DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE:TRN) will host a virtual Investor Day today including presentations by Jean Savage, Trinity’s CEO and President; Eric Marchetto, EVP and Chief Financial Officer; as well as other members of executive management.
During the presentations, management will discuss their strategic framework for optimization and growth of the rail platform, improving pre-tax return on equity to a mid-teen range through the cycle, and a capital allocation framework for expected cash flow from operations of $1.5 – 2.0 billion generated over the next three years. The presentations will be followed by a question and answer session hosted by Trinity’s management team.
The event is set to begin at 9:00 a.m. Eastern today, November 19, 2020 and is expected run less than 3 hours. The presentation materials were filed in a Form 8K this morning and have been posted to the event webpage for investors to preview.
How to Participate:
To participate in the live video webcast, visit the Investor Relations section of the Company’s website at www.trin.net and access the Events and Presentations webpage.
A replay of the webcast and presentation materials will be available on the website for one year from the date of the event.
About Trinity Industries
Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control, as well as a logistics business that primarily provides support services to Trinity. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and the All Other Group. For more information, visit: www.trin.net.
Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future, including the potential financial and operational impacts of the COVID-19 pandemic. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.
Investor Contact:
Jessica L. Greiner
Vice President, Investor Relations and Communications
Trinity Industries, Inc.
(Investors) 214/631-4420
Media Contact:
Jack L. Todd
Vice President, Public Affairs
Trinity Industries, Inc.
(Media Line) 214/589-8909
DUBLIN--(BUSINESS WIRE)--The "Fuel Cell Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Phosphoric Acid Fuel Cell, Solid Oxide Fuel Cell, and Others); Application; and End-User" report has been added to ResearchAndMarkets.com's offering.
According to this report the market was valued at US $709.00 million in 2019 and is projected to reach US$ 4,570.68 million by 2027, growing at a CAGR of 26.8%. The report highlights the factors driving and restraining the market growth, as well as enumerates prominent players in the market with their recent developments.
At present, automotive manufacturers are inclined toward making automotive mobility more sustainable to reduce their impact on the environment. The major players in the automotive sector are focusing on investing in the production of electric vehicles. There have been notable collaborations in recent years between automakers and tech companies to develop technologically advanced electric vehicles. With the changes in business strategies to introduce innovative technologies, the market is moving toward EV adaptation, which has compelled ICE vehicle manufacturers to shift their focus toward EVs with high voltage operating devices. With the rapid growth in the automotive sector, car manufacturers are also becoming careful while selecting energy distribution technologies to avoid battery-related accidents.
At present, there is increase in demand for an energy-efficient electric vehicle to reduce pollution worldwide. Also, it is stated in the International Council on Clean Transportation (ICCT) that auto manufacturers have announced more than US$ 150 billion investments to achieve the production of 13 million electric vehicles by 2025. The shifting trend of vehicles from old conventional automotive vehicles to electric vehicles demands for electric circuit system, which drives the adoption of fuel cell. Thus, rapid growth in the automotive industry and increasing investment in the production of electric vehicles are the major factors offering opportunity for the global market players to expand their businesses.
The global fuel cell market is broadly segmented into type, application, end user, and geography upon extensive analysis of business offerings of considerable market players and selected end users. In terms of type, the proton exchange membrane fuel cell segment dominated the market in 2019. In terms of application, the stationary segment held the largest market share in 2019. In terms of end user, utilities segment held the highest share across the globe.
Hydrogenics Corp.; FuelCell Energy, Inc.; Plug Power Inc.; Bloom Energy; Ballard Power Systems; SFC Energy AG; Intelligent Energy Limited; Doosan Fuel Cell Co., Ltd.; TW Horizon Fuel Cell Technologies; and Toshiba Energy Systems & Solutions Corporation are among the major companies offering products in fuel cell market.
Reasons to Buy
Market Dynamics
Market Drivers
Market Restraint
Market Opportunity
Market Trend
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/mqdr0h
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Former Felix Energy executives team up to pursue large-scale, oil-weighted, producing assets
Certain funds managed by Oaktree pledge $600 million in initial equity withan option to invest an additional $300 million
DENVER--(BUSINESS WIRE)--FourPass Energy, LLC (“FourPass”), an oil and gas operating company, along with funds managed by Oaktree Capital Management, L.P. (collectively, “Oaktree”) today announced a partnership to acquire and operate large-scale, oil-weighted, producing oil and gas assets. Oaktree’s $900 million pledge includes $600 million in initial equity, with an option to upsize the commitment by $300 million.
FourPass is led by former Felix Energy executives Ben Jackson and Andrew Dunleavy, alongside a team of operations and subsurface leaders with extensive experience across the sector. In a challenging market cycle from 2013 to 2020, Felix Energy assembled, operated, and sold over $6 billion in assets, including upstream, midstream, and mineral assets. FourPass intends to build from these experiences by applying its team’s collective expertise to the current market opportunity.
The company launches with a rigorous and responsible underwriting process, prioritizing certainty of close, efficient asset integration and a low-cost operating model. As it acquires and begins operating assets, FourPass will apply this model safely and responsibly in the communities and environments where it operates.
Ben Jackson, FourPass Energy CEO, said: “Having participated in the A&D market over the past seven years, we understand the opportunity set requires a sizable equity commitment as well as flexibility and creativity when structuring transactions. Our partnership with Oaktree fulfills each of these requirements, which will be a key differentiator for us. We’ve built a strong acquisition and operations team with this opportunity in mind, and we’re proud to have Oaktree partner with us in this endeavor.”
Brook Hinchman, Co-Head of North America for the Oaktree Opportunities Funds, said: "We are excited to partner with the FourPass management team. Amidst an evolving energy landscape, the FourPass team has unparalleled experience in pursuing its strategy of acquiring producing, cash-flowing assets and delivering investor returns through excellent execution. Oaktree's equity commitment will allow FourPass to apply its proven framework to larger acquisition opportunities, which we believe will generate attractive returns to our investors over the long-term."
About FourPass Energy
Founded in 2020, FourPass Energy is a privately held upstream oil and gas operator headquartered in Denver, Colo. FourPass was formed to acquire and operate large-scale, oil-weighted, producing oil and gas assets from operators who are experiencing generational turnover, optimizing their portfolio, cleaning up their balance sheet, or other special circumstances.
For additional information, please visit the FourPass website at http://www.fourpassenergy.com
And for Contact: This email address is being protected from spambots. You need JavaScript enabled to view it.
About Oaktree
Founded in 1995, Oaktree is a leading global investment management firm focused on alternative markets with assets under management of $124.7 billion in contrarian, value-oriented, risk-controlled investment strategies. Oaktree manages assets for a wide variety of clients, including many of the most significant investors in the world, including: 71 of the 100 largest U.S. pension plans, the main pension fund of 39 states in the United States, over 400 corporations, over 320 university, charitable and other endowments and foundations, over 400 non-U.S. institutional investors and over 15 sovereign wealth funds.
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DUBLIN--(BUSINESS WIRE)--The "Algae Oil - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis, the global market for Algae Oil estimated at US$1.6 Billion in the year 2020, is projected to reach a revised size of US$1.9 Billion by 2027, growing at a CAGR of 2.9% over the analysis period 2020-2027.
Fuel Grade, one of the segments analyzed in the report, is projected to record a 3.2% CAGR and reach US$963.3 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Food Grade segment is readjusted to a revised 2.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $421.9 Million, While China is Forecast to Grow at 5.3% CAGR
The Algae Oil market in the U.S. is estimated at US$421.9 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$387.3 Million by the year 2027 trailing a CAGR of 5.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.7% and 2.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.4% CAGR.
Feed Grade Segment to Record 2.3% CAGR
In the global Feed Grade segment, USA, Canada, Japan, China and Europe will drive the 1.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$268.4 Million in the year 2020 will reach a projected size of US$306.7 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$261.8 Million by the year 2027, while Latin America will expand at a 3.1% CAGR through the analysis period.
The report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
Competitors identified in this market include, among others:
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
For more information about this report visit https://www.researchandmarkets.com/r/u84567
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--BBVA USA, as Trustee of the San Juan Basin Royalty Trust (the “Trust”) (NYSE:SJT), today declared a monthly cash distribution to the holders of its Units of beneficial interest (the “Unit Holders”) of $1,277,407.59 or $0.027407 per Unit, based primarily upon production during the month of September 2020, subject to certain adjustments by the owner of the Trust’s subject interests, Hilcorp San Juan L.P. (Hilcorp”), for prior months. The distribution is payable December 14, 2020, to Unit Holders of record as of November 30, 2020.
