HOUSTON--(BUSINESS WIRE)--$PSX--Phillips 66 (NYSE: PSX) executive management will host a webcast at noon ET on Tuesday, Nov. 1, 2022, to discuss the company’s third-quarter 2022 financial results, which will be released earlier that day.
To access the webcast, go to the Events and Presentations section of the Phillips 66 Investors site, phillips66.com/investors. A replay of the webcast will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date.
About Phillips 66
Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.
Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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HOUSTON--(BUSINESS WIRE)--Nine Energy Service, Inc. (NYSE: NINE) (“Nine” or the “Company”) announced today that on September 9, 2022, Nine was notified by the New York Stock Exchange (“NYSE”) that the Company has regained compliance with the quantitative continued listing standards. This decision comes as a result of the Company’s achievement of compliance with the NYSE’s minimum market capitalization and shareholders’ equity requirement over the past two quarters.
On January 5, 2022, the Company was notified by the NYSE of its noncompliance with the NYSE’s continued listing standards because its average global market capitalization over a consecutive 30 trading-day period and last reported stockholders’ equity were both below $50 million.
Accordingly, the Company is no longer considered out of compliance with the continued listing standards and the below compliance “.BC” indicator has been removed from the Company’s common shares. Additionally, the Company will no longer be noted as being below continued listing standards on the NYSE’s web site (www.nyse.com). In accordance with the NYSE’s Listed Company Manual, the Company will be subject to a 12-month follow-up period within which the Company will be reviewed to ensure that the Company does not once again fall below any of the NYSE’s continued listing standards.
About Nine Energy Service
Nine Energy Service is an oilfield services company that offers completion solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada.
For more information on the Company, please visit Nine’s website at nineenergyservice.com.
Forward Looking Statements
The foregoing 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. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. Forward-looking statements also include statements that refer to or are based on projections, uncertain events or assumptions. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, the level of capital spending and well completions by the onshore oil and natural gas industry, which has been and may again be affected by the COVID-19 pandemic and related economic repercussions and which may be affected by geopolitical and economic developments in the U.S. and globally, including conflicts, instability, acts of war or terrorism in oil producing countries or regions, particularly Russia, the Middle East, South America and Africa; general economic conditions and inflation, particularly, cost inflation with labor or materials; the adequacy of the Company’s capital resources and liquidity; the Company’s ability to attract and retain key employees, technical personnel and other skilled and qualified workers; the ongoing COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, performance of contracts and supply chain disruptions; the Company’s ability to maintain existing prices or implement price increases on our products and services; pricing pressures, reduced sales, or reduced market share as a result of intense competition in the markets for the Company’s dissolvable plug products; conditions inherent in the oilfield services industry, such as equipment defects, liabilities arising from accidents or damage involving our fleet of trucks or other equipment, explosions and uncontrollable flows of gas or well fluids, and loss of well control; the Company’s ability to implement and commercialize new technologies, services and tools; the Company’s ability to grow its completion tool business; the Company’s ability to manage capital expenditures; the Company’s ability to accurately predict customer demand; the loss of, or interruption or delay in operations by, one or more significant customers; the loss of or interruption in operations of one or more key suppliers; the incurrence of significant costs and liabilities resulting from litigation; changes in laws or regulations regarding issues of health, safety and protection of the environment; and other factors described in the “Risk Factors” and “Business” sections of the Company’s most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.
Nine Energy Service Investor Contact:
Heather Schmidt
Vice President, Strategic Development, Investor Relations and Marketing
(281) 730-5113
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HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced the divestiture of its Marcellus natural gas gathering and compression assets to Antero Midstream Corporation (NYSE: AM), for $205 million in cash, representing a multiple of over 7 times 2023E Adjusted EBITDA, subject to customary adjustments. These assets located in Doddridge County and Harrison County, West Virginia, comprise a legacy gas system that was acquired in 2012 and was impacted in recent years by Crestwood’s anchor producer focusing development activity on the rich gas window of the Southwest Marcellus Shale. As a result, Crestwood’s assets have been on natural field decline since 2017 and are non-core to Crestwood’s long-term growth strategy of becoming a leading midstream operator in the Williston, Delaware, and Power River basins. Crestwood intends to use the proceeds from the sale of these assets to enhance financial flexibility through a combination of debt reduction and opportunistic common unit repurchases.
“Over the past ten years, our employees in the Marcellus Shale have done an incredible job to build and operate a premier natural gas gathering and compression system, safely and sustainably. Many of Crestwood’s peer-group leading operational practices were developed in the Marcellus and form the basis of the best-in-class operations program across our midstream G&P portfolio. I would like to personally thank these employees for their dedication and loyalty,” commented Robert G. Phillips, Founder, Chairman, and Chief Executive Officer.
Mr. Phillips continued, “This timely and market-based divestiture is another strategic transaction that highlights Crestwood’s long-term commitment to maximizing unitholder value through portfolio optimization and redeployment of proceeds from legacy non-core assets to further strengthen our balance sheet and improve financial flexibility for unit repurchases and higher returning investment opportunities in our core areas. Over the past 18 months, Crestwood has strategically enhanced its asset portfolio to build competitive scale in its core basins, and as we focus on optimizing and integrating the Oasis Midstream, Sendero Midstream, and CPJV acquisitions, today’s announcement highlights our confidence in the portfolio achieving our long-term leverage ratio target of sub 3.5x in 2023 and demonstrates our commitment to generating accretive unitholder returns and solidifying our financial flexibility for the future.”
The transaction is expected to close in the fourth quarter, subject to customary regulatory approvals, including Hart-Scott-Rodino.
Advisors
Locke Lord L.L.P. served as legal advisor to Crestwood. Vinson & Elkins L.L.P. served as legal advisor to Antero Midstream Corporation.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” “intends,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements.
About Crestwood Equity Partners LP
Houston, Texas based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. To learn more about Crestwood Equity Partners LP, visit www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Crestwood Equity Partners LP
Investor Contacts
Andrew Thorington, 713-380-3028
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Vice President, Finance and Investor Relations
Rhianna Disch, 713-380-3006
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Director, Investor Relations
Sustainability and Media Contact
Joanne Howard, 832-519-2211
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Senior Vice President, Sustainability and Corporate Communications
HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced the pricing of the previously announced underwritten secondary offering by certain subsidiaries of Chord Energy Corporation (NASDAQ: CHRD) (f/k/a Oasis Petroleum Inc.) (the “Selling Unitholders”) of an aggregate of 11,400,000 common units representing limited partner interests of Crestwood resulting in total gross proceeds to the Selling Unitholders of approximately $306.7 million (the “Public Offering”). The Selling Unitholders will receive all of the proceeds from the Offering. Crestwood is not offering any of its common units in the Public Offering and will not receive any proceeds from the Public Offering.
The underwriter intends to offer the common units from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices. The Public Offering is expected to close on September 15, 2022, subject to customary closing conditions.
As previously announced, Crestwood also entered into a common unit repurchase agreement with one of the Selling Unitholders pursuant to which it intends to repurchase up to an aggregate of $125 million of common units from such Selling Unitholder (the "Unit Repurchase"). The price per common unit to be paid by Crestwood will equal the price at which the common units will be sold to the public in the Public Offering. The Unit Repurchase is expected to be consummated concurrently with the closing of the Public Offering. Although the Unit Repurchase is conditioned upon, among other things, the closing of the Public Offering, the closing of the Public Offering is not conditioned upon the closing of the Unit Repurchase.
