PASADENA, Calif.--(BUSINESS WIRE)--Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, announced today that The Kaizen Company (Kaizen) has joined its international development practice. Kaizen is an industry leader in development advisory and management consulting services with more than 150 staff globally, offering a suite of innovative tools that support advanced solutions in health, education, governance, peace and stability, and sustainable economic growth.
“Tetra Tech has developed and applied innovative and scalable solutions for our clients in the international development sector for more than 40 years,” said Dan Batrack, Tetra Tech Chairman and CEO. “The addition of Kaizen enables us to expand our management consulting capabilities and Tetra Tech Delta technologies to further enhance economic growth and prosperity in developing countries worldwide.”
Kevin Wheeler, Kaizen CEO, said, “Our team is excited to join Tetra Tech and offer our clients the global expertise of one of the world’s leading international development providers. Sharing Tetra Tech’s values of entrepreneurship and innovation, together we can build multidisciplinary teams to deliver greater value to our clients and provide new opportunities for our employees.”
The terms of the acquisition were not disclosed. Kaizen is joining Tetra Tech’s Government Services Group.
About Tetra Tech
Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 20,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.
About The Kaizen Company
Based in Washington, D.C., The Kaizen Company provides innovative, scalable solutions that address emerging market challenges and opportunities in developing countries worldwide. For more information about The Kaizen Company, please visit thekaizencompany.com or follow them on LinkedIn, Twitter, and Facebook.
Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.
Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844
WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN #ISUN--iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience for solar, electrical and data services, today announced results for the first quarter of 2021 and provided an update to its full year 2021 outlook.
Highlights
For the first quarter 2021, iSun reported a net loss of $3.1 million, or ($0.41) per share, compared to a net loss of $0.8 million, or ($0.15) per share, in first quarter 2020. First quarter 2021 EBITDA was ($1.4) million, compared to ($0.34) million in first quarter 2020. The year-over-year decline in EBITDA was due largely to higher general & administrative expenses and slightly lower gross profit due to the impacts of COVID related shutdowns and higher than expected costs on certain projects in progress.
Management Commentary
“We had a solid start to the year with record first quarter revenue and continued strong backlog growth, building on the momentum we experienced late in 2020,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “Despite several COVID shutdowns on a specific project, the overall operating environment continues to strengthen, and we are well positioned to take advantage of these trends given the strategic actions we have taken over the past year, which should drive solid growth in 2021 and beyond.”
“Demand for solar-energy remains robust and we continue to solidify our position as a market leader in supporting the transition from dirty energy to clean energy,” continued Peck. “Our geographic expansion continues with our largest project to date, a $25 million micro-grid solar project in Tennessee. Additionally, we entered the rapidly growing utility-scale solar market with the acquisition of OCS in April, increasing our addressable market and enhancing our ability to benefit from our GreenBonds partnership as their project pipeline progresses.”
“Over the last several months, we have worked to build iSun into one of the largest pure-play solar companies in the United States,” stated Peck. “Following the January acquisition of iSun Energy, LLC, in March, we made strategic investments in Gemini and AmpUp, bolstering our presence in the e-mobility space with high-quality partners and experienced management teams, and building on our internal expertise in iSun’s legacy business. With $20 million of cash on the balance as of the end of the quarter, we have the flexibility to continue to execute on our growth strategy.”
First Quarter 2021 Results
The Company reported revenue of $7.3 million in the first quarter 2021, an increase of 82.2% when compared to the first quarter 2020. Revenue growth was driven by strong project awards in the second half of 2020 and in early-2021, including multiple projects in new regions and the continued ease of pandemic-related restrictions in our key service areas.
Gross profit was $0.1 million in the first quarter 2021, compared to $0.3 million in the first quarter 2020. Gross margin the quarter was 1.6% in the quarter, compared to 7.9% in the first quarter 2020. Lower gross margin in first quarter 2021 was mainly due to several COVID-19 related project shutdowns at multiple projects which drove higher costs and impacted productivity during the quarter, as well as a design issue with a solar array that was delivered to a project site. This solar array has now been replaced with the correct design. Additionally, first quarter gross margin is typically lower than average due to seasonality and mix factors, with greater EPC revenue and less solar power generating revenue from owned solar assets.
The operating loss in the first quarter 2021 was ($2.6) million, compared to ($0.5) million in first quarter 2020. The year-over-decline was mainly due to lower gross profit and higher general and administrative costs related to several of our recent strategic initiatives, including the iSun, LLC acquisition in January 2021, and to fund growth given the increase in our backlog compared to last year.
Total backlog increased to $81 million at end of first quarter 2021, versus $61 million and $41 million at the end of the fourth quarter 2020 and first quarter 2020, respectively. Awards in the quarter were driven by several key wins including new markets. Management expects to realize revenue on nearly all of its current backlog over the next twelve to eighteen months.
Strategic Investments and Acquisitions
iSun Energy, LLC was acquired in January 2021, and the company subsequently rebranded under the iSun, Inc. name. iSun enhanced the company’s position in the solar energy market by bringing deep relationships in the solar industry and providing the Company exposure to the e-mobility infrastructure market, with iSun’s Energy & Mobility, a highly innovative solar charging solution for electric vehicles. Additionally, as part of the acquisition, Sass Peress, the Founder and Chief Executive Officer of iSun Energy, LLC joined the company as Chief Innovation and Experience Officers.
In March 2021, iSun made a $1.5 million strategic investment in Gemini Electric Mobility Co. (“Gemini”), an electric vehicle and charging company for the gig-driver, and a $1.0 million strategic investment in Nad Grid Corp. (“AmpUp”), an electric vehicle software and network provider that enables drivers, hosts, and fleet to charge stress-free. These investments enhance the services offered in iSun’s e-mobility business and are expected to drive incremental demand for iSun’s Energy & Mobility Hub.
In April 2021, iSun acquired all of the intellectual Property of Oakwood Construction Services, Inc., and its affiliates (“OCS”), a utility-scale solar EPC company. Total consideration for the transaction was $2.7 million, with $1.0 million due immediately and the remaining $1.7 million contingent upon the achievement of certain milestones. To-date, these milestones have not been met. This acquisition provides iSun entry into the utility-scale solar market, one of the fastest growing subsegments of the solar energy market, but also improves its large project execution capabilities as it seeks larger projects in legacy and new geographic markets.
Liquidity Update
At the end of the first quarter 2021, iSUN had total cash of $20.2 million. As of March 31, 2021, the Company had total debt outstanding of $5.6 million and approximately $2.4 million of availability on its revolving line of credit.
During the first quarter 2021, the Company received cash proceeds of approximately $17.4 million from the exercise of its Public Warrants and an additional approximately $9.6 million from the registered direct offering in January 2021. As of May 14, 2021, iSun had a total cash balance of approximately $21 million.
2021 Outlook
iSun expects to see continued strong demand for its solar energy and e-mobility infrastructure services in 2021, supported by the global transition toward clean energy and the resulting growth in investments in new PV solar installations and electric vehicle charging infrastructure.
With a robust backlog of $81 million, which is expected to convert to revenue over the next twelve to eighteen months, together with a strong pipeline of project opportunities, the Company continues to expect to at least double revenue in 2021 as compared to 2020. The Company also expects to generate improved EBITDA margin throughout the year, give improved operating efficiencies, greater economies of scale, and the introduction of new product and service offerings.
Restatement
On May 20, 2021, the Company concluded that, because of a misapplication of the accounting guidance to its public and private placement warrants, the Company’s previously issued financial statements for the periods ended December 31, 2020 and 2020 and the quarters ended September 30, 2020, June 30, 2020, March 31, 2020, September 30, 2019, and June 30, 2019 should no longer be relied upon. As such, the Company is restating its unaudited financial statements for these periods. Please see the Company’s Form 10-Q for the period ended March 31, 2021 on file with the SEC for additional disclosure on this topic. As of April 12, 2021, all of the company’s public outstanding warrants were either exercised or redeemed, and no public warrants remain outstanding. All figures in this press release have been adjusted accordingly to reflect the restatement.
