DUBLIN--(BUSINESS WIRE)--The "Carbon Composite Hydrogen Tanks Market by Tank Type, by Application Type, by Process Type, and by Region, Size, Share, Trend, Forecast, & Industry Analysis: 2021-2026" report has been added to ResearchAndMarkets.com's offering.

Hydrogen can be physically stored in gaseous form or liquid form. In gaseous form, hydrogen is stored in high-pressure tanks under 350-700 bar of working pressure. Carbon composite hydrogen tanks include type III and Type IV tanks, made by using carbon fiber. Type III tank has a metal liner (aluminum or steel) with a full-composite overwrap, whereas Type IV is a complete carbon fiber made tank having an inner liner made of polyamide or polyethylene plastic.

With the rapidly increasing emissions from the transportation sector and other applications, economies across the globe are actively implementing stringent standards and mandates supporting environment preservation. The transportation sector generates a quarter of human-induced CO2 emissions. As the predicament becomes even more daunting, the bull's eye is gradually shifting towards alternative technologies that rely less on fossil fuels, bringing electric vehicles into the picture.

E-mobility is at the juncture of bringing in a revolution in the automotive industry. Battery electric vehicles, plug-in hybrids vehicles, and fuel cell electric vehicles are gaining traction among customers at full tilt. During their entire lifecycle, FCEVs are capable of reducing CO2 emissions by 30% as compared to conventional gasoline vehicles as they do not require large batteries whose production is energy and resource-intensive. When it comes to fuel storage, FCEV manufacturers prefer composite pressure vessels over metallic ones for hydrogen storage (Type III and Type IV).

COVID-19 Impact Analysis

The global EV production stood at 7 Million units in 2019 of which FCEVs accounted for <1% share. In 2020, the exponentially growing market faced an unforeseen hurdle - the COVID19 pandemic. Even though the market managed to dodge incurring any losses, it experienced softened growth in the dreadful year. The publisher's estimates suggest that the market is likely to pick up the pace from 2021 onwards to ultimately cross the unprecedented landmark figure of US$ 3 Billion by 2026.

Companies Mentioned

• Faber Industrie SpA
• Hexagon Composites ASA
• Iljin Composites Co., Ltd.
• Luxfer Holdings PLC
• NPROXX B.V.
• SteelHead Composites, Inc.
• Toyota Motor Corporation
• Worthington Industries, Inc.

Key Topics Covered:

