DUBLIN--(BUSINESS WIRE)--The "Singapore Bunker Fuel Market By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gas Oil, and Others), By Commercial Distributor (Oil Majors, Large Independent, and Small Independent), By Application, By Region, Competition, Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
Singapore bunker fuel market is anticipated to witness a growth of steady CAGR in the forecast period, 2023-2027
The market growth can be attributed to the rise in maritime trade activities and increased oil & gas exploration activities in offshore sites. Besides, new regulations by the International Maritime Organization (IMO) on sulfur content in marine fuel and offshore oil and gas developments are expected to boost the demand for the Singapore bunker fuel market for the next five years.
The International Maritime Organization (IMO) has adopted a new global sulfur quota of 0.5% on fuel composition, which is lower than the previous limit of 3.5% . The increased release of hazardous pollutants from the ship has a negative influence on the environment.
Strict sulfur limitations have compelled shipowners and operators to use bunker fuel that complies with IMO requirements. This allows industry participants to engage in low-sulfur fuel production to meet the expanding market demand. Growing worldwide maritime trade operations prompt top authorities to advocate for expanding sea trade channels. Furthermore, the changes in crude oil prices cause shipowners to purchase huge quantities of bunker fuel for storage and use.
China levies consumer and value-added taxes on bunker fuel purchases, prompting blenders to import the majority of their fuel needs from Malaysia and Singapore. As a result, the increase in companies selling bunker fuel with low sulfur content and expanding fuel requirements from the maritime industry are some factors likely to boost demand for Singapore bunker fuel throughout the forecast period.
Growing concern among top authorities about releasing greenhouse gases into the environment is hastening the adoption of clean bunker fuel by maritime market participants. Key firms are investing in technology advancements and using sophisticated solutions and digitization to boost oil productivity and offshore oil and gas exploration to stay competitive.
The rising demand for clean energy fuels by maritime industry participants and unconventional oil and gas exploration and production operations are likely to drive expansion in the Singapore bunker fuel market over the forecast period.
The low sulfur fuel oil is expected to dominate the market during the forecast period, owing to the imposition of strict sulfur regulations.
Objective of the Study:
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Singapore bunker fuel market.
Report Scope:
Years considered for this report:
Singapore Bunker Fuel Market, By Type:
Singapore Bunker Fuel Market, By Commercial Distributor:
Singapore Bunker Fuel Market, By Application:
Singapore Bunker Fuel Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/1nj3ia
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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PORTLAND, Ore.--(BUSINESS WIRE)--Global energy storage platform provider Powin LLC (Powin), will deliver a 1.9 GWh Battery Energy Storage System (BESS) for Akaysha Energy (Akaysha), a BlackRock company, to power the New South Wales (NSW) Waratah Super Battery (WSB) Project. Following a competitive procurement process, Akaysha Energy has been appointed by the Energy Corporation of NSW (EnergyCo) to develop the Waratah Super Battery — the most powerful battery in the world – to provide a service of at least 700 MW capacity as part of a System Integrity Protection Scheme (SIPS). Powin will supply 2,592 Centipede™ Energy Segments and 288 power conversion systems from their wholly owned subsidiary, EKS Energy for a total project capacity of 909MW / 1915 MWh. Powin will also provide a 20-year long-term service agreement (LTSA) which will enhance the reliability, efficiency and availability of power supplied by the mega battery.
This flagship SIPS project will unlock latent transfer capacity in the existing transmission system, help integrate renewable energy, and maintain grid reliability by acting as a ‘shock absorber’ if disruptions such as lightning strikes or bushfires interrupt the flow of electricity. The proposed WSB Project will ensure Sydney, Newcastle and Wollongong have access to more energy from existing generators while reducing the risk of power disruptions.
“Powin’s proven ability to deploy energy storage systems at scale coupled with EKS Energy’s unrivaled power conversion system, plant controller and systems engineering capabilities have made this an easy decision to select Powin as our technology partner,” said Nick Carter, Akaysha Energy’s Managing Director. “Together, Powin and EKS are one of few companies best positioned to meet the Australian grid operators’ high standards of performance as their vertically integrated platform combining the hardware and software controls allows for unparalleled response time and grid compliance.”
“We are honored to have been selected by Akaysha to deliver the most powerful battery in the world,” said Geoff Brown, CEO of Powin. “This is a pivotal moment for the industry as we begin to replace carbon emitting power plants, with cleaner, more efficient, and fast responding energy storage systems.”
Deemed as Critical State Significant Infrastructure (CSSI) by the NSW Government, the Waratah Super Battery is proposed to be located 100 kilometers north of Sydney at the former 1400MW Munmorah coal-fired power station. Pending approval, construction will begin in 2023 and is expected to be completed by mid-2025.
The Waratah Super Battery is independent of the 1.7GWh supply agreement between Akaysha and Powin that was announced back in August 2022, reinforcing the importance energy storage has for the Australian energy market.
About Powin, LLC (Powin):
Powin is a global leader in the design and manufacture of safe and scalable energy storage solutions. Our innovative and cost-effective hardware and software are revolutionizing the way energy is generated, transmitted, and distributed, helping the world achieve decarbonization objectives. Powin has delivered over 2,500 MWh of BESS in over 8 different countries and has a contracted pipeline to supply over 10,000 MWh of energy storage systems globally over the next three years. To learn more, please visit www.powin.com.
About Akaysha Energy (Akaysha)
Akaysha Energy brings together market leading experience in energy markets, technology, development, asset management and capital markets for end-to-end development of Battery Energy Storage Systems (BESS) and renewables projects in Australia and across the APAC region. For additional information on Akaysha Energy, please visit www.akayshaenergy.com.au.
Amy Silber
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HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today announced that its Board of Directors declared the regular quarterly cash dividend of $0.05 per share of common stock, payable on December 23, 2022 to each stockholder of record on December 9, 2022.
About NOV
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.
Visit www.nov.com for more information.
Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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New Aircore Mobility motor and Aircore EC motor honored for outstanding design and engineering in sustainability and embedded technologies categories
AUSTIN, Texas--(BUSINESS WIRE)--Infinitum, creator of the breakthrough air core motor, today announced it has received three CES® 2023 Innovation Awards Honoree designations. Infinitum’s new Aircore Mobility motor and its Aircore EC motor were honored for their outstanding design and engineering in the sustainability, eco-design & smart energy category. Infinitum’s Aircore EC was also honored in the embedded technologies category. This year’s CES Innovation Awards program was very competitive, receiving a record number of over 2100 submissions.
The CES Innovation Awards program, owned and produced by the Consumer Technology Association (CTA)® is an annual competition honoring outstanding design and engineering in 28 consumer technology product categories. The announcement of the winners was made on November 16th at 5:30pm EST ahead of CES 2023, the world’s most influential technology event, happening January 5-8 in Las Vegas, NV. An elite panel of industry expert judges, including members of the media, designers, engineers and more, reviewed submissions and awarded honors based on innovation, engineering and functionality, aesthetic and design.
Traditional electric motors consume more than half of the world’s electricity. Infinitum’s patented motor design replaces the large, heavy iron core found in traditional motors with a lightweight printed circuit board (PCB) stator. Infinitum motors are 50 percent smaller and lighter, use 66 percent less copper and no iron, consume 10 percent less energy and are 9 times more durable than traditional motors. Infinitum motors are modular by design, making them easier to service and allowing the housing, rotors, and stators to be reused multiple times, serving future generations.
The Infinitum Aircore Mobility is an axial flux propulsion and traction motor designed for applications that drive, fly or sail. Aircore Mobility is engineered to operate at high speeds with maximum stability. The motor supports air cooling or liquid cooling to achieve power densities three to nine times the current density of a conventional motor. The motors are highly efficient over a wide range of load conditions, and modular design makes it possible to rapidly prototype a motor to match the rating configuration that best fits a given application. Aircore Mobility can sustainably power passenger and commercial electric vehicles, as well as aerospace, marine, construction, agricultural machines and auxiliary applications.
The Infinitum Aircore EC is disrupting the motor industry with its patented printed circuit board (PCB) stator and integrated, silicon-carbide-based Variable Frequency Drive (VFD), which provides precise control over motor operations and saves upwards of 65 percent of energy use depending on the application. The Aircore EC can sustainably power commercial HVAC fans and pumps as well as a variety of industrial equipment applications.
“Being recognized with three CES 2023 Innovation Awards Honoree designations for our Aircore Mobility and Aircore EC motors is a tremendous honor and achievement,” said Ben Schuler, founder and CEO of Infinitum. “Our talented team has worked for several years to design motors that go beyond traditional limits, pushing boundaries to deliver products that are better for the planet and future generations. We’re delighted that CES has recognized the outstanding technology design and engineering behind our visionary motors.”
