Record-Breaking Increase in Oil Demand Expected to Offset 2020 Oversupply

BOSTON--(BUSINESS WIRE)--#ColonialPipeline--Motus, the definitive leader in anywhere workforce solutions, today released its 2021 Summer Fuel Outlook Report. The report highlights key data related to fuel price fluctuations and explores the impact these changes will have on the summer driving season. It also reveals that a sharp increase in travel is anticipated to send sustained fuel demand back to pre-pandemic levels over the next six months. As a result, Motus projects 2021 fuel consumption will peak in August, soaring past 2019’s Q3 average.

The report provides additional insight into fuel supply and demand trends, and how extenuating circumstances continue to disrupt conventional price cycles. For example, March of 2021 marked the first time this year that gasoline sales have surpassed 2020 levels. Both driving activity and gasoline levels have been steadily increasing over recent months. Despite this, oil suppliers have maintained reduced production levels to correct the supply and demand imbalance caused by pandemic-related nationwide stay-at-home orders. If consumption increases continue as expected, the world will reach a production and consumption balance in Q3 of this year.

“Increased driving activity is eliminating the supply glut from 2020, so we expect fuel to return to pre-pandemic levels soon,” said Ken Robinson, market research manager for Motus. “With growth in vehicle miles traveled, passenger vehicles are progressing towards the 90% recovery range thus far in 2021. As vaccinations increase and pandemic restrictions relax, the demand for fuel will drive sustained prices beyond levels we saw in 2019.”

Demand at the gas pumps also drives refinery activity in the United States. Yet crude oil refining has been volatile this year despite driving activity showing sustained signs of recovery. Disruptions such as the Colonial Pipeline ransomware attack have caused supply chain and inventory obstacles and shut down refineries for weeks at a time. As refineries begin to scale up production for the surge in summer travel, activity is starting to align with the 2019 trend – just at lower output levels.

Additional findings in the 2021 Summer Fuel Outlook Report include:

• 2021 gasoline sales are trending 9% lower than 2019 levels.
• Heavy truck vehicle miles traveled (VMT) is outpacing passenger vehicles by a wide margin. While passenger cars have progressed to the 90% recovery range thus far in 2021, trucks are logging approximately 120% of their pre-pandemic VMT.
• Global oil production is on pace to average 97 million barrels per day in 2021, up from 94 million barrels per day in 2020. If this rate continues into 2022, global oil production is forecast to produce an average of 102 million barrels per day, eclipsing 2019’s average of 101 million barrels per day.
• Crude oil prices are the main influencer of prices at the pump. Every dollar increase in crude oil prices drives about 2.4 cents increase in gas prices.
• Fuel can make up as much as 23% of driving costs.

To access the full report, please visit: https://resources.motus.com/reports/2021-summer-fuel-outlook-report.

About Motus

Motus is the definitive expert in anywhere workforce solutions. Its platform and proprietary software simplify the reimbursement and management of vehicle, device, work and living costs through personalized calculations. Powered by an unmatched pool of data, refined over more than 80 years, and updated in real time, Motus is the platform of choice for top Fortune 500 companies and organizations committed to workplace agility. Motus automotive data, captured and analyzed across the world’s largest retained pool of drivers, also underpins the annual Internal Revenue Service (IRS) business mileage standard, the amount an individual can deduct for business vehicle expenses. For more information please visit www.motus.com or connect with us on Twitter, Facebook, Instagram or LinkedIn.

Media:
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Company also recognized as a top company in LGBTQ and environmental, social and governance efforts

CHICAGO--(BUSINESS WIRE)--Exelon’s ongoing commitment to diversity, equity and inclusion within the company and in the communities it serves secured the company’s 24^th place ranking on DiversityInc’s list of the Top 50 Companies for Diversity and Inclusion. Exelon moved up five positions compared with 2020 due in large part to a continued focus on driving an inclusive culture and strengthening workforce development and investments in underserved communities, which were disproportionately impacted during the pandemic.

“A key part of our mission is driving positive change within Exelon and our communities. Internally, we’ve redoubled our focus on diversity, equity and inclusion, reinforcing an inclusive culture through annual performance goals, hiring practices and increased transparency,” said Chris Crane, president and CEO, Exelon. “Equally important is our role helping lift up under-resourced communities. By eliminating barriers to economic opportunity through STEM education and workforce development efforts, we are preparing work-ready adults and youth for family-supporting careers.”

Issued yearly since 2001, the DiversityInc Top 50 list recognizes the nation’s top companies for diversity and inclusion management. It is an empirically driven ranking based on recruitment, talent development, senior leadership commitment and supplier diversity. The winning companies excel in areas such as hiring, retaining and promoting women, minorities, people with disabilities, LGBTQ and veterans.

Exelon also ranked No. 13 for LGBTQ inclusiveness and community ties and among the top companies for Environmental, Social and Governance values, making both of these DiversityInc specialty Top Company lists.

Exelon is committed to diversity, equity and inclusion across its business and in the communities it serves. Each member of Exelon’s Executive Committee is responsible for developing an annual Diversity, Equity and Inclusion plan, and each employee is responsible for establishing and meeting an annual DEI goal. In 2020, $46 million, or 84 percent, of Exelon’s grant funding supported organizations, programs or events that were targeted specifically to diverse populations. Supplier diversity is an important part of Exelon’s commitment to equity, providing opportunities for minority- and women-owned businesses to grow and develop. Exelon increased its spend by 15 percent to $2.7 billion with diverse suppliers in 2020 and is a member of the Billion Dollar Roundtable.

To learn more about Exelon’s innovative workplace practices and its commitment to diversity, equity and inclusion in the workplace, click here.

About Exelon

Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.

Elizabeth Keating
Exelon Corporate Communications
312-848-0176
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PORTLAND, Ore.--(BUSINESS WIRE)--Utility-scale onshore wind developer Triple Oak Power LLC (“TOP”) announced today the addition of Ryan Leonard as Chief Operating Officer. He joins co-founders Chief Executive Officer Jesse Gronner and Chief Financial Officer Kenneth Labeja (“Labeja”) as the third management partner in the company. TOP is backed by a capital commitment from EnCap Energy Transition Fund I, L.P., a leading provider of equity capital to the energy transition sector of the U.S. energy industry. Yorktown Partners LLC, Mercuria Energy and TOP management are also invested in the company.

“Ryan brings a nearly two-decade experience working in wholesale energy markets and renewable project implementation with a valuable, high level skill set to round out our senior leadership team and will advance TOP’s mission to deliver affordable clean power throughout the U.S.,” said Gronner. “He joins us as we are poised for even greater growth.”

EnCap Energy Transition Fund I, L.P. closed earlier this month with commitments of approximately $1.2 billion. The fund was created to invest in companies that advance the nation’s transition to a lower-carbon future with a focus on creating utility-scale wind and related renewable enterprises. TOP is one of the fund’s five portfolio companies.

“Ryan is a great fit, both for EnCap’s Energy Transition platform and for Triple Oak power in particular,” said EnCap Energy Transition Managing Partner Kellie Metcalf, who serves as chairperson of the TOP board of directors. “Coincidentally, Ryan is a ‘triple threat’ bringing deep experience in operations, analytics and origination. His experience will play a key role as TOP moves forward and launches in a number of geographies, turning development projects into physical assets.“

“I feel like my entire career, from my initial work at the Midcontinent Independent System Operator (MISO) to helping lead market structure, operations and sales for Avangrid Renewables has prepared me to meet this exciting challenge,” said Leonard. “I’ll not only help lead TOP in developing high-quality onshore wind and other competitive carbon-free power, but I’ll be helping transition our entire country to a more diverse, reliable and sustainable electric power grid.”

Headquartered in Portland, Oregon, TOP’s strategy lies in filling the gap between early-stage uncertainty in the development process to delivering the certainty of shovel-ready, utility-scale wind facilities. Early development efforts have focused on the Western U.S. and Texas with the full U.S. market as its growth target.

About Triple Oak Power (TOP)

TOP’s mission is to leverage the enormous potential of our natural resources to create integrated, diverse, and sustainable electricity infrastructure. With many decades of combined experience in the renewable energy sector, the Triple Oak team is focused on building value for investors, communities, and landowners through responsibly developed wind and other carbon-free generation projects. For more information, visit www.tripleoakpower.com.

About EnCap Investments L.P.

Since 1988, EnCap Investments has been the leading provider of venture capital to the independent sector of the U.S. energy industry. The firm has raised 22 institutional investment funds totaling approximately $38 billion and currently manages capital on behalf of more than 350 U.S. and international investors. For more information, visit www.encapinvestments.com.

