-- Preparing for a New Climate Reality, JetBlue Begins Offsetting Emissions for All Domestic Flights and Investing in Sustainable Aviation Fuel, Significantly Reducing its Contribution to the Climate Crisis --
-- Recognizing the Critical Role Renewable Fuel Options Will Play in the Aviation Industry’s Transition to Lower-Carbon Operations, JetBlue Starts Flying with Neste’s Sustainable Aviation Fuel on Flights from San Francisco --
NEW YORK--(BUSINESS WIRE)--JetBlue (Nasdaq: JBLU) today announced it has followed through on its commitment to go carbon neutral on all domestic flights. Earlier this year, JetBlue became the first major U.S. airline to commit to this critical and measurable step toward reducing its contribution to global warming, and is now the first U.S. airline to achieve carbon neutrality on all domestic flying.
On July 1, the airline began offsetting its carbon dioxide emissions (CO2) from jet fuel for all domestic JetBlue-operated flights. JetBlue views carbon offsetting as a bridge to other industry-wide environmental improvements like fuel with lower emissions. Therefore, JetBlue is also investing in sustainable aviation fuel (SAF) and to start, the airline is fueling flights from San Francisco International Airport (SFO) with SAF.
Carbon neutrality is just one way JetBlue is preparing for a changing climate and ensuring a more sustainable business for its crewmembers, customers, shareholders and communities. JetBlue’s carbon reduction strategy focuses on reducing emissions in the first place. This includes investments to shrink its impact through fuel-saving technologies and aircraft, and advocating for a more fuel-efficient air traffic control system. JetBlue has achieved reductions in emissions on an intensity basis since 2015, and most recently improved 2.2 percent per available seat mile (ASM) from 2018 to 2019. Offsetting all remaining emissions from domestic flights and investing in SAF will help JetBlue move toward the lower-carbon economy for which aviation and all sectors must plan.
“The global pandemic reinforces the need to mitigate risks that threaten the health of our business. Our commitment to sustainability has only become more important as we prepare our business for a new climate reality,” said Joanna Geraghty, president and chief operating officer, JetBlue. “Even with a long recovery ahead following the COVID-19 pandemic, JetBlue remains focused on short- and long-term environmental opportunities, particularly lessening our largest impact – carbon emissions – and more fuel efficient flying.”
Offsetting emissions from all domestic flights
Since 2008, JetBlue has been offsetting CO2 emissions from jet fuel with programs to balance customer flying, including a month of carbon neutral flying network-wide in 2015 and again in 2019. Offsetting all domestic flying expands those efforts in a bigger and more impactful way. Prior to this announcement, JetBlue had already offset more than 2.6 billion pounds of CO2 emissions in partnership with CarbonFund.org Foundation—a leading U.S. based nonprofit carbon reduction and climate solutions organization. JetBlue’s new carbon offsetting partners include two experts in climate solutions and carbon offsetting – South Pole and EcoAct, in addition to Carbonfund.org.
JetBlue will offset all emissions from jet fuel for domestic routes and expects to ramp up to offset 15-17 billion pounds (7 to 8 million metric tons) of CO2 emissions each year – the annual equivalent of removing more than 1.5 million passenger vehicles from the road.
As part of its offsetting program, JetBlue selects projects around the globe that will balance the emissions from its jet fuel. Many projects operate in developed countries where a bigger community impact can be made. Emissions reduction projects reduce the amount of greenhouse gas in the atmosphere in at least one of three ways – avoiding greenhouse gas emissions in favor of renewable sources, removing emissions from the atmosphere, and destroying emissions when possible.
JetBlue’s sustainable aviation fuel program begins on flights from San Francisco
JetBlue has started purchasing and flying on sustainable aviation fuel (SAF) from Neste, the world’s third most sustainable company and the largest producer of renewable diesel and SAF made from waste and residue materials, starting in July 2020 for flights from San Francisco International Airport (SFO). Neste’s SAF will contribute to JetBlue’s efforts to reach its climate goals, providing an immediate reduction in greenhouse gas emissions from any aircraft using the fuel.
“Neste is proud to be supplying and working with JetBlue, an airline with a strong track record of sustainability leadership," says Chris Cooper, Vice President for Renewable Aviation at Neste North America. "We are bringing additional SAF production capacity online and stand ready to provide JetBlue with even more of this low-emission, high-quality fuel to help them achieve carbon neutral growth. Our work with JetBlue is sending a clear signal to anyone wondering what the future of air travel is - it will be lower-emission, it will be more sustainable, and it will be increasingly powered by SAF.”
Neste is now successfully delivering SAF to SFO via pipeline, a milestone the airport has called a “climate quantum leap”. Once Neste’s SAF enters SFO’s fuel consortium storage, it is available to the commercial, cargo or business aviation entities that operate at the airport. JetBlue was a first mover in adopting Neste’s SAF at SFO, recently taking delivery of the fuel at the airport. With agreements like this, JetBlue is helping to kick-start the SAF market by improving the economics and increasing the use of these lower carbon fuels.
Neste’s SAF is produced from 100 percent renewable and sustainably sourced waste and residue materials. Over the lifecycle and in neat form, it has up to 80 percent smaller carbon footprint compared to fossil jet fuel whilst also emitting less particulate matter, SOX, and other pollutants. The fuel is shipped via the fuel pipeline, and is fully compatible with the existing jet engine technology and fuel distribution infrastructure when blended with fossil jet fuel. Safety is JetBlue’s number one priority, and the fuel is used alongside regular fuel without any changes in safety or impact.
How carbon offsetting works – When projects that reduce CO₂ emissions are developed, every ton of emissions reduced results in the creation of one carbon offset or carbon credit. A carbon credit is a tradeable certificate that represents the avoidance or removal of one ton of carbon dioxide emissions. Buying carbon credits means investing in emission reduction projects that require carbon offsets financing in order to take place (a.).
JetBlue will support carbon offsets projects focused on but not limited to:
All of JetBlue’s purchased carbon offsets are audited, verified and retired on the airline’s behalf. These projects are audited to confirm the carbon reductions are permanent and ongoing. The sale of carbon offsets help to finance the projects. (b.)
JetBlue’s focus on climate leadership – JetBlue’s environmental social governance (ESG) strategy focuses on issues that have the potential to impact its business and the industry in the long-term. Customers, crewmembers and community, as well as stakeholders, are key to JetBlue's climate and sustainability strategy. Demand from these groups for responsible service is one of the motivations to further reduce the airline’s environmental impact. Shareholders, including many crewmembers, have demanded that JetBlue’s ESG strategy benefit stakeholders and the airline’s financial position. Tying ESG to its treasury function, including cash investments and a sustainability-linked loan with some terms dependent on the airline’s ESG scores, further demonstrates JetBlue’s commitment to combat climate change.
Carbon offsetting is just one example of how JetBlue is mitigating its contribution to climate change in response to public and market demand. JetBlue’s 2019 Environmental Social Governance (ESG) Report identifies key sustainability factors that affect the airline’s business and financial performance. For more information, visit jetblue.com/sustainability.
About JetBlue
JetBlue is New York's Hometown Airline®, and a leading carrier in Boston, Fort Lauderdale-Hollywood, Los Angeles, Orlando, and San Juan. JetBlue carries customers across the U.S., Caribbean, and Latin America. For more information, visit jetblue.com.
About Neste:
Neste (NESTE, Nasdaq Helsinki) creates sustainable solutions for transport, business, and consumer needs. Our wide range of renewable products enable our customers to reduce climate emissions. We are the world's largest producer of renewable diesel refined from waste and residues, introducing renewable solutions also to the aviation and plastics industries. We are also a technologically advanced refiner of high-quality oil products. We want to be a reliable partner with widely valued expertise, research, and sustainable operations. In 2019, Neste's revenue stood at EUR 15.8 billion. In 2020, Neste placed 3rd on the Global 100 list of the most sustainable companies in the world. Learn more about Neste and its mission to fight climate change at Neste.com. Follow Neste on twitter: @Neste_NA and on LinkedIn.
(a.) |
Sourced with permission from www.southpole.com/carbon-offsets-explained |
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(b.) |
Carbon Offsets Project Certification – JetBlue has purchased high-quality carbon credits that adhere to a strict set of standards. Projects are registered with a third-party internationally recognized verification standard, including the Gold Standard, Verra's Verified Carbon Standard (VCS), Social Carbon and Climate, Community and Biodiversity Standards (CCBS), or standards verified by the UNFCCC. These standards also help highlight different benefits while ensuring that the project is real, verified, permanent and additional. |
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Projects certified under each standard means that they have been developed following the rules and requirements of the particular standard; have been independently audited and verified; follow defined GHG emission reduction quantification methodology; and carbon credits are assigned serial numbers and are issued, transferred and permanently retired in publicly accessible emission registries. |
JetBlue follows the below principles when selecting projects:
Media Contacts
JetBlue Corporate Communications
Tel: +1 718 709 3089
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Theodore Rolfvondenbaumen
Manager, Communications in North America, Neste
+1 832 799 7029
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Technology Ventures Team Identifies Zap Energy
HOUSTON--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today announced a Series A investment in Zap Energy Inc., a Seattle-based start-up company developing a next-generation modular nuclear reactor with an innovative approach to advancing cost-effective, flexible, and commercially scalable fusion.
Chevron Technology Ventures’ investment in fusion is an opportunity to enhance the company’s focus on a diverse portfolio of low-carbon energy resources with the capacity to provide communities across the globe access to affordable, reliable, and ever-cleaner energy.
Conventional nuclear power uses nuclear fission which involves the splitting of a large unstable nucleus into smaller elements and generates long-lived radioactive waste. Nuclear fusion occurs when nuclei of lightweight elements (typically hydrogen) collide with enough force to fuse and form a heavier element – a process that releases substantial amounts of energy with no greenhouse gas emissions and limited long-lived radioactive waste.
Founded in 2018, Zap Energy’s technology stabilizes plasma using sheared flows to confine and compress the plasma.
“We see fusion technology as a promising low-carbon future energy source,” said Barbara Burger, president of Chevron Technology Ventures. “Our Future Energy Fund investment in Zap Energy adds to Chevron’s portfolio of companies we believe are likely to have a role in the energy transition.”
This investment marks the 10th investment by Chevron’s Future Energy Fund, which was launched in 2018 to explore breakthrough technologies that enable macro decarbonization, the mobility-energy nexus, and energy decentralization.
“Our Future Energy Fund investments provide us with strategic insight into power generation markets and potentially disruptive impacts of innovative approaches, like fusion, geothermal, wind, and solar, on the conventional power value chain,” said Burger.
Zap Energy will use the funds raised in this round to continue technology development and grow their development team.
About Chevron Technology Ventures
Chevron Technology Ventures (CTV) pursues externally developed technologies and new business solutions that have the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV leverages innovative companies and technologies to strengthen Chevron’s core operations and identifies new opportunities to shape the future of energy. For more information, visit www.chevron.com/technology/technology-ventures.