1. Executive Summary

2. Carbon Composite Hydrogen Tanks Market Overview and Segmentation

2.1. Introduction

2.2. Carbon Composite Hydrogen Tanks Market Segmentation

2.2.1. By Tank Type

2.2.2. By Application Type

2.2.3. By Process Type

2.2.4. By Region

2.3. Supply Chain Analysis

2.4. Industry Life Cycle Analysis

2.5. PEST Analysis

2.6. SWOT Analysis

3. Carbon Composite Hydrogen Tanks Market - The COVID-19 Impact Assessment

3.1. Carbon Composite Hydrogen Tanks Market Trend and Forecast (US$ Million and Thousand Units)

3.2. Pre-COVID vs Post-COVID Assessment

3.3. Real GDP Loss vs Carbon Composite Hydrogen Tanks Market Loss (2020-2021)

3.4. Market Scenario Analysis: Pessimistic, Most Likely, and Optimistic

3.5. Market Segments' Analysis (US$ Million and Thousand Units)

3.6. Regional and Country-Level Analysis (US$ Million and Thousand Units)

3.7. Market Drivers

3.8. Market Challenges

4. Competitive Analysis

4.1. Publisher Insights

4.2. Product Portfolio Analysis

4.2.1. By Tank Type

4.2.2. By Application Type

4.3. Geographical Presence

4.4. New Product Launches

4.5. Strategic Alliances

4.6. Market Share Analysis

4.7. Porter's Five Forces Analysis

5. Carbon Composite Hydrogen Tanks Market Trend and Forecast by Tank Type (2015-2026)

5.1. Publisher Insights

5.2. Type III: Trend and Forecast (US$ Million and Thousand Units)

5.3. Type IV: Trend and Forecast (US$ Million and Thousand Units)

6. Carbon Composite Hydrogen Tanks Market Trend and Forecast by Application Type (2015-2026)

6.1. Publisher Insights

6.2. Transportation: Trend and Forecast (US$ Million and Thousand Units)

6.2.1. Car: Trend and Forecast (US$ Million and Thousand Units)

6.2.2. MHCV: Trend and Forecast (US$ Million and Thousand Units)

6.2.3. Others: Trend and Forecast (US$ Million and Thousand Units)

6.3. Gas Storage & Distribution: Trend and Forecast (US$ Million and Thousand Units)

6.4. Others: Trend and Forecast (US$ Million and Thousand Units)

7. Carbon Composite Hydrogen Tanks Market Trend and Forecast by Process Type (2015-2026)

7.1. Publisher Insights

7.2. Wet Winding: Trend and Forecast (US$ Million and Thousand Units)

7.3. Dry Winding: Trend and Forecast (US$ Million and Thousand Units)

8. Carbon Composite Hydrogen Tanks Market Trend and Forecast by Region (2015-2026)

8.1. Publisher Insights

8.2. North American Carbon Composite Hydrogen Tanks Market: Country Analysis

8.3. European Carbon Composite Hydrogen Tanks Market: Country Analysis

8.4. Asia-Pacific's Carbon Composite Hydrogen Tanks Market: Country Analysis

8.5. Rest of the World's (RoW) Carbon Composite Hydrogen Tanks Market: Sub-Region Analysis

9. Strategic Growth Opportunities

9.1. Publisher Insights

9.2. Market Attractiveness Analysis

9.2.1. Market Attractiveness by Tank Type

9.2.2. Market Attractiveness by Application Type

9.2.3. Market Attractiveness by Process Type

9.2.4. Market Attractiveness by Region

9.2.5. Market Attractiveness by Country

9.3. Emerging Trends

9.4. Growth Matrix Analysis

9.5. Key Success Factors (KSFs)

10. Company Profile of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/lkt0jc

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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The Transaction Will Include the Acquisition of 20% of Doral LLC, Extension of Credit Facilities and Direct Investments in Projects

PHILADELPHIA--(BUSINESS WIRE)--A substantial investment transaction for Migdal Insurance, Israel’s largest insurance company and pension manager with AUM of 90 billion dollars, in Global Energy Generation LLC (Doral LLC).

The transaction outline, which is still being formulated and is subject to the signing of detailed transaction documents and completion of due diligence, includes, inter alia, an investment of approximately $110 million, the bulk of which will be invested at the closing, and the remainder subject to meeting pre-defined near-future milestones, in exchange for 20% of Doral LLC.

As part of the deal, Migdal Insurance will also participate in the first stage (480 MWdc) of Doral LLC's mega solar project in Indiana, with an estimated investment of $100 million. Doral LLC will retain its majority holding position and control of the project.

The Indiana solar project, which is expected to enter construction in 2021, covers over 12,000 acres, and has a total capacity estimated at 1.65 gigawatts. This is one of the most significant photovoltaic projects in the U.S.

The first phase of the project has already received most of the required approvals, and a PPA (Power Purchase Agreement) with AEP Energy Partners Inc., a subsidiary of American Electric Power (Nasdaq: AEP) and one of the largest electric energy wholesale suppliers in the U.S has already been signed, constituting one of the largest solar power purchase agreements in the PJM market.

In addition, Migdal Insurance will provide Doral LLC with a credit facility of an additional $130 million on terms to be set forth in definitive agreements. Migdal’s investment will total approximately $355 million. The investment scope may be increased by hundreds of millions of dollars in the foreseeable future as more projects mature.

Doral LLC

Doral LLC, the entrepreneurial platform of Doral Renewable Energy Resources Group Ltd (Doral Group) in the U.S, was founded by Doral Group and Clean Air Generation LLC. Doral LLC currently has over 3 GWdc of projects under development and 30,000 acres of land control, mainly in Midwest and Mid-Atlantic U.S. The management team of Doral LLC includes experienced multidisciplinary individuals who worked together for many years in the renewables industry in the US.

Doral Group is a publicly traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue generating renewable energy assets. With over 6 GWdc under development, Doral Group is active, inter alia, in Israel, Europe, and the United States. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel’s biggest solar + storage tenders to build approximately 750MW(dc) + 1,400MWh of storage facilities in Israel.

Migdal Insurance is Israel’s largest insurance company and pension manager with AUM of 90 billion dollars, 2.3 million customers and more than 4,900 employees. Migdal has a local corporate rating of Aa1. Migdal was Israel’s first institutional body to announce the adoption of an ESG (Environmental Social and Governance) investment policy over six months ago. Migdal has already made several investments in the field, including a NIS 1 Billion investment in Copenhagen Infrastructure Partners IV, a Danish Fund which is active in renewable energy projects; a $100 Million investment in BayWa Renewable Energy, an international growth company operating in renewable energies and a unique investment of $60 Million in the AMUNDI PLANET Fund which was established in partnership with large global institutional entities to develop “green” bond markets in emerging countries.

Nick Cohen, President & CEO, Doral LLC:

“The investment partnership strengthens Global Energy Generation’s (Doral LLC’s) competitive advantage in the U.S. as it expands its ~3,000 megawatt renewables portfolio. Our renewables projects platform is aligned with the market drive towards carbon neutrality, and is focused on locating and harvesting unique high-quality renewable energy projects from scratch in the most attractive markets in the US, such as PJM. The management team is continuously focused on growth with a long-term owner operator view for its projects. With Migdal’s support, together with Doral's leadership, we can continue to attract the best people and projects in the market and we can accelerate our growth plans. This remarkable milestone follows our recent announcement on the execution of a PPA with AEP Energy Partners Inc., one of the largest electric energy wholesale suppliers in the U.S., for the first stage (480 MWdc) of our Mammoth project in Indiana (1,650 MWdc in total) which shall enter into construction during Q4 of this year."