Citigroup is acting as the sole-bookrunning manager for the Public Offering.
The securities described above are being offered pursuant to an effective shelf registration statement on Form S-3, which has been filed with the Securities and Exchange Commission (the “SEC”) and became effective February 14, 2022. The Public Offering may be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement and accompanying prospectus relating to the Public Offering will be filed with the SEC and available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus and, when available, the final prospectus supplement and accompanying prospectus, relating to the Public Offering, can be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).
This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in CEQP’s filings with the United States Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
About Crestwood Equity Partners LP
Houston, Texas based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. To learn more about Crestwood Equity Partners LP, visit www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Crestwood Equity Partners LP
Investor Contacts
Andrew Thorington, 713-380-3028
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Vice President, Finance and Investor Relations
Rhianna Disch, 713-380-3006
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Director, Investor Relations
Sustainability and Media Contact
Joanne Howard, 832-519-2211
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Senior Vice President, Sustainability and Corporate Communications
HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that certain subsidiaries of Chord Energy Corporation (NASDAQ: CHRD) (f/k/a Oasis Petroleum Inc.) (the “Selling Unitholders”) intend to offer for sale in an underwritten secondary offering an aggregate of 11,400,000 common units representing limited partner interests of Crestwood (the “Public Offering”). The Selling Unitholders will receive all of the proceeds from the Public Offering. Crestwood is not offering any of its common units in the Public Offering and will not receive any proceeds from the Public Offering.
Additionally, Crestwood announced that it has entered into a common unit repurchase agreement with one of the Selling Unitholders pursuant to which it intends to repurchase up to an aggregate of $125 million of common units from such Selling Unitholder (the "Unit Repurchase"). The price per common unit to be paid by Crestwood will equal the price at which the common units will be sold to the public in the Public Offering. The Unit Repurchase is expected to be consummated concurrently with the closing of the Public Offering. Although the Unit Repurchase will be conditioned upon, among other things, the closing of the Public Offering, the closing of the Public Offering will not be conditioned upon the closing of the Unit Repurchase.
Citigroup is acting as the sole-bookrunning manager for the Public Offering.
The securities described above are being offered pursuant to an effective shelf registration statement on Form S-3, which has been filed with the Securities and Exchange Commission (the “SEC”) and became effective February 14, 2022. The Public Offering may be made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the Public Offering will be filed with the SEC and available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the Public Offering, when available, can be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).
This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in CEQP’s filings with the United States Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. To learn more about Crestwood Equity Partners LP, visit www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Crestwood Equity Partners LP
Investor Contacts
Andrew Thorington, 713-380-3028
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Vice President, Finance and Investor Relations
Rhianna Disch, 713-380-3006
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Director, Investor Relations
Sustainability and Media Contact
Joanne Howard, 832-519-2211
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Senior Vice President, Sustainability and Corporate Communications
PARIS--(BUSINESS WIRE)--Regulatory News:
Technip Energies (PARIS:TE) (ISIN:NL0014559478) announced today that Arnaud Pieton, Chief Executive Officer, will address attendees on Wednesday, September 14, at 12.00 CET at the following event:
Kepler Cheuvreux Autumn Conference
Hotel du Collectionneur, 51-57 Rue de Courcelles, 75008 Paris, France
Tuesday, September 13, 2022 - Thursday, September 16, 2022
A replay of the event will be made available after the event, accessible on our Investor Relations website.
There will be no presentation materials associated with the event.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The Company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts (“ADR”) program, with its ADRs trading over-the-counter. For further information: www.technipenergies.com.
Investor relations
Phil Lindsay
Vice-President Investor Relations
Tel: +44 (0) 20 7585 5051
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Media relations
Stella Fumey
Director Press Relations & Digital Communications
Tel: +33 1 85 67 40 95
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
2021 Represents Enviva’s Final Year for Issuing Schedule K-3 Forms
BETHESDA, Md.--(BUSINESS WIRE)--Enviva Inc. (NYSE: EVA) (“Enviva,” “our,” or “we”) today announced that the 2021 Schedule K-3 form, reflecting items of international tax relevance, is available online. Investors may access their Schedule K-3 form electronically using the link, Enviva Tax Package Support website, or by accessing the Investor Relations section of Enviva’s website at ir.envivabiomass.com and by clicking on K-1 & K-3 Tax Forms under the Resources Tab.
A limited number of investors (primarily foreign investors, investors computing a foreign tax credit on their tax return, and certain corporate and/or partnership investors) may need the detailed information disclosed on the Schedule K-3 form for their specific reporting requirements. To the extent the Schedule K-3 form is applicable to your federal income tax return filing needs, we encourage you to review the information contained on this form and refer to the appropriate federal laws and guidance or consult with your tax advisor.
All Schedule K-3 questions or changes can be directed to Tax Package Support at +1 (855) 839-4124, or made through the Tax Package Support website referenced above.
Enviva will not be issuing Schedule K-3 forms for years after 2021 as a result of its conversion from a master limited partnership to a corporation, which was completed on December 31, 2021.
About Enviva
Enviva Inc. (NYSE: EVA) 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.
Kate Walsh
Vice President, Investor Relations
+1 (240) 482-3856
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DUBLIN--(BUSINESS WIRE)--The "The South African Petroleum Industry 2022" report has been added to ResearchAndMarkets.com's offering.
This report focuses on the manufacture of petroleum products from crude oil and natural gas in South Africa, and the wholesale and retail trade of these products.
Information on the manufacture of lubricating oils and greases, primarily from other organic products, as well as the manufacture of other petroleum/synthesised products is also included. There is comprehensive information on the size and state of the sector, import and production statistics, the performance of notable players and relevant developments.
There are profiles of 72 companies including major producers, refiners and retailers Sasol, TotalEnergies, Astron, BP, Engen and Shell, gas companies such as Easigas and lubricants companies such as Fuchs.
High oil and gas prices, which peaked following the February 2022 outbreak of the war in Ukraine, have resulted in oil majors reporting record profits globally, although there is a risk that high prices could lead to a decline in demand. Four of the country's six refineries have shut down, mainly in response to growing operating costs to meet new regulations such as clean fuels.
However, Karoo shale gas reserves, two recent local gas discoveries and two new finds in Namibia could transform South Africa's reliance on depleting local gas reserves and gas imports.
Price and Demand
The Russia-Ukraine war has propelled oil prices to over US$100 a barrel and sent fuel prices rocketing. Government intervened to temporarily reduce the fuel levy and has proposed deregulating the petrol price. While fuel demand is recovering, fuel sales have yet to recover to pre-pandemic levels. Diesel demand surged, mostly driven by Eskom's diesel purchases. Prices have been tempered by China's lockdowns and the release of strategic oil reserves by oil-producing countries.
Refineries Shutting Down
South Africa is refining less crude oil and only two refineries remain operational as it has become increasingly expensive to operate refineries and more affordable to import refined product. The only refineries operating are a crude refinery and a synfuels refinery after the biggest crude oil refinery ceased refining at the end of March 2022. One refinery is set to come back online in late 2022. .
