Apex Secures Green Debt Facilities Totaling $650 Million, Positioning Company for Further Growth
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Apex Clean Energy today announced the refinancing and expansion of its corporate debt facilities to provide additional capital and flexibility for future growth. Partnering with eight global financial institutions on the transaction, Apex receives $650 million of debt capital through a $450 million senior secured green term loan facility and a $200 million senior secured green revolving letter of credit facility.
Santander Corporate & Investment Banking (Santander), Sumitomo Mitsui Banking Corporation (SMBC Group), Helaba, and Bank of Montreal (BMO) served as green structuring agents, coordinating lead arrangers, joint bookrunners, and syndication agents. Santander also served as administrative agent. Canadian Imperial Bank of Commerce (CIBC) served as joint lead arranger. Additional banks participating in the syndication include Bank of America, Royal Bank of Canada (RBC), and Forbright Bank.
“Apex is a fully integrated platform, equipped to realize clean energy assets from origination to operations,” said Mark Goodwin, Apex Clean Energy President and CEO. “This transaction will accelerate the next phase of growth as Apex builds projects on balance sheet and expands our diversified portfolio of operating assets with strong recurring revenues. Apex is honored to work with such renowned financial institutions as we continue to emerge as a leading pure-play clean energy independent power producer.”
The recapitalization follows the majority stake acquisition of Apex by funds and other accounts managed by Ares Management Corporation (Ares) in November 2021.
“Securing this attractive financing is a major milestone in advancing Apex’s long-term strategy and underscores the strong relationships that Apex and Ares have with the financing community,” said Keith Derman, Partner and Co-Head of Ares’ Infrastructure Opportunities strategy. “We’re proud to have worked with the Apex team to reach a successful closing, and we are excited that these financial institutions have joined us in supporting Apex’s growth and commitment to decarbonization.”
About Apex Clean Energy
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, construction, and operation of utility-scale wind, solar, and storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across North America. Our mission-driven team of more than 300 professionals uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2022, Ares Management Corporation’s global platform had approximately $325 billion of assets under management, with over 2,100 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.
About Santander Corporate & Investment Banking
Santander Corporate & Investment Banking is a global division of Madrid-based Banco Santander, S.A. (NYSE: SAN) a banking Group with 155 million customers in the U.S., Europe, and Latin America. Santander supports corporate and institutional clients, offering tailored services and value-added wholesale products suited to their complexity and sophistication. The Group has become a leader in renewable energy finance and advice through its efforts to seek solutions in environment, social and corporate governance (ESG) and other areas to help customers transition toward more sustainable models and a less polluting economy. Santander’s coverage model combines local knowledge with global expertise of industry sectors of our clients. For more information, please visit https://www.santandercib.com/.
About SMBC Group
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 140 offices and 86,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
About Helaba
As a leading bank in the German financial capital of Frankfurt with total assets of € 212 bn, Helaba employs approximately 6,300 people at 18 locations in Germany and around the world. The Asset Finance Division in Frankfurt/Main, London and New York arranges and participates in structured corporate, letter of credit and project finance transactions, with a major emphasis on renewable power generation, as well as other forms of energy infrastructure. Our world wide experience since 2004 spans over more than 200 renewable projects with a total capacity of 42 GW. For more information about our competencies, visit www.helaba.de/com.
About BMO
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.04 trillion as of April 30, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
About CIBC
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across Canada, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 89,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
About Forbright
Forbright Inc. is the bank holding company for Forbright Bank. Forbright Bank (www.forbrightbank.com), rebranded from Congressional Bank, Member FDIC, is a full-service bank, commercial lender, and asset manager headquartered in Chevy Chase, Maryland, that is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change. With approximately $8 billion of owned and managed assets, the Bank provides lending, banking, and asset management services to clients across the United States. Its business banking group provides nationwide lending products, including real estate loans, working capital, warehouse lines of credit, term loans, and forward loan purchase agreements to entrepreneurs, growing middle market companies, and sophisticated investors and operators in clean tech, healthcare, financial services, technology, real estate, renewable energy, and other industries where a trusted and highly responsive lender is needed. The Bank provides sophisticated and competitive deposit products, which will soon include deposits linked to decarbonization- and sustainability-oriented loans to businesses and individuals.
Member FDIC. Forbright Bank is an equal housing lender and makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status.
Cat Strumlauf
Apex Clean Energy
Director | Corporate Communications
(434) 227-4196
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AlsoEnergy’s PowerTrack application and services support the entire energy stakeholder value chain, lowering cost of ownership while increasing operational excellence
SAN FRANCISCO--(BUSINESS WIRE)--AlsoEnergy, a Stem (NYSE: STEM) company, and a leading edge-to-cloud clean energy optimization platform provider, today announced that it has been ranked #1 in Guidehouse Insights’ Solar and Storage Monitoring and Control Vendors report. AlsoEnergy’s edge-to-cloud platform, led by its flagship application PowerTrack, and professional services were recognized by Guidehouse as key differentiators over other vendors for supporting the entire energy stakeholder value chain. As part of the report, Guidehouse highlighted that advanced monitoring and controls (M&C) technologies and services increase efficiency, lower emissions across hybrid renewable energy systems, and bring more flexibility and resilience to clean power generation. As the industry leader, AlsoEnergy provides a vertically integrated optimization platform that enables businesses to standardize their entire clean energy portfolio, including utility-scale, commercial and industrial (C&I), and aggregated residential assets on one application.
Per Guidehouse Insights, the convergence of several renewable energy drivers, including the ever-increasing demand for scalable solar and storage, operational efficiency with proven economic value, and grid reliability and security, has created a need for deep insights, flexibility, and scalability that only fully integrated M&C solutions deliver. To meet these market needs, AlsoEnergy couples PowerTrack with its edge solutions to provide data analytics and visualization that enable owners and operators to make intelligent decisions for improved energy and financial performance as they manage and grow their clean energy portfolios.
“As solar plus storage system deployments continue to increase, the market requires flexibility and efficiency from its systems and this can only be achieved with insights into system performance,” said Maria Chavez, Research Analyst at Guidehouse Insights. “AlsoEnergy provides the market with a vertically-integrated solution for monitoring and control capabilities, across varied application segments, giving the company an edge in the market and an innovative approach for the future of monitoring and control.”
“Our ranking as the top solar and storage monitoring and control vendor by Guidehouse Insights, a leading clean energy market intelligence expert, demonstrates AlsoEnergy’s commitment to providing technology that empowers energy stakeholders,” said Bob Schaefer, President of AlsoEnergy. “Throughout our 15 years as an M&C provider, we have always known that our success is measured by our customers’ success. That is why we have continually focused on lowering their cost of ownership while increasing operational excellence. Now, together with Stem, we are combining our collective experience of over 33 gigawatts of renewable energy assets in 55 countries worldwide to continue to provide customers with advanced solutions and services in an increasingly complex energy market.”
Out of 20 vendors, AlsoEnergy ranked #1 in the Guidehouse Insights Solar and Storage Monitoring and Control Vendors Leaderboard. More specifically, AlsoEnergy scored high rankings across all Product Portfolio and Product Performance categories for its edge-to-cloud clean energy optimization platform, including its PowerTrack application and edge solutions for monitoring and controls. Guidehouse Insight’s Solar and Storage M&C vendors are evaluated on strategy (vision, go-to-market strategy, partners, production strategy, technology, and geographic reach) and execution (sales, marketing, distribution, product performance, product quality and reliability, product portfolio, pricing, and staying power). In addition to being ranked #1 in the 3Q 2022 Solar and Storage Monitoring and Control Vendors Leaderboard, AlsoEnergy was previously ranked number #1 in the 2Q 2020 Solar PV Monitoring and Control Vendors Leaderboard.
About AlsoEnergy
From its founding, AlsoEnergy has been a leader in edge-to-cloud portfolio management solutions that make clean energy more resilient, manageable, and scalable. With the clean energy economy offering unprecedented opportunities, AlsoEnergy empowers businesses to rapidly scale and confidently optimize their clean energy portfolios with distributed assets in utility, C&I, and aggregated residential. PowerTrack, AlsoEnergy’s flagship portfolio management application for users throughout the value chain, drives insightful decisions that improve business efficiencies and financial and energy performance. AlsoEnergy’s dedicated team with deep industry expertise provides tailored solutions throughout the lifetime of clean energy assets. AlsoEnergy was recently acquired by Stem, the leader in smart energy storage, and is now a wholly-owned subsidiary of Stem. For more information, visit www.alsoenergy.com.
About Stem
Stem (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena®, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation, and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility, and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter. Stem is a leader in the solar asset management space, bringing project developers, asset owners and commercial customers an integrated solution for solar and energy storage management and optimization. For more information, visit www.stem.com.
Media Contacts
Guidehouse Insights Media Contact
Cecile Fradkin
+1.646.941.9139
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AlsoEnergy/Stem Media Contacts
Jessica Fishman, AlsoEnergy
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Suraya Akbarzad, Stem
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East Daley Crude Oil Throughput Models Now Fully Integrated with Arbo’s Liquids Platform; Firms Announce New Permian Gas Pipeline Intelligence Report
WASHINGTON--(BUSINESS WIRE)--#NGLs--Arbo, a leading provider of energy data analytics technology, and East Daley Analytics have launched a new intelligence report — the Permian Edge — leveraging an unmatched combination of data and expertise to help commercial teams understand intrastate gas pipeline project demand, viability, and development progress to in-service. In addition, the companies announced East Daley throughput models are now available in the Arbo Liquids Commerce Platform for all oil basins and large pipelines.
“Arbo’s and East Daley’s DNA are both in data and using micro asset level data combined with macro market insights to enable customers’ commercial decision making,” said Chip Moldenhauer, CEO and founder of Arbo. “It was natural for us to partner on analytics delivery via software and expertise and insights delivery via our content and services.”
The new report combines market leading financial and regulatory analysis to help commercial teams understand and quantify investment or trade risk, anticipate and interpret regulatory milestones, and monitor land acquisition and construction progress in order to confidently anticipate in-service timing.
“We are excited to partner with Arbo as we continue our mission to drive greater transparency in energy markets,” said East Daley Analytics’ Chief Operating Officer and Chief Strategy Officer, Justin Carlson. “The Arbo team has a unique way of using data technology to predict project outcomes which augments and facilitates East Daley’s pursuit of providing industry leading insight into all the connections along the energy value chain.”
There are currently five projects vying to meet the expected demand for takeaway capacity in the Permian Basin, but it’s unlikely that all will be needed. The Permian Edge monthly supply, demand and project tracking models, datasets and visualizations are accompanied by on-demand access to experts and analysts to help developers, investors, and commodity buyers understand which projects are most viable and keep tabs on development progress and in-service timing. Learn more at: https://www.goarbo.com/intrastate-gas-pipeline-project-data.
Arbo (www.goarbo.com) provides software, analytics, data, and services to the energy transportation, trading, and marketing industries for commercial decision analysis, infrastructure intelligence, and transactions. Our software platforms digitize workflows, integrate market data, and structure millions of regulatory filings to better connect buyers and sellers of physical energy and to enable the evolution of critical infrastructure to cleaner commodities. Arbo customizable and dynamic pipeline routing and forecasting algorithms allow users to increase transaction velocity, assess competitive intelligence, identify arbitrage opportunities, accurately predict project timelines, and reduce operational risks. ArboIQ services deliver custom analyses and actionable viewpoints to market leading customers.
East Daley Analytics, Inc.
East Daley Analytics specializes in dissecting the energy value chain to drive transparency. The company has built the largest U.S. energy asset database to cash flow to help identify which assets are most important and isolate their operational value. It can help with the heavy lifting by providing access to capital and commodity market experts through both subscription and advisory services. For more information visit, http://www.eastdaley.com.