According to Guy Fischer, Head of Migdal Insurance’s Investment Division: “Our significant investment in Doral's operations reflects our great faith in the field and specifically in Doral's operations. The investment synergizes with Migdal's strategy of investing in core infrastructure, along with its ESG policy. As part of this policy, Migdal has committed to investing $1 Billion a year in Net Positive investments, and this investment is another pillar of our activity in the field this year."

"We are pleased to join as significant partners in Doral, along with Mr. Nick Cohen and his team, whom we have identified as having impressive entrepreneurial capabilities. Migdal has an option for additional financing that may reach an additional $300 million, thus, a total investment of $600 million in the first phase of this partnership”.

Yaki Noyman, CEO, Doral Group:

"The connection with Migdal Insurance, which we consider a strategic partner, is expected to strengthen and speed up Doral's extensive operations in North America. Doral's uniqueness and its outstanding competitive advantage in initiating and developing large scale renewable energy projects, together with Migdal's business acumen and financing capabilities, add significant growth opportunities for Doral, especially now as the Biden Administration's new infrastructure program will provide a boost to the U.S. renewable energy sector."

MEDIA:
Maya Ziv Wolf
Corporate Media Relations
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HOUSTON--(BUSINESS WIRE)--#energytransition--EnCap Investments L.P. (“EnCap”) today announced it has successfully closed EnCap Energy Transition Fund I, L.P. with commitments of approximately $1.2 billion. The fund was created to invest in companies that advance the nation’s transition to a lower-carbon future with a focus on creating wind, solar and energy storage enterprises.

“We are truly grateful for the enthusiastic support we received from both long-standing and new investors," said EnCap Investments Managing Partner Jason DeLorenzo. “As stewards of their capital, we appreciate the continued support of our investors. Coupling our 33-year investment track record with the power and renewable experience of our energy transition team, we have established a best-in-class platform to support a less carbon-intensive future and look forward to supporting its growth over the next decade.”

With its first energy transition fund, EnCap raised committed capital from a diverse set of domestic and international investors including corporate and government-sponsored pension funds, sovereign wealth funds, family offices, endowments, foundations and high-net-worth individuals.

“EnCap’s Energy Transition Managing Partners Jim Hughes, Tim Rebhorn, Kellie Metcalf and Shawn Cumberland have done a remarkable job working with our investor relations team and other EnCap principals to raise the fund while simultaneously building a valuable portfolio,” said EnCap Investments Managing Partner Doug Swanson. “Despite the challenges of the COVID pandemic, we have attracted outstanding talent and begun building value. We believe there are continued profitable investment opportunities across the entire energy value chain, and the addition of this third platform allows us to create dynamic companies that are transforming North America’s power grid.”

The Energy Transition Fund already has deployed capital in five platform investments in the battery storage, distributed power and utility-scale solar and wind sectors — Broad Reach Power, Catalyze, Jupiter Power, Solar Proponent and Triple Oak Power.

“With the support of our investors, we have been able to establish five enterprises that are supporting the transition of the power grid, and their early progress is exceeding our expectations,” said EnCap Energy Transition Managing Partner Jim Hughes. “We have attracted the best talent in the wind, solar and energy storage markets, and each of our companies is ahead of its value-creation plan. We are very pleased with our decision to partner with EnCap and the future of the EnCap Energy Transition platform.”

Vinson & Elkins LLP served as legal counsel to EnCap on the formation of the fund.

About EnCap Investments L.P.

Since 1988, EnCap Investments has been the leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 22 institutional investment funds totaling approximately $38 billion and currently manages capital on behalf of more than 350 U.S. and international investors. For more information, please visit www.encapinvestments.com.

Casey Nikoloric
Managing Principal, TEN|10 Group
303.507.0510 m
303.433.4397, x101
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HOUSTON--(BUSINESS WIRE)--#SB--S&B Infrastructure, Ltd. (S&B) announced today it has acquired Technology Associates, Inc. (TAI). TAI is known for its innovative maritime solutions and technical expertise. TAI will continue its operations as TAI Engineers, LLC. This is a strategic acquisition that allows S&B to also position itself as a leading government and commercial engineer of world-class vessels.

“This acquisition strengthens our capabilities to design and build even larger government and commercial maritime projects,” said Daniel Rios, S&B Infrastructure President. “We acquired TAI because of our clients’ ever-evolving needs and the organization’s focus on safety, integrity, and client trust—all key values of S&B. The deal marks a win for clients as we deliver projects with even greater certainty—safely on time and within budget.”