Key Topics Covered:
1. INTRODUCTION
2. DESCRIPTION OF THE INDUSTRY
2.1. Industry Value Chain
2.2. Geographic Position
2.3. Size of the Industry
2.4. Key Success Factors and Pain Points
3. LOCAL
3.1. State of the Industry
3.2. Key Trends
3.3. Notable Players
3.4. Trade
3.5. Corporate Actions
3.6. Regulations
3.7. Enterprise Development and Social Economic Development
4. AFRICA
5. INTERNATIONAL
6. INFLUENCING FACTORS
6.1. COVID-19
6.2. Economic Environment
6.3. Labour
6.4. Environmental Issues
6.5. Technology, Research and Development (R&D) and Innovation
6.6. Government Support
6.7. Input Costs
6.8. Pricing
6.9. Carbon Tax
6.10. Clean Fuels
6.11. New Oil and Gas Finds
7. COMPETITIVE ENVIROMENT
7.1. Competition
7.2. Ownership Structure of the Industry
7.3. Barriers to Entry
8. SWOT ANALYSIS
9. OUTLOOK
10. INDUSTRY ASSOCIATIONS
11. REFERENCES
11.1. Publications
11.2. Websites
APPENDIX - SUMMARY OF NOTABLE PLAYERS
Refiners, Processors, Wholesalers and Retailers
Lubricating oils and greases, primarily from other organic products
Company profiles - Refiners, Processors, Wholesalers and Retailers
Company profiles - Lubricating oils and greases, primarily from other organic products
For more information about this report visit https://www.researchandmarkets.com/r/uh8gd2
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LOS ANGELES--(BUSINESS WIRE)--$CGRN #Biogas--Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green Energy as a Service (EaaS) solutions, announced that Darren Jamison, President and Chief Executive Officer of Capstone Green Energy will be participating in Lake Street Capital’s BIG6 Investor Conference on Wednesday, September 14, at the Yale Club in New York.
During the conference, Mr. Jamison will conduct one-on-one meetings with registered investors to discuss Capstone’s evolving business into Energy as a Service (EaaS), the Company’s recent achievements, sales growth strategy, and projected milestones.
Event: Lake Street Capital’s 6th Annual Best Ideas Growth Conference BIG6
Date: Wednesday, September 14, 2022
Location: The Yale Club, 50 Vanderbilt Ave., New York, NY
About Lake Street
Founded in 2012, Lake Street Capital Markets is a full-service investment bank focused on dynamic, high-growth companies and sectors. Their research team identifies emerging secular trends and innovative companies best positioned to benefit. The Lake Street banking team provides access to capital, mergers and acquisitions advice, and strategic counsel to unlock value and growth. At the core of everything they do is their commitment to providing informed advice and exceptional service to their clients. For more information, visit www.lakestreetcapitalmarkets.com.
About Lake Street’s 6th Annual Best Ideas Growth Conference BIG6
The 2022 BIG6 Conference will be back in person at the Yale Club in New York City on Wednesday, September 14, 2022. The Best Ideas Growth (BIG6) Conference is Lake Street’s annual event and is invitation-only, featuring dynamic, small-cap companies interacting with top institutional investors. The format has been designed to give attendees direct access to senior management via one-on-one & group meeting formats.
To receive additional information, request an invitation, or schedule a one-on-one meeting, please contact your Lake Street representative or visit the conference website.
About Capstone Green Energy
Capstone Green Energy (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it..
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
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WASHINGTON--(BUSINESS WIRE)--#LetsSolveWater--There are 2.3 billion people who now live in water-stressed countries and 18 million people risk being displaced by floods every year1. Against this backdrop, global water technology company Xylem (NYSE: XYL), will join water sector leaders at the IWA World Water Congress & Exhibition, to explore solutions to build water security. Xylem executives will share perspectives on actions to increase communities’ resilience to water scarcity, and strategies to accelerate the decarbonization of water networks.
The congress takes place in Copenhagen, Denmark, 11-15 September 2022. On Wednesday, September 14, Dave Flinton, Xylem’s Chief Innovation, Technology and Product Management Officer, will discuss the business models and multidisciplinary approaches needed for successful innovation in resource recovery. Learning to Dance in the Rain — How to Thrive in an Era of Climate Change, will explore actions taken to date and future trends.
Commenting on the congress, Dave Flinton said, “Technology can make communities more resilient in the face of severe weather. Through innovation and collaboration, we can modernize water systems so that communities have affordable, accessible water, and are buffered from shocks like droughts and floods.”
On Monday, September 12, Austin Alexander, Vice President, Sustainability and Social Impact at Xylem, will take part in a keynote plenary discussion – Practical Perspectives in Building Resilience into Urban Water Management. During the session, she will share insights on building urban resiliency in the face of climate change, the solutions that are available, and the importance of maintaining momentum on the UN SDGs. As water infrastructure is a contributor to greenhouse gas (GHG) emissions, Alexander will also touch on the use of technology to meaningfully reduce emissions and help transform the future of water management.
On Wednesday, September 14, Xylem’s Global Procurement Sustainability Manager, Andrea Montuori will participate in a keynote plenary session on Uniting Youth for Water. This session will examine the role of youth within the water sector, with a special focus on the UN 2023 Water Conference, taking place in March next year.
Xylem will also hold two business forums at the congress:
Xylem is also the proud sponsor of the IWA Climate Smart Utilities Recognition Program which aims to inspire utilities and all their stakeholders to become Climate Smart and embrace climate resilience under three key pillars for action – adaptation, mitigation, and leadership. Following a robust review, forty-two Climate Smart utilities will be honored at the IWA World Water Congress & Exhibition closing ceremony on Thursday, September 15.
About Xylem
Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure challenges with innovation. Our 17,000 diverse employees delivered revenue of $5.2 billion in 2021. We are creating a more sustainable world by enabling our customers to optimize water and resource management and helping communities in more than 150 countries become water secure. Join us at www.xylem.com.
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1 https://www.internal-displacement.org/global-report/grid2019/
Houston Spencer
+1 (914) 240-3046
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The signing marks a further commitment to progress the approval process for the first small modular reactor in Poland
PORTLAND, Ore.--(BUSINESS WIRE)--On September 7, 2022, during the Economic Forum in Karpacz, Poland, NuScale Power LLC (NuScale) and Poland’s KGHM Polska Miedź S.A. (KGHM) signed the first Task Order and a Statement of Commencement to begin work under the Early Works Agreement (EWA) signed by the companies in February 2022.
Under the Task Order, NuScale will continue to support KGHM’s application to the National Atomic Energy Agency (NAEA), the first application in Poland for the deployment of small modular reactors (SMRs), for the evaluation of NuScale’s innovative SMR technology, through activities including drafting additional Preliminary Safety Analysis Reports and coordinating with the NAEA. This task order also sets the stage for the subsequent tasks in the EWA as proposed by NuScale to KGHM.
“This agreement marks a significant milestone in NuScale and KGHM’s partnership history, making KGHM and Poland leaders in the race to rapidly decrease emissions worldwide,” said John Hopkins, NuScale Power President and Chief Executive Officer. “NuScale is proud to partner with KGHM, an experienced innovation leader, and we are excited to work together to bring forth the next era of advanced clean energy deployment and confront the climate crisis.”