Infinitum will be showcasing its Aircore EC and Aircore Mobility motors at CES 2023 in the Innovation Showcase and at booth 3971 in the Las Vegas Convention Center (LVCC), West Hall for Vehicle Tech & Advanced Mobility.
New for CES 2023 — CES has partnered with the World Academy of Art and Science (WAAS) to showcase the critical role of technology in support of the United Nations efforts to advance human security around the world. For CES 2023, CTA introduced a new category of Innovation Awards showcasing technologies advancing human rights. The Human Security for All category includes eight new tech subcategories.
The CES 2023 Innovation Awards honorees, including product descriptions and photos, can be found at CES.tech/innovation. More will be revealed in January. Many honorees will showcase their winning products in the Innovation Awards Showcase at CES 2023.
Owned and produced by CTA, CES 2023 will take place in Las Vegas on January 5-8, 2023, with Media Days taking place January 3-4, 2023. Attendees will experience new technologies from global brands, hear about the future of technology from thought leaders and collaborate face-to-face with other attendees. The show will highlight how innovations in sustainability, transportation and mobility, digital health, the metaverse and more are addressing the world’s greatest challenges. Audiences will hear from industry experts during live keynotes, including leaders from John Deere and AMD. Visit CES.tech for all CES 2023 updates, registration details and the media page for all press resources.
About Infinitum
Infinitum has raised the bar for a new generation of motor that is better for the planet and people. The company’s patented air core motors offer superior performance in half the weight and size, at a fraction of the carbon footprint of traditional motors, making them pound for pound the most efficient in the world. Infinitum’s electric motors open up sustainable design possibilities for the machines we rely on to be smaller, lighter and quieter, improving our quality of life while also saving energy. Based in Austin, Texas, Infinitum is led by a team of industry experts and pioneers. To learn more, visit goinfinitum.com.
Erin Gilmore
Activate PR on behalf of Infinitum
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512-466-4559
AKRON, Ohio--(BUSINESS WIRE)--$BW #packageboilers--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Thermal and B&W Environmental business segments have been awarded a contract for more than $24 million to supply two industrial package boilers, auxiliary equipment and advanced emissions control technologies for a petroleum refinery in North America.
“Demand for reliable steam generation and advanced environmental technologies for the oil and gas industry is robust,” said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan. “Our industrial package boilers and emissions control solutions provide our customers with flexible options and features to meet the unique demands and challenges of the petroleum refining business.”
B&W Thermal will design and supply two package boilers, burners, economizers and other equipment for the project. B&W Environmental also will supply two select catalytic reduction (SCR) systems to control nitrogen oxide (NOx) emissions.
B&W Thermal has supplied more than 5,000 water-tube package and industrial boilers worldwide and has an established reputation for reliability and proven performance. The company’s industrial package boilers offer reliable power with low emissions, low auxiliary power requirements, simple operation, low maintenance and can be tailored for a variety of fuel options, including natural gas. B&W Environmental offers extensive experience, advanced technology and full-scope capabilities, and the emissions control solutions it provides are used by some of the cleanest and most efficient utilities and industrial facilities in operation around the world.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to a contract to supply two industrial package boilers, auxiliary equipment and environmental equipment for a petroleum refinery in North America. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Investor Relations
Babcock & Wilcox
704.625.4944
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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LOVELAND, Colo.--(BUSINESS WIRE)--Lightning eMotors, Inc. (NYSE: ZEV), a leading provider of zero emission medium-duty commercial vehicles and electric vehicle technology for fleets, announced today that on November 16, 2022 it entered into privately negotiated exchange agreements with certain holders (the “Noteholders”) of its unsecured 7.5% convertible senior notes due in 2024 (the “Convertible Notes”) to exchange $14.0 million aggregate principal amount of the Convertible Notes for approximately 13.3 million newly issued shares of its common stock.
The Company expects to complete the exchanges by November 21, 2022, subject to customary closing conditions. After the closing, $73.9 million aggregate principal amount of the Convertible Notes will remain outstanding.
Oppenheimer & Co. Inc. acted as exclusive financial advisor to the Company in connection with the exchanges.
The exchanges are being made pursuant to an exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended.
This press release does not constitute an offer to sell or a solicitation to buy any of the securities described herein, nor shall there be any offer, solicitation, or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Lightning eMotors
Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at http://lightningemotors.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. We undertake no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as may be required under applicable securities laws.
Brian Smith
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Introduces Fiscal 2023 Guidance and Maintains its Long-term Projected Growth Rate
WALL, N.J.--(BUSINESS WIRE)--Today, New Jersey Resources Corporation (NYSE: NJR) reported results for the fourth quarter and year ended fiscal 2022. Highlights include:
Outlook for Fiscal 2023
Fourth-quarter fiscal 2022 net income totaled $54.5 million, or $0.57 per share, compared with a net loss of $(1.1) million, or $(0.01) per share, during the same period in fiscal 2021. Fiscal 2022 net income totaled $274.9 million, or $2.86 per share, compared with $117.9 million, or $1.23 per share, in fiscal 2021.
Fourth-quarter fiscal 2022 NFE totaled $47.9 million, or $0.50 per share, compared to NFE of $6.6 million, or $0.07 per share, during the same period in fiscal 2021. Fiscal 2022 NFE totaled $240.3 million, or $2.50 per share, compared with $207.7 million, or $2.16 per share in fiscal 2021.
Steve Westhoven, President and CEO, stated, "Fiscal 2022 was an outstanding year for NJR. We took advantage of tightening energy markets across our complementary portfolio of businesses, allowing us to raise guidance two times during the fiscal year. We also made progress in executing our strategic growth objectives, highlighted by placing the Adelphia Gateway pipeline into service. This represented an important milestone for our company, and will help provide reliable energy to a capacity constrained region, which includes the Philadelphia metro area."
Key Performance Metrics
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||
|
September 30, |
|
September 30, |
|||||||||
($ in Thousands) |
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
Net income (loss) |
$ |
54,522 |
|
$ |
(1,133 |
) |
|
$ |
274,922 |
|
$ |
117,890 |
Basic EPS |
$ |
0.57 |
|
$ |
(0.01 |
) |
|
$ |
2.86 |
|
$ |
1.23 |
Net financial earnings |
$ |
47,896 |
|
$ |
6,599 |
|
|
$ |
240,321 |
|
$ |
207,712 |
Basic net financial (loss) earnings per share |
$ |
0.50 |
|
$ |
0.07 |
|
|
$ |
2.50 |
|
$ |
2.16 |
(1) NFEPS long-term annual growth projections are based on the midpoint of the $2.20 - $2.30 initial guidance range for fiscal 2022, provided on February 1, 2021
A reconciliation of net income to NFE for the three and twelve months ended September 30, 2022 and 2021, is provided below.
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
September 30, |
|
September 30, |
||||||||
(Thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Net income |
$ |
54,522 |
|
$ |
(1,133) |
|
$ |
274,922 |
|
$ |
117,890 |
Add: |
|
|
|
|
|
|
|
||||
Unrealized (gain) loss on derivative instruments and related transactions |
|
(1,846) |
|
|
40,576 |
|
|
(59,906) |
|
|
54,203 |
Tax effect |
|
439 |
|
|
(9,647) |
|
|
14,248 |
|
|
(12,887) |
Effects of economic hedging related to natural gas inventory |
|
(5,221) |
|
|
(30,150) |
|
|
19,939 |
|
|
(42,405) |
Tax effect |
|
1,241 |
|
|
7,166 |
|
|
(4,738) |
|
|
10,078 |
(Gain on) impairment of equity method investment |
|
(1,500) |
|
|
— |
|
|
(5,521) |
|
|
92,000 |
Tax effect |
|
374 |
|
|
767 |
|
|
1,377 |
|
|
(11,167) |
NFE tax adjustment |
|
(113) |
|
|
(980) |
|
|
— |
|
|
— |
Net financial earnings |
$ |
47,896 |
|
$ |
6,599 |
|
$ |
240,321 |
|
$ |
207,712 |
|
|
|
|
|
|
|
|
||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
||||
Basic |
|
96,235 |
|
|
96,198 |
|
|
96,100 |
|
|
96,227 |
Diluted |
|
96,630 |
|
|
96,198 |
|
|
96,488 |
|
|
96,560 |
|
|
|
|
|
|
|
|
||||
Basic earnings (loss) per share |
$ |
0.57 |
|
$ |
(0.01) |
|
$ |
2.86 |
|
$ |
1.23 |
Add: |
|
|
|
|
|
|
|
||||
Unrealized (gain) loss on derivative instruments and related transactions |
|
(0.02) |
|
|
0.42 |
|
|
(0.62) |
|
|
0.56 |
Tax effect |
|
0.01 |
|
|
(0.10) |
|
|
0.15 |
|
|
(0.13) |
Effects of economic hedging related to natural gas inventory |
|
(0.05) |
|
|
(0.31) |
|
|
0.21 |
|
|
(0.44) |
Tax effect |
|
0.01 |
|
|
0.07 |
|
|
(0.05) |
|
|
0.10 |
(Gain on) impairment of equity method investment |
|
(0.02) |
|
|
— |
|
|
(0.06) |
|
|
0.96 |
Tax effect |
|
— |
|
|
0.01 |
|
|
0.01 |
|
|
(0.12) |
NFE tax adjustment |
|
— |
|
|
(0.01) |
|
|
— |
|
|
— |
Basic NFE per share |
$ |
0.50 |
|
$ |
0.07 |
|
$ |
2.50 |
|
$ |
2.16 |
NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.
