DUBLIN--(BUSINESS WIRE)--The "Internet of Things (IoT) in Oil and Gas - Thematic Research" report has been added to ResearchAndMarkets.com's offering.
According to the publisher forecasts, global Internet of Things (IoT) revenue in the energy sector will reach $59 billion by 2025, up from $34 billion in 2019.
The declining cost of IoT hardware makes digitalization an attractive option. The oil and gas (O&G) industry is becoming a more enthusiastic adopter of digital technology as it struggles to cope with several significant trends. These include fluctuating oil prices, expanding sources of supply, and increasing regulatory requirements. Many O&G companies are reducing capital expenditure to focus on their core business. As a result, they must weigh up the cost of adopting IoT technology with what many perceive as an unnecessary risk of overspending. However, IoT use cases in the sector show how instrumental digitalization is to the O&G sector.
IoT can be the backbone of digital transformation in the O&G sector. Connected devices drive more sophisticated use of other technologies, namely artificial intelligence (AI), in the automation process. It creates a tech ecosystem that eases the difficulties of working in remote, dangerous conditions and working with aging, precarious assets through cross-functional collaboration. IoT also helps to collate and manage vast quantities of data. This is instrumental to improving predictive maintenance, monitoring emissions and the surrounding environment, and providing safer working conditions.
Failure to embrace these new technologies can lead to costly mistakes, with unforeseen closures and costs running into millions of dollars. The rise of the IoT has come about through improvements in the individual technologies within the IoT ecosystem. With internet connectivity being available on a larger scale and the hardware costs decreasing, the technology is a more attractive prospect for O&G companies. Ultimately, O&G companies cannot afford to bypass digitalization, with IoT being a key technology in this process.
IoT enables oil and gas companies to remotely monitor and control critical activities at production facilities. These technologies aim to boost productivity and efficiency in exploration and production (E&P) by minimizing equipment downtime and automating routine daily tasks. This is especially critical as oil and gas producers are seeking to reduce capex and opex to recover from the COVID-led energy demand shock. IoT helps reduce the need for the physical deployment of personnel on site, thereby improving worker safety. IoT, coupled with artificial intelligence (AI), predictive analytics, and visualization tools generate data-driven insights in real time to speed up decision-making processes. Predictive maintenance and industrial automation are the main use cases of IoT in the oil and gas sector.
Scope
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DUBLIN--(BUSINESS WIRE)--The "Global Energy Harvesting System Market (2021-2026) by End-Use Systems, Sensor Type, Technology, Components, Application, and Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Energy Harvesting Systems Market is estimated to be USD 394.44 Mn in 2021 and is expected to reach USD 669.16 Mn by 2026, growing at a CAGR of 11.15%.
Key factors such as the rising demand for electronic devices followed by the need for reducing the costs associated with powering systems have led the companies to invest in energy harvesting systems, which has further benefitted the global energy harvesting systems market. Moreover, the rising demand for energy in large-scale enterprises and the high demand for wireless sensor technologies contribute to market growth. Similarly, the advancements made in nanotechnology and Ocean energy harvesting are creating growth opportunities for the market.
However, factors such as the high cost of the energy harvesting system are likely to restrain the market.
The Global Energy Harvesting System Market is segmented based on end-use systems, sensor type, technology, components, application, and geography.
Countries Studied
Competitive Quadrant
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
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Market Dynamics
Drivers
Restraints
Opportunities
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Companies Mentioned
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MANSFIELD, Ohio--(BUSINESS WIRE)--#EARNINGS--The Gorman-Rupp Company (NYSE: GRC) reports financial results for the fourth quarter and year ended December 31, 2021.
Fourth Quarter 2021 Highlights
Net sales for the fourth quarter of 2021 were $94.2 million compared to net sales of $82.5 million for the fourth quarter of 2020, an increase of 14.1% or $11.7 million. Domestic sales of $64.9 million increased 10.7% and international sales of $29.3 million increased 22.6% compared to the same period in 2020. As the global economy continues to recover from the COVID-19 pandemic, sales have increased across nearly all of our markets despite some customer-initiated shipment delays. Incoming orders of $124.1 million increased 33.0% compared to the fourth quarter of 2020 and 16.9% compared to the third quarter of 2021.
Sales in our water markets increased 11.1% or $6.6 million in the fourth quarter of 2021 compared to the fourth quarter of 2020. Sales increased $3.8 million in the fire protection market, $3.2 million in the construction market, $2.1 million in the repair market, and $0.7 million in the agriculture market. Partially offsetting these increases was a decrease of $3.2 million in the municipal market. The decrease in municipal market sales is primarily due to the planned timing of shipments, resulting in an increase in backlog compared to the prior year.
Sales in our non-water markets increased 22.1% or $5.1 million in the fourth quarter of 2021 compared to the fourth quarter of 2020. Sales increased $2.9 million in the OEM market and $2.7 million in the industrial market. Partially offsetting these increases was a decrease of $0.5 million in the petroleum market.
Gross profit was $22.3 million for the fourth quarter of 2021, resulting in gross margin of 23.7%, compared to gross profit of $21.3 million and gross margin of 25.8% for the same period in 2020. The 210 basis point decrease in gross margin was driven by a 260 basis point increase in cost of material, which included an unfavorable LIFO impact of 300 basis points, partially offset by a 50 basis point improvement on labor and overhead resulting from increased sales volume.
Selling, general and administrative (“SG&A”) expenses were $14.1 million and 15.0% of net sales for the fourth quarter of 2021 compared to $12.9 million and 15.6% of net sales for the same period in 2020. SG&A expenses increased 9.9% or $1.2 million as a result of compensation, travel and other expense items returning closer to pre-pandemic levels as operational activities return to normal. SG&A expenses as a percentage of sales improved 60 basis points primarily as a result of leverage on fixed costs from increased sales volume.
Operating income was $8.2 million for the fourth quarter of 2021, resulting in an operating margin of 8.7%, compared to operating income of $8.4 million and operating margin of 10.2% for the same period in 2020. Operating margin decreased 150 basis points primarily as a result of the increased cost of material due to unfavorable LIFO adjustments partially offset by improved leverage on fixed costs from increased sales volume.
Other income (expense), net was $0.3 million of expense for the fourth quarter of 2021 compared to expense of $0.1 million for the same period in 2020.
Net income was $6.5 million for the fourth quarter of 2021 compared to $6.8 million in the fourth quarter of 2020, and earnings per share were $0.25 and $0.26 for the respective periods. Earnings per share for the fourth quarter included non-cash pension settlement charges of $0.01 per share in both 2021 and 2020. Earnings per share for the fourth quarter of 2021 included an unfavorable LIFO impact of $0.08 per share.
Full Year 2021 Highlights
Net sales for 2021 were $378.3 million compared to $349.0 million for 2020, an increase of 8.4% or $29.3 million. Domestic sales of $260.7 million increased 5.6% while international sales of $117.6 million increased 15.3% compared to 2020.
Sales in our water markets increased 7.7% or $19.2 million in 2021 compared to 2020. Sales increased $10.1 million in the fire market, $9.2 million in the construction market, $7.7 million in the repair market, and $2.2 million in the agriculture market. Partially offsetting these increases was a decrease of $10.0 million in the municipal market. The decrease in municipal market sales is primarily due to timing, as both incoming orders and backlog have increased compared to the prior year.
Sales in our non-water markets increased 10.2% or $10.1 million in 2021 compared to 2020. Sales in the OEM market increased $6.5 million, sales in the petroleum market increased $2.2 million, and sales in the industrial market increased $1.4 million.
Gross profit was $95.9 million for 2021, resulting in gross margin of 25.3%, compared to gross profit of $89.6 million and gross margin of 25.7% for 2020. The 40 basis point decrease in gross margin was driven by a 140 basis point increase in cost of material, which included an unfavorable LIFO impact of 180 basis points, partially offset by a 100 basis point improvement on labor and overhead resulting from increased sales volume.
SG&A expenses were $56.5 million and 14.9% of net sales for 2021 compared to $53.8 million and 15.4% of net sales for 2020. SG&A expenses increased 5.1% or $2.7 million as a result of compensation, travel and other expense items returning closer to pre-pandemic levels as operational activities return to normal but improved 50 basis points as a percentage of sales primarily as a result of leverage on fixed costs from increased sales volume.
Operating income was $39.4 million for 2021, resulting in an operating margin of 10.4%, compared to operating income of $35.8 million and operating margin of 10.2% for 2020. Operating margin improved 20 basis points primarily as a result of improved leverage on fixed costs from increased sales volume partially offset by an unfavorable LIFO impact.
Other income (expense), net was $2.1 million of expense for 2021 compared to expense of $4.5 million for the same period in 2020. The decrease in expense was due primarily to a non-cash pension settlement charge of $2.3 million in 2021 compared to a charge of $4.6 million in 2020.
Net income was $29.9 million for 2021 compared to $25.2 million in 2020, and earnings per share were $1.14 for 2021 and $0.97 for 2020. Earnings per share included non-cash pension settlement charges of $0.07 and $0.14 per share for 2021 and 2020, respectively. In 2021, earnings included an unfavorable LIFO impact of $0.20 per share compared to $0.03 per share in 2020.
The Company’s effective tax rate was 18.9% for the fourth quarter of both 2021 and 2020. The Company’s effective tax rate was 19.9% for 2021 compared to 19.4% for 2020. The effective tax rate for 2021 was impacted by decreased benefits from credits and permanent items with higher pretax income. We expect our effective tax rate for 2022 to be between 20.0% and 22.0%.
The Company’s backlog of orders was $186.0 million at December 31, 2021 compared to $113.1 million at December 31, 2020, an increase of 64.4%. Incoming orders increased 26.9% for the full year and increased 33.0% for the fourth quarter of 2021 compared to the same period in 2020. Incoming orders were up across most markets the Company serves.
Capital expenditures for 2021 were $9.8 million and consisted primarily of machinery and equipment and building improvements. Capital expenditures for the full-year 2022 are presently planned to be in the range of $15-$20 million.
