HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) announced today that President and Chief Executive Officer Roderick A. Larson will present at the Barclays CEO Energy-Power Conference on Wednesday, September 7, 2022. Mr. Larson and other members of management will also host meetings with institutional investors.
The conference handout is available on the Investor Relations page of Oceaneering’s website at www.oceaneering.com.
Oceaneering is a global provider of engineered services and products, primarily to the offshore energy industry. Through the use of its applied technology expertise, Oceaneering also serves the defense, aerospace, and entertainment industries.
For more information on Oceaneering, please visit www.oceaneering.com.
Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
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The Official Methodology Will Quantify Emissions Reductions from the Production of Biochar
OTTAWA, Ontario--(BUSINESS WIRE)--#Biochar--Invert Inc. ("Invert" or “the Company"), a specialized carbon reduction and offsetting company focused on making carbon credits accessible to individuals, is proud to congratulate Matt Delaney, the Company’s Head of Carbon Forestry, for his contributions to developing the recently published Verra Biochar Methodology. The methodology, published by Verra’s Verified Carbon Standard Program, paves the way for new nature-based approaches to carbon removal, specifically biochar utilization in soil and other applications.
Biochar is a solid and stabilized carbon material formed by the thermochemical processing of biomass in an oxygen limited environment. When used as a soil amendment, biochar can help retain nutrients and water. The carbon in biochar is resistant to decomposition and can persist in soils for hundreds of years. Biochar was among the IPCC’s short-list of Negative Emission Technologies (NETs) that could provide a significant sequestration impact, with the potential to mitigate over a billion tonnes of CO2 per year by 2050.
The Biochar Methodology was developed by a consortium of experts from the biochar and carbon removal industry, including Invert’s internal subject matter expert and Head of Carbon Forestry, Matt Delaney. Matt collaborated with a team of experts to develop the methodology including FORLIANCE, South Pole and Biochar Works. The new methodology outlines how net emissions removals are calculated from biochar production and application. The methodology is comprehensive in that the carbon accounting boundary extends from sourcing the waste biomass, making biochar, to its final use (in soil or approved non-soil applications).
“Matt is an incredible asset to the Invert team, with over 20 years of experience in forest carbon methodology development, his knowledge and experience are invaluable not only to Invert, but to the global fight against climate change,” said Andre Fernandez, Co-CEO, Invert Inc. “We applaud his thought leadership in co-developing the recent biochar methodology and look forward to many more success stories as we continue to advance our carbon reduction investments and software platform.”
Matt has been part of the successful implementation of carbon projects on over two million acres of land, and is the co-author of an Improved Forest Management (“IFM”) methodology under the American Carbon Registry.
In addition to developing new carbon methodologies, as part of his role as Head of Carbon Forestry at Invert, Matt evaluates and completes due diligence on forest carbon project opportunities including IFM, REDD+, and reforestation projects globally. He also identifies new opportunities in the carbon offset and removal sector.
Verra will hold two webinars to launch the biochar methodology on Sep. 9 and 20.
About Invert
Invert operates at the core of the carbon reduction ecosystem, from financing the removal of carbon from our atmosphere via high-quality carbon offset projects to empowering businesses and individuals on their emissions reduction journeys.
Invert invests in carbon credit projects that produce high-quality, meaningful carbon reduction and removal credits that will help save our world. By selling these credits to individuals or businesses, the Company generates revenue that can be reinvested towards further projects that reduce or remove CO2 from the atmosphere. Invert also works directly with businesses to help them understand and reduce their carbon footprint.
Invert is also creating a place where individuals can go to learn about what they can do themselves to address the pressing issue of climate change. The Company helps individuals understand their own impact on the world and gives them a chance to support projects that reduce greenhouse gas emissions. The goal is for every individual to be carbon neutral, and Invert will help get people there in an engaging manner with rich content and community. Please visit our website for more information: https://join.invert.world/
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements contained in this news release include, but are not limited to, the intentions of the Corporation to complete the Offering, the planned use of the proceeds of the Offering and future development and financial prospects of the Corporation. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Invert to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: volatility in prices of carbon credits and demand for carbon credit; expectations regarding carbon market trends, overall carbon market growth rates and prices for carbon credits; inability to raise the money necessary to execute its business plan and strategies; the Corporation's business plans and strategies, including acquiring carbon credits, streams and interests in carbon credit projects or entities involved in carbon credits or related businesses; the political, social and economic conditions in each jurisdiction in which the Corporation holds an investment; terrorism, insurrection or war; or delays in obtaining governmental approvals. Although Invert has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Invert disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
Caitlin O’Hara
Head of Corporate Communications
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1-613-621-9638
DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) today announced that its 2021 Schedule K-3 reflecting items of international tax relevance is available online. In addition, Energy Transfer LP announced that the 2021 Schedule K-3 for Enable Midstream Partners, LP, who merged with ET on December 2, 2021, is also available online. Unitholders requiring this information may access their Schedule K-3 at www.energytransfer.com in the investor relations section of the website.
A limited number of unitholders (primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements. To the extent Schedule K-3 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.
Energy Transfer Common Unitholders
To receive an electronic copy of your 2021 Schedule K-3 via email, Energy Transfer unitholders owning Energy Transfer Common Units in 2021 may also call Tax Package Support toll free at 800-617-7736.
Energy Transfer Preferred Unitholders
To receive an electronic copy of your 2021 Schedule K-3 via email, Energy Transfer unitholders owning Energy Transfer Preferred Units (ETO Series A through G and ET Series A through H) in 2021 may also call Tax Package Support toll free at 833-608-3511.
Enable Common Unitholders
To receive an electronic copy of your 2021 Schedule K-3 via email, Enable unitholders owning Enable Common Units in 2021 (prior to its merger with Energy Transfer on December 2, 2021), may also call Tax Package Support toll free at 833-608-3516.
Energy Transfer is not planning to mail copies of the 2021 Schedule K-3 to investors of Energy Transfer nor to investors of Enable Midstream Partners, LP.
For more information, visit the Energy Transfer LP website at www.energytransfer.com.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC).
Media Relations
214-840-5820
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Investor Relations
Bill Baerg, Brent Ratliff or Lyndsay Hannah
214-981-0795
Former Royal Marine strengthens the Renewable Energy team
IRVINE, Calif.--(BUSINESS WIRE)--#Alliant--Edward Stewart has joined Alliant Insurance Services as a Senior Vice President, Alliant Power, one of the 13 Alliant industry-dedicated verticals. Stewart will consult and advise clients on risks associated with renewable energy - solar, wind and power. Stewart will focus on partnering with clients to achieve sustainability goals and objectives.
“Edward has a unique background and a passion for sustainability,” said Robert Bothwell, Executive Vice President, Managing Director of Alliant Power. “He brings a different perspective that will be invaluable to our clients and colleagues in the power space. I look forward to Edward’s podcast series about how his experience in the military prepared Edward for being a power risk advisor.”
Prior to Alliant, Stewart’s prior career experiences have taken him around the world. He began his career in the British military, serving as a Royal Marines Commando. He subsequently worked in the security and oil and gas industries, enabling safe business operations in often complex and challenging environments, working in Africa, Asia and the Middle East. Prior to joining Alliant, Stewart was a Vice President for a global brokerage firm. His diverse background gives him a unique perspective we know will service our clients and help us to grow.