Carey Perlozzo
Arbo
202-505-5296
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East Daley Analytics
Meredith Bagnulo
303-513-7494
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DUBLIN--(BUSINESS WIRE)--The "Transportation Grade Bioethanol Market - A Global and Regional Analysis: Focus on Raw Material, Fuel Blend, End Use, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The transportation grade bioethanol market is expected to grow at a healthy growth rate, as many countries have mandated using bioethanol fuel blends to reduce greenhouse gas (GHG) emissions and increase vehicle fuel efficiency.
For instance, the Canadian Clean Fuel Standard requires liquid fuel suppliers to gradually reduce the carbon content of fuels they produce and sell in Canada. This results in a reduction of CO2 emissions to approximately 13% of liquid fuels used in Canada by 2030.
In addition, by 2025, India intends to have 20% ethanol blended into petrol. In Europe, the mandatory directives supporting bioethanol consumption are the Renewable Energy Directive 2009/28/EC (RED), the Fuel Quality Directive (2009/30), and the Biofuels Directive (2003/30). Therefore, these initiatives and directives are influencing the global bioethanol market size.
Furthermore, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), global automotive production increased by 3% in 2021 compared to 2020, further complementing the liquid biofuels market, including the bioethanol and biodiesel market.
North America led the transportation grade bioethanol market in 2021 and is anticipated to uphold its dominance throughout the forecast period (2022-2031), owing to the presence of a significant players such as Archer-Daniels-Midland Company, POET LLC, BlueFire Renewables Inc., Aemetis, Inc, and among others.
Market Lifecycle Stage
Bioethanol is derived from biological materials such as vegetable oils, corn, and sugarcane. They are mostly used as a substitute for fossil fuels, which are rapidly diminishing. However, in a few countries, the biofuel market is still in its early stages, necessitating government support in the form of lower taxes and other infant industry incentives.
As raw materials for biofuels are derived from agriculture, providing adequate incentives for farmers to grow biofuel crops while maintaining food security is critical. Several countries and regions, including the U.S., Brazil, the Philippines, China, and the European Union (EU), have biofuel policies in place that influence everything from the production of biofuel crops on farms to their conversion into transportation-grade biofuels.
Increased research and development initiatives are undertaken to develop new technologies, which are growing in response to rising public concern and government restrictions on carbon emissions and environmental health protection. For instance, researchers are presently focused on enhanced bioethanol synthesis using lignocellulosic materials. This process involves pre-treating biomass to extract hemicellulose and cellulose, hydrolysis to extract fermentable 5- and 6-carbon sugars, separation of non-hydrolyzed cellulose and solid residues and distillation.
Moreover, the transportation grade bioethanol market has the potential to make a significant impact by decreasing global dependence on fossil fuels and contributing to the reduction of greenhouse gas emissions.
Impact
The shift to green, eco-friendly, sustainable technologies brings significant sales and financing opportunities with an increased worldwide focus on achieving net-zero carbon emissions. This shift was prominently experienced in regions such as North America, Europe, and some Asian countries.
Impact of COVID-19
The COVID-19 outbreak has wreaked havoc on people's lives all around the world. Fuel requirements have been reduced as governments urge people to stay home to combat the COVID-19 epidemic. The pandemic has reduced gasoline consumption and pushed corn-based fuel to the side-lines, while several ethanol plants have reduced or ceased production globally. This had a negative impact on the sales of the companies operating in the bioethanol and biodiesel market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts, and analyzing company coverage, product portfolio, market penetration.
The transportation grade bioethanol is majorly being produced by sugarcane. Sugarcane molasses is a by-product of sugarcane products utilized to make bioethanol. The transportation grade bioethanol market is segmented by raw materials, namely sugarcane, corn, wheat, and others. Currently, sugarcane is leading the market, which captures around 60% of the market.
Some prominent names established in this market are:
Key Topics Covered:
1 Markets
1.1 Industry Outlook
1.1.1 Trends: Current and Future
1.1.1.1 Shift from First Generation Bioethanol to Second Generation Bioethanol
1.1.1.2 Advances in Bioethanol Production Technologies
1.1.1.3 Increasing Fossil Fuel Prices Due to Russia and Ukraine Conflict
1.1.2 Supply Chain Analysis
1.1.3 Ecosystem/Ongoing Programs
1.1.3.1 Consortiums and Associations
1.1.3.2 Regulatory Bodies
1.1.3.3 Government Programs
1.1.3.4 Programs by Research Institutions and Universities
1.1.4 Impact of COVID-19 on the Transportation Grade Bioethanol Market
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Increased Consumer Awareness and Preference toward Sustainable Products
1.2.1.2 Increased Investment in Transportation Grade Bioethanol Production
1.2.1.3 Stringent Rules and Regulations Related to Carbon Emissions
1.2.1.4 Growing Automotive Industry
1.2.2 Business Challenges
1.2.2.1 High Cost of Cellulosic Ethanol Compared to First Generation Bioethanol
1.2.2.2 Complex Production Process
1.2.2.3 Availability of Substitutes
1.2.3 Business Strategies
1.2.3.1 Product Development
1.2.3.2 Market Development
1.2.4 Corporate Strategies
1.2.4.1 Mergers and Acquisitions
1.2.4.2 Partnerships and Joint Ventures
1.2.4.3 Collaborations and Alliances
1.2.4.4 Collaborations and Alliances, 2019-2022
1.2.5 Business Opportunities
1.2.5.1 Increasing Use of Biofuels in the Aviation Industry
1.2.5.2 Technological Advancements and Increased R&D for the Generation of Bioethanol from Algae
1.3 Start-Up Landscape
1.3.1 Key Start-Ups in the Ecosystem
2 Application
2.1 Transportation Grade Bioethanol Market - Applications and Specifications
2.1.1 Transportation Grade Bioethanol Market (by End Use)
2.1.1.1 Passenger Vehicles
2.1.1.2 Light Commercial Vehicles
2.1.1.3 Medium and Heavy Commercial Vehicles
2.1.1.4 Aviation
2.2 Demand Analysis of Transportation Grade Bioethanol Market (by End-Use), Value and Volume Data
3 Products
3.1 Transportation Grade Bioethanol Market - Products and Specifications
3.1.1 Transportation Grade Bioethanol Market (by Raw Material)
3.1.1.1 Sugarcane
3.1.1.2 Corn
3.1.1.3 Wheat
3.1.1.4 Others
3.2 Demand Analysis of Transportation Grade Bioethanol Market (by Raw Material), Value and Volume Data
3.3 Transportation Grade Bioethanol Market (by Fuel Blend)
3.3.1 Transportation Grade Bioethanol Market (by Fuel Blend)
3.3.1.1 E5
3.3.1.2 E10
3.3.1.3 E15 to E75
3.3.1.4 E85 to E100
3.4 Demand Analysis of Transportation Grade Bioethanol Market (by Fuel Blend), Value and Volume Data
3.5 Product Benchmarking: Growth Rate - Market Share Matrix, 2021
3.6 Patent Analysis
3.6.1 Patent Analysis (by Status)
3.6.2 Patent Analysis (by Organization)
3.7 Global and Regional Level: Average Pricing Analysis
4 Regions
5 Markets - Competitive Benchmarking & Company Profiles
5.1 Competitive Benchmarking
5.1.1 Competitive Position Matrix
5.1.2 Product Matrix for Key Companies
5.1.3 Market Share Analysis of Key Companies
5.2 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/58i496
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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INDIANAPOLIS--(BUSINESS WIRE)--#HCI--Scale Computing, a market leader in edge computing, virtualization, and hyperconverged solutions, today announced ongoing momentum with customers in the maritime industry sector. The company’s SC//Platform and SC//HyperCore edge computing solutions enable maritime providers to run their critical onboard IT applications with self-healing, automated infrastructure. Whether it’s an offshore rig operating deep in the North Sea or a container ship crossing the Pacific Ocean, Scale Computing empowers a broad range of maritime service providers to improve their efficiency and ensure high availability.
“Few industries showcase the challenges and promise of edge computing as does the global maritime industry where IT resiliency is an operational necessity and downtime is unacceptable,” said Jeff Ready, CEO and co-founder of Scale Computing. “Scale Computing meets the complex and evolving infrastructure requirements of an industry that demands 24x7 availability, full redundancy, and is backed by human experts who understand the unique conditions that exist at the edge.”
Scale Computing brings the maritime industry into a new era of computing by revamping IT operations with a solution that simplifies management, reduces operating costs, and ensures resiliency and high availability in the face of unpredictable environmental conditions.
Northern Marine Group is a ship management and marine services provider that offers a full spectrum of ship and offshore management services. Operating a diverse fleet of technically managed vessels, including a wide range of tankers, ferries and offshore assets, the Northern Marine fleet is constantly on the move around the globe.
Northern Marine selected Scale Computing’s SC//Platform, which provides them with simplified, highly affordable IT infrastructure that offers unmatched resiliency in some of the world’s most extreme environments. Because internet connectivity is highly intermittent with no dedicated IT personnel stationed on their vessels, Northern Marine deployed SC//HyperCore clusters to keep their operations running smoothly, whether offshore or out at sea.
Scott Mungall, IT Technical Lead for Northern Marine, says, “We were looking for ways to evolve our onboard IT infrastructure across our fleet. In the last several years, requirements for key infrastructure systems on board have changed. Each vessel now has two or more operational critical applications on its server infrastructure, meaning we really can’t afford any downtime. We need to be able to sustain equipment failure and still continue to operate."
Headquartered in Dubai, Telford Offshore offers cost-effective construction and project management solutions to the oil & gas industry. The company supports multiple offshore activities, focusing on high-capacity accommodation, lifting, fabrication and installation services for projects that include laying pipelines and carrying out subsea construction.
With internet connectivity slow and costly at sea, relying on the cloud for critical operations was simply not an option. Telford Offshore recognized their on-board infrastructure would need to be local and on-premises. Following a comprehensive evaluation of edge solution providers, Telford Offshore selected Scale Computing’s SC//Platform as the only solution in its class to offer the unique combination of simplicity and performance demanded by their fleet.
Wouter Lustig, IT Manager at Telford Offshore, explained that, “We wanted the solution to be a long-term future-proof investment with the possibility of deploying it on our vessels at sea. The solution needed to be simple enough for the one or two electricians on board to install, deploy, and maintain. Scale Computing’s solution operates as its own data center in a box and can easily connect back to the deployment at the headquarters in Dubai. We are still amazed at how easy it is to install, deploy and manage – we don’t need to worry about the management of the day-to-day solution; it just takes care of itself.”
To learn more about Scale Computing’s solutions for the maritime and transportation industry, please visit: https://www.scalecomputing.com/maritime-edge-hci-solutions
About Scale Computing
Scale Computing is a leader in edge computing, virtualization, and hyperconverged solutions. Scale Computing software eliminates the need for traditional virtualization software, disaster recovery software, servers, and shared storage, replacing these with a fully integrated, highly available system for running applications. Using patented HyperCore™ technology, the self-healing platform automatically identifies, mitigates, and corrects infrastructure problems in real-time, enabling applications to achieve maximum uptime. When ease-of-use, high availability, and TCO matter, Scale Computing is the ideal infrastructure platform. Read what our customers have to say on Gartner Peer Insights, Spiceworks, TechValidate and TrustRadius.
Blair Moreland
ZAG Communications for Scale Computing
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SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and control systems and ultraviolet-c light disinfection (“UVCD”) products for the commercial, military maritime and consumer markets, will announce its financial results for its second quarter and six months ended June 30, 2022, prior to the market open on August 11th. Energy Focus will hold a conference call that day at 11:00 a.m. ET to discuss the results.