As previously announced, effective January 1, 2022, the role of Chief Executive Officer transitioned from Jeffrey S. Gorman to Scott A. King, who was previously the Company’s President and Chief Operating Officer. Mr. Gorman will continue to serve as the Company’s Executive Chairman of the Board.
Scott King, President and Chief Executive Officer commented, “Our incoming order trend continues to be very strong while sales during the fourth quarter were somewhat impacted by customer-initiated shipment delays. Our team has continued to do a good job of managing the ongoing global supply chain challenges that the COVID-19 pandemic has caused and, as a result, we have seen minimal disruption. We have passed on price increases to offset inflationary pressures on material costs and wages and have leveraged our SG&A expenses as sales volumes have increased. We enter 2022 with a very healthy backlog and are well positioned to continue to deliver top-line growth. We remain optimistic about the long-term outlook and believe our diverse markets, strong balance sheet, and highly-skilled workforce position us well to continue to deliver shareholder value.”
About The Gorman-Rupp Company
Founded in 1933, The Gorman-Rupp Company is a leading designer, manufacturer and international marketer of pumps and pump systems for use in diverse water, wastewater, construction, dewatering, industrial, petroleum, original equipment, agriculture, fire protection, heating, ventilating and air conditioning (HVAC), military and other liquid-handling applications.
Forward-Looking Statements
In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, The Gorman-Rupp Company provides the following cautionary statement: This news release contains various forward-looking statements based on assumptions concerning The Gorman-Rupp Company’s operations, future results and prospects. These forward-looking statements are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results or events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Such factors include, but are not limited to: company specific risk factors including (1) loss of key personnel; (2) intellectual property security; (3) acquisition performance and integration; (4) impairment in the value of intangible assets, including goodwill; (5) defined benefit pension plan settlement expense; and (6) family ownership of common equity; and general risk factors including (7) continuation of the current and projected future business environment, including the duration and scope of the COVID-19 pandemic, the impact of the pandemic and actions taken in response to the pandemic; (8) highly competitive markets; (9) availability and costs of raw materials and labor; (10) cyber security threats; (11) compliance with, and costs related to, a variety of import and export laws and regulations; (12) environmental compliance costs and liabilities; (13) exposure to fluctuations in foreign currency exchange rates; (14) conditions in foreign countries in which The Gorman-Rupp Company conducts business; (15) changes in our tax rates and exposure to additional income tax liabilities; and (16) risks described from time to time in our reports filed with the Securities and Exchange Commission. Except to the extent required by law, we do not undertake and specifically decline any obligation to review or update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments or otherwise.
| The Gorman-Rupp Company | |||||||||||||
| Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||
| (thousands of dollars, except per share data) | |||||||||||||
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||
| Net sales | $94,164 |
|
$82,500 |
|
$378,316 |
|
$348,967 |
|
|||||
| Cost of products sold | 71,815 |
|
61,213 |
|
282,419 |
|
259,412 |
|
|||||
| Gross profit | 22,349 |
|
21,287 |
|
95,897 |
|
89,555 |
|
|||||
| Selling, general and administrative expenses | 14,121 |
|
12,851 |
|
56,541 |
|
53,802 |
|
|||||
| Operating income | 8,228 |
|
8,436 |
|
39,356 |
|
35,753 |
|
|||||
| Other income (expense), net | (262 |
) |
(146 |
) |
(2,108 |
) |
(4,507 |
) |
|||||
| Income before income taxes | 7,966 |
|
8,290 |
|
37,248 |
|
31,246 |
|
|||||
| Income taxes | 1,423 |
|
1,483 |
|
7,397 |
|
6,058 |
|
|||||
| Net income | $6,543 |
|
$6,807 |
|
$29,851 |
|
$25,188 |
|
|||||
| Earnings per share | $0.25 |
|
$0.26 |
|
$1.14 |
|
$0.97 |
|
|||||
| The Gorman-Rupp Company | |||||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||||
| (thousands of dollars, except share data) | |||||||||||||
December 31, |
|
December 31, |
|||||||||||
2021 |
|
2020 |
|||||||||||
| Assets | |||||||||||||
| Cash and cash equivalents | $125,194 |
|
$108,203 |
|
|||||||||
| Accounts receivable, net | 58,545 |
|
50,763 |
|
|||||||||
| Inventories, net | 85,648 |
|
82,686 |
|
|||||||||
| Prepaid and other | 7,795 |
|
5,169 |
|
|||||||||
| Total current assets | 277,182 |
|
246,821 |
|
|||||||||
| Property, plant and equipment, net | 104,293 |
|
108,666 |
|
|||||||||
| Other assets | 6,193 |
|
4,795 |
|
|||||||||
| Goodwill and other intangible assets, net | 33,086 |
|
34,175 |
|
|||||||||
| Total assets | $420,754 |
|
$394,457 |
|
|||||||||
| Liabilities and shareholders' equity | |||||||||||||
| Accounts payable | $17,633 |
|
$9,466 |
|
|||||||||
| Accrued liabilities and expenses | 34,807 |
|
29,035 |
|
|||||||||
| Total current liabilities | 52,440 |
|
38,501 |
|
|||||||||
| Pension benefits | 9,342 |
|
9,232 |
|
|||||||||
| Postretirement benefits | 27,359 |
|
28,250 |
|
|||||||||
| Other long-term liabilities | 1,637 |
|
2,961 |
|
|||||||||
| Total liabilities | 90,778 |
|
78,944 |
|
|||||||||
| Shareholders' equity | 329,976 |
|
315,513 |
|
|||||||||
| Total liabilities and shareholders' equity | $420,754 |
|
$394,457 |
|
|||||||||
| Shares outstanding | 26,103,661 |
|
26,101,992 |
|
|||||||||
Brigette A. Burnell
Corporate Secretary
The Gorman-Rupp Company
Telephone (419) 755-1246
NYSE: GRC
For additional information, contact James C. Kerr, Chief Financial Officer, Telephone (419) 755-1548.
BOSTON--(BUSINESS WIRE)--Tanis Venture Management (“Tanis”), Mill Town Capital, and Virginia Tech Carilion Innovation Fund & Seed Fund (“VTC Ventures”) today announced the acquisition of their portfolio company, Dive Technologies, Inc. (“Dive”), a Boston, MA-based subsea robotics designer and manufacturer, by Anduril Industries, Inc., a defense technology company. Tanis led Dive’s most recent fundraising round in 2020 and served as the Company’s outside board director. Mill Town Capital provided the first institutional funding to Dive in 2018 and participated in each equity round. Tanis and Mill Town were joined in their investments by VTC Ventures.
Jack Seaver, Dive Board Director and Managing Director at Tanis, stated, “Tanis is thrilled to have worked closely with Dive as its lead investor and seen its amazing growth over the past two years. We believe merging with Anduril is the best possible outcome for the company's mission, potential, and the future of American defense."
Tim Burke, CEO & Managing Director of Mill Town Capital, noted, “Dive Technologies is a great entrepreneurial and operational success story. We’re proud to have worked alongside the Dive team since their inception and pleased to see how well they leveraged regional resources for support functions.”
Sam Russo, Co-Founder and COO/CSO of Dive Technologies, remarked, “We were fortunate to have strong investor support throughout the inception and growth of Dive Technologies. To go from having a novel idea to being a category pioneer in autonomous underwater vehicles (AUVs) in just three short years takes a very special team and support from a network of experts. From helping us build the infrastructure of a rapidly saleable company to forging a technical relationship with Virginia Tech, our investors were in the trenches with us and helped to make Dive a success. We look forward to further bolstering our ambitious maritime vision with Anduril Industries.”
Dive partnered with Virginia Tech’s Center for Marine Autonomy and Robotics, led by Dr. Dan Stilwell, to develop several key components of Dive’s fleet of autonomous underwater vehicles. James Ramey, Managing Director and Fund Manager at VTC Ventures, commented, “Our investment in Dive exemplifies VTC Ventures’ strategy of leveraging the Virginia Tech and Carilion Clinic ecosystems to develop partnerships with cutting-edge, fast-growing businesses that seek to disrupt large markets and solve critical challenges.”
Dive’s AUVs prioritize payload flexibility, low-cost operations, and long endurance coupled with market-leading advanced autonomy. The AUVs are tailormade for littoral and deep-water survey and inspection needs, enabling unprecedented access to the worlds' oceans. Dive’s AUVs allow rapid configuration changes and scaling to meet mission-specific demands, resulting in a versatile platform applicable to a wide range of defense and commercial uses.
About Tanis Venture Management
Tanis Venture Management, LLC is a venture capital firm based in New York City. Co-founded by Jack Seaver, Alex Seaver, and Brad Kent, Tanis invests in early-stage companies with access to non-dilutive R&D funding and works closely with scientists and founders to commercialize cutting-edge technology in the biotech and defense industries.
About Mill Town Capital
Mill Town is a private investment group based in Massachusetts. Founded in 2016, Mill Town focuses on improving the region through impactful business investments, visible real estate projects, and broad community development efforts. Mill Town’s areas of expertise include entrepreneurial support, economic development, real estate development, and community engagement. For more information, please visit www.milltowncapital.com.
About Virginia Tech Carilion Ventures
Managed by Middleland Capital, a leader in the global agriculture technology sector, VTC Ventures is a private investment fund focused on early-stage life science and technology opportunities across the Commonwealth of Virginia and opportunities outside Virginia with a connection to Virginia Tech or Carilion Clinic. The Fund invests through two investment vehicles: the VTC Innovation Fund (Series A / B) and the VTC Seed Fund (seed stage). VTC Ventures aims to partner with exceptional management teams to commercialize innovative technologies, accelerate growth, and build long-term value. For more information, please visit www.vtcventures.com.
Media Contact:
Sam Russo
Dive Technologies, Inc.
617.275.5500
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DUBLIN--(BUSINESS WIRE)--The "Malaysia Marine Engine Market (2021-2027): Market Forecast by Power, By Propulsion Types, by Applications, by Regions and Competitive Landscape." report has been added to ResearchAndMarkets.com's offering.