In addition to the signing at the Forum, both companies held a press event to highlight the continued partnership and received a visit earlier in the day from Poland’s Prime Minister Mateusz Morawiecki, who was briefly updated on the status of NuScale’s technology.
This announcement is an important next step to building the basis of project initiation towards the first NuScale VOYGR™ SMR power plant deployment in Poland and Central Europe by allowing KGHM to become a catalyst for SMRs in the region.
About NuScale Power
NuScale Power (NYSE: SMR) is poised to meet the diverse energy needs of customers across the world. It has developed small modular reactor (SMR) nuclear technology to supply energy for electrical generation, district heating, desalination, commercial-scale hydrogen production, and other process heat applications. The groundbreaking NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 megawatts of electricity (MWe) and can be scaled to meet customer needs. NuScale’s 12-module VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) power plants, as well as other configurations based on customer needs.
Founded in 2007, NuScale is headquartered in Portland, Ore., and has offices in Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.; and London, UK. To learn more, visit NuScale Power's website or follow us on Twitter, Facebook, LinkedIn and Instagram.
About KGHM Polska Miedź S.A.
KGHM is involved in the mining and processing of valuable natural resources. At its heart is the largest deposit of copper ore in Europe, located in south-western Poland. By advancing our strategy we are systematically strengthening KGHM’s international position. Currently the company has a geographically diversified mine project profile. It has operations on three continents – in Europe, North America and South America. The copper ore resources controlled by KGHM guarantee the company a leading position in the mining industry. Our portfolio includes metals such as molybdenum, palladium and nickel, opening the way for KGHM to gain a strong position amongst the world’s diversified miners. www.kghm.com
Forward Looking Statements
This release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. These forward-looking statements are inherently subject to risks, uncertainties and assumptions. Actual results may differ materially as a result of a number of factors. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, NuScale’s results may differ materially from its expectations and projections. NuScale specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing NuScale’s assessments as of any date subsequent to the date of this release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Diane Hughes, Vice President, Marketing & Communications, NuScale Power
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(C) (503) 270-9329
ST. JOHNS, Newfoundland and Labrador--(BUSINESS WIRE)--Duxion Motors Inc. (“Duxion”) today announced that it has entered into a Memorandum of Understanding (“MOU”) with Dymond Aerospace Inc. (“Dymond”) to supply 200 patented eJet motors™ for use in Dymond’s new fleet of 100 unmanned cargo aircraft.
Under the terms of the MOU, Duxion will supply 20 eJet motors™ per year for ten years starting in 2026 for a total purchase of $500 million CAD. Each eJet motor™ will be built using Duxion’s patented technology incorporating a rim-driven motor which utilizes permanent magnet technology in a novel manner to deliver a world class thrust to weight ratio. The eJet motors™ for this application will be capable of producing 8,000+ lbs of thrust, similar to the thrust produced by the engines of 50-passenger CRJ100 aircraft. Each of Dymond’s aircraft will be outfitted with two Duxion eJet motors™, powered by hydrogen fuel cells.
Duxion will take on a new 70,000 sqft hangar space at Stephenville Dymond International Airport to be utilized for the integration and installation of eJet motor™ propulsion systems. The new facility is sized to have sufficient capacity to perform eJet motor™ retrofits for traditional jet fuel aircraft outside of the Dymond partnership.
“Dymond Aerospace is a terrific partner for Duxion as we share a passion for electrifying the aviation sector with complimentary product offerings. Our eJet motor™ technology is a perfect fit for Dymond’s unmanned cargo aircraft with our patented technology providing best in class thrust to weight ratios as well as a low total cost of ownership which is achieved by having relatively few moving parts, high reliability, and with accordingly reduced maintenance expenses,” said Rick Pilgrim, Chairman and Chief Executive Officer of Duxion. “With our ground prototype expected to be completed this Fall, we look forward to a long and successful partnership.”
About Duxion
Founded in 2017, Duxion Motors Inc. is an advanced motor design and manufacturing company developing high power density electric propulsion systems for aviation and marine industries. Our engineers have developed powerful scalable electric systems that accelerate the transition to emission free electric transportation. Our patented eJet motor™ enables jet owners and OEMs to hybridize or fully electrify their existing fleets more quickly and economically.
Rick Pilgrim
(709) 290-0737
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WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA) announced today it will host an Investor Day for financial analysts and institutional investors on Tuesday, September 20, 2022. The event will begin at 3:00 p.m. Eastern Time and feature presentations from TA senior leadership, followed by a question and answer session for those attending in person.
The Investor Day will be held in New York City, and capacity is limited. Financial analysts and institutional investors interested in attending in person should contact the Company to request an invitation. A live audio webcast of the Investor Day including the Q&A session and the accompanying presentation will be on the events page of the company’s website. A replay will also be available for those unable to listen to the live event.
About TravelCenters of America Inc.
TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its more than 18,000 team members serve guests in over 280 locations in 44 states, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists, while leveraging alternative energy to support its own operations. TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.
Melissa McCarthy, Manager, Investor Relations
(617) 796-8251
Independent analysis compares capex costs of fixed DC-, variable DC-, and AC-coupled configurations for a 100 MWac PV system with 6 hours of energy storage
FORT COLLINS, Colo.--(BUSINESS WIRE)--Ampt, the world’s #1 DC optimizer company for large-scale photovoltaic (PV) systems, today announced that an analysis conducted by DNV, the independent expert in risk management and assurance, found that Ampt’s fixed DC-coupled energy storage configuration lowers PV+storage system capital costs when compared to other DC- and AC-coupled solutions.
The newly published report, prepared by DNV, compares the balance of system materials and labor costs of the three different solar-plus-energy storage configurations for a 100 MWac PV system that is paired with 600 MWh (6-hours) of energy storage. The results of DNV’s independent analysis show that the Ampt fixed DC-Coupled configuration saves between 18.7 and 29.6 percent of impacted component costs compared to the other DC- and AC-coupled configurations.
Ampt String Optimizers are DC/DC converters that improve system performance by doing maximum power point tracking (MPPT) on each string of PV modules and then delivering that power at a high and fixed voltage rather than the variable and lower voltage of systems without Ampt. These features reduce the current requirements of the entire system which lowers the costs of electrical components such as cables, battery converters, and inverters. Ampt’s predictable DC bus voltage also simplifies battery and inverter controls to improve grid responsiveness of the power plant.
In preparing the report, DNV recommended the power electronics used in the comparison systems based on its view that those solutions represent current leading alternatives to the Ampt design. DNV then used industry research, equipment manufacturer quotes, and its experience to calculate the capital expenses for the balance of system of each design. The report includes drawings, an itemized list of components, and a cost breakdown for each of the three PV+storage configurations that were compared. It also explains the differences between the configurations and the cost savings in the Ampt fixed DC-coupled solution.
“DNV is recognized globally for its independence and technical expertise,” said Levent Gun, Ampt CEO. “We appreciate their due diligence in preparing this report.”
The DNV report is available for download.