We recently recorded a podcast with Stewart that contains more information about his experience and why he decided to join Alliant, which can be found here.
About Alliant Insurance Services
Alliant Insurance Services the nation’s leading distributors of diversified insurance products and services. We operate through a network of specialized national platforms and local offices to offer our clients a comprehensive portfolio of solutions built on innovative thinking and personal service. The business of managing risk is getting more complex, and Alliant is meeting this complexity head-on, not with more layers of management, but with more creativity and agility. Alliant is changing the way our clients approach risk management and benefits, so they can capitalize on new opportunities to grow and protect their organizations. Visit us at alliant.com. #TheMoreRewardingWay
ALLIANT SPECIALTY CONTACT
Madeline Currie
Assistant Vice President,
Specialty Group
(512) 673-8606
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ALLIANT CORPORATE CONTACT
Nick Kopinga
Vice President
Corporate Marketing and Communications
(949) 260-5004
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CLARKSBURG, W.Va.--(BUSINESS WIRE)--#hopegasisback--Hearthstone Holdings, Inc. (“Hearthstone”), a portfolio company of Ullico Infrastructure Fund (“UIF”) announced today that it closed on its acquisition of 100% of the equity interests in Hope Gas, Inc. (“Hope Gas”), a regulated gas distribution company located in West Virginia. Hearthstone indirectly acquired Hope Gas from Dominion Energy, Inc. (“Dominion Energy”).
“I’m pleased Hearthstone is investing in West Virginia and is committed to bringing not only affordable domestic energy to their customers but also their headquarters and job opportunities to The Mountain State,” said U.S. Senator Joe Manchin. “This is great news for the region and I look forward to seeing the positive impact of this investment for years to come,” said Manchin.
"We are excited to bring back the Hope Gas name to West Virginia,” said Morgan O’Brien, Hope Gas and Hearthstone’s President and CEO. “Customers will receive the same great utility service from great Hope Gas employees all located in West Virginia. As we build out the local operation, we plan to aggressively hire in the state by adding jobs that will fuel the health of our local West Virginia communities,” said O’Brien.
Founded in 1898, Hope Gas is now one of the largest local natural gas distribution companies (“LDCs”) in West Virginia. With approximately 3,200 miles of main and 2,000 miles of gathering pipes, Hope Gas serves over 111,000 residential, commercial, and industrial customers across 35 counties in West Virginia. “We are excited to grow the business and leverage West Virginia’s abundant natural gas resources by collaborating with local natural gas producers to get more locally produced natural gas to more customers in West Virginia. Using local natural gas to enhance the economic and growth opportunities in West Virginia will attract more businesses and jobs to The Mountain State,” said O’Brien.
Hearthstone owns and operates natural gas LDCs in Indiana, Ohio, North Carolina, Maine and Montana and water and wastewater utilities in Arizona and Michigan. As part of the definitive agreement, Hearthstone will move its headquarters to Morgantown, West Virginia, further highlighting the importance of the acquisition to the portfolio.
“It is with great honor that I welcome Hearthstone to West Virginia,” said West Virginia Governor Jim Justice. “By moving their headquarters to Morgantown they have not only chosen to invest in our rich energy resources, they have also chosen to invest in our greatest resource, our people. I am excited for what this acquisition means for Morgantown, North Central West Virginia, and our entire state. I sincerely thank all involved in making today’s announcement a reality,” said Justice.
“We are pleased with the closing of Hope Gas and further expansion of our presence in the regulated utility space,” said Rohit Syal, Head of Acquisitions for UIF. “Hope Gas is a transformative addition for Hearthstone and we are excited about the growth opportunities in West Virginia while enhancing the safety of our system and expanding our service to more customers,” said Syal.
“Through Hope Gas, UIF looks forward to continuing to help the communities where we operate by investing in those communities, employing responsible labor policies, and committing to local economic development,” said Sonia Axter, Head of Asset Management for UIF.
“Ullico is proud to add another company that has demonstrated continued support of its large unionized employee base and provides essential services to the communities it serves,” said Edward M. Smith, President and CEO of Ullico Inc.
About Hearthstone
Hearthstone is a holding company that owns natural gas and water distribution utilities across 7 states. Hearthstone provides service to more than 100,000 residential, commercial, and industrial customers in the communities we serve. We currently operate natural gas utilities in Indiana, Maine, Montana, North Carolina, and Ohio; and water and wastewater utilities in Arizona, and Michigan. We also provide natural gas production and natural gas marketing through our subsidiary companies. Hearthstone’s growth strategy is built on being a trusted member of the communities we serve, providing our customers with safe, reliable and cost-effective utility service. For additional information visit www.hearthstonecompany.com.
About Ullico
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors, and union members. Founded over 95 years ago, the company takes a proactive approach to anticipating labor's needs, developing innovative financial and risk solutions, and delivering value to our clients. Ullico’s products are tailored to promote financial security and stability for American workers.
Ullico Infrastructure Fund (UIF), founded in 2010, was established to assist in the construction, maintenance, and refurbishment of America’s infrastructure. UIF provides institutional investors with access to core and core+ infrastructure investments that deliver long-dated, low-volatility, and inflation-linked cash flows. As an open-ended fund with no terminal date, UIF makes long-term investments in U.S. and Canada-based infrastructure businesses that provide essential services to communities, governments, and corporations. UIF currently has approximately $5 billion in investor commitments on behalf of over 200 investors, with 23 portfolio investments across power, utilities, energy, transportation and digital infrastructure sub-sectors.
The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC.; and Ullico Investment Advisors, Inc. For additional information visit www.ullico.com.
UIF (or the “Fund”) is managed by Ullico Investment Advisors, Inc. (“UIA”) and is sold through Ullico Investment Company, Inc. (Member FINRA/SIPC), both subsidiaries of Ullico Inc. UIA is a registered investment adviser with the SEC under the Investment Advisers Act of 1940, as amended. UIF will only be sold to “accredited investors” as that term is defined in Regulation D of the Securities Act of 1933. Investment in infrastructure is speculative, not suitable for all investors, and should be undertaken only by experienced and sophisticated investors who are willing to bear the high risks of such an investment, which include, but are not limited to, lack of liquidity, restrictions on transferring ownership to the Fund, absence of information regarding valuation and pricing, and high fees and expenses. Potential investors in the Fund should carefully read the Confidential Private Placement Memorandum for a description of the potential risks associated with investment in the Fund.
About Dominion Energy
About 7 million customers in 15 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to safely providing reliable, affordable and sustainable energy and to achieving Net Zero emissions by 2050. Please visit DominionEnergy.com to learn more.
Christine Mitchell
Hope Gas – External Affairs and Communications Consultant
P: 304-812-2394
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EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today announced its participation in the following investor and industry conferences.