Malaysia Marine Engine Market report thoroughly covers the market by power, propulsion types, applications and regions. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities / high growth areas, market drivers, and market revenue ranking by companies, which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Malaysia Marine Engine Market Synopsis
Malaysia marine engine market grew steadily in the period 2017-2019 on the back of government initiatives to recover the shipbuilding industry of Malaysia after the slump in 2014-2016. Malaysia is increasing its number of commercial vessels rapidly as 95% of its trade is through sea route which would act as a driver in the overall Malaysia marine engine market. Furthermore, Malaysia has emerged as the second-largest producer of palm oil in the world, exporting palm oil products to China, India, Netherlands, Pakistan, Philippines and more. As this trend continues, it is anticipated to augment the demand for marine engines in the forecast period.
According to the publisher, the Malaysia Marine Engine Market size is projected to grow at a CAGR of 6.4% during 2021-27. The spread of Covid-19 in 2020 resulted in the decline in market revenues due to the lockdown measures adopted to curb the spread of the virus, which in turn led to supply chain disruptions and delay in the production process. However, as the economic conditions are normalizing and commercial activities are resuming, the market is anticipated to recover by 2022 and register growth thereafter.
Market by Power Analysis
In terms of power, 500.1-1000 Hp and above 1000 Hp cumulatively have captured 75% of the market revenues in 2020, with 500.1-1000 Hp leading the segment. 500.1-1000 Hp accounted for the highest market revenue share in 2020 and is expected to continue to lead the market during the forecast period due to its multitude of applications in the commercial and oil and gas segment.
Market by Regions Analysis
In the Malaysia marine engine market, the Peninsular Malaysia region has led the overall market revenues accounting for more than 37.1% of the market revenues in 2020. Peninsular Malaysia region acquired the highest revenue share in the Malaysia marine engine market in 2020 as this region is responsible for the majority of the port trade activities and cargo services in the country.
Key Attractiveness of the Report:
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Malaysia Marine Engine Market Overview
4. Malaysia Marine Engine Market Covid-19 Impact Analysis
5. Malaysia Marine Engine Market Dynamics
5.1 Impact Analysis
5.2 Market Drivers
5.3 Market Restraints
6. Malaysia Marine Engine Market Trends
7. Malaysia Marine Engine Market Overview, by Power
8. Malaysia Marine Engine Market Overview, by Propulsion Types
9. Malaysia Marine Engine Market Overview, by Applications
10. Malaysia Marine Engine Market Overview, by Regions
11. Malaysia Marine Engine Market Key Performance Indicators
12. Malaysia Marine Engine Market Opportunity Assessment
12.1 Malaysia Marine Engine Market Opportunity Assessment, by Power, 2027
12.2 Malaysia Marine Engine Market Opportunity Assessment, by Propulsion Types, 2027
12.3 Malaysia Marine Engine Market Opportunity Assessment, by Applications, 2027
12.4 Malaysia Marine Engine Market Opportunity Assessment, by Regions, 2027
13. Malaysia Marine Engine Market Competitive Landscape
13.1 Malaysia Marine Engine Market Revenue Ranking, by Companies, 2020
13.2 Malaysia Marine Engine Market Competitive Benchmarking, by Technical Parameters
13.3 Malaysia Marine Engine Market Competitive Benchmarking, by Operating Parameters
14. Company Profiles
14.1 Cummins Inc.
14.2 Caterpillar Inc.
14.3 Mitsubishi Heavy Industries Engine System Asia Pte Ltd.
14.4 Yamaha Motor Co. Ltd.
14.5 Mercury Marine
14.6 Wartsila Corporation
14.7 AB Volvo (publ)
14.8 MAN Energy Solutions SE
14.9 Yanmar Holdings Co., Ltd.
14.10 Rolls Royce Public Limited Company
15. Key Strategic Recommendations
16. Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/h0ywo9
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
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ROCHESTER, N.Y.--(BUSINESS WIRE)--New York’s governor recently announced support for what would be the nation’s first statewide gas ban for new buildings. Already, cities such as New York City and Ithaca have enacted legislation regarding sustainable energy use in new construction and renovations. R.P. Fedder Industrial, LLC, of Rochester, N.Y., recently became the exclusive Western New York distributor of Aegis Heat Pumps by Lync, a Watts brand, because they are particularly suited to both the state’s sustainability initiatives and frigid winters. These heat pumps, unlike electric heat pumps developed to date, can operate efficiently with ambient temperatures of -4° and above.
“We are excited to offer this timely, energy-efficient water heater solution. Essentially, it’s hot water for the renewable energy world,” says Chris Fox, president of R.P. Fedder. The Aegis Heat Pumps are the first commercial carbon dioxide heat pump water heaters in North America. “By using a future-proof natural refrigerant, CO2, this system will enable our customers to meet increasingly stringent green standards.”
Available in air and water source models, Aegis heat pumps are powered by R744, commonly referred to as refrigerant grade CO2. This is non-toxic, non-flammable, has an Ozone Depletion Potential of zero, and a low Global Warming Potential of one. Other refrigerants, such as R134a and R410a, which are used by competitors’ products, have GWP of 1,430 and 2,088, respectively and are at risk of being phased out. By using CO2, Aegis makes it possible to use electric heat pumps in below-zero temperatures while providing a comparable total cost of ownership versus natural gas. Aegis produces hot water up to 185° with outdoor air temperatures as low as -4°F with Aegis A (air source) or source water temperatures as low as +14°F with Aegis W (water source) with no need for supplemental heat. This makes these heat pump water heaters highly efficient for optimal energy savings and lower operating costs in a variety of new and retrofit commercial facilities. As an electric heat pump, Aegis can derive energy from the same renewable source as other building systems.
R.P. Fedder designs and manufactures custom filters for thousands of engineered products used in industrial and medical applications. The company also distributes a wide range of standardized air and liquid filters, commercial filtration and HVAC equipment. For more information, visit https://www.rpfedder.com/hvac/co2-heat-pump-water-heater/.
Cynthia L. McVey, APR, This email address is being protected from spambots. You need JavaScript enabled to view it.
DALLAS--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (the “Company” or “TPL”) announced today that the Company will release fourth quarter and full year 2021 financial results after the market closes on Wednesday, February 23, 2022. A conference call will be held on Thursday, February 24, 2022 at 7:30 a.m. Central Time.
Webcast:
A webcast of the conference call will be available on the Investors section of the Company’s website at www.texaspacific.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register and install any necessary audio software.
To Participate in the Telephone Conference Call:
Dial in at least 15 minutes prior to start time:
Domestic: 1-844-826-3035
International: 1-412-317-5195
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Pass code: 10163813
The playback can be accessed through March 10, 2022.
About Texas Pacific Land Corporation
Texas Pacific Land Corporation is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases, and seismic and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.
Visit TPL at texaspacific.com.
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BOSTON--(BUSINESS WIRE)--SES AI Corporation (SES), a global leader in the development and production of high-performance lithium-metal (Li-Metal) rechargeable batteries for electric vehicles (EVs) and other applications, announced today that its Class A common stock and warrants will begin trading on the New York Stock Exchange today under the ticker symbols “SES” and “SES.WS”, respectively.
Management will participate in an opening bell ceremony at the New York Stock Exchange today in celebration of the public listing, following the completion of a business combination with Ivanhoe Capital Acquisition Corp.
“Today we celebrate an important milestone in a journey that we began a decade ago as a spin-out company of the Massachusetts Institute of Technology,” said Qichao Hu, SES Founder and Chief Executive Officer. “Now we’re a leading global developer and producer of high-performance Li-Metal batteries with investments from six major global car manufacturers and ‘A-sample’ joint development agreements with three of them,” he said.
Global auto manufacturers Geely Holding Group, General Motors, Honda Motor Co. Ltd., Hyundai Motor Company, Kia Corporation, SAIC Motor and Foxconn have all invested in SES. In addition, SES has entered into “A-sample” joint development agreements with General Motors, Honda, Hyundai and Kia. In November last year, SES announced that it is building Shanghai Giga, a new 300,000 square foot facility in Shanghai scheduled for completion in 2023, and unveiled the world’s first greater than 100 Amp Hour (Ah) Li-Metal battery.
“We want to thank the entire SES team for all of their hard work and our partners at Ivanhoe as well as our other investors for their support,” added Mr. Hu. “We wouldn’t have been able to do this without them,” he said. “The capital raised through this transaction along with our new access to the public markets will help us to execute our development and production plans to bring next generation battery technology to global EV manufacturers.”
Ivanhoe Capital Acquisition Corp.’s Chairman and Chief Executive Officer Robert Friedland is continuing as a director of the combined company. Mr. Friedland is a renowned mining entrepreneur and technology innovator, who is the Founder and Executive Co-Chairman of Ivanhoe Mines, a leading mining and mineral exploration company focused on strategic “electric” metals and listed on the Toronto Stock Exchange (TSX) under the ticker “IVN”. He also is a member of both the American and Canadian Mining Halls of Fame.
“I am delighted to be joining the SES success story,” said Mr. Friedland. “We are firmly aligned with many of the world’s leading auto manufacturers in our confidence that SES’s proprietary Li-Metal batteries will make SES the only next-generation battery technology company to succeed in commercializing its batteries by the middle of this decade. Deep vertical integration between miners producing ethically-sourced “green metals” and major electric auto makers is coming soon and will be of profound, long-term importance to all involved stakeholders.”
SES’s Li-Metal battery is expected to enable the next generation of high-range and affordable EVs. The Li-Metal approach provides the superior energy density of Li-Metal via the proven manufacturing efficiencies of lithium-ion batteries. SES’s Li-Metal batteries use a high-energy-density Li-Metal anode, a protective anode coating, a proprietary high-concentration solvent-in-salt liquid electrolyte, and artificial intelligence (“AI”) safety features that allow for greater performance and manufacturing efficiencies than today's all-solid-state Li-Metal batteries.
Advisors
Goldman Sachs & Co. LLC served as exclusive financial advisor, Deutsche Bank Securities served as exclusive capital markets advisor and White & Case LLP served as legal advisor to SES. Morgan Stanley & Co. LLC served as sole placement agent on the PIPE offering and as exclusive financial advisor to Ivanhoe. Kirkland & Ellis LLP served as legal advisor to Ivanhoe. ICR, LLC served as communications advisor to SES.
