The global solar tracking company reveals patented locking technology
NEUSLING, Germany--(BUSINESS WIRE)--Ideematec Inc., the leading global supplier of solar tracking systems, today announced its Horizon L:Tec solar tracker at Solar Power International 2020. The new two-module-in-portrait (2P) tracker features a patented locking technology that secures modules in position against torsional galloping, caused by extreme wind loads, to reduce maintenance costs and expand product lifespan. The tracker integrates seamlessly with bifacial modules to generate more energy per tracker, and accommodates extra-large photovoltaic modules. Panels are able to remain in stow position, at a zero degree angle, against up to 180 mile per hour winds.
Horizon L:Tec builds on Ideematec’s signature decoupled drive technology, which transports dynamic loads into foundational posts, and away from gearboxes. Ideematec trackers require four times fewer gearboxes and motors than conventional trackers. This significantly reduces installation time and maintenance costs, and improves overall system efficiency.
“This innovation addresses a major pain point in the global solar market,” said Mario Eckl, CEO of Ideematec. "With reinforced, locking technology, large scale solar projects are able to generate power even in severe climates and geographies. This improved design responds to increasing demand for equipment that’s both fast to install in order to reduce construction costs, and built to withstand worst-case-scenarios. It shows our commitment to creating reliable solutions that will accelerate our path toward a resilient, clean energy future.”
Measuring 190 meters in length, Horizon L:Tec is the longest solar tracker on the global market and will be available in all markets in January 2021. Soon after, the company plans to announce a one-module-in-portrait (1P) version of the tracker, using the same technology, which will enable customers to purchase either option from a single supplier.
During this year’s Virtual Tradeshow at SPI, October 21 and 22, the Ideematec team will offer demonstrations, broadcasted from the headquarters in Germany. Learn more about the demonstrations by contacting This email address is being protected from spambots. You need JavaScript enabled to view it..
About Ideematec, Inc.
Ideematec, Inc. is a trusted global supplier of solar tracking systems, headquartered in Germany. Established in 2003, the company serves as a pure play tracker provider for the utility-scale sector. Ideematec pioneered the 2P high-span safeTrack Horizon™ tracker, powered by a patented dual drive technology. Since 2017, the company has successfully delivered some of the biggest solar facilities on three continents, including Jordan (250 MW), Australia (350 MW) and Spain (200 MW). For more information please visit: http://www.ideematec.com/
Regan Keller, Antenna Group
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Largest In-water Boat Show Pulls Into Port Oct. 28 - Nov. 1 with Enhanced Health & Safety Measures, Additional Entrances, Increased Dock Sizes and more than 20 Exciting Yacht and New Boat Debuts
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Representing the only major marine event to take place in the U.S. since April, the 61ST Annual Fort Lauderdale International Boat Show (FLIBS) is making its way to the “Yachting Capital of the World,” with changes for a better and safer event experience, Oct. 28 to Nov. 1. Produced by Informa Markets and owned by the Marine Industries Association of South Florida, FLIBS features the largest display of boats and new models and the latest in marine technology and accessories. The five-day outdoor show spans nearly 90 acres across multiple outdoor sites and will unveil more than 20 of the year’s most anticipated debuts, ranging from luxury yachts and motor yachts to sport fish, center consoles and express cruisers.
Here’s a look at what visitors can expect at this year’s Fort Lauderdale International Boat Show:
FLIBS is a major economic driver benefitting the marine industry, the city of Fort Lauderdale, and the state of Florida with a total statewide economic impact of $1.3 billion as a result of last year’s show and over $714 million in product sold over the five-day event. More than 8,000 full-time jobs were associated with the show in 2019.
Tickets must be pre-purchased in advance on FLIBS.com. For additional information on tickets, hospitality packages and parking details, please visit the website at www.FLIBS.com.
For images and press materials, contact This email address is being protected from spambots. You need JavaScript enabled to view it. or access the 2020 Fort Lauderdale International Boat Show Digital Press Kit.
About The Fort Lauderdale International Boat Show
The 61st annual Fort Lauderdale International Boat Show will be held October 28 – Nov. 1, 2020 in the Yachting Capital of the World. Owned by the Marine Industries Association of South Florida (MIASF) and produced by Informa Markets, the Fort Lauderdale International Boat Show (FLIBS) is recognized as the largest in-water boat show in the world and is sponsored in part by Lexus, the Official Automotive of FLIBS, Swiss luxury watchmaker, Ulysse Nardin, the Official Timekeeper of FLIBS, Douglas Elliman Real Estate and Whitehaven wine, the Official White Wine of FLIBS. FLIBS spans nearly 90 acres across three million square-feet of exhibit space that is connected by an intricate network of water and ground transportation services. The five-day show attracted over 100,000 attendees and 1,000 exhibitors representing 52 countries with more than 1,300 boats on display in 2019. For more information, visit FLIBS.com.
Cindi Perantoni
Laura Acker
Kreps DeMaria
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20 percent of America’s large C&I facilities can significantly improve sustainability and save money by installing on-site utility-scale wind turbines
FINDLAY, Ohio--(BUSINESS WIRE)--#STEM--One Energy, an industrial power company and the largest installer of on-site wind energy in North America, today released a detailed report on the potential for on-site wind energy at large U.S. commercial and industrial (C&I) facilities. The analysis reveals approximately 20 percent of these facilities would financially and operationally benefit from Wind for Industry® - on-site, behind-the-meter wind energy projects.
“Many C&I entities are under tremendous pressure to reduce GHG emissions, increase production and cut costs,” said Jereme Kent, CEO of One Energy. “Our analysis shows that for many manufacturing facilities across the country, particularly in the Midwest, on-site wind makes tremendous sense—lower GHG emissions, reduced energy costs and increased control.”
The report highlights that Wind for Industry® is technically viable and financially attractive for 20 percent of all large C&I facilities in the continental United States, which translates to an estimated $66 billion in deployable capital (35,825 MW) based on a 0 percent Investment Tax Credit (ITC). This will expand to $95 billion as economies of scale and known technology improvements become fully effective. The serviceable market nearly doubles to $120 billion in deployable capital (65,345 MW) with a 30 percent ITC.
“One Energy believes that the only way distributed generation is going to grow fast enough to make up for the failings of existing utilities is if we, as an industry, start having a culture of sharing and communicating,” added Kent. “Reports like this are valuable to us, but they are even more valuable to investors, entrepreneurs and the public.”
One Energy’s report consists of four component sections: the total addressable market (TAM), the serviceable market (SM), serviceable market growth and the company’s Wind for Industry® expansion strategy.
Since 2009, the company has installed 40.5 MW of Wind for Industry® projects for world-class companies. “We believe that C&I companies have awoken to the fact that utilities’ interests do not align with their own. Companies believe their ‘load’ is theirs and that utilities are no longer entitled to it,” noted Kent. “Companies are seeking ways to take back control and are looking for high-quality, trusted partners to help them through on-site generation, better monitoring of utilities, better rate predictability, better service, better quality, better market options and other means that better serve long-term needs.”
The company’s U.S. Market Analysis is available here: https://oneenergy.com/oe-labs/market-studies/.
About One Energy
One Energy is an industrial power company and the largest installer of on-site wind energy in North America. Recognizing that energy consumers are fed up with the failings of legacy utilities, One Energy developed modern energy services to control cost and risk, such as Wind for Industry® and Managed High Voltage. One Energy is building the customer-centric grid of the future.
The One Energy family of companies includes One Energy Enterprises (OEE), One Energy Solutions (OES), and One Energy Capital Corporation (OECC). For more information, visit www.oneenergy.com or follow the company on LinkedIn, Facebook, Instagram and Twitter.
Jenny Wang
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(814) 506-4597
HOUSTON--(BUSINESS WIRE)--#energymarketing--Brookfield Renewable Ireland has selected PCI’s Enterprise Platform for management of its energy billing requirements in the Irish power market.
As part of its agreement with Brookfield Renewable Ireland, PCI will deploy its specifically tailored, cloud-based, integrated platform that incorporates the PCI Billing Solution, and a breadth of capabilities including:
Chief Commercial Officer at Brookfield Renewable Ireland, Ciaran O'Brien noted, “To support our business expansion, we needed a scalable and proven software platform. After extensive international evaluation, we selected PCI to be our long-term technology partner based on their expertise and unique solution offering, which aligned with our objective to provide best-in-class, connected, customer-centric solutions.”
“PCI is pleased to be partnering with Brookfield Renewable Ireland and is looking forward to creating value for their business operations with our time-tested, scalable cloud platform, and unparallel 24x7 customer support,” said PCI Vice President, Shailesh Mishra. “With this opportunity, PCI will further expand its global customer-base and views Ireland as a strategic growth market.”