NOTICE
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron's operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on schedule,” “on track,” “is slated,” “goals,” “objectives,” “strategies,” “opportunities,” “poised” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company's control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company's ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company's suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company's joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company's control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the ability to successfully receive the requisite approvals and consummate the proposed acquisition of Noble Energy, Inc.; the ability to successfully integrate the operations of Chevron and Noble Energy and achieve the anticipated benefits from the transaction; the company's other future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government-mandated sales, divestitures, recapitalizations, industry-specific taxes, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 21 of the company's 2019 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Mary Murrin, This email address is being protected from spambots. You need JavaScript enabled to view it., +1 713-372-0105
Renewable Properties breaks ground on Silveira Ranch solar project
SAN FRANCISCO--(BUSINESS WIRE)--#SEIA--Renewable Properties, a developer and investor of small-scale utility and community solar energy projects throughout the U.S., begins construction on the Silveira Ranch Solar Project, the largest community solar array in Marin County to date, after months of development, planning and preparation.
Renewable Properties developed the utility-scale solar project to supply Marin Clean Energy (MCE), California’s first Community Choice Aggregation Program, with 3 MWac of in-service area solar electricity. This is the firm’s first project in Marin County, and third overall developed for MCE to deliver clean, locally-produced electricity to its customers through a 20-year power purchase agreement.
“Climate change is a global problem requiring creative local solutions like the collaborative effort behind this solar installation,” said Aaron Halimi, President of Renewable Properties. “We appreciate the opportunity to continue our work with MCE to supply affordable, locally sourced solar energy to its customers throughout the North Bay, and are especially grateful to the local landowners for making it all possible by leasing us a portion of their cattle ranch to house this project.”
The community-scale solar array will occupy 11 acres of a larger 41-acre site privately owned by a local cattle ranching family. Portions of the site will continue to be grazed by cattle to meet county requirements for the project to include continued on-site agricultural use.
“We’re grateful to have partners like Renewable Properties we can work with on energy infrastructure projects that lower our carbon footprint,” said Kate Sears, Marin County Third District Supervisor and Board Chair of MCE. “Knowing the concerns around COVID-19 and the economy, these solar projects will not only provide necessary upgrades to our aging grid infrastructure and reduce our dependence on traditional energy sources, but also keep local crews employed in outdoor physically-distanced working conditions when unemployment rates are climbing.”
“The Silveira Ranch solar project is a continuation of MCE’s mission to reduce energy-related greenhouse gas emissions with renewable energy at cost-competitive rates,” said Dawn Weisz, CEO of MCE. “We are grateful to work again with the team at Renewable Properties, who have been excellent partners on several other local projects. Successful partnerships like this allow MCE to further our workforce development efforts with local, fair-wage jobs while increasing the amount of local renewable energy available to our customers.”
Using a fixed tilt racking technology and more than 8,604 bifacial solar photovoltaic (PV) modules, the installation will produce enough clean electricity to power 800 single-family homes in Marin County annually. This is equivalent to avoiding more than 4,723 metric tons of CO₂ emissions annually which is similar to the volume of greenhouse gases emitted from 1,020 passenger vehicles driven over the course of one year1.
Like the recently announced Soscol Ferry Road Solar Project in neighboring Napa County, Silveira Ranch Solar is the first community-scale solar installation in Marin County to include a pollinator plant meadow; the result of a collaboration with San Francisco-based Pollinator Partnership, the world’s largest nonprofit devoted solely to the health of all pollinators.
1 According to US EPA Greenhouse Gas Equivalencies calculations.
About Renewable Properties:
Founded in 2017, Renewable Properties specializes in developing and investing in small-scale utility and community solar energy projects throughout the U.S. Led by experienced renewable energy professionals with development and investment experience, Renewable Properties works closely with communities, developers, landowners, utilities and financial institutions looking to invest in large solar energy systems. For more information about Renewable Properties, visit www.renewprop.com.
About MCE:
As California’s first Community Choice Aggregation Program, MCE is a groundbreaking, not-for-profit, public agency that has been setting the standard for energy innovation in our communities since 2010. MCE offers cleaner power at stable rates, significantly reducing energy-related greenhouse emissions and enabling millions of dollars of reinvestment in local energy programs. MCE is a load-serving entity supporting a 1,000 MW peak load. MCE provides electricity service to more than 480,000 customer accounts and more than one million residents and businesses in 34 member communities across four Bay Area counties: Contra Costa, Napa, Marin and Solano. For more information about MCE, visit mceCleanEnergy.org.
Philip Hall
310-430-1091
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LEAWOOD, KS--(BUSINESS WIRE)--Tortoise Essential Assets Income Term Fund (NYSE: TEAF) provides an update on the fund’s direct investments, portfolio asset allocation, structure types and impact statistics as of July 31, 2020 on the company website here. Updates will continue to be posted on a monthly basis until the fund reaches its target of 60% direct investments.
In addition, on a monthly basis, details on each private deal that has taken place over the prior month will be published here. The list includes all deals completed since the fund’s inception through July 31, 2020.
About Tortoise Essential Assets Income Term Fund
TEAF is managed with a long-term focus on essential assets through public and direct investments across social infrastructure, sustainable infrastructure and energy infrastructure. These assets tend to be uncorrelated assets that have attractive potential for high total return with an emphasis on current income as well as a relatively inelastic demand profile.
About Tortoise
Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit tortoiseadvisors.com.
Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.
Safe harbor statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the fund and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Maggie Zastrow
(913) 981-1020
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DUBLIN--(BUSINESS WIRE)--ResearchAndMarkets.com published a new article on the electric boat industry "A Seattle Based Startup Zin Boats is Looking to Prove That Electric Boats Can be a Practical Alternative to Traditional Boats."
The maritime industry has traditionally viewed electric boats as impractical. This is due mainly to concerns that an electric motor would not be able to supply the increased amount of power needed to move a boat versus a car as well as fears that electric boats would not have the range to cover long distances. However, these attitudes are beginning to change with improvements in lithium ion battery technology along with an increased focus on sustainable alternatives to fossil fuels.
Yamaha recently launched a trial of its new HARMO system on the Otaru Canal in Hokkaido, Japan. HARMO integrates a twin electric boat motor with a next generation steering control system. Yamaha hopes to bring the HARMO system to the European market which is affected by increasing restrictions on the use of fossil fuel powered crafts on inland waterways. A Seattle based startup Zin Boats is also looking to prove that electric boats can be a practical and sustainable alternative to traditional boats. The Z2T and Z2R models use an all carbon fiber construction making them half the weight of a comparable craft while the BMW batteries offer a fast recharge and an 100 mile average range.
To see the full article and a list of related reports on the market, visit "A Seattle Based Startup Zin Boats is Looking to Prove That Electric Boats Can be a Practical Alternative to Traditional Boats"
About ResearchAndMarkets.com
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Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
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Laura Wood, Senior Press Manager
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today the financial and operating results for the second quarter ended June 30, 2020. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.
“Overall, we are pleased with the second quarter results, which were 13% higher than the prior year based on Adjusted EBITDA, driven primarily by strong unit margins and cost reductions in our U.S. and Canadian propane distribution businesses,” said Luc Desjardins, President and CEO. “Our sales volumes in our Specialty Chemicals and Energy Distribution businesses were lower than the prior year quarter, and the operational teams have done an excellent job adjusting the cost structure for the reduced volumes. We made great progress on reducing our debt during the second quarter, and the closing of the Brookfield Investment in the third quarter further enhances our liquidity and our ability to grow through acquisitions. Subsequent to quarter end, we acquired the retail propane distribution assets of Champagne’s Energy, our second tuck-in acquisition of 2020 and first since the Brookfield Investment closed.”
COVID-19 Update
As a result of the various impacts of the novel Coronavirus (“COVID-19”) pandemic, we have made a number of adjustments to our operating facilities and how we operate to ensure the safety of our customers, vendors, employees and the communities we serve. The duration and impact of the COVID-19 outbreak are still unknown at this time, and it is difficult to estimate the full impact on our operations, the markets for our products and our financial results. At the current time, we do expect a modest impact to our business as it relates to our customers that operate in industries governments have classified as non-essential and customers required to operate at reduced capacity.
Luc Desjardins further stated, “The safety, health and well-being of our employees and the communities in which we operate remain our primary focus. Our goal is to operate safely and to mitigate potential exposure. As such, we implemented physical distancing strategies, increased cleaning and disinfection at our facilities and offices, provided personal protective equipment as required, executed remote working policies, and eliminated all non-essential travel.”
2020 Adjusted EBITDA and Leverage Guidance Update
Based on management’s evaluation of the anticipated impacts from the COVID-19 pandemic and reduced oil and gas drilling activity in North America, as well as the impact from the significantly warmer weather in the first quarter, Superior continues to expect 2020 Adjusted EBITDA to remain within the previously disclosed guidance range of $475 million to $515 million, albeit near the lower end of the range, based on current estimates. Average weather, as measured by degree days for the remainder of 2020 is anticipated to be consistent with the five-year average for Canada and the U.S.
On June 8, 2020, Superior updated its previously communicated expected Total Debt to Adjusted EBITDA guidance at December 31, 2020 from a range of 3.6x to 4.0x to a range of 3.0x to 3.5x, consistent with Superior’s long-term target range. The decrease reflects the proceeds of the Brookfield Investment being used to reduce debt. Superior continues to expect Total Debt to Adjusted EBITDA as at December 31, 2020 to be in the range of 3.0x to 3.5x, based on current estimates.