A table detailing NFE for the three and twelve months ended September 30, 2022 and 2021, is provided below.
Net financial earnings (loss) by Business Unit
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
September 30, |
|
September 30, |
||||||||
(Thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
New Jersey Natural Gas |
$ |
(16,387) |
|
$ |
(24,214) |
|
$ |
140,124 |
|
$ |
107,375 |
Clean Energy Ventures (CEV) |
|
57,813 |
|
|
40,861 |
|
|
39,403 |
|
|
16,789 |
Storage and Transportation |
|
11,341 |
|
|
2,440 |
|
|
22,454 |
|
|
13,046 |
Energy Services |
|
(3,383) |
|
|
(14,384) |
|
|
39,121 |
|
|
71,117 |
Home Services and Other |
|
(1,894) |
|
|
(1,127) |
|
|
(781) |
|
|
(826) |
Subtotal |
|
47,490 |
|
|
3,576 |
|
|
240,321 |
|
|
207,501 |
Eliminations |
|
406 |
|
|
3,023 |
|
|
— |
|
|
211 |
Total |
$ |
47,896 |
|
$ |
6,599 |
|
$ |
240,321 |
|
$ |
207,712 |
Fiscal 2023 NFE Guidance:
NJR is introducing fiscal 2023 NFE guidance of $2.42 to $2.52, which represents 9.8 percent year-over-year growth over the midpoint of the originally provided fiscal 2022 guidance range of $2.20 to $2.30, subject to the risks and uncertainties identified below under "Forward-Looking Statements." The following chart represents NJR’s current expected contributions from its business segments for fiscal 2023:
Company |
Expected Fiscal 2023 Net Financial Earnings Contribution |
New Jersey Natural Gas |
55 to 60 percent |
Clean Energy Ventures |
20 to 25 percent |
Storage and Transportation |
4 to 8 percent |
Energy Services |
15 to 20 percent |
Home Services and Other |
0 to 1 percent |
In providing fiscal 2023 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.
New Jersey Natural Gas
NJNG reported Fiscal 2022 NFE of $140.1 million, compared to NFE of $107.4 million during fiscal 2021. Fourth-quarter fiscal 2022 net financial loss was $(16.4) million, compared to net financial loss of $(24.2) million during the same period in fiscal 2021. The improvement for both periods was due primarily to higher base rates, which became effective on December 1, 2021.
Customer Growth:
Infrastructure Update:
Basic Gas Supply Service (BGSS) Incentive Programs:
BGSS incentive programs contributed $7.5 million to utility gross margin in the fourth-quarter of fiscal 2022, compared with $3.5 million during the same period in fiscal 2021.
In fiscal 2022, these programs contributed $19.6 million to utility gross margin, compared with $13.4 million during fiscal 2021. The increase was due primarily to higher margins from off-system sales and storage incentive, partially offset by lower capacity release volumes.
For more information on utility gross margin, please see "Non-GAAP Financial Information" below.
Energy-Efficiency Programs:
SAVEGREEN invested $53.3 million in fiscal 2022 in energy-efficiency upgrades for their customers' homes and businesses, NJNG’s largest ever annual investment in the program. NJNG recovered $25.8 million of its outstanding investments during fiscal 2022 through its energy efficiency rate.
Clean Energy Ventures
CEV reported fiscal 2022 NFE of $39.4 million, compared with NFE of $16.8 million during fiscal 2021. Fourth-quarter fiscal 2022 NFE were $57.8 million, compared to NFE of $40.9 million during the same period in fiscal 2021.
The improvement for both periods was due primarily to higher SREC and electricity revenue, partially offset by higher operating expenses and income tax provision.
As of September 30, 2022, Clean Energy Ventures had approximately 386.6 megawatts (MW) of solar capacity in service in New Jersey, Rhode Island, New York and Connecticut. CEV has over 762 MW of potential capital projects under construction, under exclusivity or under contract.
Storage and Transportation
Storage and Transportation reported fiscal 2022 NFE of $22.5 million, compared with NFE of $13.0 million during fiscal 2021. Fourth-quarter fiscal 2022 NFE were $11.3 million, compared with NFE of $2.4 million during the same period in fiscal 2021.
The increase in both periods was due primarily to increased operating revenue at Leaf River and higher transportation revenue at Adelphia Gateway, partially offset by increased O&M and depreciation expenses.
Energy Services
Energy Services reported fiscal 2022 NFE of $39.1 million, compared with NFE of $71.1 million during fiscal 2021. The decrease was due primarily to price volatility related to the extreme weather in the mid-continent and southern regions of the U.S. during February 2021, which did not reoccur to the same extent during 2022, partially offset by revenues from the Asset Management Agreements (AMAs) which commenced in November 2021.
Fourth-quarter fiscal 2022 net financial loss was $(3.4) million, compared with a net financial loss of $(14.4) million for the same period last fiscal year. The improvement for the fourth quarter of fiscal 2022 compared to the prior year period was due primarily to the recognition of revenues from the AMAs, which became effective during the first quarter of fiscal 2022, as well as higher financial margin generated from storage and transportation assets due to periods of volatility across the United States during the summer, partially offset by higher O&M expense.
Home Services and Other Operations
Home Services and Other Operations reported fiscal 2022 net financial loss of $(0.8) million, which was unchanged compared to the prior year. Fourth-quarter fiscal 2022 net financial loss was $(1.9) million compared to a net financial loss of $(1.1) million for the same period in fiscal 2021.
Capital Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile.
Forward-Looking Statements:
This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, certain statements regarding NJR’s NFEPS guidance for fiscal 2023, forecasted contribution of business segments to NJR’s NFE for fiscal 2023, customer growth at NJNG, potential CEV capital projects through 2027, infrastructure programs and investments future decarbonization opportunities including IIP, the outcome of future Base Rate Cases with the BPU, Asset Management Agreements, and other legal and regulatory expectations.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
Non-GAAP Financial Information:
This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.
NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services and certain transactions related to NJR's investments in the PennEast Project, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company.
NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.
Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Report on Form 10-K, Item 7.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:
NJR and its over 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.
For more information about NJR:
www.njresources.com.
Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
NEW JERSEY RESOURCES |
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
September 30, |
|
September 30, |
||||||||
(Thousands, except per share data) |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
OPERATING REVENUES |
|
|
|
|
|
|
|
|
||||
Utility |
|
$ |
190,151 |
|
$ |
97,937 |
|
$ |
1,127,417 |
|
$ |
731,459 |
Nonutility |
|
|
575,335 |
|
|
434,591 |
|
|
1,778,562 |
|
|
1,425,154 |
Total operating revenues |
|
|
765,486 |
|
|
532,528 |
|
|
2,905,979 |
|
|
2,156,613 |
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
||||
Gas purchases |
|
|
|
|
|
|
|
|
||||
Utility |
|
|
112,463 |
|
|
36,569 |
|
|
547,901 |
|
|
247,734 |
Nonutility |
|
|
413,521 |
|
|
356,721 |
|
|
1,393,656 |
|
|
1,096,920 |
Related parties |
|
|
1,828 |
|
|
1,850 |
|
|
7,395 |
|
|
7,013 |
Operation and maintenance |
|
|
118,723 |
|
|
101,126 |
|
|
361,866 |
|
|
366,905 |
Regulatory rider expenses |
|
|
3,496 |
|
|
3,734 |
|
|
59,437 |
|
|
38,304 |
Depreciation and amortization |
|
|
34,549 |
|
|
29,410 |
|
|
129,249 |
|
|
111,387 |
Total operating expenses |
|
|
684,580 |
|
|
529,410 |
|
|
2,499,504 |
|
|
1,868,263 |
OPERATING INCOME |
|
|
80,906 |
|
|
3,118 |
|
|
406,475 |
|
|
288,350 |
Other income, net |
|
|
9,744 |
|
|
10,656 |
|
|
22,295 |
|
|
24,597 |
Interest expense, net of capitalized interest |
|
|
26,016 |
|
|
19,876 |
|
|
85,830 |
|
|
78,559 |
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES |
|
|
64,634 |
|
|
(6,102) |
|
|
342,940 |
|
|
234,388 |
Income tax provision (benefit) |
|
|
12,144 |
|
|
(4,427) |
|
|
76,195 |
|
|
33,286 |
Equity in earnings (loss) of affiliates |
|
|
2,032 |
|
|
542 |
|
|
8,177 |
|
|
(83,212) |
NET INCOME (LOSS) |
|
$ |
54,522 |
|
$ |
(1,133) |
|
$ |
274,922 |
|
$ |
117,890 |
|
|
|
|
|
|
|
|
|
||||
EARNINGS (LOSS) PER COMMON SHARE |
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.57 |
|
$ |
(0.01) |
|
$ |
2.86 |
|
$ |
1.23 |
Diluted |
|
$ |
0.56 |
|
$ |
(0.01) |
|
$ |
2.85 |
|
$ |
1.22 |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
||||
Basic |
|
|
96,235 |
|
|
96,198 |
|
|
96,100 |
|
|
96,227 |
Diluted |
|
|
96,630 |
|
|
96,198 |
|
|
96,488 |
|
|
96,560 |
|
|
|
|
|
|
|
|
|
||||
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
September 30, |
|
September 30, |
||||||||
(Thousands) |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
NEW JERSEY RESOURCES |
|
|
|
|
||||||||
|
||||||||||||
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
54,522 |
|
$ |
(1,133) |
|
$ |
274,922 |
|
$ |
117,890 |
Add: |
|
|
|
|
|
|
|
|
||||
Unrealized (gain) loss on derivative instruments and related transactions |
|
|
(1,846) |
|
|
40,576 |
|
|
(59,906) |
|
|
54,203 |
Tax effect |
|
|
439 |
|
|
(9,647) |
|
|
14,248 |
|
|
(12,887) |
Effects of economic hedging related to natural gas inventory |
|
|
(5,221) |
|
|
(30,150) |
|
|
19,939 |
|
|
(42,405) |
Tax effect |
|
|
1,241 |
|
|
7,166 |
|
|
(4,738) |
|
|
10,078 |
(Gain on) impairment of equity method investment |
|
|
(1,500) |
|
|
— |
|
|
(5,521) |
|
|
92,000 |
Tax effect |
|
|
374 |
|
|
767 |
|
|
1,377 |
|
|
(11,167) |
NFE tax adjustment |
|
|
(113) |
|
|
(980) |
|
|
— |
|
|
— |
Net financial earnings |
|
$ |
47,896 |
|
$ |
6,599 |
|
$ |
240,321 |
|
$ |
207,712 |
|
|
|
|
|
|
|
|
|
||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
|
||||
Basic |
|
|
96,235 |
|
|
96,198 |
|
|
96,100 |
|
|
96,227 |
Diluted |
|
|
96,630 |
|
|
96,198 |
|
|
96,488 |
|
|
96,560 |
|
|
|
|
|
|
|
|
|
||||
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
Basic earnings (loss) per share |
|
$ |
0.57 |
|
$ |
(0.01) |
|
$ |
2.86 |
|
$ |
1.23 |
Add: |
|
|
|
|
|
|
|
|
||||
Unrealized (gain) loss on derivative instruments and related transactions |
|
$ |
(0.02) |
|
$ |
0.42 |
|
$ |
(0.62) |
|
$ |
0.56 |
Tax effect |
|
$ |
0.01 |
|
$ |
(0.10) |
|
$ |
0.15 |
|
$ |
(0.13) |
Effects of economic hedging related to natural gas inventory |
|
$ |
(0.05) |
|
$ |
(0.31) |
|
$ |
0.21 |
|
$ |
(0.44) |
Tax effect |
|
$ |
0.01 |
|
$ |
0.07 |
|
$ |
(0.05) |
|
$ |
0.10 |
(Gain on) impairment of equity method investment |
|
$ |
(0.02) |
|
$ |
— |
|
$ |
(0.06) |
|
$ |
0.96 |
Tax effect |
|
$ |
— |
|
$ |
0.01 |
|
$ |
0.01 |
|
$ |
(0.12) |
NFE tax adjustment |
|
$ |
— |
|
$ |
(0.01) |
|
$ |
— |
|
$ |
— |
Basic NFE per share |
|
$ |
0.50 |
|
$ |
0.07 |
|
$ |
2.50 |
|
$ |
2.16 |
|
|
|
|
|
|
|
|
|
||||
NATURAL GAS DISTRIBUTION |
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows: |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
Operating revenues |
|
$ |
190,488 |
|
$ |
98,274 |
|
$ |
1,128,767 |
|
$ |
731,796 |
Less: |
|
|
|
|
|
|
|
|
||||
Natural gas purchases |
|
|
114,791 |
|
|
38,842 |
|
|
557,232 |
|
|
260,714 |
Operating and maintenance (1) |
|
|
30,805 |
|
|
26,156 |
|
|
93,164 |
|
|
110,364 |
Regulatory rider expense |
|
|
3,496 |
|
|
3,734 |
|
|
59,437 |
|
|
38,304 |
Depreciation and amortization |
|
|
24,391 |
|
|
21,507 |
|
|
94,579 |
|
|
80,045 |
Gross margin |
|
|
17,005 |
|
|
8,035 |
|
|
324,355 |
|
|
242,369 |
Add: |
|
|
|
|
|
|
|
|
||||
Operating and maintenance (1) |
|
|
30,805 |
|
|
26,156 |
|
|
93,164 |
|
|
110,364 |
Depreciation and amortization |
|
|
24,391 |
|
|
21,507 |
|
|
94,579 |
|
|
80,045 |
Utility gross margin |
|
$ |
72,201 |
|
$ |
55,698 |
|
$ |
512,098 |
|
$ |
432,778 |
(1) Excludes selling, general and administrative expenses of $26.7 million and $29.3 million for the three months ended September 30, 2022 and 2021, respectively, and approximately $102.8 million and $97.0 million for the fiscal year ended September 30, 2022 and 2021, respectively |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued) |
||||||||||||
(Unaudited) |
||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
(Unaudited) |
|
September 30, |
|
September 30, |
||||||||
(Thousands) |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
ENERGY SERVICES |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows: |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
Operating revenues |
|
$ |
439,568 |
|
$ |
334,780 |
|
$ |
1,529,272 |
|
$ |
1,228,420 |
Less: |
|
|
|
|
|
|
|
|
||||
Natural Gas purchases |
|
|
413,805 |
|
|
357,133 |
|
|
1,394,405 |
|
|
1,098,261 |
Operation and maintenance (1) |
|
|
10,281 |
|
|
4,588 |
|
|
23,709 |
|
|
33,263 |
Depreciation and amortization |
|
|
54 |
|
|
28 |
|
|
148 |
|
|
111 |
Gross margin |
|
|
15,428 |
|
|
(26,969) |
|
|
111,010 |
|
|
96,785 |
Add: |
|
|
|
|
|
|
|
|
||||
Operation and maintenance (1) |
|
|
10,281 |
|
|
4,588 |
|
|
23,709 |
|
|
33,263 |
Depreciation and amortization |
|
|
54 |
|
|
28 |
|
|
148 |
|
|
111 |
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
1,671 |
|
|
45,011 |
|
|
(60,000) |
|
|
58,362 |
Effects of economic hedging related to natural gas inventory |
|
|
(5,221) |
|
|
(30,150) |
|
|
19,939 |
|
|
(42,405) |
Financial margin |
|
$ |
22,213 |
|
$ |
(7,492) |
|
$ |
94,806 |
|
$ |
146,116 |
(1) Excludes selling, general and administrative expenses of $14.3 million and $5.2 million for the three months ended September 30, 2022 and 2021, respectively, and approximately $15.4 million and $17.6 million for the fiscal year ended September 30, 2022 and 2021, respectively. |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
A reconciliation of net income (loss) to net financial (loss) earnings is as follows: |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
(564) |
|
$ |
(24,731) |
|
$ |
69,650 |
|
$ |
58,957 |
Add: |
|
|
|
|
|
|
|
|
||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
1,671 |
|
|
45,011 |
|
|
(60,000) |
|
|
58,362 |
Tax effect |
|
|
(397) |
|
|
(10,700) |
|
|
14,270 |
|
|
(13,875) |
Effects of economic hedging related to natural gas |
|
|
(5,221) |
|
|
(30,150) |
|
|
19,939 |
|
|
(42,405) |
Tax effect |
|
|
1,241 |
|
|
7,166 |
|
|
(4,738) |
|
|
10,078 |
NFE tax adjustment |
|
|
(113) |
|
|
(980) |
|
|
— |
|
|
— |
Net financial (loss) earnings |
|
$ |
(3,383) |
|
$ |
(14,384) |
|
$ |
39,121 |
|
$ |
71,117 |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
Media:
Mike Kinney
732-938-1031
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor:
Adam Prior
732-938-1145
This email address is being protected from spambots. You need JavaScript enabled to view it.