The PCI Platform offers unmatched functionality for renewable energy players to optimize their portfolios, including co-optimization of Energy Storage Systems (ESS) in wholesale power markets. PCI works with numerous renewable energy providers throughout the world, including, RWE Renewables, Iberdrola, Acciona, and BHE Renewables.
About Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals over 19,000 megawatts of installed capacity and a 15,000-megawatt development pipeline. Brookfield Renewable’s Irish wind portfolio is a fully integrated development, operations and clean energy solutions business with 365 MW of operating capacity and a significant onshore wind development pipeline. Further information is available at www.brookfield.com/our-businesses/renewable-power
About Power Costs, Inc. (PCI)
PCI is the leading provider of energy trading software, superior customer support and value-added services for energy companies worldwide. Founded in 1992, PCI continues to refine and develop new software solutions that meet the ever-evolving needs of its clients which include renewable energy companies, investor-owned, municipal and cooperative utilities, energy marketers and traders, as well as independent power producers. More than half of all the power generated in the North America is optimized using the PCI Platform and over 60% of the Fortune 500 Energy and Utility firms in the U.S. are PCI clients. The firm is privately held and based in Norman (OK) with offices in Houston (TX), Raleigh (NC) and Mexico City. To learn more about PCI, please visit www.powercosts.com.
Stuart Wright
Power Costs, Inc. (PCI)
303-917-3565
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HOUSTON--(BUSINESS WIRE)--BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the “Unit Holders”) of $651,100.95 or $0.013969 per Unit, based primarily upon production during the month of August 2020, subject to certain adjustments by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. (Hilcorp”), for prior months. The distribution is payable November 16, 2020, to Unit Holders of record as of October 30, 2020.
After payment of the Trust’s administrative expenses for the month, the Trustee will replenish the Trust’s cash reserves by the net amount of $397,090 which will bring the cash reserve balance back to the previously established amount of $1.0 million. As of September 30, 2020, the Trust’s cash reserves were $602,910.
Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 2,598,335 Mcf (2,887,039 MMBtu) for August 2020, as compared to 2,031,263 Mcf (2,256,959 MMBtu) for July 2020. Dividing revenues by production volume yielded an average gas price for August 2020 of $1.52 per Mcf ($1.37 per MMBtu), as compared to an average gas price for July 2020 of $1.26 per Mcf ($1.14 per MMBtu).
Hilcorp has advised the Trust that the August 2020 reporting month included additional profits of $490,458 gross ($367,844 net to the Trust) based on true-ups for the August 2017, September 2017 and March 2020 production months. The August 2020 reporting month also includes a reimbursement by the Trust to Hilcorp of $0.5 million, being the remaining portion of the total $2.0 million in “Other” revenue that was included in the estimated gross proceeds in the December 2017 and January 2018 distribution months.
Hilcorp also reported that for the reporting month of August 2020, revenue included an estimated $100,000 for non-operated revenue. For the month ended August 2020, Hilcorp reported to the Trust capital costs of $14,420, lease operating expenses and property taxes of $1,978,590, and severance taxes of $774,960.
Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.
San Juan Basin Royalty Trust
BBVA USA, Trustee
2200 Post Oak Blvd., Floor 18
Houston, TX 77056
website: www.sjbrt.com e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources
and Senior Vice President
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc., (Nasdaq: TA) nationwide operator of the TA, Petro Stopping Centers and TA Express travel center network, has teamed up with Mobil Delvac heavy-duty diesel engine oil to donate $50,000 to Folds of Honor, an organization providing educational scholarships to the spouses and children of America’s fallen and disabled service members. This is the fourth year in a row TA and Mobil Delvac diesel engine oil have come together to support the organization on behalf of its customers, and as a thank you for their loyalty.
Since launching in 2007, Folds of Honor has awarded nearly 28,000 educational scholarships to the families of these American heroes. There are more than 1 million disabled and fallen service members and nearly 2 million dependents of military heroes adversely affected by war.
“The mission of Folds of Honor portrays perfectly our appreciation for Veterans and our desire to educate the leaders of tomorrow. We want to honor Veterans’ sacrifice and educate their legacy,” said Barry Richards, president of TA.
“Veterans sacrifice so much in service to our country and we are proud to honor them by supporting scholarships that will aid their families and improve their lives through education,” added Kristine Amy, Mobil Delvac USA commercial brand manager.
To date, TA and Mobil Delvac heavy-duty diesel engine oil have donated a total of $200,000 to Folds of Honor.
About TravelCenters of America
TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its more than 20,000 employees serve customers in over 270 locations in 44 states and Canada, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, convenience stores, car and truck parking and other services and amenities dedicated to providing great experiences for professional drivers and the general motoring public. TravelCenters of America operates nearly 650 full-service and quick-service restaurants and 10 proprietary brands, including Quaker Steak and Lube®, Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.
About Folds of Honor
Folds of Honor is a 501(C)(3) nonprofit organization that provides educational scholarships to families of military men and women who have fallen or been disabled while on active duty in the United States Armed Forces. Our educational scholarships support private education tuition and tutoring for children in grades K-12, as well as higher education tuition assistance for spouses and dependents. Founded in 2007 by Lt. Col. Dan Rooney, a PGA Member and F-16 fighter pilot currently stationed at Eglin AFB Florida as a member of 301st Fighter Squadron who served three tours of duty in Iraq. Folds of Honor is proud to have awarded more than 28,000 scholarships in all 50 states, as well as Guam, Puerto Rico and the Virgin Islands. For more information or to donate in support of a Folds of Honor scholarship, visit foldsofhonor.org
Tina Arundel
TravelCenters of America
216-389-3028
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PENSACOLA, Fla.--(BUSINESS WIRE)--Harbor View Marine, in conjunction with Yamaha Marine, announced today that Josh Turner successfully completed the Yamaha Marine Apprentice Program (YMAP) offered through Yamaha Marine University™ (YMU).
YMAP pairs seasoned mentors in dealership service departments with novice technicians to help them learn the key skills they need to further develop their careers in the marine industry. Service Manager Robbie Lockhart served as Turner’s mentor during the second half of the program, which includes 4,000 hours of comprehensive, hands-on Yamaha outboard technician training. Turner is the second apprentice to complete YMAP.
“YMAP promotes teamwork within the service department,” said Lockhart. “If advisors know their technicians have completed the training needed to get the job done, they’re more confident selling the service for the dealership. If technicians have an understanding of the questions advisors must ask to identify the job, they become more comfortable completing the task at hand. Without doubt, Josh has become a valued member of this team through the YMAP program, and we are proud of his accomplishments.”
For Turner, a graduate of George Stone Technical College with a background in customer service, YMAP served as a tool for setting milestones and achieving goals. It helped to diversify his workload by requiring him to gain a broad base of marine technician experience. The courses that touch on service management and service advisory roles have made a difference in the way he approaches his work.
“YMAP includes courses that go beyond just being a technician doing the job,” said Turner. “As a new technician coming out of a customer service-centered industry, I like the fact that the courses teach technicians how to communicate with service advisors and customers. Harbor View does a great job of providing training resources for technicians. I’ve participated in many courses and I have to say that with all of the training out there, Yamaha’s curriculum is the definitely the best. I plan to leverage what I have learned to become the best technician I can be and hopefully work my way up to become a service manager myself one day.”
For more information about the Yamaha Marine Apprentice Program, please visit ymutechs.com or call (800) 854-4876 Option 3.
Yamaha Marine products are marketed throughout the United States and around the world. Yamaha Marine U.S. Business Unit, based in Kennesaw, Ga., supports its 2,400 U.S. dealers and boat builders with marketing, training and parts for Yamaha’s full line of products and strives to be the industry leader in reliability, technology and customer service. Yamaha Marine is the only outboard brand to have earned NMMA®’s C.S.I. Customer Satisfaction Index award every year since its inception.
REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.
© 2020 Yamaha Motor Corporation, U.S.A. All rights reserved.
This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.
Melissa Boudoux
Communications Manager
Yamaha Marine Engine Systems
Office: (770) 701-3269
Mobile: (404) 381-7593
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Neal Wheaton
Wilder+Wheaton for
Yamaha Marine Engine Systems
Mobile: (404) 317-0698
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LONDON--(BUSINESS WIRE)--#GlobalWasteHeatRecoveryMarket--The global waste heat recovery market is expected to grow by USD 11.31 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 4%. Request Free Sample Report on COVID-19 Impacts
Read the 120-page report with TOC on "Waste Heat Recovery Market Analysis Report by End-user (Chemical, Petroleum refining, Paper, Commercial and institutional, Food and beverages, Metal, and Other end-users), Geography (North America, Europe, APAC, MEA, and South America), and the Segment Forecasts, 2020-2024".
https://www.technavio.com/report/waste-heat-recovery-market-industry-analysis
The market is driven by the increasing focus on reducing carbon footprint. In addition, the emergence of advanced technologies for waste heat recovery is anticipated to boost the growth of the waste heat recovery market.
