consummate the proposed acquisition of Concho Resources; the ability to successfully integrate the operations of Concho Resources with our operations and achieve the anticipated benefits from the transaction; 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.
John Roper (media)
281-293-1451
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
281-293-5000
This email address is being protected from spambots. You need JavaScript enabled to view it.
OnePredict Introduces GuardiOne® Bearing, Turbine, Wind, Transformer, Robot for Various Industries
SEOUL, South Korea--(BUSINESS WIRE)--OnePredict, a leader in Industrial AI (Artificial Intelligence) technology, has successfully won bids to provide its solutions to major energy companies. OnePredict provides cutting edge industrial AI solutions to various industries including utilities, oil & gas, manufacturing and transportation.
A single accident with industrial equipment, such as power transformers and turbines, can cause the loss of tens of millions of dollars and human fatalities. For this reason, industrial companies are making significant efforts, including periodic monitoring to diagnose equipment status in advance, as well as introducing the latest technology to predict failures. The accelerating construction of the “Digital Twin”, which has recently emerged, also demonstrates the efforts of these companies.
“Digital Twin,” the main technology of OnePredict, is a technology that predicts the results in advance by creating twins of real world objects on a computer and simulating situations that may occur in the real world with a computer. This technology is recognized for its advanced technology and demand from the industrial facilities.
OnePredict received a series B investment of $13.5 USD (15 Billion Korean Won) in March 2020. Since then, OnePredict has been dedicated to developing its technology and business to secure market competitiveness by verifying the value of products through a variety of successful POCs (Proof of Concepts). Since receiving the investment, OnePredict has been recruiting new staff with a target to double the employees to 60, including top AI developers and Data Scientists to strengthen its technology. Over 70% of the staffs is focused on the development of technology and the product enhancement.
OnePredict's “Digital Twin” solution, part of the GuardiOne® Series, provides an analysis solution that innovatively improves the fundamental limitations of conventional diagnosis and prognosis method by integrating AI technology. In addition, it minimizes human error by providing indicators of quantitative condition analysis for main failure modes of facilities through deep learning technology. Moreover, with providing screen configuration and functions tailored to the user's convenience, it is possible to easily check the equipment status without requiring an expert to manage the system.
The POC is a main key factor to strengthen the market leadership of GuardiOne®. The accuracy of GuardiOne®'s diagnosis and prediction is ensured to customers through the POCs. Through this process, OnePredict’s solutions are optimized until the final implementation at the customer site. Currently, numerous POCs are in progress and are expected to expand industrial fields and increase future revenue.
OnePredict has recently signed a contract to provide its industrial AI solution, ‘GuardiOne® Transformer’ for eight 345 kilovolt (kv) electric transformers to KOWEPO Thermal Power Plant. The launching of the advanced AI-based Transformer Diagnosis and Prediction technology project with KEPCO in October 2020 and the introduction of the GuardiOne® solution to about 500 electric transformers owned by oil and gas conglomerate S-Oil are also tremendous achievements for OnePredict.
OnePredict is focused on enhancing its products through domain experience and knowledge. While expanding its customer base in substation facilities and turbines, OnePredict is also preparing to commercialize its solutions to major smart factory equipment such as robots and motors. In addition, it is spurring the recruitment of top developers and sales personnel in order to expand into global markets such as North America and Southeast Asia based on excellent success cases of the Korean market.
About OnePredict
Founded in 2016, OnePredict provides a cutting-edge solution of predictive analytics software for industrial applications. Its flagship product GuardiOne® offers a complete set of end-to-end solutions that detect, diagnose, and predict remaining lifespan and equipment failures in advance. It achieves a much higher accuracy as compared with the conventional rule-based method using raw data. Combined with depth of domain knowledge and a rich set of available data, the company has successfully delivered some of the challenging projects that extend across customers in energy, power distribution, oil and gas, manufacturing, marine, and automotive industries. Some of its marquee customers include KEPCO, Korea’s largest power company, S-Oil, Korea’s oil & gas conglomerate, and YGPA, Korea’s Port Authority located in YG Korea.
© 2020 OnePredict All Rights Reserved. OnePredict GuardiOneⓇ is the trademark of OnePredict Inc.
All other trademarks are the property of their respective owners.
For additional inquiries, please contact:
Mihyun Hong, Manager | Growth Strategy
Direct: +82 2-884-1664 (Korea)
Mobile: +82 10-9575-8659 (Korea)
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Colorado Companies Team up with Local Non-Profits from Coast to Coast
DENVER--(BUSINESS WIRE)--The Broe Group and its rail affiliate OmniTRAX, Inc. have pledged one million meals to community food banks throughout their U.S. operating region. As America faces unprecedented food insecurity, the Colorado companies are leading a multi-state commitment to help relieve the growing strain on local food banks.
“No one should go hungry, yet our nation’s food banks fight each day to meet the increasing community demand for food,” said The Broe Group’s Kiki Broe. “The communities we serve are home to our teammates, neighbors and partners, and we are committed to helping the local food banks serve this unprecedented need. We encourage everyone to help these vital community partners in any way they can.”
Food bank recipients span from Colorado to California, Georgia, Indiana, Ohio, New Jersey and West Virginia. Community meal pledges are further supported by local employee volunteer service from OmniTRAX rail affiliates Great Western Railway, Georgia Woodlands Railroad, Northern Ohio and Western, Savannah Industrial Transportation, Stockton Terminal and Eastern Railroad, Brownsville & Rio Grande International Railway and Winchester and Western Railway.
“As communities across America face economic and public health challenges from the pandemic, food insecurity has become a serious problem,” said OmniTRAX COO Gord Anutooshkin. “By contributing our time and resources, we can help support the unprecedented need and combat food insecurity at the local level.”
About The Broe Group
Based in Denver, The Broe Group and its affiliates form a privately-owned, multi-billion-dollar real estate, transportation, energy and investment organization with assets owned and managed across North America. Together, Broe managed companies employ more than 1,000 people and support employment of thousands of others through operations such as its Great Western Industrial Park in Northern Colorado. Its transportation affiliate, OmniTRAX, Inc., is one of North America’s fastest growing railroad and transportation management companies specializing in: management services, railroad and port services, intermodal solutions and industrial switching operations. Its energy affiliates include Great Western Petroleum, LLC, the largest private operator in the third most prolific U.S. basin. Broe Real Estate Group acquires, develops and manages office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group also has multiple investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, visit broe.com.
About OmniTRAX, Inc.
As one of North America’s fastest growing railroad and transportation management companies, OmniTRAX's core capabilities range from providing transportation and supply chain management services to railroad and port companies, to providing intermodal and industrial switching operations to railroads, ports and a diverse group of industrial companies. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at omnitrax.com.
Ronald Margulis
RAM Communications
+1 908.272.3930
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.