About SES
SES is a global leader in development and production of high-performance Li-Metal rechargeable batteries for electric vehicles (EVs) and other applications. Founded in 2012, SES is an integrated Li-Metal battery manufacturer with strong capabilities in material, cell, module, AI-powered safety algorithms and recycling. Formerly known as SolidEnergy Systems, SES is headquartered in Boston and has operations in Singapore, Shanghai, and Seoul. To learn more about SES, please visit: investors.ses.ai.
Forward-looking statements
This press release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding SES’s or its management teams’ expectations, hopes, beliefs, intentions or strategies regarding the future. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “forecast,” “predict,” “possible,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” and other similar expressions that predict or indicate future events or trends that are not statements of historical matters may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on SES’s current expectations and beliefs concerning future developments and involve a number of risks, uncertainties (some of which are beyond SES’s control) or other assumptions. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in domestic and foreign business, market, financial, political and legal conditions; the failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of the projected financial information with respect to SES; risks related to the development and commercialization of SES’s battery technology and the timing and achievement of expected business milestones; the effects of competition on SES’s business; the risk that the business combination disrupts current plans and operations of SES as a result of the consummation of the business combination; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; risks relating SES’s history of no revenues and net losses; the risk that SES’s joint development agreements and other strategic alliances could be unsuccessful; risks relating to delays in the design, manufacture, regulatory approval and launch of SES’s battery cells; the risk that SES may not establish supply relationships for necessary components or pay components that are more expensive than anticipated; risks relating to competition and rapid change in the electric vehicle battery market; safety risks posed by certain components of SES’s batteries; risks relating to machinery used in the production of SES’s batteries; risks relating to the willingness of commercial vehicle and specialty vehicle operators and consumers to adopt electric vehicles; risks relating to SES’s intellectual property portfolio; the ability of the combined company to issue equity or equity-linked securities or obtain debt financing in the future and those factors discussed under the heading “Risk Factors,” in the definitive proxy statement/prospectus relating to the business combination, and other documents of SES filed, or to be filed, with the SEC. There may be additional risks that SES does not presently know or that SES currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect SES’s expectations, plans or forecasts of future events and views only as of the date of this press release. SES anticipates that subsequent events and developments will cause its assessments to change. However, while SES may elect to update these forward-looking statements at some point in the future, SES specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing SES’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc. (NYSE:AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced that it will release its fourth quarter and full year 2021 financial results after the close of the market on Monday, February 28, 2022. The earnings press release will be available on the “Investor Relations” section of the Company’s website at www.ameresco.com. The Company will host an earnings conference call at 4:30 p.m. ET the same day.
In conjunction with its earnings conference call and press release, the Company will provide supplemental information concerning the financial results. The supplemental information on a Current Report on Form 8-K will be posted to the “Investor Relations” section of the Company's website.
Participants may access the earnings conference call by dialing domestically +1 (877) 359-9508 or internationally +1 (224) 357-2393. The passcode is 7944909. Participants are advised to dial into the call at least ten minutes prior to register. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investor Relations” section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
Media Relations
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Investor Relations
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DUBLIN--(BUSINESS WIRE)--The "Pontoon Boat Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.
The global pontoon boat market is expected to grow from US$ 2,132.97 million in 2021 to US$ 4,089.97 million by 2028; it is estimated to grow at a CAGR of 9.7% during 2021-2028.
The pontoon boat market is experiencing evolution constantly. From being a simple boxy floating boat to a luxury-laden pleasure-boat, pontoon boats provide a relaxing experience to individuals for invigorating thrill rides. Pontoon boats are used for different purposes such as swimming, cruising, and watersports, as well as for lounging.
For recreational activities, such as skiing, wakeboarding, and tubing, the boats have tow-bits and storage lockers, which are large enough to hold water skis or kneeboards, and swim platforms with large and stable ladders for climbing on/off the boat. Pontoon boats are the flat-deck boats powered by an outboard engine. These boats have square/rectangular shapes that make them ideal for choppy/rough water.
The pontoon boats are also broadly used in lakes for entertainment, lounging, and fishing purposes. These boats have large deck space, that adds more seating space; extra storage space; and luxury, comfort, and additional room for different activities according to users' interest.
The growing boating industry, especially recreational boating across the globe, drives the growth of the pontoon boat market. Also, rise in the sales of deck and pontoon boats due to the rising passengers for watersports & recreational activities will play a magnificent role in generating demand for pontoons.
Moreover, with the emergence of IoT-based applications, the trend of real-time tracking and smart boat is picking up its pace. The integration of IoT in pontoon boats is expected to create lucrative business opportunities for pontoon boat manufacturers and providers in the coming years.
However, the low speed and inefficient performance of pontoon boats on rough water restrain the growth of the pontoon boat market.
Based on type, the pontoon boat market is segmented into bar boat, rear lounge, quad seating, arch models, and double decker. In 2020, the rear lounge segment led the market, accounting for the largest share. Based on tube type, the pontoon boat market is bifurcated into double tube and triple tube.
In 2020, the triple tube segment accounted for a larger market share. Based on propulsion type, the pontoon boat market is segmented into single engine, double engine, and electric motor. In 2020, the double engine segment accounted for the largest market share. Based on size, the market is segmented into less than 20 feet, 20-30 feet, and more than 30 feet. In 2020, the 20-30 feet segment accounted for the largest market share.
Based on application, the pontoon boat market is segmented into fishing, watersports, recreational, and others. In 2020, the recreational segment accounted for the largest market share. In 2020, North America accounted for the significant share in the global market.
Key Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Future Trends
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/eo1840
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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- Exclusive technology partnership to enable large-scale development of helium purification projects -
MONTREAL--(BUSINESS WIRE)--Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of sustainable gas technologies, is pleased to announce today that it has signed an agreement for the exclusive supply of Xebec’s pressure swing adsorption (“PSA”) technology to Air Liquide Advanced Technology US, part of the Air Liquide group (EPA: AI), a world leader in gases, technologies and services for Industry and Health, for North American based helium projects.
The partnership will allow both companies to combine each other’s proprietary technologies. Xebec’s robust PSA platform will be deployed alongside Air Liquide’s membrane technology to create a two-stage system that efficiently purifies helium from geological sources.
The agreement follows two recent PSA orders for projects in North America. Xebec is expected to benefit from the scale and resources that Air Liquide offers as one of the world’s largest industrial gas companies and a major player in the helium purification sale of equipment market in North America.
“We are excited to be working with Air Liquide as an exclusive technology partner for their helium projects in North America,” stated Kurt Sorschak, Chairman, CEO and President of Xebec Adsorption Inc. “What is unique about our PSA platform is that it can be applied to other gases besides hydrogen, renewable natural gas and CO2 as customers look to drive efficiencies and reduce emissions.”
“Helium is a critical industry gas used in semiconductors, healthcare and space exploration. This partnership will help address demand and ensure North American supply security of the gas. Ultimately, we are building on the success from our first project in Saskatchewan, Canada’s largest helium purification facility, and look forward to many more to come,” he added.
Building on the success of Canada's largest helium purification facility in Saskatchewan
On April 27, 2021, Canada’s largest helium purification facility located near Battle Creek, Saskatchewan opened. The $32 million facility is expected to produce more than 50 million cubic feet per year of purified helium for commercial sale. Xebec supplied the PSA technology for this project, which along with Air Liquide’s membrane technology, created a two-stage configuration that enabled the purification of helium to Grade-A specification (99.997% or greater purity).
Related links:
https://www.xebecinc.com
https://www.saskatchewan.ca/government/news-and-media/2021/april/27/canadas-largest-helium-purification-facility-opens-in-saskatchewan
https://www.airliquideadvancedseparations.com/helium-recovery-applications
https://globalnews.ca/news/8374704/saskatchewan-helium-action-plan/
About Xebec Adsorption Inc.
Xebec is a global provider of sustainable gas solutions used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with eight manufacturing facilities, thirteen Cleantech Service Centers and five sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
Cautionary Statement
This press release contains forward-looking statements within the meaning of applicable Canadian securities law. These statements relate to future events or future performance and reflect the expectation of Management regarding the growth, results of operations, performance and business prospects and opportunities of the Corporation or its industry. Forward-looking statements typically contain words such as “believes”, “expects”, “anticipates”, “continues”, “could”, “indicates”, “plans”, “will”, “intends”, “may”, “projects”, “schedules”, “would” or similar expressions suggesting future outcomes or events, although not all forward-looking statements contain these identifying words. Examples of such statements include, but are not limited to, statements concerning: (i) Xebec benefiting from Air Liquide’s scale and resources for helium projects as noted in this press release.
These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties that may cause the Company’s actual results, level of activity or performance to be materially different from any future results, levels of activity or performance expressed in or implied by these forward-looking statements. These risks include, generally, risks related to the ability of the Corporation to execute its strategy, operating results, purchasing third party supplies for key materials and components in a timely and cost effective basis, industry and products, technology, competition, ability to attract and retain qualified personnel, ability to manage successfully the anticipated expansion of our operations, the economy, the sufficiency of insurance and other factors which are discussed in greater details in the most recent quarterly management discussion and analysis (“MD&A”) and in the Annual Information Form of the Corporation filed on SEDAR at www.sedar.com.
Forward-looking statements contained herein are based on a number of assumptions believed by the Corporation to be reasonable as at the date of this press release, including, without limitations, assumptions about trends in certain market segments, the economic climate generally, the pace and outcome of technological development, the identity and expected actions of competitors and customers, the value of the Canadian dollar and of foreign currency fluctuations, interest rates, the anticipated margins under new contracts awards, the state of the Corporation’s current backlog, the regulatory environment, and the procurement of key material and components of products. If these assumptions prove to be inaccurate, the Corporation’s actual results may differ materially from those expressed or implied in the forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Except to the extent required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein. Readers should not place undue reliance on forward looking statements.