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For EnCap Investments:
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DUBLIN--(BUSINESS WIRE)--The "Thermic Fluid Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Global Thermic Fluid Market is projected to register a CAGR of over 5% during the forecast period (2021-2026).

Key Market Trends

Extensive Demand from the Oil and Gas Sector

• The extensive use of thermic fluid in the oil and gas industry is increasing incessantly to cater to the rising energy demand.
• The oil and gas industry carries out major operations, such as oil and gas processing, natural gas purification, refining, gas to a liquid, asphalt processing, and storage, etc., with the use of thermal fluid.
• Thermic fluids are being used during natural gas processing, mainly at stages including gas sweetening, glycol dehydration, and fractionation train. At the gas sweetening and glycol dehydration stage, the regenerators present there are heated with a boiler, which, in turn, is heated with the help of thermic fluid. Furthermore, at the fractionation train, thermic fluid is used to heat the reboiler, present at each distillation column.
• According to the BP Statistical Review of World Energy 2020, the global consumption of Natural gas was accounted for 3,929.2 billion cubic meters in 2019, with a growth rate of about 2% compared to the previous year, thereby enhanced the demand for thermic fluid during natural gas processing.
• Thermic fluids are also used in the refining processes. They are used as a medium for heating reboilers of fractionation units, and others and cooling overhead condensers. According to the BP Statistical Review of World Energy 2020, the total refinery throughput in North America was accounted for 18.98 million barrels per day in 2019, with a decline rate of 1.3% compared to the previous year, which had reduced the demand for thermic fluid from refinery sector.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region dominated the global thermic fluid market share. This can be attributed to the presence of a large number of petroleum refining, pharmaceutical, and chemical manufacturing activities in the region.
• According to the BP Statistical Review of World Energy 2020, the total refinery throughput in the Asia-Pacific region was accounted for 30.30 million barrels per day in 2019, with a growth rate of 2.2% compared to the previous year.
• Asia-Pacific has also a significant contribution to the production and consumption of natural gas. According to the BP Statistical Review of World Energy 2020, the total consumption of Natural gas in the Asia-Pacific region was accounted for 869.9 billion cubic metres in 2019, with a growth rate of about 4.7% compared to the previous year.
• Thermic fluid also finds its application in chemical processing and petrochemical manufacturing facilities. Some of the key chemical processing facilities that have heat transfer systems as an integral part of their processes include phthalic anhydride (PA), dimethyl terephthalate (DMT), linear alkylbenzene, terephthalic acid (PTA), olefins, plasticizers, alcohols, and other chemicals processing facilities.
• According to the India Brand Equity Foundation (IBEF), the Indian chemicals industry was valued at USD 178 billion in 2019 and is expected to reach USD 304 billion by 2025, registering a CAGR of 9.3%. The demand for chemicals is expected to rise by 9% per year by 2025, thereby is expected to enhance the demand for thermic fluid from the Indian chemical industry in the coming years.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers

4.1.1 Extensive Demand from the Oil and Gas Sector

4.1.2 Increasing Use in Concentrated Solar Power

4.2 Restraints

4.2.1 Fluctuations in Raw Material Prices

4.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak

4.3 Industry Value Chain Analysis

4.4 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Type

5.2 End-user Industry

5.3 Geography

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Market Share Analysis**/Ranking Analysis

6.3 Strategies Adopted by Leading Players

6.4 Company Profiles

6.4.1 bp p.l.c.

6.4.2 Dow

6.4.3 Dynalene, Inc.

6.4.4 Eastman Chemical Company

6.4.5 Exxon Mobil Corporation

6.4.6 HPCL

6.4.7 MULTITHERM LLC

6.4.8 PARATHERM

6.4.9 Royal Dutch Shell plc

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/a56yse

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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COLUMBUS, Ohio & HOUSTON--(BUSINESS WIRE)--Battelle and Catahoula Resources (“Catahoula”) will jointly develop solutions for the capture, transport and sequestration of carbon dioxide produced at ethanol facilities in Nebraska.

The agreement pairs the world’s largest private independent research and development company with a portfolio company of private investment firm The Energy and Minerals Group (“EMG”), one of the largest investors in midstream infrastructure in North America and a proven leader in identifying, developing and executing world-class design/build/operate capabilities for midstream assets.

Studies have shown that many Nebraska ethanol producers can benefit from nearby low-cost storage options, eliminating added pipeline expenses or the uncertainty in delivering CO2 to out-of-state storage networks. Catahoula and Battelle plan to design and build multiple low-cost storage options either onsite or close to existing ethanol plants where the geology proves to be favorable.

“Battelle has a long history in geologic carbon sequestration and views it as a technology to make a real difference in mitigating CO2 emissions,” said Matt Vaughan, Executive Vice President of Contract Research at Battelle. “Catahoula’s ability to move quickly and deliver large energy projects cost effectively fits well with Battelle’s technical expertise and ability to minimize and manage long term subsurface storage risk through the injection phase and until closure.”

Battelle has hundreds of professionals with expertise in areas such as subsurface engineering, geoscience, process engineering, pipeline integrity, systems controls, safety, environment and policy. Amongst this diverse, technical resource pool, Battelle employs the largest dedicated-carbon-storage-specific team in the industry. These experts are seamlessly integrated into project teams using controls and quality management systems to ensure efficient and effective CCUS services in projects of any size and complexity.

“The dedication of Battelle to geologic sequestration aligns with our vision to develop the capture, transportation and permanent sequestration of carbon dioxide emissions all within the state of Nebraska, benefiting the ethanol and agricultural industry,” said Jeff Rawls, CEO of Catahoula Resources. “Catahoula’s leadership team has a track record of unlocking geological opportunities for its producer customers via strategically located greenfield midstream development opportunities and we are excited to put our 150 plus years of midstream and CO2 experience to work.”

“Nebraska’s natural environment ranks among the best in the nation, and we’re continuously innovating to improve the quality of our air and water,” said Governor Pete Ricketts. “The partnership between Battelle and Catahoula Resources to sequester carbon dioxide will create more opportunities for our ethanol industry by reducing its carbon footprint. The companies’ combined expertise will support Nebraska’s ethanol plants as they continue to be responsible stewards of our natural world.”

About Battelle

Every day, the people of Battelle apply science and technology to solving what matters most. At major technology centers and national laboratories around the world, Battelle conducts research and development, designs and manufactures products, and delivers critical services for government and commercial customers. Headquartered in Columbus, Ohio since its founding in 1929, Battelle serves the national security, health and life sciences, and energy and environmental industries. For more information, visit www.battelle.org.

About Catahoula Resources

Catahoula’s leadership team has more than 150 years of midstream experience with proven success identifying, developing and executing world class design-build-operate midstream assets. Bringing extensive CO2 technical, operations, project execution and commercial experience with a commitment to safety, compliance, and environmental stewardship Catahoula is focused on providing customer solutions and partnering with industrial participants. For additional information, please visit www.CatahoulaResources.com.

About The Energy & Minerals Group

EMG is a private investment firm with Regulatory Assets Under Management of approximately $12 billion. EMG targets equity investments of $150 million to $1 billion in the energy and minerals sectors with talented, experienced management teams, focused on hard assets that are integral to existing and growing markets. For additional information, please visit www.emgtx.com.

Katy Delaney, (614) 424-7208 or This email address is being protected from spambots. You need JavaScript enabled to view it.
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T.R. Massey, (614) 424-5544 or This email address is being protected from spambots. You need JavaScript enabled to view it.

LONDON & HOUSTON--(BUSINESS WIRE)--Regulatory News:

TechnipFMC (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) announced today that Doug Pferdehirt, Chairman and Chief Executive Officer, will address attendees on Wednesday, May 26, at 9:00 a.m. EDT at the following event:

UBS Global Energy Virtual Conference

May 25 – 26, 2021

Location: Virtual Conference

The live webcast will be available at the time of the event and can be accessed at the Investor Relations website. There will be no presentation materials associated with the event.

###

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments – Subsea and Surface Technologies – we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Investor relations

Matt Seinsheimer
Vice President Investor Relations
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James Davis
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Media relations

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Vice President Corporate Communications
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Brooke Robertson
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PASADENA, Calif.--(BUSINESS WIRE)--Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, announced today that The Kaizen Company (Kaizen) has joined its international development practice. Kaizen is an industry leader in development advisory and management consulting services with more than 150 staff globally, offering a suite of innovative tools that support advanced solutions in health, education, governance, peace and stability, and sustainable economic growth.

“Tetra Tech has developed and applied innovative and scalable solutions for our clients in the international development sector for more than 40 years,” said Dan Batrack, Tetra Tech Chairman and CEO. “The addition of Kaizen enables us to expand our management consulting capabilities and Tetra Tech Delta technologies to further enhance economic growth and prosperity in developing countries worldwide.”