GHGs emitted by manufacturing facilities, power stations, and oil refineries are leaving a huge carbon footprint and causing serious environmental impacts. Hence, many countries across the world have adopted various regulations to cut down GHG emissions and reduce carbon footprint. This has increased the adoption of waste heat recovery systems to recirculate the heat generated for various industrial applications such as generating electricity. This will help companies save energy, reduce GHG emissions, and comply with various regulations. Therefore, the increasing focus on reducing carbon footprint will fuel the growth of the global waste heat recovery market during the forecast period.
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Major Five Waste Heat Recovery Companies:
ABB Ltd.
ABB Ltd. operates its business through segments such as Electrification, Industrial Automation, Motion, Robotics & Discrete Automation, and Corporate and Other. The company offers waste heat recovery systems for use in the shipbuilding industry. These systems are designed for installation on large marine containers and bulk vessels.
Alfa Laval AB
Alfa Laval AB operates its business through segments such as Energy, Food & Water, Marine, Greenhouse, and Operations & Other. The company offers exhaust gas waste heat recovery systems.
Clean Energy Technologies Inc.
Clean Energy Technologies Inc. operates its business through segments such as Clean Energy HRS, Cety Europe, and Legacy electronic manufacturing services. The company offers Clean Cycle II ORC heat recovery generator. It uses patented magnetic bearing turbine technology to capture wasted heat from industrial manufacturing, waste processing, and power generation facilities and convert it into electricity that can be used or sold back to the grid.
GEA Group Aktiengesellschaft
GEA Group Aktiengesellschaft operates its business through segments such as BA Equipment and BA Solutions. The company offers energy recovery unit which features GEA Emission Control technology.
General Electric Co.
General Electric Co. operates its business through segments such as Power, Renewable energy, Aviation, and Healthcare. The company offers controlled flue gas cooling and waste heat exchanger solutions.
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Waste Heat Recovery Market End-user Outlook (Revenue, USD bn, 2020-2024)
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Global Heat Pipes Market – Global heat pipes market by end-user (aerospace and defense, automotive, food and beverage, and others) and geography (APAC, Europe, North America, South America, and MEA).
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Corporate procurement will account for about 20 percent of the country’s utility scale renewable power additions in the next decade—far ahead rest of the world
WASHINGTON--(BUSINESS WIRE)--More than any other country, the United States has a growing portion of new renewable energy projects being built to meet demand coming directly from corporations. Agreements by which corporations contract electricity from renewable power producers are expected to be responsible for 44-72 gigawatts (GW) of wind and solar additions in the country from 2021-2030, according to a new analysis by IHS Markit (NYSE: INFO).
The report, titled Corporate U.S. Renewable Procurement Outlook: Optimism Amid a Pessimistic Year says that these corporate-driven Power Purchasing Agreements (PPAs) would represent about 20% of all utility scale renewable power additions for the period—an average of 4.4 -7.2GW per year depending on the extent to which corporations expand and fulfill their renewable ambitions.
“We have now reached a tipping point for corporate sector demand for renewables,” said Anna Shpitsberg, director, global power and renewables, IHS Markit.
“Fueled by shareholder and consumer activism, the opportunity to hedge power costs and corporate renewable targets, companies are increasingly making the connection between a specific project and a specific facility’s power demand.”
Corporate sector renewable demand had been miniscule as recently as 2017. Corporate procurement more than doubled in 2018 and increased again in 2019, with almost 16GW announced between the two years. The U.S. technology sector has been at the forefront of the expansion in corporate-driven PPAs.
This growth in contracting is expected to contribute nearly 8GW of wind and solar installations in 2020, a 45% annual increase in installations stemming from corporate procurement.
Around 220 companies operating in the United States are already procuring renewables or plan to do so. And about 40% of these companies have targets that escalate through the early to mid-2020s.
The United States currently is the world leader in this area by far, representing over 60% of the global market for corporate-driven procurement. The U.S. market position can be attributed, in part, to factors such as the sheer number of large U.S.-based corporations, tax incentives, a high concentration of power-intensive data centers and power market structures and accounting standards that are more conducive to corporate procurement.
Significant growth potential now exists for corporate renewable procurement beyond the technology sector, Shpitsberg says.
“This type of corporate-driven renewables procurement is growing beyond its tech-based roots,” she said. “Sectors such as manufacturing and telecommunications that have high consumption patterns, ambitious renewable targets and low-to-moderate renewable procurement to date are poised to expand in this area.”
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2020 IHS Markit Ltd. All rights reserved.
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IHS Markit
+1 202 463 8213
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Company’s software and project expertise enables expedited timeline and on-time start for new BP-operated platform
AUSTIN, Texas--(BUSINESS WIRE)--Emerson (NYSE: EMR) has been awarded a $14 million contract to provide automation technologies for the new Azeri Central East offshore platform in the Caspian Sea, the latest development in the Azeri-Chirag-Deepwater Gunashli oilfield. Emerson will serve as the main automation contractor, providing its Project Certainty methodologies and digital technologies that transform capital project execution to help BP bring this fast-track project onstream in 2023.
Digital twin solutions and cloud engineering services, part of Emerson’s Project Certainty methodologies, will help accelerate project execution. Emerson’s digital twin solution enables virtual testing and system integration while the platform is being built and provides a simulated environment for platform operators to train, helping ensure a safe, smooth start-up and ongoing operational excellence. Cloud engineering reduces engineering costs and time by enabling global teams to collaborate and engineer in parallel regardless of location.
Emerson will apply its portfolio of automation software and services to help BP achieve greater production and safe operations. This includes Emerson’s DeltaV™ automation system that controls critical safety functions in addition to wellhead production, drilling and the transfer of oil and gas to the onshore Sangachal Terminal.
Automation technologies also anticipate safety risks and enable remote monitoring, which reduces exposure of people and extends intervals between major maintenance turnarounds. Wired and wireless networks will connect more than 1,000 Emerson measurement instruments to monitor pressure, flow, temperature and pipework corrosion. Emerson will also provide all critical control, emergency shutdown and isolation valves, connected by its digital positioning technology.
“This latest project builds on the successful collaboration between BP and Emerson on the West Chirag and Shah Deniz Stage 2 developments,” said Jim Nyquist, group president for Emerson’s systems and software business. “Our extensive experience helping organizations achieve capital project success has enabled us to become a trusted partner to digitally transform mega projects such Azeri Central East.”
Additional resources:
About Emerson
Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a global technology and engineering company providing innovative solutions for customers in industrial, commercial and residential markets. Our Automation Solutions business helps process, hybrid and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Our Commercial & Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency and create sustainable infrastructure. For more information visit Emerson.com.
For Emerson
Denise Clarke
512-587-5879
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LUXEMBOURG--(BUSINESS WIRE)--Pacific Drilling S.A. (NYSE: PACD) (the “Company”) announced today that the High Court in London has denied the application of the Company’s subsidiaries Pacific Drilling VIII Limited (“PDVIII”) and Pacific Drilling Services, Inc. (“PDSI”) for leave to appeal the previously-disclosed award that was issued in arbitration proceedings between PDVIII and PDSI and Samsung Heavy Industries Co. Ltd. (“SHI”) related to the contract for the construction and sale of the Pacific Zonda.
As previously disclosed, PDVIII and PDSI filed a separate plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, and that plan was confirmed on January 30, 2019. The Company expects that PDVIII and PDSI will proceed to be liquidated in accordance with the terms of their Chapter 11 plan.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to exceeding our customers’ expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. Pacific Drilling has principal offices in Luxembourg and Houston. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com.
Forward-Looking Statements
Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by their use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “potential,” “predict,” “project,” “projected,” “should,” “will,” “would”, or other similar words which are not generally historical in nature. The forward-looking statements speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Our forward-looking statements express our current expectations or forecasts of possible future results or events, and include statements regarding potential timing and outcomes related to the Company’s potential legal remedies related to the Tribunal’s and High Court’s decisions, expectations regarding the Zonda Plan, and expectations regarding the impact of the Tribunal’s and High Court’s decisions on the Company’s operations, relationships, financial position, results of operations and liquidity.