Based upon information provided to the Trust by Hilcorp, gas production for the subject interests totaled 2,218,752 Mcf (2,465,280 MMBtu) for September 2020, as compared to 2,598,335 Mcf (2,887,039 MMBtu) for August 2020. Dividing revenues by production volume yielded an average gas price for September 2020 of $1.87 per Mcf ($1.68 per MMBtu), as compared to an average gas price for August 2020 of $1.52 per Mcf ($1.37 per MMBtu).
Hilcorp has advised the Trust that the September 2020 reporting month included additional profits of $71,802 gross ($53,852 net to the Trust) based on true-ups for the October 2017, November 2017, December 2017, and April 2020 production months and corrections to the August 2017, September 2017 and March 2020 production months.
Hilcorp also reported that for the reporting month of September 2020, revenue included an estimated $100,000 for non-operated revenue. For the month ended September 2020, Hilcorp reported to the Trust capital costs of $5,160, lease operating expenses and property taxes of $1,868,950, and severance taxes of $722,518.
Except for historical information contained in this news release, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements generally are accompanied by words such as “estimates,” “anticipates,” “could,” “plan,” or other words that convey the uncertainty of future events or outcomes. Forward-looking statements and the business prospects of San Juan Basin Royalty Trust are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, certain information provided to the Trust by Hilcorp, volatility of oil and gas prices, governmental regulation or action, litigation, and uncertainties about estimates of reserves. These and other risks are described in the Trust’s reports and other filings with the Securities and Exchange Commission.
San Juan Basin Royalty Trust
BBVA USA, Trustee
2200 Post Oak Blvd., Floor 18
Houston, TX 77056
website: www.sjbrt.com
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Joshua R. Peterson, Head of Trust Real Assets & Mineral Resources
and Senior Vice President
Kaye Wilke, Investor Relations, toll-free: (866) 809-4553
The company’s concentrated solar technology for decarbonizing industrial processes is recognized as one of the year’s top innovations in the Sustainability category
PASADENA, Calif. & NEW YORK--(BUSINESS WIRE)--#BillGross--Heliogen, the clean energy company that is transforming sunlight to create and replace fuels, today announced the inclusion of its HelioHeat technology in TIME’s Best Inventions of 2020 list. Heliogen’s high-temperature solar technology – for the first time in history – can cost-effectively replace fossil fuels with sunlight in a range of industrial processes. HelioHeat, Heliogen’s carbon-free, ultra-high temperature process heat product, was recognized in the Sustainability category for its ability to decarbonize the production of cement, 24/7 electricity, and hydrogen.
Heliogen has developed a concentrated solar solution utilizing unique advanced computer vision software to precisely align an array of mirrors, reflecting sunlight to a single target with unprecedented accuracy. Exactly one year ago, Heliogen announced that it had applied its technology at its Lancaster, California facility to achieve a record-breaking 1,000 degrees Celsius. This advancement enables Heliogen to generate carbon-free, ultra-high temperature heat (HelioHeat) that replaces the need for fossil fuel-generated heat in facilities for cement, mining, and other industrial processes. Although nearly all renewable energy innovation to date has only applied to electricity generation, the majority of the industrial sector’s energy use is for process heat, which often requires extremely high temperatures that solar photovoltaics and wind, for example, simply cannot achieve cost-effectively. With Heliogen’s technology, concentrated solar can commercially achieve those temperatures for the first time.
Bill Gates, an early investor in Heliogen, regards the “75% problem” as one of the world’s most pressing challenges, referring to greenhouse gas emissions created by the 75 percent of global energy consumed for non-electricity uses. Heliogen tackles this challenge head-on, opening many of the leading sources of global emissions to the use of renewable energy for the first time, creating new opportunities for decarbonization.
“Given our mission to empower a sustainable civilization by arresting and reversing climate change, we’re honored for Heliogen’s technology to be recognized by TIME as one of the year’s most significant advances in sustainability,” said Bill Gross, CEO and founder, Heliogen. “Decarbonizing the processes that run our world is a pivotal part of our future, and at Heliogen we are inventing and deploying the technologies required to produce 24/7, low-carbon energy. Our ability to do this with unprecedented economics will accelerate the adoption of renewables across industries around the world.”
To assemble the 2020 TIME Best Inventions list, TIME solicited nominations across a variety of categories from editors and correspondents around the world, as well as through an online application process. Each contender was then evaluated on key factors, including originality, effectiveness, ambition and influence. The result: 100 groundbreaking inventions that are changing the way we live, work, play and think about what’s possible.
See the full list here: https://time.com/collection/best-inventions-2020/
See the international cover of TIME featuring the 100 Best Inventions of 2020 here: https://api.time.com/wp-content/uploads/2020/11/TIM201130_Best.Inventions.Cover_.jpg
About Heliogen
Heliogen is a clean energy company focused on eliminating the need for fossil fuels in all sectors of the economy. Heliogen’s mission is to create the world’s first technology that can commercially replace fossil fuels in industrial processes with carbon-free, ultra-high temperature heat from the sun and to transform sunlight into fuels, including hydrogen, at scale. Heliogen was created at Idealab, the leading technology incubator. For more information about Heliogen, please visit heliogen.com.
About TIME
TIME is a global media brand that reaches a combined audience of more than 100 million around the world, including over 40 million digital visitors each month and 45 million social followers. A trusted destination for reporting and insight, TIME’s mission is to tell the stories that matter most, to lead conversations that change the world and to deepen understanding of the ideas and events that define our time. With unparalleled access to the world’s most influential people, the immeasurable trust of consumers globally, an unrivaled power to convene, TIME is one of the world’s most recognizable media brands with renowned franchises that include the TIME 100 Most Influential People, Person of the Year, Firsts, Best Inventions, World’s Greatest Places and premium events including the TIME 100 Summit and Gala, TIME 100 Health Summit, TIME 100 Next and more.
Heliogen Media Contact:
Leo Traub, Antenna Group
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646.883.3562
Selected projects to reach more than 20,000 students nationwide in grade 6 through college
BALTIMORE--(BUSINESS WIRE)--#EnergyMadeEfficient--Constellation today awarded more than $500,000 in E2 Energy to Educate grants for student projects focusing on energy science, technology and education. The grant program is part of the commitment by Constellation, and parent company Exelon, to give back to the communities where they work and live and foster greater interest in STEM programs.
The 22 hands-on STEM projects awarded grants will reach more than 20,000 students, in grade 6 through college.
Selected projects include carbon reduction experiments, building and racing electric- and solar-powered cars, summer camps exploring renewable energy, and game-based learning for STEM and energy concepts. For the complete list of winning projects spanning 10 different states visit the E2 grants page.
“Though the clean energy landscape is constantly evolving, one thing remains the same — the importance of energy innovation and STEM education to prepare future energy leaders,” said Jim McHugh, Constellation CEO. “We’re committed to investing in and empowering young people from diverse backgrounds to help propel us toward a cleaner energy future, and we take immense pride in how Energy to Educate supports hands-on experiences that develop and inspire those students nationwide.”
Constellation’s Energy to Educate program is one example of an Exelon-wide commitment to foster workforce development solutions with the goals of igniting STEM in young minds, creating an expanded, diverse talent pipeline, and eliminating barriers to economic empowerment, particularly in underserved communities.
Since its inception in 2010, E2 has provided more than $4.5 million in funding for 163 projects that have reached more than 220,000 students and enhanced their understanding of energy-related science and technology issues. Grant recipients are announced each year during American Education Week. To learn more about the program, visit the community section of Constellation.com.
About Constellation
Constellation is a leading competitive retail supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. Constellation's family of retail businesses serves approximately 2 million residential, public sector and business customers, including more than three-fourths of the Fortune 100. Baltimore-based Constellation is a subsidiary of Exelon Corporation (NASDAQ: EXC), the nation’s leading competitive energy provider, with 2019 revenues of approximately $36 billion, and more than 31,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. Learn more at www.constellation.com or on Twitter at @ConstellationEG.
Dave Snyder
Constellation
410-470-9700
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DUBLIN--(BUSINESS WIRE)--The "Europe Wind Farms Database" has been added to ResearchAndMarkets.com's offering.
This product is a database of wind farms in Europe. It includes 23762 entries (in 39 countries) and represents 180,5 GW onshore and 122,7 GW offshore.
Detailed Breakdown:
Onshore market:
Offshore market:
Provided Content:
Location
Turbines
Players
Status Data
For more information about this database visit https://www.researchandmarkets.com/r/yj5rjj
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Appointment highlights the firm’s commitment to help the oil and gas industry address restructuring and turnaround issues
HOUSTON--(BUSINESS WIRE)--Leading global professional services firm Alvarez & Marsal (A&M) has promoted Managing Director Seth Bullock to Co-Head of the Southern Region for its North American Restructuring & Turnaround division alongside Managing Directors Brian Cejka and Jonathan Hickman. Mr. Bullock’s promotion strategically combines A&M’s deep restructuring capabilities and operational expertise to help oil and gas clients navigate current and anticipated disruption challenges.