Kevin Wheeler, Kaizen CEO, said, “Our team is excited to join Tetra Tech and offer our clients the global expertise of one of the world’s leading international development providers. Sharing Tetra Tech’s values of entrepreneurship and innovation, together we can build multidisciplinary teams to deliver greater value to our clients and provide new opportunities for our employees.”

The terms of the acquisition were not disclosed. Kaizen is joining Tetra Tech’s Government Services Group.

About Tetra Tech

Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 20,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science^® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.

About The Kaizen Company

Based in Washington, D.C., The Kaizen Company provides innovative, scalable solutions that address emerging market challenges and opportunities in developing countries worldwide. For more information about The Kaizen Company, please visit thekaizencompany.com or follow them on LinkedIn, Twitter, and Facebook.

Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844

WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN #ISUN--iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience for solar, electrical and data services, today announced results for the first quarter of 2021 and provided an update to its full year 2021 outlook.

Highlights

• Record first quarter revenue of $7.3 million, up 82.2% year-over-year, driven by new contract wins and solid market fundamentals.
• Acquired iSun Energy, LLC in January 2021, providing deep relationships in solar industry and expansion into e-mobility market; subsequently rebranded company under the iSun name.
• Enhanced e-mobility exposure with investments in Gemini and AmpUp.
• Expanded presence into utility-scale solar market through the acquisition of the Intellectual Property of OCS, significantly expanding the company’s total addressable market.
• Continued executing on organic geographic expansion strategy, including our largest solar contract win to date in Tennessee.
• Ended first quarter 2021 with a record cash balance of $20 million.
• First quarter 2021 backlog of $81 million, up 33% quarter-over-quarter, and nearly double first quarter 2020.

For the first quarter 2021, iSun reported a net loss of $3.1 million, or ($0.41) per share, compared to a net loss of $0.8 million, or ($0.15) per share, in first quarter 2020. First quarter 2021 EBITDA was ($1.4) million, compared to ($0.34) million in first quarter 2020. The year-over-year decline in EBITDA was due largely to higher general & administrative expenses and slightly lower gross profit due to the impacts of COVID related shutdowns and higher than expected costs on certain projects in progress.

Management Commentary

“We had a solid start to the year with record first quarter revenue and continued strong backlog growth, building on the momentum we experienced late in 2020,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “Despite several COVID shutdowns on a specific project, the overall operating environment continues to strengthen, and we are well positioned to take advantage of these trends given the strategic actions we have taken over the past year, which should drive solid growth in 2021 and beyond.”

“Demand for solar-energy remains robust and we continue to solidify our position as a market leader in supporting the transition from dirty energy to clean energy,” continued Peck. “Our geographic expansion continues with our largest project to date, a $25 million micro-grid solar project in Tennessee. Additionally, we entered the rapidly growing utility-scale solar market with the acquisition of OCS in April, increasing our addressable market and enhancing our ability to benefit from our GreenBonds partnership as their project pipeline progresses.”

“Over the last several months, we have worked to build iSun into one of the largest pure-play solar companies in the United States,” stated Peck. “Following the January acquisition of iSun Energy, LLC, in March, we made strategic investments in Gemini and AmpUp, bolstering our presence in the e-mobility space with high-quality partners and experienced management teams, and building on our internal expertise in iSun’s legacy business. With $20 million of cash on the balance as of the end of the quarter, we have the flexibility to continue to execute on our growth strategy.”

First Quarter 2021 Results

The Company reported revenue of $7.3 million in the first quarter 2021, an increase of 82.2% when compared to the first quarter 2020. Revenue growth was driven by strong project awards in the second half of 2020 and in early-2021, including multiple projects in new regions and the continued ease of pandemic-related restrictions in our key service areas.

Gross profit was $0.1 million in the first quarter 2021, compared to $0.3 million in the first quarter 2020. Gross margin the quarter was 1.6% in the quarter, compared to 7.9% in the first quarter 2020. Lower gross margin in first quarter 2021 was mainly due to several COVID-19 related project shutdowns at multiple projects which drove higher costs and impacted productivity during the quarter, as well as a design issue with a solar array that was delivered to a project site. This solar array has now been replaced with the correct design. Additionally, first quarter gross margin is typically lower than average due to seasonality and mix factors, with greater EPC revenue and less solar power generating revenue from owned solar assets.

The operating loss in the first quarter 2021 was ($2.6) million, compared to ($0.5) million in first quarter 2020. The year-over-decline was mainly due to lower gross profit and higher general and administrative costs related to several of our recent strategic initiatives, including the iSun, LLC acquisition in January 2021, and to fund growth given the increase in our backlog compared to last year.

Total backlog increased to $81 million at end of first quarter 2021, versus $61 million and $41 million at the end of the fourth quarter 2020 and first quarter 2020, respectively. Awards in the quarter were driven by several key wins including new markets. Management expects to realize revenue on nearly all of its current backlog over the next twelve to eighteen months.

Strategic Investments and Acquisitions

iSun Energy, LLC was acquired in January 2021, and the company subsequently rebranded under the iSun, Inc. name. iSun enhanced the company’s position in the solar energy market by bringing deep relationships in the solar industry and providing the Company exposure to the e-mobility infrastructure market, with iSun’s Energy & Mobility, a highly innovative solar charging solution for electric vehicles. Additionally, as part of the acquisition, Sass Peress, the Founder and Chief Executive Officer of iSun Energy, LLC joined the company as Chief Innovation and Experience Officers.

In March 2021, iSun made a $1.5 million strategic investment in Gemini Electric Mobility Co. (“Gemini”), an electric vehicle and charging company for the gig-driver, and a $1.0 million strategic investment in Nad Grid Corp. (“AmpUp”), an electric vehicle software and network provider that enables drivers, hosts, and fleet to charge stress-free. These investments enhance the services offered in iSun’s e-mobility business and are expected to drive incremental demand for iSun’s Energy & Mobility Hub.

In April 2021, iSun acquired all of the intellectual Property of Oakwood Construction Services, Inc., and its affiliates (“OCS”), a utility-scale solar EPC company. Total consideration for the transaction was $2.7 million, with $1.0 million due immediately and the remaining $1.7 million contingent upon the achievement of certain milestones. To-date, these milestones have not been met. This acquisition provides iSun entry into the utility-scale solar market, one of the fastest growing subsegments of the solar energy market, but also improves its large project execution capabilities as it seeks larger projects in legacy and new geographic markets.

Liquidity Update

At the end of the first quarter 2021, iSUN had total cash of $20.2 million. As of March 31, 2021, the Company had total debt outstanding of $5.6 million and approximately $2.4 million of availability on its revolving line of credit.

During the first quarter 2021, the Company received cash proceeds of approximately $17.4 million from the exercise of its Public Warrants and an additional approximately $9.6 million from the registered direct offering in January 2021. As of May 14, 2021, iSun had a total cash balance of approximately $21 million.

2021 Outlook

iSun expects to see continued strong demand for its solar energy and e-mobility infrastructure services in 2021, supported by the global transition toward clean energy and the resulting growth in investments in new PV solar installations and electric vehicle charging infrastructure.

With a robust backlog of $81 million, which is expected to convert to revenue over the next twelve to eighteen months, together with a strong pipeline of project opportunities, the Company continues to expect to at least double revenue in 2021 as compared to 2020. The Company also expects to generate improved EBITDA margin throughout the year, give improved operating efficiencies, greater economies of scale, and the introduction of new product and service offerings.

Restatement

On May 20, 2021, the Company concluded that, because of a misapplication of the accounting guidance to its public and private placement warrants, the Company’s previously issued financial statements for the periods ended December 31, 2020 and 2020 and the quarters ended September 30, 2020, June 30, 2020, March 31, 2020, September 30, 2019, and June 30, 2019 should no longer be relied upon. As such, the Company is restating its unaudited financial statements for these periods. Please see the Company’s Form 10-Q for the period ended March 31, 2021 on file with the SEC for additional disclosure on this topic. As of April 12, 2021, all of the company’s public outstanding warrants were either exercised or redeemed, and no public warrants remain outstanding. All figures in this press release have been adjusted accordingly to reflect the restatement.

First Quarter 2021 Conference Call Details

iSun will host a conference call on Tuesday, May 25, 2021 at 8:30 AM EDT to review the Company’s financial results, discuss recent events, and conduct a question-and-answer session. Participants can access the live conference call via telephone at 877-407-8133, using Conference ID #41255. An archived audio replay will be available through June 1, 2021 at 877-481-4010, Conference ID# 41255.