Although we believe that the assumptions and expectations reflected in our forward-looking statements are reasonable and made in good faith, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements are subject to a number of risks and uncertainties and are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in such statements due to a variety of factors, including if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect.
Important factors that could cause actual results to differ materially from our expectations include: the risks of litigation in foreign jurisdictions and delays caused by third parties in connection with such litigation, the outcome of the Zonda Plan, any actions that SHI or others may take in any proceedings against us and our subsidiaries, and the other risk factors described in our 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2020, as updated by our Quarterly Reports on Form 10-Q as filed with the SEC on May 9, 2020 and August 7, 2020 and subsequent filings with the SEC. These documents are available through our website at www.pacificdrilling.com or through the SEC’s website at www.sec.gov.
Investor Contact:
James Harris
Pacific Drilling S.A.
+713 334 6662
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Media Contact:
Amy L. Roddy
Pacific Drilling S.A.
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Two thirds of global automotive fleet will remain gasoline-powered in 2050, IHS Markit Vice Chairman Daniel Yergin says
WASHINGTON--(BUSINESS WIRE)--Electric vehicles will make up as many as 8 out of 10 new cars sold in 2050. But it will still be a long road before they dislodge gasoline as the predominant fuel in transportation, IHS Markit Vice Chairman Daniel Yergin writes in his new book, The New Map: Energy, Climate and the Clash of Nations
“Oil is no longer the unchallenged king in automotive transportation. But for some time to come its writ will still extend quite widely across the realm of transportation,” Yergin writes.
IHS Markit projects that electric vehicles (including battery, plug-in hybrid and fuel cell electric) will comprise 60-80% of all new car sales in 2050. That increased market share (from 2.2% of new car sales in 2020, according to IHS Markit data) will be driven by greater scale in manufacturing, as well as the continued improvement of batteries. IHS Markit now projects that the average cost of lithium-ion cell cost will fall below $100 per kilowatt hour by 2023.
Nevertheless, gasoline-powered vehicles will still comprise two thirds of the 1.9 billion cars on the road in 2050 owing to the time it takes for the fleet to turn over. The average age of vehicles on the road in the United States is nearly 12 years.
“At least for now, the demand for electric vehicles is largely coming not from consumers, but from governments whose evolving policies are shaped by climate concerns as well as by urban pollution and congestion,” Yergin observes in The New Map.
Failure to meet new government targets for lowering emissions “could cost European automakers as much as $40 billion in fines” over the next 5 years, he adds. “That is a strong signal that is coming from regulation rather than consumer demand.”
Electric vehicles also bring their own set of challenges, particularly in the supply chain of some battery materials, Yergin observes. Electric vehicle demand for lithium could rise 1,800% by 2030 and would represent about 85% of total world demand. Demand for cobalt, another essential element in batteries, could rise 1,400 percent. And more than 50% of global cobalt supply comes from one place—the Democratic Republic of the Congo.
Nevertheless, Yergin writes that the possible emergence of what he calls a “New Triad” (the convergence of the electric car, ride-hailing and car-sharing services, and self-driving autonomous vehicles) could disrupt oil’s century-long dominance in transportation. This would give rise instead to a new trillion-dollar industry, what he dubs “Auto-Tech.”
The advent of Tesla broke “the logjam” that had held since the failure of Thomas Edison’s electric car to gain traction a century earlier, Yergin writes, and major automakers are hastening to catch up and deploy their own electric vehicles.
“The world of autos—and their fuel suppliers—has become the arena for a new kind of competition,” he concludes. “It is no longer just about selling cars to consumers for personal use. No longer just automakers versus automakers, no longer gasoline brands versus gasoline brands. It has become multidimensional. Gasoline-powered cars versus electric cars. Personal ownership cars versus mobility services. And people-operated cars versus robotic driverless cars.”
Change does happen. Just not overnight, he says.
“At this point, there is still no global tipping point where the benefits of new technology and business models prove so overwhelming that they obliterate the oil-fueled personal car model that has reigned for so long.”
Follow Daniel Yergin on Twitter: @DanielYergin
For interview requests and media inquiries contact:
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About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2020 IHS Markit Ltd. All rights reserved.
News Media:
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IHS Markit
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Press Team
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ROCKVILLE, Md.--(BUSINESS WIRE)--#ChiefDevelopmentOfficer--Standard Solar, Inc., a leading solar energy company specializing in the development and financing of commercial solar electric systems nationwide, today announced the appointment of Michael Streams as Chief Development Officer and newest member of the company’s executive team. Standard Solar’s leadership team expansion comes at a time of rapid growth for the company.
“As we’ve evolved from a fast-growing EPC to a trusted nationwide financier, we’ve assembled an extremely experienced team of experts,” said Scott Wiater, President & CEO, Standard Solar. “Michael is a proven executive who shares our values. He believes in the importance of investing resources in great partnerships and great solar projects that stand the test of time. He is the ideal addition to Standard Solar’s executive management team as we continue to rapidly scale our business.”
“I’ve admired Standard Solar’s sustainable growth for years as they’ve financed solar projects and built partnerships nationwide,” said Streams. “I’m looking forward to being a part of this veteran team as we sharpen our focus on building success with our partners and aggressively growing our portfolio.”
Streams brings more than 14 years of solar finance, legal and business development experience to Standard Solar and has demonstrated success applying his broad expertise to growing dynamic organizations. As a member of Standard Solar’s executive team, Streams will be responsible for promoting Standard Solar’s continued success in acquiring and developing solar energy assets in markets throughout the US.
Streams joins Standard Solar from Nautilus Solar Energy, an independent power producer of distributed solar energy systems throughout North America, where he served as General Counsel and a key member of its executive core.
Prior to his tenure at Nautilus Solar, Streams was General Counsel and Senior VP of Project Finance at PFMG Solar, a developer, financier and operator of commercial-scale solar energy systems and previously served as General Counsel and Senior Vice President of Business Development for Perpetual Energy Systems, an independent power producer of renewable energy, focused on developing and financing distributed generation solar energy systems.
About Standard Solar
Standard Solar, Inc. is a leading solar energy company specializing in the development and financing of solar electric systems nationwide. Dedicated to making Distributed Generation (DG) solar more accessible to businesses, institutions, governments and utilities, the company is forging the path for clean, renewable energy development through turnkey solutions. With more than 100 megawatts installed, financed and maintained, Standard Solar is one of the most trusted and respected solar companies in the US. Owned by Énergir, a leading energy provider with more than $5.8 billion US in assets, Standard Solar operates nationally and is headquartered in Rockville, Md. For more information, please visit www.standardsolar.com
PR Contact:
Leah Wilkinson
Wilkinson + Associates
703-907-0010
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DUBLIN--(BUSINESS WIRE)--The "Value-added Services Backed by Industry 4.0 to Propel the Global Oil & Gas Refinery MRO Services Market, 2020-2024" report has been added to ResearchAndMarkets.com's offering.
Maintenance, repair and overhaul (MRO) services catering to the oil & gas refinery market will be adversely impacted by the Coronavirus 2019 (COVID-19) induced economics slump, alongside the oversupply of oil and lack of storage capacities 2016 to 2024 (the study period of this research).
This market is currently (2019) valued at $15.40 billion and is expected to expand at a CAGR of 0.23% and reach $15.05 billion in 2024. With refineries focusing on bringing in higher efficiencies in fuel production, the onus is on ensuring well-maintained facilities. This in turn is expected to increase the importance of turnaround maintenance (TAM) services for refineries. Furthermore, the market is expected to witness an increase in the time between shutdown, turnaround and outage (STO) events from 3-5 years to 8-10 years, driven by improved life of assets due to effective maintenance services. Refining margins have been depreciating over the years, bringing down profits. Additionally, refineries are increasingly focused on reducing both their capital and operational expenditures. Therefore, in order to lower the operating expenses in the long term, refineries are focusing on improving asset reliability both from the equipment and process point of view.
Regulatory mandates and directives that place higher emphasis on reduced emissions/cleaner emissions will also drive the requirement for MRO services, across regions. The drastic COVID-19 related economic downturn had led to reduced capacity utilization at refineries, which has resulted in a significant slump in their spend on MRO services. However, the rise in service-based business models has ensured continued higher demand for asset management related MRO services. As refining margins continue falling, maintenance services will be geared towards innovative, cost-effective, and time saving methodologies.