Business and Financial Highlights
Financial Overview |
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Three Months Ended |
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Six Months Ended |
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June 30 |
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June 30 |
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(millions of dollars, except per share amounts) |
2020 |
2019 |
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2020 |
2019 |
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Revenue (1) |
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450.8 |
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545.8 |
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1,291.0 |
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1,581.8 |
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Gross Profit (1) |
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219.8 |
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223.7 |
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619.0 |
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652.0 |
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Net earnings |
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7.5 |
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(29.3) |
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18.9 |
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127.3 |
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Net earnings per share, basic and diluted (2) |
$ |
0.04 |
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$ |
(0.17) |
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$ |
0.11 |
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$ |
0.73 |
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EBITDA from operations (3) |
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76.9 |
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71.4 |
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300.8 |
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320.7 |
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Adjusted EBITDA (3) |
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67.7 |
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59.7 |
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287.0 |
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299.6 |
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Net cash flows from operating activities |
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187.6 |
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163.5 |
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272.4 |
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275.7 |
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Net cash flows from operating activities per share basic and diluted (2) |
$ |
1.07 |
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$ |
0.93 |
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$ |
1.55 |
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$ |
1.58 |
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AOCF before transaction and other costs (3)(4) |
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40.8 |
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31.0 |
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228.7 |
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242.0 |
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AOCF before transaction and other costs per share, basic and diluted(2)(3)(4) |
$ |
0.23 |
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$ |
0.18 |
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$ |
1.30 |
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$ |
1.38 |
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AOCF (3) |
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35.7 |
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17.8 |
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218.3 |
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223.8 |
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AOCF per share, basic and diluted (2)(3) |
$ |
0.20 |
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$ |
0.10 |
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$ |
1.25 |
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$ |
1.28 |
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Cash dividends declared |
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31.8 |
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31.5 |
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63.0 |
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63.0 |
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Cash dividends declared per share |
$ |
0.18 |
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$ |
0.18 |
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$ |
0.36 |
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$ |
0.36 |
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(1) |
Revenue and gross profit have been presented excluding realized gains and losses on commodity derivative instruments and the comparative figures have been restated. These gains and losses are included in gains (losses) on derivatives and foreign currency translation of borrowings in the unaudited condensed interim consolidated financial statements. For purposes of determining margin per litre, gross profit has been adjusted to include realized gains and losses on commodity derivative instruments. See “Non-GAAP Financial Measures”. |
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(2) |
The weighted average number of shares outstanding for the three and six months ended June 30, 2020 is 175.6 million and 175.3 million, respectively (three and six months ended June 30, 2019 –174.9 million). There were no dilutive instruments with respect to AOCF and AOCF before transaction and other costs per share for the three months and six months ended June 30, 2020 and 2019. |
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(3) |
EBITDA from operations, Adjusted EBITDA and AOCF are non-GAAP measures. Refer to “Non-GAAP Financial Measures” for further details and the First Quarter Management Discussion & Analysis (“MD&A”) for reconciliations. |
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(4) |
Transaction and other costs for the three and six months ended June 30, 2020 and 2019 are related to acquisition activity and the integration of acquisitions. See “Transaction and Other Costs” for further details. |
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Three Months Ended |
Six Months Ended |
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June 30 |
June 30 |
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(millions of dollars) |
2020 |
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2019 |
2020 |
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2019 |
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EBITDA from operations(1) |
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Canadian Propane Distribution |
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21.2 |
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20.0 |
107.8 |
|
104.3 |
|
|
|
U.S. Propane Distribution |
|
27.1 |
|
12.8 |
130.5 |
|
138.2 |
|
|
|
Specialty Chemicals |
|
28.6 |
|
38.6 |
62.5 |
|
78.2 |
|
|
|
|
|
76.9 |
|
71.4 |
300.8 |
|
320.7 |
|
(1) |
See “Non-GAAP Financial Measures”. |
Brookfield Investment
On July 13, 2020, Superior announced the issuance of 260,000 perpetual exchangeable preferred shares (the “Preferred Shares”) in its wholly owned subsidiary Superior Plus US Holdings Inc. for gross proceeds of US$260 million (the “Brookfield Investment”) to an affiliate of Brookfield Asset Management Inc. (“Brookfield”), on a private placement basis. The Preferred Shares entitle the holders to a monthly dividend at a current rate of 7.25% per annum through to the end of Superior’s second fiscal quarter in 2027, and may be exchanged, at Brookfield’s option, into common shares of Superior at an exchange price of US $8.67 per common share. On an as-exchanged basis, the Brookfield Investment currently represents approximately 15% of the pro forma fully diluted outstanding common shares.
Superior used the proceeds of the Brookfield Investment to immediately reduce the credit facility debt, and expects to use the available liquidity to accelerate its retail propane distribution asset acquisition strategy with a primary focus in the U.S. Pro forma the Brookfield Investment, Superior’s Total Debt to Adjusted EBITDA leverage ratio was 3.0x based on the trailing twelve months ended June 30, 2020.
Dividend Reinvestment Program
Superior reinstated its Dividend Reinvestment Program (the “DRIP”) with the February 2020 dividend paid on March 13, 2020. On June 15, 2020, after the Brookfield Investment announcement, Superior suspended the DRIP. Superior’s DRIP program will remain in place should Superior elect to reactivate the DRIP, subject to regulatory approval, at a future date.
Business Development and Acquisition Update
On August 3, 2020, Superior acquired the propane distribution assets of an independent propane distributor in Maine for total consideration of US $27.3 million (CDN $36.5 million). The purchase price was paid primarily with cash from Superior’s credit facility, as well as deferred payments.
Debt Management and Leverage Update
Superior remains focused on managing both its debt and its leverage ratio. Superior’s Total Debt to Adjusted EBITDA leverage ratio for the trailing twelve months ended June 30, 2020 was 3.7x, consistent with the leverage ratio at December 31, 2019.
Superior’s Total Debt as at June 30, 2020, was $1,881.7 million, a decrease of $74.4 million from December 31, 2019 primarily due to cash generated from operations used to repay debt, partially offset by the impact of the weaker Canadian dollar on U.S. denominated debt, the acquisition of Western Propane completed in January 2020 and new leases.
Superior is well within its covenants under its credit facility agreement and unsecured note indentures. Superior’s Senior Debt to Credit Facility EBITDA ratio was 3.6x as at June 30, 2020, and cannot exceed 5.0x. Superior also had available liquidity of $357.8 million available under the credit facility as at June 30, 2020. Pro forma the Brookfield Investment, Superior has less than $100 million drawn on the credit facility and over $650 million in capacity.
MD&A and Financial Statements
Superior’s MD&A, the unaudited Interim Consolidated Financial Statements and the Notes to the Interim Consolidated Financial Statements for the three and six months ended June 30, 2020 provide a detailed explanation of Superior’s operating results. These documents are available online at Superior’s website at www.superiorplus.com under the Investor Relations section and on SEDAR under Superior’s profile at www.sedar.com.
2020 Second Quarter Conference Call
Superior will be conducting a conference call and webcast for investors, analysts, brokers and media representatives to discuss the Second Quarter Results at 10:30 a.m. EDT on Thursday, August 13, 2020. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call on Superior’s website at www.superiorplus.com under the Events section.
Non-GAAP Financial Measures
Throughout the second quarter earnings release, Superior has used the following terms that are not defined by International Financial Reporting Standards (“Non-GAAP Financial Measures”), but are used by management to evaluate the performance of Superior and its business: AOCF before and after transaction and other costs, earnings before interest, taxes, depreciation and amortization (“EBITDA”) from operations, Adjusted Gross Profit, Adjusted EBITDA, Senior Debt, Credit Facility EBITDA and Senior Debt to Credit Facility EBITDA leverage ratio. These measures may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance and ability to service debt. Non-GAAP financial measures do not have standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-GAAP financial measures are clearly defined, qualified and reconciled to their most comparable GAAP financial measures. Except as otherwise indicated, these Non-GAAP financial measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See “Non-GAAP Financial Measures” in the MD&A for a discussion of Non-GAAP financial measures and certain reconciliations to GAAP financial measures.
The intent of Non-GAAP financial measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-GAAP financial measures differently. Investors should be cautioned that AOCF, EBITDA from operations, Adjusted EBITDA and Credit Facility EBITDA should not be construed as alternatives to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of Superior’s performance. Non-GAAP financial measures are identified and defined as follows:
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share
AOCF is equal to cash flow from operating activities as defined by IFRS, adjusted for changes in non-cash working capital, other expenses, non-cash interest expense, current income taxes and finance costs. Superior may deduct or include additional items in its calculation of AOCF; these items would generally, but not necessarily, be infrequent in nature and could distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring. AOCF and AOCF per share are presented before and after transaction and other costs.
AOCF per share before transaction and other costs is calculated by dividing AOCF before transaction and other costs by the weighted average number of shares outstanding. AOCF per share is calculated by dividing AOCF by the weighted average number of shares outstanding.
AOCF is a performance measure used by management and investors to evaluate Superior’s ongoing performance of its businesses and ability to generate cash flow. AOCF represents cash flow generated by Superior that is available for, but not necessarily limited to, changes in working capital requirements, investing activities and financing activities of Superior. AOCF is also used as one component in determining short-term incentive compensation for certain management employees.
The seasonality of Superior’s individual quarterly results must be assessed in the context of annualized AOCF. Adjustments recorded by Superior as part of its calculation of AOCF include, but are not limited to, the impact of the seasonality of Superior’s businesses, principally the Energy Distribution segment, by adjusting for non-cash working capital items, thereby eliminating the impact of the timing between the recognition and collection/payment of Superior’s revenues and expenses, which can differ significantly from quarter to quarter. AOCF is reconciled to cash flow from operating activities. Please refer to the Financial Overview section of the MD&A for the reconciliation.
Adjusted Gross Profit
Adjusted gross profit represents revenue less cost of sales adjusted for realized gains and losses on commodity derivative instruments related to risk management. Management uses Adjusted Gross Profit to set margin targets and measure results. Unrealized gains and losses on commodity derivative instruments are excluded because of the accounting mis-match that exists as a result of the customer contract not being included in the determination of the fair value for this risk management activity.
Adjusted EBITDA
Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments. Adjusted EBITDA is used by Superior and investors to assess its consolidated results and ability to service debt. Adjusted EBITDA is reconciled to net earnings before income taxes.
EBITDA from operations
EBITDA from operations is defined as Adjusted EBITDA excluding costs that are not considered representative of Superior’s underlying core operating performance, including gains and losses on foreign currency hedging contracts, corporate costs and transaction and other costs. Management uses EBITDA from operations to set targets for Superior (including annual guidance and variable compensation targets). EBITDA from operations is reconciled to net earnings before income taxes. Please refer to the Results of Operating Segments in the MD&A for the reconciliations.
Operating Expenses
Operating expenses include wages and benefits for employees, drivers, service and administrative labour, fleet maintenance and operating costs, freight and distribution expenses excluded from cost of sales, along with the costs associated with owning and maintaining land, buildings and equipment, such as rent, repairs and maintenance, environmental, utilities, insurance and property tax costs. Operating expenses exclude gains or losses on disposal of assets, depreciation and amortization and non-recurring expenses, such as transaction, restructuring and integration costs.
Operating expenses are defined as SD&A expenses adjusted for amortization and depreciation, gains or losses on disposal of assets, impairments and transaction, restructuring and other costs.
Non-GAAP Financial Measures Used for bank covenant purposes
Senior Debt
Senior Debt includes total borrowing before deferred financing fees and vehicle lease obligations, and excludes the remaining lease obligations. Senior Debt is used by Superior to calculate its debt covenants and other credit information.
Credit Facility EBITDA
Credit Facility EBITDA is defined as Adjusted EBITDA calculated on a 12-month trailing basis giving pro forma effect to acquisitions and dispositions adjusted to the first day of the calculation period, and excludes the impact from the adoption of IFRS 16 and EBITDA from undesignated subsidiaries.
Beth Summers Executive Vice President and Chief Financial Officer
Phone: (416) 340-6015
Rob Dorran Vice President, Investor Relations and Treasurer
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)
Landmark agreement with EDF Renewables North America will see Masdar expand its footprint in the US to California and Nebraska, and grow presence in Texas
The clean energy assets include wind, solar PV, and battery storage projects with a total combined capacity of 1.6 GW
SAN DIEGO & ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--EDF Renewables North America and Masdar, one of the world’s leading clean energy developers and a subsidiary of Mubadala Investment Company, today announced Masdar’s second strategic investment in the United States (US) in a deal with EDF Renewables North America that will see it acquire a 50 percent stake in a 1.6-gigawatt (GW) clean-energy portfolio.