Mr. Bullock leads A&M’s Oil & Gas Restructuring practice and advises distressed companies, lenders and creditors on both in-court and out-of-court restructurings and turnarounds. He has more than 20 years of restructuring, interim management, liquidity management, distressed investing, capital raising and distressed mergers and acquisitions (M&A) expertise concentrated across the energy spectrum, including exploration and production (E&P), oilfield service, midstream, biofuel / renewables, power and refining and marketing.
“Seth has been fundamental to the extraordinary growth and expansion of our restructuring work in the oil and gas industry and the Southern region,” said Jeff Stegenga, Managing Director and leader of Alvarez & Marsal’s North American Commercial Restructuring practice. “When Seth joined A&M in 2014, his goal was to build a world-class oil and gas restructuring practice. He has more than achieved this through steadfast dedication to the firm’s leadership, action, results approach and unwavering commitment to his clients. His accomplishment illustrates how A&M’s integrated platform and the firm’s heritage of operational excellence generate value for our clients while fostering opportunities for career growth.”
Lee Maginniss, a Managing Director with Alvarez & Marsal’s Corporate Performance Improvement practice, said, “Shifts within the oil and gas industry will reverberate with clients for years to come. Leaders such as Seth, coupled with A&M’s continued commitment to the sector, enhance our ability to address clients’ complex concerns with solutions spanning from turnaround advisory to operational improvement.”
Mr. Bullock earned a bachelor’s degree in finance from Loyola University, New Orleans. He is a CFA Charterholder and a member of the Turnaround Management Association. He continues to make his home in Houston, Texas, with his wife Rochelle and their four children.
About Alvarez & Marsal
Companies, investors and government entities around the world turn to Alvarez & Marsal (A&M) for leadership, action and results. Privately held since its founding in 1983, A&M is a leading global professional services firm that provides advisory, business performance improvement and turnaround management services. When conventional approaches are not enough to create transformation and drive change, clients seek our deep expertise and ability to deliver practical solutions to their unique problems.
With over 5,000 people across four continents, we deliver tangible results for corporates, boards, private equity firms, law firms and government agencies facing complex challenges. Our senior leaders, and their teams, leverage A&M’s restructuring heritage to help companies act decisively, catapult growth and accelerate results. We are experienced operators, world-class consultants, former regulators and industry authorities with a shared commitment to telling clients what’s really needed for turning change into a strategic business asset, managing risk and unlocking value at every stage of growth.
To learn more, visit: AlvarezandMarsal.com. Follow A&M on LinkedIn, Twitter, and Facebook.
Kelsey Eidbo, +1 415-732-7804, +1 415-505-0392
Infinite Global
Sandra Sokoloff, Senior Director of Global Public Relations
Alvarez & Marsal, +1 212-763-9853, +1 917-940-8361
HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX), a diversified energy manufacturing and logistics company, has worked with P97 Networks, a leader in cloud-based mobile commerce, to enable Google Pay across their network of 7,000 sites.
Drivers will be able to locate, fill up and pay for fuel at Phillips 66®, Conoco® and 76® branded stations from within the Google Pay app using P97 Networks’ mobile payment gateway. Google Pay, available on both Android and iOS, is a safe, helpful way to pay and manage money.
“This new capability will dramatically improve the fueling experience for drivers at the pump,” Donald Frieden, founder and CEO of P97 said. “We are excited to be collaborating with Phillips 66 and Google Pay to build the foundation for future innovations in mobility solutions.”
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company's master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,500 employees committed to safety and operating excellence. Using a network of branded marketers and dealers operating approximately 7,500 outlets, its U.S. Marketing business supplies TOP TIER® Detergent Gasolines under the Phillips 66®, 76® and Conoco® brands. Phillips 66 had $54 billion of assets as of Sept. 30, 2020. For more information, visit http://www.phillips66.com or follow us on Twitter @Phillips66Co.
About P97 Networks, Inc.
P97 Networks provides secure, cloud-based mobile commerce, in-vehicle payments, and digital marketing solutions for the convenience retail, fuel, and vehicle manufacturing industries under the brand name PetroZone®. P97’s mCommerce solutions enhance the ability to attract, engage, and retain shoppers by securely connecting millions of individual mobile phones and connected cars with merchants using identity and geolocation-based software that creates a unique mobile consumer experience. For more information, follow us on Twitter @p97networks or visit www.p97.com.
Aaron Mireles
(281) 954-1706
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New Hire Represents Investment in Future Expansion
CAMPBELL, Calif.--(BUSINESS WIRE)--#energy--Tigo Energy, the worldwide leader in Flex-MLPE (Module Level Power Electronics) today announced that industry veteran Dru Sutton has joined Tigo Energy Inc. as its new VP of Sales for North America.
Sutton has significant experience in many facets of the solar industry including power electronics, battery storage, solar modules, and EPC (Engineering, Procurement, Construction). Tigo continues to invest to grow its business and Sutton is responsible for accelerating the company’s expansion in North America.
“Dru is an outstanding addition to our team,” said Zvi Alon, Chairman and CEO of Tigo. “His experience in the solar industry and as a commercial leader is already paying dividends for us.”
Prior to Tigo, Sutton held management positions in engineering, applications, marketing and sales at several international companies involved with solar installations, module manufacturing, distributed module electronics and inverter products including SolarEdge. Most recently, he was responsible for sales at Solaria, a Silicon Valley based high efficiency solar module company.
“Tigo is positioned extremely well in the solar industry. We are enhancing the safety and return on investment of solar installations for our customers, and I am excited to play a role in the company’s growth.” said Sutton.
Sutton installed his first grid-tied solar electric system on his California home in 1998 and holds a Bachelor of Science in Electrical Engineering from the University of California, Davis.
About Tigo
Tigo is the worldwide leader in Flex-MLPE (Module Level Power Electronics) with innovative solutions that significantly enhance safety, increase energy production, and decrease operating costs of photovoltaic (PV) systems. Tigo’s TS4 platform maximizes the benefit of PV systems and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on 7 continents and produce gigawatt hours of reliable, clean, affordable and safe solar energy daily. Tigo's global team is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Visit us at www.tigoenergy.com.
John Lerch
408.402.0802 x430
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PRINCETON, N.J.--(BUSINESS WIRE)--NRG Energy, Inc. (NSYE: NRG) honored its top energy customers in efficiency, sustainability and community through the inaugural Excellence in Energy Awards held on November 18, 2020.
The Excellence in Energy Awards identifies customers by industry that demonstrate a strong commitment to planning and implementation of sustainability and energy efficiency goals and are also engaged in the community. With the launch of these awards, NRG is applauding the energy achievements and milestones of its customers.
“Our customers inspire us every day at NRG,” said Robert Gaudette, Senior Vice President of NRG Energy, Inc. “This event is dedicated to them. We want to recognize our customers for their effort in optimizing their energy solutions and giving back to the community. The awards are about celebrating the ways organizations are taking charge of their energy future and moving toward more multi-faceted approaches benefiting them and their communities.”
NRG is honored to announce its first Excellence in Energy Award winners.
Sustainability
Each organization demonstrated a significant and measurable environmental impact.
Energy Efficiency
Organizations were recognized for achieving success with new technologies, solutions, and upgrades resulting in energy reduction or savings.
Community
Organizations were recognized for their achievements in community involvement.
As a winner of the Excellence in Energy Awards, organizations further demonstrate and certify their excellence as an energy leader responsible with energy consumption and a good neighbor in the community.
Customers, brokers and account managers were invited to submit essay submissions outlining the achievements of the customers based on three categories: Community, Sustainability and Energy Efficiency. To be eligible, candidates needed to be a Reliant Energy or NRG Energy customer categorized as a large business with an active supply contract. Large business Sustainability and Energy Efficiency customers were also eligible.
Congratulations to all the organizations making advances on their energy journeys. NRG is already committed to recognizing excellence again in November 2021 for the next “Excellence in Energy” event.
About NRG
At NRG, we’re bringing the power of energy to people and organizations by putting customers at the center of everything we do. We generate electricity and provide energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through our diverse portfolio of retail brands. A Fortune 500 company, operating in the United States and Canada, NRG delivers innovative solutions while advocating for competitive energy markets and customer choice, and by working towards a sustainable energy future.