The demand for inventory management is expected to be fueled largely by end-use industries such as process industries that continuous operations of critical applications. This coupled with the supply uncertainties experiences (of late) for key spare parts for critical applications, has the potential to disrupt plant uptime. Optimizing lifecycle cost is driving the need to focus on solution-based services. MRO service providers are redefining MRO services, by integrating big data, analytics, and cloud capabilities to devise solution-based services. MRO services being a mature market, the service providers are largely differentiated by price and product ranges. However, the success of MRO services providers in the future will require an integrated approach that focuses on consistent performance and reliability. With end users increasingly looking at optimizing an efficient operational expenditure strategy and cutting down their capital expenditures, their focus is on enhancing core competencies. This in turn is fueling the need for reliable partners to outsource non-core competencies. This is a major driver for outcome-based service models.
Continuation of COVID-19 induced economic slowdown is expected to have a significant impact on the capacity utilization of refineries. It may result in shutdown of these facilities, which in turn will reduce their maintenance related spend and lead to increased outsourcing of non-core competencies. However, increasing adoption of asset management solutions by MRO services will drive asset lifecycle extensions and in reduce the frequency of maintenance, repair, and upgrades. This is expected to lower MRO service revenues. Considering the greater focus of end users on integrated solutions-based approaches, MRO services will witness further consolidation with the market leaders acquiring specialized maintenance service providers and, technology based-asset management service providers, in a bid to increase their relative market shares and improve margins.
Key Topics Covered:
1. Executive Summary
2. Market Overview
3. Drivers and Restraints - Total Oil & Gas Refinery MRO Services Market
4. Forecast and Trends - Total Oil & Gas Refinery MRO Services Market
5. Market Share and Competitive Analysis - Total Oil & Gas Refinery MRO Services Market
6. Refinery MRO Services Analysis
7. Trend Analysis
8. Regional Analysis
9. Growth Opportunities and Companies to Action
10. The Last Word
11. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/phn5qv
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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RICHMOND, Va .--(BUSINESS WIRE)--#energyconsumers--Virginia’s families, manufacturers and businesses saved more than $14.2 billion between 2008 and 2018 thanks to low-cost natural gas and expanded energy infrastructure, according to a new Consumer Energy Alliance (CEA) report. Households saved over $4.7 billion, while commercial and industrial users saved more than $9.4 billion, according to the report, “Natural Gas, Fueling Life in Virginia.”
The report underscores how expanded energy infrastructure modernization and natural gas have created billions in energy savings and led to greater energy affordability and reliability for families and businesses – all while the state has achieved substantial emissions reductions. These timely system upgrades have been critical to help families weather the uncertainty and challenges posed by COVID-19, because reliable, modern natural gas systems have provided the energy needed for daily living and the small comforts that are easy to take for granted.
In Virginia, almost 60% of power generation relies on natural gas and a third of its households use natural gas for home heating. At a time when more Virginians are working and attending classes from their homes, these savings, and the assurance of affordable and reliable energy, are bringing relief to thousands of Virginians during the pandemic.
“This new report highlights the important role energy infrastructure has on the lives of everyone across Virginia, especially during these tough times,” CEA Vice President of State Affairs Brydon Ross said. “New and continual investments and system upgrades are critical to help fuel our economic development, and they are essential in ensuring affordable and reliable energy for all Virginians, especially for those who have previously been underserved and in need of natural gas.”
“As the unprecedented COVID-19 pandemic continues globally, the need for affordable energy has never been more important. Energy powers every imaginable industry, supports our nation’s supply chains and is the most important ingredient for a robust American recovery.”
“That’s why our leaders must support U.S. energy in all forms while we continue to advance our world-leading environmental progress.”
Highlights from the report:
To view the report, click here.
About Consumer Energy Alliance
Consumer Energy Alliance (CEA) is the leading voice for sensible energy and environmental policies for consumers, bringing together families, farmers, small businesses, distributors, producers and manufacturers to support America's environmentally sustainable energy future. With more than 550,000 members nationwide, we are committed to leading the nation’s dialogue around energy and the environment, its critical role in the economy, and how it supports the vital supply chains for the families and businesses that depend on them. CEA works daily to encourage communities across the nation to seek sensible, realistic and environmentally responsible solutions to meet our nation’s energy needs.
Emily Haggstrom
P: 720-582-0242
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HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Eversource Energy (NYSE: ES) will webcast a conference call with financial analysts on Wednesday, November 4, 2020, beginning at 9 a.m. Eastern Standard Time, at which senior management will discuss the company's financial performance through the third quarter of 2020.
This listen-only, live audio presentation will be accessible from the Investors section of the Eversource website at https://www.eversource.com/Content/general/about/investors/presentations-webcasts.
Eversource (NYSE: ES) transmits and delivers electricity and natural gas and supplies water to approximately 4.3 million customers in Connecticut, Massachusetts and New Hampshire. Celebrated as a national leader for its corporate citizenship, Eversource is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2020 and recognized as one of America’s Most JUST Companies. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally-recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.
INVESTORS:
Jeffrey R. Kotkin
860-665-5154
PEMBROKE, Bermuda--(BUSINESS WIRE)--AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS), and Kennedys Law LLP, an international law firm, today announced a collaboration for services in connection with new the AXIS Marine Cyber Insurance product. This new product will provide insurance cover for the marine shipping market to protect against cyber exposures on board vessels and onshore in shipping company offices.
“The marine shipping insurance market dates back to the very origins of the insurance industry, and it’s under threat from one of the newest perils: cyber risk,” said Dan Trueman, AXIS Insurance Global Head of Cyber and Technology. “Through AXIS and Kennedys, policyholders will have access to an extensive network of experts to address the modern needs of shipping as cyber threats take center stage.”
The product will be available immediately for all new and renewing AXIS Cyber Marine Insurance policies. In conjunction with Kennedys, AXIS policies will feature four main pillars to provide a comprehensive approach to prepare, protect against and respond to cyber threats across the maritime industry:
Jonathan Evans, Partner at Kennedys, said: “We are delighted that AXIS has chosen Kennedys to provide marine cyber incident response services, legal advice and ancillary services. AXIS policyholders anywhere in the world at any time can access a dedicated helpline to navigate their way through a cyber incident, whether that be on land or at sea, which is often a very daunting and challenging experience that requires immediate specialist advice and guidance from our global panel of experts.”
The AXIS Marine Cyber Insurance product will be underwritten and managed by its Global Cyber and Technology team in London.
About AXIS Insurance
AXIS Insurance – the insurance business segment of AXIS Capital Holdings Limited (NYSE: AXS) – provides Property & Casualty, Professional Lines, Terrorism, Marine, Renewable Energy, Aviation, Credit & Political Risk, Environmental, Accident & Health coverages and other customized insurance solutions. Our products are offered through our distribution partners, which include wholesale brokers, retail brokers and designated managing general agents/underwriters (“MGAs”/”MGUs”) in the U.S. and abroad. Coverages are backed by the financial strength and security of the AXIS Insurance Companies, rated “A+” (Strong) by Standard & Poor’s, and “A” (Excellent) by A.M. Best.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at June 30, 2020 of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and the Middle East. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.
Follow AXIS Capital on LinkedIn and Twitter.
About Kennedys Law LLP
Kennedys Law LLP is a leading global law firm specializing in litigation and dispute resolution that has 2,150 staff worldwide, with 40 offices in Auckland, Bangkok, Belfast, Bermuda, Birmingham, Bogotá, Bristol, Brussels, Buenos Aires, California, Cambridge, Chelmsford, Copenhagen, Dubai, Dublin, Edinburgh, Glasgow, Hong Kong, Illinois, Lima, Lisbon, London, Madrid, Manchester, Melbourne, Mexico City, Miami, Moscow, New Jersey, New York, Paris, Pennsylvania, Santiago, São Paulo, Sheffield, Singapore, Sydney, Taunton, Tel Aviv and Texas. Kennedys also has an active network of associate offices and co-operations around the world, situated in Beijing, Bologna, Calgary, Dominican Republic, Guatemala, Karachi, Kelowna, Milan, Mumbai, New Delhi, Oslo, Panama, Puerto Rico, Rio de Janeiro, Rome, Shanghai, Shenzhen, Stockholm, Toronto, Vancouver and Warsaw.
Kennedys’ client base includes domestic and international (re)insurers, Lloyd’s syndicates, central and government bodies and large corporate organizations (many of which are self-insured). Its lawyers provide a range of specialist legal services to industry sectors including insurance and reinsurance, aviation, banking and finance, construction and engineering, healthcare, life sciences, marine, public sector, rail, real estate, retail, shipping and international trade, sport and leisure, transport and logistics, and travel and tourism.
Kennedys is a trading name of Kennedys CMK LLP, a New Jersey limited liability partnership. Kennedys Law LLP, a UK Limited Liability Partnership, is a partner of Kennedys CMK LLP.