Investor Conferences:
Citi's 2022 Global Technology Conference
Date: September 7, 2022
Presentation Time: 2:30 PM ET*
Location: New York City
Presenter: Steve Abramson, President and CEO
Evercore ISI 2nd Annual Technology, Media and Telecom Conference
Date: September 8, 2022
Presentation Time: 8:45 AM ET*
Location: New York City
Presenter: Steve Abramson, President and CEO
* A live and archived audio webcast of the investor presentations will be available on the events page of the Company's Investor Relations website at ir.oled.com.
Industry Conference:
OLEDs World Summit
Date: October 26-27, 2022
Location: San Francisco, CA
Presenter: Dr. Mike Hack, Vice President of Business Development
Presentation: UDC's Progress with Phosphorescent OLED Technology
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.
# # #
All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
Follow Universal Display Corporation
(OLED-C)
Universal Display:
Darice Liu
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+1 609-964-5123
This marks a new milestone in CHINT’s ESG localization.
MADRID--(BUSINESS WIRE)--On August 30, 2022, CHINT obtained the HVAC Explosion-Proof AK Certification from TÜV Rheinland, a global leading independent third-party certification authority, marking CHINT's new milestone in ESG localization and the company's upgrade of products in response to refrigerant in the heating, ventilation, and air conditioning (HVAC) industry. The certification accredits CHINT’s 12 low-voltage products in 3 series, including the contactor and the motor starter, which can be applied to different application scenarios and future trends in the HVAC industry.
With the increasing awareness of environmental protection around the world, Europe is vigorously switching towards climate-friendly cooling solutions and accelerating the application of environment-friendly refrigerants, more attention has been paid to industries of HVAC, petroleum & petrochemical, coal and power. As a global smart energy solution provider, CHINT promotes the international certification of heating, ventilation, and air conditioning (HVAC) products, effectively guides the development of power products towards low-carbon goals, and helps global HVAC customers save energy and reduce carbon emissions.
Beibei Zheng, Vice President of CHINT Global, said, "CHINT’s acquisition of TÜV China's first HVAC Explosion-Proof AK Certification indicates that while our products and system solutions certainly meet international explosion-proof requirements, we also have the capability to pursue a low-carbon sustainable development.”
Guorong Sun Vice President | Industrial Services & Cybersecurity Greater China, TÜV Rheinland, said, “We are delighted to see CHINT's continuous promotion of global energy transformation and refrigerant replacement in the HVAC industry.”
The NC1 and NC8 series AC contactors certified by TÜV Rheinland are suitable for turning on and off AC motors. The NS2 series AC motor starter can be used for motor overload protection. In order to test the safety of the related HVAC equipment when refrigerant leaks, CHINT entrusted TÜV Rheinland to conduct the explosion-proof compliance tests which simulate product usage in actual scenarios.
In terms of international localization, CHINT has always cooperated with global partners. CHINT has established a cooperation partnership and maintained active interactions with TÜV Rheinland for more than ten years. At present, with its footprint expanded to Europe, America, Africa and Asia, CHINT continuously strengthens its end-to-end delivery capabilities in the overseas markets, promotes localized brand certification, and practices its customer-oriented concept with excellent pre-services through its overseas subsidiaries, overseas manufacturing centers, and overseas warehouses.
Cora Geng
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LONDON--(BUSINESS WIRE)--Lodbrok Capital LLP, in its capacity as a top five investor in Valaris plc (“Valaris”), recently sent the letter included below to Valaris’ board and issued the following comment today:
“Lodbrok Capital LLP is highly supportive of Valaris, its management, and its directors. Since our recent letter, the company has continued to demonstrate strong shareholder focus by amending its bond indenture, and we think the new flexibility provides attractive opportunities to proactively unlock shareholder values during the current market volatility.”
Letter set out below:
Valaris plc (“Valaris”)
5847 San Felipe
Suite 3300
Houston, TX 77057
Attn: The Directors
7 July 2022
Dear directors,
Certain funds and accounts managed or advised by Lodbrok Capital LLP (“Lodbrok”) hold an exposure corresponding to 6.3% of the shares in Valaris, through a combination of 4.7% of directly held shares and call exposures on a further 1.6% of underlying shares, as well as more than 7% of the 2028 Valaris notes. Lodbrok has been invested in Valaris continuously since our inception in 2017, and we served on the investor committee in the recent financial restructuring, during which we injected new capital into the business.
In our view, the offshore drilling sector is poised for continued strong recovery after years of rig supply contraction and underinvestment in the industry. We believe Valaris is uniquely positioned among offshore drillers with the lowest asset valuations, the highest operating leverage, and balance sheet flexibility that allows for a best-in-class capital return policy. Based on our calculations, Valaris trades at c. $115m per drillship, or 1.3x EV/EBITDA at the rig level based on the clean dayrate in the recently announced contract for the DS-17. This corresponds to c. 15% of our estimated replacement cost in a market potentially facing shortage of rigs. Furthermore, we estimate an upside of more than 160% to the current share price based on recent asset transactions.
We are highly supportive of the company, the management, and the directors. Valaris has achieved a lot in its first year following the restructuring, having successfully reactivated several idle assets, installed a strong management team, and closed some of the valuation gap to its competitors. At the outset of the second year post restructuring, we believe shareholders will be focused on two interdependent priorities: continued closing of the significant trading discount to fundamental asset values and implementation of a best-in-class return of capital policy.
Unlocking value
Beyond benefitting from its unique operational leverage to rising dayrates, we believe the best way for Valaris to close its valuation discount is through attractive disposals of jackups, linked to an immediate return of capital to shareholders. While lifting market values towards NAV, we believe such disposals and distributions could be a highly attractive way to realise value and demonstrate strong shareholder focus, as further supported by Valaris having two large shareholders represented on the board.
A competitor recently sold three jackups in a yard for a price of c. $107m per unit (or c. $125m incl. startup costs). Lodbrok estimates that Valaris’ share price implies $38m per premium jackup, implying c. 180% upside to a NAV based on this recent transaction. For illustration, we estimate a sale of 10 jackups at $107m each would imply a PF Q1 cash of $1,320m net of all debt (incl. CARES tax and sale of JU-113 and JU-114), equal to 45% of the market capitalization. If hypothetically all 33 premium jackups in the fleet were sold at $107m each, we estimate Valaris would have net cash position of $3.8bn, compared to a current market cap of c. $3.0bn, implying a negative -$0.8bn of value for one of the largest floater fleets in the world and the ARO JV. Even at a meaningful discount to $107m per rig, such disposals could be highly attractive, and we believe shareholders would welcome immediate events over waiting for potentially higher prices if that would entail greater process uncertainty.
Capital returns and balance sheet normalization
The Valaris share price has seen a 38% pullback from recent highs, despite what we see as firmly improving industry fundamentals. Part of the share price decline is possibly due to selling by unnatural shareholders following the debt restructuring, leading to supply of shares which is currently not met by commensurate demand due to the recent market turmoil and lack of specific events to drive investor attention. We believe that any capital return exercises – be it dividends or share buybacks – could serve to alleviate these dynamics, and that companies sitting on net cash positions amidst large share price declines could be seen as sending a weak message if they do not consider buybacks (or dividends that allow shareholders to reinvest themselves).