Media Inquiries:
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Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
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+1 450.979.8700 ext 5762
BOTHELL, Wash.--(BUSINESS WIRE)--#cleantech--Today, Modern Electron announced an oversubscribed $30 million Series B funding round led by At One Ventures, with participation from new investors Extantia, Starlight Ventures, Valo Ventures, and strategic investors IRONGREY and Wieland Group.
All existing investors including Bill Gates and MetaPlanet continued their participation and expanded their investments as part of the funding round.
The Series B capital will be used to integrate Modern Electron’s proprietary technologies into heating appliances with leading manufacturers of HVAC and energy systems. By converting wasted heat into bonus electricity, Modern Electron increases the efficiency of furnaces, boilers, and hot water heaters. This saves homeowners and building operators money, reduces CO2 emissions, and increases the resiliency of critical heat & electricity systems during power outages.
Modern Electron will also leverage the investment to deploy hydrogen production pilots that demonstrate affordable decarbonization of gas heating without any new infrastructure. Modern Electron’s next generation distributed hydrogen production technology addresses rapidly increasing market demand for heating without CO2 emissions inside residential and commercial buildings, as well as the industrial sector.
Notably, Modern Electron’s distributed hydrogen production can decarbonize applications where existing renewable electrification technologies struggle and proposed infrastructure solutions such as a “hydrogen grid” are years away and expensive. These include applications where full electrification solutions are costly to retrofit and cannot handle peak heat demand, as well as applications utilizing high-temperature heat beyond the capabilities of electric heat pumps, present in everything from steam for heating, cleaning, and sterilization, to process heating for manufacturing metals, cement, chemicals, and even food and paper.
As part of the financing, Tom Chi, founding partner at At One Ventures, will join Modern Electron’s board of directors. At One Ventures backs early-stage deep tech companies catalyzing a world where humanity is a net positive to nature. Modern Electron is a perfect example of the thesis in action, using disruptive deep technologies with superior unit economics to decarbonize heating systems in buildings and the industrial sector.
“More than half the energy we use is for heat, yet most of our decarbonization efforts have been electricity-centric,” said Tom Chi, Founding Partner at At One Ventures. “We need breakthroughs to decarbonize heat energy and Modern Electron is transforming the landscape of the possible.”
“We are working closely with leading brands in the heating industry to bring innovative technologies to market. And partners like At One Ventures and our new strategic investors support the scaling and commercial realization of our tech. They understand the landscape well, as well as the practical dimensions of getting climate tech innovations to market,” said Tony Pan, Co-founder and CEO of Modern Electron. “In addition, having a global investor base across the USA, Europe, and Asia, gives us on-ramps to multiple opportunities to make a huge dent in decarbonization, all while driving savings as opposed to charging a green premium.”
“Heat is 50% of final energy demand in our civilization. Even in homes, half of the energy used in the USA is for heating, the majority of which comes from gas. Before now there’s been no low-cost, drop-in solution to improve the efficiency and reduce emissions from heating currently dominated by gas. This is especially true in cold climates, existing buildings, and industrial process heating. Our technology stretches more useful energy and value out of any fuel use, and we’re paving the way for the hydrogen future,” said Max Mankin, Co-founder and CTO of Modern Electron. “We are excited to work closely with industry leaders to bring all of our innovative technologies to the heating market as we accelerate the transition to a cleaner energy future.”
About Modern Electron
Modern Electron is a sustainable heating and power technology company founded in 2015. Modern Electron’s technology enables consumers of heat to save money, reduce carbon emissions, and increase resiliency during power outages. The company’s next-generation technology decarbonizes buildings and industry further by producing hydrogen without CO2 emissions directly where it will be used. Visit us at www.modernelectron.com
Media:
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DUBLIN--(BUSINESS WIRE)--The "Global Material Advancements in Next-generation Fuel Cells: Technology Analysis and Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.
The report has identified 6 key material technologies that will enable a cost-effective approach to fuel cell manufacturing; they are ceramics, composites, metal-based (metals and alloys), nanoparticles, polymers, and others (a supported form of metals on carbonaceous materials/polymers).
At present, researchers are focused on nanoparticles due to their efficient application across all fuel cells, either as a based or a doped material. Nanostructures allow these materials to offer greater surface area, smaller particle size, and better porosity.
The rising adoption of these materials in fuel cell fabrication will enable fuel cell manufacturers to set up economies of scale at the start of the commercialization phase and resolve major challenges such as high costs and unreliability for the wider application of fuel cell technologies.
As the transition to a green economy becomes inevitable (it is economical and environment friendly), researchers will concentrate on the promotion, development, and adoption of green energy technologies. Among these sustainable technologies, fuel cells, which offer the potential to generate electricity by combining hydrogen and oxygen electrochemically, demonstrate advantages such as high efficiency, low operating temperature, high power density, and low emission.
In addition, fuel cells are considered potential candidates to mitigate CO2 emissions from fossil fuels by reducing dependency on fossil fuels and offering a better alternative - hydrogen, which can be produced through sustainable methods and promises to deliver decentralized and stabilized power plants.
However, concerns in terms of the high cost associated with these devices due to the use of noble metals such as platinum and palladium in the fabrication of different components of fuel cells and issues regarding the durability of these noble materials in acidic and basic environments are key challenges hindering the large-scale commercial growth of these electrochemical devices. As a result, researchers are focusing on innovating and developing new materials that can attenuate these techno-economic challenges and aid the growth of fuel cells.
This study focuses on identifying and analyzing innovation in the material science of various components such as cathodes, anodes, electrolytes, and catalysts of fuel cells. The materials captured are compared across 4 key technical parameters, that is, particle size (nm), electrical conductivity (S.cm-1), thermal expansion coefficient (K-1), and specific surface area (m2/g).
The primary focus of the research is trying to find the most promising material for the fabrication of key components in fuel cells that can enable the commercial-scale production of these electrochemical devices.
Key Topics Covered:
1.0 Strategic Imperatives
1.1 The Strategic Imperative Factors Creating Pressure on the Growth of Material Advancements in Next-generation Fuel Cells
1.2 The Strategic Imperative
1.3 The Impact of the Top Three Strategic Imperatives on Material Advancements in Next-generation Fuel Cells
1.4 About the Growth Pipeline Engine
1.5 Growth Opportunities Fuel the Growth Pipeline Engine
1.6 Research Methodology
2.0 Growth Opportunity Analysis
2.1 Fuel Cells will Play an Important Role in the Low Carbon Transition
2.2 Fuel Cells' Advantages over Conventional Batteries Drive Their Growth
2.3 Materials Development is Key to Overcoming the Challenges and the Unmet Needs of Fuel Cells
2.4 Research Scope and Key Questions the Study Will Answer
2.5 Key Materials in the Research Scope
2.6 Key Findings
2.7 Key Findings: Emerging Materials for Low-temperature Fuel Cells
2.8 Key Findings: Emerging Materials for High-temperature Fuel Cells
3.0 Technology Snapshot of Various Fuel Cells
3.1 Characteristics and Features of Low-temperature Fuel Cells
3.2 Characteristics and Features of High-temperature Fuel Cells
4.0 Cathodic Materials: Technology Assessment
4.1 Cathodic Materials for Fuel Cells: An Introduction
4.2 Ceramics are Emerging as the Most Promising Cathode Materials
4.3 Alloys Help to Achieve High Catalytic Activity While Reducing Costs
4.4 Carbon-based Cathodes Coated with Noble Metals are Gaining Traction in Cathode Fabrication
4.5 Lanthanum-based Perovskite Materials Witness the Highest Adoption among Ceramic Materials
4.6 Lanthanum-based Materials Doped with Strontium Promise Better Electrochemical Performance in High-temperature Fuel Cells
4.7 Composites Exhibit Relatively Lower Thermal Conductivity than Ceramic-based Cathode Materials
4.8 The Increasing Concentration of GDC/YSZ in Composites can Enhance the Electrical Conductivity of Cathodes
4.9 Carbon-based Nanomaterials can find Application in Microbial Fuel Cells
4.10 Carbon Cloth can Outperform Other Nanomaterials if Used in MFCs
4.11 Comparative Assessment of Cathodic Materials Showcases that Ceramics will be the Key Material in Cathode Fabrication
5.0 Anodic Materials: Technology Assessment
5.1 Anodic Materials for Fuel Cells: An Introduction
5.2 Nickel-based Materials are Widely Used as Anode Materials in Fuel Cells
5.3 At Present, Nickel-based Composites are the Most Commonly Used Materials in Anode Fabrication
5.4 NiO/SDC is Gaining Traction as a Potential Material for Anode Fabrication
5.5 Oxide-based Anodes Provide Excellent Oxidation/Reduction Stability
5.6 Tin Oxide will see the Highest Adoption in Ceramic Anode Materials
5.7 Electron Conductivity can be Improved if Nanomaterials are Used in Anode Fabrication
5.8 Carbon Nanotubes are Considered to be a Promising Support Nanomaterial for Anode Fabrication
5.9 Metal Alloys are more Economical than Ceramic Materials; they also Offer Higher Conductivity
5.10 The Potential Price Advantage of Alloys Makes them a Promising Alternative for Use in Metal-based Anode Materials
5.11 Conductive Polymers are Being Researched for Anode Fabrication
5.12 Large Surface Area and Electron Conductivity Play an Important Part in Improving the Performance of Anodic Materials
5.13 Composites and Ceramics are the Preferred Anode Materials
6.0 Electrolyte Materials: Technology Assessment
6.1 Electrolytes for Fuel Cells: An Introduction
6.2 Ceramics and Polymers are the Most Commonly Used Electrolytes in Fuel Cells
6.3 The Development of Conductive Ceramic Electrolytes is Becoming a Key Area of Focus
6.4 Conventional YSZ Electrolytes are Being Replaced with Materials that Offer High Ionic Conductivity
6.5 Comparison of the Key Ceramic Materials Used as Electrolytes in Fuel Cells
6.6 Polymer Electrolytes are Witnessing the Highest Adoption in Low-temperature Fuel Cell Applications
6.7 Sulfonated Polymers are the Most Commonly Used Materials in the Fabrication of Electrolytes
6.8 Comparison of the Key Polymeric Materials Used as Electrolytes in Fuel Cells
