LEAWOOD, KS--(BUSINESS WIRE)--Tortoise announced the launch of an open-end fund, Ecofin Global Renewables Infrastructure Fund (ECOIX), built to capitalize on the energy transition underway to reduce global CO2 emissions. The fund carries a strong performance track record of nearly five years*, has a AAA MSCI ESG rating (as of August 7, 2020) and is available to U.S. retail and institutional investors through its institutional class shares.
“Our competitive advantage is the investment team experience and we have a track record managing this strategy for nearly five years, delivering double-digit annualized returns with lower risk than the market, while providing a measurable decarbonization impact,” said Michel Sznajer, Portfolio Manager. “This strategy is focused specifically on the rapidly growing migration into renewable and related clean electricity infrastructure as renewables are now the lowest-cost option for new-build electricity capacity in most markets in the world.” Please click here for the fund's standardized performance and beta.
Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 855-822-3863.
“Our team has been focused on and investing across the energy transition universe for over a decade,” said Matt Breidert, Senior Portfolio Manager. “We are at the start of a long shift towards clean electricity growing its share within the global energy mix, driven by consumer changes in transportation (electric vehicles), digitization and electrification in commerce, demand from multi-national corporates requiring reduced carbon footprints in their global supply chains, and soon supplying zero-carbon electricity to kick-off the green hydrogen industry. This strategy offers investors an opportunity to capitalize on all of these structural shifts.”
Key reasons to invest:
“At Ecofin, our mission is to identify global challenges in need of capital and create investment strategies that optimize returns to investors and maximize the measurable impact to society,” said Brent Newcomb, President - Ecofin. “Universally, we believe investors are materially underweight climate change and renewables, including the technology driving renewable adoption. Bringing this type of product to U.S. investors was part of our strategic plan when Tortoise acquired Ecofin Limited in 2018.”
To learn more about ECOIX visit ecofininvest.com/ecoix.
About Ecofin
Ecofin unites ecology and finance and has roots back to the early 1990s. Our mission is to generate strong risk-adjusted returns and measurable impacts. We invest in essential assets and services that contribute to more sustainable human ecosystems and communities. We are socially-minded, ESG-attentive investors, successfully harnessing years of expertise investing in social impact, sustainable infrastructure, energy transition and clean water & environment. Our strategies are accessible through a variety of investment solutions and seek to achieve positive impacts that align with UN Sustainable Development Goals by addressing pressing global issues surrounding climate action, clean energy and water, education, healthcare and sustainable communities. For additional information, please visit ecofininvest.com.
*The Ecofin Global Renewables Infrastructure Fund (the Fund) is a newly registered mutual fund and does not have a full calendar year of performance as a mutual fund. Prior performance shown above is for the Ecofin Global Renewables Infrastructure Fund Limited, established in November 2015 (which later changed its name to the Tortoise Global Renewables Infrastructure Fund Limited in May 2019), (the “Predecessor Fund”), an unregistered Cayman Islands limited liability company. The Predecessor Fund was reorganized into the Fund by transferring substantially all of the Predecessor Fund’s assets to the Fund in exchange for Institutional Class shares of the Fund on August 7, 2020, the date that the Fund commenced operations (the “Reorganization”). The Predecessor Fund has been managed in the same style as the Fund. The Sub-Adviser served as the investment adviser to the Predecessor Fund and will be responsible for the portfolio management and trading for the Fund. Each of the Fund’s portfolio managers was a portfolio manager of the Predecessor Fund at the time of the Reorganization. The Fund’s investment objective, policies, guidelines and restrictions are, in all material respects, the same as those of the Predecessor Fund.
Before investing in the fund, investors should consider their investment goals, time horizons and risk tolerance. The fund’s investment objective, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the fund and may be obtained by calling 855-822-3863 or visiting www.ecofininvest.com. Read it carefully before investing.
Investing involves risks. Principal loss is possible. The fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than a diversified fund. Investing in specific sectors such as energy infrastructure and renewable energy infrastructure may involve greater risk and volatility than less concentrated investments. If for any taxable year the Fund fails to qualify as a RIC, the Fund’s taxable income will be subject to federal income tax at regular corporate rates. The resulting increase to the Fund’s expenses will reduce its performance and its income available for distribution to shareholders. Investments in foreign companies involve risk not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks related to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risk and market practices, as well as fluctuations in foreign currencies. These risks are greater for investments in emerging markets. The fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. The fund may also invest in derivatives including options, futures and swap agreements, which can be highly volatile, illiquid and difficult to value, and changes in the value of a derivative held by the fund may not correlate with the underlying instrument or the fund’s other investments and can include additional risks such as liquidity risk, leverage risk and counterparty risk that are possibly greater than risks associated with investing directly in the underlying investments.
Tortoise Capital Advisors, L.L.C. is the adviser to the Fund and Ecofin Advisors Limited is the sub-adviser. Primary responsibility for the day-to-day management of the Fund’s portfolio is the joint responsibility of Matthew Breidert and Michel Sznajer, both of the Sub-Adviser. Mr. Breidert is a Senior Portfolio Manager of the Sub- Adviser. Mr. Sznajer is a Portfolio Manager of the Sub-Adviser. Each portfolio manager has managed the Fund since its inception in July 2020. Mr. Breidert and Mr. Sznajer were portfolio managers of the Predecessor Fund since its inception in 2015 and since joining the firm in 2016, respectively.
The MSCI ESG rating represents the aggregate ranking of the Fund’s holdings as of 8/7/2020. Certain information ©2020 MSCI ESG Research LLC. Reproduced by permission; no further distribution.
MSCI ESG Research LLC’s (“MSCI ESG”) Fund Metrics and Ratings (the “Information”) provide environmental, social and governance data with respect to underlying securities within more than 31,000 multi-asset class Mutual Funds and ETFs globally. MSCI ESG is a Registered Investment Adviser under the Investment Advisers Act of 1940. MSCI ESG materials have not been submitted to, nor received approval from, the US SEC or any other regulatory body. None of the Information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information. The MSCI ESG Fund Ratings is designed to assess the resilience of a fund’s aggregate holdings to long term ESG risks. Highly rated funds consist of issuers with leading or improving management of key ESG risks.
The Fund ESG Rating is calculated as a direct mapping of “Fund ESG Quality Score” to letter rating categories.
The “Fund ESG Quality Score” assesses the resilience of a fund’s aggregate holdings to long term ESG risks. Highly rated funds consist of issuers with leading or improving management of key ESG risks, based on a granular breakdown of each issuer’s business: its core product or business segments, the locations of its assets or revenues, and other relevant measures such as outsourced production. The “Fund ESG Quality Score” is provided on a 0-10 score, with 0 and 10 being the respective lowest and highest possible fund scores.
The “Fund ESG Quality Score” is assessed using the underlying holding’s “Overall ESG Scores”, “Overall ESG Ratings”, and “Overall ESG Rating Trends”. It is calculated in a series of 3 steps.
Step 1: Calculate the “Fund Weighted Average ESG Score” of the underlying holding’s “Overall ESG Scores”. The Overall ESG Scores represent either the ESG Ratings Final Industry-Adjusted Score or Government Adjusted ESG Score of the issuer. Methodology for the issuer level scores are available in the MSCI ESG Ratings Methodology document.
Step 2: Calculate adjustment % based on fund exposure to “Fund ESG Laggards ()”, “Fund ESG Trend Negative ()”, and “Fund ESG Trend Positive (%)”.
Step 3: Multiply the “Fund Weighted Average ESG Score” by (1 + Adjustment %).
For more information please visit https://www.msci.com/esg-fund-ratings.
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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 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund and its adviser and sub-adviser 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 funds and is adviser and sub-adviser do not assume a duty to update this forward-looking statement.
Maggie Zastrow
(913) 981-1020
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LONDON--(BUSINESS WIRE)--#AutomationSolutionsMarketintheOilandGasIndustry--Technavio has been monitoring the automation solutions market in the oil and gas industry and it is poised to grow by USD 1.49 billion during 2020-2024, progressing at a CAGR of over 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts
Frequently Asked Questions-
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corp., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp. are some of the major market participants. The rise in the global demand for oil and gas 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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Automation Solutions Market in the Oil and Gas Industry 2020-2024: Segmentation
Automation Solutions Market in the Oil and Gas Industry is segmented as below:
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Automation Solutions Market in the Oil and Gas Industry 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 automation solutions market in the oil and gas industry report covers the following areas:
This study identifies the growing importance of big data analytics and IoT as one of the prime reasons driving the automation solutions market growth in the oil and gas industry during the next few years.
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Automation Solutions Market in the Oil and Gas Industry 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 PRODUCT
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
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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At-market, all-stock, in-basin acquisition delivers step change in free cash flow, captures synergies and is accretive to all key financial metrics
SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (NYSE: SWN) and Montage Resources Corporation (NYSE: MR) today announced that they have entered into a definitive merger agreement under which Southwestern Energy will acquire Montage Resources in an all-stock transaction. Based on the 3-day average closing share prices of the companies as of August 11, 2020 and under the terms of the agreement, Montage Resources shareholders will receive 1.8656 shares of Southwestern for each Montage Resources share. The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions, including the approval of the Montage Resources shareholders.
Highlights include:
“This is an exciting step for Southwestern as we expand our Appalachia footprint with the high-quality assets of Montage. As we have consistently stated, we are firm believers in the benefits of value-creating consolidation. This transaction further solidifies the Company’s position as a premier Appalachia operator and provides additional scale and synergies strengthened by our leading operational execution. Consistent with our strategy, this transaction is expected to deliver increased free cash flow, improved returns and long-term value to shareholders,” said Bill Way, Southwestern Energy President and Chief Executive Officer.
Way continued, “This acquisition is expected to deliver on all criteria of an accretive, value-adding transaction for the shareholders of both Southwestern Energy and Montage Resources. Southwestern Energy has consistently and methodically taken steps to enhance its resilience over the last few years, and this transaction solidifies that path and delivers on the commitment to responsibly manage the balance sheet and return to free cash flow.”