You can access the live conference call by dialing the following phone numbers:
Toll-free 1-877-451-6152 or
International 1-201-389-0879
Conference ID# 13731731
The conference call will be simultaneously webcast. To listen to the webcast, log on to it at: https://viavid.webcasts.com/starthere.jsp?ei=1560780&tp_key=11d78b462d. The webcast will be available at this link through August 26, 2022. Financial information presented on the call, including the earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com.
About Energy Focus:
Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus™ lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.
Investor Contact:
Stephen Socolof
Interim Chief Executive Officer
216-715-1300
OTTAWA, Canada--(BUSINESS WIRE)--Despite being engaged in the space industry since the 1950s, launching its first research rocket in 1959 and retaining a vibrant space industry, a new report reveals that Canadians today are more likely to associate space with aliens (23%) and Star Wars (12%) than they are with communications and connectivity (7%) or weather (6%).
The association between space and movies is even more pronounced among 18–24-year-old Canadians, with the research finding 37% associate it with aliens – nine times higher than the 4% of this age group who associate it with communications and connectivity.
However, according to a new global report – ‘What on Earth is the value of space?’, based on a survey by Inmarsat of 20,000 people in 11 countries – despite little awareness of how space is involved in their everyday lives, Canadians still remain optimistic about what it can offer. 40% say they are hopeful about the possibilities of space, while 32% report feeling excited by it. This compares to just 9% who said they don’t care about space.
When asked about real applications of the space industry today, just one third of Canadians (34%) thought space could help in monitoring and solving climate change, and only 27% thought it had a role to play in ensuring everyone on Earth has access to the Internet. Both are key activities that the space industry is engaged in today, alongside thousands of other services that impact everything from global trade to safety services for ships and airlines.
“The space industry is expanding faster than at any time in its history and enjoying record levels of investment. The sector is already integrated into our everyday lives in ways that would have seemed science fiction just a few decades ago. However, if the industry is to continue its rapid development, we need the public to be informed about it and what it can deliver,” said Todd McDonell, President of Inmarsat Global Government.
“This report should be a wake-up call for the space industry. We need to create a new narrative about space and show Canadians how it benefits their lives every day. The industry underpins so many vital services today – like being able to pay for goods online or helping to put food on our tables.
“With the impact of climate change growing, space also has a vital role to play in helping industries like shipping, aviation and others to reduce their carbon emissions. Climate change is of particular importance for Canada as it opens up the Arctic region. Here, satellite communications will play a vital role in enabling high-speed broadband communications without the high cost and time required to build terrestrial networks. Inmarsat is already investing in satellites dedicated to the arctic region, which will deliver internet access whenever and wherever its needed by governments and businesses.”
According to the report, while Canadians may have little awareness of what space brings to us today, they are well aware of the dangers inherent in the rapid expansion of the industry. Almost half (48%) said they were concerned about space junk and collisions in space, 43% expressed worries about polluting space, and 33% said they were concerned about damaging the Earth’s atmosphere.
“Like their counterparts in other countries, Canadians identified genuine causes of concern related to the space industry. As the sector goes through a period of major expansion with forecasts that the number of satellites in orbit will rise from 7,000 to over 100,000 by the end of this decade, players in the industry have a vital duty to manage this growth responsibly.
“Having come so far, we cannot afford to destroy the gift of space through poor stewardship, fear, ignorance or inaction. Sustainability on Earth cannot exist without sustainability in space.”
Inmarsat recently published a far-reaching report – Space Sustainability - to drive the debate about enhancing sustainability in space, reducing satellite debris and strengthening regulation in space.
ENDS
ABOUT INMARSAT
Inmarsat delivers world leading, innovative, advanced and exceptionally reliable global, mobile communications across the world – in the air, at sea and on land - that are enabling a new generation of commercial, government and mission-critical services. Inmarsat is powering the digitalisation of the maritime industry, making operations more efficient and safer than ever before. It is driving a new era of inflight passenger services for aviation, while ensuring that aircraft can fly with maximum efficiency and safety. Furthermore, Inmarsat is enabling the rapid expansion of the Internet of Things (IoT) and enabling the next wave of world-changing technologies that will underpin the connected society and help build a sustainable future. And now Inmarsat is developing the first-of-its-kind, multi-dimensional communications network of the future, ORCHESTRA.
In November 2021, Inmarsat and Viasat announced the planned combination of the two companies, to create a new leader in global communications. The deal is scheduled to close in the second half of 2022.
For further information, follow us: Twitter | LinkedIn | Facebook | YouTube | Instagram.
Jonathan Sinnatt / Matthew Knowles
Corporate Communications
Tel: +44 (0)788 960 5272 / +44 (0) 7725 476 507
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Grants have provided nearly $5 million to date for STEM education and research programs, reaching nearly 250,000 students nationwide
BALTIMORE--(BUSINESS WIRE)--Constellation (NASDAQ: CEG), the nation’s largest producer of carbon-free energy and a leading supplier of energy products and services, announced today it is now accepting applications for its 2022 E2 Energy to Educate grant program, which provides funding for student projects focusing on energy innovation. Educators and students in grades six through 12 can apply for program grants of up to $25,000, and those in two- and four-year colleges can apply for grants of up to $50,000. Oct. 1, 2022 is the deadline for applications.
“To achieve our purpose of accelerating the transition to a carbon free future, we need the brightest young minds to get excited about clean energy – and that means leaning in and supporting teachers and students who exhibit an authentic passion for STEM fields,” said Kathleen Barrón, executive vice president and chief strategy officer of Constellation. “The innovation and imagination from some of our country’s youngest minds will help shape how we address the climate crisis, and Constellation is taking action to support their endeavors.”
The E2 Energy to Educate program granted nearly $515,000 across 23 projects and reached nearly 21,000 students nationwide in 2021. Last year’s selected projects, which spanned 12 states and the District of Columbia, included a food-to-energy program, a dive into decarbonizing the electric grid, an energy and sustainability game design challenge and a look into how artificial intelligence can revolutionize the industry. To date, the grant program has provided nearly $5 million for research and education projects that have fueled the exploration of STEM fields for nearly 250,000 students.
“Engagement in high-quality science education is critical to attracting students to the sciences, yet these enrichment opportunities are seldom accessible to populations presently underrepresented in STEM,” said Dr. Elif Kongar, associate dean for Graduate Studies and Research at Fairfield University’s School of Engineering in Connecticut. “Because of Constellation’s support through the E2 Energy to Educate award, SuSTEMability addresses both of these issues by providing students from diverse backgrounds an understanding of sustainable engineering through age-appropriate enrichment opportunities.”
To be eligible for funding, a project must align with the following energy innovation themes:
Annually, Constellation and its employees donate more than $10 million to nonprofit partners, striving to be a positive catalyst for change in communities across America where we live, work and serve.
Grant recipients are announced each year in November during American Education Week. To learn more about the program and application criteria, visit the Community section of constellationenergy.com.
About Constellation
Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to millions of homes, institutional customers, the public sector, community aggregations and businesses, including three fourths of Fortune 100 companies. A Fortune 200 company headquartered in Baltimore, our fleet of nuclear, hydro, wind and solar facilities have the generating capacity to power approximately 20 million homes, providing 10 percent of all carbon-free energy on the grid in the U.S. Our fleet is helping to accelerate the nation’s transition to clean energy with more than 32,400 megawatts of capacity and annual output that is nearly 90 percent carbon-free. We have set a goal to achieve 100 percent carbon-free power generation by 2040 by leveraging innovative technology and enhancing our diverse mix of hydro, wind and solar resources paired with the nation’s largest nuclear fleet. Follow Constellation on Twitter @ConstellationEG.
Emily Kennedy
Constellation
410-470-9700
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Recognized for Pioneering and Scalable Approach to the Clean Energy Transformation
BOULDER, Colo.--(BUSINESS WIRE)--Uplight, the technology partner of energy providers transitioning to the clean energy ecosystem, today announced it has been named to Fast Company’s fourth annual Best Workplaces for Innovators list, which honors organizations and businesses that demonstrate a steadfast commitment to encouraging innovation at all levels. Uplight earned a spot on the list for its creative, pioneering, and scalable approach to powering the energy transition and helping energy providers decarbonize.
A certified B Corporation, Uplight brings together energy providers and their customers to build the path for clean energy ecosystems. By empowering energy providers to achieve critical outcomes through data-driven customer experiences, delivering control at the grid edge, creating new revenue streams, and optimizing existing load and assets, Uplight shares a mission with its clients to make energy more sustainable for every community.
“To solve for the existential threat that is climate change, constant innovation is paramount. The innovators on our team at Uplight are dedicated to motivating and enabling energy users and providers to accelerate the clean energy ecosystem to meet their critical decarbonization goals,” said Justin Segall, Chief Strategy Officer at Uplight. “We’re proud to be named to this list, and will continue to work with our utility partners to drive the change the energy industry needs.”
Added Michelle Anastasi, Chief People Officer at Uplight, “At Uplight, our culture, purpose, and team are all aligned around our goal to accelerate the clean energy ecosystem, and that’s a mission that’s strengthened by our commitment as a Certified B-Corp. Our pledge to meet the highest environmental and social standards has helped us attract and retain top, innovative talent in both the clean energy and broader technology sectors, and this recognition is validation of our efforts.”
In the past year, Uplight’s culture of creativity and ingenuity led to the launch of several products, including Plus, an award-winning subscription energy solution. It enables utilities to provide fixed, monthly bills to their customers, while also making it easy for customers to enroll in other beneficial energy and billing programs, such as demand response (DR), green energy, and autopay. Uplight is the first utility technology partner in the world to deliver a subscription-based digital customer experience.
With an emphasis on facilitating an environment where employees can collaborate, in 2021, Uplight moved into a new headquarters designed with Uplight’s focus on sustainability as a B Corporation. The office has a net-zero carbon footprint, including rooftop and innovative wall-mounted solar panels, is located close to Boulder’s transit center, and offers free bikes for company use. Uplight’s in-house design team used reclaimed or recycled materials as much as possible throughout the process.
Another way Uplight attracts and retains top talent is through its Employee Resource Groups (ERGs). These affinity groups formed around common identities, shared bonds, or similar backgrounds and try to create stronger platforms for traditionally underrepresented communities. Uplight ERGs include Military Connection, Moms of Uplight, NEURODiversity, Parents of Uplight, PRISM Alliance: LGBTQ (+) Affinity & Allies, Organized Marginalized Genders, and Women in Tech.
“This year’s list of the Best Workplaces for Innovators recognizes organizations that have demonstrated a deep commitment to cultivating creativity across the board,” says Brendan Vaughan, editor-in-chief of Fast Company. “In the face of powerful headwinds, these leaders and teams continue to spur innovation.”
Developed in collaboration with Accenture, the 2022 Best Workplaces for Innovators ranks 100 winners from a variety of industries, including computer science, biotech, consumer packaged goods, nonprofit, education, financial services, cybersecurity, engineering, diversity, sustainability, B2B, and consumer products and services. Fast Company editors and Accenture researchers worked together to score nearly 1,500 applications, and a panel of eight eminent judges reviewed and endorsed the top 100 companies. The 2022 awards feature workplaces from around the world.
To see the complete list, go to: https://www.fastcompany.com/best-workplaces-for-innovators/list. Fast Company’s Best Workplaces for Innovators issue (September 2022) is available online now, and the print issue will be on newsstands beginning August 16, 2022.