Under the terms of the agreement, Masdar has acquired a 50 percent interest in three utility-scale wind farms in Nebraska and Texas totalling 815 megawatts (MW), and five photovoltaic (PV) solar projects in California – two of which include battery energy storage systems – totalling 689 MW of solar and 75 MW of lithium-ion battery energy storage.
The 243 MW Coyote wind project is located in Scurry County, Texas; the 273 MW Las Majadas wind project is in Willacy County, Texas; and the 300 MW Milligan 1 wind project is in Saline County, Nebraska. All three wind projects are currently under construction and expected to begin commercial operations in the fourth quarter of 2020.
In Riverside County, California, the Desert Harvest 1 and Desert Harvest 2 PV projects total 213 MW of solar and 35 MW / 140 MWh of battery storage. Also in Riverside County are the 173 MW Maverick 1 and 136 MW Maverick 4 solar PV projects. These four projects are also under construction and slated for commercial operations in the fourth quarter of 2020. The final project in the portfolio is Big Beau, a 166 MW solar PV and 40 MW/160 MWh battery energy storage project, which is in Kern County and will reach commercial operation in 2021. All solar projects utilize horizontal single-axis tracking technology.
Power from the diversified portfolio projects will be sold under long-term contracts to a variety of offtakers, including utilities, hedge providers and community choice aggregators (CCAs).
In total, the eight projects have created more than 2,000 jobs in the country’s clean energy sector, and will displace more than 3 million metric tons of carbon dioxide annually*.
“As the second largest renewable energy producer in the world in terms of installed power capacity, the US offers considerable scope for further growth and diversification of our renewable energy portfolio,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. “We are delighted to expand our presence there through this landmark deal to invest in eight clean energy assets in California, Nebraska and Texas, and to further strengthen our global partnership with EDF Renewables.”
Masdar made its first entry into the US market last year, acquiring a 50 percent interest in two wind farms in Texas and New Mexico.
Tristan Grimbert, President and CEO, EDF Renewables North America, commented, “EDF’s collaboration with Masdar runs deep in the Middle East and North Africa already. This deal writes a new chapter of cooperation between our two companies focused on the North American market. I would like to highlight the exceptional quality of work for both the Masdar and EDF Renewables North America teams over the last year to execute this transaction in particularly troubled times.”
The transaction is expected to close in the fourth quarter of 2020 as it is subject to customary regulatory approvals. BofA Securities is acting as exclusive financial adviser to Masdar.
*According to United States Environmental Protection Agency Greenhouse Gas Equivalencies Calculator based on estimated energy production. https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator
About EDF Renewables
EDF Renewables is a leading international player in renewable energies, with gross installed capacity of 13.3 GW worldwide. Its development is mainly focused on wind and solar photovoltaic power. EDF Renewables operates mostly in Europe and North America but is continuing to grow by moving into promising emerging regions such as Brazil, China, India, South Africa and the Middle East. The company has strong positions in offshore wind power, but also in other areas of the renewable energies industry such as energy storage. EDF Renewables develops, builds, operates and maintains renewable energies projects, both for itself and for third parties. Most of its international subsidiaries bear the EDF Renewables brand. EDF Renewables is the EDF Group subsidiary specialising in developing solar and wind power. For more information, visit: https://www.edf-renouvelables.com/en/
Follow us on LinkedIn: https://www.linkedin.com/company/edf-renewables and on Twitter (@EDF_RE in French and @EDF_Renewables in English).
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 11 GW under service contracts. EDF Renewables is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
About Masdar
Abu Dhabi’s renewable energy company Masdar is advancing the commercialization and deployment of renewable energy, sustainable urban development and clean technologies to address global sustainability challenges. Wholly owned by Mubadala Investment Company, the strategic investment company of the Government of Abu Dhabi, our mandate is to help maintain the UAE’s leadership in the global energy sector, while supporting the diversification of both its economy and energy sources for the benefit of future generations. Today, Masdar is active in more than 30 countries, including the UAE, Jordan, Saudi Arabia, Mauritania, Egypt, Morocco, the UK, the US, Australia, Spain, Serbia, India, Indonesia, Uzbekistan, and many more. For more information please visit: http://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar
EDFR Contacts:
UNITED STATES:
Sandi Briner This email address is being protected from spambots. You need JavaScript enabled to view it.
FRANCE:
Manon de Cassini-Hérail, +33 (0)1 40 90 48 22, This email address is being protected from spambots. You need JavaScript enabled to view it.
MASDAR Contacts:
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel enquiries in Arabic: +971 2 653 3333
Tel enquiries in English: +971 2 653 6014
Second Quarter 2020 Overview:
- Consolidated revenues were $135.4 million; COVID-19 negatively impacted all segments by delaying anticipated projects
- GAAP consolidated operating loss was $7.7 million; GAAP loss from continuing operations was $18.1 million, a $10.2 million improvement compared to second quarter 2019
- Consolidated adjusted EBITDA was $1.4 million
- The Babcock & Wilcox segment reported adjusted EBITDA margin of 9.1% as compared to 9.5% in second quarter 2019, while segment adjusted gross profit margin improved to 27.9% compared to 18.8% in second quarter 2019
Growth Initiatives:
- Company launched B&W Environmental, B&W Renewable, and B&W Thermal brands as part of a strategic, market-focused organizational and re-branding initiative to accelerate growth and provide stakeholders improved visibility into its renewable and environmental growth platforms
- Company is expanding its sales, service and business development team in key international markets to capitalize on more than $5 billion in identified project opportunities over the next three years, with a focus on bidding renewable and environmental projects world-wide
AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced second quarter 2020 GAAP loss from continuing operations of $18.1 million, an improvement of $10.2 million compared to second quarter 2019. Adjusted EBITDA was $1.4 million compared to adjusted EBITDA of $8.2 million in the prior year period, primarily driven by the adverse impacts of COVID-19 across all segments and the completion of several large construction projects in the Babcock & Wilcox segment.
Strategic Organizational and Re-Branding Initiative Overview
The Company also announced plans to align its market-facing segments and financial reporting under three new brands--B&W Environmental, B&W Renewable and B&W Thermal--that better reflect its core markets, products and strategies. The re-branding is expected to improve the Company's organizational structure to support its growth as B&W expands its global sales team and geographic presence and pursues strategic investments in new technologies. As part of the re-branding of its product and service offerings, B&W's new branding is designed to highlight its comprehensive offerings and unique market position to support sustainable energy and industrial infrastructure. The Company's market-facing strategy and branding take effect immediately, and B&W expects to begin reporting its financial results under these new segments starting with its full-year 2020 results.
As part of this initiative, B&W has named Jimmy B. Morgan as Chief Operating Officer, effective immediately. In this role, Morgan will be responsible for the Company's strategic and operational performance under each of the new brands and growth platforms. Morgan joined B&W in February 2016 and most recently held the position of Senior Vice President, The Babcock & Wilcox Company, leading B&W’s aftermarket, new-build and environmental products and services businesses world-wide.
Management Commentary
“Despite the challenges presented by COVID-19, this is an exciting time for B&W," said Kenneth Young, B&W's Chief Executive Officer. "Following the financing agreement we announced in May, we’re moving forward with our strategy to achieve long-term growth and leverage market trends. Our organizational re-alignment and re-branding reflect our mission to provide renewable energy and environmental solutions to customers around the world as we leverage our global strengths and proven, industry-leading technologies. We expect growth from our expanding global pipeline and improved operational execution to drive significant earnings growth throughout 2021 and beyond.”
“We recognize that the world is rapidly changing," Young continued. "The B&W of today and of tomorrow is focused on meeting customer and market needs by providing technology solutions to help achieve a clean, sustainable energy and industrial infrastructure. While COVID-19 has negatively affected our anticipated bookings and project timing, pushing projects we expected to begin in 2020 into 2021 and beyond, our pipeline is rapidly expanding, representing over $5 billion of identified project opportunities that we expect to bid in the next 3 years, not including shorter lead-time parts sales. This pipeline is focused on renewable energy, environmental solutions and advanced technologies to deliver value to our core energy and industrial customers."
"In addition, we are expanding our sales and business development team in key international markets, including the Middle East, Africa and Asia-Pacific regions, to help identify, capitalize on and execute the key growth opportunities that these regions offer. We are opening several offices in each region, including regional headquarters in Dubai, United Arab Emirates and Perth, Australia, and hiring business development, field service, and sales engineering personnel to support our growth. Globally, the market for our technologies is growing significantly. This includes the markets for new waste-to-energy facilities, advanced thermal technologies and improved environmental standards. The initiative we’ve announced today better positions us to capitalize on those opportunities,” Young concluded.
Louis Salamone, B&W's Chief Financial Officer, commented: "Notwithstanding the challenges of COVID-19 and an operating loss on a GAAP basis, we closed the second quarter of 2020 with positive adjusted EBITDA, due to the dedication and experience of our management and employee team, and the implementation of changes throughout our operations in response to the pandemic. As an essential business, we continue to focus on managing our costs and cash flow through this crisis to support our customers in the long-term. While we expect deferrals and delays of certain projects to affect our performance throughout 2020, based on information from our customers we currently anticipate the majority of deferred projects to re-mobilize in late 2020 and through 2021. In addition, we've continued our focus on reducing SG&A and as a result reduced consolidated SG&A expense by $7.5 million, a 17.8% improvement compared to second quarter 2019. "
"Looking toward the future, our focus is on winning and executing quality projects and aftermarket services to serve our customers' needs for renewable energy, environmental solutions and efficient operations," added Jimmy Morgan, B&W's Chief Operating Officer. "We believe we have the technologies, expertise and opportunities to expand our renewable and environmental platforms significantly in the next few years. In my new role, I'm looking forward to helping drive our growth as the next generation B&W."
Results of Operations
The Company's focus on core technologies and profitability, combined with the adverse impacts of COVID-19, were the primary drivers of a decline in revenue in the second quarter of 2020 compared to the second quarter of 2019. Consolidated revenues in the second quarter of 2020 were $135.4 million compared to $248.1 million in the second quarter of 2019. Revenues for each of B&W's segments were negatively impacted by COVID-19.
The GAAP operating loss in the second quarter of 2020 was $7.7 million, inclusive of restructuring and settlement costs and advisory fees of $4.4 million, compared to an operating loss of $4.3 million in the second quarter of 2019. This decline was primarily due to a decrease in revenue across all segments as described below, as well as unfavorable product mix in the SPIG segment, partially offset by the impacts of costs savings and restructuring initiatives in the Babcock & Wilcox segment and lower levels of direct overhead support and SG&A in the Vølund & Other Renewable segment. Adjusted EBITDA declined to $1.4 million compared to $8.2 million in the second quarter of 2019. All amounts referred to in this release are on a continuing operations basis, unless otherwise noted. Reconciliations of operating income, the most directly comparable GAAP measure, to adjusted EBITDA, as well as to adjusted gross profit for the Company's segments, are provided in the exhibits to this release.