First Quarter 2021 Conference Call Details
iSun will host a conference call on Tuesday, May 25, 2021 at 8:30 AM EDT to review the Company’s financial results, discuss recent events, and conduct a question-and-answer session. Participants can access the live conference call via telephone at 877-407-8133, using Conference ID #41255. An archived audio replay will be available through June 1, 2021 at 877-481-4010, Conference ID# 41255.
Interested parties may also listen to the live audio of the conference call by visiting the Investor Relations section of the iSun website at, investors.isunenergy.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
iSun, Inc. |
||||||
Condensed Consolidated Balance Sheets |
||||||
March 31, 2021 (Unaudited) and December 31, 2020 |
||||||
|
|
|
March 31, 2021 |
|
|
December 31, 2020
|
Assets |
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
Cash |
|
|
$20,206,778 |
|
|
$699,154 |
Accounts receivable, net of allowance |
|
|
7,442,640 |
|
|
6,215,957 |
Inventory |
|
|
1,534,859 |
|
|
- |
Costs and estimated earnings in excess of billings |
|
|
2,601,682 |
|
|
1,354,602 |
Other current assets |
|
|
241,205 |
|
|
214,963 |
Total current assets |
|
|
32,027,164 |
|
|
8,484,676 |
|
|
|
|
|
|
|
Property and Equipment, net of accumulated depreciation |
|
|
6,114,584 |
|
|
6,119,800 |
Captive insurance investment |
|
|
233,487 |
|
|
198,105 |
Intangible assets |
|
|
3,007,033 |
|
|
- |
Investments |
|
|
7,220,496 |
|
|
4,820,496 |
|
|
|
10,461,016 |
|
|
5,018,601 |
Total assets |
|
|
$48,602,764 |
|
|
$19,623,077 |
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
Accounts payable, includes bank overdraft of $1,246,437 at December 31, 2020 |
|
|
$3,757,582 |
|
|
$4,086,173 |
Accrued expenses |
|
|
134,029 |
|
|
172,021 |
Billings in excess of costs and estimated earnings on uncompleted contracts |
|
|
1,561,829 |
|
|
1,140,125 |
Due to stockholders |
|
|
52,170 |
|
|
24,315 |
Line of credit |
|
|
3,682,818 |
|
|
2,482,127 |
Current portion of deferred compensation |
|
|
28,656 |
|
|
28,656 |
Current portion of long-term debt |
|
|
296,484 |
|
|
308,394 |
Total current liabilities |
|
|
9,513,568 |
|
|
8,241,811 |
Long-term liabilities: |
|
|
|
|
|
|
Deferred compensation, net of current portion |
|
|
54,185 |
|
|
62,531 |
Deferred tax liability |
|
|
824,129 |
|
|
610,558 |
Warrant liability |
|
|
1,386,379 |
|
|
1,124,411 |
Long-term debt, net of current portion |
|
|
1,625,801 |
|
|
1,701,495 |
Total liabilities |
|
|
13,404,062 |
|
|
11,740,806 |
Commitments and Contingencies (Note 8) |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock – 0.0001 par value 200,000 shares authorized, 0 and 200,000 issued and outstanding at March 31, 2021 and December 31, 2020, respectively |
|
|
- |
|
|
20 |
Common stock – 0.0001 par value 49,000,000 shares authorized, 8,784,196 and 5,313,268 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively |
|
|
878 |
|
|
531 |
Additional paid-in capital |
|
|
33,076,459 |
|
|
2,577,359 |
Retained earnings |
|
|
2,121,365 |
|
|
5,304,361 |
Total Stockholders’ equity |
|
|
35,198,702 |
|
|
7,882,271 |
Total liabilities and stockholders’ equity |
|
|
$48,602,764 |
|
|
$19,623,077 |
iSun, Inc.
|
||||||
|
|
|
2021 |
|
|
2020
|
|
|
|
|
|
|
|
Earned revenue |
|
|
$7,260,657 |
|
|
3,984,680 |
Cost of earned revenue |
|
|
7,141,760 |
|
|
3,668,167 |
Gross profit |
|
|
118,897 |
|
|
316,513 |
|
|
|
|
|
|
|
Warehouse and other operating expenses |
|
|
183,476 |
|
|
192,942 |
General and administrative expenses |
|
|
1,465,064 |
|
|
617,748 |
Stock based compensation – general and administrative |
|
|
1,070,908 |
|
|
- |
Total operating expenses |
|
|
2,719,448 |
|
|
810,690 |
Operating loss |
|
|
(2,600,551) |
|
|
(494,177) |
|
|
|
|
|
|
|
Other expenses |
|
|
|
|
|
|
Change in fair value of the warrant liability |
|
|
(261,968) |
|
(357,605) |
|
Interest expense, net |
|
|
(36,493) |
|
|
(80,766) |
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(2,899,012) |
|
|
(932,548) |
Provision (benefit) for income taxes |
|
|
214,321 |
|
|
(142,311) |
|
|
|
|
|
|
|
Net loss |
|
|
(3,113,333) |
|
|
(790,237) |
|
|
|
|
|
|
|
Preferred stock dividend |
|
|
(69,663) |
|
|
— |
|
|
|
|
|
|
|
Net loss available to shares of common stockholders |
|
|
$(3,182,996) |
|
|
$(790,237) |
|
|
|
|
|
|
|
Net loss per common share-Basic and diluted |
|
|
$(0.41) |
|
|
$(0.15) |
|
|
|
|
|
|
|
Weighted average shares of common stock- Basic and diluted |
|
|
7,695,279 |
|
|
5,298,159 |
Non-GAAP Financial Measures
Included in this presentation are discussions and reconciliations of earnings before interest, income tax and depreciation and amortization (“EBITDA”) and EBITDA adjusted for certain non-cash, non-recurring or non-core expenses (“Adjusted EBITDA”) to net loss in accordance with GAAP. Adjusted EBITDA excludes certain non-cash and other expenses, certain legal services costs, professional and consulting fees and expenses, and one-time Reverse Merger and Recapitalization expenses and certain adjustments. We believe that these non-GAAP measures illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals.
These non-GAAP measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute or superior to, the other measures of financial performance prepared in accordance with GAAP. Using only the non-GAAP financial measures, particularly Adjusted EBITDA, to analyze our performance would have material limitations because such calculations are based on a subjective determination regarding the nature and classification of events and circumstances that investors may find significant. We compensate for these limitations by presenting both the GAAP and non-GAAP measures of our operating results. Although other companies may report measures entitled “Adjusted EBITDA” or similar in nature, numerous methods may exist for calculating a company’s Adjusted EBITDA or similar measures. As a result, the methods that we use to calculate Adjusted EBITDA may differ from the methods used by other companies to calculate their non-GAAP measures.
The following table presents a reconciliation of Adjusted EBITDA to income from continuing operations for the periods shown (in thousands, except ratios):
|
|
|
Three months ended
|
|||
|
|
|
2021 |
|
|
2020
|
Net loss |
|
|
$(3,113,333) |
|
|
$(790,237) |
Depreciation and amortization |
|
|
135,825 |
|
|
155,012 |
Interest expense |
|
|
36,493 |
|
|
80,766 |
Change in fair value of warrant liability |
|
|
261,968 |
|
|
357,605 |
Stock based compensation |
|
|
1,070,908 |
|
|
- |
Income tax (benefit) |
|
|
214,321 |
|
|
(142,311) |
EBITDA |
|
|
(1,393,818) |
|
|
(339,165) |
Weighted Average shares outstanding |
|
|
7,695,279 |
|
|
5,298,159 |
Adjusted EPS |
|
|
(0.18) |
|
|
(0.06) |
ABOUT iSUN
Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values that align people, purpose, innovation, and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions for commercial, industrial, and utility customers. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state, and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 650 megawatts of rooftop, ground- mount and EV-carport solar systems (equal to power required for 123,500 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.
INVESTOR CONTACT
Chase Jacobson
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802-264-2040
Planned 155 MW solar array would be state’s largest solar power purchase by non-utility customer, aimed at serving future power needs in Southwestern Colorado and Northern New Mexico
DENVER--(BUSINESS WIRE)--Guzman Energy today announced they have signed a power purchase agreement with Primergy Solar for energy from the proposed 155 MWac Hesperus Solar Project. Hesperus, located in La Plata County on Colorado’s western slope, has the ability to serve the energy needs of nearly 56,000 homes annually.