Interested parties may also listen to the live audio of the conference call by visiting the Investor Relations section of the iSun website at, investors.isunenergy.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

Non-GAAP Financial Measures

Included in this presentation are discussions and reconciliations of earnings before interest, income tax and depreciation and amortization (“EBITDA”) and EBITDA adjusted for certain non-cash, non-recurring or non-core expenses (“Adjusted EBITDA”) to net loss in accordance with GAAP. Adjusted EBITDA excludes certain non-cash and other expenses, certain legal services costs, professional and consulting fees and expenses, and one-time Reverse Merger and Recapitalization expenses and certain adjustments. We believe that these non-GAAP measures illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals.

These non-GAAP measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute or superior to, the other measures of financial performance prepared in accordance with GAAP. Using only the non-GAAP financial measures, particularly Adjusted EBITDA, to analyze our performance would have material limitations because such calculations are based on a subjective determination regarding the nature and classification of events and circumstances that investors may find significant. We compensate for these limitations by presenting both the GAAP and non-GAAP measures of our operating results. Although other companies may report measures entitled “Adjusted EBITDA” or similar in nature, numerous methods may exist for calculating a company’s Adjusted EBITDA or similar measures. As a result, the methods that we use to calculate Adjusted EBITDA may differ from the methods used by other companies to calculate their non-GAAP measures.

The following table presents a reconciliation of Adjusted EBITDA to income from continuing operations for the periods shown (in thousands, except ratios):

ABOUT iSUN

Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values that align people, purpose, innovation, and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions for commercial, industrial, and utility customers. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state, and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 650 megawatts of rooftop, ground- mount and EV-carport solar systems (equal to power required for 123,500 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.

INVESTOR CONTACT
Chase Jacobson
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802-264-2040

Planned 155 MW solar array would be state’s largest solar power purchase by non-utility customer, aimed at serving future power needs in Southwestern Colorado and Northern New Mexico

DENVER--(BUSINESS WIRE)--Guzman Energy today announced they have signed a power purchase agreement with Primergy Solar for energy from the proposed 155 MWac Hesperus Solar Project. Hesperus, located in La Plata County on Colorado’s western slope, has the ability to serve the energy needs of nearly 56,000 homes annually.

“This agreement is an important milestone for our plans to expand our energy supplies to meet customer demand for reliable, affordable, clean energy on the Colorado western slope and in New Mexico,” said Chris Riley, CEO Guzman Energy. “We will continue to mobilize projects that deliver cheaper, better energy for our customers and their communities.”

Sited on 1,500 acres, Hesperus will create more than 350 construction and permanent jobs, as well as other economic development benefits such as tax revenues, educational opportunities, and local investment. The project is expected to be operational by the end of 2023.

“We are proud to play a role in this innovative approach to bringing solar energy to Coloradoans who want cleaner air, water and soil,” said Primergy CEO, Ty Daul. “Primergy believes that carefully sited solar farms will power a brighter future and produce healthier economies throughout the Mountain West.”

About Primergy Solar

Primergy Solar, LLC (https://www.primergysolar.com) is a developer, owner and operator focused on both distributed and utility scale solar PV and battery storage projects in North America. Primergy Solar features a diverse and talented team with decades of experience in renewables project development, financing, construction and operations. It is currently managing and progressing a significant portfolio of operational and development stage solar+ battery storage projects. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and represents Quinbrook’s principal solar and solar plus energy storage investment platform in North America.

About Guzman Energy

Guzman Energy is a wholesale power provider dedicated to communities in search of affordable and reliable energy. We partner with cooperatives, municipalities, companies and tribes across North America to customize energy portfolios that make economic and environmental sense for today and tomorrow. Together, we are lighting the way forward. To learn more, visit www.GuzmanEnergy.com.

Megan Schaefer
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303.527.4622

AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced that members of its management team will present at the following institutional investor conferences:

• Wolfe Research Global Transportation and Industrials Conference on Thursday, May 27 at 1:35pm EDT/12:35pm CDT

• Tudor, Pickering, Holt & Co. Hotter ‘n Hell Conference on Thursday, June 10 at 2:15pm EDT/1:15pm CDT

A registration link for the live webcast and replay of Hyliion’s Wolfe Conference presentation and fireside chat will be available on the Investor Relations section of Hyliion’s website at investors.hyliion.com. The Tudor, Pickering, Holt & Co. Conference presentation will not be webcast live.

About Hyliion

Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.

Hyliion Holdings Corp.
Louis Baltimore
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(833) 495-4466

Ryann Malone
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(833) 495-4466

U.S. Department of Energy grant will leverage Lubrizol expertise in antioxidant technology to develop improved membranes for extended life of heavy-duty fuel cells

CLEVELAND--(BUSINESS WIRE)--#innovation--The U.S. Department of Energy's Hydrogen and Fuel Cell Technologies Office (HFTO) within the Office of Energy Efficiency and Renewable Energy (EERE) recently awarded The Lubrizol Corporation $1 million to develop enhanced membranes for heavy-duty fuel cell applications. The award will be used by the Lubrizol Corporate Ventures team as they advance work focused on improving the durability of Proton-Exchange Membrane (PEM) Fuel Cells through enhanced membrane oxidation performance.

The real-world application of the grant will not only contribute to reduced emissions but add more than 25% to the fuel cell lifespan and hours of usable runtime. This development will also enable the advanced adoption of this technology and promises a lower cost of lifetime ownership for several different applications where PEM fuel cells will be used, including commercial vehicles, material handling equipment, final mile delivery fleets and backup power generation. This work leverages Lubrizol’s chemical and synthesis expertise and process development capabilities to address the issue of oxidative degradation prevalent in PEM fuel cell membranes.

Advances resulting from this project will enable greater marketplace commercialization of fuel cells for highway applications and beyond. “As a company, Lubrizol is focused on the opportunity to leverage our existing technologies and introduce new capabilities that will address challenges in emerging markets and adjacent fields,” said Deb Langer, Senior Vice President, Lubrizol Corporate Ventures. “This grant will leverage foundational Lubrizol technologies and market knowledge in unique and valuable ways. More durable fuel cell technology will be a substantial step forward in how the world Moves Cleaner.”

This project will rely on Lubrizol’s track record of leveraging existing technology in new ways and ability to commercialize new solutions at scale.

As part of the grant proposal, the Lubrizol Corporate Ventures team focused on new energy solutions will collaborate with the National Renewable Energy Laboratory (NREL) to conduct validation testing of the enhanced membrane technologies. This award is part of the approximately $64 million in DOE funding for projects that will support EERE’s H2@Scale vision for clean and affordable hydrogen production, storage, distribution and use across the economy.

Over the course of the next year, the Lubrizol team will continue its work to study, enhance and test new membrane technology. Matt Joyce, Vice President, Commercial, Corporate Ventures added, “Industry engagement and understanding the biggest challenges facing stakeholders today have driven this work. Our team has considered solutions to the complex needs in the market and have applied our technology and application science to solve these issues. We look forward to progressing this work with NREL to deliver a meaningful solution to an emerging market and continuing to engage industry stakeholders who can benefit from this technology advancement.”

The Lubrizol work will support the next round of H2@Scale research, development and demonstration activities. This is one of several areas the Lubrizol Corporate Ventures team is advancing relative to fuel cell technologies and new energy solutions. The Ventures team includes Lubrizol innovators working in partnership with inventors, start-ups, strategic minds and organizations to build new business opportunities that leverage the company strengths and enable sizable growth in new areas.

The Lubrizol Corporate Ventures team works to address unmet needs across these markets, including new energy solutions, with a market-driven approach utilizing our extensive resources and expertise to develop, test, commercialize, and scale new business opportunities and deliver sustainable growth.

About Lubrizol

The Lubrizol Corporation, a Berkshire Hathaway Company, leverages its unmatched science to unlock immense possibilities at the molecular level, driving sustainable and measurable results to help the world Move Cleaner, Create Smarter and Live Better. Founded in 1928, Lubrizol owns and operates more than 100 manufacturing facilities, sales and technical offices around the world and has approximately 8,800 employees. For more information, visit www.Lubrizol.com.

Punkaj Ahuja
New Business Development Manager, Corporate Ventures
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Cody Adams
Senior PR Manager
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€125 million guaranteed debt refinancing of 18 solar plants in Spain

PARIS--(BUSINESS WIRE)--Assured Guaranty (Europe) SA (AGE)*, an indirect subsidiary of Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), announced that it has guaranteed principal and interest payments on approximately €125 million of bonds issued on 21^st May 2021 by Anselma Issuer SA (the Issuer), an entity owned by Qualitas Venture Capital. As a result of AGE’s wrap, the bonds are rated AA by S&P Global Ratings. The underlying project is rated BBB.