We believe part of Valaris’ valuation discount may be attributable to what we consider an inefficient and defensive balance sheet. As of Q1 2022, the company had $578m of unrestricted cash, before proceeds from a $125m jackup disposal and a $97m CARES tax refund, for a PF unrestricted cash of $800m against $550m of debt. The cash position since emergence has afforded the company stability as it sought to reactivate its fleet and get to positive cash flows, while providing an opportunity to evaluate cash funded acquisitions. However, the company has told the market it turns free cash flow positive in H2 2022, and in the most recently announced drillship contract, it seems that most of the reactivation costs were covered by the customer. Moreover, with the strong sector recovery, we believe any large-scale M&A is likely to be equity based. Consequently it is our opinion that the cash on the balance sheet, beyond what is required for non-reimbursable reactivations and day-to-day operations, offers limited strategic or financial flexibility at this stage. We believe Valaris’ statement of having the “strongest balance sheet in the offshore drilling sector” may be increasingly translating to current and prospective shareholders as having an inefficient and defensive balance sheet in a healthy and improving market.
Having followed this industry over a long period, we recognise it is highly cyclical. We were part of the recent restructuring, which eliminated $7.1bn of Valaris’ debt, and, together with other long-term investors, we committed to injecting $500m of new capital in the summer of 2020 when oil prices were in the $40s. The restructurings of Valaris and its peers have rendered the wider drilling sector much more robust, and we struggle to foresee a return to conditions during which the current balance sheet was established. Key peers like Seadrill, Diamond and Noble/Maersk all restructured their balance sheets in recent years, and none of those have net cash positions like Valaris. We believe retaining cash for what we consider highly unlikely scenarios, given the prevailing market conditions, could be inconsistent with principles of healthy corporate governance. Thus we would consider it appropriate and in the best interest of shareholders if Valaris immediately sought to distribute any excess cash and – over time as credit markets permit – establishes the right level of debt on its balance sheet.
Bond amendments
The only debt in the company is a bond that was issued last year to a group of shareholders that included amongst other four of the six largest shareholders in Valaris as per recent filings. The bond indenture was negotiated under some of the industry’s most challenging times and consequently does not offer the company appropriate flexibility in the current market. Today there is a significant market cap, a large number of asset transactions to support valuations, and a backdrop where dayrates and commodity prices have drastically increased since the bond was priced, rendering it highly over-collateralised. The bond is not callable before 2023, but given the improved risk profile of the instrument, we believe it would be straightforward for the company to negotiate any desired flexibility through amendments – particularly given the overlap between bondholders and shareholders. We firmly believe that waiting until the call date in 2023 before addressing the bond could leave Valaris unable to pursue the interests of stakeholders in the interim. To us it seems sensible to immediately seek amendment of the indenture to allow for appropriate capital return policies and debt levels.
Summary
In summary, we believe Valaris’ value proposition is its unique position of having the lowest rig valuations, the highest operating leverage to a rapidly improving market, and balance sheet flexibility that allows for a best-in- class capital return policy. We believe it could be attractive for shareholders if Valaris:
Inaction in times of sharp share price decline, despite rising dayrates and a defensive capital structure, may be seen by the market as a lack of belief in the prospects of the business, and we are confident the company will seek to ameliorate such concerns through rapid action. We believe there is tremendous value potential if the board continues to be proactive. As stated, we are highly supportive of the company and confident the directors will take the right actions to maximise shareholder interests.
Please note that this letter is intended to provide transparency on our perspectives as shareholders, and as we want to remain unrestricted and public, we do not seek any direct feedback on its contents.
Sincerely,
Mikael Brantberg
Chief Investment Officer
Lodbrok Capital LLP
Joachim Bale
Partner
Lodbrok Capital LLP
Lodbrok Media Contacts
Nepean
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DUBLIN--(BUSINESS WIRE)--The "South Korea Shipping Containers Market: Prospects, Trends Analysis, Market Size and Forecasts up to 2027" report has been added to ResearchAndMarkets.com's offering.
The country research report on South Korea shipping containers market is a customer intelligence and competitive study of the South Korea market.
Moreover, the report provides deep insights into demand forecasts, market trends, and, micro and macro indicators in the South Korea market.
Also, factors that are driving and restraining the shipping containers market are highlighted in the study. This is an in-depth business intelligence report based on qualitative and quantitative parameters of the market. Additionally, this report provides readers with market insights and a detailed analysis of market segments to possible micro levels. The companies and dealers/distributors profiled in the report include manufacturers & suppliers of the shipping containers market in South Korea.
Segments Covered
The report on South Korea shipping containers market provides a detailed analysis of segments in the market based on container size, product type, and end user.
Segmentation Based on Container Size
Segmentation Based on Product Type
Segmentation Based on End User
Highlights of the Report
The report provides detailed insights into:
1) Demand and supply conditions of the shipping containers market
2) Factor affecting the shipping containers market in the short run and the long run
3) The dynamics including drivers, restraints, opportunities, political, socioeconomic factors, and technological factors
4) Key trends and future prospects
5) Leading companies operating in the shipping containers market and their competitive position in South Korea
6) The dealers/distributors profiles provide basic information of top 10 dealers & distributors operating in (South Korea) the shipping containers market
7) Matrix: to position the product types
8) Market estimates up to 2027
The report answers questions such as:
1) What is the market size of the shipping containers market in South Korea?
2) What are the factors that affect the growth in the shipping containers market over the forecast period?
3) What is the competitive position in South Korea shipping containers market?
4) What are the opportunities in South Korea shipping containers market?
5) What are the modes of entering South Korea shipping containers market?
Key Topics Covered:
1. Report Overview
1.1. Report Description
1.2. Research Methods
1.3. Research Approaches
2. Executive Summary
3. Market Overview
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.2.4. Challenges
3.3. PEST-Analysis
3.4. Porter's Diamond Model for South Korea Shipping Containers Market
3.5. IGR-Growth Matrix Analysis
3.6. Competitive Landscape in South Korea Shipping Containers Market
4. South Korea Shipping Containers Market by Container Size
4.1. Small Container
4.2. Large Container
4.3. High Cube Container
5. South Korea Shipping Containers Market by Product Type
5.1. Dry Storage Container
5.2. Flat Rack Container
5.3. Refrigerated Container
5.4. Others
6. South Korea Shipping Containers Market by End User
6.1. Food & Beverages
6.2. Consumer Goods
6.3. Healthcare
6.4. Industrial Products
6.5. Others
7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/s21dix
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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The Danville Solar system is a 2.6 MW installation in central Illinois, built on a former General Motors Plant site
FRAMINGHAM, Mass. & DANVILLE, Ill.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, and Inovateus Solar, a top U.S. solar engineering, procurement and construction (EPC) company, today announced the completion of their “brightfield” solar project in Danville, Illinois, which was built on a former General Motors Powertrain Division Plant turned brownfield site. Greenbacker Renewable Energy Company, an independent power producer and green energy investment company, is the owner of the installation.
The 2.62-megawatt (MW) Danville solar system consists of over 6,600 solar modules and is connected to the Ameren utility grid. The completed project is expected to generate over 3,600,000 kWh of electricity and offset over 1,500 metric tons of carbon dioxide annually. These figures are equivalent to powering 350 Illinois homes and removing approximately 480 cars from the road.