“This agreement is an important milestone for our plans to expand our energy supplies to meet customer demand for reliable, affordable, clean energy on the Colorado western slope and in New Mexico,” said Chris Riley, CEO Guzman Energy. “We will continue to mobilize projects that deliver cheaper, better energy for our customers and their communities.”
Sited on 1,500 acres, Hesperus will create more than 350 construction and permanent jobs, as well as other economic development benefits such as tax revenues, educational opportunities, and local investment. The project is expected to be operational by the end of 2023.
“We are proud to play a role in this innovative approach to bringing solar energy to Coloradoans who want cleaner air, water and soil,” said Primergy CEO, Ty Daul. “Primergy believes that carefully sited solar farms will power a brighter future and produce healthier economies throughout the Mountain West.”
About Primergy Solar
Primergy Solar, LLC (https://www.primergysolar.com) is a developer, owner and operator focused on both distributed and utility scale solar PV and battery storage projects in North America. Primergy Solar features a diverse and talented team with decades of experience in renewables project development, financing, construction and operations. It is currently managing and progressing a significant portfolio of operational and development stage solar+ battery storage projects. Primergy Solar is a portfolio company of Quinbrook Infrastructure Partners and represents Quinbrook’s principal solar and solar plus energy storage investment platform in North America.
About Guzman Energy
Guzman Energy is a wholesale power provider dedicated to communities in search of affordable and reliable energy. We partner with cooperatives, municipalities, companies and tribes across North America to customize energy portfolios that make economic and environmental sense for today and tomorrow. Together, we are lighting the way forward. To learn more, visit www.GuzmanEnergy.com.
Megan Schaefer
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303.527.4622
AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced that members of its management team will present at the following institutional investor conferences:
A registration link for the live webcast and replay of Hyliion’s Wolfe Conference presentation and fireside chat will be available on the Investor Relations section of Hyliion’s website at investors.hyliion.com. The Tudor, Pickering, Holt & Co. Conference presentation will not be webcast live.
About Hyliion
Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.
Hyliion Holdings Corp.
Louis Baltimore
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(833) 495-4466
Ryann Malone
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(833) 495-4466
U.S. Department of Energy grant will leverage Lubrizol expertise in antioxidant technology to develop improved membranes for extended life of heavy-duty fuel cells
CLEVELAND--(BUSINESS WIRE)--#innovation--The U.S. Department of Energy's Hydrogen and Fuel Cell Technologies Office (HFTO) within the Office of Energy Efficiency and Renewable Energy (EERE) recently awarded The Lubrizol Corporation $1 million to develop enhanced membranes for heavy-duty fuel cell applications. The award will be used by the Lubrizol Corporate Ventures team as they advance work focused on improving the durability of Proton-Exchange Membrane (PEM) Fuel Cells through enhanced membrane oxidation performance.
The real-world application of the grant will not only contribute to reduced emissions but add more than 25% to the fuel cell lifespan and hours of usable runtime. This development will also enable the advanced adoption of this technology and promises a lower cost of lifetime ownership for several different applications where PEM fuel cells will be used, including commercial vehicles, material handling equipment, final mile delivery fleets and backup power generation. This work leverages Lubrizol’s chemical and synthesis expertise and process development capabilities to address the issue of oxidative degradation prevalent in PEM fuel cell membranes.
Advances resulting from this project will enable greater marketplace commercialization of fuel cells for highway applications and beyond. “As a company, Lubrizol is focused on the opportunity to leverage our existing technologies and introduce new capabilities that will address challenges in emerging markets and adjacent fields,” said Deb Langer, Senior Vice President, Lubrizol Corporate Ventures. “This grant will leverage foundational Lubrizol technologies and market knowledge in unique and valuable ways. More durable fuel cell technology will be a substantial step forward in how the world Moves Cleaner.”
This project will rely on Lubrizol’s track record of leveraging existing technology in new ways and ability to commercialize new solutions at scale.
As part of the grant proposal, the Lubrizol Corporate Ventures team focused on new energy solutions will collaborate with the National Renewable Energy Laboratory (NREL) to conduct validation testing of the enhanced membrane technologies. This award is part of the approximately $64 million in DOE funding for projects that will support EERE’s H2@Scale vision for clean and affordable hydrogen production, storage, distribution and use across the economy.
Over the course of the next year, the Lubrizol team will continue its work to study, enhance and test new membrane technology. Matt Joyce, Vice President, Commercial, Corporate Ventures added, “Industry engagement and understanding the biggest challenges facing stakeholders today have driven this work. Our team has considered solutions to the complex needs in the market and have applied our technology and application science to solve these issues. We look forward to progressing this work with NREL to deliver a meaningful solution to an emerging market and continuing to engage industry stakeholders who can benefit from this technology advancement.”
The Lubrizol work will support the next round of H2@Scale research, development and demonstration activities. This is one of several areas the Lubrizol Corporate Ventures team is advancing relative to fuel cell technologies and new energy solutions. The Ventures team includes Lubrizol innovators working in partnership with inventors, start-ups, strategic minds and organizations to build new business opportunities that leverage the company strengths and enable sizable growth in new areas.
The Lubrizol Corporate Ventures team works to address unmet needs across these markets, including new energy solutions, with a market-driven approach utilizing our extensive resources and expertise to develop, test, commercialize, and scale new business opportunities and deliver sustainable growth.
About Lubrizol
The Lubrizol Corporation, a Berkshire Hathaway Company, leverages its unmatched science to unlock immense possibilities at the molecular level, driving sustainable and measurable results to help the world Move Cleaner, Create Smarter and Live Better. Founded in 1928, Lubrizol owns and operates more than 100 manufacturing facilities, sales and technical offices around the world and has approximately 8,800 employees. For more information, visit www.Lubrizol.com.
Punkaj Ahuja
New Business Development Manager, Corporate Ventures
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Cody Adams
Senior PR Manager
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€125 million guaranteed debt refinancing of 18 solar plants in Spain
PARIS--(BUSINESS WIRE)--Assured Guaranty (Europe) SA (AGE)*, an indirect subsidiary of Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), announced that it has guaranteed principal and interest payments on approximately €125 million of bonds issued on 21st May 2021 by Anselma Issuer SA (the Issuer), an entity owned by Qualitas Venture Capital. As a result of AGE’s wrap, the bonds are rated AA by S&P Global Ratings. The underlying project is rated BBB.
The 17-year, fixed-rate bonds took advantage of low long-term interest rates and were privately placed in the UK. Application has been made to list the bonds on the Open Market (Freiverkehr) of the Frankfurt Stock Exchange. The issuance represents AGE’s fifth transaction in the renewables industry in Spain in the past two years.
The portfolio comprises 18 photovoltaic solar (PV) plants spread across a number of provinces in Spain. All plants benefit from the 2013 Spanish Regulatory Regime, which provides the project with payments from the Spanish Electricity System in order to achieve a predetermined level of return. The 18 PV plants all have an operational track record of 13-14 years prior to the refinancing. The contractor responsible for the operations, maintenance and asset management of the project is Q-Energy Asset Management S.L., a wholly owned subsidiary of Qualitas Group.
Domiciled in Paris, AGE is responsible for Assured Guaranty’s financial guarantee business in continental Europe. AGE is rated AA by S&P Global Ratings and AA+ by Kroll Bond Rating Agency.
Dominic Nathan, AGE’s Head of Underwriting for Infrastructure Finance, commented:
“We’ve now completed five renewable energy transactions in Spain in just 24 months, supporting our decision to strengthen our presence in the country. This transaction also represents our third Spanish solar deal following the outbreak of COVID-19 and proves our continued value to investors and sponsors, particularly under difficult market conditions.”
Nick Proud, Directeur Général of AGE, and Senior Managing Director–International and Structured Finance of Assured Guaranty, commented:
“The transaction shows the continued growth of our European insurance company Assured Guaranty (Europe) SA, which began writing business in 2020. We look forward to expanding our European footprint further in key geographies and sectors.”
AGE’s legal advisers on the transaction were Linklaters LLP.
The Issuer was advised by Watson Farley & Williams Spain, S.L.P.
The Bond Joint Lead Managers in the transaction were Banco de Sabadell, S.A. and Banco Santander, S.A.