6.9 The Electrolytes Used Vary Based on Fuel Cell Requirements and End Application Needs
7.0 Catalytic Materials: Technology Assessment
7.1 Catalytic Materials for Fuel Cells: An Introduction
7.2 Metals Doped on Carbonaceous Materials are Gaining Traction as Catalysts in Fuel Cells
7.3 Metal-supported Forms are Considered a Better Alternative to Black Forms and Metal Alloys
7.4 Supported Form Catalysts Offer Greater Surface Area than the Black Form
7.5 Polymer-supported Catalysts can Improve Catalytic Durability and Stability
7.6 Pt/C/PANI Polymers are Gaining Traction as Fuel Cell Catalytic Materials
7.7 The Ability to Provide Large Specific Surface Area Drives Research in Nanomaterials for Use as Catalysts
7.8 Bimetallic Materials Supported on Nanostructures Promise Enhanced Electrocatalytic Activity
7.9 Catalysts Modified with Polymers Offer Better Stability than Metals and Alloys
8.0 Noteworthy R&D Efforts in Materials for Fuel Cells
8.1 Intensive R&D of Catalyst Performance by Stakeholders
8.2 Research in PEM Fuel Cells are the Most Targeted Area in Commercialized Innovation
9.0 Patent Analysis
9.1 IP Trends in Fuel Cell Materials have been Rising for the Last 3 Years
9.2 Trend Analysis of IP Filing of the Key Materials Used in Different Fuel Cell Components
9.3 IP Analysis Showcases a Focus on Nanomaterials for Anode Fabrication in Fuel Cells
9.4 China Leads Patent Filings for Fuel Cell Cathodic Materials
9.5 IP Filing in Electrolyte Materials Takes a Backseat as Research in Cathode Materials Gains Prominence
9.6 Patent Filings in Catalytic Materials for Fuel Cells is on the Rise
10.0 Growth Opportunity Universe
10.1 Growth Opportunity 1: Nanomaterials as Support Materials to Increase Fuel Cell Performance
10.2 Growth Opportunity 2: Reducing Pt Content by Doping Alternative Materials to Improve Fuel Cells' Economic Viability
10.3 Growth Opportunity 3: Development of Standards and Tests for Material Performance Benchmarking
11.0 Appendix
11.1 Technology Readiness Levels (TRL): Explanation
For more information about this report visit https://www.researchandmarkets.com/r/o1priq
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For GMT Office Hours Call +353-1-416-8900
During last February’s winter storm, Taurus’ Whisper Valley used approximately 54% of the electricity of a typical home across the utility’s service territory, further proving opportunity for mass scale of EcoSmart GeoGrid™
BOSTON & AUSTIN, Texas--(BUSINESS WIRE)--#Austin--EcoSmart Solution (EcoSmart), a green energy service provider (Green ESP) designing and delivering innovative geothermal infrastructure for zero-energy capable communities, has proven its flagship Whisper Valley community successfully weathered the February 15, 2021 winter storm that overwhelmed the state’s electricity infrastructure and caused massive power outages across Texas. EcoSmart, an affiliate of Taurus Investment Holdings, and its EcoSmart GeoGrid™ used 54% less electricity to power Whisper Valley homes when compared to typical Texas homes because, among other reasons, the GeoGrid™ is located underground, where it is naturally winterized and able to avoid the freeze problems that occurred with other energy sources, demonstrating further that it can be an innovative energy solution across all regions and climates.
As the one-year anniversary of the storm approaches, the Electric Reliability Council of Texas (ERCOT) and the State of Texas are working to introduce long term plans to avoid an energy failure like what was experienced last February. Taurus and EcoSmart’s Whisper Valley is a practical solution for delivering affordable and resilient energy no matter the weather.
“Homes in Whisper Valley are designed to consume less energy which naturally reduces the overall energy required and puts less strain on the state’s electric grid,” said Wesley Brinkmeyer, Manager of Energy Services for Bluebonnet Electric Cooperative.
Whisper Valley is a first-of-its-kind eco-community with an innovative EcoSmart GeoGrid™, which delivers geothermal heating and cooling to homes, reducing energy consumption by up to 65%. When combined with solar panels that generate electricity, the result is a zero-energy capable home. This sustainable, renewable energy system could greatly reduce energy consumption on a mass scale if implemented in new residential and commercial developments across the state and country, helping to offset the energy requirements needed for future climate-related grid constraints.
“During last February’s unprecedented storm, our GeoGrid performed beyond admirably in extreme conditions, which further proves that it is a revolutionary energy solution, that can be applied to various geographical regions,” said John Towle, CEO of EcoSmart. “Through EcoSmart’s state-of-the-art efficiency monitoring tools, we knew exactly how the heat pumps were performing at all times during the winter storm and are pleased to report there were no weather-related damages to our customers' homes in Whisper Valley.”
The GeoGrid is a hybrid loop system that stores thermal energy in the Earth during hot months, and then uses the stored thermal energy in the winter to heat homes much more efficiently than traditional systems. It does this with the use of a Ground Source Heat Pump (GSHP) that takes the place of a conventional HVAC system. The EcoSmart program also includes smart home technology and an energy monitoring system in every home to maximize the energy efficiency of the homes. An already proven home heating and cooling solution, EcoSmart and Taurus are the only developers to offer a GeoGrid solution at the scale of Whisper Valley.
The EcoSmart geothermal equipped home is already less energy intensive than a conventional home. The physics of the geothermal system enable a house to use one unit of energy to deliver approximately four units of temperature conditioning, resulting in far less energy draw than a conventional house. This lowers peak demands on the utility and minimizes the amount of onsite energy production or storage a house needs, lessening dependence on the power grid.
About Taurus Investment Holdings, LLC
Established in 1976, Taurus is a global real estate private equity firm with over 45 years of experience as a general partner, investor, and operator. By empowering and combining the strength of in-house experts in the fields of multifamily, office, logistics, mixed-use, and renewable energy, the firm has created targeted, scalable investments into value-add, core-plus, and development opportunities.
Taurus is focused on using innovative energy efficient technologies to make the extensive infrastructure investments required to decarbonize residential and commercial buildings through its EcoSmart Solution and RENU Communities affiliates.
Throughout North America and Europe, Taurus is consistently recognized as one of the premier owners of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and developed more than 65 million square feet of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $9.25 billion. www.tiholdings.com.
About EcoSmart Solution
EcoSmart Solution is an affiliate of global real estate investment firm Taurus Investment Holdings (TIH) and a green energy services provider (Green ESP), designing and delivering innovative geothermal infrastructure combined with a comprehensive suite of distributed energy resources; enabling developers and builders of large-scale new construction neighborhoods to create energy efficient communities and homes, providing new homeowners affordable, comfortable, and sustainable living. https://ecosmartsolution.com
Carey Marin
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(214) 914-1157
NEW YORK, OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, will publish a press release detailing fourth quarter and full-year 2021 results and conduct a conference call on February 28, 2022.
The fourth quarter and full-year 2021 press release will be issued by 6:00 am U.S. Eastern Standard Time (12:00 pm Central European Time). The conference call is scheduled to begin at 7:30 am U.S. Eastern Standard Time (1:30 pm Central European Time).
To access the conference call, listeners should contact the conference call operator at the appropriate number listed below approximately 10 minutes prior to the start of the call.
Participant conference call dial-in numbers:
United Kingdom: +44 3333000804
United States: +1 6319131422
Switzerland: +41 225809034
Spain: +34 935472900
Norway: +47 23500243
Luxembourg: +352 27300160
Hong Kong: +852 30600225
Germany: +49 6913803430
France: +33 170750711
Denmark: +45 35445577
Canada: +1 4162164189
The participant passcode for the call is: 27735368#
A webcast of the conference call will be broadcast simultaneously at https://streams.eventcdn.net/freyer/2021q4/ on a listen-only basis. Please log in at least 10 minutes in advance to register and download any necessary software.
A replay of the webcast will be available at www.freyrbattery.com/link.
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com.
Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
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Tel: (+1) 281-222-0161
Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
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Tel: (+47) 9920 54 570
COLTON, Calif.--(BUSINESS WIRE)--#energy--Ecotec International Holdings, LLC (“ECOTEC”), a global leader in methane emissions monitoring, is pleased to announce a strategic investment by funds managed by Intrepid Investment Management, LLC, the investing arm of Intrepid Financial Partners, L.L.C. (“Intrepid”). Intrepid is a leading energy-focused merchant bank with over 50 employees, and expertise in upstream, midstream, downstream, oilfield services and energy transition. ECOTEC provides a comprehensive suite of patented, cutting-edge instrumentation and software solutions to companies, organizations, and municipalities around the world, helping them manage and remediate their environmental footprint by accurately identifying and quantifying their greenhouse gas emissions.
ECOTEC has an over thirty-year history of the design, development and implementation of instrumentation and software for emissions detection and compliance within the natural gas, biogas, carbon credits and air quality industries, with recent expansion into the oil and gas industry.
The company will use the proceeds to accelerate the production and roll-out of its patented instrumentation and emissions data collection software to fulfill strong customer demand in the biogas and oil and gas industries.
“We believe this is a unique opportunity to partner with thought leaders in the oil and gas and energy transition industries, particularly as we continue to grow our oil and gas business,” says Tim Novick, CEO of ECOTEC. “The Intrepid team brings over 200 years of collective experience advising and investing in the energy and energy transition sectors through multiple cycles and against secular changes throughout their history – that experience and their industry relationships are central to our partnership and creating value for our customers and stakeholders.”
Skip McGee, Co-Founder and CEO of Intrepid, says, “We are incredibly excited to be partnering with ECOTEC as they continue to grow their business, and in particular, as they expand into oil and gas. ECOTEC has historically been a leader in emissions solutions to the biogas and utilities industry, and they are well- positioned to leverage their decades-long experience to provide expert solutions for the oil and gas industry. We have known members of the management team for almost two decades, and we look forward to working with them on the very important mission of building a path towards a lower-carbon world.”