KENNESAW, Ga.--(BUSINESS WIRE)--Yamaha Marine U.S. Business Unit will soon begin to use plant-derived cellulose nanofiber (CNF) reinforced resin in the production of specific watercraft parts. The CNF reinforced resin, developed through a collaborative agreement between Yamaha Motor Co., Ltd. in Japan (“Yamaha Motor”) and Nippon Paper Industries Corporation, Ltd., represents what appears to be one of the world’s first practical use of sustainable material for watercraft parts.*
The parts developed using this material are intended for installation on certain 2024 models of personal watercraft and sport boat engines. The use of this material in the production of Yamaha WaterCraft parts is a step toward the reduction of carbon dioxide as well as the company’s environmental footprint.
“We’re proud to be part of a company that proactively seeks sustainability solutions for its products,” said Ben Speciale, President, Yamaha U.S. Marine Business Unit. “Yamaha Motor has inspired the activities of Yamaha U.S. Marine Business Unit and applauded the 2019 launch of Yamaha Rightwaters™, our sustainability program that seeks to reclaim, mitigate and clean up the plastics we use, increase scientific research, improve habitat and sequester carbon dioxide.”
CNF reinforced resin is a new high-strength material manufactured by kneading and dispersing CNF, a biomass material made from wood resources, into resins such as polypropylene. In addition to being more than 25 percent lighter than existing resin materials, it also has excellent material recyclability, leading to a reduction in the amount of plastics used and greenhouse gas emissions, mainly carbon dioxide.
Working toward the new Medium-Term Management Plan (2022–2024) announced in February, Yamaha Motor continues to strengthen its sustainability efforts. In an effort to accelerate the carbon offset initiatives necessary to achieve its goals, the company will continue promoting the research and development of technologies that contribute to sustainability.
Yamaha Motor is examining the utilization of CNF reinforced resin not only in marine products but also in motorcycles and a wide range of other products in the future.
Yamaha Rightwaters is a national sustainability program that encompasses all of the conservation and water quality efforts of Yamaha U.S. Marine Business Unit. Program initiatives include habitat restoration, support for scientific research, mitigation of invasive species, the reduction of marine debris and environmental stewardship education. Yamaha Rightwaters reinforces Yamaha’s long-standing history of natural resource conservation, support of sustainable recreational fishing and water resources and Angler Code of Ethics, which requires pro anglers to adhere to principles of stewardship for all marine resources.
Yamaha’s U.S. Marine Business Unit, based in Kennesaw, Ga., is responsible for the sales, marketing, and distribution of Yamaha Marine products in the U.S. including Yamaha Outboards, Yamaha WaveRunners®, Yamaha Boats, G3® Boats and Skeeter® Boats. Supporting 2,400 dealers and boat builders nationwide, Yamaha is the industry leader in reliability, performance, technology and customer service.
*According to research conducted by Yamaha Motor Co., Ltd. and Nippon Paper Industries Co., Ltd.
REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.
© 2022 Yamaha Motor Corporation, U.S.A. All rights reserved.
This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.
All information based on availability at time of publication. While every effort has been made to ensure the accuracy of the information contained herein, Yamaha Motor Corporation, U.S.A .does not guarantee such accuracy, correctness, reliability or completeness of the information or anything related directly or indirectly to the use of this information in any way, and can’t be held liable for any errors in or any reliance upon this information.
Nicholas Genesi
Public Relations Manager
Yamaha U.S. Marine Business Unit
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PITTSBURGH--(BUSINESS WIRE)--Wabtec Corporation (NYSE: WAB), a leading global supplier for freight and transit rail, announced today a definitive agreement to acquire Super Metal, a supplier of automated vehicles and equipment solutions that support rail operations. Super Metal is one of the leading Brazilian companies in the maintenance of way segment in the rail industry. This acquisition complements our Nordco acquisition and accelerates our strategy to expand into international markets. The financial terms of the acquisition were not disclosed.
“Super Metal's solutions and equipment for railway maintenance of way have synergy with Wabtec’s Services portfolio,” said Danilo Miyasato, President & Regional General Manager of Wabtec in Latin America. “The combination of these solutions will enhance our maintenance portfolio and offer our customers increased safety, productivity, and reduced operating costs.”
Bernardo Zeferino, President of Super Metal added, “This deal highlights a lifetime of work from an entire family and boosts the Super Metal's capacity to deliver innovative solutions to the market. We are excited with this new chapter as a Wabtec business.”
Super Metal has nearly 30 years of experience supplying diverse automated vehicles and maintenance equipment that include vehicles for rail and tie maintenance, as well as railcar movers. The company also specializes in machining, services, development, and project execution for day-to-day operations of railroads throughout Brazil.
“Super Metal is a great addition to our maintenance of way portfolio. Their differentiated road to rail solutions will accelerate our international growth in key regions such as Latin America, Asia, and Africa,” said Pascal Schweitzer, Group President of Wabtec’s Global Freight Services.
With Super Metal located in Governador Valadares city in Minas Gerais, Brazil, this acquisition provides Wabtec a robust rail maintenance portfolio in South America. It also complements Wabtec’s existing freight rail manufacturing presence in Contagem, Brazil.
About Wabtec
Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec’s website at www.wabteccorp.com.
Wabtec Media Contacts:
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Live Presentation on November 29th, 12:00 EST
ALBANY, N.Y.--(BUSINESS WIRE)--$SLNH #SLNH--Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for cryptocurrency mining and other intensive computing, today announced John Belizaire, CEO of Soluna Computing, will be participating in the Water Tower Research Fireside Chat Series on November 29, 2022, at 12:00 pm EST.
This event is open access for all investors to participate. Topics will include:
Interested parties can register for the event at the link below. Replays of the webcast will also be available after the event.
PLEASE REGISTER HERE
https://us06web.zoom.us/webinar/register/WN_wCJOl4o9QnyUE0tD_7EkMQ
About Soluna Holdings, Inc (SLNH)
Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as cryptocurrency mining, AI and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’
For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.
About Water Tower Research
Water Tower Research is an investor engagement and stakeholder communication platform powered by Wall Street veterans with significant experience and credibility. We create, deliver, and maintain the information flow required to build and preserve relationships between companies and all their stakeholders and investors. “Research for the other 99%™” opens the door for every investor to stay informed and ensures transparency, better engagement, and equal communication.
Soluna Computing, Inc.
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BETHESDA, Md.--(BUSINESS WIRE)--#Bioenergy--Enviva Inc. (NYSE: EVA) (“Enviva”), the world’s leading producer of sustainably sourced wood biomass, today issued the following statement in response to support it received from independent forestry associations regarding Enviva’s positive economic and environmental impact in the U.S. Southeast:
“Enviva is a proud partner of forestry associations across the U.S. Southeast and appreciates the support of these organizations as we work to achieve our collective goal of ensuring sustainable forestry across our operating footprint.
Forest products are essential for a thriving economy – not just in the southeastern U.S., but also across the globe. Our capabilities allow us to play an important role in meeting increasing demand for fossil fuel-free energy sustainably sourced from working forests in the U.S. Southeast, while prioritizing their continued growth and health.
We are grateful that our partners recognize Enviva’s sustainable practices, which help to ensure the long-term health and productivity of the forests in the region.”
The first letter of support was sent on behalf of several U.S. forestry associations, including the Alabama Forestry Association; American Loggers Council; Carolina Loggers Association; Florida Forestry Association; Forest Resources Association; Forestry Association of South Carolina; Georgia Forestry Association; Mississippi Forestry Association; Mississippi Loggers Association, North Carolina Forestry Association; South Carolina Timber Producers Association; Virginia Forestry Association and Virginia Loggers Association. The additional two letters of support came from the Mississippi Forestry Association and the Georgia Forestry Association.
Excerpts from the letters include:
“Forests in the U.S. Southeast are thriving because of the practices implemented by the forest products community and because of those used by companies like Enviva.”
“Forest inventory in the U.S. Southeast has increased more than 100% since 1953 while providing approximately one-fifth of the world’s forest products.”
“[Enviva provides] the incentive necessary for replanting after final harvest, ensuring that the land remains in forest.”
“The forest industry contributes nearly $50 billion annually to the regional economy [while maintaining] millions of acres of sustainable forestland for the benefit of all who utilize our forestry resources.”
“Forests in the U.S. Southeast that are part of the forest products supply chain are not being deforested – they are harvested and replanted or allowed to regenerate so they can continue contributing to the thriving forest products economy in the region.”
“Strong markets are necessary for sustainable management….Without markets and their financial incentives, landowners explore alternative uses for their property… In fact, strong forest products markets have contributed to an increase in the overall forested acreage in the state over the past 50 years.”
A number of representatives from the forestry associations that signed the letter also issued the following statements:
“Low value resource (biomass) markets are essential to meeting the sustainable lifecycle environment and economic objectives of forest management. Enviva, and other forest-based biomass industries, provide a necessary market to utilize this low-value resource and produce a renewable energy feedstock, that supports proper forest management. I have never seen a company invest so much time and money in the communities that are part of their footprint of operation and impact. It is a testimony of the responsible corporate stewardship that Enviva has incorporated into their corporate governance.”