The 17-year, fixed-rate bonds took advantage of low long-term interest rates and were privately placed in the UK. Application has been made to list the bonds on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange. The issuance represents AGE’s fifth transaction in the renewables industry in Spain in the past two years.

The portfolio comprises 18 photovoltaic solar (PV) plants spread across a number of provinces in Spain. All plants benefit from the 2013 Spanish Regulatory Regime, which provides the project with payments from the Spanish Electricity System in order to achieve a predetermined level of return. The 18 PV plants all have an operational track record of 13-14 years prior to the refinancing. The contractor responsible for the operations, maintenance and asset management of the project is Q-Energy Asset Management S.L., a wholly owned subsidiary of Qualitas Group.

Domiciled in Paris, AGE is responsible for Assured Guaranty’s financial guarantee business in continental Europe. AGE is rated AA by S&P Global Ratings and AA+ by Kroll Bond Rating Agency.

Dominic Nathan, AGE’s Head of Underwriting for Infrastructure Finance, commented:

“We’ve now completed five renewable energy transactions in Spain in just 24 months, supporting our decision to strengthen our presence in the country. This transaction also represents our third Spanish solar deal following the outbreak of COVID-19 and proves our continued value to investors and sponsors, particularly under difficult market conditions.”

Nick Proud, Directeur Général of AGE, and Senior Managing Director–International and Structured Finance of Assured Guaranty, commented:

“The transaction shows the continued growth of our European insurance company Assured Guaranty (Europe) SA, which began writing business in 2020. We look forward to expanding our European footprint further in key geographies and sectors.”

AGE’s legal advisers on the transaction were Linklaters LLP.

The Issuer was advised by Watson Farley & Williams Spain, S.L.P.

The Bond Joint Lead Managers in the transaction were Banco de Sabadell, S.A. and Banco Santander, S.A.

IMPORTANT NOTICE

All of the securities have been sold, and this announcement is for information purposes only. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or with any securities regulatory authority of any state or jurisdiction of the United States, and may not be offered, sold or transferred, directly or indirectly, in the United States absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States.

* ASSURED GUARANTY (EUROPE) SA is a public limited company with capital of €110,900,000 registered in the Paris Trade and Companies Register under number 852 597 384, whose registered office is located at 71, rue du Faubourg Saint-Honoré - 75008 Paris, and is governed by the French Insurance Code.

Through its insurance subsidiaries, Assured Guaranty Ltd. (AGL) is the leading provider of financial guarantees for principal and interest payments due on municipal, public infrastructure and structured financings. Through other subsidiaries, AGL provides asset management services. AGL is a publicly traded (NYSE: AGO), Bermuda-based holding company. More information on AGL and its subsidiaries can be found at AssuredGuaranty.com.

Cautionary Statement Regarding Forward-Looking Statements:

Any forward-looking statements made in this press release reflect AGL’s current views with respect to future events and are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, those resulting from AGL and its insurance subsidiaries’ inability to execute their strategies; the demand for their financial guarantees; adverse developments in their guaranteed or investment portfolios; actions that the rating agencies may take with respect to AGL’s insurance subsidiaries’ financial strength ratings; adverse developments in AGL’s asset management business; and other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of 24 May 2021. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations:
Robert Tucker, +1 212-339-0861
Senior Managing Director, Investor Relations and Corporate Communications
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Media:
Ashweeta Durani, +1 212-408-6042
Vice President, Corporate Communications
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project44 has bolstered its market-leader position, posting 100% year over year growth as supply chain visibility takes the global spotlight

CHICAGO--(BUSINESS WIRE)--#GlobalTrade--project44, the global leader in supply chain visibility solutions, posted 100 percent year-over-year growth in annual recurring revenue (ARR), surpassing $50 million. By delivering end-to-end supply chain visibility to a growing list of global companies, project44 has consolidated its leading position in the market, making its software a critical part of the success of corporations like Amazon, Walmart, Unilever, Lenovo, and H&M.

“We’re seeing signs of maturity in the market. It’s estimated that 80 percent of Forbes Global 2000 Companies will be looking at supply chain visibility in the year ahead,” said Tim Bertrand, president of worldwide GMT and Field Operations at project44. “We have an unmatched technological and operational ability to meet the demands of the market and the events that have created a new awareness about supply chain visibility. These conditions create an incredible growth story for project44.”

This year, more than $100 billion in freight spend ran through its platform, making project44 the market leader in supply chain visibility software. With visibility across 161 countries, including all maritime trade routes and ports, 16 supported languages, and 4.3 million drivers and 3.5 million trucks piping data into the platform, project44 seamlessly connects all parts of the transportation ecosystem, guaranteeing that customers can quickly unlock value.

The growing list of customers that rely on project44’s visibility products to optimize their supply chains includes three of the world’s largest retailers, the world’s third largest clothing retailer, seven of the world’s top food and beverage manufacturers, and two of the top global cosmetics manufacturers. project44 is driving the world’s leading manufacturers and distributors forward with the data needed to maximize throughput, minimize downtime, and reduce inventory levels, helping companies ward off supply chain threats and act proactively.

Another milestone achieved this year was project44’s acquisition of Ocean Insights, a leading ocean supply chain visibility and market intelligence provider. The acquisition provided project44’s customers with comprehensive ocean freight visibility just weeks before the Suez Canal incident snarled global maritime trade. Recently, Gartner named project44 a Leader in the research firm’s first-ever Magic Quadrant for Real-Time Transportation Visibility Platforms (RTTVP). Gartner evaluated 14 vendors out of which project44 received the highest placement for its ability to execute and was also recognized for its completeness of vision.

To learn more about how project44’s technology is helping global businesses remain in control of their inventory, keep costs down, and unlock value, contact project44 today.

About project44

project44 solves some of the world’s most critical logistics challenges by connecting, automating, and providing real-time visibility into global transportation processes. With project44’s cloud-based platform, organizations can increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional, Amazon-like experience to their customers. project44 supports all transportation modes and shipping types, including air, parcel, final-mile, less-than-truckload, volume less-than-truckload, groupage, truckload, rail, intermodal, and ocean. To learn more, visit www.project44.com.

Media Contact
Charlie Pesti
Director, Marketing
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LONDON--(BUSINESS WIRE)--Global Ports Holding Plc ("GPH"), the world's largest independent cruise port operator, and affiliates of Sixth Street, a leading global investment firm, today announced that they have entered into a $261 million financing arrangement. This new investment from Sixth Street will strengthen GPH’s balance sheet and provide flexible growth capital for GPH to pursue expansion opportunities at a dynamic juncture in the global cruise industry.

“As the world’s largest independent cruise port operator, this timely capital raise reinforces our position as the market leader and gives us the financial flexibility to take advantage of growth opportunities with the resumption of cruising,” said H. Emre Sayın, CEO of Global Ports Holding Plc. “We appreciate Sixth Street providing us with financing certainty at an important moment for the global cruise industry, and we look forward to using this capital to continue to expand our business.”

“GPH operates ports in some of the most important cruise hubs in the Caribbean and Mediterranean and benefits from real scale across the world’s major cruise destinations,” said Michael Griffin, Partner at Sixth Street and head of the Specialty Lending team in Europe. “We believe GPH is well-positioned to continue to grow its long-term relationships in key markets as the cruise industry and the local economies that depend on it begin to recover.”

The transaction is expected to close in June 2021.

About Global Ports Holding Plc

Global Ports Holding Plc is the world's largest independent cruise port operator with an established presence in the Caribbean, Mediterranean, and Asia-Pacific regions. GPH was established in 2004 as an international port operator with a diversified portfolio of cruise and commercial ports. As an independent cruise port operator, the group holds a unique position in the cruise port landscape, operating 20 ports in 13 countries.

About Sixth Street

Sixth Street is a global investment firm with over $50 billion in assets under management and more than 300 team members across nine global locations. Sixth Street operates as one global team using its flexible, long-term capital, cross-platform approach, and data-enabled capabilities to pursue thematic opportunities and provide solutions for companies across all stages of growth. Sixth Street operates nine diversified, collaborative investment platforms: TAO, Growth, Specialty Lending, Fundamental Strategies, Infrastructure, Opportunities, Insurance, Agriculture, and Credit Market Strategies. The Specialty Lending team based in London focuses on providing flexible capital and creative financing solutions for leading European companies. For more information about Sixth Street’s Specialty Lending business in Europe, visit www.sixthstreet.com/sle or follow Sixth Street on LinkedIn.