John Reinhart, President and CEO of Montage Resources, commented, “This transaction creates a compelling opportunity for both Southwestern Energy and Montage Resources shareholders to benefit from the strength of the consolidated company. The combination creates a Company of substantial scale with capabilities to enhance cash flow generation and a strong balance sheet that provides opportunities for enhanced shareholder value creation. We appreciate all of the great work by Montage employees in forming a very attractive business that will continue to build upon the success of Southwestern Energy.”
Concurrently, Southwestern also commenced a registered underwritten public offering of 55,000,000 shares of its common stock, with the proceeds expected to be used to retire a portion of Montage Resources’ 8.875% Senior Notes due 2023. The remaining portion of the Montage notes outstanding have the potential to be refinanced opportunistically.
This transaction delivers on the key strategic objectives that Southwestern Energy has been targeting:
Certain key metrics of the new combined enterprise are shown below.
|
|
SWN |
|
MR |
|
SWN + MR |
Production (for the quarter ended June 30, 2020) |
|
|
|
|
|
|
Natural Gas (Bcf) |
|
158 |
|
42 |
|
200 |
Oil/Condensate (MBbls) |
|
1,083 |
|
440 |
|
1,523 |
NGLs (MBbls) |
|
6,111 |
|
974 |
|
7,085 |
Total Production (Bcfe) |
|
201 |
|
50 |
|
251 |
|
|
|
|
|
|
|
Net Acres(1) |
|
|
|
|
|
|
Northeast Appalachia |
|
173,994 |
|
34,900 |
|
208,894 |
Southwest Appalachia |
|
287,693 |
|
289,600 |
|
577,293 |
Total Net Acres |
|
461,687 |
|
324,500 |
|
786,187 |
|
|
|
|
|
|
|
Proved Reserves (as of December 31, 2019) |
|
|
|
|
|
|
Natural Gas (Bcf) |
|
8,630 |
|
2,138 |
|
10,768 |
Oil/Condensate (MMBbls) |
|
72.9 |
|
30.3 |
|
103.2 |
NGLs (MMBbls) |
|
608.8 |
|
68.4 |
|
677.2 |
Total Proved Reserves (Bcfe) |
|
12,721 |
|
2,730 |
|
15,451 |
|
|
|
|
|
|
|
Net Debt / Adjusted EBITDA (as of June 30, 2020)(2) |
|
|
|
|
|
|
Total Debt ($MM) |
|
$2,457 |
|
$670 |
|
$3,127 |
Less: Cash ($MM) |
|
(10) |
|
(9) |
|
(19) |
Net Debt ($MM) (non-GAAP) |
|
$2,447 |
|
$661 |
|
$3,108 |
Adjusted EBITDA ($MM)(3) (non-GAAP) |
|
780 |
|
271 |
|
1,051 |
Net Debt / Adjusted EBITDA (non-GAAP) |
|
3.1x |
|
2.4x |
|
3.0x |
(1) |
Net acres for Southwestern Energy and Montage Resources as of December 31, 2019 and June 30, 2020, respectively. |
|
(2) |
The balances of the combined companies are based solely on historical information, and may not be indicative of the pro forma financial information relating to the combined company once available. |
|
(3) |
For the twelve months ended June 30, 2020. Montage’s comparative financial non-GAAP metric as defined in its public filings is EBITDAX |
Advisors
Citi and Goldman Sachs & Co. LLC are acting as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Southwestern. Barclays is acting as financial advisor and Norton Rose Fulbright LLP is acting as legal advisor to Montage Resources. Vinson & Elkins LLP is acting as legal advisor to EnCap Investments, L.P.
Conference Call
Southwestern Energy will host a conference call today at 10:00 a.m. Central to discuss this transaction. To participate, dial US toll-free 877-879-1183, or international 412-902-6703 and enter access code 1383175. A live webcast will also be available at ir.swn.com.
About Southwestern Energy
Southwestern Energy Company is an independent energy company engaged in natural gas, natural gas liquids and oil exploration, development, production and marketing.
About Montage Resources
Montage Resources is an exploration and production company with approximately 195,000 net effective core undeveloped acres currently focused on the Utica and Marcellus Shales of Southeast Ohio, West Virginia and North Central Pennsylvania.
Forward Looking Statement
Certain statements and information in this news release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “project,” “potential,” “may,” “will,” “are likely” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Examples of forward-looking statements in this release include, but are not limited to, statements regarding expected generation of free cash flow, benefits to the combined company’s financial metrics, anticipated synergies, expected production, the expected closing of the merger and the proposed retirement of Montage’s senior notes with proceeds from the announced equity offering. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. The forward-looking statements contained in this document are largely based on our expectations for the future, which reflect certain estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions, operating trends, and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. As such, management’s assumptions about future events may prove to be inaccurate. For a more detailed description of the risks and uncertainties involved, see “Risk Factors” in our most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC filings. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events, changes in circumstances, or otherwise. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. Management cautions you that the forward-looking statements contained in this presentation are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids (“NGLs”), including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to the COVID-19 pandemic; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors, including the impact of COVID-19; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to realize the expected benefits from recent acquisitions and the Proposed Transaction (defined below) between the Company and Montage Resources Corporation ("Montage"); our ability to enter into an amendment to our credit agreement to permit the assumption of the senior notes of Montage in the merger; the consummation of or failure to consummate the Proposed Transaction and the timing thereof; costs in connection with the Proposed Transaction; integration of operations and results subsequent to the Proposed Transaction; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the SEC that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Use of Non-GAAP Information
This news release contains non-GAAP financial measures, such as net cash flow, free cash flow, net debt and adjusted EBITDA, including certain key statistics and estimates. We report our financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, management believes certain non-GAAP performance measures may provide users of this financial information additional meaningful comparisons between current results and the results of our peers and of prior periods. Please see the Appendix for definitions of the non-GAAP financial measures that are based on reconcilable historical information.
Additional Information and Where To Find It
In connection with the proposed acquisition by the Company of Montage (the “Proposed Transaction”), the Company will file with the SEC a registration statement on Form S-4 to register the shares of the Company’s common stock to be issued in connection with the Proposed Transaction. The registration statement will include a document that serves as a prospectus of the Company and a proxy statement of Montage (the “proxy statement/prospectus”), and each party will file other documents regarding the Proposed Transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND MONTAGE ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, MONTAGE, THE PROPOSED TRANSACTION AND RELATED MATTERS. A definitive proxy statement/prospectus will be sent to Montage’s stockholders when it becomes available. Investors and security holders will be able to obtain copies of the registration statement and the proxy statement/prospectus and other documents containing important information about the Company and Montage free of charge from the SEC’s website or from the Company or Montage when it becomes available. The documents filed by the Company with the SEC may be obtained free of charge at the Company’s website at www.swn.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from the Company by requesting them by mail at Investor Relations, 10000 Energy Drive, Spring, Texas 77389, or by telephone at (832) 796-4068. The documents filed by Montage with the SEC may be obtained free of charge at Montage’s website at www.montageresources.com or at the SEC’s website at www.sec.gov. These documents may also be obtained free of charge from Montage by requesting them by mail at Investor Relations, 122 W. John Carpenter Fwy, Suite 300, Irving, TX 75039, or by telephone at (469) 444-1736.
Participants in the Solicitation
The Company, Montage and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from Montage’s stockholders with respect to the Proposed Transaction. Information about the Company’s directors and executive officers is available in the Company’s Annual Report on Form 10-K for the fiscal year ended 2019 filed with the SEC on February 27, 2020 and its definitive proxy statement for the 2020 annual meeting of shareholders filed with the SEC on April 9, 2020. Information concerning the ownership of Montage’s securities by Montage’s directors and executive officers is included in their SEC filings on Forms 3, 4 and 5, and additional information regarding the names, affiliations and interests of such individuals is available in Montage’s Annual Report on Form 10-K for the fiscal year ended 2019 filed with the SEC on March 10, 2020 and its definitive proxy statement for the 2020 annual meeting of shareholders filed with the SEC on April 28, 2020. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the registration statement, the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the Proposed Transaction when they become available. Stockholders, potential investors and other readers should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions.
Registration Statement
The Company has filed a registration statement (including a prospectus and the related Preliminary Prospectus Supplement) with the SEC for the offering of common stock to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the Preliminary Prospectus Supplement and any other documents the Company has filed with the SEC for more complete information about the Company and the offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions 1155 Long Island Avenue, Edgewood, NY 11717, or via telephone: 1-800-831-9146.
Explanation of Non-GAAP Financial Measures
The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, management believes certain non-GAAP performance measures may provide financial statement users with additional meaningful comparisons between current results, the results of its peers and of prior periods.
Non-GAAP financial measures the Company may present from time to time are net debt, net cash flow, free cash flow and adjusted EBITDA, which excludes certain charges or amounts. Net debt is defined as short-term debt plus long-term debt less cash and cash equivalents. Adjusted EBITDA is defined as net income (loss) plus interest, income tax expense (benefit), depreciation, depletion and amortization, expenses associated with the restructuring charges, impairments, legal settlements and gains (losses) on unsettled derivatives less gains (losses) on sale of assets and gains on early extinguishment of debt over the prior 12 month period. Net cash flow is defined as cash flow from operating activities before changes in operating assets and liabilities. Free cash flow is defined as net cash flow less accrual based capital expenditures, and estimated free cash flow for future periods is based on strip pricing as of July 30, 2020. The Company has included information concerning Net debt / Adjusted EBITDA because it is used by certain investors as a measure of the ability of a company to service or incur indebtedness and because it is a financial measure commonly used in the energy industry. Net debt / Adjusted EBITDA should not be considered in isolation or as a substitute for net income, net cash provided by operating activities or other income or cash flow data prepared in accordance with generally accepted accounting principles or as a measure of the Company’s profitability or liquidity. Net debt / Adjusted EBITDA, as defined above, may not be comparable to similarly titled measures of other companies. Management presents these measures because (i) they are consistent with the manner in which the Company’s position and performance are measured relative to the position and performance of its peers, (ii) these measures are more comparable to earnings estimates provided by securities analysts, and (iii) charges or amounts excluded cannot be reasonably estimated and guidance provided by the Company excludes information regarding these types of items. These adjusted amounts are not a measure of financial performance under GAAP.