About Uplight
Uplight is the technology partner for energy providers and the clean energy ecosystem. Uplight’s software solutions connect energy customers to the decarbonization goals of power providers while helping customers save energy and lower costs, creating a more sustainable future for all. Using the industry’s only comprehensive customer-centric technology suite and critical energy expertise across disciplines, Uplight is streamlining the complex transition to the clean energy ecosystem for more than 80 electric and gas utilities around the world. By empowering energy providers to achieve critical outcomes through data-driven customer experiences, delivering control at the grid edge, creating new revenue streams and optimizing existing load and assets, Uplight shares a mission with its clients to make energy more sustainable for every community. Uplight is a certified B Corporation. To learn more, visit us at www.uplight.com, find us on Twitter @Uplight or on LinkedIn at Linkedin.com/company/uplightenergy.
About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Technology and Operations services and Accenture Song—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 710,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com.
Liam Sullivan
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Reusable, Plastic Hazmat Shipping Container Provides a Safer, More Convenient Way to Ship Flammable Liquids, Replacing Metal Paint Cans that Leak and Dent
CHICAGO--(BUSINESS WIRE)--#DangerousGoods--Labelmaster, the leading provider of products, services and technology for the safe and compliant transport of dangerous goods (DG) and hazardous materials (hazmat), today announced the release of the Capsuloc™ hazmat shipping container for transporting flammable liquids. Made of hard plastic and featuring a twist-on lid, Capsuloc is a lighter, safer, and more convenient alternative to traditional metal “paint can” secondary containment packaging.
Capsuloc’s advanced design provides a compliant seal without needing lock rings, and opens and closes by simply twisting the cap – no tools required. These durable containers can be reused repeatedly without denting or having to replace lock rings, and are completely recyclable. Having passed rigorous UN testing, Capsuloc can be compliantly shipped with an outer UN fiberboard box by all modes of transportation.
“The metal 'paint can' shippers use is known throughout the DG supply chain industry as not being the most effective way to ship flammable liquids, toxics, corrosives and oxidizers as they often dent, leak and are a real hassle to seal and open,” said Bill Barger, senior packaging product manager, Labelmaster. “Capsuloc provides a more effective and convenient way to ship hazardous liquids or anything that uses metal cans for secondary containment. Its lower weight will reduce freight costs and its advanced technology reduces the risk of spills, leaks, smashed fingers, and frustrations that come with the old ‘paint can’ approach.”
Capsuloc’s advanced design provides several operational and financial benefits compared to traditional metal cans:
Barger added, “The challenges associated with outdated DG packaging has been a problem for decades. We listened to the concerns of DG professionals around the world and are thrilled to provide a solution that directly addresses the needs of hazmat shippers and further supports a safer, more compliant supply chain.”
Capsuloc kits are available with different-sized pressurized glass bottles, pouches and UN 4GV outer boxes with bottom insert.
Visit https://www.labelmaster.com/capsuloc to view a video demonstrating how Capsuloc outperforms traditional metal cans.
To learn more about Capsuloc or how Labelmaster can help support your dangerous goods shipping needs, visit www.labelmaster.com or call 800-621-5808.
About Labelmaster
For more than five decades, Labelmaster has been the go-to source for companies – big and small – to navigate and comply with the complex, ever-changing regulations that govern the transport of dangerous goods and hazardous materials. From hazmat labels and UN-certified packaging, hazmat placards and regulatory publications, to advanced technology and regulatory training, Labelmaster’s comprehensive offering of industry-leading software, products, and services helps customers remain compliant with all dangerous goods regulations, mitigate risk and maintain smooth, safe operations. Labelmaster's dedication to supporting its customers' operational and compliance needs is enhanced through its unmatched industry expertise and consulting services, which serve as a valuable resource for customers to answer difficult and commonplace regulatory questions. Whether you're shipping hazardous materials by land, air, or sea, Labelmaster is your partner in keeping your business ahead of regulations and compliant every step of the way. To learn more, visit www.labelmaster.com.
Stephen Dye
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312-957-8911
On the Path to Climate Neutrality
MONHEIM AM RHEIN, Germany--(BUSINESS WIRE)--On its path to becoming a climate-neutral company, OQ Chemicals is switching to electricity from renewable sources, so-called green power, at its sites worldwide as part of its ‘reduce’ program. To this end, the company has also stopped generating electricity from natural gas in its power plant at the Oberhausen site. Its locations in Monheim am Rhein, in Houston, Texas, and the Dutch production site in Amsterdam already use 100 percent green power. At its other sites in Germany and the USA, OQ Chemicals will initially use green power certificates (Energy Attribute Certificates - EACs) during a transitional phase. In the medium term, the company intends to use only green power at all its locations worldwide. Furthermore, OQ Chemicals examines various options for producing CO2-neutral energy to secure demand.
“Up to now, we have generated part of our electricity requirements at the Oberhausen site through natural gas-fired power generation. We will initially procure this share as well as the demand for our site in Marl with EACs, and later entirely as green power. The volume corresponds to the annual electricity consumption of 8,000 German private households. In a very effective cycle, we generate the remaining electricity as well as steam and heat ourselves in our on‑site power plant via highly efficient cogeneration, using waste gases, waste streams, and by-products generated during production. We feed part of the heat into the Oberhausen district heating network of energy provider Energieversorgung Oberhausen (evo),” said Dr. Albrecht Schwerin, Chief Operating Officer at OQ Chemicals.
“The switch to green power is a small but effective building block in our global ‘reduce’ program, with which we are aiming for climate neutrality by mid-century. We work holistically and look at all areas - raw materials, production, and the end product. Achieving climate neutrality will be one of the most important goals for OQ Chemicals in the coming years,” commented OQ Chemicals’ CEO, Dr. Oliver Borgmeier.
About OQ Chemicals
OQ Chemicals (formerly Oxea) is a global manufacturer of Oxo intermediates and Oxo performance chemicals such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These are used to produce high-quality coatings, lubricants, cosmetic and pharmaceutical products, flavors and fragrances, printing inks, and plastics. OQ Chemicals employs more than 1,400 people worldwide and markets its chemicals in more than 60 countries. The company is part of OQ, an integrated energy company originating in Oman. More information is available at chemicals.oq.com.
OQ Chemicals GmbH
Dr. Ina Werxhausen, Communications and Press Relations
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SAN FRANCISCO--(BUSINESS WIRE)--Climate Adaptive Infrastructure, LLC (“CAI”), an investment firm funding low-carbon energy, water and transport infrastructure and Meridian Clean Energy (“Meridian”), a power project owner and developer enabling a decarbonized future energy system, today announced their strategic partnership. Their first investment is the acquisition of a 25% interest in the Sentinel Energy Center, an 850 MW peaking power plant in Riverside California.
Sentinel Energy Center operates eight large turbines, creating one of the most efficient and flexible peaking power plants in Southern California. Sentinel’s quick-start capability enables it to efficiently fill the peaks and valleys created by the 11 gigawatts of intermittent wind and solar resources surrounding the plant and serving the greater Los Angeles basin.
“We are delighted to initiate our strategic partnership with Meridian Clean Energy and to acquire a significant interest in Sentinel, a key to the ongoing decarbonization of the Southern California energy market,” said Bill Green, Founder and Managing Partner at CAI. “Together with the Meridian team and our partners at Sentinel, we plan to demonstrate how natural gas dependent peakers can be decarbonized, while contributing to the energy security of large, complex utility grids. We look forward to collaborating with Meridian to replicate this program in other markets, driven by utility demand for decarbonized grid-stabilization capacity.”
“As California continues toward its decarbonization goals, Sentinel works to stabilize the increasingly renewable-driven grid. We are excited to partner with CAI on this asset, which is critical to the continued deployment of wind and solar on the CAISO system and will be a critical asset for grid decarbonization,” said John Woolard, CEO of Meridian Clean Energy.
About Climate Adaptive Infrastructure
Climate Adaptive Infrastructure, LLC ("CAI") is an infrastructure investment firm specializing in low-carbon real assets in the energy, water and transport sectors. CAI funds large-scale, low-carbon infrastructure investments that can withstand the structural risks and economic pressures of the climate crisis and that can provide CAI and its funding partners a viable hedge against climate losses.
About Meridian Clean Energy
Meridian Clean Energy is focused on owning and developing power generation and storage assets with the flexibility and reliability to enable a decarbonized future energy system. The Meridian team brings deep experience across all power generation types and in the integration of the latest technologies at utility scale.
For Climate Adaptive Infrastructure
Jonathan Gasthalter/Sara Widmann
Gasthalter & Co.
+1(212) 257 4170
LOS ANGELES--(BUSINESS WIRE)--$CGRN #Biogas--Capstone Green Energy Corporation (NASDAQ: CGRN) announced today that on Thursday, August 11, 2022, after market close, it expects to release full financial results for its first quarter of fiscal year 2023, ended March 31, 2022. Later the same day, at 1:45 p.m. Pacific Time (4:45 p.m. Eastern Time), Capstone will hold its quarterly conference call to discuss those results.
At the end of the live conference call, Capstone Management will host a question-and-answer session to provide an opportunity for financial analysts to ask questions. Investors and interested individuals are invited to listen to the webcast by logging on to the Company’s investor relations webpage at ir.capstonegreenenergy.com. The replay of the conference call will be available via webcast on the Company’s website site after the conclusion of the call.
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.
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.. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated to be approximately $698 million in energy savings and approximately 1,115,100 tons of carbon savings.
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
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Includes largest US-based order of satellite solution to date
CALGARY, Canada--(BUSINESS WIRE)--$BLN #TSX--Blackline Safety Corp. (TSX: BLN), a global leader in connected safety technology, today announced the close of three deals with leading North American energy companies. They have a combined value of over $10 million based on their five-year lifetime product and services value.
The largest deal—with a lifetime value of almost $7 million—saw a Texas-based oil and gas company purchase G7x wearables, supported by G7 Bridge portable satellite base stations, for connected gas detection and lone worker protection. This is a new customer for Blackline Safety, validating the increased market penetration of its products and services.
The other two deals represent new business with current energy customers, each with a five-year lifetime value of approximately $2 million. The first involves the purchase of G7x satellite connected wearables with G7 Bridge base stations and the second includes a combination of G7c cellular wearables and G7x wearables with satellite bridge—all support both connected gas detection and lone worker protection.
The 1,200+ purchased devices across the three companies will include 24/7 live monitoring by Blackline Safety’s Safety Operations Centre (SOC). Blackline’s SOC is the only in-house safety monitoring service operated by a connected vendor—providing round-the-clock safety for tens of thousands of workers.
“These deals demonstrate the positive impact of the ongoing rebound in the North American energy industry delivering strong growth across this sector for Blackline. Customers in this market see the enduring value of our all-in-one solution to meet the diverse safety needs of workers in an industry increasingly moving toward connected solutions to transform their operations,” said Sean Stinson, Chief Growth Officer, Blackline Safety.
“No other competitive solution offers this combined level of connectivity, gas detection, and live monitoring, which is especially relevant to protect workers in the oil and gas industry who can work in remote areas where connectivity is low. These attributes are what enhance the stickiness of our solution and key to the reason we deliver a 100%+ customer retention rate.”
Blackline’s G7 lone worker and personal gas detection devices are robust and intelligent connected wearables that accurately detect gas hazards, instantly notifying both workers and managers in real time and enabling corrective action to be taken to mitigate future incidents. Supported by Blackline’s professional 24/7 live monitoring service, they ensure maximum worker protection with automated safety incident and health event monitoring, including features such as no-motion and fall detection, and missed check-ins.
About Blackline Safety
Blackline Safety is a technology leader driving innovation in the industrial workforce through IoT. With connected safety devices and predictive analytics, Blackline enables companies to drive towards zero safety incidents and improved operational performance. Blackline provides wearable devices, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and enhance overall productivity for organizations with coverage in more than 100 countries. Armed with cellular and satellite connectivity, Blackline provides a lifeline to tens of thousands of people, having reported over 180 billion data-points and initiated over five million emergency responses. For more information, visit BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.