Investor Contact
Matt Rohrmann
AXIS Capital Holdings Limited
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(212) 940-3339
Media Contact
Brian Price
AXIS Capital Holdings Limited
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(312) 609-6761
PITTSBURGH--(BUSINESS WIRE)--PPG (NYSE:PPG) today reported third quarter 2020 net sales of about $3.7 billion, down approximately 4% versus the prior year. Selling prices increased by 1.3%. Sales volumes were down about 5% versus the prior year, which reflect ongoing negative economic impacts of the COVID-19 pandemic. Acquisition-related sales added less than 1% to sales growth, and the year-over-year impact from foreign currency translation was minimal.
Third quarter 2020 reported net income from continuing operations was $442 million, or $1.86 per diluted share. Adjusted net income from continuing operations was $458 million, or $1.93 per diluted share. Adjusted figures exclude after-tax items of $16 million for hurricane-related expenses and restructuring-related costs. Third quarter 2019 net income from continuing operations was $366 million, or $1.54 per diluted share, and adjusted net income from continuing operations was $396 million, or $1.67 per diluted share. The third quarter 2020 reported and adjusted effective tax rates were approximately 22%, compared to the third quarter 2019 reported and adjusted effective tax rates of 23%. Detailed reconciliations of the reported to adjusted figures are included below.
“As reported earlier this month, we delivered record operating results in the third quarter, with both of our reportable business segments delivering higher segment income than the prior year, despite continued, negative pandemic-related economic effects,” said Michael H. McGarry, PPG chairman and chief executive officer. “Strong year-over-year organic sales growth in global architectural coatings and continued cost management drove earnings growth in our Performance Coatings reporting segment. In addition, our leading technology and service capabilities benefited us as demand for automotive OEM coatings and general industrial coatings began recovering in the quarter, generating strong PPG operating leverage and boosting earnings in our Industrial Coatings reporting segment.
“In aggregate, we delivered operating margins that were about 300 basis points higher than the prior year. Our continued execution of both interim and structural cost-savings initiatives is driving higher incremental earnings on improving sales volumes. In the quarter, we delivered about $90 million of cost savings from various interim initiatives and about $35 million of incremental structural savings from business restructuring programs, including the execution of some manufacturing footprint optimization initiatives. In addition to our earnings performance, we generated more than $800 million of cash from operations in the quarter, including the benefit of a 150-basis-point reduction in working capital as a percent of sales versus the third quarter 2019.
“Looking ahead, we are likely to experience normal seasonal trends in the fourth quarter, especially in our European and North American architectural coatings businesses,” McGarry added. “Even with the continued uncertainty from the pandemic we expect overall economic activity to continue to recover, but in an uneven manner. The pandemic is still significantly impacting the demand for certain coatings products – most notably, global commercial aerospace, marine, and protective coatings that support the oil and gas industry. In addition, we expect that automotive refinish coatings demand in the U.S. and Europe will remain below 2019 levels until there is a return to more normal commuting patterns. We remain well positioned to capture additional incremental earnings growth once these sectors, that represent about 30% of our business portfolio, begin to recover. Similar to the past several quarters, we will continue to focus on execution against all elements within our control. Also, the company’s balance sheet remains strong, and we are evaluating earnings-accretive cash deployment alternatives.
“We will continue to prioritize the health and safety of our employees, while providing excellent support to our customers with our technology-advantaged products. I am very proud of the entire global PPG team, and I want to thank everyone for their continued focus and diligence during these challenging times. As I said last quarter, I remain confident that we are on the path to emerge from this crisis as an even stronger company, and these record quarterly results lay the foundation for delivering on this commitment,” McGarry concluded.
Third Quarter 2020 Reportable Segment Financial Results
The company ended the third quarter with net debt of $3.5 billion, approximately $600 million lower than the second quarter. The company prepaid $1 billion of a $1.5 billion term loan maturing in April 2021. The company’s $2.2 billion revolving credit facility is currently undrawn.
In addition, the company today reported the following projections for the fourth quarter 2020 based on current global economic activity:
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $15.1 billion in 2019. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
Additional Information
PPG will provide detailed commentary regarding its financial performance, including presentation-slide content, on the PPG Investor Center at www.ppg.com at 5 p.m. ET today, October 19. The company will hold a conference call to review its third quarter 2020 financial performance tomorrow, October 20, at 8 a.m. ET. Participants can pre-register for the conference by navigating to http://www.directeventreg.com/registration/event/8873424. The conference call also will be available in listen-only mode via Internet broadcast from the PPG Investor Center at www.ppg.com. A telephone replay will be available tomorrow, October 20, beginning at approximately 11:00 a.m. ET, through November 3 at 11:59 p.m. ET. The dial-in numbers for the replay are: in the United States, 1-800-585-8367; international, +1-416-621-4642; passcode 8873424. A Web replay also will be available shortly after the call on the PPG Investor Center at www.ppg.com, and will remain through Tuesday, Oct. 19, 2021.
Forward-Looking Statements
Statements contained herein relating to matters that are not historical facts are forward-looking statements reflecting PPG’s current view with respect to future events and financial performance. These matters within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, involve risks and uncertainties that may affect PPG’s operations, as discussed in the company’s filings with the Securities and Exchange Commission pursuant to Sections 13(a), 13(c) or 15(d) of the Exchange Act, and the rules and regulations promulgated thereunder. Accordingly, many factors could cause actual results to differ materially from the forward-looking statements contained herein. Such factors include statements related to the expected effects on our business of the COVID-19 pandemic, global economic conditions, increasing price and product competition by foreign and domestic competitors, fluctuations in cost and availability of raw materials, the ability to achieve selling price increases, the ability to recover margins, customer inventory levels, the ability to maintain favorable supplier relationships and arrangements, the timing of realization of anticipated cost savings from restructuring initiatives, the ability to identify additional cost savings opportunities, difficulties in integrating acquired businesses and achieving expected synergies therefrom, economic and political conditions in international markets, the ability to penetrate existing, developing and emerging foreign and domestic markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the impact of environmental regulations, unexpected business disruptions, the unpredictability of existing and possible future litigation, including asbestos litigation, and governmental investigations. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here and in our 2019 Annual Report on Form 10-K and the second quarter 2020 quarterly report on Form 10-Q are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results compared with those anticipated in the forward-looking statements could include, among other things, lower sales or earnings, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on PPG’s consolidated financial condition, results of operations or liquidity.
All information in this release speaks only as of October 19, 2020, and any distribution of this release after that date is not intended and will not be construed as updating or confirming such information. PPG undertakes no obligation to update any forward-looking statement, except as otherwise required by applicable law.
Regulation G Reconciliation
PPG believes investor’s understanding of the company’s performance is enhanced by the disclosure of net income, earnings per diluted share from continuing operations and PPG’s effective tax rate adjusted for certain items. PPG’s management considers this information useful in providing insight into the company’s ongoing performance because it excludes the impact of items that cannot reasonably be expected to recur on a quarterly basis or that are not attributable to our primary operations. Net income, earnings per diluted share from continuing operations and the effective tax rate adjusted for these items are not recognized financial measures determined in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and should not be considered a substitute for net income, earnings per diluted share, the effective tax rate or other financial measures as computed in accordance with U.S. GAAP. In addition, adjusted net income, adjusted earnings per diluted share and the adjusted effective tax rate may not be comparable to similarly titled measures as reported by other companies.