IMPORTANT NOTICE
All of the securities have been sold, and this announcement is for information purposes only. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or with any securities regulatory authority of any state or jurisdiction of the United States, and may not be offered, sold or transferred, directly or indirectly, in the United States absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States.
* ASSURED GUARANTY (EUROPE) SA is a public limited company with capital of €110,900,000 registered in the Paris Trade and Companies Register under number 852 597 384, whose registered office is located at 71, rue du Faubourg Saint-Honoré - 75008 Paris, and is governed by the French Insurance Code.
Through its insurance subsidiaries, Assured Guaranty Ltd. (AGL) is the leading provider of financial guarantees for principal and interest payments due on municipal, public infrastructure and structured financings. Through other subsidiaries, AGL provides asset management services. AGL is a publicly traded (NYSE: AGO), Bermuda-based holding company. More information on AGL and its subsidiaries can be found at AssuredGuaranty.com.
Cautionary Statement Regarding Forward-Looking Statements:
Any forward-looking statements made in this press release reflect AGL’s current views with respect to future events and are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. These risks and uncertainties include, but are not limited to, those resulting from AGL and its insurance subsidiaries’ inability to execute their strategies; the demand for their financial guarantees; adverse developments in their guaranteed or investment portfolios; actions that the rating agencies may take with respect to AGL’s insurance subsidiaries’ financial strength ratings; adverse developments in AGL’s asset management business; and other risks and uncertainties that have not been identified at this time, management’s response to these factors, and other risk factors identified in AGL’s filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made as of 24 May 2021. Assured Guaranty undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations:
Robert Tucker, +1 212-339-0861
Senior Managing Director, Investor Relations and Corporate Communications
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Media:
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project44 has bolstered its market-leader position, posting 100% year over year growth as supply chain visibility takes the global spotlight
CHICAGO--(BUSINESS WIRE)--#GlobalTrade--project44, the global leader in supply chain visibility solutions, posted 100 percent year-over-year growth in annual recurring revenue (ARR), surpassing $50 million. By delivering end-to-end supply chain visibility to a growing list of global companies, project44 has consolidated its leading position in the market, making its software a critical part of the success of corporations like Amazon, Walmart, Unilever, Lenovo, and H&M.
“We’re seeing signs of maturity in the market. It’s estimated that 80 percent of Forbes Global 2000 Companies will be looking at supply chain visibility in the year ahead,” said Tim Bertrand, president of worldwide GMT and Field Operations at project44. “We have an unmatched technological and operational ability to meet the demands of the market and the events that have created a new awareness about supply chain visibility. These conditions create an incredible growth story for project44.”
This year, more than $100 billion in freight spend ran through its platform, making project44 the market leader in supply chain visibility software. With visibility across 161 countries, including all maritime trade routes and ports, 16 supported languages, and 4.3 million drivers and 3.5 million trucks piping data into the platform, project44 seamlessly connects all parts of the transportation ecosystem, guaranteeing that customers can quickly unlock value.
The growing list of customers that rely on project44’s visibility products to optimize their supply chains includes three of the world’s largest retailers, the world’s third largest clothing retailer, seven of the world’s top food and beverage manufacturers, and two of the top global cosmetics manufacturers. project44 is driving the world’s leading manufacturers and distributors forward with the data needed to maximize throughput, minimize downtime, and reduce inventory levels, helping companies ward off supply chain threats and act proactively.
Another milestone achieved this year was project44’s acquisition of Ocean Insights, a leading ocean supply chain visibility and market intelligence provider. The acquisition provided project44’s customers with comprehensive ocean freight visibility just weeks before the Suez Canal incident snarled global maritime trade. Recently, Gartner named project44 a Leader in the research firm’s first-ever Magic Quadrant for Real-Time Transportation Visibility Platforms (RTTVP). Gartner evaluated 14 vendors out of which project44 received the highest placement for its ability to execute and was also recognized for its completeness of vision.
To learn more about how project44’s technology is helping global businesses remain in control of their inventory, keep costs down, and unlock value, contact project44 today.
About project44
project44 solves some of the world’s most critical logistics challenges by connecting, automating, and providing real-time visibility into global transportation processes. With project44’s cloud-based platform, organizations can increase operational efficiencies, reduce costs, improve shipping performance, and deliver an exceptional, Amazon-like experience to their customers. project44 supports all transportation modes and shipping types, including air, parcel, final-mile, less-than-truckload, volume less-than-truckload, groupage, truckload, rail, intermodal, and ocean. To learn more, visit www.project44.com.
Media Contact
Charlie Pesti
Director, Marketing
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LONDON--(BUSINESS WIRE)--Global Ports Holding Plc ("GPH"), the world's largest independent cruise port operator, and affiliates of Sixth Street, a leading global investment firm, today announced that they have entered into a $261 million financing arrangement. This new investment from Sixth Street will strengthen GPH’s balance sheet and provide flexible growth capital for GPH to pursue expansion opportunities at a dynamic juncture in the global cruise industry.
“As the world’s largest independent cruise port operator, this timely capital raise reinforces our position as the market leader and gives us the financial flexibility to take advantage of growth opportunities with the resumption of cruising,” said H. Emre Sayın, CEO of Global Ports Holding Plc. “We appreciate Sixth Street providing us with financing certainty at an important moment for the global cruise industry, and we look forward to using this capital to continue to expand our business.”
“GPH operates ports in some of the most important cruise hubs in the Caribbean and Mediterranean and benefits from real scale across the world’s major cruise destinations,” said Michael Griffin, Partner at Sixth Street and head of the Specialty Lending team in Europe. “We believe GPH is well-positioned to continue to grow its long-term relationships in key markets as the cruise industry and the local economies that depend on it begin to recover.”
The transaction is expected to close in June 2021.
About Global Ports Holding Plc
Global Ports Holding Plc is the world's largest independent cruise port operator with an established presence in the Caribbean, Mediterranean, and Asia-Pacific regions. GPH was established in 2004 as an international port operator with a diversified portfolio of cruise and commercial ports. As an independent cruise port operator, the group holds a unique position in the cruise port landscape, operating 20 ports in 13 countries.
About Sixth Street
Sixth Street is a global investment firm with over $50 billion in assets under management and more than 300 team members across nine global locations. Sixth Street operates as one global team using its flexible, long-term capital, cross-platform approach, and data-enabled capabilities to pursue thematic opportunities and provide solutions for companies across all stages of growth. Sixth Street operates nine diversified, collaborative investment platforms: TAO, Growth, Specialty Lending, Fundamental Strategies, Infrastructure, Opportunities, Insurance, Agriculture, and Credit Market Strategies. The Specialty Lending team based in London focuses on providing flexible capital and creative financing solutions for leading European companies. For more information about Sixth Street’s Specialty Lending business in Europe, visit www.sixthstreet.com/sle or follow Sixth Street on LinkedIn.
Global Ports Holding Plc Media:
Ceylan Erzi
Marketing Manager
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Sixth Street Media Contacts
US: Patrick Clifford – This email address is being protected from spambots. You need JavaScript enabled to view it. / +1 (646) 9064339
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The $21.6 million project marks a significant step forward for the Army base in its goal of reaching net-zero energy use in the near term
FRAMINGHAM, Mass. & JOLON, Calif.--(BUSINESS WIRE)--#cleanenergy--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced the upcoming groundbreaking of its electrical distribution microgrid at Fort Hunter Liggett. To support USAG Fort Hunter Liggett’s goals to achieve Net Zero Energy, while also attaining U.S. Army Directives to achieve Critical Mission Resiliency, the $21.6 million project will include the design and installation of a secure, islandable and autonomous microgrid with controls and interconnection for new and existing generation and storage systems at the 165,000-acre U.S. Army Reserve training center.
Construction groundbreaking of the project marks a significant step forward for the Army base and works toward its goal of reaching net-zero energy use by 2022. The new microgrid system will improve energy security for Fort Liggett by separating it from more vulnerable external systems in the event of a loss of utility grid power. It will also enable the base to only deploy as much energy as is needed thanks to the addition of the system’s 3.75MW photovoltaic generation, 5MWh batteries, and Microgrid Control System. Ameresco will upgrade the existing customer distribution system that includes automating medium voltage switches, so Fort Hunter Liggett’s facility managers can easily and efficiently control energy intake at various buildings at the facility.