Ampt is exhibiting at RE+ on September 20-22 at the Anaheim Convention Center in California. Please visit us in booth 1252 to learn about our award-winning products including our new i50 String Optimizer which will be on display.
About Ampt
Ampt delivers innovative power conversion and communication technology that are used to lower the cost and improve performance of new PV systems, repower existing systems, and enable lower cost DC-coupled storage. With installations and experience serving markets around the world, Ampt is the number one DC optimizer company for large-scale systems. The company is headquartered in Fort Collins, Colorado and has sales and support locations in North America, Europe, and Japan as well as representation in Asia, Australia, and the Middle East. For more information, visit www.ampt.com.
Ampt
Mark Kanjorski
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SAULT STE. MARIE, Ontario--(BUSINESS WIRE)--Heliene Inc. (“Heliene” or the “Company”) is pleased to announce that it has entered into a memorandum of understanding (“MOU”) with Canadian Premium Sand Inc. (“CPS”, TSCV: CPS) concerning continued discussions with respect to a definitive commercial offtake agreement for patterned solar glass for the Company from CPS’s glass manufacturing facility being developed in Selkirk, Manitoba.
Heliene, a Customer First provider of North American made solar modules, is focused on establishing a domestic, low-carbon solar supply chain to support its growth strategy in North America. Heliene has experienced significant growth since starting its U.S. operations in Minnesota in 2017. The local supply of CPS glass will enable Heliene to meet accelerating solar demand while ensuring certainty and quality, thanks to the supply of regional components of its bill of materials, as part of the overall target or reshoring its supply chain.
“Following several months of progressive discussions and a visit to Heliene’s Mountain Iron facilities earlier this year, we are delighted to now enter into an MOU with Heliene regarding long-term supply of our low-carbon, patterned solar glass,” stated CPS President & CEO, Glenn Leroux. “Heliene’s anticipated glass demand in 2024 reflects over 40% of our production capability for Phase 1 of our facility. We look forward to working with Heliene as a strategic partner and to support their future growth plans.”
Martin Pochtaruk, President of Heliene comments, “Amid exploding solar demand and trade volatility, our customers seek peace of mind that they are receiving the highest quality, competitively priced solar modules exactly when and where they need them. Having CPS supply us with a low-carbon glass, free of any geopolitical pressures is an enormous leap forward in the right direction.”
CPS continues to advance other development initiatives that will bring the solar glass project to a shovel-ready status, including detailed engineering, permitting, silica sand resource upgrading and testing and ongoing negotiations to convert other existing expressions of interest to commercial offtake agreements.
About Heliene
Heliene is one of North America’s fastest-growing domestic module manufacturers serving the utility-scale, commercial, and residential markets. With an in-house logistics team and remarkably responsive support staff, Heliene delivers competitively priced, high performance solar modules precisely when and where customers need them to accelerate North America’s clean energy transition. Founded in 2010, Heliene consistently ranks as a highly bankable module manufacturer and has production facilities located in Canada, and the USA. For more information, visit www.heliene.com
Heliene Inc.
Martin Pochtaruk, President
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705.575.6556 ext. 151
WIXOM, Mich.--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL), today announced the acquisition of Spruce Power, the largest privately held owner and operator of residential rooftop solar systems in the U.S. with more than 52,000 subscribers. In connection with the acquisition of Spruce Power, XL Fleet also unveiled its new corporate strategy to provide subscription-based solutions for rooftop solar, battery storage, EV charging and other distributed energy resources.
Spruce Power Acquisition
On September 9, 2022 after market close, XL Fleet completed the acquisition of the Spruce Power business from funds managed by HPS Investment Partners, LLC (“HPS”) for total cash consideration of approximately $58 million and the assumption of approximately $542 million of debt. The Board of Directors of XL Fleet unanimously approved the transaction. After paying the purchase price and related transaction fees and expenses, XL Fleet had approximately $270 million of cash and cash equivalents, of which, approximately $240 million was unrestricted.
Spruce Power owns and operates more than 52,000 residential rooftop solar systems. The company sells the power generated by its systems to homeowners pursuant to long-term agreements that obligate the company’s subscribers to make recurring monthly payments. Including the estimated impact of purchase accounting adjustments on a pro forma basis, Spruce Power generated revenues, net income and Adjusted EBITDA of approximately $83 million, $15 million and $51 million, respectively, for the twelve months ended June 30, 2022. Spruce Power’s operational headquarters are in Houston, Texas and the company had approximately 110 full time employees as of September 1, 2022.
Spruce Power’s revenues have more than doubled since 2019, driven primarily by the acquisition of 10 rooftop solar portfolios. The company does not have a salesforce or installation technicians. Spruce Power has grown by acquiring portfolios of residential solar systems from other companies and investors rather than selling individual systems to homeowners through a direct-to-consumer salesforce like many of its competitors. This approach has allowed the company to keep its customer acquisition costs low and enabled it to generate consistent Adjusted EBITDA.
Management Commentary
Eric Tech, Chief Executive Officer of XL Fleet, stated, “Earlier this year, we communicated our intent to transform the company and create shareholder value through strategic M&A. The acquisition of Spruce Power is a critical first step in that transformation and will be the cornerstone of our new strategy to provide subscription-based solutions for rooftop solar, battery storage and EV charging to homeowners and small businesses.”
Mr. Tech added, “Demand for distributed generation and electric vehicles continues to grow as consumers and businesses seek to mitigate the impact of rising energy costs and become more sustainable. Subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar, battery storage and electric vehicle charging systems are in high demand. The subscription model allows consumers access to new technology without making a significant upfront investment or incurring maintenance costs, while enabling the service provider to earn recurring revenues over a long period of time and generate attractive returns on capital. Spruce Power is a longstanding leader in providing solar-as-a-service solutions and is playing a major role in helping consumers to reduce their energy costs and make meaningful contributions to decarbonizing the electricity grid.”
Mr. Tech concluded, “The combination of Spruce’s existing subscriber-base and proven servicing platform with our capital and small business relationships positions us to take advantage of rapid growth in rooftop solar, energy storage and electric vehicle adoption while creating a path to more predictable revenues, profits and cash flow for our shareholders.”
Christian Fong, Chief Executive Officer of Spruce Power and newly appointed President of XL Fleet, commented, “The Spruce team is incredibly excited about joining the XL Fleet platform and motivated by the potential value created by combining our two companies. With XL Fleet’s resources, we now have the tools to significantly accelerate the growth in our business, while continuing to execute on our mission to lower the cost of energy for our customers and create a more sustainable future.”
Spruce Power Highlights
Transaction Highlights
New Corporate Strategy
Over the past several quarters, XL Fleet’s management and Board of Directors conducted a comprehensive review of the company’s existing business as well as potential acquisitions that could accelerate growth and increase profitability. Based on that review, as well as learnings from the operation of the XL Grid segment which provides energy efficiency upgrades to small businesses, XL Fleet determined that refocusing the company’s business on providing subscription-based solutions to homeowners and small businesses for rooftop solar, energy storage, EV charging and other energy-related products would yield greater value for the company’s shareholders. Key elements of XL Fleet’s new corporate strategy include:
Leadership Transition Plan
To support XL Fleet’s new corporate strategy, Christian Fong, the current Chief Executive Officer of Spruce Power, has been appointed President of XL Fleet and to the XL Fleet Board of Directors. Additionally, the company intends to appoint Christian Fong as Chief Executive Officer of XL Fleet on or prior to February 15, 2023. Eric Tech will remain the Chief Executive Officer of XL Fleet until the planned appointment of Christian Fong.