The acquisition enables S&B to provide total marine solutions for commercial and governmental clients worldwide. The entire TAI team—approximately 80 maritime professionals, located primarily in New Orleans, La. and Vishakhapatnam, India—will join S&B. TAI has been around for decades, with professionals working on marine projects worldwide for commercial and government clients. TAI has and is performing key projects for the U.S. Coast Guard, U.S. Navy, NOAA, U.S. Army, U.S. Army Corps of Engineers and many other clients and agencies.

“This is an exciting opportunity for TAI, its management and staff, and the continued growth of TAI,” said Anil Raj P. E., founder and president of TAI. “The synergies between S&B’s diverse technical capabilities and large engineering footprint, coupled with the maritime expertise of TAI Engineers, will allow the company to offer significantly enhanced expertise, resources and products, to the benefit of our clients.”

Raj will remain as the president of TAI and will continue to manage day-to-day operations.

“Our growing team is looking forward to providing our marine clients innovative, quality, and cost-effective solutions for their greatest challenges,” said Rios.

About S&B Infrastructure, Ltd.

S&B Infrastructure, Ltd. has been in existence since 1994, making it one of the largest privately-owned engineering and construction firms in Texas. S&B provides planning, multi-discipline engineering design, and construction services in the following market sectors: transportation, federal, public works, pipeline, and facilities. S&B provides services to both public- and private-sector clients. S&B Infrastructure, Ltd. is part of the broader S&B family of companies, including S&B Engineers and Constructors, Ltd. Connect with us on LinkedIn.

Lindsay Szeszycki, Director of Communications and Marketing
S&B Engineers and Constructors, Ltd.
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518.879.2101

•       Cold Bore records 100% growth in new SmartPAD deployments in Q1, 2021
•       Triples the size of software development team
•       Increases hardware inventory by 25% in first two months of the year

CALGARY, Alberta--(BUSINESS WIRE)--Cold Bore Technology Inc. (“Cold Bore”), the leader in frac completions automation and platform technology, announced today record growth in new customers, revenue, team size and technology infrastructure during Q1, 2021.

In the first three months of the year, Cold Bore saw demand for its SmartPAD completions platform and control system increase dramatically. Deployments of its platform rose by over 100%, with the SmartPAD being implemented to interconnect and automate completions operations for many of the world’s largest producers at an unprecedented rate.

In response to what has been a continual increase in demand for its technology, Cold Bore has invested heavily in scaling its workforce, tripling the size of its software development team and bringing in recognized industry talent across departments. Company hardware inventory was also increased by 50% in the first two months of the year. This follows two consecutive years of 100%+ growth.

The SmartPAD’s success can be put down to its unique ability to efficiently connect control and automation systems from multiple service companies and deliver real-time, bi-directional communication between all services on site. This culminates in an industry-first standard completions platform in the cloud. Through its ability to ingest all service company data in real-time and consolidate it into a format that suits the producer, SmartPAD is a key component in the future development of a fully automated frac operation.

“The fact that SmartPAD is being adopted at such an accelerated pace is validation that we are solving a major problem that’s been a pain point in the industry for a long time," said Brett Chell, CEO at Cold Bore. “Technology-powered advancement is integral to the industry’s future success and we’ve been able to clearly demonstrate that frac operations that run on the back of accurate, real-time data, are safer, more efficient and more profitable. Getting to a fully autonomous operation is a goal we have been steadily working towards and it’s a privilege to be partnered with so many of the most influential and forward-thinking operators in the business who are also focused on making that a reality in the very near future. Being able to play a part in moving the entire industry forward is incredibly exciting and we’re just getting started.”

About Cold Bore

Cold Bore Technology Inc. (“Cold Bore”) is a global leader in completion optimization technology, developing the first Completions Operating System through Cold Bore’s SmartPAD service.

For more information, please visit - https://www.coldboretechnology.com/

Josh Stanbury | This email address is being protected from spambots. You need JavaScript enabled to view it.

• Strong sequential bookings growth with $945 million of bookings, representing an increase of over 16% compared to the prior three-quarter’s average

• Significant operating income improvement with reported and adjusted operating income up 132% and 41%, respectively

• Flowserve 2.0 transformation program continued to drive results, including a 250 basis point improvement in adjusted operating margin despite 4.1% revenue decrease

• GAAP EPS increased over 22% and Adjusted EPS increased over 47%

• Retired approximately $410 million of long-term Euro-denominated debt

• Raised full-year 2021 Revenue and Adjusted EPS guidance, reaffirmed all other metrics

DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced its financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Highlights (all comparisons to the 2020 first quarter, unless otherwise noted)¹

• Reported Earnings Per Share (EPS) of $0.11 and Adjusted EPS² of $0.28
  • Reported EPS includes after-tax adjusted items of $22.6 million, including realignment costs, below-the-line foreign exchange impacts and debt retirement costs