“Working with the team at Fort Hunter Liggett has been an immensely rewarding experience as the improvements implemented at their base set a precedent for future green resiliency enhancements at Federal Army bases across the country,” said Nicole Bulgarino, executive vice president of Federal Solutions at Ameresco. “We’re eager to continue building on this success by utilizing the most current energy technologies available and creating a cleaner and sustainable future.”
The start of the microgrid project “is the culmination of more than a decade of projects, development and planning,” said Col. Charles Bell, FHL Garrison Commander. “The idea began here, and was not tasked to us from higher up. It shows how forward-thinking our team is to generate DoD-wide projects at the grassroots level. It is a huge win.”
The installation is recognized as a leader in its energy, waste, and water resiliency and sustainability programs, and has won several Army awards. In the past decade, FHL has eliminated the need for fuel oil, reduced energy consumption intensity by 63 percent, severely reduced propane use, and has incorporated ground source heat pumps. This was accomplished by replacing inefficient boilers, furnaces, and lighting, replacing them with modern high-efficiency equipment.
The groundbreaking event will take place on Thursday, May 27th, at 10 a.m. local time. The event will be live-streamed on the FHL Facebook page: https://www.facebook.com/FortHunterLiggett.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
About Fort Hunter Liggett
Fort Hunter Liggett is recognized as the military's premier Total Force Training Center. Along with its sub-installation Parks Reserve Forces Training Area, it offers excellent training opportunities to all U.S. military components and those of allied nations. At 165,000 acres, Fort Hunter Liggett is the U.S. Army Reserve's largest training installation, and it is well suited to large-scale joint exercises.
The announcement of a customer’s entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported contracted backlog as of March 31, 2021.
Media Contacts:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Fort Hunter Liggett: Amy Phillips, Public Affairs Officer, 831-386-2690, This email address is being protected from spambots. You need JavaScript enabled to view it.
BAKERSFIELD, Calif.--(BUSINESS WIRE)--Global Clean Energy Holdings, Inc (OTCQB: GCEH) and ExxonMobil have expanded their five-year agreement to increase ExxonMobil’s purchase of renewable diesel. To learn more, visit ExxonMobil’s May 20th, 2021 follow-up post on its Energy Factor blog (original August 2020 post). Highlights include:
ExxonMobil will be the exclusive buyer of renewable diesel produced from Global Clean Energy’s biorefinery, located in Bakersfield, California, which is on schedule to begin production in early 2022. The renewable diesel leverages Global Clean Energy’s patented camelina crop, which can significantly reduce life-cycle greenhouse gas emissions.
“Our work at the Bakersfield biorefinery is a perfect example of what can be accomplished when an industry leader like ExxonMobil supports a growing renewables company like Global Clean Energy with long-term contracts,” said Richard Palmer President & CEO of Global Clean Energy Holdings. “By working together across traditional agricultural, energy and supply chain lines, we are showing how agriculture and energy, big and small, can collaborate to bring lower-carbon fuels to market.”
Based on analysis of California Air Resources Board data, renewable diesel from various non-petroleum feedstocks can provide life-cycle greenhouse gas emissions reductions of approximately 40 percent to 80 percent compared to petroleum-based diesel. When cultivated as a cover crop on rotational dryland, camelina can help meet the growing global demand for lower-carbon non-petroleum feedstocks.
“Our expanded agreement with Global Clean Energy reinforces ExxonMobil’s longstanding efforts to support society’s ambitions for lower-emission fuels,” said Ian Carr, president of ExxonMobil Fuels and Lubricants Company. “Through our growing relationship, we remain focused on bringing renewable fuels to market that make meaningful contributions to help consumers reduce their emissions.”
The Bakersfield biorefinery will process up to 15,000 barrels per day of renewable feedstocks, including Global Clean Energy’s proprietary camelina. The balance of renewable diesel will be produced using various non-petroleum feedstocks, including used cooking oil, soybean oil, distillers’ corn oil and other renewable sources.
The original agreement signed in August 2020 between Global Clean Energy Holdings and ExxonMobil, committed ExxonMobil to purchase 2.5 million barrels of renewable diesel per year from Global Clean Energy’s Bakersfield biorefinery. Following production startup, ExxonMobil plans to distribute the renewable diesel within California and potentially other U.S. and international markets.
About Global Clean Energy
Global Clean Energy Holdings, Inc. (OTCQB:GCEH) is a uniquely positioned vertically integrated renewable fuels company. GCEH’s strategy has been consistent from the company’s inception; control the full integration of the supply chain from the development, production, and processing of feedstocks through to the refining and distribution of renewable fuels, making it the only integrated farm-to-fuel renewable diesel producer of its kind.
GCEH’s plant science subsidiary, Sustainable Oils, Inc., is the world’s leading developer of camelina, a fast-growing, low input, dryland farmed rotation crop. As it is cultivated on unirrigated fallow land, camelina does not displace food or create indirect land use change. It also allows farmers to improve total farm economics through better overall asset utilization.
GCEH is retooling and constructing its renewable diesel refinery in Bakersfield, California, which when completed in early 2022 will be the only integrated farm-to-fuel renewable diesel production facility of its kind, processing both camelina as well as traditional biofuel feedstocks such as plant oils and waste products. It will be the largest renewable fuels facility in the western United States and the largest in the country that produces renewable fuels from non-food based feedstocks.
To learn more, visit gceholdings.com. Follow us on Twitter and LinkedIn
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor. Follow us on Twitter and LinkedIn.
Cautionary Statement
Statements of future events, plans or product offerings in this release are forward-looking statements. Actual future results, including product offerings, refinery start-up dates, delivery timing. available capacity, and the impact and results of new technologies on product efficiency and life-cycle emission reductions could vary depending on the outcome of general business conditions; further research and testing; the development and competitiveness of alternative technologies; the ability to scale pilot projects on a cost-effective basis; political and regulatory mandates, incentives and other developments; and other factors discussed in this release and under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at exxonmobil.com.
Global Clean Energy Holdings Media Relations
Melody Kean Haller, 424-318-3518
ExxonMobil Media Relations
972-940-6007
The analysis is the first of its kind to reverse engineer the EPA’s latest GHG emission data to calculate new infrastructure investment; A conference call to discuss key findings will take place May 26, 2021
NEW YORK--(BUSINESS WIRE)--#carbonemissions--A new analysis of US greenhouse gas emissions and a framework for the United States to achieve Net Zero emissions is announced today. The study is the first of its kind to reverse engineer the latest emission data from the Environmental Protection Agency and present an integrated framework and pathway for the US to decarbonize its economy.
The findings will be presented during a virtual event on Wednesday, May 26th at 10 AM PDT/1 PM EDT and will be co-hosted by the study’s principal author, former Wall Street analyst and CEO of Common Energy, Richard Keiser, climate advocate and leader of 350.org, Bill McKibben, and lead Partner in Allen Overy’s renewable energy practice, John Marciano. Industry and sustainability leaders, as well as policy makers are invited to attend and may register here. The report is available to download here.
“As the world’s second largest emitter, it is imperative that the US demonstrate leadership on climate change,” said Richard Keiser. “To achieve Net Zero emissions, the cornerstone of US strategy must be a massive expansion of clean electricity infrastructure. This is because all other GHG mitigation strategies are dependent on abundant clean electricity.”
Mr. Keiser continued: “The vast majority of US GHG emission reductions can be achieved today, without significant breakthroughs, using existing technologies. Accordingly, the country’s top priority should be decreasing bottlenecks to deployment, in particular accelerating the permitting and interconnection of renewable energy resources, and incentivizing the rapid electrification of the transportation sector.”
Some of the analysis’ key findings are as follows:
The analysis will be presented in a free webinar on Wednesday, May 26, 2021 at 10 AM PDT/1 PM EDT. Industry and sustainability leaders as well as policy makers are invited to attend. Following the presentation there will be an open question and answer session. Interested individuals may register here. The report is available to download here.