Regulation G Reconciliation - Net Income and Earnings per Diluted Share
($ in millions, except per-share amounts)
|
Third Quarter |
|
Third Quarter |
||||||
|
$ |
|
EPS(a) |
|
$ |
|
EPS(a) |
||
Reported net income from continuing operations |
$442 |
|
$1.86 |
|
$366 |
|
|
$1.54 |
|
Business restructuring-related costs, net(b) |
10 |
|
0.04 |
|
14 |
|
|
0.06 |
|
Expenses incurred due to a natural disaster(c) |
6 |
|
0.03 |
|
- |
|
|
- |
|
Environmental remediation charges, net |
- |
|
- |
|
16 |
|
|
0.07 |
|
Adjusted net income, excluding certain items |
$458 |
|
$1.93 |
|
$396 |
|
|
$1.67 |
|
|
Third Quarter |
|
Third Quarter |
||||||||||||||
|
Income Before Income Taxes |
|
Tax Expense |
|
Effective Tax Rate |
|
Income Before Income Taxes |
|
Tax Expense |
|
Effective Tax Rate |
||||||
Effective tax rate, continuing operations |
$572 |
|
|
$124 |
|
|
21.7 |
% |
|
$481 |
|
|
$109 |
|
|
22.7 |
% |
Business restructuring-related costs, net(b) |
14 |
|
|
4 |
|
|
26.2 |
% |
|
18 |
|
|
4 |
|
|
23.3 |
% |
Expenses incurred due to a natural disaster |
8 |
|
|
2 |
|
|
24.3 |
% |
|
- |
|
|
- |
|
|
- |
|
Environmental remediation charges |
- |
|
|
- |
|
|
- |
|
|
21 |
|
|
5 |
|
|
25.2 |
% |
Adjusted effective tax rate, excluding certain items |
$594 |
|
|
$130 |
|
|
21.9 |
% |
|
$520 |
|
|
$118 |
|
|
22.7 |
% |
(a) |
Earnings per diluted share is calculated based on unrounded numbers. Figures in the table may not recalculate due to rounding. |
(b) |
Included in business restructuring-related costs, net are business restructuring charges, accelerated depreciation of certain assets and other related costs, offset by releases to previously approved programs. |
(c) |
In the third quarter 2020, Hurricane Laura caused damages to a southern U.S. factory that supports the Company's specialty coatings and materials business. |
| PPG INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) | |||||||||||||||||
| (All amounts in millions except per-share data) | |||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
|||||||||||||||
September 30 |
|
September 30 |
|||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||||
| Net sales | $ |
3,685 |
|
$ |
3,826 |
|
$ |
10,077 |
|
$ |
11,474 |
|
|||||
| Cost of sales, exclusive of depreciation and amortization |
|
2,026 |
|
|
2,181 |
|
|
5,637 |
|
|
6,542 |
|
|||||
| Selling, general and administrative |
|
836 |
|
|
887 |
|
|
2,507 |
|
|
2,710 |
|
|||||
| Depreciation |
|
96 |
|
|
99 |
|
|
280 |
|
|
276 |
|
|||||
| Amortization |
|
36 |
|
|
34 |
|
|
104 |
|
|
101 |
|
|||||
| Research and development, net |
|
92 |
|
|
107 |
|
|
279 |
|
|
323 |
|
|||||
| Interest expense |
|
34 |
|
|
33 |
|
|
107 |
|
|
99 |
|
|||||
| Interest income |
|
(4 |
) |
|
(10 |
) |
|
(18 |
) |
|
(23 |
) |
|||||
| Business restructuring, net |
|
- |
|
|
2 |
|
|
172 |
|
|
175 |
|
|||||
| Other (income)/charges, net |
|
(3 |
) |
|
12 |
|
|
(8 |
) |
|
8 |
|
|||||
| Income before income taxes | $ |
572 |
|
$ |
481 |
|
$ |
1,017 |
|
$ |
1,263 |
|
|||||
| Income tax expense |
|
124 |
|
|
109 |
|
|
224 |
|
|
297 |
|
|||||
| Income from continuing operations |
|
448 |
|
|
372 |
|
|
793 |
|
|
966 |
|
|||||
| Income from discontinued operations, net of tax |
|
- |
|
|
1 |
|
|
3 |
|
|
3 |
|
|||||
| Net income attributable to the controlling and noncontrolling interests |
|
448 |
|
|
373 |
|
|
796 |
|
|
969 |
|
|||||
| Net income attributable to noncontrolling interests |
|
(6 |
) |
|
(6 |
) |
|
(9 |
) |
|
(18 |
) |
|||||
| Net income (attributable to PPG) | $ |
442 |
|
$ |
367 |
|
$ |
787 |
|
$ |
951 |
|
|||||
| Amounts attributable to PPG: | |||||||||||||||||
| Income from continuing operations, net of tax | $ |
442 |
|
$ |
366 |
|
$ |
784 |
|
$ |
948 |
|
|||||
| Income from discontinued operations, net of tax |
|
- |
|
|
1 |
|
|
3 |
|
|
3 |
|
|||||
| Net income (attributable to PPG) | $ |
442 |
|
$ |
367 |
|
$ |
787 |
|
$ |
951 |
|
|||||
| Earnings per common share (attributable to PPG) | |||||||||||||||||
| Income from continuing operations, net of tax | $ |
1.87 |
|
$ |
1.55 |
|
$ |
3.32 |
|
$ |
4.00 |
|
|||||
| Income from discontinued operations, net of tax |
|
- |
|
|
- |
|
|
0.01 |
|
|
0.01 |
|
|||||
| Net income (attributable to PPG) | $ |
1.87 |
|
$ |
1.55 |
|
$ |
3.33 |
|
$ |
4.01 |
|
|||||
| Earnings per common share (attributable to PPG) - assuming dilution | |||||||||||||||||
| Income from continuing operations, net of tax | $ |
1.86 |
|
$ |
1.54 |
|
$ |
3.30 |
|
$ |
3.98 |
|
|||||
| Income from discontinued operations, net of tax |
|
- |
|
|
- |
|
|
0.01 |
|
|
0.01 |
|
|||||
| Net income (attributable to PPG) | $ |
1.86 |
|
$ |
1.54 |
|
$ |
3.31 |
|
$ |
3.99 |
|
|||||
| Average shares outstanding |
|
236.8 |
|
|
237.1 |
|
|
236.6 |
|
|
236.9 |
|
|||||
| Average shares outstanding - assuming dilution |
|
237.9 |
|
|
238.5 |
|
|
237.7 |
|
|
238.2 |
|
|||||
| PPG INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEET HIGHLIGHTS (unaudited) | |||||||||||||
| ($ in millions) | |||||||||||||
September 30 |
|
December 31 |
September 30 |
||||||||||
2020 |
|
2019 |
2019 |
||||||||||
| Current assets: | |||||||||||||
| Cash and cash equivalents | $ |
2,008 |
|
$ |
1,216 |
|
$ |
1,432 |
|
||||
| Short-term investments |
|
87 |
|
|
57 |
|
|
58 |
|
||||
| Receivables, net |
|
2,843 |
|
|
2,756 |
|
|
3,028 |
|
||||
| Inventories |
|
1,672 |
|
|
1,710 |
|
|
1,860 |
|
||||
| Other current assets |
|
392 |
|
|
431 |
|
|
439 |
|
||||
| Total current assets | $ |
7,002 |
|
$ |
6,170 |
|
$ |
6,817 |
|
||||
| Current liabilities: | |||||||||||||
| Short-term debt and current portion of long-term debt | $ |
675 |
|
$ |
513 |
|
$ |
639 |
|
||||
| Accounts payable and accrued liabilities |
|
3,482 |
|
|
3,496 |
|
|
3,636 |
|
||||
| Current portion of operating lease liabilities |
|
174 |
|
|
170 |
|
|
162 |
|
||||
| Restructuring reserves |
|
282 |
|
|
196 |
|
|
141 |
|
||||
| Total current liabilities | $ |
4,613 |
|
$ |
4,375 |
|
$ |
4,578 |
|
||||
| Long-term debt | $ |
4,828 |
|
$ |
4,539 |
|
$ |
4,885 |
|
||||
| PPG OPERATING METRICS (unaudited) | |||||||||||||
| ($ in millions) | |||||||||||||
September 30 |
|
December 31 |
September 30 |
||||||||||
2020 |
|
2019 |
2019 |
||||||||||
| Operating Working Capital (a) | $ |
2,224 |
|
$ |
2,215 |
|
$ |
2,534 |
|
||||
| As a percent of quarter sales, annualized |
|
15.1 |
% |
|
15.1 |
% |
|
16.6 |
% |
||||
(a) |
Operating working capital includes: (1) receivables from customers, net of allowance for doubtful accounts, (2) FIFO inventories and (3) trade liabilities. |
||||||||||||
| PPG INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED BUSINESS SEGMENT INFORMATION (unaudited) | ||||||||||||||||
| ($ in millions) | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
September 30 |
|
September 30 |
||||||||||||||
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||||
| Net sales | ||||||||||||||||
| Performance Coatings | $ |
2,251 |
|
$ |
2,313 |
|
$ |
6,328 |
|
$ |
6,851 |
|
||||
| Industrial Coatings |
|
1,434 |
|
|
1,513 |
|
|
3,749 |
|
|
4,623 |
|
||||
| Total | $ |
3,685 |
|
$ |
3,826 |
|
$ |
10,077 |
|
$ |
11,474 |
|
||||
| Segment income | ||||||||||||||||
| Performance Coatings | $ |
426 |
|
$ |
380 |
|
$ |
1,060 |
|
$ |
1,102 |
|
||||
| Industrial Coatings |
|
253 |
|
|
206 |
|
|
468 |
|
|
659 |
|
||||
| Total | $ |
679 |
|
$ |
586 |
|
$ |
1,528 |
|
$ |
1,761 |
|
||||
| Items not allocated to segments | ||||||||||||||||
| Corporate |
|
(55 |
) |
|
(43 |
) |
|
(165 |
) |
|
(134 |
) |
||||
| Interest expense, net of interest income |
|
(30 |
) |
|
(23 |
) |
|
(89 |
) |
|
(76 |
) |
||||
| Business restructuring-related costs, net (Note A) |
|
(14 |
) |
|
(18 |
) |
|
(200 |
) |
|
(203 |
) |
||||
| Expenses incurred due to a natural disaster (Note B) |
|
(8 |
) |
|
- |
|
|
(8 |
) |
|
- |
|
||||
| Environmental remediation charges |
|
- |
|
|
(21 |
) |
|
(12 |
) |
|
(61 |
) |
||||
| Debt extinguishment charge |
|
- |
|
|
- |
|
|
(7 |
) |
|
- |
|
||||
| Increase in allowance for doubtful accounts related to COVID-19 |
|
- |
|
|
- |
|
|
(30 |
) |
|
- |
|
||||
| Acquisition-related costs |
|
- |
|
|
- |
|
|
- |
|
|
(17 |
) |
||||
| Costs associated with accounting investigations |
|
- |
|
|
- |
|
|
- |
|
|
(7 |
) |
||||
| Income before income taxes | $ |
572 |
|
$ |
481 |
|
$ |
1,017 |
|
$ |
1,263 |
|
||||
| Note A: | |||||
| Included in business restructuring-related costs, net are business restructuring charges, accelerated depreciation of certain assets and other related costs, offset by releases related to previously approved programs. | |||||
| Note B: | |||||
| In the third quarter 2020, Hurricane Laura caused damages to a southern U.S. factory that supports the Company's specialty coatings and materials business. | |||||
CATEGORY Corporate
CATEGORY Financial
PPG Media Contact:
Mark Silvey
Corporate Communications
+1-412-434-3046
This email address is being protected from spambots. You need JavaScript enabled to view it.