• Total bookings were $945.0 million, down 3.3%, or 6.0% on a constant currency basis and up 14.5% on a sequential basis
  • Original equipment bookings were $487.7 million, or 52% of total bookings, up 2.7%, or down 0.1% on a constant currency basis and up 20.5% on a sequential basis
  • Aftermarket bookings were $457.3 million, or 48% of total bookings, down 8.9%, or 11.5% on a constant currency basis and up 8.8% on a sequential basis

• Sales were $857.3 million, down 4.1%, or 7.0% on a constant currency basis
  • Original equipment sales were $406.9 million, down 9.9%, or 13.1% on a constant currency basis
  • Aftermarket sales were $450.4 million, up 1.9%, or down 0.9% on a constant currency basis

• Reported gross and operating margins were 29.3% and 6.5%, respectively
  • Adjusted gross and operating margins ³ were 30.4% and 8.1%, respectively 

• Backlog at March 31, 2021 was $1.9 billion, up 1.6% versus December 31, 2020

“Flowserve delivered a strong start to 2021, including a 47% increase in adjusted EPS year-over-year while generating 15 percent sequential bookings growth,” said Scott Rowe, Flowserve’s president and chief executive officer. “Our decisive cost actions in 2020, combined with other Flowserve 2.0 transformation activities, were key to our first quarter performance, as adjusted operating income increased over $20 million from last year.”

Rowe concluded, “Our first quarter results support our conviction that Flowserve is strongly positioned to benefit as the global economic recovery continues and as COVID subsides. The investment cycle in our core end markets is appearing to inflect as we see meaningful progress with vaccinations driving increased mobility around the world. We are increasingly confident that our focus on growth, product innovation and initiatives to support our customers’ energy transition and emission reduction efforts will position Flowserve well to return to earnings growth early in 2022, driving value for our shareholders and our customers.”

Revised 2021 Guidance⁴

Flowserve today revised certain of the full-year metrics of our 2021 target range. Previously announced metrics not shown below are reaffirmed as of today. The revised categories and the new range include:

Consistent with the prior range, Flowserve’s 2021 Adjusted EPS target range excludes expected realignment charges of approximately $25 million, as well as the potential impact of below-the-line foreign currency effects and certain other discrete items. In a change to our approach for 2021, Flowserve 2.0 transformation-related expenses of approximately 5 cents per share will now be included in both our reported and adjusted EPS.

First Quarter 2021 Results Conference Call

Flowserve will host its conference call with the financial community on Tuesday, May 4^th at 11:00 AM Eastern. Scott Rowe, president and chief executive officer, as well as other members of the management team will be presenting. The call can be accessed by shareholders and other interested parties at www.flowserve.com under the “Investor Relations” section.

¹ Prior period comparisons are impacted by certain accounting revisions. Reference Flowserve’s Form 8-K filed on November 5, 2020 and Form 10-Q for the period ending March 31, 2021 for additional details.
² See Reconciliation of Non-GAAP Measures table for detailed reconciliation of reported results to adjusted measures.
³ Adjusted gross and operating margins are calculated by dividing adjusted gross profit and adjusted operating income, respectively, by revenues. Adjusted gross profit and adjusted operating income are derived by excluding the adjusted items. See reconciliation of Non-GAAP Measures table for detailed reconciliation.
⁴ Adjusted 2021 EPS excludes realignment expenses, the impact from other specific discrete items and below-the-line foreign currency effects and utilizes year-end 2020 FX rates and approximately 131 million fully diluted shares.
^_ FX impact is calculated by comparing the difference between the actual average FX rates of 2020 and the year-end 2020 spot rates both as applied to our 2021 expectations, divided by the number of shares expected for 2021.

About Flowserve

Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon first-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Throughout our materials we refer to non-GAAP measures as “Adjusted.” Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.

Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer (972) 443-6560
Mike Mullin, Director, Investor Relations (972) 443-6636

Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs (972) 443-6644

EMERALD PARK, Saskatchewan--(BUSINESS WIRE)--PRAIRIE LITHIUM (the “Company” or “Prairie Lithium”), is pleased to announce the acquisition of 188,000 acres of Subsurface Mineral Permits in Saskatchewan, Canada. Prairie Lithium is a Canadian lithium brine extraction and technology development company with its head office in Emerald Park, Saskatchewan. The land acquisition increases Prairie Lithium’s total mineral holdings in Saskatchewan to over 220,000 acres. Prairie Lithium is the largest active lithium brine developer in Saskatchewan, and one of the largest active lithium brine developers in Canada.

The land acquisition comes after Prairie Lithium’s successful Direct Lithium Extraction (DLE) proof of process pilot project that operated in Saskatchewan in 2020. For the pilot project, Prairie Lithium installed its proprietary DLE equipment on an active oil and gas site in Saskatchewan. Lithium was extracted from the brine, converted into a lithium sulphate concentrate, and further converted into lithium carbonate.