About the Study’s Author
Richard Keiser is a former Wall Street analyst and was previously Senior Analyst and head of the Technology Strategy Group at Sanford C. Bernstein in New York. His analyses have been featured in the Wall Street Journal, the Financial Times, Bloomberg, Forbes, and in energy publications around the world. In 2007, he authored a seminal analysis on the implications of climate change for investable technology themes. In 2011, Mr. Keiser’s analysis of US electricity pricing and the solar energy cost curve correctly predict the rise of distributed energy in the United States. In 2018, Mr. Keiser founded Common Energy, a leading community solar provider. He is a graduate of MIT.
About Common Energy
Common Energy is a leading partner for renewable energy asset owners. Common Energy connects businesses, homeowners, and renters to distributed clean energy projects, and provides a platform for asset owners to manage collections and increase project ROI. Common Energy currently manages over 200MW of community solar projects around the country, serving over 10,000 customers. To join a community solar project, enroll at www.commonenergy.us. Companies interested in partnering with Common Energy are encouraged to email This email address is being protected from spambots. You need JavaScript enabled to view it..
Press Contact:
Haley Steinhauser
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(562) 991-3170
COLUMBUS, Ind. & TOLEDO, Spain--(BUSINESS WIRE)--Global power leader Cummins Inc. (NYSE: CMI) joined today government leaders and partner Iberdrola, one of the world’s largest energy companies, to announce its plans for one of the world’s largest electrolyzer plants for the production of green hydrogen to be located in Castilla-La Mancha, Spain. This investment in Spain comes on the heels of Iberdrola and Cummins’ decision to partner together on large-scale hydrogen production projects in Spain and Portugal.
The companies have signed an agreement to accelerate the growth of business opportunities in the electrolyzer market of Iberia, promoting the green hydrogen value chain and making Spain a leader of this technology and industry. This alliance helps to position Cummins as a leading supplier of electrolyzer systems for large-scale projects in Iberia and Iberdrola as a leading developer of electrolyzer projects and hydrogen supplier to final industrial customers.
“Spain offers a strong and dynamic local environment for hydrogen production, and we are excited to invest here and significantly increase our manufacturing capacity in Europe,” said Tom Linebarger, Chairman and CEO of Cummins. “Our partnership with Iberdrola will connect us with a major clean energy company and strategically positions us to be a European leader in green hydrogen production. We believe that this is just the start of our expansion into new markets, bringing new clean technology to customers, and supporting efforts to bring the European Union’s Green Deal to fruition. As communities move toward zero emissions, this is the latest example of Cummins’ global effort to achieve carbon neutrality and accelerate the hydrogen economy.”
Ignacio Galán, Chairman and CEO of Iberdrola, said, “This initiative will accelerate the production of green hydrogen in Spain and will create a new industry, the manufacturing of electrolyzer systems, with high growth potential. We continue to make progress in our ambitious plan to put Spain and Europe at the global forefront of this technology by reducing energy dependence and fossil fuel consumption while driving the country's economic and social revitalization.” He added, “We congratulate ourselves on the choice to locate the project in a region that we value and in which we maintain a historic presence and commitment. This joint initiative will contribute to the economic, industrial and quality employment development in the region and will reinforce its great innovative commitment to a decisive technology for the decarbonization of the industry.”
A site selection search within the Guadalajara area of Castilla-La Mancha is currently underway for Cummins’ new €50-million PEM electrolyzer plant that will house system assembly and testing for approximately 500 MW/year and will be scalable to more than 1 GW/year. The facility, which will initially be 22,000 square meters, is anticipated to open in 2023, creating 350 new jobs as production ramps up. Cummins is rapidly growing its capabilities to provide hydrogen technologies at scale, which is critical to the world’s green energy transition through the hydrogen economy. Cummins has deployed more than 600 electrolyzers in 100 countries globally.
As part of this alliance, the 230-MW green hydrogen project in Palos de la Frontera (Huelva, Andalusia, Spain) - that Iberdrola has planned for the leading fertilizer producer Fertiberia - will become a benchmark for large electrolysis projects. Cummins will be the electrolyzer supplier for the Palos project and through the experience acquired in the project, Iberdrola and Cummins will jointly collaborate in the design of solutions for large electrolysis projects. Cummins and Iberdrola are also collaborating on a hydrogen refueling station in Barcelona, Spain with additional partnership and broader collaboration opportunities anticipated in the future.
Cummins’ ability to construct a state-of-the-art electrolyzer facility in Spain is a result of the strong support from the Castilla-La Mancha and Spanish governments. Additionally, with Spain’s support, this plant and partnership will accelerate the ability of green hydrogen to play a critical role in reducing greenhouse gas and air emissions from industrial industries to meet the goals in limiting global temperature increases laid out in the Paris Agreement and the European Union’s Green Deal, as well as help to deploy the Spanish and European hydrogen strategies. The plant will also enable Cummins to achieve carbon neutrality by 2050 as outlined in the company’s Planet 2050 sustainability strategy.
Iberdrola has submitted 53 hydrogen-related projects to the Next Generation EU program, which would activate investments of €2.5 billion to achieve an annual production of 60,000 tn/year. The green hydrogen production capacity under this plan would be equivalent to 20% of the national target (4GW installed capacity by 2030) and would ensure that around 25% of the hydrogen currently consumed by Spain would not generate any CO2 emissions. This and related Iberdrola hydrogen projects are anticipated to fuel economic and job growth, contributing to the creation of approximately 4,000 skilled jobs across 500 local suppliers.
In Castilla-La Mancha, Iberdrola operates 2,376 MW of renewable energy - wind power and photovoltaic - which makes it the third autonomous community with the highest 'green' megawatts installed by Iberdrola in Spain. Recently, the company has completed three photovoltaic projects in the region, totaling 150 MW, and builds Puertollano photovoltaic plant (100 MW).
About Iberdrola
Iberdrola is one of the world's biggest energy companies - third by market capitalization in the world and leader in renewables - which is spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. It carries out renewables, networks and commercial activities in Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia, and, as growth platforms, it is present in markets such as Japan, Ireland, Sweden and Poland, among others. With a workforce of more than 37,000 and assets in excess of €122.5 billion, in 2020, it achieved a turnover of €33 billion and a net profit of over €3.6 billion. The company contributes to sustain 400,000 jobs along its supply chain, with annual procurement of €14 billion. A benchmark in the fight against climate change, it has allocated more than €120 billion over the last two decades to building a sustainable energy model, based on sound environmental, social and governance (ESG) principles.
About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,800 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. Learn more at cummins.com.
Jon Mills
Cummins Inc.
Phone: 317-658-4540
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Susana Sanjuan
Iberdrola
M: +34 677946805
Francisco Calderon
M: +34 654642160
Collaboration and Communication Software Solution Helps Shell Catalysts & Technologies React Quickly to Changing Dynamics Across Global Plant Facilities
BEDFORD, Mass.--(BUSINESS WIRE)--Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in asset optimization software, today announced that Shell Catalysts & Technologies, a provider of leading catalysts, technical services and licensed process technologies to refiners, gas treating facilities and chemical plants around the world, is implementing Aspen Schedule Explorer™ software in multiple plants throughout North America and Europe. The supply chain management solution will improve coordination, communication and visibility for operations and supply chain personnel, which will allow teams to adapt to changing conditions as needed. The comprehensive deployment follows the completion of a successful pilot program at Shell Catalysts & Technologies’ facility in Ghent, Belgium.
“It’s critical that the operations personnel throughout our plants and our central supply chain planning team have visibility of the latest published production schedules and are able to provide updates, ask questions and make notes on various parts of the production process to enable operational excellence. Aspen Schedule Explorer has been a highly effective and intuitive solution for providing our schedulers, operators, maintenance crew and central supply chain planning team with real-time visibility into production,” said Luis F. Filobelo PhD, Process Research at Shell Catalysts & Technologies. “We’re excited to roll out Aspen Schedule Explorer to other plants around the world.”
Aspen Schedule Explorer provides operations and supply chain personnel with a live, web-based view into the latest published production schedules from Aspen Plant Scheduler™, delivered through Shell Catalysts & Technologies’ private cloud. The solution combines advanced communication, visibility, and a schedule data historian to help improve productivity and supply chain and operations execution. Aspen Schedule Explorer’s common, collaborative hub strengthens cross-functional alignment between stakeholders, while an intuitive interface provides users with the visibility required in today’s complex and dynamic manufacturing environments.