Investors:
Kevin L. Cole, CFA
609.524.4526
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Media:
Candice Adams
609.524.5428
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G7c devices now connect directly to the Blackline Cloud using 4G wireless, supported by the industry’s largest global network for connected safety
CALGARY, Alberta--(BUSINESS WIRE)--#connectedsafety--Blackline Safety Corp. (TSX.V: BLN), a global leader of gas detection and connected safety solutions, announced today that it has expanded its G7c gas detection and safety monitors to include 4G connectivity, enabling its devices to operate on 350+ mobile networks across 100+ countries. G7c wearables use a combination of wireless communications, multiple sensors and location technology to automatically detect safety and health incidents, including falls, lack of movement, exposure to environmental gases and close proximity to other employees.
To provide optimum compatibility with wireless networks on a global scale, G7c wearables now combine 4G with 3G or 2G connectivity that continues to be offered by many network providers around the world. Blackline clients further benefit from multi-carrier coverage in most countries, yielding a super-footprint comprised of two or more wireless networks, including across the United States, Canada, the United Kingdom and most European countries.
“Every day, tens of thousands of workers around the world trust Blackline Safety and our G7 cloud-connected wearables to help keep them safe in the field and throughout facilities,” said Barry Moore, VP Product Development at Blackline Safety. “Equipped with 4G connectivity, G7c devices now feature additional bandwidth to support new and innovative capabilities that we’ll offer in the future. Combined with the industry’s largest global coverage footprint, Blackline is uniquely positioned to help businesses enhance the sustainability and safety of their operations, ensuring that workers return home at the end of the day.”
Blackline’s updated G7c wearable featuring 4G technology from u-blox (SIX: UBXN), a partner and global leader in wireless communications and positioning technologies based in Thalwil, Switzerland. With the support of u-blox, G7c devices now offer greater network compatibility, a larger global coverage footprint, significantly faster data speeds and industry-leading assisted GPS location technology.
“Our collaboration with Blackline Safety demonstrates that our technology is reliable in the most critical environments around the world,” said Randy Walston, Regional Sales Director at u-blox. “With our technology, the workers that Blackline Safety helps protect will be connected at all times, enabling organizations to advance their digital transformation and expand their operations, all while knowing their people will remain safe.”
To improve safety, efficiency and quality, many businesses are transforming digitally, taking advantage of connectivity and data throughout their worksites and operations. Featuring advanced 4G technology, G7c becomes a digital hub at the heart of businesses’ digital transformations, empowering 24/7 live monitoring, emergency response and evacuation management, two-way communications, connected gas detection and push-to-talk.
Learn more about Blackline Safety’s 4G-equipped G7c device by visiting www.blacklinesafety.com/g7c-wireless-gas-detector.
About u-blox: u‑blox (SIX:UBXN) is a global technology leader in positioning and wireless communication in automotive, industrial, and consumer markets. Their smart and reliable solutions, services and products let people, vehicles, and machines determine their precise position and communicate wirelessly over cellular and short range networks. With a broad portfolio of chips, modules, and secure data services and connectivity, u‑blox is uniquely positioned to empower its customers to develop innovative and reliable solutions for the Internet of Things, quickly and cost‑effectively. With headquarters in Thalwil, Switzerland, the company is globally present with offices in Europe, Asia, and the USA. www.u-blox.com
About Blackline Safety: Blackline Safety is a global connected safety leader that helps to ensure every worker gets their job done and returns home safe each day. Blackline provides wearable safety technology, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and increase productivity of organizations in more than 100 countries. Blackline Safety wearables provide a lifeline to tens of thousands of men and women, having reported over 100 billion data-points and initiated over five million emergency responses. Armed with cellular and satellite connectivity, we ensure that help is never too far away. For more information, visit BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
INVESTOR/ANALYST CONTACT
Cody Slater, CEO
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Telephone: +1 403 451 0327
MEDIA CONTACT
Heather Houston
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Cell phone: +1 386 216 9472
HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE:TDW) (the “Company”) today announced that the Company’s consent solicitation of the holders (the “Holders”) of its 8.00% Senior Secured Notes due 2022 (the “Notes”) successfully received the consent of the Holders of a majority of the outstanding principal amount of the Notes on November 17, 2020 (the “Requisite Consents”).
The Company also announced today that pursuant to the previously announced cash tender offer (the “Tender Offer”) for up to $50,000,000 aggregate principal amount of the outstanding Notes (the “Tender Cap”), approximately $145.1 million in aggregate principal amount of the Notes were validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on November 17, 2020 (the “Early Tender Time”).
In addition, the Company announced that it has terminated its concurrent tender offer to purchase up to $28,705,881 aggregate principal amount of the Notes through a cash tender offer under the provisions of the Indenture which require the Company to make a cash offer to the Holders within 60 days of the date that the Company realizes proceeds from Asset Sales (as defined in the Indenture) in excess of $25 million (the “Asset Sale Offer”).
The Consent Solicitation
The Company had previously announced a solicitation of consents (the “Consent Solicitation”) from Holders of the Notes to approve a waiver under and amendments to the indenture relating to the Notes (the “Indenture”, and such waiver and amendments collectively, the “Proposed Amendments”).
Following the receipt of the Requisite Consents, the Company entered into a supplemental indenture to the Indenture giving effect to the Proposed Amendments. However, the Proposed Amendments will not become operative until payment of the consent fee to the Holders whose consents have been validly delivered, and satisfaction of other customary closing conditions. The settlement date for the consent fee payment is expected to be November 19, 2020, assuming the satisfaction or waiver of certain conditions that are set forth in the consent solicitation statement, dated November 3, 2020, as amended by Amendment No. 1 thereto dated November 6, 2020 (the “Consent Solicitation Statement”).
For a complete statement of the terms and conditions of the Consent Solicitation and the Proposed Amendments, Holders should refer to the Consent Solicitation Statement. Questions concerning the terms of the Consent Solicitation should be directed to Deutsche Bank Securities Inc., the Solicitation Agent, at (toll-free) (855) 287-1922 or (collect) (212) 250-7527. D.F. King & Co., Inc. has been retained to serve as the information agent for the Consent Solicitation. Requests for copies of the Consent Solicitation Statement should be directed to D.F. King & Co., Inc. at (toll-free) (866) 751-6313 or (collect) (212) 269-5550 or email: This email address is being protected from spambots. You need JavaScript enabled to view it..
The Tender Offer
Holders of Notes that validly tendered and did not validly withdraw their Notes prior to the Early Tender Time are eligible to receive the “Total Consideration,” which is equal to $1,005.00 per $1,000.00 principal amount of Notes validly tendered. The Total Consideration is equal to the sum of (i) $955.00 per $1,000.00 in principal amount of Notes validly tendered, or the “Tender Offer Consideration,” plus (ii) $50.00 per $1,000.00 in principal amount of the Notes validly tendered, or the “Early Tender Premium.”
The settlement date for the Notes that were validly tendered and not validly withdrawn on or prior to the Early Tender Time is expected to be November 19, 2020, the second business day after the Early Tender Time, assuming the satisfaction or waiver of certain conditions that are set forth in the offer to purchase, dated November 3, 2020 (the “Offer to Purchase”).
As of the Early Tender Time, the Company had been advised by D.F. King & Co., Inc., as the tender agent for the Tender Offer, that Holders of $145,075,229 aggregate principal amount of the outstanding Notes had validly tendered their Notes pursuant to the Tender Offer. The amount of Notes accepted for purchase from each tendering Holder will be determined by multiplying each Holder’s tender of the Notes by the proration factor, and rounding the product down to the nearest $1.00. The proration factor for the Tender Offer will be approximately 34.4649%.
The Company does not expect to accept for purchase any Notes tendered after the Early Tender Time because the aggregate principal amount of Notes tendered would result in an aggregate purchase price that exceeds the Tender Cap. The Tender Offer will expire at 11:59 p.m., New York City Time, on December 2, 2020 (such date and time, as it may be extended, the “Tender Offer Expiration Date”), unless earlier terminated.
For a complete statement of the terms and conditions of the Tender Offer, Holders should refer to the Offer to Purchase. Questions concerning the terms of the Tender Offer should be directed to Deutsche Bank Securities Inc., the Dealer Manager, at (toll-free) (855) 287-1922 or (collect) (212) 250-7527.
D.F. King & Co., Inc. has been retained to serve as tender agent for the Tender Offer. Requests for copies of the Offer to Purchase should be directed to D.F. King & Co., Inc. at (toll-free) (866) 751-6313 or (collect) (212) 269-5550 or email: This email address is being protected from spambots. You need JavaScript enabled to view it..
The Asset Sale Offer
The Asset Sale Offer commenced on November 3, 2020 and, prior to its termination by the Company, was scheduled to expire at 11:59 p.m., New York City time, on December 2, 2020, unless extended. Any Notes that were validly tendered and not validly withdrawn pursuant to the Asset Sale Offer will not be accepted for purchase, and will be returned to the tendering Holders promptly.