Global Ports Holding Plc Media:
Ceylan Erzi
Marketing Manager
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Sixth Street Media Contacts
US: Patrick Clifford – This email address is being protected from spambots. You need JavaScript enabled to view it. / +1 (646) 9064339
UK Gavin Davis – This email address is being protected from spambots. You need JavaScript enabled to view it. / +447910104660

The $21.6 million project marks a significant step forward for the Army base in its goal of reaching net-zero energy use in the near term

FRAMINGHAM, Mass. & JOLON, Calif.--(BUSINESS WIRE)--#cleanenergy--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced the upcoming groundbreaking of its electrical distribution microgrid at Fort Hunter Liggett. To support USAG Fort Hunter Liggett’s goals to achieve Net Zero Energy, while also attaining U.S. Army Directives to achieve Critical Mission Resiliency, the $21.6 million project will include the design and installation of a secure, islandable and autonomous microgrid with controls and interconnection for new and existing generation and storage systems at the 165,000-acre U.S. Army Reserve training center.

Construction groundbreaking of the project marks a significant step forward for the Army base and works toward its goal of reaching net-zero energy use by 2022. The new microgrid system will improve energy security for Fort Liggett by separating it from more vulnerable external systems in the event of a loss of utility grid power. It will also enable the base to only deploy as much energy as is needed thanks to the addition of the system’s 3.75MW photovoltaic generation, 5MWh batteries, and Microgrid Control System. Ameresco will upgrade the existing customer distribution system that includes automating medium voltage switches, so Fort Hunter Liggett’s facility managers can easily and efficiently control energy intake at various buildings at the facility.

“Working with the team at Fort Hunter Liggett has been an immensely rewarding experience as the improvements implemented at their base set a precedent for future green resiliency enhancements at Federal Army bases across the country,” said Nicole Bulgarino, executive vice president of Federal Solutions at Ameresco. “We’re eager to continue building on this success by utilizing the most current energy technologies available and creating a cleaner and sustainable future.”

The start of the microgrid project “is the culmination of more than a decade of projects, development and planning,” said Col. Charles Bell, FHL Garrison Commander. “The idea began here, and was not tasked to us from higher up. It shows how forward-thinking our team is to generate DoD-wide projects at the grassroots level. It is a huge win.”

The installation is recognized as a leader in its energy, waste, and water resiliency and sustainability programs, and has won several Army awards. In the past decade, FHL has eliminated the need for fuel oil, reduced energy consumption intensity by 63 percent, severely reduced propane use, and has incorporated ground source heat pumps. This was accomplished by replacing inefficient boilers, furnaces, and lighting, replacing them with modern high-efficiency equipment.

The groundbreaking event will take place on Thursday, May 27th, at 10 a.m. local time. The event will be live-streamed on the FHL Facebook page: https://www.facebook.com/FortHunterLiggett.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. 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.

About Fort Hunter Liggett

Fort Hunter Liggett is recognized as the military's premier Total Force Training Center. Along with its sub-installation Parks Reserve Forces Training Area, it offers excellent training opportunities to all U.S. military components and those of allied nations. At 165,000 acres, Fort Hunter Liggett is the U.S. Army Reserve's largest training installation, and it is well suited to large-scale joint exercises.

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 March 31, 2021.

Media Contacts:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Fort Hunter Liggett: Amy Phillips, Public Affairs Officer, 831-386-2690, This email address is being protected from spambots. You need JavaScript enabled to view it.

BAKERSFIELD, Calif.--(BUSINESS WIRE)--Global Clean Energy Holdings, Inc (OTCQB: GCEH) and ExxonMobil have expanded their five-year agreement to increase ExxonMobil’s purchase of renewable diesel. To learn more, visit ExxonMobil’s May 20^th, 2021 follow-up post on its Energy Factor blog (original August 2020 post). Highlights include:

• Five-year agreement for ExxonMobil to purchase renewable diesel from Global Clean Energy’s Bakersfield biorefinery increases up to 5 million barrels per year
• Renewable fuel using Global Clean Energy’s patented camelina crop can significantly reduce greenhouse gas emissions
• Biorefinery startup on schedule for early 2022

ExxonMobil will be the exclusive buyer of renewable diesel produced from Global Clean Energy’s biorefinery, located in Bakersfield, California, which is on schedule to begin production in early 2022. The renewable diesel leverages Global Clean Energy’s patented camelina crop, which can significantly reduce life-cycle greenhouse gas emissions.

“Our work at the Bakersfield biorefinery is a perfect example of what can be accomplished when an industry leader like ExxonMobil supports a growing renewables company like Global Clean Energy with long-term contracts,” said Richard Palmer President & CEO of Global Clean Energy Holdings. “By working together across traditional agricultural, energy and supply chain lines, we are showing how agriculture and energy, big and small, can collaborate to bring lower-carbon fuels to market.”

Based on analysis of California Air Resources Board data, renewable diesel from various non-petroleum feedstocks can provide life-cycle greenhouse gas emissions reductions of approximately 40 percent to 80 percent compared to petroleum-based diesel. When cultivated as a cover crop on rotational dryland, camelina can help meet the growing global demand for lower-carbon non-petroleum feedstocks.

“Our expanded agreement with Global Clean Energy reinforces ExxonMobil’s longstanding efforts to support society’s ambitions for lower-emission fuels,” said Ian Carr, president of ExxonMobil Fuels and Lubricants Company. “Through our growing relationship, we remain focused on bringing renewable fuels to market that make meaningful contributions to help consumers reduce their emissions.”

The Bakersfield biorefinery will process up to 15,000 barrels per day of renewable feedstocks, including Global Clean Energy’s proprietary camelina. The balance of renewable diesel will be produced using various non-petroleum feedstocks, including used cooking oil, soybean oil, distillers’ corn oil and other renewable sources.

The original agreement signed in August 2020 between Global Clean Energy Holdings and ExxonMobil, committed ExxonMobil to purchase 2.5 million barrels of renewable diesel per year from Global Clean Energy’s Bakersfield biorefinery. Following production startup, ExxonMobil plans to distribute the renewable diesel within California and potentially other U.S. and international markets.

About Global Clean Energy

Global Clean Energy Holdings, Inc. (OTCQB:GCEH) is a uniquely positioned vertically integrated renewable fuels company. GCEH’s strategy has been consistent from the company’s inception; control the full integration of the supply chain from the development, production, and processing of feedstocks through to the refining and distribution of renewable fuels, making it the only integrated farm-to-fuel renewable diesel producer of its kind.

GCEH’s plant science subsidiary, Sustainable Oils, Inc., is the world’s leading developer of camelina, a fast-growing, low input, dryland farmed rotation crop. As it is cultivated on unirrigated fallow land, camelina does not displace food or create indirect land use change. It also allows farmers to improve total farm economics through better overall asset utilization.

GCEH is retooling and constructing its renewable diesel refinery in Bakersfield, California, which when completed in early 2022 will be the only integrated farm-to-fuel renewable diesel production facility of its kind, processing both camelina as well as traditional biofuel feedstocks such as plant oils and waste products. It will be the largest renewable fuels facility in the western United States and the largest in the country that produces renewable fuels from non-food based feedstocks.

To learn more, visit gceholdings.com. Follow us on Twitter and LinkedIn

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor. Follow us on Twitter and LinkedIn.

Cautionary Statement

Statements of future events, plans or product offerings in this release are forward-looking statements. Actual future results, including product offerings, refinery start-up dates, delivery timing. available capacity, and the impact and results of new technologies on product efficiency and life-cycle emission reductions could vary depending on the outcome of general business conditions; further research and testing; the development and competitiveness of alternative technologies; the ability to scale pilot projects on a cost-effective basis; political and regulatory mandates, incentives and other developments; and other factors discussed in this release and under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at exxonmobil.com.

Global Clean Energy Holdings Media Relations
Melody Kean Haller, 424-318-3518

ExxonMobil Media Relations
972-940-6007

The analysis is the first of its kind to reverse engineer the EPA’s latest GHG emission data to calculate new infrastructure investment; A conference call to discuss key findings will take place May 26, 2021

NEW YORK--(BUSINESS WIRE)--#carbonemissions--A new analysis of US greenhouse gas emissions and a framework for the United States to achieve Net Zero emissions is announced today. The study is the first of its kind to reverse engineer the latest emission data from the Environmental Protection Agency and present an integrated framework and pathway for the US to decarbonize its economy.

The findings will be presented during a virtual event on Wednesday, May 26^th at 10 AM PDT/1 PM EDT and will be co-hosted by the study’s principal author, former Wall Street analyst and CEO of Common Energy, Richard Keiser, climate advocate and leader of 350.org, Bill McKibben, and lead Partner in Allen Overy’s renewable energy practice, John Marciano. Industry and sustainability leaders, as well as policy makers are invited to attend and may register here. The report is available to download here.

