Applications Being Accepted for 2021 Grants Totaling $1.4 Million
SACRAMENTO, Calif.--(BUSINESS WIRE)--To raise awareness about wildfire safety and bring resources to underserved communities in high fire-threat areas in 2021, Pacific Gas and Electric Company (PG&E) is joining forces again with the California Fire Foundation (CFF), providing $1.4 million for CFF’s Wildfire Safety and Preparedness Program (WSPP).
Fire departments and community-based organizations in California can submit applications beginning this week for grant funding to address ongoing wildfire risk. Applications must be submitted by June 18, 2021 at the CFF website. Award notification will begin on July 31, 2021.
Over the past three years, CFF has awarded grants to 145 fire departments and fire agencies statewide with a focus on Northern and Central California. Funding targets specific communities identified as having extreme or elevated fire risk as identified by the California Public Utilities Commission High Fire-Threat District map.
“The Wildfire Safety and Preparedness Program is a partnership with PG&E that was created to address the new normal in California of drier and hotter seasons. There is no end to a wildfire season in our state now, and residents must understand the steps to take to evacuate safely,” said Rick Martinez, Executive Director of the CFF. “After 2020 surpassed 2018 in the number of acres burned, it demonstrates an alarming trend that proves programs like WSPP are necessary for Californians to stay ahead and stay alert.”
“Keeping our customers and our hometowns safe is our most important responsibility. Our ongoing partnership with the California Fire Foundation and support for this important program brings resources and awareness to underserved residents living in high fire-threat areas. Being a good neighbor means showing up for those in need. We have increased our support this year to reach even more communities with important fire-safety information and further strengthen local fire resilience,” said Sumeet Singh, PG&E Senior Vice President and Chief Risk Officer.
How the Grants Help Communities
PG&E’s contribution continues a four-year collaboration with CFF. PG&E has provided $4.6 million in total support for fire safety awareness through the WSPP. The charitable contribution is shareholder-funded, not funded by PG&E customers.
Since 2018, WSPP has funded:
The WSPP has worked hard to overcome language barriers by developing and distributing in-language fire-safety messaging targeting Spanish, Chinese, Hmong, and Vietnamese communities. These efforts include a comprehensive media campaign consisting of outdoor billboards and in-language television, radio, and digital ads.
The CFF, a non-profit 501(c)(3) organization, aids firefighters, their families and the communities they protect. The CFF’s Firefighters on Your Side program, also supported by PG&E, provides multi-lingual, culturally relevant fire safety messaging in both digital and print form, to assist the public in staying safe.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
About California Fire Foundation
The California Fire Foundation, a non-profit 501 (c)(3) organization, provides emotional and financial assistance to families of fallen firefighters, firefighters and the communities they protect. Formed in 1987 by California Professional Firefighters, the California Fire Foundation’s mandate includes an array of survivor and victim assistance projects and community initiatives. cafirefoundation.org
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MILLBRAE, Calif.--(BUSINESS WIRE)--$STEM #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 Saul Laureles as its Chief Legal Officer and Corporate Secretary. In this role, Laureles will lead the Company’s global legal function, including corporate governance, securities and mergers & acquisitions (M&A), as well as environmental, social, and governance compliance.
Laureles brings more than 20 years of legal and strategic business experience including handling complex legal and financial matters and advising executives and board members on corporate governance, securities and M&A, and other general corporate matters. Before joining Stem, Laureles served as Director, Corporate Legal Affairs and Assistant Corporate Secretary at Schlumberger Limited, the world’s leading oilfield services company, which he joined in 2007. At Schlumberger, Laureles oversaw the global corporate legal department, where he was responsible for legal matters involving corporate governance, securities law compliance, M&A, corporate finance, executive compensation, benefits employment matters, and risk issues affecting the parent company and its subsidiaries around the world. Prior to Schlumberger, Laureles was a corporate and finance lawyer at Mayer Brown LLP. Laureles earned his J.D. from the University of Michigan Law School and B.A. from the University of Chicago.
“We are pleased to welcome Saul to Stem’s executive management team,” said John Carrington, Stem’s CEO. “Saul is a proven leader who combines extensive legal, financial, and business expertise with a demonstrated ability to effectively meet legal and compliance objectives. We look forward to his perspective and insights as we continue to guide Stem forward through this critical period.”