PPG Investor Contact:
John Bruno
Investor Relations
+1-412-434-3466
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investor.ppg.com
Quorum Software to highlight the future of Land On Demand on the heels of recent acquisition during SaaS platform user conference
HOUSTON--(BUSINESS WIRE)--Today, with hundreds of oil and gas professionals attending virtually, Quorum Software (Quorum) kicked off its first-ever Qnect On Demand conference for users of the company’s Upstream On Demand platform. An integrated suite of cloud-first SaaS applications, Upstream On Demand leverages decades of domain expertise with the speed, power and cost-savings potential of modern SaaS technologies. The conference will focus heavily on how, on the heels on announcing its acquisition of Landdox, Quorum plans to leverage its leading-edge architecture to drive efficiencies and deliver innovation to customers across upstream energy.
As the leading innovator in cloud-first land technology, Landdox will enable Quorum to empower energy companies to reimagine land management for the future. It will become the foundation for the next phase of Land On Demand, the cornerstone application for Quorum’s Upstream On Demand suite. As a result, current Landdox customers, who will have a presence at Qnect On Demand, will see increased investment in the product they have grown to love.
The combined strengths of Quorum and Landdox offer numerous benefits to customers including:
Virtual conference sessions span four content tracks including Accounting, Land Management, Operations and Technology, and will be led by subject matter experts from Quorum and beyond. A sampling of sessions from the Qnect On Demand agenda includes:
Qnect On Demand offers opportunities to earn continuing education credits from industry organizations, including National Association of State Boards of Accountancy (NASBA), American Institute of Certified Public Accountants (AICPA), National Association of Lease and Title Analysts (NALTA) and American Association of Professional Landmen (AAPL). Sponsors of the event include Baker Tilly, Castex, Enverus, Horn Solutions, Robert Todd Graves, Steptoe & Johnson, The Resource Group, Weaver, Western Land Services and Whitley Penn.
Instead of charging a registration fee, Quorum is accepting donations to the Cystic Fibrosis Foundation. Cystic Fibrosis (CF) is a rare genetic disease found in about 30,000 people in the U.S. It is a chronic illness that affects the lungs, pancreas, and other organs. The mission of the CF Foundation is to cure cystic fibrosis and to provide all people with CF the opportunity to lead long, fulfilling lives by funding research and drug development, partnering with the CF community, and advancing high-quality, specialized care.
About Quorum Software
Quorum Software offers an industry-leading portfolio of finance, operations, and accounting solutions that empower our customers to streamline operations that drive growth and profitability across the energy value chain. From supermajors to startups, from the wellhead to the city gate, energy businesses rely on Quorum. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to drive innovation. We’re helping visionary leaders transform their companies into modern energy workplaces. For more information, visit www.quorumsoftware.com.
Jenna Billings
This email address is being protected from spambots. You need JavaScript enabled to view it.
978-618-8424
NEW YORK--(BUSINESS WIRE)--$PLL #Lithium--Piedmont Lithium Limited (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL) today announced that it plans to conduct a U.S. public offering, subject to market and other conditions, of 1.5 million of its American Depositary Shares (“ADSs”), with each ADS representing 100 of its ordinary shares (“Public Offering”).
Evercore ISI, Canaccord Genuity and ThinkEquity, a division of Fordham Financial Management, Inc., are acting as joint book-runners and lead underwriters for the Public Offering. Piedmont intends to grant the underwriters a 30-day option to purchase up to 225,000 additional ADSs at the issue price of the Public Offering.
Proceeds from the offering will be used to continue development of the Company’s Piedmont Lithium Project, including a definitive feasibility study, testwork, permitting, further exploration drilling and ongoing land consolidation, and for general corporate purposes.
The Public Offering is being made pursuant to an effective shelf registration statement that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement related to the offering of the ADSs has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov and on the ASX website. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the Public Offering may be obtained from Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it.; Canaccord Genuity LLC, 99 High Street, Suite 1200, Boston, Massachusetts 02110, Attn: Syndicate Department, by telephone at (671) 371-3900 or email at This email address is being protected from spambots. You need JavaScript enabled to view it.; and ThinkEquity, a division of Fordham Financial Management, Inc., Prospectus Department, 17 State Street, 22nd Floor, New York, New York 10004, telephone at (877) 436-3673 or e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms and similar expressions intended to identify forward-looking statements. Piedmont cautions readers that forward-looking statements are based on management’s expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to, risks related to whether the Company will offer the ADSs or consummate the offering of the ADSs on the expected terms, or at all; the anticipated use of the net proceeds of the offering; the fact that the Company’s management will have broad discretion in the use of the proceeds from any sale of the ADSs; the Company’s operations being further disrupted by, or the Company’s financial results being adversely affected by, the novel coronavirus pandemic; the Company’s limited operating history in the lithium industry; the Company’s status as an exploration stage company; the Company’s ability to identify lithium mineralization and achieve commercial lithium mining; mining, exploration and mine construction, if warranted, on the Company’s properties; the Company’s ability to achieve and maintain profitability and to develop positive cash flow from the Company’s mining activities; the Company’s ability to enter into and deliver product under supply agreements; investment risk and operational costs associated with the Company’s exploration activities; the Company’s ability to enter into and deliver product under supply agreements; the Company’s ability to access capital and the financial markets; recruiting, training and maintaining employees; possible defects in title of the Company’s properties; potential conflicts of interest of the Company’s directors and officers; compliance with government regulations; the Company’s ability to acquire necessary mining licenses, permits or access rights; environmental liabilities and reclamation costs; volatility in lithium prices or demand for lithium; the Company’s ADS price and trading volume volatility; risks relating to the development of an active trading market for the ADSs; ADS holders not having certain shareholder rights; ADS holders not receiving certain distributions; and the Company’s status as a foreign private issuer and emerging growth company. Forward-looking statements reflect its analysis only on their stated date, and Piedmont undertakes no obligation to update or revise these statements except as may be required by law.
About Piedmont
Piedmont holds a 100% interest in the Piedmont Lithium Project located within the Carolina Tin-Spodumene Belt (“TSB”) and along trend to the Hallman Beam and Kings Mountain mines, historically providing most of the western world’s lithium between the 1950s and the 1980s. The TSB has been described as one of the largest lithium provinces in the world and is located approximately 25 miles west of Charlotte, North Carolina. It is a premier location for development of an integrated lithium business based on its favorable geology and easy access to infrastructure, power, R&D centers for lithium and battery storage, major high-tech population centers and downstream lithium processing facilities.
Keith Phillips
President & CEO
T: +1 973 809 0505
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tim McKenna
Investor and Government Relations
T: +1 732 331 6457
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
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