“As the world’s second largest emitter, it is imperative that the US demonstrate leadership on climate change,” said Richard Keiser. “To achieve Net Zero emissions, the cornerstone of US strategy must be a massive expansion of clean electricity infrastructure. This is because all other GHG mitigation strategies are dependent on abundant clean electricity.”

Mr. Keiser continued: “The vast majority of US GHG emission reductions can be achieved today, without significant breakthroughs, using existing technologies. Accordingly, the country’s top priority should be decreasing bottlenecks to deployment, in particular accelerating the permitting and interconnection of renewable energy resources, and incentivizing the rapid electrification of the transportation sector.”

Some of the analysis’ key findings are as follows:

• The centerpiece of US strategy should be a massive expansion of clean electricity, in particular wind, offshore wind, and all-scale solar, as all other GHG migration strategies require large increases in clean electricity. 2.4 PWh of existing coal and natural gas generation will need to be replaced, in addition to significant additional electricity for transportation and heating buildings. 3-5 TW of new renewable energy capacity is needed. This investment and requisite grid upgrades alone will cost at least $3 trillion.
• Renewable energy generation intermittency in the grid is best solved by a combination of overbuilding renewables, vehicle-to-grid battery technology, and expanding grid interconnections. The East, West, and ERCOT sub-grids should be interconnected, and expanded to include parts of the Canadian grid.
• No credible GHG reduction can be achieved without electrifying transportation, requiring the replacement and/or ICE substitution of approximately 300 million vehicles. Doing so will increase US annual electricity demand by 900 TWh (+22% versus current generation).
• The vast majority of residential and commercial building emissions can be solved today with known electrification solutions, and will require an additional 1,000 TWh of clean electricity (+24% versus current generation).
• Any credible reduction in agriculture emissions must address cattle and beef consumption, through a combination of change in cattle diet, genetic engineering, poultry-for-beef substitution, and plant-based alternatives.
• Achieving the Biden administration’s pledged 50% reduction in greenhouse gas emissions by 2030 must rely exclusively on known solutions, as there is not time to scale new innovations for them to have meaningful impact.
• Industrial sector emissions are the most difficult to address and will require a rethinking of product supply chains and manufacturing infrastructure. The U.S. government should support a complete mapping of production chains with relevant industry experts, and support these efforts with ambitious innovation and research and development programs.

The analysis will be presented in a free webinar on Wednesday, May 26, 2021 at 10 AM PDT/1 PM EDT. Industry and sustainability leaders as well as policy makers are invited to attend. Following the presentation there will be an open question and answer session. Interested individuals may register here. The report is available to download here.

About the Study’s Author

Richard Keiser is a former Wall Street analyst and was previously Senior Analyst and head of the Technology Strategy Group at Sanford C. Bernstein in New York. His analyses have been featured in the Wall Street Journal, the Financial Times, Bloomberg, Forbes, and in energy publications around the world. In 2007, he authored a seminal analysis on the implications of climate change for investable technology themes. In 2011, Mr. Keiser’s analysis of US electricity pricing and the solar energy cost curve correctly predict the rise of distributed energy in the United States. In 2018, Mr. Keiser founded Common Energy, a leading community solar provider. He is a graduate of MIT.

About Common Energy

Common Energy is a leading partner for renewable energy asset owners. Common Energy connects businesses, homeowners, and renters to distributed clean energy projects, and provides a platform for asset owners to manage collections and increase project ROI. Common Energy currently manages over 200MW of community solar projects around the country, serving over 10,000 customers. To join a community solar project, enroll at www.commonenergy.us. Companies interested in partnering with Common Energy are encouraged to email This email address is being protected from spambots. You need JavaScript enabled to view it..

Press Contact:
Haley Steinhauser
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(562) 991-3170

COLUMBUS, Ind. & TOLEDO, Spain--(BUSINESS WIRE)--Global power leader Cummins Inc. (NYSE: CMI) joined today government leaders and partner Iberdrola, one of the world’s largest energy companies, to announce its plans for one of the world’s largest electrolyzer plants for the production of green hydrogen to be located in Castilla-La Mancha, Spain. This investment in Spain comes on the heels of Iberdrola and Cummins’ decision to partner together on large-scale hydrogen production projects in Spain and Portugal.

The companies have signed an agreement to accelerate the growth of business opportunities in the electrolyzer market of Iberia, promoting the green hydrogen value chain and making Spain a leader of this technology and industry. This alliance helps to position Cummins as a leading supplier of electrolyzer systems for large-scale projects in Iberia and Iberdrola as a leading developer of electrolyzer projects and hydrogen supplier to final industrial customers.

“Spain offers a strong and dynamic local environment for hydrogen production, and we are excited to invest here and significantly increase our manufacturing capacity in Europe,” said Tom Linebarger, Chairman and CEO of Cummins. “Our partnership with Iberdrola will connect us with a major clean energy company and strategically positions us to be a European leader in green hydrogen production. We believe that this is just the start of our expansion into new markets, bringing new clean technology to customers, and supporting efforts to bring the European Union’s Green Deal to fruition. As communities move toward zero emissions, this is the latest example of Cummins’ global effort to achieve carbon neutrality and accelerate the hydrogen economy.”

Ignacio Galán, Chairman and CEO of Iberdrola, said, “This initiative will accelerate the production of green hydrogen in Spain and will create a new industry, the manufacturing of electrolyzer systems, with high growth potential. We continue to make progress in our ambitious plan to put Spain and Europe at the global forefront of this technology by reducing energy dependence and fossil fuel consumption while driving the country's economic and social revitalization.” He added, “We congratulate ourselves on the choice to locate the project in a region that we value and in which we maintain a historic presence and commitment. This joint initiative will contribute to the economic, industrial and quality employment development in the region and will reinforce its great innovative commitment to a decisive technology for the decarbonization of the industry.”

A site selection search within the Guadalajara area of Castilla-La Mancha is currently underway for Cummins’ new €50-million PEM electrolyzer plant that will house system assembly and testing for approximately 500 MW/year and will be scalable to more than 1 GW/year. The facility, which will initially be 22,000 square meters, is anticipated to open in 2023, creating 350 new jobs as production ramps up. Cummins is rapidly growing its capabilities to provide hydrogen technologies at scale, which is critical to the world’s green energy transition through the hydrogen economy. Cummins has deployed more than 600 electrolyzers in 100 countries globally.

As part of this alliance, the 230-MW green hydrogen project in Palos de la Frontera (Huelva, Andalusia, Spain) - that Iberdrola has planned for the leading fertilizer producer Fertiberia - will become a benchmark for large electrolysis projects. Cummins will be the electrolyzer supplier for the Palos project and through the experience acquired in the project, Iberdrola and Cummins will jointly collaborate in the design of solutions for large electrolysis projects. Cummins and Iberdrola are also collaborating on a hydrogen refueling station in Barcelona, Spain with additional partnership and broader collaboration opportunities anticipated in the future.

Cummins’ ability to construct a state-of-the-art electrolyzer facility in Spain is a result of the strong support from the Castilla-La Mancha and Spanish governments. Additionally, with Spain’s support, this plant and partnership will accelerate the ability of green hydrogen to play a critical role in reducing greenhouse gas and air emissions from industrial industries to meet the goals in limiting global temperature increases laid out in the Paris Agreement and the European Union’s Green Deal, as well as help to deploy the Spanish and European hydrogen strategies. The plant will also enable Cummins to achieve carbon neutrality by 2050 as outlined in the company’s Planet 2050 sustainability strategy.

Iberdrola has submitted 53 hydrogen-related projects to the Next Generation EU program, which would activate investments of €2.5 billion to achieve an annual production of 60,000 tn/year. The green hydrogen production capacity under this plan would be equivalent to 20% of the national target (4GW installed capacity by 2030) and would ensure that around 25% of the hydrogen currently consumed by Spain would not generate any CO2 emissions. This and related Iberdrola hydrogen projects are anticipated to fuel economic and job growth, contributing to the creation of approximately 4,000 skilled jobs across 500 local suppliers.

In Castilla-La Mancha, Iberdrola operates 2,376 MW of renewable energy - wind power and photovoltaic - which makes it the third autonomous community with the highest 'green' megawatts installed by Iberdrola in Spain. Recently, the company has completed three photovoltaic projects in the region, totaling 150 MW, and builds Puertollano photovoltaic plant (100 MW).

About Iberdrola

Iberdrola is one of the world's biggest energy companies - third by market capitalization in the world and leader in renewables - which is spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. It carries out renewables, networks and commercial activities in Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia, and, as growth platforms, it is present in markets such as Japan, Ireland, Sweden and Poland, among others. With a workforce of more than 37,000 and assets in excess of €122.5 billion, in 2020, it achieved a turnover of €33 billion and a net profit of over €3.6 billion. The company contributes to sustain 400,000 jobs along its supply chain, with annual procurement of €14 billion. A benchmark in the fight against climate change, it has allocated more than €120 billion over the last two decades to building a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,800 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. Learn more at cummins.com.