“Sales and Operations Execution (S&OE) is the crucial process that enables manufacturers to quickly respond to the inevitable day-to-day opportunities and disruptions that occur in their supply chain and manufacturing sites. Clear communications, collaboration and real-time visibility enables supply chain and manufacturing operations teams to be agile and remain aligned throughout the day,” said David Arbeitel, Senior Vice President of Product Management at Aspen Technology. “This capability is especially important in today’s manufacturing environment, where workers are often remote but still need to react and adapt quickly to changing conditions.”
He added, “Aspen Schedule Explorer provides Shell Catalysts & Technologies with a single source of information and visibility that can scale as needed based on changing and often uncertain conditions. We’re thrilled to be helping Shell Catalysts & Technologies implement Aspen Schedule Explorer at all of its global manufacturing facilities.”
Supporting Resources
About Aspen Technology
Aspen Technology (AspenTech) is a global leader in asset optimization software. Its solutions address complex, industrial environments where it is critical to optimize the asset design, operation and maintenance lifecycle. AspenTech uniquely combines decades of process modelling expertise with artificial intelligence. Its purpose-built software platform automates knowledge work and builds sustainable competitive advantage by delivering high returns over the entire asset lifecycle. As a result, companies in capital-intensive industries can maximize uptime and push the limits of performance, running their assets safer, greener, longer and faster. Visit AspenTech.com to find out more.
© 2021 Aspen Technology, Inc. AspenTech, the Aspen leaf logo, Aspen Schedule Explorer™ and Aspen Plant Scheduler™ are trademarks of Aspen Technology, Inc.
Aspen Technology, Inc.
Stephanie Jackman
+1 781-221-1965
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DUBLIN--(BUSINESS WIRE)--The "Global Offshore AUV & ROV Market, By Product Type (AUV, ROV), By Propulsion System (Hybrid System, Electric System, Mechanical System), By Depth, By Application, By End User, By Region, Competition Forecast & Opportunities, 2016-2026" report has been added to ResearchAndMarkets.com's offering.
The Global Offshore AUV & ROV Market was valued USD 3.53 Billion in 2020 and is expected to grow at an impressive rate of 11.48% CAGR during 2021-2026.
The Global Offshore AUV & ROV Market is driven by the increasing offshore oil & gas discoveries in different countries across the globe.
Additionally, these AUVs & ROVs help in detecting submerged rocks and obstructions and raise alarms & alerts. As a result of this they are highly preferred and used in the navigational system of marine vehicles. However, this is quite capital intensive and requires huge investment thereby restricting the market growth during the forecast period.
The exceptional services offered by autonomous underwater vehicle (AUV) as well as remotely operated vehicles (ROV) have created a huge demand across the world. The excessive use of fossil fuels has led to an increasing adoption of AUV and ROV among end-users across the world. The constantly rising demand for hydrocarbons has encouraged companies to focus on offshore drilling activities, to enhance green energy.
The role of AUVs in studying seafloors before construction of subs-seas infrastructure has fueled the demand for AUVs in recent years. Additionally, the incorporation of technologies such as intelligent control systems and sensor-based steering will contribute to an increase in the demand for AUVs and ROVs across the world. The report encompasses several factors that have constituted an increase in the Global Offshore AUV & ROV Market.
Regionally, the offshore AUV & ROV market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America is expected to dominate the overall offshore AUV & ROV market owing to the increasing oil & gas projects especially in the U.S. and Mexico.
Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
Objective of the Study:
The major players operating in the offshore AUV & ROV market are:
Years considered for this report:
Report Scope:
Global Offshore AUV & ROV Market, By Product Type:
Global Offshore AUV & ROV Market, By Propulsion System:
Global Offshore AUV & ROV Market, By Depth:
Global Offshore AUV & ROV Market, By Application:
Global Offshore AUV & ROV Market, By End-User:
Global Offshore AUV & ROV Market, By Region:
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Impact of COVID-19 on Global Offshore AUV & ROV Market
4. Executive Summary
5. Voice of Customer
6. Global Offshore AUV & ROV Market Outlook
7. Asia-Pacific Offshore AUV & ROV Market Outlook
8. Europe Offshore ROV & AUV Market Outlook
9. North America Offshore ROV & AUV Market Outlook
10. Middle East & Africa Offshore ROV & AUV Market Outlook
11. South America Offshore ROV & AUV Market Outlook
12. Market Dynamics
13. Market Trends & Developments
14. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/obxrau
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Company also recognized as a top company in LGBTQ and environmental, social and governance efforts
CHICAGO--(BUSINESS WIRE)--Exelon’s ongoing commitment to diversity, equity and inclusion within the company and in the communities it serves secured the company’s 24th place ranking on DiversityInc’s list of the Top 50 Companies for Diversity and Inclusion. Exelon moved up five positions compared with 2020 due in large part to a continued focus on driving an inclusive culture and strengthening workforce development and investments in underserved communities, which were disproportionately impacted during the pandemic.
“A key part of our mission is driving positive change within Exelon and our communities. Internally, we’ve redoubled our focus on diversity, equity and inclusion, reinforcing an inclusive culture through annual performance goals, hiring practices and increased transparency,” said Chris Crane, president and CEO, Exelon. “Equally important is our role helping lift up under-resourced communities. By eliminating barriers to economic opportunity through STEM education and workforce development efforts, we are preparing work-ready adults and youth for family-supporting careers.”
Issued yearly since 2001, the DiversityInc Top 50 list recognizes the nation’s top companies for diversity and inclusion management. It is an empirically driven ranking based on recruitment, talent development, senior leadership commitment and supplier diversity. The winning companies excel in areas such as hiring, retaining and promoting women, minorities, people with disabilities, LGBTQ and veterans.
Exelon also ranked No. 13 for LGBTQ inclusiveness and community ties and among the top companies for Environmental, Social and Governance values, making both of these DiversityInc specialty Top Company lists.
Exelon is committed to diversity, equity and inclusion across its business and in the communities it serves. Each member of Exelon’s Executive Committee is responsible for developing an annual Diversity, Equity and Inclusion plan, and each employee is responsible for establishing and meeting an annual DEI goal. In 2020, $46 million, or 84 percent, of Exelon’s grant funding supported organizations, programs or events that were targeted specifically to diverse populations. Supplier diversity is an important part of Exelon’s commitment to equity, providing opportunities for minority- and women-owned businesses to grow and develop. Exelon increased its spend by 15 percent to $2.7 billion with diverse suppliers in 2020 and is a member of the Billion Dollar Roundtable.
To learn more about Exelon’s innovative workplace practices and its commitment to diversity, equity and inclusion in the workplace, click here.
About Exelon
Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.
Elizabeth Keating
Exelon Corporate Communications
312-848-0176
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DENVER--(BUSINESS WIRE)--P2 Energy Solutions (P2), the leader in software solutions for the upstream oil and gas market, today announced that Mary Lyke, Senior Vice President of the Americas and EMEA, has been named one of the 2021 Top 50 Most Powerful Women in Technology by the National Diversity Council. The award honors female leaders who have become champions for diversity in the technology industry, as well as inspirations in their communities.
“I’m honored to be recognized as one of the top 50 women in tech, and especially pleased to join a diverse and dynamic group of women who are breaking barriers and setting such high standards for themselves and others,” Lyke said. “Working in an industry like oil and gas has presented unique challenges, but through my mentoring and involvement with groups that are committed to diversity, equity, and inclusion, I’m proud to have the opportunity to mentor and invest in the next generation of female professionals who are striving to attain leadership positions at the highest levels of their organizations.”
“We are tremendously proud to see Mary being celebrated for her accomplishments in this way,” said Scott Lockhart, CEO of P2 Energy Solutions. “We’re especially grateful that, ever since her arrival at P2 more than eight years ago, she has been a tremendous role model and mentor for our future leaders.”
Lyke is an experienced sales leader, skilled in enterprise software, sales, customer relationship management, and strategic partnerships. As the senior vice president of the Americas and EMEA, she oversees all revenue streams for the company in those areas. In her role, Lyke is responsible for the company’s revenue generation, customer renewals, partner management, and marketing functions. Additionally, she guides P2’s strategic investing efforts, ongoing and continuous improvement initiatives, and social responsibility objectives.