The Company does not provide a reconciliation to estimated free cash flow because the Company does not provide the GAAP financial measures of net income or loss or net cash provided by operating activities on a forward-looking basis because it is unable to predict, without unreasonable effort, certain components thereof including, but not limited to capital expenditures, production and realized prices for production. These items are inherently uncertain and depend on various factors, many of which are beyond its control. As such, any associated estimate and its impact on GAAP performance and cash flow measures could vary materially based on a variety of acceptable management assumptions.
Investor Contacts
Brittany Raiford
Director, Investor Relations
(832) 796-7906
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Bernadette Butler
Investor Relations Advisor
(832) 796-6079
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Ready Access to AI-Driven Capabilities Can Help Insurers, TPAs and Self-Insured Organizations Drive Growth, Profitability, Efficiencies in Underwriting and Claims Operations
CHICAGO & BOSTON--(BUSINESS WIRE)--#AI--Origami Risk LLC and Gradient AI today announced they have formed a strategic partnership to make Gradient’s claims and policy modeling capabilities and predictive analytics resources available on Origami’s industry-leading digital platform.
Gradient’s AI-driven tools and resources help drive efficiencies in policy underwriting and claims adjusting processes, such as enabling claim teams to focus greater attention on claims with a high probability of becoming significant cost-drivers. Gradient’s predictions, as well as associated contributing factors, are fully integrated with the Origami platform's robust workflow, reporting and digital engagement tools.
Insurers, TPAs, risk pools, and self-insured organizations can leverage Origami's automation capabilities along with Gradient’s vast proprietary data sets of millions of claims and policies to expand new business, streamline underwriting, speed delivery of quotes and enhance overall performance and profitability.
“As insurers strive to operate more profitably while maintaining market share and achieving targeted growth, new AI-driven solutions are increasingly helping them achieve their goals,” said Robert Petrie, CEO, Origami Risk. “Our collaboration with Gradient AI offers insurers, risk pools and large self-administered plans using our platform ready access to robust tools that can have measurable impacts on their performance and growth.”
“There’s no question that speed and accuracy in both claims management and underwriting have become paramount for insurers,” Stan Smith, CEO, Gradient AI said. “The seamless integration of our tools with Origami’s capabilities will facilitate improved decision-making, faster responses and measurable improvements in claims experience and underwriting results.”
Additional information on Gradient’s tools now available on Origami’s digital platform is available by visiting: https://bit.ly/3fNCP70.
About Gradient AI
Gradient AI was founded in order to address the need for state-of-the-art Artificial Intelligence (AI) solutions designed specifically for the trillion-dollar insurance industry. AI has emerged as a disruptive force revolutionizing the way insurance professionals achieve their objectives, and Gradient is leading that charge. Our solutions include software and models utilized by many of the world’s most recognized insurance carriers, MGAs, TPAs, pools, PEOs and more. Gradient’s stellar client base continues to grow rapidly. Gradient’s team of expert data scientists and insurance technology experts have an exceptional history of building wildly successful insurance technology companies, with the most satisfied customers in the industry. At Gradient, we focus exclusively on delivering measurable results in your underwriting and claims operations. To learn more about Gradient AI, please visit www.gradientai.com.
About Origami Risk
Origami Risk is a leading provider of integrated SaaS solutions for the risk, safety, and insurance industry — from insured corporate and public entities to brokers and risk consultants, insurers, third party claims administrators (TPAs), and risk pools. Highly configurable and completely scalable, Origami Risk delivers a full suite of risk management tools and insurance core system solutions from a secure, cloud-based platform accessible via web browser and mobile app. Visit origamirisk.com or contact Origami at This email address is being protected from spambots. You need JavaScript enabled to view it..
Al Modugno, 917-414-4569
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SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (“Southwestern Energy”) (NYSE: SWN) today announced the commencement of an underwritten public offering of 55,000,000 shares of its common stock (the “offering”), subject to market and other conditions. Southwestern Energy intends to grant the respective underwriters a 30-day option to purchase up to 8,250,000 additional shares of its common stock. Southwestern Energy intends to use the net proceeds from the offering to partially redeem Montage Resource Corporation’s (“Montage”) issued and outstanding senior notes that it will assume upon the closing of its recently announced merger with Montage (the “Merger”). If the Merger is not consummated, Southwestern Energy intends to use the net proceeds from the offering for general corporate purposes, including the repayment of debt. Until Southwestern Energy applies the net proceeds from this offering for the purposes described above, it may invest such proceeds in short-term, liquid investments or to reduce the balance under its credit agreement. The net proceeds from any exercise by the underwriters of their option to purchase additional shares of common stock from us will be used to redeem additional Montage notes after the consummation of the Merger or for general corporate purposes, including the repayment of debt.
Citigroup, Goldman Sachs & Co. LLC and J.P. Morgan are acting as representatives of the underwriters and joint book-running managers for the offering.
The offering is being made under an effective automatic shelf registration statement on Form S-3 (Registration No. 333-238633) filed by Southwestern Energy with the Securities and Exchange Commission (“SEC”) and only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement has been filed with the SEC to which this communication relates. Prospective investors should read the preliminary prospectus supplement and the accompanying prospectus included in the registration statement and other documents Southwestern Energy has filed with the SEC for more complete information about Southwestern Energy and the offering. These documents are available at no charge by visiting EDGAR on the SEC website at http://www.sec.gov.
Alternatively, a copy of the base prospectus and the preliminary prospectus supplement may be obtained, when available, from:
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 800-831-9146
Goldman Sachs & Co. LLC
Attention: Prospectus Department
200 West Street
New York, NY 10282
Telephone: 866-471-2526
Facsimile: 212-902-9316
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
J.P. Morgan Securities LLC
c/o Broadridge
Financial Solutions
Attention: Prospectus Department
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 866-803-9204
This news release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Southwestern Energy
Southwestern Energy Company is an independent energy company engaged in natural gas, natural gas liquids and oil exploration, development, production and marketing.
Forward Looking Statement
This news release contains forward-looking statements. Forward-looking statements relate to future events, including, but not limited to, anticipated results of operations, business strategies, other aspects of Southwestern Energy’s operations or operating results, the proposed offering, the use of proceeds of the offering and the consummation of the Merger. In many cases you can identify forward-looking statements by terminology such words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “predict,” “budget,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “continue,” “project,” “projection,” “goal,” “model,” “target,” “potential,” “may,” “will,” “objective,” “guidance,” “outlook,” “effort,” “are likely” and other similar expressions. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices; changes in expected levels of natural gas and oil reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; international monetary conditions; unexpected cost increases; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to the company’s business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting the company’s business generally as set forth in the company’s filings with the SEC. Unless legally required, Southwestern Energy Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Brittany Raiford
Director, Investor Relations
(832) 796-7906
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Bernadette Butler
Investor Relations Advisor
(832) 796-6079
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LONDON--(BUSINESS WIRE)--#GlobalMaritimeInformationMarket--Technavio has been monitoring the maritime information market and it is poised to grow by $ 736.98 million during 2020-2024, progressing at a CAGR of over 9% 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.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Please Request Latest Free Sample Report on COVID-19 Impact
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. FLIR Systems Inc., Garmin Ltd., Inmarsat Group Ltd., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Maxar Technologies Inc., ORBCOMM Inc., Raytheon Co., Saab AB, and Thales Group 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.
The need to comply with strict regulations has been instrumental in driving the growth of the market.
Maritime Information Market 2020-2024 : Segmentation
Maritime Information 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=IRTNTR40416
Maritime Information 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. Our maritime information market report covers the following areas:
This study identifies an increase in seaborne trade as one of the prime reasons driving the maritime information market growth during the next few years.
Maritime Information Market 2020-2024 : Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the maritime information market, including some of the vendors such as FLIR Systems Inc., Garmin Ltd., Inmarsat Group Ltd., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Maxar Technologies Inc., ORBCOMM Inc., Raytheon Co., Saab AB, and Thales Group. Backed with competitive intelligence and benchmarking, our research reports on the maritime information market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
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Maritime Information Market 2020-2024 : Key Highlights
Table Of Contents :
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by End-user
Customer Landscape
Geographic Landscape
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
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Website: www.technavio.com/
LIVONIA, Mich.--(BUSINESS WIRE)--An increase in customer satisfaction and loyalty metrics of Texas retail electric providers (REPs) comes at an opportune time as one in four Texans is now actively shopping for a new electric provider. The average Texas REP Net Promoter Score (NPS) has improved significantly to 15.1 in Q2 2020 from 14.0 the previous quarter. Before Q2 2020, REP NPS (a measure of customer satisfaction) had been rapidly declining. These and other findings are from the 2020 Cogent Syndicated Texas REP Trusted Brand study from Escalent, a top human behavior and analytics firm.
Texas REP Net Promoter Score Trending |
|||
Q2 2020 |
15.1 |
||
Q1 2020 |
14.0 |
||
Q4 2019 |
14.8 |
||
Q3 2019 |
14.8 |
||
Q2 2019 |
15.8 |
||
Q1 2019 |
17.5 |
||
Q4 2018 |
17.6 |
||
Q3 2018 |
19.0 |
||
Source: Escalent. Cogent Syndicated. Texas REP Trusted Brand. August 2020.
“It’s clear from our research that many Texas REPs are being challenged with customer loyalty right now,” said Chris Oberle, senior vice president at Escalent. “Our analysis built a model that identifies critical brand qualities and market trends required for REPs to attract new customers and increase NPS. The good news is we found that REP responsiveness to customer needs during the COVID-19 pandemic has helped many REPs turn around a negative slide in loyalty.”
The study monitors and benchmarks NPS among all Texas REPs on a quarterly basis. Some of the findings regarding NPS performance are:
The following is REP Net Promoter Score performance rankings as well as scoring changes from year-end 2019.