Jon Mills
Cummins Inc.
Phone: 317-658-4540
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Susana Sanjuan
Iberdrola
M: +34 677946805
Francisco Calderon
M: +34 654642160

Collaboration and Communication Software Solution Helps Shell Catalysts & Technologies React Quickly to Changing Dynamics Across Global Plant Facilities

BEDFORD, Mass.--(BUSINESS WIRE)--Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in asset optimization software, today announced that Shell Catalysts & Technologies, a provider of leading catalysts, technical services and licensed process technologies to refiners, gas treating facilities and chemical plants around the world, is implementing Aspen Schedule Explorer™ software in multiple plants throughout North America and Europe. The supply chain management solution will improve coordination, communication and visibility for operations and supply chain personnel, which will allow teams to adapt to changing conditions as needed. The comprehensive deployment follows the completion of a successful pilot program at Shell Catalysts & Technologies’ facility in Ghent, Belgium.

“It’s critical that the operations personnel throughout our plants and our central supply chain planning team have visibility of the latest published production schedules and are able to provide updates, ask questions and make notes on various parts of the production process to enable operational excellence. Aspen Schedule Explorer has been a highly effective and intuitive solution for providing our schedulers, operators, maintenance crew and central supply chain planning team with real-time visibility into production,” said Luis F. Filobelo PhD, Process Research at Shell Catalysts & Technologies. “We’re excited to roll out Aspen Schedule Explorer to other plants around the world.”

Aspen Schedule Explorer provides operations and supply chain personnel with a live, web-based view into the latest published production schedules from Aspen Plant Scheduler™, delivered through Shell Catalysts & Technologies’ private cloud. The solution combines advanced communication, visibility, and a schedule data historian to help improve productivity and supply chain and operations execution. Aspen Schedule Explorer’s common, collaborative hub strengthens cross-functional alignment between stakeholders, while an intuitive interface provides users with the visibility required in today’s complex and dynamic manufacturing environments.

“Sales and Operations Execution (S&OE) is the crucial process that enables manufacturers to quickly respond to the inevitable day-to-day opportunities and disruptions that occur in their supply chain and manufacturing sites. Clear communications, collaboration and real-time visibility enables supply chain and manufacturing operations teams to be agile and remain aligned throughout the day,” said David Arbeitel, Senior Vice President of Product Management at Aspen Technology. “This capability is especially important in today’s manufacturing environment, where workers are often remote but still need to react and adapt quickly to changing conditions.”

He added, “Aspen Schedule Explorer provides Shell Catalysts & Technologies with a single source of information and visibility that can scale as needed based on changing and often uncertain conditions. We’re thrilled to be helping Shell Catalysts & Technologies implement Aspen Schedule Explorer at all of its global manufacturing facilities.”

Supporting Resources

• Aspen Schedule Explorer™
• Aspen Schedule Explorer: The Future of Collaboration– video
• Aspen Plant Scheduler™
• Industrial AI

About Aspen Technology

Aspen Technology (AspenTech) is a global leader in asset optimization software. Its solutions address complex, industrial environments where it is critical to optimize the asset design, operation and maintenance lifecycle. AspenTech uniquely combines decades of process modelling expertise with artificial intelligence. Its purpose-built software platform automates knowledge work and builds sustainable competitive advantage by delivering high returns over the entire asset lifecycle. As a result, companies in capital-intensive industries can maximize uptime and push the limits of performance, running their assets safer, greener, longer and faster. Visit AspenTech.com to find out more.

© 2021 Aspen Technology, Inc. AspenTech, the Aspen leaf logo, Aspen Schedule Explorer™ and Aspen Plant Scheduler™ are trademarks of Aspen Technology, Inc.

Aspen Technology, Inc.
Stephanie Jackman
+1 781-221-1965
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DUBLIN--(BUSINESS WIRE)--The "Global Offshore AUV & ROV Market, By Product Type (AUV, ROV), By Propulsion System (Hybrid System, Electric System, Mechanical System), By Depth, By Application, By End User, By Region, Competition Forecast & Opportunities, 2016-2026" report has been added to ResearchAndMarkets.com's offering.

The Global Offshore AUV & ROV Market was valued USD 3.53 Billion in 2020 and is expected to grow at an impressive rate of 11.48% CAGR during 2021-2026.

The Global Offshore AUV & ROV Market is driven by the increasing offshore oil & gas discoveries in different countries across the globe.

Additionally, these AUVs & ROVs help in detecting submerged rocks and obstructions and raise alarms & alerts. As a result of this they are highly preferred and used in the navigational system of marine vehicles. However, this is quite capital intensive and requires huge investment thereby restricting the market growth during the forecast period.

The exceptional services offered by autonomous underwater vehicle (AUV) as well as remotely operated vehicles (ROV) have created a huge demand across the world. The excessive use of fossil fuels has led to an increasing adoption of AUV and ROV among end-users across the world. The constantly rising demand for hydrocarbons has encouraged companies to focus on offshore drilling activities, to enhance green energy.

The role of AUVs in studying seafloors before construction of subs-seas infrastructure has fueled the demand for AUVs in recent years. Additionally, the incorporation of technologies such as intelligent control systems and sensor-based steering will contribute to an increase in the demand for AUVs and ROVs across the world. The report encompasses several factors that have constituted an increase in the Global Offshore AUV & ROV Market.

Regionally, the offshore AUV & ROV market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America is expected to dominate the overall offshore AUV & ROV market owing to the increasing oil & gas projects especially in the U.S. and Mexico.

Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.

Objective of the Study:

• To analyze historical growth in market size of the Global Offshore AUV & ROV Market from 2016 to 2020.
• To estimate and forecast the market size of the Global Offshore AUV & ROV Market from 2021 to 2026 and growth rate until 2026.
• To classify and forecast the Global Offshore AUV & ROV Market based on product type, propulsion system, depth, application, end-user, company, and regional distribution.
• To identify dominant region or segment in the Global Offshore AUV & ROV Market.
• To identify drivers and challenges for the Global Offshore AUV & ROV Market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Offshore AUV & ROV Market.
• To identify and analyze the profiles of leading players operating in the Global Offshore AUV & ROV Market.
• To identify key sustainable strategies adopted by market players in the Global Offshore AUV & ROV Market.

The major players operating in the offshore AUV & ROV market are:

• Oceaneering International, Inc
• Fugro NV
• DOF Subsea AS
• Subsea 7, Inc
• Helix Energy Solutions Group Inc
• Atlas Electronik GmbH
• Kongsberg Maritime AS
• Deep Ocean Group
• Saipem S.p.A
• Teledyne Technologies Inc.

Years considered for this report:

• Historical Years: 2016-2019
• Base Year: 2020
• Estimated Year: 2021
• Forecast Period: 2022-2026.

Report Scope:

Global Offshore AUV & ROV Market, By Product Type:

• AUV
• Man Portable
• Large Vehicle
• Light Weight Vehicle (LWV)
• Heavy Weight Vehicle (HWV)
• ROV
• Small Vehicle
• Work-Class Vehicle
• Heavy Work-Class Vehicle
• High-Capacity Electric Vehicle

Global Offshore AUV & ROV Market, By Propulsion System:

• Hybrid System
• Electric System
• Mechanical System

Global Offshore AUV & ROV Market, By Depth:

• Less Than 5,000 Feet
• 5,000-10,000 Feet
• Above 10,000 Feet

Global Offshore AUV & ROV Market, By Application:

• Drilling & Well Completion Support
• Construction Support
• Inspection
• Repair & Maintenance Service
• Subsea Engineering Services & Remote Subsea Intervention Tooling Design

Global Offshore AUV & ROV Market, By End-User:

• Oil & Gas
• Defense
• Commercial
• Scientific Research

Global Offshore AUV & ROV Market, By Region:

• North America
• Europe
• Asia Pacific
• South America
• MEA

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Impact of COVID-19 on Global Offshore AUV & ROV Market

4. Executive Summary

5. Voice of Customer

6. Global Offshore AUV & ROV Market Outlook

7. Asia-Pacific Offshore AUV & ROV Market Outlook

8. Europe Offshore ROV & AUV Market Outlook

9. North America Offshore ROV & AUV Market Outlook

10. Middle East & Africa Offshore ROV & AUV Market Outlook

11. South America Offshore ROV & AUV Market Outlook

12. Market Dynamics

13. Market Trends & Developments

14. Competitive Landscape

For more information about this report visit https://www.researchandmarkets.com/r/obxrau

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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