MEDIA
Matt Glover or Jeff Grampp, CFA
Gateway Group, Inc.
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+1 949 574 3860
Cherine Hlady
Manager Communications, Blackline Safety
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Telephone: +1 403 999 7820
Green power offered to residents at special rate through MyRate Energy partnership
NEW YORK--(BUSINESS WIRE)--#decarbonize--Bright Power, Inc. today announced an exclusive green electricity program for its commercial clients, in partnership with MyRate Energy. Any building that has worked with Bright Power in New York can now offer their residents green electricity at an exclusive rate. This program launched today.
“We are pleased to be able to offer this exclusive program for our clients, a majority of which are multifamily property owners and managers, to offer to their residents,” said Andy Kern, Vice President of Commercial and Energy Markets, Bright Power. “This program extends our mission to the individual resident level. We strive to increase the performance of our partnered buildings and improve the comfort, health, and productivity of its residence. Residents can now take part in helping to meet New York’s climate change initiative by selecting green electricity.”
Residents can now lock in a fixed-rate green electricity supply agreement. When residents independently select one of these offerings, they will be proactively reducing their carbon footprint, at an exclusive rate.
“We are grateful to work with Bright Power as our energy partner. Providing their clients with this program offer for their residents shows just how passionate Bright Power is about improving the sustainability of our environment,” said Jeff Borg, Co-Founder and Managing Partner, MyRate Energy.
For more information visit: brightpower.myrateenergy.com
About Bright Power
Bright Power -- the premier provider of energy and water management services and trusted advisor for real estate owners, investors, and operators -- brings seventeen years of experience in renewable energy, energy efficiency, project management, and energy analysis to the industry. Bright Power provides strategic energy and water solutions to building owners and operators across the nation, specializing in multifamily apartment buildings. Bright Power has worked with almost 2 million units that cover over 2 billion square feet.
For press inquiries:
Stephanie Driscoll
Chameleon Collective
781.535.8489
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The Global Mercy joins Africa Mercy with donation of three clinical decisions support tools to aid clinicians onboard ships in providing the best care anywhere around the world
WALTHAM, Mass.--(BUSINESS WIRE)--Wolters Kluwer, Health announced today that it has donated three market-leading clinical decision support (CDS) tools including UpToDate®, Lexicomp®, and Lippincott Procedures® to Mercy Ships, a global humanitarian organization that operates two floating hospitals serving underprivileged populations. The donated software will support doctors, nurses, and clinical staff working on the Africa Mercy®, and the newer, recently launched ship, the Global Mercy®. With these donations, clinicians aboard both ships will have essential CDS resources to aid them in providing the best care to vulnerable patients in remote areas of Africa.
Training clinicians and providing life-saving procedures
The two-part goal of the new Global Mercy is not only to treat patients as a state-of-the-art hospital, but also to help train clinicians in a part of the world where the latest clinical training and evidence can be hard to find. Over the 50 years of the Global Mercy’s lifespan, Mercy Ships is predicting that more than 150,000 patients will receive surgery alone. In addition to treatment, thousands of African healthcare workers will receive training, mentoring, and access to critical decision support tools to then change lives positively in their communities.
After two weeks of festivities in Rotterdam, the Netherlands, the Global Mercy sailed to Dakar, Senegal in June 2022. There, H.E. President of Senegal, Macky Sall hosted inaugural events to welcome the new ship, alongside the Africa Mercy which had been operating in Dakar since February. As the largest civilian hospital ship, the vessel has six operating rooms, a laboratory, general outpatient clinics, dental, and eye clinics and has space for 200 patients in a floating hospital 174 meters long and 28.6 meters wide. The hospital decks cover a total area of 7,000 square meters and contain the latest training facilities. When in full service, the ship will be able to accommodate up to 950 people when docked, including crewmembers and volunteers from all over the world. The Global Mercy joins the Africa Mercy, which has had a dramatic impact on patients and staff through access to the same trusted CDS resources provided by Wolters Kluwer since 2018.
Gert van de Weerdhof, Mercy Ships Chief Executive Officer, stated, “The Global Mercy is the result of many years of planning, preparation and partnerships with companies like Wolters Kluwer that share our aim to accelerate access to safe and free surgery, and multiply the impact of better care by training African medical professionals.”
Delivering the Best Care Everywhere
With UpToDate, Lexicomp, and Lippincott Procedures apps installed on the ships’ tablets, clinicians on board will be able to access the most recent medical research and evidence-based recommendations, comprehensive drug information, and step-by-step guidance on nursing procedures critically needed to treat patients.
“As a mission-driven organization, we know the tremendous impact on health outcomes that will be made possible by doubling our support of tools used on the Mercy Ships fleet,” said Stacey Caywood, Chief Executive Officer, at Wolters Kluwer, Health. “Our mission is to advance the best care everywhere through trusted, evidence-based medicine and overcoming inequities or limited access to care that often stand in the way. We’re honored to support Mercy Ships’ clinicians who are volunteering life-saving procedures to some of the world’s most vulnerable populations.”
Learn more about Mercy Ships.
Learn more about Wolters Kluwer’s donation programs.
About Wolters Kluwer
Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the clinicians, nurses, accountants, lawyers, and tax, finance, audit, risk, compliance, and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.
Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Wolters Kluwer provides trusted clinical technology and evidence-based solutions that engage clinicians, patients, researchers and students in effective decision-making and outcomes across healthcare. We support clinical effectiveness, learning and research, clinical surveillance and compliance, as well as data solutions. For more information about our solutions, visit https://www.wolterskluwer.com/en/health and follow us on LinkedIn and Twitter @WKHealth.
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André Rebelo
Public Affairs & Public Relations Associate Director
Wolters Kluwer
+1 (781) 392-2411
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KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (KCS), Canadian Pacific (TSX: CP) (NYSE: CP), GATX (NYSE: GATX), Monterrey Metropolitan Rotary Club (Rotary) and NASCO today announced the launch of the Save the Monarch Butterfly 60,000 Tree Challenge North American Boxcar Tour to raise $100,000 USD. The funds raised will be used to plant 60,000 oyamel trees at El Rosario Monarch Butterfly Sanctuary in Michoacán, Mexico to help reestablish the monarch population. This past week, the Monarch Mariposa Boxcar rolled out of the GATX shop in Hearne, Texas.
Monarch butterflies are among the most recognizable butterfly species in North America. In addition to being an international symbol of the environment, monarch butterflies contribute to the health of the planet. Pollinators are critical to global food security and healthy natural ecosystems, but they’re disappearing at an alarming rate. Beloved across its trinational North American range, the iconic monarch has only a 10 percent chance of persisting above the extinction threshold over the next 30 years. The time is now to protect monarchs and their incredible 3,000-mile migration.
Last month, the International Union for Conservation of Nature red-listed the migratory monarch as endangered, placing it just two steps from extinction. While this listing is not the same as a listing under the U.S. Endangered Species Act, it is another loud call to action that an all-hands-on-deck approach for monarch and pollinator conservation is needed.
In support of the 60,000 Tree Challenge, a crowd-funding QR code is featured on the side of the boxcar. Starting this fall, the boxcar will stop at events in Windsor, Ont.; Chicago; Kansas City, Mo.; Laredo, Texas; Nuevo Laredo, Tamps.; Monterrey, Nuevo Leon; San Luis Potosi, S.L.P.; Morelia, Michoacán; and end at the El Rosario Monarch Butterfly Sanctuary. In coordination with local Rotary clubs, these events will generate awareness and raise funds to help save the butterfly. This innovative environmental project is an example of the commitment of the sponsoring organizations to sustainability.
Monarchs appear to use a combination of air currents, the magnetic pull of the earth and the position of the sun, among other guides, to find their way south to Michoacán, Mexico for the winter and to the United States and Canada for the summer. Monarchs only travel during the day and need to find a roost at night, where they gather at waystations to rest, refuel, breed, and lay eggs along the way. Many of these locations are used year after year.
Although the oyamel forests in Mexico are recognized as important to monarch butterflies, deforestation and climate change over decades have fragmented the habitat. The disappearance of the oyamel forest affects the monarch butterfly and the local communities that rely on the forest for their livelihoods, water, healthy soil and erosion control.
The monarch butterfly represents North American unity. Its migration path closely follows the CP and KCS networks, putting the two companies in a unique position to help. In December 2021, KCS was acquired by CP in a $31 billion transaction. Immediately following the acquisition, KCS was placed in trust and will continue to operate independently pending merger approval by the U.S. Surface Transportation Board (STB). If the two railroads receive STB approval, they will be combined, forming the first truly North American railroad, which will be called Canadian Pacific Kansas City.
“KCS is proud to work in partnership with CP, GATX, Rotary and NASCO to drive the 60,000 Tree Challenge,” said KCS President and CEO Patrick J. Ottensmeyer. “In addition, we are installing waystations throughout our U.S.-Mexico network in support of monarch conservation.”
“The CP and KCS networks align with the Monarch’s annual migration route, providing us with a unique opportunity to help protect and restore critical habitat,” said CP President and CEO Keith Creel. “CP is very happy to join with KCS, GATX, Rotary and NASCO to support and promote the recovery of the monarch butterfly.”
“As the largest global railcar lessor and one of the largest boxcar owners in North America, GATX was thrilled to help produce a custom designed boxcar to celebrate and raise awareness of the journey of the monarch butterfly in addition to making a financial contribution to support the 60,000 Tree Challenge," said Robert C. Lyons, President and CEO of GATX. “We are proud to join forces on this innovative environmental initiative.”
“Rotarians throughout North America are honored to join forces with CP, KCS, GATX and NASCO to regenerate vital pollinator habitat from Windsor to Michoacán. The biological corridor of the monarch butterfly has been fragmented by global warming, deforestation, urbanization and excessive pesticide use. At each stop of the GATX boxcar, local Rotarians will sign a pollinator pledge highlighting actions that will be implemented to protect monarch and other pollinators throughout North America,” said Alex Rechy, President of the Monterrey Metropolitan Rotary club.
Rotarian Chris Stein, who manages the Operation Pollination environmental framework, said, “If managed with pollinators in mind, privately owned green spaces throughout North America can be important nectar feeding areas and migration corridors for pollinators. Any company that embraces the philosophy that making money and protecting the environment can go hand-in-hand, understands that we must work together now to be able to leave a healthy planet for our children. The vision behind this creative Monarch Butterfly 60,000 Tree Challenge tour epitomizes how business and the environment can work together for a better planet.”
“NASCO is proud and honored to be part of this international effort to save the iconic symbol of North America – the monarch butterfly. We have educated and engaged our continental network to support local events and fundraising efforts and to plant Monarch habitats along their North American migration routes. We commend KCS, CP, GATX and Rotary for leading this effort – the Monarch Butterfly Challenge is vitally important to our North American region,” said Tiffany Melvin, President of NASCO.
About KCS
Headquartered in Kansas City, Mo., KCS is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south-central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. Visit www.kcsouthern.com for more information.
About CP
CP is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of CP. CP-IR
About GATX
At GATX Corporation, we empower our customers to propel the world forward. GATX leases transportation assets including rail-cars, aircraft spare engines and tank containers to customers worldwide. Our mission is to provide innovative, unparalleled service that enables our customers to transport what matters safely and sustainably while championing the well-being of our employees and communities. GATX has been headquartered in Chicago, Ill. since its founding in 1898. Visit www.gatx.com for more information.
About Rotary
Rotary brings together a global network of volunteer leaders dedicated to tackling the world’s most pressing humanitarian challenges. Rotary connects 1.4 million members of more than 46,000 Rotary and Rotaract clubs in over 200 countries and geographical areas. Their work improves lives at both the local and international levels, from those in need in their own communities to working toward a polio-free world. Visit www.rotary.org.