Lithium carbonate and lithium hydroxide are two key compounds used in lithium ion batteries. With lithium ion battery manufacturing increasing around the world, the price of lithium compounds have increased drastically over the past few months, sending shockwaves throughout the supply chain. Demand for lithium is expected to outpace supply within the next few years unless, in Management’s view, new mines are brought into production at a record pace.

Prairie Lithium’s expertise in brine hydrochemistry and hydrogeology, coupled with its internal analytical capacity and its proprietary lithium extraction technology, positions it to be a leader in lithium brine development in Saskatchewan and beyond. Find out more at prairielithium.ca.

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Prairie Lithium’s business and affairs. Such forward-looking statements include, but may not be limited to, those with respect to: (i) lithium carbonate and lithium hydroxide use and demand around the world; (ii) the increase in lithium ion battery manufacturing around the world; (iii) the growing supply gap and price for lithium carbonate and lithium hydroxide; (iv) the anticipated speed of development for new extraction lithium mines; (v) Prairie Lithium’s continued expertise in brine hydrochemistry and hydrogeology; (vi) and Prairie Lithium’s ability to lead lithium brine development in Saskatchewan and beyond.

These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. Although Prairie Lithium believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct.

All of the forward-looking statements made in this press release are qualified by these cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Prairie Lithium assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities legislation.

Zach Maurer at This email address is being protected from spambots. You need JavaScript enabled to view it.

MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Highlights

• Revenues of $405.5 million
• Revenues from solar products of $376.4 million
• GAAP gross margin of 34.5%
• Non-GAAP gross margin of 36.5%
• GAAP gross margin from sale of solar products of 38.3%
• Record non-GAAP gross margin from sale of solar products of 39.7%
• GAAP net income of $30.1 million
• Non-GAAP net income of $55.5 million
• GAAP net diluted earnings per share (“EPS”) of $0.55
• Non-GAAP net diluted EPS of $0.98
• 1.69 Gigawatts (AC) of inverters shipped

“We are happy to report our first quarter results, representing continued growth in our solar business across geographies and segments,” said Zvi Lando, CEO of SolarEdge. “We are particularly pleased with our operational performance this quarter, which will enable us to meet the continued increase in demand for our residential and commercial products worldwide. This quarter, we also began delivering full powertrain kits for the e-Mobility sector in Europe in line with our growth strategy beyond solar.”

First Quarter 2021 Summary

The Company reported revenues of $405.5 million, up 13% from $358.1 million in the prior quarter and down 6% from $431.2 million in the same quarter last year.

Revenues related to the sale of solar products were $376.4 million, up 15% from $327.1 million in the prior quarter and down 8% from $407.6 million in the same quarter last year.

GAAP gross margin was 34.5%, up from 30.8% in the prior quarter and up from 32.5% year over year.

Non-GAAP gross margin was 36.5%, up from 32.5% in the prior quarter and up from 33.6% year over year.

GAAP gross margin from the sale of solar products was 38.3%, up from 35.3% in the prior quarter and up from 34.6% year over year.

Non-GAAP gross margin from the sale of solar products was 39.7%, up from 36.2% in the prior quarter and up from 35.0% year over year.

GAAP operating expenses were $95.9 million, flat with $95.9 million in the prior quarter and up 33% from $72.2 million in the same quarter last year.

Non-GAAP operating expenses were $76.2 million, up 4% from $72.9 million in the prior quarter and up 15% from $66.3 million in the same quarter last year.

GAAP operating income was $44.1 million, up 206% from $14.4 million in the prior quarter and down 35% from $67.8 million in the same quarter last year.

Non-GAAP operating income was $71.9 million, up 65% from $43.5 million in the prior quarter and down 9% from $78.6 million in the same quarter last year.

GAAP net income was $30.1 million, up 70% from $17.7 million in the prior quarter and down 29% from $42.2 million in the same quarter last year.

Non-GAAP net income was $55.5 million, compared to $55.7 million in the prior quarter and up 10% from $50.7 million in the same quarter last year.

GAAP EPS was $0.55, up from $0.33 in the prior quarter and down from $0.81 in the same quarter last year.

Non-GAAP net diluted EPS was $0.98, flat with $0.98 in the prior quarter and up from $0.95 in the same quarter last year.

Cash flow from operating activities was $24.1 million, down from $27.2 million in the prior quarter and down from $107.7 million in the same quarter last year.

As of March 31, 2021, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $515.2 million, net of debt, compared to $530.2 million on December 31, 2020.