Questions and requests for assistance relating to the procedures for the return of Notes validly tendered and not withdrawn pursuant to the Asset Sale Offer, or for additional copies of the offer documents, including the Offer to Purchase for the Asset Sale Offer, should be directed to Wilmington Trust, National Association, the Depositary and Paying Agent, at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-1615, Attention: WorkFlow Management, or DTC Desk (This email address is being protected from spambots. You need JavaScript enabled to view it.). Requests for assistance relating to the terms and conditions of the Asset Sale Offer should be directed to the Company at 6002 Rogerdale Road, Suite 600, Houston, TX 77072, Attention: Treasurer, Telephone: (713) 470-5300. Requests for additional copies of the offer documents may also be directed to your brokers, dealers, commercial banks or trust companies.
Concurrent Transactions
The Consent Solicitation, Tender Offer and Asset Sale Offer are three separate transactions. Each of the transactions was, and the Tender Offer is still, open to all Holders. Prior to the expiration of the Consent Solicitation and termination of the Asset Sale Offer, each Holder was free to participate in any of the Consent Solicitation, the Tender Offer and the Asset Sale Offer. Holders tendering Notes in the Tender Offer are not required to have provided a consent in the Consent Solicitation, and the Consent Solicitation was not conditioned on whether some, all or none of the Holders participated in the Tender Offer or the Asset Sale Offer. However, the acceptance of any tendered Notes and the payment of the Tender Offer Consideration or the Total Consideration, as applicable, was conditioned upon the receipt by the Company of the Requisite Consents to approve the Proposed Amendments on or before the Tender Offer Expiration Date, which has been satisfied. In addition, the Tender Offer is not conditioned upon any minimum principal amount of Notes being tendered. The Company has terminated the Asset Sale Offer, due to its receipt of the Requisite Consents of the Holders in the Consent Solicitation, the execution and delivery of the new Supplemental Indenture giving effect to the Proposed Amendments and the Company’s expectation that cash settlement for the Tender Cap aggregate principal amount of Notes that were validly tendered and not validly withdrawn pursuant to the Tender Offer on or prior to the Early Tender Time, applying the proration factor described above, will occur on or about November 19, 2020.
None of the Company, its subsidiaries or affiliates, the Solicitation Agent, the Dealer Manager, the Information Agent, the Tabulation and Payment Agent or the Depositary and Paying Agent is making any recommendation as to whether holders of the Notes should participate in the Tender Offer. Holders must make their own decision as to whether to participate in the Tender Offer. This press release is not a solicitation of consents with respect to the Notes and does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. The Consent Solicitation was made solely by the Consent Solicitation Statement, which sets forth the complete terms of the Consent Solicitation. The Tender Offer is being made solely by the Offer to Purchase, which sets forth the complete terms of the Tender Offer. The Asset Sale Offer has been terminated and was made solely by the Offer to Purchase, dated November 3, 2020, which sets forth the complete terms of the Asset Sale Offer.
Cautionary Statement on Forward-Looking Language
In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this press release provide other than historical information and are forward looking. The unfolding of future economic or business developments may happen in a way not as anticipated or projected by Tidewater and may involve numerous risks and uncertainties that may cause Tidewater’s actual achievement of any forecasted results to be materially different from that stated or implied in the forward-looking statement. Those risks and uncertainties, many of which are beyond the control of Tidewater, include, without limitation, fluctuations in worldwide energy demand and oil and natural gas prices, and continuing depressed oil and natural gas prices without a clear indication of if, or when, prices will recover to a level to support renewed offshore exploration activities; fleet additions by competitors and industry overcapacity; our limited capital resources available to replenish our asset base, as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers in the energy industry and the industry expectations for offshore exploration, field development and production; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; the risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; and the resolution of pending legal proceedings; and. Readers should consider all of these risk factors, as well as other information contained in Tidewater’s Form 10-K and Form 10-Qs.
About Tidewater
Tidewater owns and operates the largest fleet of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and production activities worldwide.
To learn more, visit the Tidewater website at: www.tdw.com.
Jason Stanley
Vice President Investor Relations & ESG
+1-713-470-5292
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SOURCE: Tidewater Inc.
DUBLIN--(BUSINESS WIRE)--The "Genset Market Research Report: By Fuel (Diesel, Gas, Gasoline), Power Rating (5 kVA-75 kVA, 76 kVA-375 kVA, 376 kVA-750 kVA, Above 750 kVA), Application (Commercial, Industrial, Residential) - Global Industry Share Analysis and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global genset market is expected to attain a value of $27,863.0 in 2030, rising from $17,592.6 million in 2019, progressing at a 5.8% CAGR during the forecast period (2020-2030), as stated by a report by the publisher. The market is being driven by the increasing demand for data centers and low production of power and grid uncertainty in a number of countries. When fuel is taken into consideration, the market is divided into gasoline, gas, and diesel.
Among all these, the diesel division is predicted to account for the major share of the market in 2030, owing to the increased availability of this fuel as compared to other options. Despite the fact that low-power gas gensets cost less than diesel gensets, the poor supply of gas is affecting the adoption of these variants. On the basis of application, the market is categorized into residential, commercial, and industrial, out of which, the commercial category held the largest share of the market in 2019.
The demand for gensets in the commercial sector is growing due to the rising funding for the advancement of public infrastructure, expanding retail sector, swift construction of smart cities, and surging consumer spending. The commercial sector is further classified into hotels, retail establishments, hospitals, commercial offices, and telecom towers. The Asia-Pacific region accounted for the largest share of the genset market during the historical period (2014-2019), because of the rapid growth of the manufacturing sector.
The manufacturing sector is growing in the region because of government initiatives, including Making Indonesia 4.0, Make in India, and Made in China 2025. In addition to this, heavy investments are being offered for developing the telecommunications infrastructure and the requirement for backup power is rising from residential units. Because of its moderately developed power infrastructure, the region primarily used generators for auxiliary powers. The fastest growth is expected to be registered by the Middle East and African region during the forecast period.
A major factor driving the growth of the genset market is the increasing number of data centers across the globe. As a large amount of data is being created and consumed, the demand for supporting infrastructure for collation, assessment, and analysis is rising as well. The consumption and creation of data is further expected to grow because of the rising adoption of autonomous cars, IoT, and digital currencies. This will create demand for continuous power at data centers, thereby leading to the growth of the market.
The increasing requirement for gensets in the construction sector is expected to open up wide opportunities for the companies operating in the genset market. Because of swift industrialization in emerging economies and strong economic growth, the number of construction activities has increased majorly. Moreover, the recovery in oil prices, integration of technology in business practices, and lowering of geopolitical uncertainties are also expected to drive the growth of the market in the years to come.
Market Dynamics
Trends
Drivers
Restraints
Opportunities
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/xslkam
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ABERDEEN, Scotland--(BUSINESS WIRE)--
Highlights
For the three months ended September 30, 2020, KNOT Offshore Partners LP (“KNOT Offshore Partners” or the “Partnership”):
Other events:
Financial Results Overview
Total revenues were $71.3 million for the three months ended September 30, 2020 (the “third quarter”) compared to $70.3 million for the three months ended June 30, 2020 (the “second quarter”). The increase was mainly related to one extra operational day during the third quarter compared to the second quarter and 100% utilization in the third quarter compared to 99.7% utilization in second quarter.
Vessel operating expenses for the third quarter of 2020 were $16.7 million, an increase of $3.6 million from $13.1 million in the second quarter of 2020. The increase is mainly due to higher crew expenses for the fleet in the third quarter related to crew changes and increased travel costs due to the COVID-19 pandemic and a claim of $0.6 million related to offhire for the Tordis Knutsen in the second quarter of 2019, which was claimed by the charterer this quarter.
General and administrative expenses were $1.3 million for the third quarter, which is unchanged from the second quarter.
Depreciation was $22.5 million for the third quarter, which is unchanged from the second quarter.
As a result, operating income for the third quarter was $30.9 million compared to $33.4 million in the second quarter.
Interest expense for the third quarter was $6.6 million, a decrease of $1.9 million from $8.5 million for the second quarter. The decrease was mainly due to lower LIBOR on average for all credit facilities.
Realized and unrealized gain on derivative instruments was $0.9 million in the third quarter, compared to a loss of $3.1 million in the second quarter. The unrealized non-cash element of the mark-to-market gain was $2.4 million for the third quarter of 2020 compared to a loss of $2.8 million for the second quarter of 2020. All of the unrealized gain for the third quarter of 2020 is related to a mark-to-market gain on interest rate swaps.
(1) EBITDA, Adjusted EBITDA and distributable cash flow are non-GAAP financial measures used by management and external users of the Partnership’s financial statements. Please see Appendix A for definitions of EBITDA, Adjusted EBITDA and distributable cash flow and a reconciliation to net income, the most directly comparable GAAP financial measure.