Review of Strategic Alternatives for the Drivetrain Segment
In parallel with the acquisition of Spruce Power and the company’s new corporate strategy, XL Fleet’s Board of Directors recently initiated a comprehensive review of strategic alternatives for XL Fleet’s Drivetrain segment with the goal of maximizing shareholder value and streamlining the company’s operations. XL Fleet expects to complete the review by the end of 2022.
New Corporate Name and Brand Identity
In connection with the acquisition of Spruce Power and implementation of the company’s new corporate strategy, XL Fleet intends to change its corporate name and introduce a new brand identity. The company’s new name will reflect its focus on providing subscription-based solutions for rooftop solar, energy storage, EV charging and other energy-related products to homeowners and small businesses.
Additional Information
Shareholders and interested investors can find a presentation that contains additional information regarding XL Fleet’s new strategy and the Spruce Power acquisition on the company’s investor relations website at https://investors.xlfleet.com.
Webcast & Conference Call Information
The XL Fleet management team will host a conference call to discuss the Spruce Power transaction and new corporate strategy today, September 12, 2022 at 8:30 a.m. Eastern Time. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of the company’s website at www.xlfleet.com. Alternatively, the call can be accessed live over the telephone by dialing (877) 407-3982, or for international callers, (201) 493-6780 and referencing XL Fleet. An archive of the webcast will be available on the company’s website for a period of time shortly after the call. A telephonic replay will also be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 13732695. The replay will be available until September 26, 2022.
Advisors
Guggenheim Securities, LLC served as exclusive financial advisor and WilmerHale served as outside counsel to XL Fleet in connection with the transaction.
About XL Fleet Corp.
With this transaction, XL Fleet provides subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar, battery storage and electric-vehicle charging systems. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. XL Fleet has more than 52,000 subscribers across the United States. For additional information, please visit www.xlfleet.com.
About HPS Investment Partners, LLC
HPS Investment Partners is a leading global investment firm with over $89 billion of assets under management as of July 2022. HPS seeks to provide creative capital solutions and generate attractive risk-adjusted returns for clients. HPS manages various strategies across the capital structure that include syndicated leveraged loans and high yield bonds to privately negotiated senior secured debt and mezzanine instruments, asset-based leasing and private equity.
Use of Non-GAAP Financial Information
To supplement certain financial information, which is prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), XL Fleet Corp. (“XL”) reports certain non-GAAP financial information relating to each of XL and Spruce Power (“Spruce”) and which have been reconciled to the nearest GAAP measures in the tables within this press release. This prospective financial information was not prepared with a view toward compliance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information or U.S. GAAP with respect to forward looking financial information. Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. We believe that these non-GAAP measures, viewed in addition to and not in lieu of reported GAAP financial information, provides useful information to investors by providing a more focused measure of operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to key metrics of XL and Spruce. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies.
Adjusted EBITDA: We define Adjusted EBITDA as consolidated net income (loss) plus interest expense, unrealized (gain) loss on derivatives, income taxes, depreciation and amortization, loss (gain) on disposal of assets and certain identified items that we do not consider to be part of the ongoing businesses of XL and Spruce. We believe Adjusted EBITDA provides meaningful information to the performance of XL’s and Spruce’s respective businesses and therefore use it to supplement reported GAAP metrics. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results of XL and Spruce.
Reconciliation of Net Income to Adjusted EBITDA (in millions): |
|
|
Twelve Months Ended June 30, 2022(1) |
Net income |
$14.9 |
Interest expense, net |
31.2 |
Depreciation and amortization |
25.4 |
Unrealized gain on derivatives(a) |
(35.4) |
Loss on disposal of assets(b) |
1.1 |
Meter upgrade campaign(c) |
4.8 |
Billing platform transition(d) |
3.4 |
M&A costs and deal bonuses(e) |
3.8 |
Syndicated term loan financing costs(f) |
0.7 |
One-time IT and office relocation costs(g) |
1.2 |
Adjusted EBITDA |
$51.1 |
(a) Represents unrealized gains on the fair value of interest rate swaps.
|
|
Subscriber Value Metrics (in millions): |
|
|
As of June 30, 2022 |
Gross Contracted Subscriber Value(a) |
$560.0 |
Gross Renewal Subscriber Value(a) |
250.3 |
Gross Total Subscriber Value(a) |
$810.3 |
(a) Pro forma for the acquisition of Level Solar completed in July 2022. |
|
Gross Total Subscriber Value represents the sum of Gross Contracted Subscriber Value and Gross Renewal Subscriber Value.
Gross Contracted Subscriber Value represents the present value of the remaining net cash flows discounted at 5% during the initial term of the company’s customer agreements as of the measurement date. It is calculated as the present value of cash flows discounted at 5% that the company expects to receive from subscribers in future periods as set forth in customer agreements, after deducting expected operating and maintenance costs, equipment replacements costs, distributions to tax equity partners in consolidated joint venture partnership flip structures, and distributions to third party project equity investors. The calculation includes cash flows the company expects to receive in future periods from state incentive and rebate programs, contracted sales of solar renewable energy credits, and awarded net cash flows from grid service programs with utilities or grid operators.
Gross Renewal Subscriber Value is the forecasted net present value the company would receive upon or following the expiration of the initial customer agreement term, but before the 30th anniversary of the system’s activation in the form of cash payments during any applicable renewal period for subscribers as of the measurement date. The company calculates the Gross Renewal Subscriber Value amount at the expiration of the initial contract term assuming either a system purchase or a renewal and a 30-year customer relationship (although the customer may renew for additional years, or purchase the system), at a contract rate equal to 90% of the customer’s contractual rate in effect at the end of the initial contract term. After the initial contract term, the company’s customer agreements typically automatically renew on an annual basis and the rate is initially set at up to a 10% discount to then-prevailing utility power prices.
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: the effects of pending and future legislation; the highly competitive nature of the Company’s business and markets; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; expectations regarding the growth of the solar industry, home electrification, electric vehicles and distributed energy resources; the ability to successfully integrate the Spruce Power acquisition; the ability of XL Fleet to implement its plans, forecasts and other expectations with respect to Spruce Power’s business and realize the expected benefits of the acquisition; the ability to identify and complete future acquisitions; the ability to develop and market new products and services; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2022, and other documents that the Company files with the SEC in the future.
XL Fleet Investors:
Marc Silverberg, Partner (ICR)
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XL Fleet Media:
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Company receives 40-year license renewal from Nuclear Regulatory Commission
CRANBERRY TOWNSHIP, Pa.--(BUSINESS WIRE)--Westinghouse Electric Company received confirmation from the Nuclear Regulatory Commission (NRC) that its Columbia Fuel Fabrication Facility (CFFF) operating license is renewed for an additional 40 years. The license extends Westinghouse’s operations at the Richland County facility until 2062.