About ECOTEC
ECOTEC specializes in the design and development of specialty equipment and software solutions for the natural gas, biogas, renewable natural gas, carbon credit and oil and gas markets through its ECOTEC, AQMESH, GAS DATA, and GAZOMAT brands. With offices around the globe, ECOTEC's comprehensive solutions have been deployed around the world to help companies, organizations and municipalities identify, quantify, and remediate their environmental footprint, particularly through reductions in methane emissions. Learn more at www.ecotecco.com.
About Intrepid
Intrepid is a merchant bank that provides investment banking and investing management services. Intrepid’s leading boutique investment banking business provides independent and best-in-class merger & acquisition, restructuring and capital markets services to the energy and energy transition industries, and has advised on ~$150 billion of transactions since 2015. Intrepid’s investment management business makes principal debt and equity investments through its managed funds. Current strategies include private equity, infrastructure and venture capital across energy and energy transition.
Intrepid has offices in Houston and New York. For more information on Intrepid, please visit www.intrepidfp.com.
Kay Schlotfeldt
909-906-1001
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CHESTERFIELD, Mo.--(BUSINESS WIRE)--Elessent Clean Technologies has announced an additional global price increase of $0.30/liter for its MECS® sulfuric acid catalyst products. Additional surcharges may apply for freight, near term delivery and specialty product grades. Subject to the terms of applicable contracts, the new pricing will take effect immediately.
About Elessent Clean Technologies
Elessent Clean Technologies is a global leader in process technologies to drive sustainability and carbon neutrality in the metal, fertilizer, chemical and oil refining industries with an unwavering commitment to customer support. We provide extensive global expertise across our portfolio of offerings in key applications – MECS® sulfuric acid production, STRATCO® alkylation, BELCO® wet scrubbing and IsoTherming® hydroprocessing. Offering critical process equipment, products, technology and services, we enable an array of industrial markets, including phosphate fertilizer, non-ferrous metals, oil refining, petrochemicals and chemicals, to minimize their environmental impact and optimize productivity. We are dedicated to helping our customers produce high-quality products used in everyday life in the safest, most environmentally-sound way possible, with a vision to make the world a better place by creating clean alternatives to traditional industrial processes. Learn more at www.ElessentCT.com.
Elessent™ and all trademarks and service marks denoted with ™, ℠ or ® are owned by affiliates of Elessent Clean Technologies Inc. unless otherwise noted.
Elessent Clean Technologies
Jeannie Branzaru
Tel: +1.913.406.6757
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MECS® Sulfuric Acid Catalyst
Cristina Kulczycki
Tel: +1.314.275.5700
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CHARLOTTE, N.C.--(BUSINESS WIRE)--#CCS--The U.S. Department of Energy (DOE) announced $45 million in funding for 12 projects to advance point-source carbon capture and storage technologies that can capture at least 95% of carbon dioxide (CO2) emissions generated from natural gas power and industrial facilities that produce commodities like cement and steel.
CORMETECH, Inc. (Charlotte, NC) has been selected by the Department of Energy (DOE) to further develop, optimize and test a new, lower cost technology to capture CO2 from the flue gas of Natural Gas Combined Cycle Plants (NGCC), which will enhance scalability to large NGCC plants. The award will focus on point-source carbon capture, which seeks to stop carbon dioxide emissions from entering the atmosphere by filtering out CO2 and other harmful gases from a power plant or industrial facility.
From the DOE funding announcement (10/06/2021):
“In order to dramatically reduce carbon pollution in our fight against climate change, we must deploy all of the tools at our disposal, including the innovative technologies that capture CO2 emissions before they reach the atmosphere,” said Secretary of Energy Jennifer M. Granholm. “What’s truly exciting about these projects is that not only do they put us on a path to decarbonize existing infrastructure, but they also pave the way for good-paying, union jobs—in the communities that have been impacted the most from our dependence on fossil fuels.”
Cormetech’s CEO Mike Mattes commented “Cormetech is very excited about this award, which will allow us to continue developing our CO2 capture technology for Natural Gas Combined Cycle Plants (NGCC). With Cormetech’s long history of technology leadership in emission controls, we are uniquely positioned to confirm the value proposition of our new lower cost technology.”
To learn more about this project and Cormetech’s technologies please reach out to This email address is being protected from spambots. You need JavaScript enabled to view it. or call us at 1-704-827-8933.
CORMETECH, Inc. is a world leader in manufacturing of high-quality environmental catalysts, providing SCR catalyst regeneration and engineering services for the power, marine, industrial-process, refinery, and petrochemical markets. The company has leveraged more than 30 years of field experience and ceramic extrusion technology to create innovative catalyst products and services that meet our customers' needs in the United States and abroad.
Scott Daugherty
919-620-3000
WASHINGTON--(BUSINESS WIRE)--Nodal Exchange today announced it achieved a calendar month trading record for January 2022 with 221.9 million MWh of traded power futures volume in the month, up 58% from the prior year. Nodal continues to be the market leader in North American power futures having the majority of the open interest with a record 1.167 billion MWh at the end of January.
Nodal also grew its environmental market in January where open interest reached a month end record of 176,559 lots, up 76% from a year prior. Open interest in renewable energy certificates (RECs) on Nodal ended the month at a record 158,065 lots, up 67% from 94,288 a year earlier. That equates to 36.6 million MWh of electricity generated from renewable sources, most often from wind and solar power, which is sufficient electricity for over 3.4 million homes for a year.
Nodal, with its collaborator IncubEx, launched four new REC futures contracts on January 7, 2022, expanding the largest market for environmental products in the world to over 90 futures and options contracts.
“Nodal Exchange is proud to see continued growth in power and environmental,” said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear. “We look forward to an exciting 2022 working with our trading and clearing community to continue to offer products and services that meet the needs of the markets we serve."
ABOUT NODAL
Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and the world’s largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.
PRESS CONTACT:
Nodal
Nicole Ricard
Nodal Exchange Public Relations
P: 703-962-9816
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Estimates Fourth Quarter Double Digit Organic Revenue Growth and Revises Full Year Revenue Guidance to $134 Million to $136 Million, Representing 14% to 16% Growth Year Over Year
SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today reported financial results for its fiscal third quarter 2022 ended December 31, 2021. During the first quarter of fiscal 2021, the company completed the sale of its Agriculture and Weather Analytics segment to DTN, LLC. The results of the Agriculture and Weather Analytics segment are reported as discontinued operations for all periods presented in this release.
Fiscal Third Quarter 2022 Financial Summary
Year to Date 2022 Financial Summary
Fiscal Full Year 2022 Outlook
Management Commentary:
“While supply chain issues affected cost of goods sold and revenue recognition in our fiscal third quarter, we experienced sustained strong customer adoption of Iteris’ ClearMobility Platform,” said Joe Bergera, president and CEO of Iteris. “During the quarter, total net bookings rose 99% year over year, resulting in record total ending backlog of $92.3 million. Although we anticipate supply chain challenges to continue through our fiscal fourth quarter, we expect double digit organic revenue growth due to the strength of our backlog and continued above market bookings growth.”
GAAP Fiscal Third Quarter 2022 Financial Results
Total revenue in the third quarter of fiscal 2022 increased 14% to $32.0 million, compared with $28.2 million in the same quarter a year ago, primarily driven by the addition of revenues from TrafficCast.
Operating expenses in the third quarter increased 9% to $13.1 million, compared with $12.0 million the same quarter a year ago. The increase was a result of the TrafficCast acquisition, and continued investment in research and development, and sales and marketing.
Operating loss from continuing operations in the third quarter was approximately $2.0 million, compared with an operating loss from continuing operations of approximately $0.3 million in the same quarter a year ago. Net loss from continuing operations in the third quarter was approximately $2.4 million, or $(0.06) per diluted share, compared with net loss from continuing operations of $0.3 million, or $(0.01) per diluted share, in the same quarter a year ago.
Non-GAAP Fiscal Third Quarter 2022 Financial Results
In addition to results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the company has included the following non-GAAP financial measure: Adjusted income from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, restructuring charges, acquisition costs, executive severance and transition costs, and project loss reserves (“Adjusted EBITDA”). A discussion of the company’s use of this non-GAAP financial measure is set forth below in the financial statements portion of this release under the heading “Non-GAAP Financial Measures and Reconciliation.”
Adjusted EBITDA in the third quarter was approximately $0.1 million, or 0.3% of total revenues, compared with approximately $1.5 million, or 5.2% of total revenues, in the same quarter a year ago.
Earnings Conference Call
Iteris will conduct a conference call today to discuss its fiscal third quarter results.
Date: Thursday, February 3, 2022
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: +1-888-220-8451
International dial-in number: +1 323-794-2588
Conference ID: 8805832
To listen to the live webcast or view the press release, please visit the investor relations section of the Iteris website at www.iteris.com.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through February 10, 2021. To access the replay dial information, please click here.
About Iteris, Inc.
Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s anticipated demand and growth opportunities, conversion of bookings to revenue, the impact and success of new solution offerings, the Company’s recent acquisition, our future performance, growth and profitability, operating results, and financial condition and prospects. Such statements are subject to certain risks, uncertainties, and assumptions that are difficult to predict and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, federal, state and local government budgetary issues, spending and scheduling changes, funding constraints and delays, including in light of the COVID-19 pandemic; the timing and amount of government funds allocated to overall transportation infrastructure projects and the transportation industry; our ability to replace large contracts once they have been completed; the effectiveness of efficiency, cost, and expense reduction efforts; our ability to achieve anticipated benefits from our sale of our Agriculture and Weather Analytics segment; our ability to successfully complete and integrate acquired assets and companies; our ability to specify, develop, complete, introduce, market and gain broad acceptance of our new and existing product and service offerings; risks related to our ability to recruit and/or retain key talent; the potential unforeseen impact of product and service offerings from competitors, increased competition in certain market segments, and such competitors’ patent coverage and claims; any softness in the markets that we address; adverse effects of the COVID-19 pandemic on our vendors and our employees; and the impact of general economic and political conditions and specific conditions in the markets we address, and the possible disruption in government spending and commercial activities, such as the COVID-19 pandemic, import/export tariffs, terrorist activities or armed conflicts in the United States and internationally. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, as contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC's website (www.sec.gov).