“We can turn a serious problem into a tremendous opportunity by siting solar on closed landfills,” said Tyler Kanczuzewski, Inovateus Vice President of Sustainability. “The Danville Solar project is making productive use of land that might otherwise lie dormant, while avoiding construction in more pristine areas. We’re proud to partner with Ameresco on this project and to help the state of Illinois achieve its clean energy goals.”
“We’re thrilled to partner with Inovateus Solar and Ameresco on a clean energy endeavor that gives new life to land that had been idle, while also delivering for the community,” said Jeff Denovan, Senior Vice President of Construction at Greenbacker Renewable Energy Company. “In addition to the positive environmental impact of the solar power this project produces, it will also provide tax revenue to the Danville area.”
This project contributes to Illinois’ Future Energy Jobs Act, which requires that 2,700 MW of solar to be installed in Illinois by 2030 and that 2% of those projects come from brownfield sites, like closed landfills.
“We’re proud to have been a partner on this project designed to help meet sustainability goals and offer clean, resilient energy to the surrounding community,” said Louis P. Maltezos, Executive Vice President, Ameresco. “This installation is a prime example of using innovative cleantech solutions to identify clean energy uses for public land.”
The Danville solar project began construction in November of 2020 and reached completion in May of 2022.
To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
About Inovateus Solar
Inovateus Solar is a leading solar and energy storage development, EPC (engineering, procurement, and construction) and supply company in the Midwest United States. Headquartered in South Bend, Indiana, the company has over 500 MW of utility, commercial, industrial, and education sector solar PV projects built and over 2 GW under development in the U.S. With strong roots in the communities it serves, Inovateus is passionately committed to investing in the energy future of clients through the wide-scale deployment of solar and clean energy technologies. For more information, visit www.inovateus.com.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company LLC is a publicly reporting, non-traded limited liability sustainable infrastructure company that both acquires and manages income-producing renewable energy and other energy-related businesses, including solar and wind farms, and provides asset management services to other renewable energy investment vehicles. We seek to acquire and operate high-quality projects that sell clean power under long-term contracts to high-creditworthy counterparties such as utilities, municipalities, and corporations. We are long-term owner-operators, who strive to be good stewards of the land and responsible members of the communities in which we operate. We believe our focus on power production and asset management creates value that we can then pass on to our shareholders—while facilitating the transition toward a clean energy future. For more information, please visit www.greenbackercapital.com.
The announcement of completion of a customer’s project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was substantially completed in the prior year.
Media:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
PARIS--(BUSINESS WIRE)--#GEGrid--The European Commission’s LIFE climate action program has awarded GE Renewable Energy’s Grid Solutions business (NYSE-GE) €3 million to fund the realization of a full SF₆-free 245 kilovolts (kV) g³ gas-insulated substation (GIS) for onshore and offshore applications.
This third GE g³ (pronounced “g” cubed) gas project co-funding reflects the EU Commission’s commitment to accelerate the decarbonization of Europe’s electrical grids and prepare utilities for the EU’s stricter fluorinated (F)-gas regulation, which aims to cut F-gas emissions two-thirds by 2030. GE’s LIFE SF6-FREE GIS project addresses the urgent need for reducing the use of SF6, a powerful greenhouse gas currently prevalent in high voltage equipment, with GE’s game-changing g³ gas technology. g³ equipment feature the same high performance and compact size as traditional SF₆ products with a 99% reduced global warming potential.
Today, more than 30 leading electrical utilities have already adopted GE’s g³ products for their high voltage networks. Their adoption has the effect of eliminating the potential addition of more than one million tons of CO₂ equivalent to the grid. That is equal to removing about 476,000 petrol cars from the road for one year.
“This new g³ 245 kV GIS will play an important role in meeting demand for compact SF₆-free substations in urban areas, as well as offshore projects, and enable the extension of the network and replacement of aging assets without this potent greenhouse gas,” Eric Chaussin, GE Renewable Energy’s Grid Solutions High Voltage Products Leader.
At this week’s CIGRE Session 2022 in Paris, GE is exhibiting the world’s first SF6-free interrupter for protecting 420 kV 63 kA networks.
For the full press release, click here.
For media inquiries, contact:
Allison J. Cohen
GE Renewable Energy, Grid Solutions business
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New 15-liter platform to be capable of running on zero carbon Hydrogen fuel
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Transport Enterprise Leasing, LLC (TEL) a leading commercial truck and trailer equipment lease and remarketing provider, and Cummins Inc. (NYSE: CMI), a global power solutions provider, announced today that TEL has signed a letter of intent planning to purchase Cummins’ 15-liter hydrogen internal combustion engines when available. TEL will integrate the Cummins’ X15H hydrogen engines into their fleet of heavy-duty trucks.
“Our customers are at the heart of our company. Providing them with the best-value trucks equipped with lower emissions power options will ensure that we are prioritizing their continued success and also reducing our environmental footprint,” said Doug Carmichael, Chief Executive Officer, Transportation Enterprise Leasing, LLC. “Cummins’ investment in multiple technologies minimizing emissions allows us to achieve both.”
“We are pleased to see the leadership of customers like TEL, who are exploring solutions like our fuel agnostic platform to help their own customers. The future will include many solutions to help customers decarbonize that meet their varied needs and duty cycles, and we believe hydrogen internal combustion engines will play an important role,” said Amy Boerger, Vice President and General Manager North America, Cummins Engine Business.
Since announcing the fuel agnostic platform, which includes the Hydrogen option in both the 15 liter and 6.7 liter displacements, Cummins has responded to customer interest globally about the potential of the platform, and Hydrogen in particular.
“We believe this technology is not only essential for the future of our planet but also for our customers to have access to options that work for them,” said Jim Nebergall, General Manager, Cummins Hydrogen Engine Business. “Internal combustion engines that run on Hydrogen will provide customers a financially feasible and familiar power option.”
Hydrogen engines offer OEMs and end-users the benefit of adaptability by continuing to use familiar mechanical drivelines with vehicle and equipment integration. This mirrors current powertrains while continuing to provide the power and capability for meeting application needs. Significant reuse of parts and components from Cummins’ existing platforms drives scale advantages on cost and is also projected to deliver reliability and durability equal to diesel.
Hydrogen engines can use zero-carbon green hydrogen fuel, produced by Cummins-manufactured electrolyzers. The projected investment in renewable hydrogen production globally will provide a growing opportunity for the deployment of hydrogen-powered fleets utilizing either Cummins fuel cell or engine power.
Cummins Inc. will showcase its commitment to decarbonization at the industry’s largest tradeshow in Hannover, Germany this September. Cummins will display both medium- and heavy-duty hydrogen products, highlighting the technology’s ability to support decarbonization across multiple duty-cycles.
About Transport Enterprise Leasing (TEL)
Transport Enterprise Leasing, LLC. is a premier commercial truck and trailer equipment lease and remarketing provider. Since its inception in 2004, TEL has grown exponentially, with over 8,500 pieces of equipment leased throughout the United States, averaging over 6,000 wholesale equipment transactions per year. With over 100 staff and physical locations in Tennessee and Indiana, TEL has continued to offer customers quick access to best-value trucks and trailers with sustainable pricing and reduced maintenance exposure. More information can be found at www.tel360.com.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 59,900 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.1 billion on sales of $24.0 billion in 2021. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.