Babcock & Wilcox segment revenues were $104.8 million in the second quarter of 2020 compared to $201.0 million in the prior-year period. The decrease is attributable to the completion of several large construction projects that were active in the prior year period and the adverse impacts of COVID-19, including lower volume related to customers' concern regarding its duration and magnitude, and delays in large orders. Adjusted EBITDA in the second quarter of 2020 was $9.5 million compared to $19.1 million in last year's quarter, primarily due to the decrease in revenue volume. This was partially offset by the results of costs savings and restructuring initiatives. Adjusted EBITDA margin was 9.1% in the quarter as compared to 9.5% in the same period last year. Adjusted gross profit in the second quarter of 2020 was $29.3 million compared to $37.9 million in the prior-year period, consistent with the decrease in Adjusted EBITDA. Adjusted gross profit margin was 27.9% compared to 18.8% in the same period last year, primarily due to favorable mix, higher parts margins and the benefits of costs savings and restructuring initiatives partly offset by the decrease in revenue.
SPIG segment revenues were $10.9 million in the second quarter of 2020 compared to $22.8 million in the second quarter of 2019. The decrease was primarily due to the postponement of new projects by several customers as a result of COVID-19. Adjusted EBITDA was $(2.5) million compared to $(0.1) million in the same period last year, driven primarily by the impact of COVID-19. Adjusted gross profit declined to $0.3 million in the second quarter of 2020, compared to $2.4 million in the prior-year period, primarily due to the decrease in revenue. At June 30, 2020, SPIG's U.S. entity had two remaining significant loss contracts. The first was 99% complete at the end of the second quarter of 2020 with only performance testing remaining, which is expected to be completed in the third quarter of 2020. The second was 96% complete at the end of the second quarter of 2020 and is expected to be completed in the third quarter of 2020. No additional charges were recognized on these contracts in the second quarter of 2020.
Vølund & Other Renewable segment revenues were $20.3 million for the second quarter of 2020, compared to $33.7 million in the second quarter of 2019 due to the divestiture of Loibl, a materials handling business in Germany, that contributed $7.1 million of revenue in the second quarter of 2019, as well as new anticipated revenues being deferred due to COVID-19. The reduction was also due to the advanced completion of activities on the EPC loss projects, partially offset by a full period of activities on two operations and maintenance contracts in the U.K. which followed the turnover of the EPC loss contracts to the customers. Adjusted EBITDA in the quarter improved slightly to $(0.5) million compared to $(0.7) million in the second quarter last year, primarily due to lower levels of direct overhead support and SG&A, reflecting the benefits of restructuring, offset by the divestiture of Loibl and the impacts of COVID-19, as described above. The segment's adjusted gross profit was $4.2 million in the second quarter of 2020 compared to $5.1 million reported in the second quarter of 2019, primarily driven by the divestiture of Loibl, the impacts of COVID-19 and lower revenue as described above, partially offset by lower levels of direct overhead.
Financing, Liquidity and Balance Sheet
As previously disclosed, on May 14, 2020, B&W successfully amended its Credit Agreement. Under the new terms, the Company's revolving credit facility and availability for letters of credit were extended for two years with a maturity date of June 30, 2022. In addition, B. Riley Financial, Inc. ("B. Riley") provided $30 million of new last-out term loans and committed to provide $35 million of additional incremental last-out term loans through the maturity date and make a further $5 million available upon the Company’s request. Further detail can be found in the related Form 8-K on file with the SEC and related press release issued on May 14, 2020.
At June 30, 2020, the Company had cash and cash equivalents of $36.8 million and borrowing availability of $40.3 million.
The Company is continuing to pursue cost recoveries under various applicable insurance policies and from responsible subcontractors for the Vølund & Other Renewable segment's European EPC loss contracts. The Company also continues to evaluate additional opportunities for cost savings and potential dispositions as appropriate.
Strategic Organizational Alignment and Branding Initiative
B&W plans to accelerate growth in its three core markets - Renewable, Environmental and Thermal - by reorganizing its market-facing segments and financial reporting to align with these markets, improving its organizational structure to support its growth, expanding its global sales team in key geographic areas around the world, and pursuing strategic investments in new technologies. The Company has unveiled a new visual identity for each of its brands and a complete revitalization of its website at www.babcock.com. This is designed to highlight its comprehensive offerings and unique market position to support a sustainable energy and industrial infrastructure.
The Company's new market-facing brand platforms are:
The Company expects to begin reporting its financial results under these segments starting with its full-year 2020 results. Approximate 12-month revenues as of June 30, 2020 for the B&W Environmental, B&W Renewable and B&W Thermal brands, were $130 million, $182 million and $351 million, respectively.
Earnings Call Information
B&W plans to host a conference call and webcast on Thursday, August 13, 2020 at 5 p.m. ET. to discuss the Company’s second quarter 2020 results. The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (833) 513-0549; the dial-in number for participants outside the U.S. is (778) 560-2572. The conference ID for all participants is 7096328. A replay of this conference call will remain accessible in the investor relations section of the Company's website for a limited time.
COVID-19 Impact
The global COVID-19 pandemic has disrupted business operations, trade, commerce, financial and credit markets, and daily life throughout the world. The Company's business has been adversely impacted by the measures taken and restrictions imposed in the locations in which it operates by local governments and others to control the spread of this virus. These measures and restrictions have varied widely and have been subject to significant changes from time to time depending on changes in the severity of the virus in these locations. These restrictions, including travel restrictions and curtailment of other activity, negatively impact the Company's ability to conduct business. These varying and changing events have caused many of the projects the Company anticipated to begin in 2020 to be delayed to later in 2020 and others to be delayed further into 2021 and 2022. The Company expects such restrictions to continue to change depending on the severity of the virus in various locations around the world. Many customers and projects require B&W's employees to travel to customer and project worksites. Certain customers and significant projects are located in areas where travel restrictions have been imposed, certain customers have closed or reduced on-site activities, and timelines for completion of certain projects have, as noted above, been extended into next year and beyond. Additionally, out of concern for the Company's employees, even where restrictions permit employees to return to Company offices and worksites, the Company has advised those who are uncomfortable returning to worksites due to the pandemic that they are not required to do so for an indefinite period of time. The resulting uncertainty concerning, among other things, the spread and economic impact of the virus has also caused significant volatility and, at times, illiquidity in global equity and credit markets. As part of the Company’s recent response to the impact of the COVID-19 pandemic on its business, the Company has taken a number of cash conservation and cost reduction measures. At the time of this release, it is impossible to predict the overall impact the pandemic will have on the Company's business, liquidity, capital resources or financial results. More detail can be found in the Company's Form 10-Q for the second quarter of 2020 on file with the SEC.
Non-GAAP Financial Measures
The Company uses non-GAAP financial measures internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone.
This release presents adjusted gross profit for each business segment and adjusted EBITDA, which are non-GAAP financial measures. Adjusted EBITDA on a consolidated basis is defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the adjusted EBITDA presented is consistent with the way the Company's chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest, tax, depreciation and amortization adjusted for items such as gains or losses on asset sales, mark to market ("MTM") pension adjustments, restructuring and spin costs, impairments, losses on debt extinguishment, costs related to financial consulting required under the U.S. Revolving Credit Facility and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presented consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments.
This release also presents adjusted gross profit by segment. The Company believes that adjusted gross profit by segment is useful to investors to help facilitate comparisons of the ongoing, operating performance of the segments by excluding expenses related to, among other things, activities related to the spin-off, activities related to various restructuring activities the Company has undertaken, corporate overhead (such as SG&A expenses and research and development costs) and certain non-cash expenses such as intangible amortization and goodwill impairments that are not allocated by segment.
Forward-Looking Statements
B&W Enterprises cautions that this release contains forward-looking statements, including, without limitation, statements relating to the application of the proceeds of the term loans under the Agreement, and management expectations regarding future growth and our ability to achieve sustained value for our shareholders. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the impact of COVID-19 on us and the capital markets and global economic climate generally; our recognition of any asset impairments as a result of any decline in the value of our assets or our efforts to dispose of any assets in the future; our ability to obtain and maintain sufficient financing to provide liquidity to meet our business objectives, surety bonds, letters of credit and similar financing; our ability to comply with the requirements of, and to service the indebtedness under, our credit agreement as amended and restated (the "A&R" Credit Agreement"); our ability to obtain waivers of required pension contributions; the highly competitive nature of our businesses and our ability to win work, including identified project opportunities in our pipeline; general economic and business conditions, including changes in interest rates and currency exchange rates; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; our ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, partners or suppliers to perform their obligations on time and as specified; our ability to successfully resolve claims by vendors for goods and services provided and claims by customers for items under warranty; our ability to realize anticipated savings and operational benefits from our restructuring plans, and other cost-savings initiatives; our ability to successfully address productivity and schedule issues in our Vølund & Other Renewable and SPIG segments, including the ability to complete our European EPC projects and SPIG U.S. loss projects within the expected time frame and the estimated costs; our ability to successfully partner with third parties to win and execute contracts within our SPIG and Vølund & Other Renewable segments; changes in our effective tax rate and tax positions, including any limitation on our ability to use our net operating loss carryforwards and other tax assets; our ability to maintain operational support for our information systems against service outages and data corruption, as well as protection against cyber-based network security breaches and theft of data; our ability to protect our intellectual property and renew licenses to use intellectual property of third parties; our use of the percentage-of-completion method of accounting to recognize revenue over time; our ability to successfully manage research and development projects and costs, including our efforts to successfully develop and commercialize new technologies and products; the operating risks normally incident to our lines of business, including professional liability, product liability, warranty and other claims against us; changes in, or our failure or inability to comply with, laws and government regulations; actual or anticipated changes in governmental regulation, including trade and tariff policies; difficulties we may encounter in obtaining regulatory or other necessary permits or approvals; changes in, and liabilities relating to, existing or future environmental regulatory matters; changes in actuarial assumptions and market fluctuations that affect our net pension liabilities and income; potential violations of the Foreign Corrupt Practices Act; our ability to successfully compete with current and future competitors; the loss of key personnel and the continued availability of qualified personnel; our ability to negotiate and maintain good relationships with labor unions; changes in pension and medical expenses associated with our retirement benefit programs; social, political, competitive and economic situations in foreign countries where we do business or seek new business; the possibilities of war, other armed conflicts or terrorist attacks; the willingness of customers and suppliers to continue to do business with us on reasonable terms and conditions; our ability to successfully consummate strategic alternatives for non-core assets, if we determine to pursue them; and the other factors specified and set forth under "Risk Factors" in our periodic reports filed with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our quarterly report on Form 10-Q for the quarter ended June 30, 2020.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
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DUBLIN--(BUSINESS WIRE)--The "The EU Green Deal & Energy Transition in Southeast Europe" report has been added to ResearchAndMarkets.com's offering.
In the age of a necessary urgent climate and sustainability action, now further amplified by the COVID-19 health crisis and the economic slump which it entails, the decade ahead and the EU's Green Deal is pivotal for the SEE energy sector's transformation and the region's economic recovery as a whole.
This report gives insights on the region's progress towards sustainable energy and assesses the risks stemming from this transformation. It also provides two case-studies on corporate green investments to support decision-makers who seek to leverage on green energy to make sustainable investments.