ITERIS, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||
|
December 31, |
|
March 31, |
||
Assets |
|
|
|
||
Current assets: |
|
|
|
||
Cash and cash equivalents |
$ |
27,474 |
|
$ |
25,205 |
Restricted cash |
|
199 |
|
|
263 |
Short-term investments |
|
— |
|
|
3,100 |
Trade accounts receivable, net |
|
20,446 |
|
|
19,020 |
Unbilled accounts receivable |
|
12,405 |
|
|
11,541 |
Inventories |
|
6,884 |
|
|
5,066 |
Prepaid expenses and other current assets |
|
3,147 |
|
|
5,445 |
Current assets of discontinued operations |
|
27 |
|
|
— |
Total current assets |
|
70,582 |
|
|
69,640 |
Property and equipment, net |
|
1,510 |
|
|
1,923 |
Right-of-use assets |
|
11,934 |
|
|
11,353 |
Intangible assets, net |
|
12,296 |
|
|
14,297 |
Goodwill |
|
28,340 |
|
|
28,340 |
Other assets |
|
555 |
|
|
1,238 |
Noncurrent assets of discontinued operations |
|
24 |
|
|
78 |
Total assets |
$ |
125,241 |
|
$ |
126,869 |
Liabilities and stockholders’ equity |
|
|
|
||
Current liabilities: |
|
|
|
||
Trade accounts payable |
$ |
8,208 |
|
$ |
8,935 |
Accrued payroll and related expenses |
|
11,103 |
|
|
11,734 |
Accrued liabilities |
|
4,960 |
|
|
4,921 |
Deferred revenue |
|
7,320 |
|
|
7,349 |
Current liabilities of discontinued operations |
|
154 |
|
|
94 |
Total current liabilities |
|
31,745 |
|
|
33,033 |
Long-term liabilities |
|
14,500 |
|
|
14,596 |
Noncurrent liabilities of discontinued operations |
|
197 |
|
|
261 |
Total liabilities |
|
46,442 |
|
|
47,890 |
Stockholders’ equity |
|
78,799 |
|
|
78,979 |
Total liabilities and stockholders’ equity |
$ |
125,241 |
|
$ |
126,869 |
ITERIS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
||||||||
Product revenues |
$ |
15,870 |
|
|
$ |
16,380 |
|
|
$ |
51,632 |
|
|
$ |
47,039 |
|
Service revenues |
|
16,134 |
|
|
|
11,790 |
|
|
|
47,704 |
|
|
|
38,387 |
|
Total revenues |
|
32,004 |
|
|
|
28,170 |
|
|
|
99,336 |
|
|
|
85,426 |
|
Cost of product revenues |
|
10,389 |
|
|
|
8,413 |
|
|
|
28,929 |
|
|
|
25,826 |
|
Cost of service revenues |
|
10,521 |
|
|
|
8,107 |
|
|
|
34,090 |
|
|
|
25,724 |
|
Cost of revenues |
|
20,910 |
|
|
|
16,520 |
|
|
|
63,019 |
|
|
|
51,550 |
|
Gross profit |
|
11,094 |
|
|
|
11,650 |
|
|
|
36,317 |
|
|
|
33,876 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
General and administrative |
|
5,936 |
|
|
|
6,277 |
|
|
|
18,433 |
|
|
|
17,517 |
|
Sales and marketing |
|
4,637 |
|
|
|
3,871 |
|
|
|
14,119 |
|
|
|
10,600 |
|
Research and development |
|
1,851 |
|
|
|
1,435 |
|
|
|
5,445 |
|
|
|
3,483 |
|
Amortization of intangible assets |
|
668 |
|
|
|
376 |
|
|
|
2,004 |
|
|
|
836 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
619 |
|
Total operating expenses |
|
13,092 |
|
|
|
11,959 |
|
|
|
40,001 |
|
|
|
33,055 |
|
Operating income (loss) |
|
(1,998 |
) |
|
|
(309 |
) |
|
|
(3,684 |
) |
|
|
821 |
|
Non-operating income (expense): |
|
|
|
|
|
|
|
||||||||
Other income (expense), net |
|
(33 |
) |
|
|
30 |
|
|
|
15 |
|
|
|
2 |
|
Interest income, net |
|
4 |
|
|
|
11 |
|
|
|
8 |
|
|
|
108 |
|
Income (loss) from continuing operations before income taxes |
|
(2,027 |
) |
|
|
(268 |
) |
|
|
(3,661 |
) |
|
|
931 |
|
(Provision) benefit for income taxes |
|
(375 |
) |
|
|
7 |
|
|
|
(201 |
) |
|
|
(55 |
) |
Net income (loss) from continuing operations |
|
(2,402 |
) |
|
|
(261 |
) |
|
|
(3,862 |
) |
|
|
876 |
|
Income (loss) from discontinued operations before gain on sale, net of tax |
|
(28 |
) |
|
|
18 |
|
|
|
(104 |
) |
|
|
(1,646 |
) |
Gain on sale of discontinued operations, net of tax |
|
— |
|
|
|
31 |
|
|
|
— |
|
|
|
11,319 |
|
Net income (loss) from discontinued operations, net of tax |
|
(28 |
) |
|
|
49 |
|
|
|
(104 |
) |
|
|
9,673 |
|
Net income (loss) |
$ |
(2,430 |
) |
|
$ |
(212 |
) |
|
$ |
(3,966 |
) |
|
$ |
10,549 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share - basic: |
|
|
|
|
|
|
|
||||||||
Income (loss) per share from continuing operations |
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.02 |
|
Income per share from discontinued operations |
$ |
0.00 |
|
|
$ |
— |
|
|
$ |
0.00 |
|
|
$ |
0.24 |
|
Net income (loss) per share |
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share - diluted: |
|
|
|
|
|
|
|
||||||||
Income (loss) per share from continuing operations |
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.02 |
|
Income per share from discontinued operations |
$ |
0.00 |
|
|
$ |
— |
|
|
$ |
0.00 |
|
|
$ |
0.23 |
|
Net income (loss) per share |
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
||||||||
Shares used in basic per share calculations |
|
42,333 |
|
|
|
41,212 |
|
|
|
42,164 |
|
|
|
40,978 |
|
Shares used in diluted per share calculations |
|
42,333 |
|
|
|
41,212 |
|
|
|
42,164 |
|
|
|
41,543 |
|
ITERIS, INC.
Non-GAAP Financial Measures and Reconciliation
In addition to results presented in accordance with GAAP, the company has included the following non-GAAP financial measure in this release: Adjusted income (loss) from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, restructuring charges, and project loss reserves (“Adjusted EBITDA”).
When viewed with our financial results prepared in accordance with GAAP and accompanying reconciliations, we believe Adjusted EBITDA provides additional useful information to clarify and enhance the understanding of the factors and trends affecting our past performance and future prospects. We define this measure, explain how it is calculated and provide reconciliations of this measure to the most comparable GAAP measure in the table below. Adjusted EBITDA is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. This is not a measurement of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP, or as an alternative to net cash provided by operating activities as measures of our liquidity. The presentation of this measure should not be interpreted to mean that our future results will be unaffected by unusual or nonrecurring items.
We use the Adjusted EBITDA non-GAAP operating performance measure internally as a complementary financial measure to evaluate the performance and trends of our businesses. We present Adjusted EBITDA and the related financial ratios, as applicable, because we believe that measures such as these provide useful information with respect to our ability to meet our operating commitments.
Adjusted EBITDA and the related financial ratios have limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include:
Because of these limitations, Adjusted EBITDA and the related financial ratios should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations. You should compensate for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA only as supplemental information. See our Condensed Consolidated Financial Statements contained in this Press Release. However, in spite of the above limitations, we believe that Adjusted EBITDA and the related financial ratios are useful to an investor in evaluating our results of operations because these measures:
The following financial items have been added back to or subtracted from our net income when calculating Adjusted EBITDA:
Reconciliations of net income (loss) from continuing operations to Adjusted EBITDA and the presentation of Adjusted EBITDA as a percentage of net revenues were as follows:
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
(In Thousands) |
|
(In Thousands) |
||||||||||||
Net income (loss) from continuing operations |
$ |
(2,402 |
) |
|
$ |
(261 |
) |
|
$ |
(3,862 |
) |
|
$ |
876 |
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense (benefit) |
|
375 |
|
|
|
(7 |
) |
|
|
201 |
|
|
|
55 |
|
Depreciation expense |
|
203 |
|
|
|
183 |
|
|
|
629 |
|
|
|
551 |
|
Amortization expense |
|
810 |
|
|
|
512 |
|
|
|
2,428 |
|
|
|
1,236 |
|
Stock-based compensation |
|
768 |
|
|
|
740 |
|
|
|
2,396 |
|
|
|
2,071 |
|
Other adjustments: |
|
|
|
|
|
|
|
||||||||
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
619 |
|
Acquisition costs |
|
— |
|
|
|
285 |
|
|
|
— |
|
|
|
285 |
|
Project loss |
|
— |
|
|
|
— |
|
|
|
3,394 |
|
|
|
— |
|
Executive severance and transition costs |
$ |
340 |
|
|
$ |
— |
|
|
$ |
340 |
|
|
$ |
— |
|
Total adjustments |
$ |
2,496 |
|
|
$ |
1,713 |
|
|
$ |
9,388 |
|
|
$ |
4,817 |
|
Adjusted EBITDA |
$ |
94 |
|
|
$ |
1,452 |
|
|
$ |
5,526 |
|
|
$ |
5,693 |
|
Percentage of total revenues |
|
0.3 |
% |
|
|
5.2 |
% |
|
|
5.6 |
% |
|
|
6.7 |
% |
Iteris Contact
Douglas Groves
Senior Vice President and Chief Financial Officer
Tel: (949) 270-9643
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
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