Cummins forward-looking disclosure statement
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; changes in international, national and regional trade laws, regulations and policies; any adverse effects of the U.S. government's COVID-19 vaccine mandates; changes in taxation; global legal and ethical compliance costs and risks; increasingly stringent environmental laws and regulations; future bans or limitations on the use of diesel-powered products; raw material, transportation and labor price fluctuations and supply shortages; aligning our capacity and production with our demand; the actions of, and income from, joint ventures and other investees that we do not directly control; large truck manufacturers' and original equipment manufacturers' customers discontinuing outsourcing their engine supply needs or experiencing financial distress, bankruptcy or change in control; product recalls; variability in material and commodity costs; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; product liability claims; our sales mix of products; failure to complete, adverse results from or failure to realize the expected benefits of the separation of our filtration business; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; challenging markets for talent and ability to attract, develop and retain key personnel; climate change and global warming; exposure to potential security breaches or other disruptions to our information technology environment and data security; political, economic and other risks from operations in numerous countries including political, economic and social uncertainty and the evolving globalization of our business; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; labor relations or work stoppages; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates; the price and availability of energy; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2021 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC.
Jon Mills
Director, External Communications
317-658-4540
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Technology streamlines management, reconciliation and performance, helping improve the fulfillment experience
NEW YORK--(BUSINESS WIRE)--#Contract--NYSHEX is excited to partner with Hapag-Lloyd, a leading global liner shipping company, to improve and streamline the performance of its Quality Freight Product (QFP) contracts. The partnership will allow Hapag-Lloyd to deliver an enhanced customer experience by adding automated performance reporting and exception management to the carrier’s portfolio of industry-leading digital tools.
Reporting on contract fulfillment has been a long-standing industry challenge, as static tools in many cases do not quite meet the needs of shippers today. With this partnership, Hapag-Lloyd is addressing this issue and providing its customers with an efficient and modern way to manage performance, exceptions and reconciliations.
Specifically, the Powered by NYSHEX solution brings together multiple data systems to provide a consolidated and accurate view of Hapag-Lloyd’s QFP contract performance, which is essential to accurately report on two-way enforceable contracts. This allows near real-time visibility and daily monitoring of the degree to which the individual contract parties are living up to their respective commitments. At the same time, by identifying problems and powering exception resolution through technology, the NYSHEX technology will also significantly improve the shipper experience.
Hapag-Lloyd has embedded NYSHEX in its digital infrastructure, providing a frictionless way to monitor and improve contract performance. Hapag-Lloyd customers can now drill down through the user interface to see how contracts perform at multiple levels, ranging from lane level to booking details. After a very successful initial pilot, the solution is now being rolled out to all QFP customers globally. With this partnership, Hapag-Lloyd is solidifying its status as a leading provider of cutting-edge digital solutions that enhance the customer experience.
Quotes
“Hapag-Lloyd’s Quality Freight Product (QFP) is a guaranteed fulfillment contract specifically tailored to our customers’ needs, and we will now be able to enhance the customer experience thanks to this partnership with NYSHEX. The solution provided by NYSHEX combines technology, data and analytics in a way that will help us and our customers to better monitor contract performance and to resolve any issues that may arise. We are excited about this partnership.”
Henrik Schilling, Managing Director – Global Commercial Development, Hapag-Lloyd
“We are delighted to support Hapag-Lloyd in its quest to enhance and modernize its ocean freight contracts. Committed contracting, efficient exception resolution, and clear performance data are the cornerstones of the NYSHEX experience. Our Powered by NYSHEX technology puts trust and reliability at the core of contract fulfillment. This friction-free approach will enable Hapag-Lloyd to optimize its global network and support its Quality Promises.”
Gordon Downes, CEO NYSHEX
Other Resources
About Hapag-Lloyd
With a fleet of 248 modern container ships and a total transport capacity of 1.8 million TEU, Hapag-Lloyd is one of the world’s leading liner shipping companies. The Company has around 14,000 employees and 418 offices in 137 countries. Hapag-Lloyd has a container capacity of approximately 3.0 million TEU – including one of the largest and most modern fleets of reefer containers. A total of 123 liner services worldwide ensure fast and reliable connections between more than 600 ports on all the continents. Hapag-Lloyd is one of the leading operators in the Transatlantic, Middle East, Latin America and Intra-America trades.
About NYSHEX
Founded in 2014, NYSHEX's digital contracting infrastructure provide shippers and carriers with a predictable, efficient, and accountable system for global shipping. The technology keeps supply chains moving and strengthens relationships. Customers include seven of the leading global ocean carriers and over 250 BCOs and NVOs. The Company's headquarters are in NYC, with over 100 employees across the globe. Learn more at NYSHEX and connect on LinkedIn.
This email address is being protected from spambots. You need JavaScript enabled to view it., 339-364-0587
BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent" or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce that it has co-signed a Memorandum of Understanding ("MoU") with the New York State Energy Research and Development Authority ("NYSERDA") and more than 60 clean hydrogen ecosystem partners.
Under the MoU, the parties will collaborate to develop a proposal that will enable the Northeastern United States to become one of at least four regional clean hydrogen hubs designated through the federal Regional Clean Hydrogen Hubs program, included in the bipartisan Infrastructure Investment and Jobs Act.
The coalition of six States (Connecticut, Massachusetts, Maine, New Jersey, New York, and Rhode Island), along with more than 60 clean hydrogen ecosystem partners, are laying the groundwork for a proposal for the United States Department of Energy funding opportunity anticipated to be announced in September or October 2022, with up to $8 billion in total funding available.
After the initial announcement in March 2022, New York has continued to add strategic partners that now include 14 private sector industry leaders, 12 utilities, 20 hydrogen technology original equipment manufacturers (OEMs), 10 universities, seven non-profit organizations, five other States, two transportation companies, and, three State agencies.
New partners include:
Consortium partners have committed to collaborate with the NYSERDA, New York Power Authority, and Empire State Development for the development of the proposal to advance clean hydrogen projects. At the same time, partnering States will also coordinate with their respective State entities to help align the consortium's efforts with each State's climate and clean energy goals, such as Massachusetts goal of reaching net-zero carbon emissions by 2050.
With the execution of these agreements, the partners will work together to:
The coalition will continue to focus on the integration of renewables - such as onshore and offshore wind, hydropower, and solar PV - and nuclear power into clean hydrogen production and the evaluation of clean hydrogen for use in transportation, including for medium and heavy-duty vehicles, heavy industry, power generation applications, and other appropriate uses consistent with decarbonization efforts.
Dr. Vasilis Gregoriou, Chairman and Chief Executive Officer of Advent Technologies, stated, "we are excited to join this major industrial partnership at a time of significant momentum for America's transition to clean energy technologies. All of us at Advent embrace the belief that the world can decarbonize faster by adopting hydrogen and fuel cells to replace conventional and polluting energy sources that use fossil fuels. We look forward to a successful collaboration with the consortium partners, as well as the New York State Energy Research and Development Authority, New York Power Authority, and Empire State Development."