(2) Distribution coverage ratio is equal to distributable cash flow divided by distributions declared for the period presented.
As a result, net income for the third quarter of 2020 was $25.1 million compared to $21.7 million for the second quarter of 2020.
Net income for the third quarter of 2020 increased by $11.0 million to $25.1 million from net income of $14.1 million for the three months ended September 30, 2019. Operating income for the third quarter of 2020 decreased by $1.5 million to $30.9 million compared to operating income of $32.4 million in the third quarter of 2019, mainly due to higher operating cost on average for the fleet and the offhire-claim related to the Tordis Knutsen. Total finance expense for the third quarter of 2020 decreased by $12.5 million to $5.8 million compared to finance expense of $18.3 million for the third quarter of 2019. The decrease was mainly due to lower unrealized losses on derivative instruments and lower average interest costs due to a decrease in the US LIBOR rate.
Distributable cash flow was $28.9 million for the third quarter of 2020 compared to $30.7 million for the second quarter of 2020. The decrease in distributable cash flow is mainly due to higher crew expenses for the fleet in the third quarter related to crew changes and increased travel costs due to the COVID-19 pandemic and the offhire claim related to the Tordis Knutsen. This was partially offset by one extra operational day in the third quarter and lower interest expense on average due to a decrease in the US LIBOR rate during the third quarter. The distribution declared for the third quarter of 2020 was $0.52 per common unit, equivalent to an annualized distribution of $2.08.
COVID-19
The outbreak of the coronavirus (“COVID-19”) continues to negatively affect global economic activity, including the demand for oil and oil shipping, which may materially impact the Partnership’s operations and the operations of its customers and suppliers.
Although the Partnership’s operations have not been materially affected by the COVID-19 outbreak to date, the ultimate length and severity of the COVID-19 outbreak and its potential impact on the Partnership’s business, financial condition and results of operations remains uncertain at this time. The virus outbreak has increased uncertainty in a number of areas of the Partnership’s business, including operational, commercial and financial activities. Large scale distribution of a vaccine could mitigate some of these uncertainties going into 2021, but it remains too early to judge the effect of this development.
The Partnership’s focus continues to be on ensuring the health and safety of its employees while providing safe and reliable operations for its customers. All crew on board and staff onshore are taking precautions with respect to social distancing, personal hygiene and other measures and following all local guidelines and regulations to minimize the spread of the virus. To date, the Partnership has not had any material service interruptions on its vessels as a result of COVID-19 and none of its vessels are planned to drydock for the remainder of 2020.
Due to international travel restrictions, there have been challenges in respect of crew changes and maintenance support; however the Partnership has been able to carry out crew changes in both Europe and Brazil, crew changes continue to occur with regularity and maintenance has continued to be performed, or in some cases postponed, where it is safe and possible to do so. The majority of such difficulties continue to result from either local lockdowns or transportation or logistical restrictions. The Partnership has incurred higher crewing expenses to ensure appropriate mitigation actions are in place to minimize risks of outbreaks, but such costs to date remain within budget. The closure of, or restricted access to, ports and terminals in regions affected by the virus may lead to further operational impacts that result in higher costs. It is possible that an outbreak onboard a vessel could prevent the Partnership from meeting its obligations under a charter, resulting in an off-hire claim and loss of revenue. Any outbreak of COVID-19 on board one of the Partnership’s vessels or that affects any of the Partnership’s main suppliers could cause an inability to replace critical supplies or parts, maintain adequate crewing or fulfill the Partnership’s obligations under its time charter contracts which in turn could result in off-hire or claims for the impacted period.
COVID-19 has placed downward pressure on economic activity and energy demand during 2020, and there remains significant uncertainty regarding near-term future oil demand and, therefore, shipping requirements. The fall in oil prices since the end of 2019 has caused many oil exploration and production companies, including certain of our customers, to cut their production forecasts for 2020 and beyond and / or reduce or delay planned future capital expenditures, particularly on new projects. This has had a small negative impact on the demand for shuttle tankers in the short term and, given the uncertainty around the continuation of the COVID-19 situation, this dampened demand could persist. This could affect the number of new, long-term offshore projects and the overall outlook for oil production, which could eventually and in turn impact the demand and pricing for shuttle tankers. Furthermore, the Partnership may be unable to re-charter its vessels at attractive rates in the future, particularly for vessels that are coming off charter in the next two years.
Although the Partnership is exposed to the uncertainty of cash flows from its time charter contracts arising from the credit risk associated with the individual charterers, the Partnership believes that its charter contracts, all with subsidiaries of national oil companies and oil majors, largely insulates the Partnership from this risk in most scenarios. Notwithstanding, any extended period of non-payment or idle time between charters could adversely affect the Partnership’s future liquidity, results of operations and cash flows. The Partnership has not so far experienced any reduced or non-payments for obligations under the Partnership’s time charter contracts and the Partnership has not provided concessions or made changes to the terms of payment for customers.
COVID-19 has had a sustained impact on global capital and bank credit markets, affecting access, timing and cost of capital. The responses of governments around the world to manage the impact of the virus have led to lower interest rates and volatility in the prices of equities, bonds, commodities and their respective derivatives. The Partnership’s common unit price remains lower than the price at the start of 2020, mainly due to the impact of COVID-19 on the wider economy and sentiment in the energy and shipping sectors. In these current market conditions with lower unit prices, issuing new common equity is a less viable and more expensive option for accessing liquidity. The Partnership does not have long term debt maturing before August 2021. In the unlikely event that the Partnership is unable to obtain refinancing for this debt or other debt in the future, it may not have sufficient funds or other assets to satisfy all of its obligations, which would have a material adverse effect on its business, results of operations and financial condition.
Operational Review
The Partnership’s vessels operated throughout the third quarter of 2020 with 100% utilization for scheduled operations. All charter payments in respect of the quarter were received in accordance with the Partnership’s charter contracts.
The charterer of the Windsor Knutsen, a subsidiary of Shell, sent its notice of redelivery, which will result in the expiration of the charter on November 25, 2020. The Partnership is currently discussing new re-chartering opportunities for commencement in 2021. The Partnership is also seeking one or more short-term charters for the vessel in any intervening period. On this basis, and given available liquidity, the Partnership does not currently anticipate this expiration to have a material adverse effect on its financial position in 2020 or 2021.
Financing and Liquidity
As of September 30, 2020, the Partnership had $79.0 million in available liquidity, which consisted of cash and cash equivalents of $50.3 million and $28.7 million of capacity under its existing revolving credit facilities. The revolving credit facilities mature in August 2021 and September 2023. The Partnership’s total interest-bearing debt outstanding as of September 30, 2020 was $941.5 million ($935.9 million net of debt issuance cost). The average margin paid on the Partnership’s outstanding debt during the third quarter of 2020 was approximately 2.1% over LIBOR.
As of September 30, 2020, the Partnership had entered into various interest rate swap agreements for a total notional amount of $499.0 million to hedge against the interest rate risks of its variable rate borrowings. As of September 30, 2020, the Partnership receives interest based on three or six-month LIBOR and pays a weighted average interest rate of 1.82% under its interest rate swap agreements, which have an average maturity of approximately 4.3 years. The Partnership does not apply hedge accounting for derivative instruments, and its financial results are impacted by changes in the market value of such financial instruments.
As of September 30, 2020, the Partnership’s net exposure to floating interest rate fluctuations on its outstanding debt was approximately $392.2 million based on total interest-bearing debt outstanding of $941.5 million, less interest rate swaps of $499.0 million and less cash and cash equivalents of $50.3 million. The Partnership’s outstanding interest-bearing debt of $941.5 million as of September 30, 2020 is repayable as follows:
(U.S. Dollars in thousands) |
Period
|
Balloon
|
Total |
||||||
Remaining 2020 |
$ |
24,586 |
|
|
— |
|
|
24,586 |
|
2021 |
86,546 |
95,811 |
182,357 |
||||||
2022 |
|
71,210 |
|
|
236,509 |
|
|
307,719 |
|
2023 |
55,535 |
202,185 |
257,720 |
||||||
2024 |
|
13,873 |
|
|
123,393 |
|
|
137,266 |
|
2025 and thereafter |
1,307 |
30,500 |
31,807 |
||||||
Total |
$ |
253,057 |
|
$ |
688,398 |
|
$ |
941,455 |
|
Distributions
On November 13, 2020, the Partnership paid a quarterly cash distribution of $0.52 per common unit with respect to the quarter ended September 30, 2020 to all common unitholders of record on October 30, 2020. On November 13, 2020, the Partnership paid a cash distribution to holders of Series A Preferred Units with respect to the quarter ended September 30, 2020 in an aggregate amount equal to $1.8 million.