Scott Dane, Executive Director of the American Loggers Council
“Without management and utilization of the natural resource the forest will surely disappear. Enviva embodies this concept to make sure there is a forest for tomorrow.”
David Livingston, Executive Director of the Mississippi Loggers Association
“It is Enviva’s market presence that provides our family forest landowners with the assurance needed to replant and keep forests as forests. Enviva is a model for sourcing sustainably harvested, certified fiber in accordance with silvicultural best management practices.”
Corey Connors, Executive Director of the Virginia Forestry Association
About Enviva
Enviva is the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi, and is constructing its 11th plant in Epes, Alabama. Enviva sells most of its wood pellets through long-term, take-or-pay off-take contracts with creditworthy customers in the United Kingdom, the European Union, and Japan, helping to accelerate the energy transition and to decarbonize hard-to-abate sectors like steel, cement, lime, chemicals, and aviation fuels. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.
To learn more about Enviva, please visit our website at www.envivabiomass.com. Follow Enviva on social media @Enviva.
Maria Moreno
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Recipients of Optica Foundation 20th Anniversary Challenge Report Ways to Address Water Contamination, Energy Consumption, and Air Pollution
WASHINGTON--(BUSINESS WIRE)--#OpticaFoundation--Today, the Optica Foundation released details of promising photonics research solving for global environmental challenges. Featuring the Foundation’s 20th Anniversary Challenge awardees, this research aims to introduce new, cost-effective ways to test water purity at the source; provide an affordable and real-time system for water contaminant detection; harness heat energy and apply it toward electricity needs; and sense micro-pollutants in air quality.
“This photonics research seeks novel and powerful approaches to address critical environmental issues,” said Alan Willner, chair of the 20th Anniversary Challenge Selection Committee and 2016 Optica President. “The selection committee will excitedly be monitoring the awardees’ progress and sharing their findings as they become available. We look forward to the significant impact of their work on society.”
Environmental work from the 20th Anniversary Challenge includes the following:
Portable Water Sensing
Real-Time Water Sensing
Waste Heat as Energy Source
Clean Greenhouse Gas (CO2 and Methane) Monitoring
The Optica Foundation launched its 20th Anniversary Challenge to draw out novel ideas from early-career professionals and provide the seed money to investigate impactful hypotheses in the areas of environment, health, and information. Each of the recipients received $100,000 USD to explore their ideas and take steps toward addressing critical global issues. Recipients have begun work on these projects and expect to report initial results by the second quarter of 2023. For more information and to follow their journeys, visit optica.org/foundationchallenge.
About Optica
Optica (formerly OSA), Advancing Optics and Photonics Worldwide, is the society dedicated to promoting the generation, application, archiving and dissemination of knowledge in the field. Founded in 1916, it is the leading organization for scientists, engineers, business professionals, students and others interested in the science of light. Optica’s renowned publications, meetings, online resources and in-person activities fuel discoveries, shape real-life applications and accelerate scientific, technical and educational achievement. Discover more at: Optica.org
About Optica Foundation
Established in 2002, the Optica Foundation carries out charitable activities in support of the society’s student and early career communities. We cultivate the next generation of leaders and innovators as they navigate advanced degree programs and become active members of research, engineering and business worldwide. The foundation also works to secure the endowments for Optica’s awards and honors programs. The foundation is registered as a 501(c)(3) non-profit. For more information, visit optica.org/foundation.
1 https://www.unwater.org/water-facts/water-quality-and-wastewater
2 https://www.who.int/news-room/fact-sheets/detail/drinking-water
3 https://unfccc.int/news/cop27-in-sharm-el-sheikh-to-focus-on-delivering-on-the-promises-of-paris
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DUBLIN--(BUSINESS WIRE)--The "Solar Photovoltaic (PV) Modules and Inverters Market Size, Share and Trends Analysis by Technology, Installed Capacity, Generation, Drivers, Constraints, Key Players and Forecast, 2022-2026" report has been added to ResearchAndMarkets.com's offering.
Global Solar PV Modules' Market Value likely to Reach to $41.16bn in 2026.
Residential Segment to Register Growth of 8.86% during the Forecast Period (2022-2026) in the Global Solar PV Inverters' Market
The report offers in-depth analysis at the global, regional (Asia-Pacific, Americas, Europe, and Middle East and Africa) and key country (the US, Chile, China, India, Japan, the UK, Germany, and France) level.
The report analyzes the PV modules market capacity and market value, classified by technology for the historical (2017-2021) and forecast (2022-2026) periods. Similarly, the PV inverters market capacity is analyzed based on consumer segment and the market value is outlined in the report.
The solar PV module technologies covered in the report are crystalline silicon (c-Si) and thin-film and the consumer categories provided for the PV inverters market analysis are Residential, Commercial, and Utility-scale. The report covers drivers and restraints influencing the market and provides the competitive landscape at the global level.
Key policies and initiatives, upcoming projects, and recent tenders issued and contracts signed are provided. Profiles of major manufacturers are also presented in this report.
Scope
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/za4z8t
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Cubic Mission and Performance Solutions (CMPS) transforms training to accelerate all-domain readiness for the peer fight.
SAN DIEGO--(BUSINESS WIRE)--#CMPS--Cubic Mission and Performance Solutions (CMPS) will showcase its advanced LVC training solutions at the Interservice/Industry Training, Simulation and Education Conference (I/ITSEC) 2022 event November 28-December 2 at the West Concourse of the Orange County Convention Center in Orlando, Florida.
“CMPS provides a portfolio of advanced training capabilities that delivers a readiness advantage to ensure mission success for our U.S. and Allied Forces,” said Jonas Furukrona, VP and GM of Cubic’s LVC Training division. “Our live, virtual, constructive training solutions bring next generation capabilities that fill current training gaps and allows our customers to train to the peer fight in a secure and cost efficient environment with unprecedented realism.”
Cubic Mission and Performance Solutions will be located in Exhibitor Booth #1029 at the I/ITSEC event. With top executives on site, CMPS will feature its solutions including the following multi-domain LVC training, immersive simulation, game-based learning, air combat training and high-fidelity combat training systems:
Immersive Indirect Fire Training System: Cubic’s Indirect Fire Mission Training System closes the gap in realistic fires replication for individual, team and instrumented collective training. It enables the U.S. and allied forces to train sensor-to-shooter linkage in a realistic and immersive environment.
Multiple Launch Rocket System (MLRS): Cubic’s MLRS Training System comprises the platform for training integrated surface-to-surface precision fires. It enables the Land Commander to train sensor-to-shooter and weapon-to-target matching in a realistic and immersive environment.
Live Training System (LTS): Cubic’s LTS provides Soldiers with a realistic training experience during both individual soldier gunnery training and force-on-force exercises at home station and in the field.
LVC Simulation of Chemical and Biological Threats: The Chemical, Biological, Radiological, and Nuclear Defense (CBRND) Collective Training Simulation System (CTSS) provides high-fidelity LVC simulation of chemical and biological threats and provides realistic training to battlefield participants, responders and analysis specialists.
Simplified, Planning, Execution, Analysis, Reconstruction (SPEAR): SPEAR is a modern, Department of Defense-approved tech stack that reduces cognitive burden through optimized displays and analytics of kinetic and non-kinetic data, with weapons effects, in multi-domain operations and LVC environments. SPEAR melds objective and subjective data with a time-synchronized, real-time mission log and after-action reporting.
Synthetic Inject-to-Live (SITL) LVC Training: SITL LVC brings the realism of the near-peer fight to 4th and 5th generation platforms’ cockpits. Cubic, industry and government organizations have demonstrated and proven that SITL LVC can be achieved with minimal investment and low risk and close the live-training proficiency gap by 2025.
To learn more about Cubic products and services, visit www.cubic.com.
About Cubic
Cubic creates and delivers technology solutions in transportation that make people’s lives easier by simplifying their daily journeys, and defense capabilities that help promote mission success and safety for those who serve their nation. Led by our talented teams around the world, Cubic is driven to solve global challenges through innovation and service to our customers and partners.
Part of Cubic’s portfolio of businesses, Cubic Mission and Performance Solutions (CMPS) provides networked Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance and Reconnaissance (C5ISR) solutions and is a leading provider of live, virtual, constructive and game-based training solutions for both U.S. and Allied Forces. These mission-inspired capabilities enable assured multi-domain access; converged digital intelligence; and superior readiness for defense, intelligence, security and commercial missions. For more information, visit www.cubic.com.