The report includes:
The report covers 12 economies in SEE:
The financial analysis of the coal industry covers 11 markets (excluding Moldova) and is based on several factors, including:
Key Topics Covered
1. The Road from EE's 20/20/20 Targets to the Green Deal and the 2030 Decade
2. Energy Transition Plans of EE Member States in SEE
3. Energy Transition in the Western Balkans
4. The Business Case for Corporate Green Investments
5. Love Affair with Coal in Time of Green Deal
6. COVID-19 and the Green Deal
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/ha7iku
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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AI technology is anticipated to have profound implications for the operation of electric transmission and distribution networks
BOULDER, Colo.--(BUSINESS WIRE)--#AI--A new report from Guidehouse Insights examines the current landscape for artificial intelligence (AI) technology solutions for electric transmission and distribution (T&D) network management, providing global market forecasts by region and application through 2029.
AI technologies for T&D management can help utilities minimize outages, make mobile workers more effective, improve load planning, manage real-time power quality, perform predictive asset maintenance, and more. In many applications, the superior insights derived from machine and deep learning solutions can reduce costs, improve reliability and service quality, and enhance efficiency throughout the grid. Click to tweet: According to a new report from @WeAreGHInsights, the market for AI-based solutions for T&D network management is estimated at $1.4 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 14.1% to more than $4.4 billion in 2029.
“AI technology has profound implications for the operation of T&D networks,” says William Hughes, principal research analyst with Guidehouse Insights. “Utilities will likely become increasingly dependent on AI-based solutions to incorporate distributed energy resources (DER) at an accelerating pace while maintaining acceptable performance metrics and keeping costs low.”
While AI-based applications can improve grid operations, key barriers to widespread adoption include an uncertainty that available data will yield results and challenges in integrating the data with operational technology (OT) systems. According to the report, these challenges can cause utilities to hesitate before adopting AI-based applications. However, once adopted, the datasets used for one application become easier to use for others, and benefits tend to accrue more rapidly.
The report, AI for Predictive T&D Network Management, describes the current landscape for AI technology solutions for T&D network management and presents drivers and barriers to implementation. It details AI-supported applications and explores the global market forecasts for these solutions by region and application. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, AI for Predictive T&D Network Management, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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Conversion is expected to reduce the plant’s greenhouse gas emissions by 50%
HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, announced today that it plans to reconfigure its San Francisco Refinery in Rodeo, California, to produce renewable fuels. The plant would no longer produce fuels from crude oil, but instead would make fuels from used cooking oil, fats, greases and soybean oils.
The Phillips 66 Rodeo Renewed project would produce 680 million gallons annually of renewable diesel, renewable gasoline, and sustainable jet fuel. Combined with the production of renewable fuels from an existing project in development, the plant would produce greater than 800 million gallons a year of renewable fuels, making it the world’s largest facility of its kind.
The project scope includes the construction of pre-treatment units and the repurposing of existing hydrocracking units to enable production of renewable fuels. The plant will utilize its flexible logistics infrastructure to bring in cooking oil, fats, greases and soybean oils from global sources and supply renewable fuels to the California market. This capital efficient investment is expected to deliver strong returns through the sale of high value products while lowering the plant’s operating costs.
“Phillips 66 is taking a significant step with Rodeo Renewed to support demand for renewable fuels and help California meet its low carbon objectives,” said Greg Garland, chairman and CEO of Phillips 66. “We believe the world will require a mix of fuels to meet the growing need for affordable energy, and the renewable fuels from Rodeo Renewed will be an important part of that mix. This project is a great example of how Phillips 66 is making investments in the energy transition that will create long term value for our shareholders.”
If approved by Contra Costa County officials and the Bay Area Air Quality Management District, renewable fuels production is expected to begin in early 2024. Once reconfigured, the plant will no longer transport or process crude oil.
The plant is expected to employ more than 400 jobs and up to 500 construction jobs, using local union labor, including the Contra Costa County Building & Construction Trades.
Phillips 66 also announced plans to shut down the Rodeo Carbon Plant and Santa Maria refining facility in Arroyo Grande, California, in 2023. Associated crude oil pipelines will be taken out of service in phases starting in 2023.
To learn more about the project, visit www.RodeoRenewed.com.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,500 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of June 30, 2020. For more information, visit http://www.phillips66.com or follow us on Twitter @Phillips66Co.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this presentation are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include the inability to timely obtain or maintain permits necessary for capital projects, including the Rodeo Renewed project; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities, including the Rodeo Renewed project; unexpected difficulties in manufacturing, refining or transporting our products; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of our operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general economic and political developments including: armed hostilities; expropriation of assets; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation; political, economic or diplomatic developments, including those caused by public health issues, outbreaks of diseases and pandemics, including the COVID-19 pandemic and other economic, business, competitive and / or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Jeff Dietert (investors)
832-765-2297
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Brent Shaw (investors)
832-765- 2297
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LONDON--(BUSINESS WIRE)--#GlobalLiquidImmersedTransformersMarket--Technavio has been monitoring the liquid-immersed transformers market and it is poised to grow by $ 7.29 bn during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., CG Power and Industrial Solutions Ltd., Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Hyundai Heavy Industries Co. Ltd., Mitsubishi Electric Corp., Schneider Electric SE, Siemens AG, and Toshiba International Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Rising investment in renewable energy sources has been instrumental in driving the growth of the market. However, the increasing popularity of dry-type transformers might hamper the market growth.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Liquid-Immersed Transformers Market 2020-2024: Segmentation
Liquid-Immersed Transformers Market is segmented as below:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR43541.
Liquid-Immersed Transformers Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The liquid-immersed transformers market report covers the following areas:
This study identifies the emergence of eco-efficient transformers as one of the prime reasons driving the liquid-immersed transformers market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Liquid-Immersed Transformers Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Customer landscape
Geographic Landscape
Volume Drivers – Demand led growth
Market Challenges
Market Trends
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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More than 1,400 additional crew members arriving in region to join restoration effort
CHICAGO--(BUSINESS WIRE)--ComEd has restored power to more than 625,000 families and businesses, or nearly 80 percent of the customers affected by the derecho that slammed northern Illinois on Monday afternoon causing significant damage across the entire region. The storm brought hurricane force winds with gusts higher than 90 miles per hour, extensive lighting, golf ball-sized hail and seven confirmed tornados. About 171,000 customers remain without power.
More than 1,900 ComEd employees and contractors have been working around the clock since Monday afternoon to restore power to customers quickly and safely. More than 1,400 additional mutual assistance workers began arriving from across the country today to join the restoration effort.
In spite of the extensive damage caused by the tornados and derecho, ComEd restored power to 540,000 customers within a day, the fastest restoration of 500,000 customers in the company’s history. This is due in large part to the smart grid investments ComEd has made since 2012, including in technologies that automatically detect outages and reroute power around problem areas, avoiding significant outages that otherwise would have occurred.
“As we saw from fallen trees that crushed cars and homes, the derecho with multiple tornados was a rare and destructive storm,” said Joe Dominguez, CEO of ComEd. “We’re grateful to municipal leaders and other first responders for their partnership as we work with them to clear roads and debris so that we can safely restore power to affected areas. Especially in a pandemic, our customers are dependent on reliable power at home, and we appreciate the 6,000 women and men of ComEd and the crews that traveled hundreds of miles here to help get the power flowing for families and businesses as fast as possible.”
Restoration efforts are ahead of schedule, and ComEd now expects to restore power to over 95 percent of customers by Friday night, with nearly 80 percent of customers already restored. Hundreds of additional customers are being restored each hour, but outages in areas where tornados or other intense storm events occurred could take longer to restore.
In the city of Chicago, which had some of the highest concentrations of customer outages, ComEd has restored service to 121,000 of the more than 144,000 customers who lost power.
ComEd offers the following tips and information for customers to stay safe following severe weather:
ComEd urges customers to contact the company immediately if they experience a power outage. Customers can text OUT to 26633 (COMED) to report an outage and receive restoration information, and can follow the company on Twitter @ComEd or on Facebook at Facebook.com/ComEd. Customers can also call 1-800 EDISON1 (1-800-334-7661), or report outages via the website at www.ComEd.com/report. Spanish-speaking customers should call 1-800-95-LUCES (1-800-955-8237).
ComEd has introduced a mobile app for iPhone and Android® smart phones that gives customers the ability to report power outages and manage their accounts; download the app at www.ComEd.com/app.
ComEd has an interactive outage map on its website at www.ComEd.com/map, which allows customers to easily find information on the location and size of outages and get estimated power restoration times.
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.
ComEd Media Relations
312-394-3500
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today Emera (TSX: EMA) announced financial results for the second quarter of 2020.
Q2 2020 and Year-to-Date Highlights:
Reported Net Income
Adjusted Net Income (1)
“As our communities continue to deal with the challenges of the global pandemic, our employees remain focused on safely providing the essential energy to our customers,” says Scott Balfour, President and Chief Executive Officer of Emera. “Our businesses delivered solid financial results this quarter and as we look forward, Emera remains committed to our long-term strategy and capital program which are focused on safely delivering cleaner, affordable and reliable energy.”
Significant Items Affecting Reported and Adjusted Net Income
Cash Flow
(1) See “Non-GAAP Measures” noted below.
Financial Highlights:
For the |
Three months ended |
Six months ended |
|||||||||
millions of Canadian dollars (except per share
|
June 30 |
June 30 |
|||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|||
Net income attributable to common shareholders |
$ |
58 |
$ |
103 |
$ |
581 |
$ |
415 |
|||
Gain on sale and impairment charges, net of tax |
$ |
(15) |
|
- |
$ |
283 |
|
- |
|||
After-tax mark-to-market gain (loss) |
|
(45) |
|
(27) |
|
(13) |
|
61 |
|||
Adjusted net income attributable to common
|
$ |
118 |
$ |
130 |
$ |
311 |
$ |
354 |
|||
|
|
|
|
|
|
|
|
|
|||
Earnings per common share – basic |
$ |
0.24 |
$ |
0.43 |
$ |
2.37 |
$ |
1.75 |
|||
Adjusted earnings per common share – basic (1)(2) |
$ |
0.48 |
$ |
0.54 |
$ |
1.27 |
$ |
1.49 |
|||
|
|
|
|
|
|
|
|
|
|||
Weighted average shares of common stock
|
|
247 |
|
239 |
|
246 |
|
238 |
|||
(1) See “Non-GAAP Measures” noted below
(2) Adjusted net income and adjusted earnings per common share exclude the effect of mark-to-market adjustments, gain on sale and impairment charges
Emera’s adjusted earnings and adjusted earnings per share increased for the quarter and year-to-date when normalized for the impacts of the one-time items, and asset sales referenced above ($35 million or $0.15 earnings per share for the quarter and $52 million for the year-to-date or $0.22 earnings per share). The increase earnings and earnings per share in these periods was driven by favourable results at Tampa Electric, partially offset by reduced earnings at NSP and Emera Caribbean.