Texas Retail Electric Provider Net Promoter Scoring |
||
NEC Retail |
70.3 |
|
American Light & Power |
54.5 |
|
WTU Retail |
53.1 |
|
Xoom Energy |
47.1 |
|
Ameripower |
41.5 |
|
Acacia Energy |
36.3 |
|
Champion Energy Services |
33.5 |
|
4Change Energy |
32.5 |
|
Cirro Energy |
31.6 |
|
Spark Energy |
30.3 |
|
Alliance Power |
25.0 |
|
Green Mountain Energy |
24.6 |
|
Discount Power |
24.5 |
|
TriEagle Energy |
19.4 |
|
Amigo Energy |
18.2 |
|
Stream Energy |
15.8 |
|
Constellation |
14.6 |
|
TXU Energy |
13.4 |
|
First Choice Power |
13.2 |
|
Bounce Energy |
11.9 |
|
Accent Energy |
11.2 |
|
Direct Energy |
10.6 |
|
Ambit Energy |
10.3 |
|
Payless Power |
8.6 |
|
Reliant Energy |
7.1 |
|
CPL Retail Energy |
5.9 |
|
Gexa Energy |
2.9 |
|
Just Energy |
-0.7 |
|
Frontier |
-8.7 |
|
Entrust Energy |
-16.8 |
|
Brilliant Energy |
-22.6 |
|
Largest Net Promoter Score Changes From Year-End 2019 |
|||||||||
Largest Increases |
|
Largest Declines |
|
||||||
Gexa Energy |
2.0 |
Ambit Energy |
-0.2 |
||||||
WTU Retail |
1.3 |
Pennywise |
-0.2 |
||||||
Cirro Energy |
1.2 |
Our Energy |
-0.2 |
||||||
TXU Energy |
1.0 |
Tara Energy |
-0.2 |
||||||
Infinite Energy |
0.8 |
YEP Energy |
-0.2 |
||||||
Champion Energy Services |
0.6 |
Ameripower |
-0.2 |
||||||
First Choice Power |
0.6 |
Alliance Power |
-0.2 |
||||||
Griddy |
0.5 |
Entrust Energy |
-0.4 |
||||||
Breeze |
0.5 |
Amigo Energy |
-0.5 |
||||||
Xoom Energy |
0.5 |
CPL Retail Energy |
-0.5 |
||||||
NEC Retail |
0.4 |
Discount Power |
-0.5 |
||||||
Green Mountain Energy |
0.4 |
Brilliant Energy |
-0.6 |
||||||
Spark Energy |
0.4 |
Direct Energy |
-0.7 |
||||||
4Change Energy |
0.3 |
TriEagle Energy |
-0.7 |
||||||
American Light & Power |
0.3 |
Summer Energy |
-0.9 |
||||||
Beyond Power |
0.3 |
Bounce Energy |
-1.0 |
||||||
Stream Energy |
0.2 |
Frontier |
-1.3 |
||||||
Veteran Energy |
0.2 |
Just Energy |
-2.3 |
||||||
Constellation |
0.2 |
Reliant Energy |
-3.6 |
||||||
About Texas REP Trusted Brand™
Cogent Syndicated measures Customer Engagement and Brand Trust among customers of Texas retail electric providers by surveying 5,146 customers across providers based upon data-driven models. The study measures key performance indicators (KPIs) to provide management perspectives on how to improve REP brand positioning, sales and promotion, customer trust, effective messaging, product sales, customer experiences, service quality, customer acquisition and loyalty. Escalent’s Brand Trust Index comprises nine factors: community support, customer focus, communications effectiveness, environmental dedication, local reputation, reliable quality, competitive rates, enhanced offerings, and billing and customer service. The study collects a demographically representative sample across all Texas service territories open for retail electric competition. Escalent will supply the exact wording of any survey question upon request.
About Escalent
Escalent is a top human behavior and analytics firm specializing in industries facing disruption and business transformation. As catalysts of progress for more than 40 years, we tell stories that transform data and insight into a profound understanding of what drives human beings. And we help businesses turn those drivers into actions that build brands, enhance customer experiences and inspire product innovation. Visit escalent.co to see how we are helping shape the brands that are reshaping the world.
Sarah Keller, 734.779.6847
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JACKSONVILLE, Fla.--(BUSINESS WIRE)--BAE Systems has received an $83.5 million contract from the U.S. Navy to modernize the guided-missile destroyers USS Carney (DDG 64) and USS Winston S. Churchill (DDG 81). The modernization work will be performed sequentially by the company’s shipyard in Jacksonville. The contracts include options that, if exercised, would bring the cumulative value to $211.6 million.
The USS Carney will be first in the shipyard, arriving in September 2020. The 23-year-old ship just returned from a six-year operational period in Rota, Spain, and will undergo extensive repair and upgrade work that will take more than 400 days to complete. The shipyard will drydock the ship and perform maintenance of the underwater hull, renovation of crew habitability spaces and upgrades to shipboard systems. The modernization is scheduled to be completed in November 2021.
The Winston S. Churchill will undergo a 390-day maintenance period when the ship arrives in June 2021. The shipyard’s work aboard the 18-year-old ship will include drydocking, replacement of steel structures onboard and support of the electronic systems upgrades. The modernization of the Winston S. Churchill is scheduled to be completed in July 2022.
“The modernization work aboard the Carney and Winston S. Churchill are significant for our Jacksonville maritime team and important for the service lives and mission capability of these combatants,” said Tim Spratto, general manager of BAE Systems Jacksonville Ship Repair. “The back-to-back sequencing of work is efficient and beneficial for our employees, our subcontractors and our Navy customer.”
BAE Systems’ Jacksonville shipyard has posted jobs and is expecting to hire workers in a number of trades, including welders, pipefitters, electricians, and painters, over the next two years to work on the two destroyers and for its ongoing repair and modernization work on other ships. The award of these two ships will also provide work for our team of subcontractor partners and third-party vendors in the port.
Commissioned in 1996, the USS Carney is named after Admiral Robert Carney, who served as chief of naval operations during the Eisenhower administration. The USS Winston S. Churchill is named after the renowned British prime minister and was commissioned in 2001.
BAE Systems is a leading provider of ship repair, maintenance, modernization, conversion, and overhaul services for the Navy, other government agencies, and select commercial customers. The company operates four full-service shipyards in California, Florida, Hawaii and Virginia, and offers a highly skilled, experienced workforce, eight dry docks/marine railways, and significant pier space and ship support services. For information about company jobs, visit www.jobs.baesystems.com.
Karl Johnson, BAE Systems
Mobile: 757-375-5086
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www.baesystems.com/US
@BAESystemsInc
Full Project Capacity to Serve C&I Offtakers Through PPAs and Retail Electric Services
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--#cleanenergy--Apex Clean Energy today announced the sale of White Mesa Wind, located in Crockett County, Texas, to an unnamed buyer. When complete, the 500 MW White Mesa project will be the third-largest single-phase, single-site wind farm in the United States, following the largest—the 525 MW Aviator Wind, also developed by Apex and located in West Texas.
The deal includes a number of power purchase agreements that Apex negotiated with corporate customers: an aggregation of global technology leaders, a Fortune 500 energy technology company, a Fortune 500 leader in materials engineering solutions, among others—including Apex’s largest-ever power purchase transaction.
“White Mesa Wind illustrates the continued and robust demand for renewable energy projects with strong attributes, including a remarkable wind resource and negotiated offtake agreements,” said Mark Goodwin, president and CEO of Apex Clean Energy. “Apex is pleased to bring this project to fruition, deliver the myriad benefits of clean power to these corporate customers, and support and strengthen the Lone Star State.”
White Mesa Wind is expected to complete development this year and enter commercial operations in 2021.
About Apex Clean Energy
Apex Clean Energy develops, constructs, and operates utility-scale wind and solar power facilities across North America. Our mission-driven team of more than 200 renewable energy experts uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information on how Apex is leading the transition to a clean energy future, visit www.apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.
Cat Strumlauf
Apex Clean Energy
Manager | Corporate Communications
(434) 227-4196
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DUBLIN--(BUSINESS WIRE)--The "Global Pyrolysis Oil Market: Growth, Trends and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The global market for Pyrolysis Oil is expected to grow at a CAGR of over 4% during the forecast period.
Major factors driving the market studied are increasing demand of pyrolysis oil for generating heat & power and rising demand from fuels segment. On the flipside, problems associated with storage and transportation of pyrolysis oil and unfavourable conditions arising due to COVID-19 outbreak are the major restraints, which are expected to hinder the growth of market.
Key Highlights
Market Trends
Increasing Demand from the Heat & Power Segment
North America Region to Dominate the World Market
Competitive Landscape
The pyrolysis oil market is consolidated with top players accounting for a major share of the market. Some of the major companies in the market include BTG Biomass Technology Group, Divya International, Chevron Phillips Chemical Company, Biogreen (ETIA Group), and Klean Fuels (Klean Industries Inc.).
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Generating Heat & Power
4.1.2 Rising Demand from Fuels Segment
4.2 Restraints
4.2.1 Problems Associated to Storage and Transportation of Pyrolysis Oil
4.2.2 Unfavourable Conditions Arising due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Raw Material
5.1.1 Waste Plastic
5.1.2 Waste Tire
5.1.3 Waste Rubber
5.1.4 Oil Sludge
5.2 Application
5.2.1 Fuels
5.2.2 Chemicals
5.2.3 Heat
5.2.4 Power
5.3 Geography
5.3.1 Asia-Pacific
5.3.2 North America
5.3.3 Europe
5.3.4 South America
5.3.5 Middle-East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Biogreen (ETIA Group)
6.4.2 BTG Biomass Technology Group
6.4.3 Chevron Phillips Chemical Company
6.4.4 Divya International
6.4.5 Ecomation Oy
6.4.6 Kingtiger (Shanghai) Environmental Technology Co. Ltd.
6.4.7 Klean Fuels (Klean Industries Inc.)
6.4.8 Pyro-Oil Nig. Ltd.
6.4.9 Recor
6.4.10 Trident Fuels Pty. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Application in Biorefineries
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/vqiz0y
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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New Division Bringing Traditional Capital Markets into the Digital Era
BOSTON--(BUSINESS WIRE)--BitOoda is expanding its suite of digital asset financial services through the launch of a digital private placement and SAFT brokerage division, following approval of the company’s application to advise and act as a placement agent on private primary offerings of digital securities and broker secondary-market transactions for SAFTs (Simple Agreements for Future Tokens). BitOoda is a U.S. Securities and Exchange Commission registered broker-dealer and a FINRA member.
Within the digital private placement division, BitOoda will harness the potential of the blockchain to bring traditional capital markets to the digital era by providing advisory services to digital asset token issuers, as well as acting as a placement agent for digital securities.