Geri MacDonald - Marketing & Communications
Cubic Mission & Performance Solutions
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Bohn de Mexico adopts new Opteon™ XL40, Opteon™ XL20, and Opteon™ XL10 refrigerants for its BOHN Ecoflex commercial refrigeration equipment
WILMINGTON, Del.--(BUSINESS WIRE)--$CC--The Chemours Company ("Chemours") (NYSE: CC), a global chemical company with market-leading positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, announced an alliance with Bohn de Mexico, a leading commercial and industrial refrigeration equipment technology and manufacturing company with a presence in the Latin American region. As part of the alliance, Bohn de Mexico will adopt the non-ozone depleting (ODP) and low global warming potential (GWP) refrigerants, Opteon™ XL20 (R-454 C), Opteon™ XL40 (R-454A), and Opteon™ XL10 (R-1234yf) for its new line of BOHN Ecoflex condensing units.
"Today, users in the refrigeration industry demand efficient and affordable solutions that comply with current environmental regulations and support them in meeting their sustainability goals," said Miguel Escamilla, Chemours' Opteon™ Refrigerants Development Leader for Mexico CAC and the Andean region. "The transition to the use of low GWP refrigerants is one of the trends that will define the present and future sustainability of the HVACR industry in Mexico and the world. We are excited to provide Bohn de Mexico with our Opteon™ XL refrigerant solutions for their new line of Ecoflex refrigeration systems."
The Opteon™ XL refrigerant line offers very low GWP solutions that fit perfectly with Bohn de Mexico's new generation of Ecoflex equipment that provide cutting-edge technological innovations for optimal energy efficiency of refrigeration systems, as well as help the company meet its sustainability goals. This new equipment will enable an easier transition to sustainable technologies by reducing the need for high investment, operating costs for conversion, and adjustment to all store sizes and refrigeration requirements.
"BOHN is a leader in innovation, quality, service, and customer focus. Every day we innovate using state-of-the-art refrigeration technology, such as the adoption of Chemours' Opteon™ XL refrigerants. At the same time, we support the world to enjoy the benefit of cold in a sustainable way," commented Eloy Espinosa, Director of Engineering and Quality at BOHN.
The frozen food chain also needs an extensive and reliable spare parts supply network. The failure of a component or refrigerant for a few hours can lead to huge losses. The partnership between BOHN and Chemours will also ensure the availability of replacement products at the various locations where the systems will be installed, leveraging Chemours' network of authorized distributors that already supply traditional fluids.
In addition, Chemours continues to invest in the expansion of its Opteon™ production capacity to help meet growing cold chain demand. When Chemours opened its Corpus Christi, Texas facility in June 2019, it more than tripled the company's Opteon™ capacity, making it one of the largest HFO-1234yf production facilities in the world, a distinction it will maintain with its recently announced expansion project. The investment, along with ongoing debottlenecking projects, will further increase Opteon™ capacity by approximately 40%.
From transportation to food vending to air conditioning, Opteon™ refrigerants offer the optimal balance of performance, environmental sustainability, safety, and cost in many downstream industries and applications. These products were developed to meet stringent global environmental regulations while maintaining or improving performance compared to the current products they replace. A recognized leader in the manufacture and supply of sustainable, low GWP hydrofluoroolefins (HFO), Chemours continues to invest in and meet the needs of its customers as they continue to transition to low GWP refrigerants.
About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,400 employees and 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.
For more information, we invite you to visit chemours.com or follow us on Twitter @Chemours or LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets, which has had and we expect will continue to have a negative impact on our financial results. The full extent and impact of the pandemic is still being determined and to date has included significant volatility in financial and commodity markets and a severe disruption in economic activity. The public and private sector response has led to travel restrictions, temporary business closures, quarantines, stock market volatility, and interruptions in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and in our Annual Report on Form 10-K for the year ended December 31, 2021. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
INVESTORS
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Experiencing a year of rapid growth, Leap expands its Board to help further scale its platform
SAN FRANCISCO--(BUSINESS WIRE)--Leap, a leading energy market access provider, announced today the addition of Carly Brantz to their Board of Directors effective November 14th. Brantz brings over 20 years of experience scaling high-growth technology companies and currently serves as Chief Marketing Officer for DigitalOcean.
“We’re thrilled to welcome Carly to the Leap Board of Directors and look forward to leveraging her wealth of experience at high-growth technology companies,” said Thomas Folker, Leap’s co-founder and CEO. “We’ve experienced tremendous growth over the past five years and Carly’s proven track record of delivering self-serve software solutions combined with strong developer relations will help to position Leap for continued growth.”
Leap’s software platform simplifies energy market participation for grid-connected distributed energy resources (DERs) such as smart thermostats, electric vehicle (EV) chargers and battery storage systems. The platform makes it easy for DER technology providers to connect their customer devices to the grid and provide support during peak demand periods. This makes the grid more resilient and unlocks new revenue streams for technology providers.
“Leap’s platform was instrumental in helping to avoid blackouts during this summer’s heat waves in both Texas and California,” said Brantz. “The rise in extreme weather events that strain the grid, increased reliance on intermittent renewable energy sources and rapid adoption of cloud-connect energy devices all point to strong growth projections for Leap’s platform. I’m thrilled to be a part of this energy transformation that will result in a cleaner, more resilient electric grid.”
As Chief Marketing Officer at DigitalOcean, Brantz oversees global marketing operations and is responsible for scaling its self-serve and sales-led acquisition initiatives, as well as creating the company’s social impact arm and driving developer relations and communications. She also spearheaded the launch of DigitalOcean’s brand refresh, increasing monthly web visitors by several million. Prior to joining DigitalOcean, Brantz served as Vice President of Revenue Marketing at SendGrid, where she led the growth of the company’s self-service platform, supported revenue growth increases of 40% year-over-year and helped execute strategy for the company’s acquisition by Twilio in 2019. Earlier in her career, Brantz served as the Director of Marketing at Return Path, a global leader in email deliverability.
About Leap
Leap is the leading global platform for generating new value from grid-connected resources and devices through integration with energy markets. Leap does all of the heavy lifting, seamlessly connecting technology partners to high-value revenue streams and providing a simplified, automated access point for market participation with batteries, electric vehicle charging, smart thermostats, HVAC systems, industrial facilities, and other flexible assets. By making it easy for new distributed resources to participate in energy markets, Leap lays the groundwork for virtual power plants (VPP). Leap empowers its partners to provide resilient, zero-carbon capacity to the grid while strengthening engagement with their customers through new value streams.
Caroline Thompson
Marketing Manager
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ITOCHU Corporation leads round and becomes latest strategic partner
SOUTHBOROUGH, Mass.--(BUSINESS WIRE)--Upstart Power, a leading developer and manufacturer of solid oxide fuel cell (SOFC) power systems for on-demand backup power and distributed generation, announces the closing of a $17 million Series C financing. The new funds will be used to accelerate the ongoing global commercialization of Upstart’s innovative Upgen™ platform of next-generation on-demand backup and grid-augmenting solid oxide fuel cell generators.
The round was led by ITOCHU Corporation as part of a new strategic engagement with Upstart, and included participation from existing investors Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures. In parallel to the Series C financing, Upstart Power and ITOCHU also entered into a commercial agreement to co-develop, manufacture, market, and sell Upstart’s SOFC products in Japan.
Mr. Hiroaki Murase, General Manager, Sustainable Energy Business Department, ITOCHU, commented: “We are excited about our partnership with Upstart Power, and we see tremendous synergies between Upstart’s on-demand SOFC generation platform and ITOCHU’s energy storage and solar products. ITOCHU has extensive Grid 2.0 expertise with a deployed portfolio of over 50K residential solar and battery storage systems in Japan, networked into virtual power plants. Upstart’s SOFC generators can augment these deployments to deliver comprehensive distributed energy solutions. We look forward to launching Upgen SOFC generators into the Japanese market.”
Remarking on the strategic partnership with ITOCHU and the Series C financing, Dr. Paul Osenar, President and CEO, Upstart Power, said: “We are delighted to welcome ITOCHU as the newest member of the Upstart family. We are pleased with the success of our ongoing fundraising efforts and are very appreciative of the ongoing financial and strategic support of our existing investors and commercial partners. Japan is a very promising market for Upstart intermittent fuel cells. We are looking forward to working with ITOCHU on accelerating the adoption of renewable energy, enhancing energy resilience, and helping to build a distributed, sustainable energy society.”
Upstart Power, in close collaboration with its commercial partners, is currently conducting advanced field trials of the Upgen™ NXG fuel cell system in preparation for a full commercial launch into the North American market in the second half of 2023.
About Upstart Power, Inc.
Upstart Power designs and produces market disruptive solid oxide fuel cell (SOFC) generators for Residential and Industrial applications that are dependable, sustainable, carbon efficient, and virtually silent. The Upgen™ products from Upstart Power work collaboratively with battery storage to cover for grid outages and solar shortfalls, providing 24-7-365, long-duration resiliency. Founded in late 2018, Upstart Power is a privately held company, funded by investors including Enphase Energy, Sunnova Energy and Rogers Capital.