“We are very pleased with NRC’s renewal of our license for an additional 40 years,” says Patrick Fragman, President and Chief Executive Officer of Westinghouse. “The Columbia Fuel Fabrication Facility plays a vital role in fueling the global operating nuclear fleet while also assuring United States energy independence. Looking to the future, we are proud to continue generating safe, clean and sustainable energy in South Carolina as a flagship facility in our global nuclear fuel portfolio.”
The Westinghouse facility in Hopkins, S.C., manufactures fuel rods used in commercial reactors to generate electricity. Ten percent of the nation’s electricity comes from the nuclear fuel manufactured by more than 850 employees at the site.
In recent years, Westinghouse has made substantial investments in the CFFF to improve operations, infrastructure, maintenance, environmental, and safety standards throughout the facility. Westinghouse remains committed to continue investing in facility enhancements as well as in its ongoing engagement with the local community.
Westinghouse Electric Company is shaping the future of carbon-free energy by providing safe, innovative nuclear technologies to utilities globally. Westinghouse supplied the world’s first commercial pressurized water reactor in 1957 and the company’s technology is the basis for nearly one-half of the world's operating nuclear plants. Over 135 years of innovation makes Westinghouse the preferred partner for advanced technologies covering the complete nuclear energy life cycle. For more information, visit www.westinghousenuclear.com and follow us on Facebook, LinkedIn and Twitter.
Cathy Mann
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PRINCETON, N.J.--(BUSINESS WIRE)--Today, Essential Properties Realty Trust, Inc. (NYSE: EPRT) (the “Company” or “EPRT”) announced, as part of its Essential Sustainability strategy, a partnership with Budderfly Inc. (“Budderfly”), the fastest growing Energy-Efficiency-as-a-Service ("EEaaS") provider in the United States. The Company’s first sustainability partnership aims to deliver operating savings to its tenants by deploying sustainability upgrades that are estimated to reduce the carbon footprint of the upgraded properties by up to 30%.
Under the program, EPRT plans to invest capital in more efficient technologies and equipment upgrades that Budderfly will install and manage. The sustainability upgrades will include, but are not limited to: the installation of LED lighting and lighting controls, higher efficiency HVAC units along with HVAC controls and monitoring, refrigeration controls and monitoring, solar solutions, and net metering and controls. Budderfly’s established methodologies as a leading EEaaS provider include identifying the optimum sustainability upgrades to deploy, completing the installation, maintaining the upgrades, and monitoring utilization. Tenants will receive an immediate reduction in their monthly utility costs and will have access to valuable data about their energy consumption, monthly savings, and carbon footprint reduction— all with Budderfly’s Facility Smart Grid.
“Our goal in launching the sustainability partnership with Budderfly is to generate a meaningful reduction in the carbon footprint of our portfolio and contribute to our primary objective of maximizing shareholder value,” said Julia Burman, EPRT’s Director of Sustainability. “In addition, we believe our actions can strengthen our tenant relationships helping them reduce their energy usage, increase their profitability through lower operating costs, and create opportunities for increased customer attraction.”
“We are thrilled to partner with EPRT in the launch of this significant sustainability initiative and to set a leading example in the net lease space together,” said Tom Flynn, Vice President, Corporate Strategy & General Counsel, Budderfly. “We’ve been impressed by EPRT’s commitment to sustainability and their tenant relationships, as clearly evidenced by their investment in the success of this program and their commitment to aggressive savings goals for tenants.”
About Essential Properties Realty Trust, Inc.
Essential Properties Realty Trust, Inc. is an internally managed REIT that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses. As of June 30, 2022, the Company’s portfolio consisted of 1,561 freestanding net lease properties with a weighted average lease term of 13.8 years and a weighted average rent coverage ratio of 4.0x. In addition, as of June 30, 2022, the Company’s portfolio was 99.9% leased to 322 tenants operating 469 different concepts in 16 industries across 46 states.
About Budderfly
Budderfly, the fastest-growing Energy Efficiency as a Service (EEaaS) company in the United States, is the premier sustainability partner for businesses with repeatable footprints, such as restaurant chains, assisted living facilities, retail franchises, and more. Budderfly installs, monitors, and manages a combination of patented technologies, equipment upgrades, and proprietary energy software for its customers at no out-of-pocket cost. Businesses benefit with lower energy bills, a reduced carbon footprint, more reliable operations, and an improved customer and employee experience. Budderfly ranked #2 in energy companies and #10 overall on the 2021 Inc. 5000 America’s Fastest-Growing Private Companies list. For more information visit www.budderfly.com, or follow Budderfly on Twitter @BudderflyEnergy and LinkedIn @Budderfly Inc.
Investor/Media:
Essential Properties Realty Trust, Inc.
Daniel Donlan, Senior Vice President, Capital Markets
609-436-0619
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IRVINE, Calif.--(BUSINESS WIRE)--Rivian (NASDAQ: RIVN) has today announced that on Wednesday September 14, 2022 at 11:15am EST Rivian’s founder, Chairman and CEO RJ Scaringe will participate in a fireside chat at the Goldman Sachs Communacopia + Technology Conference 2022.
A live webcast will be available here.
About Rivian:
Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. Learn more about the company, products, and careers at rivian.com.
Investor Contact
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Media Contact
Harry Porter: This email address is being protected from spambots. You need JavaScript enabled to view it.
Project to fill knowledge gaps and assess hydrogen’s feasibility as a decarbonization tool
SAN DIEGO--(BUSINESS WIRE)--As another step toward fulfilling regional and state climate goals and its own net zero roadmap, San Diego Gas & Electric Company (SDG&E) submitted a proposal with the California Public Utilities Commission (CPUC) on Sept. 8 for a demonstration project on the University of California San Diego (UC San Diego) campus to study how blending hydrogen with natural gas in the existing gas system could help achieve a successful energy transition for all Californians.
The project is part of SDG&E’s multi-pronged sustainability strategy to explore the feasibility of emerging technologies to rapidly decarbonize multiple economic sectors – from buildings and transportation to industrial and manufacturing processes – to help California reach its carbon neutrality goal by 2045. If approved by the CPUC, the project would study the feasibility of injecting up to 20% of hydrogen into plastic natural gas pipe, a common material used in the natural gas infrastructure. An isolated section of a gas line serving a UC San Diego apartment complex would use hydrogen blended gas for common building equipment such as boilers and water heaters. Hydrogen used in this study would be produced onsite via a dedicated, grid-connected electrolyzer. The results of the study would help inform the development of a renewable hydrogen blending standard for California.
“Achieving the state’s climate goals, including reaching carbon neutrality by 2045, will require a broad range of clean energy technologies. That’s why we are investing in the research, development and demonstration of emerging hydrogen innovations that have the potential to be a game changer,” said SDG&E CEO Caroline Winn. “Developing clean fuels like hydrogen is key to creating a clean, reliable and climate-resilient energy sector, while also stimulating economic and job growth.”
The UC system and UC San Diego have long been sustainability leaders. The UC system aims to achieve net zero greenhouse gas emissions from its buildings and fleet by 2025. UC San Diego is a global leader in advanced battery and energy storage research and deployment, and it’s home to a microgrid powered by a fuel cell and the Deep Decarbonization Initiative.