“At BitOoda we envision a future where currencies, equity, debt, and alterative assets are blockchain native. The launch of our digital private placement division marks the first step in contributing to this transition” BitOoda CEO Tim Kelly stated.
BitOoda’s SAFT brokerage division gives the U.S. digital asset ecosystem its first financial services firm for secondary-market SAFT trading that is fully compliant with securities regulations.
“This represents a milestone and much-needed regulatory clarity for the digital asset industry, and provides institutional investors with the oversight and protection in trading SAFTs that they are accustomed to when trading traditional securities,” said BitOoda Head of Business Development Ryan Porter.
Tim Kelly concluded, “We are now uniquely positioned as one of the first firms to compliantly offer investment advisory and brokerage services for digital assets, extending our already-robust regulatory credentials to help legitimize new sectors of the digital asset market.”
About BitOoda: BitOoda Holdings Inc. is a global financial services platform with a mission to accelerate the global adoption of transformational technologies by promoting transparent and efficient marketplaces through innovative and professional capital markets solutions. BitOoda’s subsidiaries include Ooda Commodities LLC, a CFTC/NFA-registered Introducing Broker; BitOoda Technologies LLC, an SEC/FINRA-registered Broker-Dealer; and BitOoda Digital LLC, which has applied for a NY DFS BitLicense. BitOoda HashTM, BitOoda Difficulty®, and BitOoda Bitcoin Transaction FeeTM are trademarks of BitOoda Holdings Inc. For more information, please visit www.bitooda.io or email This email address is being protected from spambots. You need JavaScript enabled to view it..
Tom Nath
BitOoda Technologies, LLC
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Enhancing support for legacy products, white-labeled versions of the first- and second-generation ALiEn plunger controllers, best-selling Cyclops arrival sensor, and Sasquatch velocity sensor has been a primary focus for ETC as they enter their 20th year in business.
CALGARY, Alberta--(BUSINESS WIRE)--#artificiallift--2020 has been a whopper of a year so far for the North American oil and gas industry. Between regulatory roadblocks, a massive reduction in global demand for natural resources, newly negotiated trade terms, and a whole host of unforeseen challenges related to the COVID-19 outbreak, the entire sector has taken one massive blow after another. The struggles faced by equipment manufacturers, service providers, and producers have greatly impacted several other industries, with hope for a quick recovery seemingly whittling away as we enter the back half the year.
In spite of the hardship that the oil and gas industry has endured in recent months, traditionally change-resistant businesses have pivoted and adjusted to a new normal with an impressive amount of agility. There has been a significant evolution in the way we, our partners, and our customers do business, and there’s no turning back now. The digital revolution began many years ago, but the acceleration in recent months is a huge testament to the adaptability and resilience of the industry.
As a technology company with close ties to the field, ETC understands the demands and challenges service companies and producers face. Optimizing well production requires precise analytics, reliable equipment, and a lot of underlying knowledge and experience. Enhancing support for legacy products, white-labeled versions of the first- and second-generation ALiEn plunger controllers, the best-selling Cyclops arrival sensor, and Sasquatch velocity sensor has been a primary focus for ETC this year. The latest investment to ensure ETC products continue to create value and ROI is a new online Product Support Center. New articles and resources will be added on a regular basis so customers can find all the information needed to get the most of ETC plunger lift controls and sensors. Regularly scheduled live video training sessions are available, with recorded versions available on-demand at support.etcorp.ca.
To help oil and gas companies keep natural gas wells producing at optimal levels for a lower capital investment, ETC is pleased to announce several new programs; Refurbished controllers and replacement faceplates are now available at a reduced price. Please visit etcorp.ca or contact an authorized reseller for information on these programs, available for a limited time only.
ETC is proud to be a leading manufacturer of high quality, low power, certified plunger controls and sensors. Historically white labeled under other brand names, nearly 12,000 ALiEn and ALiEn2 controllers are optimizing gas wells in the field today, while just shy of 60,000 sensors provide acutely accurate plunger arrival alerts. ETC has seen their share of changes and weathered plenty of storms throughout two decades of business. They’ve stood strong and stable while resellers and customers completed acquisitions, mergers, and splits. Despite many unknowns ahead, the team at ETC look to the future with relentless optimism that the grit and determination of the North American oil and gas industry will propel us back into prosperity once again.
If you would like more information, please contact Mark Scantlebury at (403) 290-6300 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Mark Scantlebury, CEO
Extreme Telematics Corp
(403) 290-6300
This email address is being protected from spambots. You need JavaScript enabled to view it.
Wappingers Central School District will leverage energy cost savings to implement new conservation measures and install solar arrays
FRAMINGHAM, Mass.--(BUSINESS WIRE)--#efficiency--Ameresco, Inc., (NYSE: AMRC), a leading energy efficiency and renewable energy company, today announced that it has begun the second phase of comprehensive energy infrastructure projects for Wappingers Central School District in New York. Wappingers Central School District selected Ameresco to implement a range of energy conservation measures and install solar photovoltaic (PV) systems to reduce electricity consumption and annual utility costs.
The Wappingers Central School District completed a phase one energy project with Ameresco in 2013 and has now undertaken a second phase to achieve even greater savings and invest in renewable energy. Wappingers Central School District is financing its project with an ESPC and estimates it will save $8.4 million over the course of its 18-year contract term. Phase two of the Wappingers Central School District project involves a variety of energy conservation measures at 14 district buildings and the installation of 1.9 MW of solar PV capacity at five school buildings.
“As one of the largest school districts in the State of New York, we believe that our energy infrastructure project can serve as a model for others that seek to update and upgrade their facilities,” said Ron Broas, Director of Facilities and Operations for Wappingers Central School District. “We strive to create a comfortable learning environment for each of the more than 11,000 students enrolled at our schools and believe that the improvements made as a result of our work with Ameresco will further that aim.”
With work already underway, the project is expected to be complete in March 2021.
“Wappingers Central School District is going above and beyond traditional energy saving initiatives to establish its own sources of on-site renewable energy in the form of solar power,” said David J. Anderson, EVP and Director at Ameresco. “What makes this project truly impressive is that it is entirely budget-neutral, as the District will leverage the energy cost savings to pay for the investment in infrastructure upgrades. Furthermore, by combining the implementation of energy efficiency improvements with a renewable energy solution, the District will also have a significant impact in reducing its carbon footprint.”
About Wappingers Central School District
The Wappingers Central School District is one of the largest central school districts in New York State, with an enrollment of over 11,000 students. The mission of the Wappingers Central School District is to empower all of our students with the competencies and confidence to challenge themselves, to pursue their passions, and to realize their potential while growing as responsible members of their community.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent provider of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
The announcement of a customer’s entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported contracted backlog as of June 30, 2020.
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, announced that its Board of Directors declared a quarterly cash dividend of $0.11 per common share.
The dividend will be payable on August 31, 2020 to stockholders of record at the close of business on August 21, 2020.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality. Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.
Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
Jeffrey F. Glajch
Vice President - Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski / Christopher M Gordon
Kei Advisors LLC
Phone: (716) 843-3908 / (716) 843-3874
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Grant program has provided nearly $4M to date for STEM education and research programs reaching 200,000 students nationwide
BALTIMORE--(BUSINESS WIRE)--#EnergyMadeEfficient--With the coronavirus pandemic causing significant disruptions to the education system, the challenge is greater than ever to provide innovation and resources to support the development of the next generation of STEM and energy leaders. Constellation, an Exelon company, is responding by adapting its annual STEM funding awards to the virtual learning environment.
Constellation is now accepting applications for its 2020 E2 Energy to Educate grant program, which provides funding for student projects focusing on energy innovation. Educators and students in grades 6-12 can apply for program grants up to $25,000, and two- and four-year colleges can apply for grants up to $50,000. The deadline for applications is Oct. 1, 2020.
“Since its inception, Energy to Educate has supported students and educators that bring unparalleled creativity, curiosity, and passion to STEM and energy learning,” said Jorge Acevedo, senior vice president, Innovation and Strategy for Constellation. “Those attributes will be put to the test as the pandemic alters the environment and structure in which students nationwide are learning. We’re eager to see the ingenuity that results from this challenge and look forward to another stellar group of student-led projects.”
In 2019, Energy to Educate awarded more than $467,000 across 18 projects and reached nearly 20,000 students nationwide. Projects included solar car competitions, fuel cell technology, energy storage, wind power, and teaching energy concepts via an interactive gaming platform. To date, the grant program has provided nearly $4 million for research and education projects that have fueled the exploration into STEM fields for more than 200,000 students.
“Without the E2 Energy to Educate grant, Rochester Institute of Technology would not have been able to host area students for its 2019 fuel cell summer camp,” says Stephanie Rankin, Director of Foundation Relations for Rochester Institute of Technology. “This camp enables students to see that experiments around energy can be fun, and through a university experience, envision themselves pursuing a fulfilling career in energy.”
To be eligible for funding, a project must align with the following energy innovation themes. Project content must also be delivered virtually or through small and safe in-person settings:
Exelon companies, together with Constellation, contributed more than $50 million to nonprofits in 2019 supporting education, the environment, culture and arts, and community development.
Grant recipients are announced each year during American Education Week. To learn more about the program and application criteria, visit the Community Outreach section of www.constellation.com.
About Constellation
Constellation is a leading competitive retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation's family of retail businesses serves approximately 2 million residential, public sector and business customers, including more than three-fourths of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (NASDAQ: EXC), the nation’s leading competitive energy provider, with 2019 revenues of approximately $34 billion, and more than 31,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. Learn more at www.constellation.com or on Twitter at @ConstellationEG.
Dave Snyder
Constellation
410-470-9700
This email address is being protected from spambots. You need JavaScript enabled to view it.
WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control and water treatment in utility and industrial applications, today reported financial results for the second quarter ended June 30, 2020 (“Q2 2020”).