About Operation Pollination
Operation Pollination is an inclusive environmental framework that allows Rotarians (and other organizations) to recruit a diverse array of organizational partners willing to engage in the framework’s two goals: pollinator habitat restoration and pollinator education. Visit https://operationpollination.net to learn more.
About NASCO
NASCO is a grass roots tri-national coalition of governments, businesses and educational institutions driven by a common interest in collaboration along key freight and commercial trade networks. Founded in 1994, NASCO encourages North America’s competitiveness in the global marketplace. Visit www.nasconetwork.com for more information.
• KCS – Doniele Carlson, This email address is being protected from spambots. You need JavaScript enabled to view it., 816-983-1372
• CP – Andy Cummings, This email address is being protected from spambots. You need JavaScript enabled to view it., 612-851-5616
• GATX – Shari Hellerman, This email address is being protected from spambots. You need JavaScript enabled to view it., 312-621-4285
• Rotary – Gabriel Garza, This email address is being protected from spambots. You need JavaScript enabled to view it., 52-811-538-7961
• Operation Pollination – Chris Stein, This email address is being protected from spambots. You need JavaScript enabled to view it., 402-881-1387
• NASCO – Tiffany Melvin, This email address is being protected from spambots. You need JavaScript enabled to view it., 214-855-0129
DUBLIN--(BUSINESS WIRE)--The "Global Liquefied Natural Gas Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.
This study evaluates the growth opportunities in the LNG market at both global and regional levels for imports and exports, analyzing capacity additions and actual volume shipments across two major segments: liquefaction and regasification. The study includes market trends, forecasts, competitive analysis, regional trends, and recommendations for LNG stakeholders.
Natural gas is an essential transition fuel in the global shift toward net-zero energy systems powered by renewable energy. Because of its flexibility and better environmental impact than coal and oil, natural gas will be the only fossil fuel to witness demand growth in the next three to four years.
Liquefied natural gas (LNG) is natural gas cooled into a liquefied state for easier storage and transportation. As a high-growth segment of the global natural gas market, LNG's market share will expand dynamically from about 9.6% in 2021 to approximately 11.5% by the end of 2030.
LNG is rapidly becoming a mainstream alternative to piped gas. Its growth will outstrip the natural gas market growth as gas-consuming countries diversify their supply base while gas-supplying countries broaden their production and customer base. Europe will witness strong growth in natural gas imports as it attempts to reduce its reliance on Russia. Countries such as the United States, Qatar, and Australia will see export growth instead.
For more information about this report visit https://www.researchandmarkets.com/r/maats2
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced second quarter 2022 financial results including the following highlights compared to the same quarter of 2021:
“This was the strongest second quarter in our company’s history, even while our air and ocean volumes were soft compared to a year ago,” said Jeffrey S. Musser, President and Chief Executive Officer. “During the second quarter we continued the recovery from the February cyber-attack and re-established digital connections with many of our customers, which limited our ability to move cargo through our systems. We also experienced a significant drop in volumes in China due to the various lockdowns that resulted in factories not operating and cargo being unavailable to ship. We believe the volume changes are primarily related to timing of our recovery from the cyber-attack, our significant market presence in China, as well as a slowing economy and an overall drop in demand. We simply cannot say enough about the quality of our employees and their commitment to our customers over the last couple of years. Our experiences during the pandemic and recovery from the cyber-attack have tested the will of our staff, as well as the strength and commitment of our service providers and customers.
“Looking at the current environment, our perspective is that there is a great deal of uncertainty in the marketplace. Buy and sell rates have come down from their peaks but remain elevated and out of balance by historical standards. We see signs that the global economy has started to slow and that capacity is no longer severely constrained relative to demand that has also come down from earlier peaks. Nevertheless, airline belly capacity in many markets has not bounced back and we continued to access additional capacity by using air charters to meet shipper demand. Ocean transit times continued to be stretched by port congestion and many ongoing shortages of equipment, labor, and warehousing space. Various onshore bottlenecks further impacted many of our ocean and air lanes, in addition to affecting our customs business due to record high drayage, storage, delivery, demurrage, and detention costs at destination. We do not see signs that these conditions are likely to improve significantly any time soon. The unpredictability of COVID restrictions and lockdowns in China, as well as route restrictions and sanctions from the Ukraine conflict, continue to make global shipping a highly challenging business right now. But the strength of our organization and culture is in bringing order to chaos to service the needs of our customers by accessing capacity and delivering solutions despite the many disruptions.”
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “All of our products performed well during the quarter and we returned $659 million to shareholders in repurchased stock and dividends. Given the current economic uncertainty and government actions aimed at taming inflation, along with the ongoing challenges throughout the global supply chain, we believe that rates will continue to be highly volatile at least through the end of the year, while generally continuing to trend downwards from their highs over the longer-term. We are no strangers to uncertainty and remain highly disciplined and focused on our customers’ need for capacity and solutions. We will continue to explore ways to further enhance our already strong efficiencies as we continue to adapt to the current operating environment.”
Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.
Disclaimer on Forward-Looking Statements:
Certain statements contained in this news release are “forward-looking statements,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding the financial and operational impact of the cyber-attack; the future stabilization of supply/demand imbalance and rate volatility; the continued unsettled operating environment due to uncertain air and ocean capacity; volatile air and ocean pricing and uneven demand for such services; port congestion; equipment imbalances; labor shortages; insufficient warehouse and pier space; trade disruptions; rising fuels costs; the conflict in Ukraine; signs of a slowing economy and drop in demand; and the uneven lifting of the COVID-19 pandemic restrictions around the world. Future financial performance could differ materially because of factors such as: our ability to leverage the strength of our carrier relationships to secure space; the strength of our non-asset-based operating model; our expectation that the supply/demand imbalance, rate volatility, and various on-shore bottlenecks are unlikely to improve any time soon; our ability to fully re-open our offices for return-to-work; our ability to continue to enhance our productivity; our ability to invest in our strategic efforts to explore new areas for profitable growth; our ability to avoid another material cyber-attack; and our ability to remain a strong, healthy, unified and resilient organization. The ongoing impact of the COVID-19 pandemic could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform and potential litigation as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and the Company’s most recent Form 10-Q. The forward-looking statements contained in this news release speak only as of this date and the Company does not assume any obligation to update them except as required by law.
Expeditors International of Washington, Inc. Second Quarter 2022 Earnings Release, August 2, 2022 Financial Highlights for the three and six months ended June 30, 2022 and 2021 (Unaudited) (in 000's of US dollars except per share data) |
||||||||||||||||||||||
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||||||||
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
||||
Revenues |
|
$ |
4,603,312 |
|
|
$ |
3,609,093 |
|
|
28% |
|
|
$ |
9,267,610 |
|
|
$ |
6,807,913 |
|
|
36% |
|
Directly related cost of transportation and other expenses1 |
|
$ |
3,440,948 |
|
|
$ |
2,598,633 |
|
|
32% |
|
|
$ |
6,957,059 |
|
|
$ |
4,845,917 |
|
|
44% |
|
Salaries and other operating expenses2 |
|
$ |
656,382 |
|
|
$ |
599,815 |
|
|
9% |
|
|
$ |
1,342,809 |
|
|
$ |
1,165,836 |
|
|
15% |
|
Operating income |
|
$ |
505,982 |
|
|
$ |
410,645 |
|
|
23% |
|
|
$ |
967,742 |
|
|
$ |
796,160 |
|
|
22% |
|
Net earnings attributable to shareholders |
|
$ |
377,805 |
|
|
$ |
316,372 |
|
|
19% |
|
|
$ |
723,914 |
|
|
$ |
603,592 |
|
|
20% |
|
Diluted earnings attributable to shareholders per share |
|
$ |
2.27 |
|
|
$ |
1.84 |
|
|
23% |
|
|
$ |
4.31 |
|
|
$ |
3.52 |
|
|
22% |
|
Basic earnings attributable to shareholders per share |
|
$ |
2.29 |
|
|
$ |
1.87 |
|
|
22% |
|
|
$ |
4.35 |
|
|
$ |
3.57 |
|
|
22% |
|
Diluted weighted average shares outstanding |
|
|
166,474 |
|
|
|
171,677 |
|
|
(3)% |
|
|
|
167,980 |
|
|
|
171,660 |
|
|
(2)% |
|
Basic weighted average shares outstanding |
|
|
165,092 |
|
|
|
169,210 |
|
|
(2)% |
|
|
|
166,423 |
|
|
|
169,140 |
|
|
(2)% |
|
__________________________________
1 Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.
2 Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.
Financial Impact of the Cyber-Attack
In the three and six months ended June 30, 2022, the Company incurred, as a result of our inability to timely process and move shipments through ports, approximately $22 million and $62 million, respectively, in incremental demurrage charges, where the Company has direct liability for this obligation. These costs are recorded in customs brokerage and other services expenses.
Additionally, principally in the first quarter, the Company incurred investigation, recovery, and remediation expenses, including costs to recover its operational and accounting systems and to enhance cybersecurity protections. These costs are primarily comprised of various consulting services including cybersecurity experts, outside legal advisors, and other IT professional expenses. The Company also recorded estimated liabilities for potential shipment-related claims. Total amounts recorded for the items above for the three and six months ended June 30, 2022 were approximately $6 million and $28 million, respectively, and are reported in other operating expenses. The Company does not expect to incur significant capital expenditures as a result of the cyber-attack.
The Company may incur additional expenses which could include third-party expenses, incremental information services costs, legal fees, or indemnities to customers or business partners. When the Company’s operating systems were down, many customers worked with other providers to meet their logistics needs, resulting in lower shipment volumes in the first quarter and to a lesser extent in the second quarter for which the financial impact on revenues and operating income cannot be quantified. Such costs and the ongoing impacts from the down time caused by the cyber-attack could have a further material adverse impact on the Company’s business, revenues, expenses, results of operations, cash flows and reputation. The Company is unable to estimate the ultimate direct and indirect financial impacts of this cyber-attack.
|
|
Employee Full-time Equivalents as of June 30, |
|
|||||
|
|
2022 |
|
|
2021 |
|
||
North America |
|
|
7,752 |
|
|
|
6,949 |
|
Europe |
|
|
4,127 |
|
|
|
3,700 |
|
North Asia |
|
|
2,490 |
|
|
|
2,416 |
|
South Asia |
|
|
1,824 |
|
|
|
1,671 |
|
Middle East, Africa and India |
|
|
1,543 |
|
|
|
1,496 |
|
Latin America |
|
|
853 |
|
|
|
781 |
|
Information Systems |
|
|
1,093 |
|
|
|
968 |
|
Corporate |
|
|
414 |
|
|
|
399 |
|
Total |
|
|
20,096 |
|
|
|
18,380 |
|
|
|
Second quarter year-over-year percentage decrease: |
|
|||
2022 |
|
Airfreight kilos |
|
|
Ocean freight FEU |
|
April |
|
(24)% |
|
|
(13)% |
|
May |
|
(13)% |
|
|
(11)% |
|
June |
|
(13)% |
|
|
(10)% |
|
Quarter |
|
(17)% |
|
|
(11)% |
|
During the three and six months ended June 30, 2022, we repurchased 5 million shares of common stock at $109.81 per share. During the three and six months ended June 30, 2021, we repurchased 0.5 million and 1.4 million shares of common stock at an average price of $124.94 and $104.20 per share, respectively.
Investors may submit written questions via e-mail to: This email address is being protected from spambots. You need JavaScript enabled to view it.. Questions received by the end of business on August 5, 2022 will be considered in management's 8-K “Responses to Selected Questions.”