After-tax mark-to-market losses increased $18 million to $45 million in Q2 2020, compared to $27 million in Q2 2019. This increase was due to changes in existing positions on gas contracts and higher amortization of gas transportation assets in 2020, partially offset by gains related to foreign exchange cash flow hedges entered in 2020 to manage foreign exchange earnings exposure. Year-to-date, after-tax mark-to-market decreased $74 million to a $13 million loss in 2020, compared to a $61 million gain in 2019. This decrease was due to higher amortization of gas transportation assets in 2020 and larger reversal of mark-to-market losses in 2019, partially offset by changes in existing positions on gas contracts in Emera Energy and gains related to foreign exchange cash flow hedges.
The weakening of the CAD exchange rates increased earnings by $9 million and adjusted earnings by $3 million in Q2 2020 compared to Q2 2019. The weakening of the CAD exchange rates increased earnings by $14 million and adjusted earnings by $4 million year-to-date in 2020 compared to the same period in 2019.
Consolidated Financial Review:
The following table highlights significant changes in adjusted net income from 2019 to 2020 in the second quarter and year-to-date periods.
For the |
Three months ended |
Six months ended |
|||
millions of Canadian dollars |
June 30 |
June 30 |
|||
Adjusted net income – 2019(1)(2) |
$ |
130 |
$ |
354 |
|
Increased earnings at Tampa Electric in both periods due to customer
|
|
21 |
|
39 |
|
Increased earnings at Emera Energy Services due to favourable
|
|
9 |
|
- |
|
Decreased earnings at Nova Scotia Power Inc. (“NSPI”) due to the
|
|
(6) |
|
(11) |
|
Timing of preferred share dividend declaration |
|
(11) |
|
(11) |
|
2019 recognition of tax reform benefits from 2018 in NMGC |
|
(12) |
|
(12) |
|
Revaluation of Corporate, NSPI and Emera Energy net deferred income
|
|
- |
|
(14) |
|
Lower earnings contribution from the Caribbean utilities in both periods
|
|
(12) |
|
(4) |
|
Lower earnings contribution from Emera Maine due to the sale in Q1
|
|
(12) |
|
(16) |
|
Decreased earnings year-over year from Emera Energy Generation due
|
|
3 |
|
(21) |
|
Other variances |
|
8 |
|
7 |
|
Adjusted net income – 2020(1)(2) |
$ |
118 |
$ |
311 |
|
(1) See “Non-GAAP Measures” noted below
(2) Excludes the effect of mark-to-market adjustments, gain on sale and impairment charges, net of tax
Segmented Results:
For the |
|
Three months ended
|
|
Six Months ended
|
|||||||
millions of Canadian dollars (except per
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|||
Adjusted net income (1) |
|
|
|
|
|
|
|
|
|||
Florida Electric Utility |
$ |
146 |
$ |
125 |
$ |
225 |
$ |
186 |
|||
Canadian Electric Utilities |
|
37 |
|
42 |
|
129 |
|
138 |
|||
Other Electric Utilities (2) |
|
(1) |
|
23 |
|
19 |
|
39 |
|||
Gas Utilities and Infrastructure |
|
27 |
|
40 |
|
97 |
|
107 |
|||
Other (2) |
|
(91) |
|
(100) |
|
(159) |
|
(116) |
|||
Adjusted net income (1) |
$ |
118 |
$ |
130 |
$ |
311 |
$ |
354 |
|||
|
|
|
|
|
|
|
|
|
|||
Gain on sale and impairment charges, net of
|
|
(15) |
|
- |
|
283 |
|
- |
|||
After-tax mark-to-market gain (loss) |
|
(45) |
|
(27) |
|
(13) |
|
61 |
|||
Net income attributable to common
|
$ |
58 |
$ |
103 |
$ |
581 |
$ |
415 |
|||
EPS (basic) |
$ |
0.24 |
$ |
0.43 |
$ |
2.37 |
$ |
1.75 |
|||
Adjusted EPS (basic) (1)(2) |
$ |
0.48 |
$ |
0.54 |
$ |
1.27 |
$ |
1.49 |
|||
(1) See “Non-GAAP Measures” noted below.
(2) Excludes the effect of mark-to-market adjustments, gain on sale and impairment charges, net of tax
Florida Electric Utility’s CAD net income increased by $21 million to $146 million in Q2 2020, compared to $125 million in Q2 2019. Earnings increased due to higher AFUDC earnings as a result of the Big Bend modernization and solar projects, lower OM&G expenses, higher base revenues and lower depreciation and amortization expense. Operating revenues decreased due to lower clause revenues, however, base revenues increased as a result of customer growth, a greater mix of sales to residential customers and the in-service of solar generation projects. Year-to-date, Florida Electric Utility’s CAD net income increased by $39 million to $225 million, compared to $186 million in 2019. Earnings increased due to higher base revenues, higher AFUDC earnings and lower OM&G expenses. Operating revenues decreased due to lower clause revenues, however, base revenues increased as a result of the in-service of solar generation projects, customer growth, a greater mix of residential sales and favourable weather.
Canadian Electric Utilities’ net income decreased by $5 million to $37 million, compared to $42 million in Q2 2019. Year-to-date, Canadian Electric Utilities’ net income was $129 million, compared to $138 million in 2019 period. The decrease in both periods was due to lower contribution from NSPI. Quarter-to-date, the decrease was due to the impacts of COVID-19 on sales volumes, increased income taxes reflecting a Q2 2019 corporate income tax recovery due to enactment of tax legislation and a higher effective tax rate, and higher storm costs, partially offset by regulatory deferral timing. Year-to-date, the decrease was due to the impacts of COVID-19 and unfavourable weather on sales volumes, increased income taxes reflecting a higher effective tax rate, and higher storm costs, partially offset by regulatory deferral timing The timing of regulatory deferrals causes quarterly earnings volatility, while full year results are more predictable.
Other Electric Utilities’ CAD net income, adjusted to exclude mark-to-market, decreased by $24 million to a loss of $1 million in Q2 2020, compared to $23 million in Q2 2019. Year-to-date, Other Electric Utilities’ CAD net income, adjusted to exclude mark-to-market, decreased by $20 million to $19 million, compared to $39 million in 2019. Lower contribution from Emera Maine as a result of the sale in Q1 2020 decreased earnings in both periods. Emera Caribbean’s contribution decreased in both periods as a result of lower revenue due to the impact of the COVID-19 pandemic and lower revenue at GBPC due to the impact of Hurricane Dorian. Year-to-date, the decrease was partially offset by the recognition of a previously deferred corporate income tax recovery related to the enactment of a lower corporate income tax rate in December 2018 at BLPC.
Gas Utilities and Infrastructure’s CAD net income decreased by $13 million to $27 million in Q2 2020, compared to $40 million in Q2 2019. Year-to-date, Gas Utilities and Infrastructure’s CAD net income decreased by $10 million to $97 million, compared to $107 million in 2019. Decreases in both periods were due to NMGC’s recognition of tax reform benefits in Q2 2019, lower base revenues at PGS due to the impacts of COVID-19 on commercial sales, and higher OM&G expenses and depreciation expenses at PGS. These decreases were partially offset by higher customer growth and higher return on investment in Cast Iron/Bare Steel replacement rider at PGS and lower OM&G expenses and depreciation rates at NMGC.
Other’s net loss, adjusted to exclude after-tax mark-to-market and the after-tax gain on sale and impairment charges recognized on certain other assets decreased by $9 million to $91 million in Q2 2019, compared to $100 million in Q2 2019. Year-to-date, Other’s contribution decreased $43 million to a loss of $159 million compared to a loss of $116 million in 2019. In Q2 2020, the decreased losses were due to higher marketing and trading margin and lower interest, partially offset by timing of preferred stock dividends and lower income tax recovery. Year-over-year the increased losses were due to the impact of the sale of NEGG and Bayside Power, timing of preferred stock dividends, revaluation of net deferred income tax assets resulting from the enactment of a lower Nova Scotia provincial corporate income tax rate in Q1 2020, higher OM&G and the 2019 sale of property in Florida. These decreases were partially offset by increased income tax recovery due to the impact of effective state tax rates and lower interest.
Non-GAAP Measures
Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures by adjusting certain GAAP and non-GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. Refer to the Non-GAAP Financial Measures section of our Management's Discussion and Analysis ("MD&A") for further discussion of these items.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.
Teleconference Call
The company will be hosting a teleconference today, Wednesday, August 12, 2020 at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q2 2020 financial results.
Analysts and other interested parties in North America are invited to participate by dialing 1-866-521-4909. International parties are invited to participate by dialing 1-647-427-2311. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.
A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available two hours after the conclusion of the call until September 15, 2020, by dialing 1-800-585-8367 and entering pass code 9866959.
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $32 billion in assets and 2019 revenues of more than $6.1 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.
Emera Inc.
Investor Relations:
Ken McOnie, VP, Investor Relations and Treasurer
902-428-6945
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Company is on Target as Installation of Stronger Poles, Thicker Power Lines Reach Half-Way Point for 2020
SAN FRANCISCO--(BUSINESS WIRE)--Mile-by-mile, Pacific Gas and Electric Company (PG&E) is transforming its electric system in high fire-threat areas to make it more resilient and resistant to wildfires. Known as system hardening, this work will benefit customers directly in terms of improved reliability and increased safety.
The ongoing work will happen every day over the next several years as 7,100 miles of PG&E’s distribution circuits are hardened. That’s nearly the distance from San Francisco to Sydney, Australia. PG&E crews and contractors will remove existing poles and install stronger poles, often made of composite materials. Thin, bare power lines are being are replaced with thicker, insulated lines that are more resistant to weather, wind and broken branches. And, in some locations, the electric infrastructure is being buried underground, completely avoiding issues with wind and trees.
“The steps PG&E is taking to address the growing wildfire threat in our state is unlike any effort in the company’s history. While there is no single solution, both immediate actions to minimize wildfire risks today, as well as longer-term efforts to rebuild our electric system for the future are necessary and underway,” said Matt Pender, PG&E’s director of the Community Wildfire Safety Program. “We will continue until these hardening upgrades are complete for both the safety and reliability of our customers and communities facing the highest risk of wildfire.”
This is heavy construction work that requires extensive advanced planning, customer engagement in various languages and then the use of trucks, cranes and bulldozers to get the job done. Through late July, more than half of the hardening work planned for this year has been completed.
That includes:
In total, through late July, PG&E has hardened 138 miles and remains on track to reinforce infrastructure across 241 miles this year. That follows the 171 miles that were hardened in 2019, which surpassed the company’s target of 150 miles last year.
System hardening is just one small slice of the comprehensive work being done as part of PG&E’s Community Wildfire Safety Program, which includes doing more work to keep trees away from power lines, adding high-definition cameras and weather stations to provide more detailed real-time information on conditions and adding microgrids that will be able to provide temporary power when and where needed.
For more information on PG&E’s wildfire mitigations and efforts to reduce the impacts of PSPS events, please visit pge.com/wildfiresafety.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, please visit pge.com and pge.com/news.