“We believe that the COVID-19 pandemic affected our Air Pollution Control (“APC”) and FUEL CHEM® operations in the second quarter,” said Vincent J. Arnone, President and CEO. “The delays that we had been experiencing in closing new APC business awards were extended as a result of COVID-19. However, we do have active projects in our current pipeline and we are confident that we will close new awards with an aggregate total value of $10 to $15 million by the end of the year. Our FUEL CHEM segment was impacted by slower activity due to COVID-19, particularly in the months of April and May. A decline in economic activity caused reduced electricity demand which led to a reduction in electricity generation and dispatch, in particular for coal-fired power generation units. Fortunately, the month of June showed improvement and thus far in the third quarter we have returned to normalized run rates for use of our FUEL CHEM programs. Early in the third quarter, we announced a new order for equipment supporting our TIFI® Targeted In-Furnace Injection technology on three coal-fired units in the United States. The equipment installation and startup for these units should occur before the end of the third quarter, and we expect to see contributions from these units throughout the second half of the year.”
Mr. Arnone concluded, “We have collected and repatriated in excess of $1.0 million in cash as of June 30, 2020 following the closure of our underperforming China operation (“Beijing Fuel Tech”) and expect to continue these collections throughout 2020. We ended the quarter with $11.3 million in cash and cash equivalents.”
DGI™ Dissolved Gas Infusion
The Company previously reported that an on-site demonstration of its water technology at a pulp and paper facility in the Midwest planned for early in Q2 2020 had been delayed due to the impact of COVID-19, and this demonstration is still delayed as of this date. In July, the Company signed a new license agreement related to the DGI technology from Kadance Corporation, an entity that purchased the assets from the prior licensor of the technology, NanO2, LLC. Kadance Corporation is a company active in municipal wastewater treatment, with a focus on delivering biological solutions to this market. Under the terms of the new agreement, Fuel Tech has more flexibility regarding non-exclusive market access and now can manufacture all DGI delivery systems on its own. The Company continues to advance conversations with several other potential customers of our DGI technology across a variety of industries.
Q2 2020 Consolidated Results Overview
Consolidated revenues declined to $4.4 million from $8.9 million in Q2 2019, reflecting lower APC and FUEL CHEM revenues. Results for Q2 2020 and Q2 2019 did not include any revenue from Beijing Fuel Tech.
Gross margin for Q2 2020 was 13.7% of revenues compared to 43.6% of revenues in Q2 2019, primarily reflecting lower revenues in the current quarter and a $1.1 million charge in our APC segment (described below). Excluding the APC charge, consolidated gross margin for Q2 2020 was 40%.
SG&A expenses declined by 38.2% to $2.8 million from $4.5 million in Q2 2019. Included in this amount for Q2 2020 is a reversal of $0.5 million in expense related to the allowance for doubtful accounts associated with the aforementioned APC charge.
Net loss from continuing operations was $(2.5) million, or $(0.10) per share, compared to net loss from continuing operations of $(0.9) million, or $(0.04) per share in Q2 2019. Net (loss) from continuing operations in Q2 2020 and Q2 2019 attributable to Beijing Fuel Tech was $(0.1) million and $(0.5) million, respectively.
Capital projects backlog at June 30, 2020 was $8.3 million, $7.2 million of which was domestic. Backlog at December 31, 2019 was $9.7 million, of which $8.6 million was domestic.
APC segment revenues declined to $1.9 million from $4.8 million in Q2 2019, primarily the result of project timing, lower capital projects backlog and a delay in new contract awards. APC gross margin was $(0.4) million reflecting a $1.1 million charge associated with a previously disclosed equipment warranty liability with a U.S. customer. Excluding the charge, APC gross margin for Q2 2020 was $0.7 million, or 39%.
Fuel Tech has submitted a reimbursement request to its insurer for the amount expended in remediation, and such amount is within the coverage limits of its insurance policy. Fuel Tech and the insurance company continue to work amicably to resolve this matter and, upon settlement with its insurer, all amounts received will be applied to reverse the charge.
FUEL CHEM segment revenues were $2.5 million compared to $4.1 million in Q2 2019. This segment’s performance was impacted by a reduced demand for power, extended unscheduled outages, and significantly reduced operations largely caused by the COVID-19 pandemic. Segment gross margin was 40.0% in Q2 2020 and 49.9% in Q2 2019.
Adjusted EBITDA loss was $(2.2) million in Q2 2020 compared to an Adjusted EBITDA loss of $(0.5) million in Q2 2019.
Financial Condition
At June 30, 2020 total cash was $11.3 million including restricted cash of $3.0 million, down from total cash of $13.5 million, including restricted cash of $2.6 million, at December 31, 2019. Stockholders’ equity was $21.1 million, or $0.86 per share.
As previously announced, on April 15, 2020 the Company received $1.6 million in loan proceeds from the Paycheck Protection Program (the “PPP”), established pursuant to the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) and administered by the U.S. Small Business Administration (“SBA”). The unsecured loan is evidenced by a promissory note of the Company dated April 15, 2020 (the “Note”) in the principal amount of $1.6 million issued to BMO Harris Bank N.A. (the “Bank”), the lender, pursuant to a loan agreement, dated April 15, 2020, between the Company and the Bank. Under the terms of the Agreement, the Note and the PPP Loan, interest will accrue on the outstanding principal at the rate of 1.0% per annum. Additional information concerning this loan is available in the Company’s Form 10-Q for the period ended June 30, 2020.
Conference Call
Management will host a conference call on Wednesday, August 12, 2020 at 10:00 am ET / 9:00 am CT to discuss the results and business activities.
Interested parties may participate in the call by dialing:
The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com. Following management’s opening remarks, there will be a question and answer session. Questions may be asked during the live call, or alternatively, you may e-mail questions in advance to This email address is being protected from spambots. You need JavaScript enabled to view it.. For those who cannot listen to the live broadcast, an online replay will be available at www.ftek.com.
About Fuel Tech
Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NOx) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented nozzle to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.
FUEL TECH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share data) |
||||||
|
June 30,
|
December 31,
|
||||
ASSETS |
|
|
||||
Current assets: |
|
|
||||
Cash and cash equivalents |
$ |
8,254 |
|
$ |
10,914 |
|
Restricted cash |
2,639 |
|
2,080 |
|
||
Accounts receivable, net |
5,658 |
|
6,473 |
|
||
Inventories, net |
342 |
|
264 |
|
||
Prepaid expenses and other current assets |
1,410 |
|
1,879 |
|
||
Income taxes receivable |
69 |
|
— |
|
||
Total current assets |
18,372 |
|
21,610 |
|
||
Property and equipment, net of accumulated depreciation of $26,503 and $26,174, respectively |
5,437 |
|
5,662 |
|
||
Goodwill |
2,116 |
|
2,116 |
|
||
Other intangible assets, net of accumulated amortization of $6,756 and $6,671, respectively |
838 |
|
906 |
|
||
Restricted cash |
364 |
|
507 |
|
||
Right-of-use operating lease assets |
1,035 |
|
980 |
|
||
Other assets |
395 |
|
443 |
|
||
Total assets |
$ |
28,557 |
|
$ |
32,224 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
||||
Current liabilities: |
|
|
||||
Accounts payable |
$ |
1,585 |
|
$ |
2,117 |
|
Current portion of long-term borrowings |
684 |
|
— |
|
||
Accrued liabilities: |
|
|
||||
Operating lease liabilities - current |
279 |
|
300 |
|
||
Employee compensation |
679 |
|
519 |
|
||
Income taxes payable |
36 |
|
— |
|
||
Other accrued liabilities |
2,104 |
|
1,976 |
|
||
Total current liabilities |
5,367 |
|
4,912 |
|
||
Operating lease liabilities - non-current |
738 |
|
680 |
|
||
Long-term borrowings, net of current portion |
872 |
|
— |
|
||
Deferred income taxes, net |
172 |
|
171 |
|
||
Other liabilities |
278 |
|
286 |
|
||
Total liabilities |
7,427 |
|
6,049 |
|
||
COMMITMENTS AND CONTINGENCIES (Note 13) |
|
|
||||
Stockholders’ equity: |
|
|
||||
Common stock, $.01 par value, 40,000,000 shares authorized, 25,476,420 and 25,053,480 shares issued, and 24,701,159 and 24,592,578 shares outstanding, respectively |
255 |
|
254 |
|
||
Additional paid-in capital |
139,710 |
|
139,560 |
|
||
Accumulated deficit |
(115,436 |
) |
(110,325 |
) |
||
Accumulated other comprehensive loss |
(1,857 |
) |
(1,778 |
) |
||
Nil coupon perpetual loan notes |
76 |
|
76 |
|
||
Treasury stock, at cost |
(1,618 |
) |
(1,612 |
) |
||
Total stockholders’ equity |
21,130 |
|
26,175 |
|
||
Total liabilities and stockholders’ equity |
$ |
28,557 |
|
$ |
32,224 |
|
FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands) |
||||||||||||
|
Three Months Ended
|
Six Months Ended
|
||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||
Revenues |
$ |
4,401 |
|
$ |
8,948 |
|
$ |
8,179 |
|
$ |
19,103 |
|
Costs and expenses: |
|
|
|
|
||||||||
Cost of sales |
3,799 |
|
5,050 |
|
6,050 |
|
11,191 |
|
||||
Selling, general and administrative |
2,755 |
|
4,455 |
|
6,641 |
|
8,913 |
|
||||
Restructuring charge |
— |
|
30 |
|
— |
|
625 |
|
||||
Research and development |
271 |
|
205 |
|
595 |
|
471 |
|
||||
Intangible assets abandonment |
— |
|
51 |
|
— |
|
51 |
|
||||
|
6,825 |
|
9,791 |
|
13,286 |
|
21,251 |
|
||||
Operating loss from continuing operations |
(2,424 |
) |
(843 |
) |
(5,107 |
) |
(2,148 |
) |
||||
Interest expense |
(3 |
) |
(3 |
) |
(6 |
) |
(4 |
) |
||||
Interest income |
2 |
|
9 |
|
13 |
|
11 |
|
||||
Other income (expense), net |
(88 |
) |
(97 |
) |
138 |
|
(72 |
) |
||||
Loss from continuing operations before income taxes |
(2,513 |
) |
(934 |
) |
(4,962 |
) |
(2,213 |
) |
||||
Income tax expense |
(31 |
) |
(2 |
) |
(149 |
) |
(2 |
) |
||||
Net loss from continuing operations |
(2,544 |
) |
(936 |
) |
(5,111 |
) |
(2,215 |
) |
||||
Loss from discontinued operations |
— |
|
(9 |
) |
— |
|
(19 |
) |
||||
Net loss |
$ |
(2,544 |
) |
$ |
(945 |
) |
$ |
(5,111 |
) |
$ |
(2,234 |
) |
Net loss per common share: |
|
|
|
|
||||||||
Basic |
|
|
|
|
||||||||
Continuing operations |
$ |
(0.10 |
) |
$ |
(0.04 |
) |
$ |
(0.21 |
) |
$ |
(0.09 |
) |
Discontinued operations |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Basic net loss per common share |
$ |
(0.10 |
) |
$ |
(0.04 |
) |
$ |
(0.21 |
) |
$ |
(0.09 |
) |
Diluted |
|
|
|
|
||||||||
Continuing operations |
$ |
(0.10 |
) |
$ |
(0.04 |
) |
$ |
(0.21 |
) |
$ |
(0.09 |
) |
Discontinued operations |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Diluted net loss per common share |
$ |
(0.10 |
) |
$ |
(0.04 |
) |
$ |
(0.21 |
) |
$ |
(0.09 |
) |
Weighted-average number of common shares outstanding: |
|
|
|
|
||||||||
Basic |
24,668,000 |
|
24,187,000 |
|
24,633,000 |
|
24,182,000 |
|
||||
Diluted |
24,668,000 |
|
24,187,000 |
|
24,633,000 |
|
24,182,000 |
|
||||
FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (in thousands) |
||||||||||||
|
Three Months Ended
|
Six Months Ended
|
||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||
Net loss |
$ |
(2,544 |
) |
$ |
(945 |
) |
$ |
(5,111 |
) |
$ |
(2,234 |
) |
Other comprehensive income loss: |
|
|
|
|
||||||||
Foreign currency translation adjustments |
152 |
|
(43 |
) |
(79 |
) |
61 |
|
||||
Comprehensive loss |
$ |
(2,392 |
) |
$ |
(988 |
) |
$ |
(5,190 |
) |
$ |
(2,173 |
) |
FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) |
||||||
|
Six Months Ended
|
|||||
|
2020 |
2019 |
||||
Operating Activities |
|
|
||||
Net loss |
$ |
(5,111 |
) |
$ |
(2,234 |
) |
Loss from discontinued operations |
— |
|
19 |
|
||
Net loss from continuing operations |
(5,111 |
) |
(2,215 |
) |
||
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
||||
Depreciation |
329 |
|
478 |
|
||
Amortization |
85 |
|
68 |
|
||
Loss (gain) on disposal of equipment |
— |
|
2 |
|
||
Provision for doubtful accounts, net of recoveries |
(1,082 |
) |
— |
|
||
Intangible assets abandonment |
— |
|
51 |
|
||
Stock-based compensation, net of forfeitures |
150 |
|
219 |
|
||
Changes in operating assets and liabilities: |
|
|
||||
Accounts receivable |
1,863 |
|
3,870 |
|
||
Inventories |
(78 |
) |
640 |
|
||
Prepaid expenses, other current assets and other non-current assets |
424 |
|
1,163 |
|
||
Accounts payable |
(531 |
) |
(5,595 |
) |
||
Accrued liabilities and other non-current liabilities |
537 |
|
(1,485 |
) |
||
Net cash used in operating activities - continuing operations |
(3,414 |
) |
(2,804 |
) |
||
Net cash used in operating activities - discontinued operations |
— |
|
(19 |
) |
||
Net cash used in operating activities |
(3,414 |
) |
(2,823 |
) |
||
Investing Activities |
|
|
||||
Purchases of equipment and patents |
(122 |
) |
(359 |
) |
||
Net cash used in investing activities |
(122 |
) |
(359 |
) |
||
Financing Activities |
|
|
||||
Proceeds from borrowings |
1,556 |
|
— |
|
||
Taxes paid on behalf of equity award participants |
(6 |
) |
(2 |
) |
||
Net cash used in financing activities |
1,550 |
|
(2 |
) |
||
Effect of exchange rate fluctuations on cash |
(258 |
) |
44 |
|
||
Net decrease in cash, cash equivalents and restricted cash |
(2,244 |
) |
(3,140 |
) |
||
Cash, cash equivalents, and restricted cash at beginning of period (Note 2) |
13,501 |
|
18,059 |
|
||
Cash, cash equivalents and restricted cash at end of period (Note 2) |
$ |
11,257 |
|
$ |
14,919 |
|
FUEL TECH, INC. BUSINESS SEGMENT FINANCIAL DATA (Unaudited) (in thousands) |
||||||||||||
Three months ended June 30, 2020 |
Air Pollution
|
FUEL CHEM
|
Other |
Total |
||||||||
Revenues from external customers |
$ |
1,937 |
|
$ |
2,464 |
|
$ |
— |
|
$ |
4,401 |
|
Cost of sales |
(2,320 |
) |
(1,479 |
) |
— |
|
(3,799 |
) |
||||
Gross margin |
(383 |
) |
985 |
|
— |
|
602 |
|
||||
Selling, general and administrative |
— |
|
— |
|
(2,755 |
) |
(2,755 |
) |
||||
Research and development |
— |
|
— |
|
(271 |
) |
(271 |
) |
||||
Operating (loss) income from continuing operations |
$ |
(383 |
) |
$ |
985 |
|
$ |
(3,026 |
) |
$ |
(2,424 |
) |
Three months ended June 30, 2019 |
Air Pollution
|
FUEL CHEM
|
Other |
Total |
||||||||
Revenues from external customers |
$ |
4,803 |
|
$ |
4,145 |
|
$ |
— |
|
$ |
8,948 |
|
Cost of sales |
(2,975 |
) |
(2,075 |
) |
— |
|
(5,050 |
) |
||||
Gross margin |
1,828 |
|
2,070 |
|
— |
|
3,898 |
|
||||
Selling, general and administrative |
— |
|
— |
|
(4,455 |
) |
(4,455 |
) |
||||
Restructuring Charge |
(30 |
) |
— |
|
— |
|
(30 |
) |
||||
Research and development |
— |
|
— |
|
(205 |
) |
(205 |
) |
||||
Intangible assets abandonment |
— |
|
— |
|
(51 |
) |
(51 |
) |
||||
Operating income (loss) from continuing operations |
$ |
1,798 |
|
$ |
2,070 |
|
$ |
(4,711 |
) |
$ |
(843 |
) |
Six months ended June 30, 2020 |
Air Pollution
|
FUEL CHEM
|
Other |
Total |
||||||||
Revenues from external customers |
$ |
3,133 |
|
$ |
5,046 |
|
$ |
— |
|
$ |
8,179 |
|
Cost of sales |
(3,086 |
) |
(2,964 |
) |
— |
|
(6,050 |
) |
||||
Gross margin |
47 |
|
2,082 |
|
— |
|
2,129 |
|
||||
Selling, general and administrative |
— |
|
— |
|
(6,641 |
) |
(6,641 |
) |
||||
Research and development |
— |
|
— |
|
(595 |
) |
(595 |
) |
||||
Operating (loss) income from continuing operations |
$ |
47 |
|
$ |
2,082 |
|
$ |
(7,236 |
) |
$ |
(5,107 |
) |
Six months ended June 30, 2019 |
Air Pollution
|
FUEL CHEM
|
Other |
Total |
||||||||
Revenues from external customers |
$ |
10,592 |
|
$ |
8,511 |
|
$ |
— |
|
$ |
19,103 |
|
Cost of sales |
(6,864 |
) |
(4,327 |
) |
— |
|
(11,191 |
) |
||||
Gross margin |
3,728 |
|
4,184 |
|
— |
|
7,912 |
|
||||
Selling, general and administrative |
— |
|
— |
|
(8,913 |
) |
(8,913 |
) |
||||
Restructuring Charge |
(625 |
) |
— |
|
— |
|
(625 |
) |
||||
Research and development |
— |
|
— |
|
(471 |
) |
(471 |
) |
||||
Intangible assets abandonment |
— |
|
— |
|
(51 |
) |
(51 |
) |
||||
Operating income (loss) from continuing operations |
$ |
3,103 |
|
$ |
4,184 |
|
$ |
(9,435 |
) |
$ |
(2,148 |
) |
FUEL TECH, INC. GEOGRAPHIC INFORMATION (Unaudited) (in thousands) |
Information concerning Fuel Tech’s operations by geographic area is provided below. Revenues are attributed to countries based on the location of the customer. Assets are those directly associated with operations of the geographic area.
|
Three Months Ended
|
Six Months Ended
|
||||||||||
|
2020 |
2019 |
2020 |
2019 |
||||||||
Revenues: |
|
|
|
|
||||||||
United States |
$ |
3,310 |
$ |
7,562 |
$ |
6,407 |
$ |
16,377 |
||||
Foreign |
|
1,091 |
|
1,386 |
|
1,772 |
|
2,726 |
||||
|
$ |
4,401 |
$ |
8,948 |
$ |
8,179 |
$ |
19,103 |
||||
|
June 30,
|
December 31,
|
||
Assets: |
|
|
||
United States |
$ |
22,090 |
$ |
23,460 |
Foreign |
|
6,467 |
|
8,764 |
|
$ |
28,557 |
$ |
32,224 |
FUEL TECH, INC. RECONCILIATION OF GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited) (in thousands) |
||||||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|||||||||||
Net Loss |
$ |
(2,544 |
) |
|
$ |
(945 |
) |
|
$ |
(5,111 |
) |
|
$ |
(2,234 |
) |
|
||
Interest (income) expense, net |
1 |
|
|
|
(9 |
) |
|
(7 |
) |
|
|
(10 |
) |
|||||
Income tax expense |
31 |
|
|
2 |
|
|
149 |
|
|
2 |
|
|
||||||
Depreciation expense |
166 |
|
|
234 |
|
|
329 |
|
|
478 |
|
|
||||||
Amortization expense |
42 |
|
|
36 |
|
|
85 |
|
|
68 |
|
|
||||||
EBITDA |
(2,304 |
) |
|
(682 |
) |
|
(4,555 |
) |
|
(1,696 |
) |
|
||||||
Intangible assets abandonment |
- |
|
|
51 |
|
|
- |
|
|
51 |
|
|
||||||
Stock compensation expense |
69 |
|
|
123 |
|
|
150 |
|
|
219 |
|
|
||||||
ADJUSTED EBITDA |
(2,235 |
) |
|
(508 |
) |
|
(4,405 |
) |
|
(1,426 |
) |
|
||||||
Adjusted EBITDA
To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company has provided an Adjusted EBITDA disclosure as a measure of financial performance. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation expense, amortization expense, stock compensation expense, and intangible assets abandonment and building impairment. The Company's reference to these non-GAAP measures should be considered in addition to results prepared in accordance with GAAP standards, but are not a substitute for, or superior to, GAAP results.