Outlook for the Second Quarter 2021

The Company also provides guidance for the second quarter ending June 30, 2021 as follows:

• Revenues to be within the range of $445 million to $465 million
• Non-GAAP gross margin expected to be within the range of 32% to 34%
• Revenues from solar products to be within the range of $405 million to $420 million
• Non-GAAP gross margin from sale of solar products expected to be within the range of 36% to 38%

Conference Call

The Company will host a conference call to discuss these results at 4:30 p.m. ET on Monday, May 3, 2021. The call will be available, live, to interested parties by dialing 800-367-2403. For international callers, please dial +1 334-777-6978. The Conference ID number is 5167186. A live webcast will also be available in the Investor Relations section of the Company’s website at: http://investors.solaredge.com

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions. SolarEdge is online at www.solaredge.com

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K/A for the year ended December 31, 2020, filed on February 19, 2021 and our quarterly reports filed on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of May 3, 2021. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
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Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1 617-542-6180
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ALPHARETTA, Ga.--(BUSINESS WIRE)--48forty Solutions (“48forty”), a portfolio company of Audax Private Equity (“Audax”) and a leading national provider of recycled whitewood pallets, has acquired Relogistics, LLC (“Relogistics”). This is the first acquisition 48forty has completed under Audax ownership.

Headquartered in Houston, Texas, Relogistics is a leading provider of pallet and container management services, helping businesses manage reusable transport packaging at over 60 locations across the U.S. Their comprehensive pallet logistics services help drive efficiency and reduce supply chain costs for major retailers nationwide.

The acquisition of Relogistics will strengthen 48forty’s geographic presence and bolster their logistics services offerings. Together, 48forty and Relogistics bring decades of differentiated pallet management services and pallet recycling expertise to both national and local customers. The two management teams will be reuniting after working together under a shared parent company, IFCO, prior to 2012. Concurrent with the transaction, Mike Hachtman, Relogistics’ current CEO, will transition to CEO of the combined business. Norm Plotkin, 48forty’s current CEO, will remain involved as Chairman of the Board.

Mike Hachtman, Relogistics CEO, said, “I am very excited to combine the retailer and service-focused solutions from Relogistics with the robust pallet recycling capabilities of 48forty. This partnership will allow Relogistics to offer additional service options to our existing customers and other retailers across the country. Bringing together the exceptional talent and the culture of integrity that both companies share will allow us to deliver better and more robust services. As I transition to CEO of 48forty, I look forward to working closely with Norm Plotkin, who shares my enthusiasm to see the combined companies succeed.”

“This is an incredible opportunity to expand the customer solutions we bring to market as we strive to grow our plants, customer onsite locations, and our affiliate network, both organically as well as through strategic acquisitions,” said Norm Plotkin, former CEO and current Chairman of 48forty. “48forty and Relogistics share a strong culture of transparency, honesty, integrity, and a “customer first” mindset that make the combination a complementary fit. I am extremely excited about Mike Hachtman joining the company as CEO. Mike is a leader who is well-known and respected within our industry and is a natural fit to take on this role.”

ABOUT 48FORTY

48forty Solutions is one of the largest pallet management services companies in North America, with a national network of over 225 facilities, including 44 company-owned and operated plants and more than 180 affiliates. 48forty provides end-to-end pallet solutions, from supply to retrieval, on-site services, reverse logistics, and retail services. To learn more, visit www.48forty.com.

ABOUT RELOGISTICS

Relogistics is a leader in pallet and container management services, providing efficient, cost-effective solutions to handling reusable transport packaging and reducing supply chain costs. We service customers at over 60 locations nationwide, handling more than 332,000 trailers, 85 million pallets, and 115 million reusable containers annually.

ABOUT AUDAX PRIVATE EQUITY

Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $26 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $6 billion in more than 135 platforms and over 950 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 250 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website www.audaxprivateequity.com, or follow us on LinkedIn.

Media:
Kristin Kopp
VP of Communications and Marketing
48forty Solutions, LLC
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Phone: (305) 298-3659

First Quarter 2021 Highlights

• Net loss of $1.9 million, or $(0.04) per diluted Class A share, for the quarter ended March 31, 2021; Adjusted pro forma net loss of $1.6 million, or $(0.04) per diluted share for the quarter ended March 31, 2021 (see below for a reconciliation of Adjusted pro forma net income to net income attributable to Solaris)
• Adjusted EBITDA of $6.1 million for the quarter ended March 31, 2021
• Net cash provided by operating activities of $2.8 million for the quarter ended March 31, 2021
• Positive free cash flow of $0.1 million for the quarter ended March 31, 2021
• Paid a regular quarterly dividend of $0.105 per share on March 25, 2021

HOUSTON--(BUSINESS WIRE)--Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or the “Company”), a leading independent provider of supply chain management and logistics solutions designed to drive efficiencies and reduce costs for the oil and natural gas industry, today reported financial results for the first quarter 2021.

Operational Update and Outlook

During the first quarter of 2021, an average of 52 mobile proppant management systems were fully utilized, which was a 24% increase versus the fourth quarter of 2020. The sequential increase in first quarter 2021 was primarily driven by an increase in completions activity across the Lower 48. The winter storm that disrupted much of Texas-based activity in February had minimal impact on the number of fully utilized systems in the quarter, but had a transitory impact on revenue and gross profit per system.