About Advent Technologies Holdings, Inc.
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, conferring the virtues of a flexible fuel option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Advent Technologies Holdings, Inc.
Elisabeth Maragoula / Michael Trontzos
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today announced that President and Chief Executive Officer Anton Dibowitz will present at the Barclays CEO Energy-Power Conference in New York City on Tuesday, September 6, 2022, beginning at 3:35 pm EDT.
Investor materials to be used during the conference will be available on Valaris’ website at www.valaris.com the morning of the event. A live webcast will be available at the time of the presentation in the "Investors – Events & Presentations" section of the Company’s website www.valaris.com. A replay of the presentation will be available for 180 days following the completion of the conference.
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Investor & Media Contacts:
Darin Gibbins
Vice President - Investor Relations and Treasurer
+1-713-979-4623
Tim Richardson
Director - Investor Relations
+1-713-979-4619
Leading Renewable Energy Company in India Chooses AspenTech Performance Engineering Software for its Modeling Capabilities and Domain Expertise
BEDFORD, Mass.--(BUSINESS WIRE)--Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in industrial software, today announced that ACME Group, a renewable energy company in India, has selected AspenTech’s Performance Engineering solution to optimize assets and achieve operational excellence at its first green hydrogen and green ammonia pilot plant worldwide. Based in Bikaner Rajasthan, this solar plant can produce green hydrogen with 5MWp (Megawatt peak), with the ability to scale up to 10MWp, which can reduce CO2 by up to 4,400 tons/annum. ACME Group is also developing a global scale green hydrogen and green ammonia plant in Duqm, Oman, as well as having announced plans to invest in a similar plant in Karnataka, India.
Amit Sharma, Vice President Engineering, ACME Group said: “ACME Group has chosen AspenTech’s Performance Engineering solution to design the hydrolysis process at its green hydrogen and green ammonia pilot plant and to subsequently optimize the process configuration for large scale green ammonia plants. AspenTech was able to showcase strong modeling capabilities with sample models in green hydrogen leveraging Aspen Plus®. With domain expertise in capital-intensive process industries, AspenTech is the ideal partner in our pursuit of operational excellence to stay ahead of industry trends.”
Lawrence Ng, Vice President of Sales, Asia Pacific Japan, Aspen Technology, added: “We are pleased that ACME Group has chosen to partner with AspenTech at its inaugural green hydrogen and green ammonia pilot plant. In response to the need to meet both the increasing demand for resources and critical sustainability goals, this partnership underscores a deep commitment from both companies at the forefront of driving innovation to meet this dual challenge. India is recognized as a key player in renewable energy, and AspenTech is proud to be a part of this global movement towards a more sustainable planet.”
Supporting Resources
About ACME Group
ACME Cleantech Solutions Pvt. Ltd., popularly referred to as the ACME Group, is one of the leading global sustainable and renewable energy companies. Founded by Manoj K. Upadhyay in 2003, it is headquartered at Gurugram in the state of Haryana in India. Mr. Upadhyay is an innovator and entrepreneur who introduces disruptive technology solutions through intensive research and innovative approach. Initially, these solutions were utilized to optimize the energy usage for the telecom industry. Visit www.acme.in to find out more.
About Aspen Technology
Aspen Technology (AspenTech) is a global leader helping industries at the forefront of the world’s dual challenge meet the increasing demand for resources from a rapidly growing population in a profitable and sustainable manner. AspenTech solutions address complex environments where it is critical to optimize the asset design, operation and maintenance lifecycle. Through our unique combination of deep domain expertise and innovation, customers in capital-intensive industries can run their assets safer, greener, longer and faster to improve their operational excellence. To learn more, visit AspenTech.com.
© 2022 Aspen Technology, Inc. AspenTech, the Aspen leaf logo, and Aspen Plus® are trademarks of Aspen Technology, Inc.
Aspen Technology, Inc.
Georgina Tan
+65 6395 3913
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NEW YORK--(BUSINESS WIRE)--#AGCS--As a key component of electric vehicles (EVs) or electronic devices, the transport of highly inflammable lithium-ion (Li-ion) batteries is increasingly impacting shipping safety as demonstrated by a number of fires on vessels such as roll-on roll-off (ro-ro) car carriers and container ships. Given the many difficulties involved with suppressing battery fires, particularly at sea, focusing on loss prevention measures is crucial, whether batteries are transported within EVs or as standalone cargo, according to a new report from marine insurer Allianz Global Corporate & Specialty (AGCS) .
“Shipping losses may have more than halved over the past decade1 but fires on board vessels remain among the biggest safety issues for the industry. The potential dangers that the transportation of lithium-ion batteries pose if they are not stored or handled correctly only add to these concerns, and we have already seen a number of incidents,” explains Captain Rahul Khanna, Global Head of Marine Risk Consulting at AGCS. “Companies should do all that they possibly can to implement, develop and follow robust loss prevention measures, given the growing popularity of electric vehicles means many more vehicles with lithium-ion batteries will be transported by sea in future.”
Hazards and causes
The report Lithium-ion batteries: Fire risks and loss prevention measures in shipping highlights four main hazards: fire (Li-ion batteries contain electrolyte, an ignitable liquid); explosion (resulting from the release of ignitable vapor/gases in a confined space); thermal runaway (a rapid self-heating fire that can cause an explosion); and the toxic gases that these hazards can produce. The most common causes of these hazards are substandard manufacturing of battery cells/devices; over-charging of the battery cells; over-temperature by short circuiting, and damaged battery cells or devices, which, among other causes, can result from poor packing and handling or cargo shift in rough seas if not adequately secured.
“Batteries are not only a potential cause of fire if damaged, overcharged or subjected to high temperatures, they can also aggravate other causes of fire at sea and are difficult to extinguish as they have the potential to reignite days or even weeks later,” says Khanna. “In most shipboard incidents a thermal runaway event can be a significant possibility unless immediate action is taken by the crew, such as suppressing a fire with copious amounts of water over a long period of time. However, this can be extremely challenging due to factors such as early detection being difficult, a shortage of crew members on board, and if the vessel’s firefighting capabilities are inadequate.”
Loss prevention measures for EVs on car carriers and in containers
The primary focus must therefore be on loss prevention and in the report AGCS experts highlight a number of recommendations for companies to consider, focusing on two areas in particular: storage and in transit.
Among others, recommendations to mitigate the fire risk that can potentially result from Li-ion batteries during the transportation of EVs on car carriers and within freight containers include ensuring staff are trained to follow correct packing and handling procedures and that seafarers have had Li-ion battery firefighting training; checking the battery’s state of charge (SOC) is at the optimal level for transportation where possible; ensuring that EVs with low ground clearance are labelled as this can present loading/discharging challenges; and checking all EVs are properly secured to prevent any shifting during transportation. In transit, anything that can aid early detection is critical, including watchkeeping/fire rounds and utilizing thermal scanners, gas detectors, heat/smoke detectors, and CCTV cameras.