For more information, visit www.upstartpower.com.
About Itochu Corporation
The history of ITOCHU Corporation dates to 1858 when the Company's founder Chubei Itoh commenced linen trading operations. Since then, ITOCHU has evolved and grown over 150 years. With approximately 100 bases in 62 countries, ITOCHU, one of the leading sogo shosha, is engaging in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, general products, realty, information and communications technology, and finance, as well as business investment in Japan and overseas. For more information, go to: https://www.itochu.co.jp/en.
Upstart Power
Robyn Kennedy DeSocio
Investor Relations
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614.877.8278 ex. 124
BOWLING GREEN, Ohio--(BUSINESS WIRE)--A-Gas, a world leader in environmentally responsible refrigerant management announced an expansion of service offerings in Austin, Texas, providing HVACR contractors from the greater Austin and San Antonio areas with quick and easy cylinder swaps.
“We’re thrilled to continue to offer multiple Texas HVACR communities essential services to support their business operations. With our Rapid Recovery® and Rapid Exchange® services in Austin, we’re also helping contractors implement sustainable business practices,” said Bray Melson, Regional Team Leader.
“With this added support of the Austin area, we’re proud that we can help support HVACR businesses while they continue to enable residential and commercial growth in our communities,” noted Rafael Regalado, Business Development Manager.
A-Gas’ Rapid Exchange service is a quick one-to-one cylinder swap where EPA-certified technicians visit customer locations. A-Gas customers can exchange their full refrigerant cylinders for clean, empty, vacuumed, and in-date cylinders, so they can service more of their customers.
The program also provides HVACR contractors with a clear way to monetize environmentally friendly practices. When cylinders are picked up, the refrigerant is tested; A-Gas pays the gross refrigerant weight and provides industry-leading EPA documentation.
A-Gas is focused on environmental stewardship through the lifecycle management of refrigerant gases and contributing to the circular economy. As a modern refrigerant reclaimer, A-Gas manages the full life cycle of refrigerants for its partners around the world and safely reclaims millions of pounds of material each year.
About A-Gas
A-Gas (U.S.), headquartered in Bowling Green, Ohio, is a trading subsidiary of A-Gas International (headquartered in Bristol, UK) and is the World’s largest refrigerant recovery and reclamation company. The company’s core business offers environmental solutions and lifecycle management services for ozone depleting substances and global warming agents including CFCs, HCFCs, HFCs, and Halons in the HVAC/Refrigeration and Fire Suppression Industries. For more information about A-Gas, please visit www.agas.com/us
Jaclyn Schilkey
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419-704-4737
Led by a team of seasoned investment professionals, the Galvanize Global Equity strategy aims to invest in companies that engage in the climate transition and deliver global decarbonization
SAN FRANCISCO--(BUSINESS WIRE)--Galvanize Climate Solutions (Galvanize), the climate-focused global investment firm, today announced the launch of Galvanize Global Equity, a new strategy that aims to invest in and partner with businesses positioned to lead and benefit from the climate transition.
Galvanize Global Equity combines extensive investment experience across sectors, industries and geographies with Galvanize’s integrated expertise across climate science, technology and policy. Through this lens, Galvanize Global Equity aims to take a holistic view across industry trends, secular shifts and the regulatory landscape to identify the most compelling investment opportunities. Galvanize Global Equity’s mission is to deliver compelling long term returns while catalyzing an acceleration of energy transition and climate aligned behaviors at portfolio companies.
“The climate transition represents a once in a lifetime investment opportunity,” said Tom Steyer, Co-Executive Chair of Galvanize. “We believe the companies that lead this imperative transformation of our economy— reshaping industries while driving decarbonization— will be the most valuable enterprises of our time.”
The strategy will be led by Seth Kirkham, Philip Goldsmith and Asad Rahman, who joined Galvanize this year and collectively have 70 years of experience in financial markets as a team. Kirkham and Goldsmith have been working together for six years and have been on the buy side for 23 and 20 years, respectively. Rahman has worked in financial markets for the past 18 years, investing across sectors and geographies, and working closely with management teams and boards at various companies in the US, EU, and Asia.
“Galvanize Global Equity is an important strategy launching at a crucial time as equity markets continue to reward companies that align with and deploy capital toward the climate transition,” said Seth Kirkham, Chief Investment Officer of Galvanize Global Equity. “It is our strong belief that we are entering a new era of business, where there is tremendous opportunity and growth for companies that engage in the energy transition and help to deliver global decarbonization.”
The objective is for Galvanize Global Equity portfolio companies to display a combination of attributes necessary to accelerate the climate transition, including a public commitment to address the climate transition, significant capital allocation toward transition aligned activities and the ability to influence supply chain, competitor and customer behavior.
ABOUT GALVANIZE CLIMATE SOLUTIONS
Galvanize Climate Solutions, launched in September 2021 by Katie Hall and Tom Steyer, is a mission-driven investment platform that will provide capital, expertise and partnerships necessary to produce and scale urgent climate solutions.
Galvanize aims to combine investment, technical, policy and communications expertise under one roof. Despite the progress that has already been made surrounding the climate crisis, there is still a significant gap between where we are headed and what the natural world needs to secure a livable future. Galvanize aims to help to close that gap by driving innovation, leadership and significant private sector investment to climate-focused companies and innovations.
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The company’s React Network is aiming to modernize the national power grid by creating a community owned network connecting energy storage assets to markets that value them
AUSTIN, Texas--(BUSINESS WIRE)--Anode Labs Inc. (“Anode Labs''), the team behind React, announced today that it has secured $4.2 million in funding to develop the world’s first community-owned, decentralized Web3 platform that offers small businesses and individuals cash and tokenized incentives for connecting their energy storage assets. React’s network will allow participants to connect their home batteries to the company’s Web3 network in order to be rewarded for the relative contribution of their specific assets. The first funding round was co-led by venture capital firms Lerer Hippeau and Lattice with follow-on participation from other notable investment firms including VaynerFund, CoinShares, and Digital Currency Group.
React’s platform is built to create a layer of flexibility that blankets our power grids, providing the necessary support to enable further decarbonization of the greater electric network. The International Energy Agency (IEA) estimates we need 10x the current amount of flexible load by 2030 to continue tracking to Net Zero by 20501. React’s community connected ecosystem will allow for participants with home batteries and in the future, EV chargers, to connect their devices to the React Network to earn compensation via cash rewards and token rewards.
“We’re incredibly honored to have these successful firms onboard and believe in our team’s vision to modernize a widely antiquated energy grid,” said Co-Ceo of Anode Labs, Dallas Griffin. “To us, Web3 technology is the future of not just how the industry conducts business, but how we ultimately move forward with green energy mass adoption.”
The company is led by co-founders Dallas Griffin, Jason Badeaux and Evan Caron. Griffin comes from world renowned investment banking firm, Piper Sandler, where he was a Managing Director within the Energy & Power Group. He earned his MBA at The University of Texas, where he was also captain of the Texas Longhorns football team and recipient of the William V. Campbell Trophy which is awarded annually to college football’s player with the best combination of academics, community service, and on-field performance.
Also hailing from the energy investment sector, Badeaux was formerly a Senior Associate at Bernhard Capital Partners, a leading middle market private equity firm that invests in critical infrastructure services within the power, utilities, and industrial industries. Badeaux earned his B.S. in Economics from Louisiana State University, where he graduated with honors.
Prior to co-founding Anode Labs, Evan Caron hails from the energy sector with his career spanning over 20 years in derivatives trading, venture capital and private equity investing and most recently co-founding HGP Storage, a battery storage and mobility development management platform.
“Blockchain applications have historically been extremely hard on the environment,” said Ben Lerer, Managing Partner at Lerer Hippeau. “Anode Labs’ React Network tackles the climate issue directly, by using decentralized Web3 technology to conserve energy and modernize how we use the power grid.”
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About React
The React Network is aiming to modernize the national power grid by creating a community owned network connecting energy storage assets to markets that value them. The U.S. is struggling to modernize the electric grid, and needs the grid to become more flexible to prevent power outages from the effects of climate change. Anode is creating opportunities for everyday homeowners to earn compensation while supporting the energy grid and combating climate change at the same time. To join the waitlist and make an impact, visit https://www.reactnetwork.io/.
About Lerer Hippeau
Lerer Hippeau is an early-stage venture capital firm founded and operated in New York City. Since 2010, we have invested in entrepreneurs who embody this city’s audacity, endurance, and winning mindset — good people with great ideas who aren’t afraid to do hard things. Our portfolio includes more than 400 leading enterprise and consumer businesses including Guideline, MIRROR, Blockdaemon, K Health, Allbirds, ZenBusiness, and Thrive. We’re experienced operators who invest early and stay in our founders’ corners as they build iconic companies. Learn more at lererhippeau.com.
Media:
Bryson Greene
Bevel PR
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