“At UC San Diego, we take tremendous pride in fostering innovations and developing solutions to real-world problems,” said Chancellor Pradeep K. Khosla. “Sustainability and public service have been a key part of the university since its founding. That’s why we are helping to support California’s decarbonization efforts through this pilot project exploring the economical and safe use of blended hydrogen.”
The project would fulfill a key recommendation in a recent “Hydrogen Blending Impacts” study (sponsored by the CPUC and performed by UC Riverside) calling on utilities to conduct “real world demonstration of hydrogen blending” to fill knowledge gaps that cannot be addressed through modeling or lab experiments.
“Because of California’s abundant solar energy resource and strong history of clean energy innovation, we are well-positioned to pioneer a clean hydrogen economy,” said state Senator Ben Hueso, who represents the San Diego and Imperial County areas. “California is at a critical juncture in the energy transition where investments in research, development and demonstration of hydrogen and other emerging technologies are necessary to accelerate decarbonization.”
SDG&E and UC San Diego will work closely together during all the phases of the project to implement safety protocols, conduct public outreach, and identify research opportunities with students and faculty.
Submitted as part of a joint filing with SoCalGas and Southwest Gas on Sept. 8, SDG&E’s proposal builds upon the latest research and international experiences, including the HyDeploy pilot in the UK. That project demonstrated the injection of up to 20% of hydrogen into a university’s natural gas network, suggesting that blending hydrogen up to 20% by volume does not interact negatively with existing materials used within infrastructure like network pipes or in homes or businesses.
Hydrogen is already used in many industrial and manufacturing processes, including fertilizer and steel production. A versatile energy carrier, it can be used to move, store and deliver energy made from other sources. California can potentially harness, rather than curtail, its excess renewable energy to produce hydrogen. This clean hydrogen could then be injected into gas pipelines, used to power fuel cell vehicles, or stored for months at a time and converted back into electricity when it's needed.
SDG&E’s proposal comes at a time when the U.S. government is gearing up to invest $9.5 billion in clean hydrogen initiatives as part of the 2021 Infrastructure Investment and Jobs Act. To further accelerate the development of a hydrogen economy, Congress in August passed the Inflation Reduction Act, which will provide a new clean hydrogen production tax credit of up to $3 per kilogram. California announced its intention earlier this year to leverage federal and state dollars to create a renewable hydrogen hub and accelerate hydrogen market development. Governments in Asia and Europe have also launched ambitious hydrogen initiatives.
As part of the project, new pipe would be installed to isolate specific buildings from the surrounding area, along with a hydrogen storage tank, a hydrogen blender, and an electrolyzer that would produce hydrogen by splitting water into hydrogen and oxygen. The electrolyzer is expected to use about a third of the water an average household consumes in a year. Construction would start in Q2 2024 with blending occurring in late 2024 through early 2026. The site would be fully restored to its original condition upon conclusion of the project.
SDG&E is an innovative San Diego-based energy company that provides clean, safe and reliable energy to better the lives of the people it serves in San Diego and southern Orange counties. The company is committed to creating a sustainable future by providing its electricity from renewable sources; modernizing energy infrastructure; accelerating the adoption of electric vehicles; supporting numerous non-profit partners; and, investing in innovative technologies to ensure the reliable operation of the region’s infrastructure for generations to come. SDG&E is a subsidiary of Sempra (NYSE: SRE). For more information, visit SDGEnews.com or connect with SDG&E on Twitter (@SDGE), Instagram (@SDGE) and Facebook.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions with respect to the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
In this press release, forward-looking statements can be identified by words such as “believes,” “expects,” “intends,” “anticipates,” “contemplates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “construct,” “develop,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “progress,” “advance,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our guidance, priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations.
Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include risks and uncertainties relating to: California wildfires, including the risks that we may be found liable for damages regardless of fault and that we may not be able to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, in rates from customers or a combination thereof; decisions, investigations, regulations, issuances or revocations of permits and other authorizations, renewals of franchises, and other actions by (i) the California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, and other regulatory and governmental bodies and (ii) the U.S. and states, counties, cities and other jurisdictions therein in which we do business; the success of business development efforts and construction projects, including risks in (i) completing construction projects or other transactions on schedule and budget, (ii) realizing anticipated benefits from any of these efforts if completed, and (iii) obtaining the consent or approval of partners or other third parties, including governmental and regulatory bodies; civil and criminal litigation, regulatory inquiries, investigations, arbitrations and other proceedings; changes to laws and regulations; cybersecurity threats, including by state and state-sponsored actors, to the energy grid, storage and pipeline infrastructure, information and systems used to operate our businesses, and confidentiality of our proprietary information and personal information of our customers and employees, including ransomware attacks on our systems and the systems of third-parties with which we conduct business, all of which have become more pronounced due to recent geopolitical events and other uncertainties, such as the war in Ukraine; failure of our counterparties to honor their contracts and commitments; actions by credit rating agencies to downgrade our credit ratings or to place those ratings on negative outlook and our ability to borrow on favorable terms and meet our debt service obligations; the impact of energy and climate policies, laws, rules and disclosures, as well as related goals and actions of companies in our industry, including actions to reduce or eliminate reliance on natural gas generally and any deterioration of or increased uncertainty in the political or regulatory environment for California natural gas distribution companies and the risk of nonrecovery for stranded assets; the pace of the development and adoption of new technologies in the energy sector, including those designed to support governmental and private party energy and climate goals, and our ability to timely and economically incorporate them into our business; weather, natural disasters, pandemics, accidents, equipment failures, explosions, acts of terrorism, information system outages or other events that disrupt our operations, damage our facilities and systems, cause the release of harmful materials, cause fires or subject us to liability for damages, fines and penalties, some of which may be disputed or not covered by insurers, may not be recoverable through regulatory mechanisms or may impact our ability to obtain satisfactory levels of affordable insurance; inflationary and interest rate pressures, volatility in commodity prices, our ability to effectively hedge these risks, and their impact, as applicable, on our cost of capital and the affordability of customer rates; the availability of electric power, natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid or limitations on the withdrawal of natural gas from storage facilities; the impact of the COVID-19 pandemic on capital projects, regulatory approvals and the execution of our operations; the impact on competitive customer rates and reliability due to growth in distributed and local power generation, including from departing retail load resulting from customers transferring to Community Choice Aggregation and Direct Access, and the risk of nonrecovery for stranded assets and contractual obligations; changes in tax and trade policies, laws and regulations, including tariffs, revisions to international trade agreements and sanctions, such as those that have been imposed and that may be imposed in the future in connection with the war in Ukraine, which may increase our costs, reduce our competitiveness, impact our ability to do business with certain counterparties, or impair our ability to resolve trade disputes; and other uncertainties, some of which are difficult to predict and beyond our control.
These risks and uncertainties are further discussed in the reports that the company has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC’s website, www.sec.gov, and on Sempra’s website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.
Sempra Infrastructure, Sempra Texas, Sempra Mexico, Sempra Texas Utilities, Oncor Electric Delivery Company LLC (Oncor) and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, San Diego Gas & Electric Company or Southern California Gas Company, and Sempra Infrastructure, Sempra Texas, Sempra Mexico, Sempra Texas Utilities, Oncor and IEnova are not regulated by the CPUC.
Helen Gao
San Diego Gas & Electric
877-866-2066
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Twitter: @sdge
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