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) |
||||||||
|
|
June 30, 2022 |
|
|
December 31, 2021 |
|
||
Assets: |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,976,971 |
|
|
$ |
1,728,692 |
|
Accounts receivable, less allowance for credit loss of $7,636 at June 30, 2022 and $6,686 at December 31, 2021 |
|
|
3,469,833 |
|
|
|
3,810,286 |
|
Deferred contract costs |
|
|
745,577 |
|
|
|
987,266 |
|
Other |
|
|
137,768 |
|
|
|
108,801 |
|
Total current assets |
|
|
6,330,149 |
|
|
|
6,635,045 |
|
Property and equipment, less accumulated depreciation and amortization of $554,252 at June 30, 2022 and $541,677 at December 31, 2021 |
|
|
495,328 |
|
|
|
487,870 |
|
Operating lease right-of-use assets |
|
|
491,630 |
|
|
|
459,158 |
|
Goodwill |
|
|
7,927 |
|
|
|
7,927 |
|
Deferred federal and state income taxes, net |
|
|
19,413 |
|
|
|
729 |
|
Other assets, net |
|
|
16,695 |
|
|
|
19,200 |
|
Total assets |
|
$ |
7,361,142 |
|
|
$ |
7,609,929 |
|
Liabilities: |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
1,914,979 |
|
|
|
2,012,461 |
|
Accrued liabilities, primarily salaries and related costs |
|
|
473,644 |
|
|
|
403,625 |
|
Contract liabilities |
|
|
867,467 |
|
|
|
1,142,026 |
|
Current portion of operating lease liabilities |
|
|
88,112 |
|
|
|
82,019 |
|
Federal, state and foreign income taxes |
|
|
66,864 |
|
|
|
86,166 |
|
Total current liabilities |
|
|
3,411,066 |
|
|
|
3,726,297 |
|
Noncurrent portion of operating lease liabilities |
|
|
414,813 |
|
|
|
385,641 |
|
Commitments and contingencies |
|
|
— |
|
|
|
— |
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
Preferred stock, none issued |
|
|
— |
|
|
|
— |
|
Common stock, par value $0.01 per share. Issued and outstanding: 162,931 shares at June 30, 2022 and 167,210 shares at December 31, 2021 |
|
|
1,629 |
|
|
|
1,672 |
|
Additional paid-in capital |
|
|
137 |
|
|
|
3,160 |
|
Retained earnings |
|
|
3,717,316 |
|
|
|
3,620,008 |
|
Accumulated other comprehensive loss |
|
|
(193,834 |
) |
|
|
(130,414 |
) |
Total shareholders’ equity |
|
|
3,525,248 |
|
|
|
3,494,426 |
|
Noncontrolling interest |
|
|
10,015 |
|
|
|
3,565 |
|
Total equity |
|
|
3,535,263 |
|
|
|
3,497,991 |
|
Total liabilities and equity |
|
$ |
7,361,142 |
|
|
$ |
7,609,929 |
|
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings (In thousands, except per share data) (Unaudited) |
||||||||||||||||
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airfreight services |
|
$ |
1,602,566 |
|
|
$ |
1,523,569 |
|
|
$ |
3,201,121 |
|
|
$ |
2,849,484 |
|
Ocean freight and ocean services |
|
|
1,759,646 |
|
|
|
1,098,550 |
|
|
|
3,735,892 |
|
|
|
2,052,462 |
|
Customs brokerage and other services |
|
|
1,241,100 |
|
|
|
986,974 |
|
|
|
2,330,597 |
|
|
|
1,905,967 |
|
Total revenues |
|
|
4,603,312 |
|
|
|
3,609,093 |
|
|
|
9,267,610 |
|
|
|
6,807,913 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Airfreight services |
|
|
1,212,503 |
|
|
|
1,136,328 |
|
|
|
2,355,049 |
|
|
|
2,090,872 |
|
Ocean freight and ocean services |
|
|
1,402,365 |
|
|
|
862,251 |
|
|
|
3,002,608 |
|
|
|
1,604,686 |
|
Customs brokerage and other services |
|
|
826,080 |
|
|
|
600,054 |
|
|
|
1,599,402 |
|
|
|
1,150,359 |
|
Salaries and related |
|
|
508,222 |
|
|
|
481,186 |
|
|
|
1,047,162 |
|
|
|
933,291 |
|
Rent and occupancy |
|
|
51,598 |
|
|
|
45,366 |
|
|
|
102,526 |
|
|
|
90,646 |
|
Depreciation and amortization |
|
|
14,254 |
|
|
|
12,675 |
|
|
|
27,229 |
|
|
|
25,662 |
|
Selling and promotion |
|
|
5,887 |
|
|
|
3,172 |
|
|
|
9,935 |
|
|
|
6,242 |
|
Other |
|
|
76,421 |
|
|
|
57,416 |
|
|
|
155,957 |
|
|
|
109,995 |
|
Total operating expenses |
|
|
4,097,330 |
|
|
|
3,198,448 |
|
|
|
8,299,868 |
|
|
|
6,011,753 |
|
Operating income |
|
|
505,982 |
|
|
|
410,645 |
|
|
|
967,742 |
|
|
|
796,160 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
2,720 |
|
|
|
2,188 |
|
|
|
4,612 |
|
|
|
4,134 |
|
Other, net |
|
|
106 |
|
|
|
2,649 |
|
|
|
7,633 |
|
|
|
5,649 |
|
Other income, net |
|
|
2,826 |
|
|
|
4,837 |
|
|
|
12,245 |
|
|
|
9,783 |
|
Earnings before income taxes |
|
|
508,808 |
|
|
|
415,482 |
|
|
|
979,987 |
|
|
|
805,943 |
|
Income tax expense |
|
|
126,582 |
|
|
|
98,508 |
|
|
|
248,281 |
|
|
|
201,019 |
|
Net earnings |
|
|
382,226 |
|
|
|
316,974 |
|
|
|
731,706 |
|
|
|
604,924 |
|
Less net earnings attributable to the noncontrolling interest |
|
|
4,421 |
|
|
|
602 |
|
|
|
7,792 |
|
|
|
1,332 |
|
Net earnings attributable to shareholders |
|
$ |
377,805 |
|
|
$ |
316,372 |
|
|
$ |
723,914 |
|
|
$ |
603,592 |
|
Diluted earnings attributable to shareholders per share |
|
$ |
2.27 |
|
|
$ |
1.84 |
|
|
$ |
4.31 |
|
|
$ |
3.52 |
|
Basic earnings attributable to shareholders per share |
|
$ |
2.29 |
|
|
$ |
1.87 |
|
|
$ |
4.35 |
|
|
$ |
3.57 |
|
Weighted average diluted shares outstanding |
|
|
166,474 |
|
|
|
171,677 |
|
|
|
167,980 |
|
|
|
171,660 |
|
Weighted average basic shares outstanding |
|
|
165,092 |
|
|
|
169,210 |
|
|
|
166,423 |
|
|
|
169,140 |
|
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
||||||||||||||||
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
382,226 |
|
|
$ |
316,974 |
|
|
$ |
731,706 |
|
|
$ |
604,924 |
|
Adjustments to reconcile net earnings to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for losses on accounts receivable |
|
|
4,763 |
|
|
|
1,090 |
|
|
|
4,347 |
|
|
|
2,289 |
|
Deferred income tax (benefit) expense |
|
|
(8,622 |
) |
|
|
1,850 |
|
|
|
(11,858 |
) |
|
|
10,001 |
|
Stock compensation expense |
|
|
25,518 |
|
|
|
30,909 |
|
|
|
37,121 |
|
|
|
42,094 |
|
Depreciation and amortization |
|
|
14,254 |
|
|
|
12,675 |
|
|
|
27,229 |
|
|
|
25,662 |
|
Other, net |
|
|
(1,746 |
) |
|
|
346 |
|
|
|
(1,291 |
) |
|
|
897 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in accounts receivable |
|
|
378,291 |
|
|
|
(410,783 |
) |
|
|
245,943 |
|
|
|
(663,697 |
) |
(Decrease) increase in accounts payable and accrued expenses |
|
|
(133,171 |
) |
|
|
99,944 |
|
|
|
7,020 |
|
|
|
333,182 |
|
Decrease (increase) in deferred contract costs |
|
|
37,138 |
|
|
|
(150,382 |
) |
|
|
211,068 |
|
|
|
(221,640 |
) |
(Decrease) increase in contract liabilities |
|
|
(45,574 |
) |
|
|
174,504 |
|
|
|
(238,931 |
) |
|
|
254,094 |
|
Decrease in income taxes payable, net |
|
|
(93,430 |
) |
|
|
(47,994 |
) |
|
|
(47,171 |
) |
|
|
(1,356 |
) |
(Increase) decrease in other, net |
|
|
(1,001 |
) |
|
|
1,164 |
|
|
|
7,409 |
|
|
|
(324 |
) |
Net cash from operating activities |
|
|
558,646 |
|
|
|
30,297 |
|
|
|
972,592 |
|
|
|
386,126 |
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(38,158 |
) |
|
|
(6,539 |
) |
|
|
(52,570 |
) |
|
|
(14,930 |
) |
Other, net |
|
|
(134 |
) |
|
|
138 |
|
|
|
(55 |
) |
|
|
104 |
|
Net cash from investing activities |
|
|
(38,292 |
) |
|
|
(6,401 |
) |
|
|
(52,625 |
) |
|
|
(14,826 |
) |
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from borrowing on lines of credit, net |
|
|
28,571 |
|
|
|
174 |
|
|
|
48,061 |
|
|
|
89 |
|
Proceeds from issuance of common stock |
|
|
5,682 |
|
|
|
22,711 |
|
|
|
11,433 |
|
|
|
42,468 |
|
Repurchases of common stock |
|
|
(549,065 |
) |
|
|
(62,472 |
) |
|
|
(549,065 |
) |
|
|
(148,469 |
) |
Dividends paid |
|
|
(109,828 |
) |
|
|
(98,387 |
) |
|
|
(109,828 |
) |
|
|
(98,387 |
) |
Payments for taxes related to net share settlement of equity awards |
|
|
(11,851 |
) |
|
|
(13,893 |
) |
|
|
(19,333 |
) |
|
|
(15,168 |
) |
Net cash from financing activities |
|
|
(636,491 |
) |
|
|
(151,867 |
) |
|
|
(618,732 |
) |
|
|
(219,467 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(46,518 |
) |
|
|
8,699 |
|
|
|
(52,956 |
) |
|
|
(5,503 |
) |
Change in cash and cash equivalents |
|
|
(162,655 |
) |
|
|
(119,272 |
) |
|
|
248,279 |
|
|
|
146,330 |
|
Cash and cash equivalents at beginning of period |
|
|
2,139,626 |
|
|
|
1,793,393 |
|
|
|
1,728,692 |
|
|
|
1,527,791 |
|
Cash and cash equivalents at end of period |
|
$ |
1,976,971 |
|
|
$ |
1,674,121 |
|
|
$ |
1,976,971 |
|
|
$ |
1,674,121 |
|
Taxes Paid: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
236,791 |
|
|
$ |
143,959 |
|
|
$ |
314,751 |
|
|
$ |
190,536 |
|
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES
Business Segment Information (In thousands) (Unaudited) |
||||||||||||||||||||||||||||||||||||
|
|
UNITED STATES |
|
|
OTHER NORTH AMERICA |
|
|
LATIN AMERICA |
|
|
NORTH ASIA |
|
|
SOUTH ASIA |
|
|
EUROPE |
|
|
MIDDLE EAST, AFRICA AND INDIA |
|
|
ELIMI- NATIONS |
|
|
CONSOLI- DATED |
|
|||||||||
For the three months ended June 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
1,265,363 |
|
|
|
144,988 |
|
|
|
66,136 |
|
|
|
1,582,475 |
|
|
|
611,246 |
|
|
|
658,307 |
|
|
|
275,948 |
|
|
|
(1,151 |
) |
|
|
4,603,312 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
797,179 |
|
|
|
85,806 |
|
|
|
43,298 |
|
|
|
1,323,354 |
|
|
|
507,473 |
|
|
|
464,399 |
|
|
|
220,162 |
|
|
|
(723 |
) |
|
|
3,440,948 |
|
Salaries and other operating expenses2 |
|
$ |
314,726 |
|
|
|
31,308 |
|
|
|
14,496 |
|
|
|