Forward-Looking Statements
This news release includes forward-looking statements that are not historical facts, including statements about the beliefs, expectations, estimates, future plans and strategies of PG&E Corporation and Pacific Gas and Electric Company, including but not limited to statements regarding PG&E’s plans to harden its electric system over the next several years and its Community Wildfire Safety Program. These statements are based on current expectations and assumptions, which management believes are reasonable, and on information currently available to management, but are necessarily subject to various risks and uncertainties. In addition to the risk that these assumptions prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include factors disclosed in PG&E Corporation and Pacific Gas and Electric Company’s joint Annual Report on Form 10-K for the year ended December 31, 2019, their joint Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and their subsequent reports filed with the Securities and Exchange Commission. Additional factors include, but are not limited to, those associated with the Chapter 11 cases of PG&E Corporation and Pacific Gas and Electric Company that commenced on January 29, 2019. PG&E Corporation and Pacific Gas and Electric Company undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise, except to the extent required by law.
MEDIA RELATIONS:
415-973-5930
LONDON--(BUSINESS WIRE)--#GlobalInspectionRobotsMarket--Technavio has been monitoring the inspection robots market and it is poised to grow by USD 3.72 billion during 2020-2024, progressing at a CAGR of almost 19% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
Frequently Asked Questions-
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Cognex Corp., Eddyfi NDT Inc., Ensign-Bickford Industries Inc., FARO Technologies Inc., General Electric Co., Groupe Gorgé, IPG Photonics Corp., MISTRAS Group Inc., TechnipFMC Plc, and Teradyne Inc. are some of the major market participants. The benefits of robotic inspection will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Inspection Robots Market 2020-2024: Segmentation
Inspection Robots Market is segmented as below:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40023
Inspection Robots Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The inspection robots market report covers the following areas:
This study identifies the integration of IoT and AI to optimize inspection operations as one of the prime reasons driving the inspection robots market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Inspection Robots Market 2020-2024: Key Highlights
Table of Contents:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY TYPE
PART 07: CUSTOMER LANDSCAPE
PART 08: MARKET SEGMENTATION BY END-USER
PART 09: GEOGRAPHIC LANDSCAPE
PART 10: DECISION FRAMEWORK
PART 11: DRIVERS AND CHALLENGES
PART 12: MARKET TRENDS
PART 13: VENDOR LANDSCAPE
PART 14: VENDOR ANALYSIS
PART 15: APPENDIX
PART 16: EXPLORE TECHNAVIO
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Expands Capabilities in Multi-Domain ISR and Integrated c-UAS Systems and Solutions
ARLINGTON, Va.--(BUSINESS WIRE)--CACI International Inc (NYSE: CACI) announced today it has acquired Ascent Vision Technologies, LLC (AVT), a leading provider of technology and solutions that support multi-domain intelligence, surveillance, and reconnaissance (ISR), unmanned aircraft system (UAS), air defense, and counter-unmanned aircraft system (c-UAS) operations.
AVT provides low size, weight, power and cost (SWAP-C) electro-optical, infrared (EO/IR) imaging systems designed for airborne, ground, and maritime platforms, delivering effective ISR and target acquisition capabilities for day and night operations.
This proprietary imaging technology is utilized in AVT’s X-MADIS system, an on-the-move, mobile and fixed site, c-UAS solution that detects, locates, tracks, identifies, and defeats UAS threats. X-MADIS integrates radar, AVT’s gyro-stabilized optical sensors, and non-kinetic electronic warfare capabilities to provide a comprehensive solution to combating the threat of hostile UAS and near-peer airborne threats. X-MADIS can also provide ground and surface surveillance, counter-IED, hostile fire location, and integrated kinetic capabilities. In addition, AVTs gyro-stabilized optics, c-UAS Software Suite and Graphical User Interface are key components integrated into the USMC MADIS family of systems.
The combining of AVT’s EO/IR and X-MADIS technologies with CACI’s signals intelligence, electronic warfare, and CORIAN capabilities will deliver continued differentiation to customers. Our open-source, system-of-systems architectures provides interoperability and speeds new capabilities to customers in the defense and security markets. AVT adds to CACI’s U.S. Army and Navy presence with the U.S. Air Force and Marine Corps, as well as international customers.
Dr. J.P. (Jack) London, CACI Executive Chairman and Chairman of the Board, noted, “CACI has an outstanding track record of successful acquisitions that deliver distinctive benefits for our customers and employees while providing long-term value to our shareholders. The cultures of CACI and AVT are aligned with an unwavering commitment to integrity, ethics, and innovation.”
According to John Mengucci, CACI President and Chief Executive Officer, “The combination of CACI and AVT brings unique advantages to our defense and national security customers with critical ISR and c-UAS missions. Their accomplished leadership team, led by founder and CEO Tim Sheehy, and highly skilled technical employee population drives a unique culture of agile innovation and differentiated performance. The synergies between AVT and CACI’s offerings establish unapparelled technologies and capabilities in this growing area of ISR and c-UAS within CACI’s business. We welcome the talented and mission-focused AVT employees to CACI.”
SheppardMullin served as CACI’s legal advisor in connection with the transaction. Jefferies LLC served as exclusive financial advisor to Ascent Vision Technologies and Holland & Hart LLP served as legal advisor in connection with the transaction.
CACI’s 23,000 talented employees are vigilant in providing the unique expertise and distinctive technology that address our customers’ greatest enterprise and mission challenges. Our culture of good character, innovation, and excellence drives our success and earns us recognition as a Fortune World’s Most Admired Company. As a member of the Fortune 1000 Largest Companies, the Russell 1000 Index, and the S&P MidCap 400 Index, we consistently deliver strong shareholder value. Visit us at www.caci.com.
There are statements made herein which do not address historical facts, and therefore could be interpreted to be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to factors that could cause actual results to differ materially from anticipated results. The factors that could cause actual results to differ materially from those anticipated include, but are not limited to, the risk factors set forth in CACI’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019, and other such filings that CACI makes with the Securities and Exchange Commission from time to time. Any forward-looking statements should not be unduly relied upon and only speak as of the date hereof.
CACI-Company News
Corporate Communications and Media:
Jody Brown, Executive Vice President, Public Relations
(703) 841-7801, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations:
Daniel Leckburg, Senior Vice President, Investor Relations
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the 2020 Citi One-on-One Midstream / Energy Infrastructure Virtual Conference. The conference is being held August 12th and 13th.
The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.
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, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
Project to bring 300 megawatts of clean energy and jobs to the community, in collaboration with GRID Alternatives, the community college and other local job training programs
PUEBLO, Colo.--(BUSINESS WIRE)--#cleanenergy--In September 2019, Xcel Energy and Lightsource bp announced that they had signed a long-term power contract for a new solar power facility in Pueblo, Colorado. One of the largest solar infrastructure projects in the state, the 300 megawatt Bighorn Solar project is being developed and financed by Lightsource bp, who will be the long-term owner and operator.
McCarthy to begin construction this fall
McCarthy Building Companies’ Renewable Energy & Storage team was named by Lightsource bp as the Engineer, Procure, and Construction (EPC) Contractor for the Bighorn Solar project, which will include the installation of nearly 750,000 Canadian Solar crystalline solar panels and NEXTracker single-axis trackers. The project is primarily located on 1,800 acres of land on EVRAZ Rocky Mountain Steel property in Pueblo, making it the largest on-site solar facility dedicated to a single customer in the country. Xcel Energy, as the electrical provider for the steel mill, will purchase the electricity wholesale from Lightsource bp to sell to EVRAZ Rocky Mountain Steel, providing cost effective and predictable electricity rates that are helping ensure that the steel mill that employs 1,000 local workers is able to remain in Pueblo as well as expand their operations.
“Colorado and the Pueblo community continue to advance a bold national model about how to take advantage and harness the power of the clean energy economy. This project is the latest example of the sweeping benefits of investing in renewable energy, including cutting pollution, and increasing local job growth.” - Governor Jared Polis |
Local job and training opportunities
“We selected the McCarthy team as our EPC contractor both for their track record in successfully building large utility-scale projects here in Colorado as well as their commitment to hiring a local workforce. This project is a great example of how innovative partnerships can maximize the economic benefits that clean energy projects bring to local communities. At Lightsource bp, we’re excited to partner with organizations that will help us be a leader in a transition to low carbon energy that includes everyone.”
- Kevin Smith
|
In addition to the local economic benefits that Bighorn Solar is bringing to Pueblo through its contribution to the economics of the steel mill and its new expansion, the project will create approximately 300 direct jobs on site, the majority of which will be hired from the local community, for the 12-14 month construction period beginning this fall. Bighorn Solar is expected to complete in late 2021.
Area residents interested in working on the Bighorn Solar project should visit www.McCarthy.com/careers/search, and enter “solar” to find job postings for positions ranging from entry level to experienced, including laborer, operator, crew lead, electrician, and journeyman electrician.
To train entry level laborers and craft workers new to the growing solar industry, McCarthy is implementing principles of Training Within Industry (TWI), a program originally developed by United States Department of War in the 1940s to help re-train workers quickly and reliably on moderately complex tasks. Through its TWI solar program, McCarthy applies its "Learn. Perform. Repeat” methodology and offers highly effective and efficient training to workers with little or no experience in solar installations. By deploying TWI and lean construction principles on solar projects from coast to coast, McCarthy is overcoming the biggest challenge faced by the construction industry today and successfully training its craft workforce.
“Knowing the significant impact that Bighorn Solar will have on the community of Pueblo, Colorado makes it extremely rewarding to be part of building the project. The renewable energy sector is helping communities around the country to benefit from jobs and meeting their clean energy goals. Our workforce training program is designed to do exactly that, along with helping more people begin to develop careers in renewable energy.”
- Scott Canada
|
Making solar jobs accessible to community members most in need
Lightsource bp is a corporate sponsor of GRID Alternatives, a national non-profit making renewable energy technology and job training accessible to low-income communities and communities of color. Through this partnership, Lightsource bp is sponsoring economic development programs in the state of Colorado, including a free solar training program for un- and underemployed workers in Pueblo. While the primary goal of the program is to train participants for the solar industry, graduates leave with valuable experiences that are transferable to the general construction, electrical, and mechanical trades. Lightsource bp is also a sponsor of an upcoming event with GRID Alternatives in Pueblo that highlights the installation of a community solar project benefitting low-income residents.
McCarthy looks forward to supporting Lightsource bp's partnership with GRID Alternatives and plans use their training program to assist with identifying local workers for the Bighorn Solar project construction.
Media contact: Mary Grikas at This email address is being protected from spambots. You need JavaScript enabled to view it.
TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) today announced that it will participate in the Citi 2020 One-on-One Midstream/Energy Infrastructure Virtual Conference on August 12 and 13, 2020. Members of NGL’s management team will be participating in a series of virtual meetings with members of the investment community.
NGL’s slide presentation referenced at the Conference is available on NGL’s website at www.nglenergypartners.com on the “Presentations” sub-tab under the “Investor Relations” section.
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 produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.
Trey Karlovich, 918-481-1119
Executive Vice President and Chief Financial Officer
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or
Linda Bridges, 918-481-1119
Senior Vice President – Finance and Treasurer
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