The report also highlights a number of measures that can help ensure safe storage of Li-ion batteries in warehouses, noting that large-format batteries, such as those used in EVs, ignite more quickly in a warehouse fire than smaller batteries used in smartphones and laptops. Among others, recommendations include training staff in appropriate packing and handling procedures; establishing an emergency response plan to tackle damaged/overheating batteries and a hazard control plan to manage receiving, storage, dispatch and supervision of packaged Li-ion batteries; preventing the exposure of batteries to high temperatures and ensuring separation from other combustible materials; as well as prompt removal of damaged or defective Li-ion batteries.
“If the maritime industry is to improve its incident record related to the transportation of lithium-ion batteries all parties involved in the supply chain must understand the hazards involved, the most common causes and the problems associated with transporting in commerce,” says Captain Randall Lund, Senior Marine Risk Consultant at AGCS, author of the report together with fellow AGCS marine risk consultants Miguel Herrera and Justin Kersey. “Regulations and guidance are specific in addressing these batteries to help prevent most incidents, but these can only be effective if they are communicated and enforced. Only through a concerted effort by stakeholders in the supply chain can we hope to reduce the rate of incidents.”
Other relevant findings from the expert risk article accompanying the report:
The report and further materials are available for download here.
About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across nine dedicated lines of business and six regional hubs.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, financial institutions, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart solutions and global programs to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
Worldwide, AGCS operates with its own teams in more than 30 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,250 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2021, AGCS generated a total of €9.5 billion gross premium globally.
Cautionary Note Regarding Forward-Looking Statements
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1 AGCS Safety & Shipping Review 2022, 54 total losses (over 100 GT) at end of 2021 compared to 127 at the end of 2012.
2 between January 1, 2017, and December 31, 2021
Press:
Sabrina Glavan
Allianz Global Corporate & Specialty
973-876-3902
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Erin Burke
Stanton
631-681-8770
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SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX), one of the world’s leading energy companies, announced today the launch of the Chevron Exchange Q&A Series, starting with a virtual fireside chat with Chief Financial Officer Pierre Breber on Thursday, September 15, 2022. Chevron will partner with Say Technologies to offer a platform to receive and answer questions from verified retail shareholders.
Breber plans to address a selection of top-voted questions from shareholders related to Chevron’s strategy, business and financial performance. The discussion will be moderated by Devin McDermott, head of North American Integrated Energy Research at Morgan Stanley, and will begin at 11:00 a.m. ET / 8:00 a.m. PT.
Starting today, verified retail Chevron shareholders will be able to submit and upvote questions directed to management for response at the event. To submit questions, please visit and register at: https://app.saytechnologies.com/chevron-exchange-september-2022. The Q&A platform will remain open until 48 hours before the event.
To access the live webcast, visit www.chevron.com/investors. The meeting replay will also be available on the company website under the “Investors” section.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
About Say Technologies
Say unlocks the power of shareholder votes and voices. Innovative public companies use Say to build deeper relationships with their investors, and the world’s fastest-growing brokers and investment platforms use Say to make shareholder rights more accessible for their customers. Additional information is available at www.saytechnologies.com.
Media Contact:
Braden Reddall
+1 (925) 842-2209
SEATTLE--(BUSINESS WIRE)--Wood pellet producers across the U.S. are urging owners of pellet heating appliances to secure fuel early. This is primarily due to the significant supply hole created by the Russian invasion of Ukraine, as well as the high prices of oil and natural gas, which will have many consumers switching to pellet heating.
Russia contributed more than 2 million tons of wood pellets to global pellet markets in 2020. Next to the U.S., the country is the second largest producer globally, but sanctions and restrictions due to the war have upended wood exports, putting the onus on U.S. pellet producers to fill the gap.
“The demand to fill these missing tons from Russia is being felt throughout the world, including here in the United States,” says to Tim Portz, Executive Director of the Pellet Fuels Institute (PFI), a trade association representing manufacturers of wood pellets in the U.S. and the companies and organizations that support them.
Although pellet inventories in the U.S. are strong right now, pellet producers are highlighting the importance of keeping inventory moving through the system in the run up to the heating season. Lignetics Group, the largest residential wood pellet manufacturing company in the U.S., notes that strong late summer sales will allow producers to run at full throttle and build inventory before usage begins to outpace production in the depths of winter.
“This is an incredibly uncommon situation to be in, and it’s why we’re getting the word out to consumers,” says Brett Jordan, the CEO of Lignetics Group, which has the capacity to produce more than 1 million tons of wood pellets each year. “We strongly urge people to secure a good portion of what they will need this winter now versus later.”
The Russian invasion in Ukraine isn’t the only reason pellet demand will be significant for the 2022-2023 heating season.
“Heating oil, natural gas, electric and propane prices are nearing historically high levels,” Portz says. “And we know this leads to increased use of wood pellets with consumers who have both oil and pellet appliances in their homes."
In some cases, depending on the region in the U.S., the price of heating oil can be 47% more expensive than wood pellets. “Wood heating pellets are a renewable, sustainable and more cost-efficient option, so we’re likely to see both new customers this year and customers who have multiple heating options choosing pellets instead of oil, propane, or electricity,” Jordan says.
In the past five years, annual pellet sales have fluctuated between 1.7 million and 2.2 million tons, according to the U.S. Energy Information Administration, and exports are already outpacing 2021 numbers. “These numbers illustrate how dynamic and unpredictable wood pellet demand can be,” says Portz. “If we have a colder than average winter, I think a record sales year is possible.”
Wood pellets are used as primary or secondary space heat in more 1 million homes in the U.S. They are made from the waste streams generated by the manufacturers of primary and secondary forest products like dimensional lumber, hardwood flooring, wood pallets and cabinetry.
About the Pellet Fuels Institute
The Pellet Fuels Institute (PFI) is a trade association representing the manufacturers of wood pellets in the United States and the companies and organizations that support them. The PFI is dedicated to raising awareness about the benefits of using wood pellets to heat homes, businesses and institutions and ensuring that consistent, high-quality product is readily available in the marketplace. For more information, visit pelletheat.org.
Kelly Leathers
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(303) 909-5716
OKLAHOMA CITY--(BUSINESS WIRE)--LSB Industries, Inc. (“LSB”), (NYSE: LXU), today announced that its Executive Vice President & CFO, Cheryl Maguire will participate in the Credit Suisse 35th Annual Specialties & Basics Conference on Wednesday, September 14th beginning at 9:30 am ET.
Ms. Maguire will be available for one-on-one meetings all day. The meetings are by appointment only. To schedule a meeting please contact your Credit Suisse institutional sales representative or Fred Buonocore at This email address is being protected from spambots. You need JavaScript enabled to view it..
LSB will provide access to the presentation that management will be referring to on the “Investors” page of its website, www.lsbindustries.com.
About LSB Industries, Inc.
LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers primarily throughout the United States. Committed to improving the world by setting goals that will reduce our environmental impact on the planet and improve the quality of life for all of its people, the Company is well positioned to play a key role in the reduction of global carbon emissions through its planned carbon capture and sequestration, and zero carbon ammonia strategies. Additional information about LSB can be found on its website at www.lsbindustries.com.
Investor Contacts:
Fred Buonocore, CFA, Vice President of Investor Relations
(405) 510-3550
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Media Contact:
David Kimmel, Director of Communications
(405) 815-4645
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