Outlook
There are no dry dockings scheduled for any of the Partnership’s vessels during the fourth quarter of 2020, but the Partnership expects that its earnings for the fourth quarter of 2020 will be affected by reduced utilization of the Windsor Knutsen. Although the effect on earnings cannot yet be quantified with certainty, due to the limited time remaining in 2020 after the vessel is redelivered, the Partnership does not anticipate that there will be a material effect on its overall results in the fourth quarter or in the full year results for 2020.
The Partnership’s earnings for the first quarter of 2021 will be affected by the planned 10-year special survey dry docking of the Bodil Knutsen which will commence in mid-February and is expected to last approximately 30-32 days. During the dry-docking of the Bodil Knutsen a water treatment system will be installed to comply with IMO ballast water treatment regulations.
Any continuation of reduced utilization of the Windsor Knutsen may also affect the Partnership’s earnings in 2021, however the Partnership is in active discussion with potential charterers to secure either short-term interim charters for the vessel or long-term employment. No vessel in the Partnership’s fleet currently accounts for more than 10% of total EBITDA and, with available liquidity, the Partnership does not anticipate today that the current outlook in respect of the Windsor Knutsen will have a material adverse effect on the Partnership’s overall financial health in 2020 or 2021.
As of September 30, 2020, the Partnership’s fleet of sixteen vessels had charters with an average remaining fixed duration of 2.2 years. In addition, the charterers of the Partnership’s time charter vessels have options to extend their charters by an additional 3.9 years on average. As of September 30, 2020, the Partnership had $585 million of remaining contracted forward revenue, excluding options.
In September 2020, Knutsen NYK Offshore Tankers AS (“Knutsen NYK”) took delivery of the first of two newbuildings that will be chartered to Equinor. The first vessel, Tove Knutsen, is estimated to arrive in Brazil in late November and will commence on a 7-year time charter contract. Equinor has the option to extend the Tove Knutsen charter for up to 20 years.
Tove Knutsen’s sister vessel, Synnøve Knutsen, was delivered to Knutsen NYK from the yard in October 2020 and is currently on its positioning voyage for operation in Brazil. It is estimated to arrive in Brazil in December 2020.
Knutsen NYK has five additional newbuildings under construction, all of which are under contract for long-term charter.
Pursuant to the omnibus agreement the Partnership entered into with Knutsen NYK at the time of its initial public offering, the Partnership has the option to acquire from Knutsen NYK any offshore shuttle tankers that Knutsen NYK acquires or owns that are employed under charters for periods of five or more years.
There can be no assurance that the Partnership will acquire any additional vessels from Knutsen NYK.
The Board believes that demand for existing and for newbuild shuttle tankers will continue to be driven over the long term based on the requirement to replace older tonnage in the North Sea and Brazil and from further expansion of deep and ultra-deep water offshore oil production in areas such as Pre-salt Brazil and the Barents Sea.
Following announcements made in 2020 by many of the large oil exploration and production companies with respect to near-term capital expenditure cuts, the Board expects that these decisions will cause some new developments in Brazil and the North Sea to be delayed by 12 – 24 months. Because of the relatively low costs of production in these areas, it is not expected that these projects will be cancelled and this assertion is supported by the announcements made by many of the license holders and operators of the fields in question.
As a result, the Board remains positive with respect to the mid to long term outlook for the growth in demand for shuttle tankers and the opportunities that this will present for the Partnership, while at the same time acknowledging some continuing near-term uncertainty, which may continue through 2021. However the Board is confident today that the Partnership is sufficiently experienced and well-placed to navigate through these headwinds.
About KNOT Offshore Partners LP
KNOT Offshore Partners owns operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners owns and operates a fleet of sixteen offshore shuttle tankers with an average age of 7.2 years.
KNOT Offshore Partners is structured as a publicly traded master limited partnership. KNOT Offshore Partners’ common units trade on the New York Stock Exchange under the symbol “KNOP.”
The Partnership plans to host a conference call on Thursday, November 19, 2020 at 11 AM (Eastern Time) to discuss the results for the third quarter of 2020, and invites all unitholders and interested parties to listen to the live conference call by choosing from the following options:
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
Three Months Ended |
Nine Months Ended |
|||||||||
(U.S. Dollars in thousands) |
|
September 30,
|
|
June 30,
|
|
September 30,
|
September 30,
|
September 30,
|
|||
Time charter and bareboat revenues |
|
$ |
71,241 |
$ |
70,250 |
$ |
70,983 |
$ |
208,717 |
$ |
212,439 |
Other income (1) |
39 |
|
9 |
|
26 |
646 |
41 |
||||
Total revenues |
|
|
71,280 |
|
70,259 |
|
71,009 |
|
209,363 |
|
212,480 |
Vessel operating expenses |
16,694 |
13,112 |
14,971 |
45,440 |
44,728 |
||||||
Depreciation |
|
|
22,453 |
|
22,451 |
|
22,430 |
|
67,277 |
|
67,290 |
General and administrative expenses |
1,258 |
1,337 |
1,190 |
3,982 |
3,752 |
||||||
Total operating expenses |
|
|
40,405 |
|
36,900 |
|
38,591 |
|
116,699 |
|
115,770 |
Operating income |
|
30,875 |
|
33,359 |
32,418 |
92,664 |
|
96,710 |
|||
Finance income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
— |
3 |
225 |
121 |
696 |
||||||
Interest expense |
|
|
(6,558) |
|
(8,512) |
|
(12,459) |
|
(25,532) |
|
(39,302) |
Other finance expense |
(195) |
(199) |
(258) |
(502) |
(662) |
||||||
Realized and unrealized gain (loss) on derivative instruments (2) |
|
|
858 |
|
(3,092) |
|
(5,749) |
|
(25,924) |
|
(21,996) |
Net gain (loss) on foreign currency transactions |
97 |
127 |
(29) |
(200) |
(247) |
||||||
Total finance expense |
|
|
(5,798) |
|
(11,673) |
|
(18,270) |
|
(52,037) |
|
(61,511) |
Income (loss) before income taxes |
25,077 |
21,686 |
14,148 |
40,627 |
35,199 |
||||||
Income tax benefit (expense) |
|
|
(1) |
|
(3) |
|
— |
|
(7) |
|
(6) |
Net income (loss) |
|
25,076 |
|
21,683 |
|
14,148 |
40,620 |
|
35,193 |
||
Weighted average units outstanding (in thousands of units): |
|
|
|
|
|
|
|
|
|
|
|
Common units |
32,694 |
32,694 |
32,694 |
32,694 |
32,694 |
||||||
General Partner units |
|
|
615 |
|
615 |
|
615 |
|
615 |
|
615 |
| (1) | Other income for the nine months ended September 30, 2020 is mainly related to cargo carried from Brazil to Europe on the drydocking voyage for the Raquel Knutsen scheduled drydocking. As a result, the Partnership received $0.6 million for this extra voyage and the additional revenue has been classified as other income. |
|
| (2) | Realized gains (losses) on derivative instruments relate to amounts the Partnership actually received (paid) to settle derivative instruments, and the unrealized gains (losses) on derivative instruments related to changes in the fair value of such derivative instruments, as detailed in the table below: |
Three Months Ended |
Nine Months Ended |
||||||||||||||
(U.S. Dollars in thousands) |
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||
Realized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap contracts |
$ |
(1,521) |
$ |
(191) |
$ |
969 |
$ |
(1,509) |
$ |
3,215 |
|||||
Foreign exchange forward contracts |
|
|
— |
|
|
(109) |
|
|
(206) |
|
|
(109) |
|
|
(1,652) |
Total realized gain (loss): |
|
(1,521) |
|
(300) |
|
763 |
(1,618) |
|
1,563 |
||||||
Unrealized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap contracts |
2,379 |
(3,457) |
(5,560) |
(24,059) |
(24,178) |
||||||||||
Foreign exchange forward contracts |
|
|
— |
|
|
665 |
|
|
(952) |
|
|
(247) |
|
|
619 |
Total unrealized gain (loss): |
|
2,379 |
|
(2,792) |
|
(6,512) |
(24,306) |
|
(23,559) |
||||||
Total realized and unrealized gain (loss) on derivative instruments: |
|
$ |
858 |
|
$ |
(3,092) |
|
$ |
(5,749) |
|
$ |
(25,924) |
|
$ |
(21,996) |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
(U.S. Dollars in thousands) |
At September 30, 2020 |
At December 31, 2019 |
||||
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|||
Cash and cash equivalents |
|
$ |
50,293 |
|
$ |
43,525 |
Amounts due from related parties |
|
1,938 |
2,687 |
|||
Inventories |
|
|
2,066 |
|
|
2,292 |
Derivative assets |
— |
920 |
||||
Other current assets |
|
|
4,457 |
|
|
3,386 |
Total current assets |
|
|
58,754 |
|
52,810 |
|
|
|
|
|
|
|
|
Long-term assets: |
|
|
|
|||
Vessels, net of accumulated depreciation |
|
|
1,613,264 |
|
|
1,677,488 |
Right-of-use assets |
1,373 |
1,799 |
||||
Intangible assets, net |
|
|
832 |
|
|
1,286 |
Derivative assets |
|
— |
648 |
|||
Accrued income |
|
|
3,146 |
|
|
3,976 |
Total Long-term assets |
|
1,618,615 |
|
1,685,197 |
||
Total assets |
|
$ |
1,677,369 |
|
$ |
1,738,007 |
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Trade accounts payable |