Adjusted EBITDA is provided to enhance investors' overall understanding of the Company's current financial performance and ability to generate cash flow, which we believe is a meaningful measure for our investor and analyst communities. In many cases non-GAAP financial measures are utilized by these individuals to evaluate Company performance and ultimately determine a reasonable valuation for our common stock. A reconciliation of Adjusted EBITDA to the nearest GAAP measure of net income (loss) has been included in the above financial table.
Vince Arnone
President and CEO
(630) 845-4500
Devin Sullivan
Senior Vice President
The Equity Group Inc.
(212) 836-9608
2019 accomplishments include a 10% growth in renewable energy use, 20% incident rate reduction and 93% of global sites hosted community outreach activities
SAN JOSE, Calif.--(BUSINESS WIRE)--Flex (NASDAQ: FLEX) today released its 2020 sustainability report, summarizing the company’s global sustainability activities, performance and results from calendar year 2019. The report provides a look at how Flex is stewarding sustainable manufacturing operations to minimize its environmental impact, driving responsible business practices and contributing to the communities in which it operates.
Flex’s sustainability efforts focus on five areas, including people, community, environment, social innovation and integrity, and align with 20 goals the company set out to reach by the end of 2020. The company’s 20 goals support the advancement of the United Nations Sustainable Development Goals and the UN Global Compact’s principles.
2019 key highlights
In 2019, Flex was recognized as an FTSE4Good Index Series constituent for the fourth consecutive year, received an A- rating from CDP (formerly Carbon Disclosure Project) for its disclosures in climate change and water security and earned the highest disclosure and transparency score on environmental, social and corporate governance factors from Institutional Shareholder Services, among other honors for sustainability initiatives.
“Sustainability is core to Flex’s mission of becoming the most trusted technology, supply chain and manufacturing partner. As we determine our next set of sustainability targets, we remain committed to driving programs that help address broader societal and environmental issues, such as climate change, and transparently disclosing our progress toward our goals,” said Kyra Whitten, vice president, Marketing, Communications and Sustainability at Flex.
Prepared in accordance with the Global Reporting Initiative (GRI) standards: Core Option, the Flex 2020 sustainability report can be viewed at https://flex.com/company/our-sustainability/reporting-and-alignment.
About Flex
Flex (Reg. No. 199002645H) is the manufacturing partner of choice that helps a diverse customer base design and build products that improve the world. Through the collective strength of a global workforce across 30 countries and responsible, sustainable operations, Flex delivers technology innovation, supply chain, and manufacturing solutions to diverse industries and end markets.
Media & Press
Jessica Anderson
Corporate Communications Manager
(408) 577-4789
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Investors & Analysts
David Rubin
Vice President, Investor Relations
(408) 577-4632
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HOUSTON--(BUSINESS WIRE)--GEOSPACE Technologies (NASDAQ: GEOS) (“Geospace” or the “Company”) today announced several immediate and upcoming changes to its Board of Directors and the implementation of certain governance measures.
Mr. Michael J. Sheen, Senior Vice-President and Chief Technical Officer and executive director will retire from the Board of Directors of the Company effective at the upcoming annual meeting to be held in February 2021. Mr. Sheen informed the Board that he was electing to not stand for re-election at the upcoming Annual Meeting. Mr. Sheen cited his desire to dedicate more time to the development and application of the Company’s existing and new technologies being utilized in oil and gas exploration and development, and the border security sector. The Board extends its gratitude to Mr. Sheen for his board work and the achievements the Board has overseen during his tenure as a director. We look forward to his continued success with the Company.
Mr. William H. Moody (Hank) has elected to retire from the board of directors effective at the end of the Company’s current fiscal year, September 30, 2020. Mr. Moody joined the board in July 2004. He was head of the Audit Committee up until May 2020. During his tenure, Geospace has grown its operations and now provides services globally. These changes required significant oversight by Hank and the Audit Committee as new accounting rules and standards had to be adopted and properly applied. Prior to joining the Geospace Board, Hank was with KPMG and served in several notable capacities including managing partner, audit partner-in-charge, and Securities and Exchange Commission reviewing partner. “Geospace has been very fortunate to have Hank serve on our board for the last 16 years,” stated Gary Owens, Geospace’s Chairman. “He has been a highly effective director, and we will miss his strong leadership and wise counsel. We extend our gratitude and best wishes to Hank and his wife, Jane, in his retirement.”
As previously announced, Mr. Charles H. Still (Hank) elected to retire from the board of directors on June 30, 2020. Mr. Still joined the Board in November 1997 with the Company’s initial public offering. Hank’s service to the Company began in 1980 as the Secretary of various affiliates and predecessors of the Company, and from September 1994 to February 2009 he served as the Secretary of the Company serving in a non-executive capacity. In February 2015 he was appointed Lead Independent Director on the Geospace board. Mr. Still was a partner in Fulbright & Jaworski LLP from 1975 until his retirement in January 2008, at which time he became a partner in Kelly Hart & Hallman LLP until he retired in December 2010. He returned to Fulbright & Jaworski LLP as Of Counsel until his retirement in January 2014. Hank also served on the board of Martin Midstream GP LLC from August 2010 to October 2014. Gary Owens commented, “Hank served Geospace and its predecessors for 40 years. He was a key player in the development and success of Geospace. His extensive legal and financial expertise combined with his in-depth knowledge of the SEC, our business and corporate governance made him a significant resource as a director on the Board. All of us will miss Hank’s counsel and insight. We wish him all the best in his retirement.”
With these changes, the Board will be downsizing and will eliminate the director seats held by Mr. Still and Mr. Moody. Mr. Thomas L. Davis, Ph.D., will replace Mr. Still as the Lead Independent Director.
As a result of the Board’s annual governance review, and based on recommendations from the Nominating and Corporate Governance Committee, the Board has approved two additional governance measures at this time. The Board has instituted a tenure limit of 15 years for all new non-employee directors to hold a seat on the board. In addition, the Board will adopt equity ownership guidelines that will require each of the Company’s directors to maintain a specified minimum equity investment in the Company. The details and level of the ownership requirements will be approved by the Board before fiscal year end 2020.
Rick Wheeler
President & CEO
TEL: 713.986.4444
FAX: 713.986.4445
LONDON--(BUSINESS WIRE)--#AutomationSolutionsMarketintheOilandGasIndustry--Technavio has been monitoring the automation solutions market in the oil and gas industry and it is poised to grow by USD 1.49 billion during 2020-2024, progressing at a CAGR of over 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts.
Frequently Asked Questions-
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., Honeywell International Inc., Mitsubishi Electric Corp., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp. are some of the major market participants. The rise in the global demand for oil and gas 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.
Automation Solutions Market in the Oil and Gas Industry 2020-2024: Segmentation
Automation Solutions Market in the Oil and Gas Industry 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=IRTNTR40070
Automation Solutions Market in the Oil and Gas Industry 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 automation solutions market in the oil and gas industry report covers the following areas:
This study identifies the growing importance of big data analytics and IoT as one of the prime reasons driving the automation solutions market growth in the oil and gas industry 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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Automation Solutions Market in the Oil and Gas Industry 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 PRODUCT
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
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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Jesse Maida
Media & Marketing Executive
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Industry Favors the J-Series for Its World-Class Reliability and Efficiency
LAKE MARY, Fla.--(BUSINESS WIRE)--#MHPS--Mitsubishi Hitachi Power Systems, Ltd. (MHPS) continues to lead the power generation industry in global market share year-to-date for heavy duty gas turbines (100 megawatts [MW] and above) according to data from McCoy Power Reports, the industry’s premier reporting agency. Orders for 3,479 MW represent 32 percent global market share in the first half of 2020. Closely watched by industry experts, the heavy duty segment represents the most advanced technology and drives energy production globally.
MHPS also achieved 52 percent global market share for advanced class gas turbines (G-, H- and J-Class), which is a subset of the heavy duty segment. MHPS’ J-Series gas turbines continue to lead the market with their unrivaled combination of efficiency greater than 64 percent and world-class reliability of 99.5 percent. The installed J-Class fleet has surpassed one million hours of commercial operation worldwide, which is nearly double that of competitors’ similar sized gas turbines. As an added benefit, all gas turbines MHPS sells globally will be capable of operating with green hydrogen created using stored renewable energy.
Paul Browning, President and CEO of MHPS Americas, said, “The global gas turbine market strongly prefers MHPS’ JAC gas turbines, which are the industry’s most reliable gas turbines with record-setting fuel efficiency and output. Market preference for our heavy duty gas turbines recognizes our commitment to providing high quality solutions that contribute to the stable supply of flexible power, which combined with renewable power provides an essential path forward to combat climate change and advance human prosperity. Together with our customers, we are achieving a Change in Power.”
About Mitsubishi Hitachi Power Systems Americas, Inc.
Mitsubishi Hitachi Power Systems Americas, Inc. (MHPS Americas) headquartered in Lake Mary, Florida, employs more than 2,000 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North and South America. MHPS Americas’ power generation solutions include natural gas, steam, aero-derivative, geothermal, distributed renewable technologies, environmental controls, and services. Energy storage solutions include green hydrogen and battery energy storage systems. MHPS also offers digital solutions that enable autonomous operations and maintenance of power assets. MHPS Americas is a subsidiary of Mitsubishi Hitachi Power Systems (MHPS), a joint venture between Mitsubishi Heavy Industries, Ltd. and Hitachi, Ltd. integrating their operations in power generation systems. MHPS recently announced that its name will change to Mitsubishi Power on September 1, 2020.
Learn more about MHPS by visiting www.changeinpower.com and https://www.linkedin.com/company/mitsubishi-hitachi-power-systems-americas-inc-/. |
Sharon Prater
+1 407-688-6200
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