Lyke is executive sponsor of P2’s Diversity Committee, which aims to promote equal opportunity and inclusion efforts. She is also a member of P2’s executive leadership team that has committed to their communities by providing funds for Hurricane Harvey, COVID-19 food banks, and more.
Prior to joining P2, Mary was in sales leadership positions at SunGard Financial Systems and Continental Airlines. A resident of Conroe, Texas, she holds a Bachelor of Arts degree from Sam Houston State University.
About The Top 50 Women in Technology Award
The Top 50 Women in Tech Award recognizes the achievements of women who are breaking barriers and setting high standards for themselves and others. Recipients are female leaders who have made increasingly significant contributions throughout their career to their company and overall technology industry. They seek to improve not just their departments and companies, but their communities as well, and they strive to eliminate the gender gap in the technology C-suite. To see the full list of the 2021 Top 50 Women in Tech awardees, visit top50tech.org.
About P2 Energy Solutions
P2 Energy Solutions (P2) is the world’s largest independent provider of software and data solutions exclusively serving the upstream oil and gas industry. Professionals from more than 1,700 companies around the world rely on P2’s integrated oil and gas data, land, accounting, and production solutions to optimize their business processes and performance. To learn more, go to www.p2energysolutions.com.
Dan Wilinsky
Media Relations
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DUBLIN--(BUSINESS WIRE)--The "Thermic Fluid Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Thermic Fluid Market is projected to register a CAGR of over 5% during the forecast period (2021-2026).
Key Market Trends
Extensive Demand from the Oil and Gas Sector
Asia-Pacific Region to Dominate the Market
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Extensive Demand from the Oil and Gas Sector
4.1.2 Increasing Use in Concentrated Solar Power
4.2 Restraints
4.2.1 Fluctuations in Raw Material Prices
4.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Type
5.2 End-user Industry
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 bp p.l.c.
6.4.2 Dow
6.4.3 Dynalene, Inc.
6.4.4 Eastman Chemical Company
6.4.5 Exxon Mobil Corporation
6.4.6 HPCL
6.4.7 MULTITHERM LLC
6.4.8 PARATHERM
6.4.9 Royal Dutch Shell plc
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/a56yse
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MILLBRAE, Calif.--(BUSINESS WIRE)--#AI--Stem, Inc. (“Stem” or the “Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven clean energy storage services, today announced the appointment of Matt Tappin as Vice President of Corporate Development and his addition to the Stem executive leadership team. In this role, Tappin will lead the development and execution of the Company’s inorganic growth strategy, including mergers and acquisitions (M&A), investments, joint ventures, and related matters.
Tappin brings significant experience in developing corporate strategy related to the energy transition and executing those plans to drive growth. Prior to joining Stem, he held senior corporate development positions at Royal Dutch Shell, where he focused on investments in the electricity sector, and Centrica, where he led global corporate development for the distributed energy business. In these roles, he combined strategy development with transaction execution, completing a range of corporate acquisitions, investments, partnerships, and new business initiatives. Earlier in his career, he was an investment banker in Lazard's Power, Energy & Infrastructure Group and a corporate attorney at Simpson Thacher & Bartlett. Tappin earned his J.D. from Duke University School of Law and B.A. from Washington University in St. Louis.
“There are significant tailwinds driving storage growth, from the Biden administration's commitment to renewables, to corporate demand for sustainable solutions, and global adoption of both behind the meter and front of the meter energy storage,” said John Carrington, Director and CEO at Stem. “As Stem adds new capabilities and geographic scale to its business, we welcome Matt’s expertise in corporate development and M&A. Matt will help us frame and prioritize the wide array of strategic opportunities available to us with our strong balance sheet and lead execution as we grow inorganically.”
"Stem has unmatched energy storage experience and market leading software and is providing transformational value-added services to the grid. I look forward to helping the Company develop and execute its growth strategy during this pivotal chapter as a new public company," said Tappin.
About Stem, Inc.
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. For more information, visit www.stem.com.
Investor Contacts – Stem
Ted Durbin, Stem, Inc.
Marc Silverberg, ICR, Inc.
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Media Contact – Stem
Cory Ziskind, ICR, Inc.
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LONDON & HOUSTON--(BUSINESS WIRE)--Regulatory News:
TechnipFMC (NYSE:FTI) (PARIS:FTI) (ISIN:GB00BDSFG982) announced today that Doug Pferdehirt, Chairman and Chief Executive Officer, will address attendees on Wednesday, May 26, at 9:00 a.m. EDT at the following event:
UBS Global Energy Virtual Conference
May 25 – 26, 2021
Location: Virtual Conference
The live webcast will be available at the time of the event and can be accessed at the Investor Relations website. There will be no presentation materials associated with the event.
###
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments – Subsea and Surface Technologies – we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Investor relations
Matt Seinsheimer
Vice President Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President Corporate Communications
Tel: +44 1383 742297
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Brooke Robertson
Public Relations Director
Tel: +1 281 591 4108
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DUBLIN--(BUSINESS WIRE)--The "Nitrogen Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
Nitrogen Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global nitrogen market as it emerges from the COVID-19 shut down.
Major players in the nitrogen market are Air Liquide, Linde Group, Praxair Inc., Air Products and Chemicals, Messer Group, Southern Industrial Gas Berhad, Taiyo Nippon Sanso Corporation, Gulf Cryo, Emirates Industrial Gases Co. LLC and nexAir.
The global nitrogen market is expected to grow from $27.35 billion in 2020 to $28.61 billion in 2021 at a compound annual growth rate (CAGR) of 4.6%.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $33.17 billion in 2025 at a CAGR of 4%.
The growing food and beverages industry contribute to the growth of the nitrogen market. Nitrogen gas is widely used in food and beverages industry for packaging of food items. Nitrogen gas eliminates the oxygen contact with the food item, preventing the oxidation of food thus, increasing its shelf life. This prevents food spoilage and helps in maintaining its quality.
Industrial gas companies are increasingly using pressure swing adsorption (PSA) technology as a cost-effective and highly efficient method to produce nitrogen. PSA systems operate on the principle of adsorption. They consist of adsorption vessels packed with carbon molecular sieves (CMS) which are capable of adsorbing carbon dioxide and residual moisture.
At high pressures, CMS selectively adsorbs oxygen, thus allowing nitrogen to pass through at the desired purity level. Onsite generation of nitrogen using PSA systems is more cost-effective than traditional cryogenic distillation or stored liquid nitrogen. PSAs can economically produce nitrogen at flow rates from less than 5,000 scfh to greater than 60,000 scfh, and at purities from 95% to 99.9995%.
Mahler AGS, a German manufacturer of on-site gas generation plants, is using PSA systems for low-cost production of nitrogen. Major industrial gas companies such as Linde, Air Products, Air Liquide, and Praxair are using PSA systems to enhance nitrogen production.
In October 2018, The Linde Group and Praxair, Inc. merged to create a combined entity with a market capitalization of $90 billion. As part of the agreement, Praxair shareholders will receive one share of Linde plc for each Praxair share. Linde AG shareholders will receive 1.54 shares of Linde plc for each Linde AG share tendered.
This merger is expected to further consolidate the nitrogen market by creating a global leader in terms of both sales and geographic footprint. Praxair has a strong presence in Eastern Europe and the Middle East, whereas Linde has a strong presence in Europe and Asia.
The merged company is expected to be a leader in each of these four regions, thus leaving only three companies to compete in the industrial gas market on a global basis. Linde AG is a Brazil-based producer and supplier of industrial, process and specialty gases. Paxair is a US-based atmospheric, process, and specialty gases, and surface coatings producer.
Key Topics Covered:
1. Executive Summary
2. Nitrogen Market Characteristics
3. Nitrogen Market Trends and Strategies
4. Impact of COVID-19 on Nitrogen
5. Nitrogen Market Size and Growth
5.1. Global Nitrogen Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on the Market
5.2. Global Nitrogen Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Nitrogen Market Segmentation
6.1. Global Nitrogen Market, Segmentation by Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Nitrogen Market, Segmentation by End Use Industry, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Nitrogen Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Nitrogen Market Regional and Country Analysis
7.1. Global Nitrogen Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Nitrogen Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/v9hq63
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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