|
$ |
3,004 |
|
$ |
2,730 |
Accrued expenses |
|
|
4,181 |
|
|
6,617 |
Current portion of long-term debt |
|
|
108,557 |
|
|
83,453 |
Current lease liabilities |
592 |
572 |
||||
Current portion of derivative liabilities |
|
|
7,451 |
|
|
910 |
Income taxes payable |
|
9 |
98 |
|||
Current portion of contract liabilities |
|
|
1,518 |
|
|
1,518 |
Prepaid charter |
|
5,264 |
6,892 |
|||
Amount due to related parties |
|
|
1,673 |
|
|
1,212 |
Total current liabilities |
|
|
132,249 |
|
104,002 |
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|||
Long-term debt |
|
|
827,353 |
|
|
911,943 |
Lease liabilities |
780 |
1,227 |
||||
Derivative liabilities |
|
|
21,328 |
|
|
5,133 |
Contract liabilities |
|
2,548 |
3,685 |
|||
Deferred tax liabilities |
|
|
333 |
|
|
357 |
Total long-term liabilities |
|
852,342 |
|
922,345 |
||
Total liabilities |
|
|
984,591 |
|
|
1,026,347 |
Commitments and contingencies |
|
|
|
|||
Series A Convertible Preferred Units |
|
|
89,264 |
|
|
89,264 |
Equity: |
|
|||||
Partners’ capital: |
|
|
|
|
|
|
Common unitholders |
|
592,708 |
611,241 |
|||
General partner interest |
|
|
10,806 |
|
|
11,155 |
Total partners’ capital |
|
603,514 |
|
622,396 |
||
Total liabilities and equity |
|
$ |
1,677,369 |
|
$ |
1,738,007 |
Questions should be directed to:
Gary Chapman (+44 7496 170 620)
NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) releases a new ESG Talks episode on clean energy and its impact on the markets. In this episode, Cecil Smart, Managing Director in KBRA’s ABS Commercial team, interviews Alfred Griffin, President of NY Green Bank. Griffin provides an overview of how NY Green Bank works with the private sector to promote clean energy across the state.
“We are very fortunate to be operating in [New York], a state with very strong policies related to clean energy and the deployment of clean energy,” Griffin said. “Solar is certainly an area that we have seen a lot of activity, therefore, giving us financing opportunity. A big share of investment to date has been in solar.”
NY Green Bank’s investments and activities support Governor Andrew Cuomo’s nation-leading goals to combat climate change, as outlined in the Climate Leadership and Community Protection Act, which includes a mandate that 70% of the state’s electricity come from renewable sources by 2030.
“We have three basic investment criteria that we’re expected to meet with every transaction. One is that we be self-sustaining, that the revenues we earn will be in excess of portfolio losses and operating expenses,” Griffin said. “The second criteria is that everything we do is expected to result in financing market transformation. [That’s] the concept of finding those opportunities that we can help scale, help create a precedent, do the heavy lifting to get things off the ground, and ultimately have the private market crowd in …. The third is that everything we do is expected to result in the reduction of greenhouse gases in the state of New York,” he added.
The full episode can be streamed here.
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About ESG Talks
ESG Talks is a KBRA Podcast series focusing on environmental, social, and governance (ESG). This podcast will highlight various ESG hot topics and includes commentary from prominent voices within the ESG community. As we continue to expand globally, KBRA Podcasts is a go-to source for intimate briefings directly from our knowledgeable team members and guests.
About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe is registered with ESMA as a CRA. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.
Emilie Nadler, Associate, ESG, Credit Policy
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LONDON--(BUSINESS WIRE)--#CarbonCaptureandStorageMarket--According to the latest report published by Technavio, the carbon capture and storage market size is poised to grow by 39.94 million tons during 2020-2024, decelerating at a CAGR of over 16% during the forecast period.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment facing direct and indirect COVID-19 impact.
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Market Competitive Analysis:
The market is fragmented due to the presence of carbon capture and storage manufacturing companies. Air Products and Chemicals Inc., Babcock & Wilcox Enterprises Inc., and Chevron Corp. are some of the major market participants.
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This report provides information on the production, sustainability, and prospects of several leading companies, including:
Global Carbon Capture and Storage Market: COVID-19 Impact Analysis
Market Impact:
As the business impact of COVID-19 spreads, the global carbon capture and storage market 2020-2024 is expected to have negative and inferior growth.
Industry Impact:
The utilities industry is expected to have a negative impact due to the spread of the COVID-19 virus. The utilities market will have an indirect impact due to the spread. Even if the spread of the virus is contained, we expect that it may take more than two quarters (six months) to reach a normal state of economic activity.
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Key Highlights of the Report for 2020-2024:
Download a free sample of the report with COVID-19 crisis and recovery analysis.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application by Volume
Market Segmentation by Technology by Volume
Market Segmentation by End-user by Volume
Market Segmentation by Transportation by Volume
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Memo of understanding extends companies’ relationship, focusing on transformational green energy
OVERLAND PARK, Kan.--(BUSINESS WIRE)--As the world accelerates to greener and decarbonized energy solutions, Black & Veatch and Golar LNG announce the expansion of their long-standing collaboration, focusing on broadening floating production of blue and green hydrogen and ammonia.
The memo of understanding between Golar, an operator of carriers for natural gas shipping, and global floating liquefied natural gas (FLNG) solutions leader Black & Veatch reflects the growing sway of hydrogen and ammonia in a sustainable energy economy.
Golar’s deep experience in delivering and operating paradigm-shifting, low-cost floating liquefied natural gas (LNG) infrastructure complements Black & Veatch’s status as a leading provider of LNG technology, an industry force in advancing decarbonization and an expert in green energy technologies.
“This collaboration builds on years of delivering commercial and technology innovation with Golar, a visionary in monetizing natural gas reserves,” said Hoe Wai Cheong, president of Black & Veatch’s oil and gas business. “Given hydrogen and ammonia’s use in many energy-intensive industries we can make meaningful progress in lowering the carbon footprint and help these industries meet new sustainability commitments.”
“As a company with an established history of championing and delivering disruptive solutions to problems in its industry, and a serious and continuous commitment to its ESG agenda, Golar looks forward to working with a like-minded and equally capable partner in the field of floating hydrogen and ammonia production, carbon capture, and other decarbonization initiatives,” said Golar CEO Iain Ross.
As the role of hydrogen in the green energy economy continues to expand, Black & Veatch also sees a growing case for ammonia – more energy dense than pure hydrogen, incredibly stable and easily liquified for storage and shipment around the globe in the same fashion as LNG. Ammonia then can be used in multiple energy-intensive industries to produce low-carbon electricity.
Editor’s Notes:
About Black & Veatch
Black & Veatch is an employee-owned engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on www.bv.com and on social media.
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LONDON--(BUSINESS WIRE)--#GlobalSolarStreetLightingMarket--Technavio has been monitoring the solar street lighting market and it is poised to grow by USD 3.77 billion during 2020-2024, progressing at a CAGR of almost 11% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. Download Latest Free Sample Report 2020 - 2024
Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis.
Frequently Asked Questions:
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Anhui Longvolt Energy Co., Ltd., BISOL Group, d.o.o. , Bridgelux Inc., Carmanah Technologies Corp., DragonsBreathSolar Ltd., EnGoPlanet Energy Solutions Inc., Exide Industries Ltd., Havells India Ltd., Signify NV, and Urja Global Ltd. are some of the major market participants. The decreasing cost of solar PV systems will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Solar Street Lighting Market 2020-2024: Segmentation
Solar Street Lighting Market is segmented as below:
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Solar Street Lighting Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The solar street lighting market report covers the following areas:
This study identifies the adoption of energy-efficient lighting technologies as one of the prime reasons driving the Solar Street Lighting Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Solar Street Lighting Market 2020-2024: Key Highlights
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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