104,896 |
|
|
|
38,728 |
|
|
|
115,394 |
|
|
|
37,258 |
|
|
|
(424 |
) |
|
|
656,382 |
|
Operating income |
|
$ |
153,458 |
|
|
|
27,874 |
|
|
|
8,342 |
|
|
|
154,225 |
|
|
|
65,045 |
|
|
|
78,514 |
|
|
|
18,528 |
|
|
|
(4 |
) |
|
|
505,982 |
|
Identifiable assets at period end |
|
$ |
3,681,137 |
|
|
|
304,799 |
|
|
|
144,303 |
|
|
|
1,275,808 |
|
|
|
554,166 |
|
|
|
1,081,246 |
|
|
|
365,532 |
|
|
|
(45,849 |
) |
|
|
7,361,142 |
|
Capital expenditures |
|
$ |
26,394 |
|
|
|
1,038 |
|
|
|
177 |
|
|
|
766 |
|
|
|
436 |
|
|
|
7,666 |
|
|
|
1,681 |
|
|
|
— |
|
|
|
38,158 |
|
Equity |
|
$ |
2,435,088 |
|
|
|
127,428 |
|
|
|
54,762 |
|
|
|
307,453 |
|
|
|
217,437 |
|
|
|
297,572 |
|
|
|
134,388 |
|
|
|
(38,865 |
) |
|
|
3,535,263 |
|
For the three months ended June 30, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
997,567 |
|
|
|
101,465 |
|
|
|
46,981 |
|
|
|
1,309,382 |
|
|
|
417,718 |
|
|
|
544,949 |
|
|
|
192,186 |
|
|
|
(1,155 |
) |
|
|
3,609,093 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
566,882 |
|
|
|
59,311 |
|
|
|
25,952 |
|
|
|
1,086,641 |
|
|
|
335,219 |
|
|
|
376,856 |
|
|
|
148,290 |
|
|
|
(518 |
) |
|
|
2,598,633 |
|
Salaries and other operating expenses2 |
|
$ |
241,121 |
|
|
|
31,300 |
|
|
|
14,735 |
|
|
|
106,812 |
|
|
|
49,046 |
|
|
|
123,408 |
|
|
|
34,026 |
|
|
|
(633 |
) |
|
|
599,815 |
|
Operating income |
|
$ |
189,564 |
|
|
|
10,854 |
|
|
|
6,294 |
|
|
|
115,929 |
|
|
|
33,453 |
|
|
|
44,685 |
|
|
|
9,870 |
|
|
|
(4 |
) |
|
|
410,645 |
|
Identifiable assets at period end |
|
$ |
2,972,363 |
|
|
|
196,558 |
|
|
|
102,296 |
|
|
|
1,114,475 |
|
|
|
377,370 |
|
|
|
929,706 |
|
|
|
291,406 |
|
|
|
(31,003 |
) |
|
|
5,953,171 |
|
Capital expenditures |
|
$ |
2,905 |
|
|
|
64 |
|
|
|
72 |
|
|
|
400 |
|
|
|
532 |
|
|
|
2,100 |
|
|
|
466 |
|
|
|
— |
|
|
|
6,539 |
|
Equity |
|
$ |
2,163,114 |
|
|
|
80,802 |
|
|
|
36,316 |
|
|
|
318,111 |
|
|
|
146,583 |
|
|
|
255,006 |
|
|
|
128,148 |
|
|
|
(44,429 |
) |
|
|
3,083,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES |
|
|
OTHER NORTH AMERICA |
|
|
LATIN AMERICA |
|
|
NORTH ASIA |
|
|
SOUTH ASIA |
|
|
EUROPE |
|
|
MIDDLE EAST, AFRICA AND INDIA |
|
|
ELIMI- NATIONS |
|
|
CONSOLI- DATED |
|
|||||||||
For the six months ended June 30, 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
2,506,587 |
|
|
|
249,598 |
|
|
|
123,843 |
|
|
|
3,351,491 |
|
|
|
1,257,575 |
|
|
|
1,234,098 |
|
|
|
546,629 |
|
|
|
(2,211 |
) |
|
|
9,267,610 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
1,560,602 |
|
|
|
150,038 |
|
|
|
77,155 |
|
|
|
2,803,447 |
|
|
|
1,046,356 |
|
|
|
882,019 |
|
|
|
438,262 |
|
|
|
(820 |
) |
|
|
6,957,059 |
|
Salaries and other operating expenses2 |
|
$ |
648,375 |
|
|
|
56,177 |
|
|
|
27,597 |
|
|
|
228,009 |
|
|
|
84,057 |
|
|
|
224,663 |
|
|
|
75,300 |
|
|
|
(1,369 |
) |
|
|
1,342,809 |
|
Operating income |
|
$ |
297,610 |
|
|
|
43,383 |
|
|
|
19,091 |
|
|
|
320,035 |
|
|
|
127,162 |
|
|
|
127,416 |
|
|
|
33,067 |
|
|
|
(22 |
) |
|
|
967,742 |
|
Identifiable assets at period end |
|
$ |
3,681,137 |
|
|
|
304,799 |
|
|
|
144,303 |
|
|
|
1,275,808 |
|
|
|
554,166 |
|
|
|
1,081,246 |
|
|
|
365,532 |
|
|
|
(45,849 |
) |
|
|
7,361,142 |
|
Capital expenditures |
|
$ |
35,871 |
|
|
|
2,116 |
|
|
|
286 |
|
|
|
1,297 |
|
|
|
726 |
|
|
|
9,724 |
|
|
|
2,550 |
|
|
|
— |
|
|
|
52,570 |
|
Equity |
|
$ |
2,435,088 |
|
|
|
127,428 |
|
|
|
54,762 |
|
|
|
307,453 |
|
|
|
217,437 |
|
|
|
297,572 |
|
|
|
134,388 |
|
|
|
(38,865 |
) |
|
|
3,535,263 |
|
For the six months ended June 30, 2021: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
1,872,957 |
|
|
|
195,582 |
|
|
|
91,845 |
|
|
|
2,518,430 |
|
|
|
767,484 |
|
|
|
1,011,282 |
|
|
|
352,692 |
|
|
|
(2,359 |
) |
|
|
6,807,913 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
1,069,517 |
|
|
|
112,361 |
|
|
|
52,652 |
|
|
|
2,054,170 |
|
|
|
605,163 |
|
|
|
683,765 |
|
|
|
269,399 |
|
|
|
(1,110 |
) |
|
|
4,845,917 |
|
Salaries and other operating expenses2 |
|
$ |
479,819 |
|
|
|
57,037 |
|
|
|
27,112 |
|
|
|
213,732 |
|
|
|
92,211 |
|
|
|
232,863 |
|
|
|
64,301 |
|
|
|
(1,239 |
) |
|
|
1,165,836 |
|
Operating income |
|
$ |
323,621 |
|
|
|
26,184 |
|
|
|
12,081 |
|
|
|
250,528 |
|
|
|
70,110 |
|
|
|
94,654 |
|
|
|
18,992 |
|
|
|
(10 |
) |
|
|
796,160 |
|
Identifiable assets at period end |
|
$ |
2,972,363 |
|
|
|
196,558 |
|
|
|
102,296 |
|
|
|
1,114,475 |
|
|
|
377,370 |
|
|
|
929,706 |
|
|
|
291,406 |
|
|
|
(31,003 |
) |
|
|
5,953,171 |
|
Capital expenditures |
|
$ |
5,930 |
|
|
|
186 |
|
|
|
125 |
|
|
|
757 |
|
|
|
1,111 |
|
|
|
5,654 |
|
|
|
1,167 |
|
|
|
— |
|
|
|
14,930 |
|
Equity |
$ |
2,163,114 |
|
|
80,802 |
|
|
36,316 |
|
|
318,111 |
|
|
|
146,583 |
|
|
|
255,006 |
|
|
|
128,148 |
|
|
(44,429 |
) |
|
|
3,083,651 |
|
|||||
Jeffrey S. Musser
President and
Chief Executive Officer
(206) 674-3433
Bradley S. Powell
Senior Vice President and
Chief Financial Officer
(206) 674-3412
Geoffrey Buscher
Director –
Investor Relations
(206) 892-4510
Combination of industry-first design validation tool and efficient installer certification course raises service bar for Tigo solar professionals.
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, today unveiled the Solar PLC Signal Integrity Tool and expanded training material to empower solar installers and EPCs to provide high-quality solar solutions for commercial and industrial (C&I) solar system owners. Following the recently announced Tigo Pure Signal™ technology, Tigo is once again leveraging its technical expertise for its customers with a design validation tool and companion training material that will help installers preemptively identify potential PLC (powerline communications) signal integrity issues in large-scale C&I solar systems.
Disturbances in PLC signals, often referred to as “crosstalk,” can result in reduced effectiveness of system communications functions in large-scale photovoltaic (PV) systems. The updated TS4 Design and Installation Course now includes best practices around mitigating PLC crosstalk issues at the design stage before they can cause disruptions in the field. The Solar PLC Signal Integrity Tool, in turn, can be used to quickly identify crosstalk risk in array plans or in systems already deployed. The new tool was designed to be vendor-neutral and can provide guidance on how to resolve PLC rapid shutdown communications issues for solar systems with either Tigo or competitor solutions.
After the Solar PLC Signal Integrity Tool process is completed, installers receive an immediate assessment of the risk of PLC performance issues in the form of a score. The Tigo TS4 Design and Installation Course, integrated into the Tigo Academy, features a section on PLC rapid shutdown system design as well as a technical deep dive into the Tigo TS4 Flex MLPE product line. Through practical guidance and best practices to ensure optimal system performance, installers can learn how to properly design, install and commission a Tigo TS4 system using any compatible solar inverter. The comprehensive two-hour course includes a certification exam worth 1.5 NABCEP continuing education credits.
“An important part of our mission at Tigo is to keep installers at the center of everything we do, and investing in tools and training is no small part of that,” said JD Dillon, chief marketing officer at Tigo Energy. “The resources we announced today represent the place at which the installer aspect of our mission intersects with our dedication to quality. As our partners in the field raise their stakes with ever larger installations, we are supporting them with things like this new PLC Tool, Pure Signal technology, and impactful continuing education to help them design and support the highest quality PV installations.”
In addition to the PLC Signal Integrity Tool and TS4 Design and Installation Course, Tigo is holding a webinar on August 17 on designing systems for PLC signal integrity. Interested parties can register for live or on-demand viewing here.
About Tigo Energy
Tigo Energy, the worldwide leader in Flex MLPE (Module Level Power Electronics), designs innovative solar power conversion and storage products that provide customers more choice and flexibility. The Tigo TS4 platform increases solar production, decreases operating costs, and enhances safety. When combined with the Tigo Energy Intelligence (EI) platform, it delivers module, system, and fleet-level insights to maximize solar performance and minimize operating costs. The Tigo EI Residential Solar Solution, a flexible solar-plus-storage solution for home installations, rounds out the Company’s portfolio of solar energy technology. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy, and its global team supports customers whose systems reliably produce gigawatt hours of safe solar energy on seven continents. Find us online at www.tigoenergy.com.
Mike Gazzano
North America Marketing Manager at Tigo Energy
(408) 806-9626 Ext. 9783
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