“The Solaris team executed strongly and safely as activity continued to recover during the first quarter,” Solaris’ Chairman and Chief Executive Officer Bill Zartler commented. “We are excited about the interest level in our recently announced new technology developments and look forward to sharing additional technology introductions as the year unfolds. As always, we are committed to preserving our balance sheet strength and maximizing both cash flow and returns on capital as we continue to help our customers drive efficiencies through new technology.”

First Quarter 2021 Financial Review

Solaris reported net loss of $1.9 million, or $(0.04) per diluted Class A share, for first quarter 2021, compared to first quarter 2020 net loss of $33.2 million, or $(0.65) per diluted Class A share. Adjusted pro forma net loss for first quarter 2021 was $1.6 million, or $(0.04) per fully diluted share, compared to first quarter 2020 adjusted pro forma net income of $7.7 million, or $0.17 per fully diluted share. A description of adjusted pro forma net income and a reconciliation to net income attributable to Solaris, its most directly comparable generally accepted accounting principles (“GAAP”) measure, and the computation of adjusted pro forma earnings per fully diluted share are provided below.

Revenues were $28.7 million for first quarter 2021, which were up 13% from fourth quarter 2020 and down 40% compared to first quarter 2020.

Adjusted EBITDA for first quarter 2021 was $6.1 million, compared to fourth quarter 2020 Adjusted EBITDA of $4.9 million and $18.0 million in first quarter 2020. A description of Adjusted EBITDA and a reconciliation to net income, its most directly comparable GAAP measure, is provided below.

Capital Expenditures, Free Cash Flow and Liquidity

Capital expenditures in the first quarter 2021 were $2.6 million compared to capital expenditures of $1.8 million during fourth quarter 2020. The Company expects capital expenditures for the full year 2021 to be between $10.0 and $15.0 million compared to the prior guidance of $5.0 and $10.0 million. The increase is primarily driven by incremental investments in new technology.

Free cash flow (defined as net cash provided by operating activities less investment in property, plant and equipment) during first quarter 2021 was $0.1 million, which represented the ninth consecutive quarter of positive free cash flow for the Company.

As of March 31, 2021, the Company had approximately $55.1 million of cash on the balance sheet, which reflects about $1.23 per fully diluted share of available cash. The Company’s credit facility remains undrawn, and total liquidity, including availability under the credit facility, was $90.1 million as of the end of the first quarter 2021.

Shareholder Returns

On March 5, 2021, the Company’s Board of Directors declared a cash dividend of $0.105 per share of Class A common stock, which was paid on March 25, 2021 to holders of record as of March 15, 2021. A distribution of $0.105 per unit was also approved for holders of units in Solaris Oilfield Infrastructure, LLC (“Solaris LLC”). Since initiating the dividend in December 2018, the Company has paid 10 consecutive quarterly dividends. Cumulatively, the Company has returned approximately $78 million in cash to shareholders through dividends and share repurchases since December 2018.

Conference Call

The Company will host a conference call to discuss its first quarter 2021 results on Tuesday, May 4, 2021 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To join the conference call from within the United States, participants may dial (844) 413-3978. To join the conference call from outside of the United States, participants may dial (412) 317-6594. When instructed, please ask the operator to be joined to the Solaris Oilfield Infrastructure, Inc. call. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website at http://www.solarisoilfield.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (877) 344-7529 within the United States or (412) 317-0088 outside of the United States. The conference call replay access code is 10153784. The replay will also be available in the Investor Relations section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About Solaris Oilfield Infrastructure, Inc.

Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) provides mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented mobile proppant and chemical systems are deployed in many of the most active oil and natural gas basins in the United States. Additional information is available on the Solaris website, www.solarisoilfield.com.

Website Disclosure

We use our website (www.solarisoilfield.com) as a routine channel of distribution of company information, including news releases, analyst presentations, and supplemental financial information, as a means of disclosing material non-public information and for complying with our disclosure obligations under the U.S. Securities and Exchange Commission’s (the “SEC”) Regulation FD. Accordingly, investors should monitor our website in addition to following press releases, SEC filings and public conference calls and webcasts. Additionally, we provide notifications of news or announcements on our investor relations website. Investors and others can receive notifications of new information posted on our investor relations website in real time by signing up for email alerts.

None of the information provided on our website, in our press releases, public conference calls and webcasts, or through social media channels is incorporated by reference into, or deemed to be a part of, this Current Report on Form 8-K or will be incorporated by reference into any other report or document we file with the SEC unless we expressly incorporate any such information by reference, and any references to our website are intended to be inactive textual references only.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Examples of forward-looking statements include, but are not limited to, our business strategy, our industry, our future profitability, the various risks and uncertainties associated with the extraordinary market environment and impacts resulting from the volatility in global oil markets and the COVID-19 pandemic, expected capital expenditures and the impact of such expenditures on performance, management changes, current and potential future long-term contracts and our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include, but are not limited to the factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.