“I’m excited to join Stem as its Chief Legal Officer in the Company’s pivotal next chapter as a newly-public company. I look forward to helping the Company navigate the future as it executes its growth plan,” added Laureles.
About Stem, Inc.
Stem, Inc. (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.
Source: Stem, Inc.
Investor Contacts – Stem
Ted Durbin, Stem, Inc.
Marc Silverberg, ICR, Inc.
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Media Contact – Stem
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VALLEY FORGE, Pa.--(BUSINESS WIRE)--#AmeriGas--UGI Corporation (NYSE: UGI) announced the appointment of three executives to leadership roles in its Global LPG line of business, effective June 1.
Mr. Gallagher, who joined UGI in 1990, served as Vice President, Finance & CFO of AmeriGas Propane (2013 to 2018) and most recently as President and CEO of AmeriGas Propane (since 2018). Previously he served as Treasurer of both UGI and AmeriGas, as Director - Treasury Services and Investor Relations of UGI, and Director of Corporate Development at AmeriGas and in various finance and operating roles of increasing responsibility.
Mr. Ladner returns to AmeriGas Propane as President after serving for the past 10 years in various leadership roles at UGI International, including as Chief Operating Officer (since 2018), based in Paris, France. He previously served as head of UGI International’s Central and East Regions, based in Warsaw, Poland, as well as in various sales and marketing positions for UGI’s subsidiary, Flaga GmbH. Prior to UGI International, Ladner held several management roles of increasing responsibility at AmeriGas Propane.
Ms. Broseta joined UGI in 2019 as Vice President of UGI International’s Region West and President of Antargaz, based in Paris, France. She has more than 15 years of operational, technology, strategy, and leadership experience in the transportation sector in Europe, including as International CEO at Transdev, a company that specializes in integrated transportation services, and various leadership roles at RATP, a French transportation company. Prior to joining UGI, she led teams in continental Europe, the UK, and in South Africa.
“I am pleased that UGI has such highly-qualified and effective leaders as Hugh, Paul and Laurence to take on these critical roles and help drive the company’s continued focus on our customers, operational excellence, innovation and growth,” said Roger, Perreault, who will become UGI’s President and CEO on June 26. Mr. Perreault is currently and will continue to serve as UGI’s Executive Vice President, Global LPG (since 2018) and has served as President of UGI International since 2015. “They have proven track records and have positioned UGI for continued success in a complex and competitive landscape.”
About UGI Global LPG
AmeriGas is the largest retail propane marketer in the United States, with more than 1 billion gallons sold annually to 1.5 million customers in all 50 states from approximately 1,800 locations.
UGI International is a leading distributor of liquefied petroleum gas (LPG) in 17 countries in western and central Europe, operating under seven distinct brands, with approximately 2,500 employees. It also operates an energy marketing business for natural gas and electricity in France, Belgium, the Netherlands, and the UK. UGI International’s businesses are among market leaders in their respective countries with more than 1 billion gallons of LPG delivered throughout Europe annually.
About UGI Corporation
UGI Corporation is an international energy distribution and services company that provides superior service in delivering a range of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in twelve states and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
Investor Relations
Tameka Morris, 610-456-6297
Arnab Mukherjee, 610-768-7498
Shelly Oates, 610-992-3202
HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the 2021 Energy Infrastructure Council (“EIC”) Investor Conference. The conference is being held in person and virtually on Tuesday, May 18th, 2021 through Thursday, May 20th, 2021. Genesis will be attending virtually.
The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
GURGAON, India--(BUSINESS WIRE)--$RMGB--ReNew Power (“ReNew” or “the Company”), India’s leading renewable energy company, and RMG Acquisition Corporation II (“RMG”) (NASDAQ: RMGB), a publicly-traded special purpose acquisition company sponsored by Riverside Management Group, today announced the filing of a public proxy statement/prospectus on Form F-4 by ReNew Energy Global plc with the U.S. Securities and Exchange Commission (“SEC”) in connection with their recently announced proposed business combination. While the proxy statement/prospectus has not yet become effective and the information contained therein is subject to change, it provides important information about ReNew’s business and operations, proposed business combination with RMG and the proposals to be considered by the RMG shareholders. The current filing can be accessed here: https://www.sec.gov/Archives/edgar/data/0001848763/000119312521164239/d102215df4.htm
Completion of the business combination, which is expected to close early in the third quarter of 2021, is subject to approval by RMG shareholders and other customary closing conditions, including the proxy statement/prospectus being declared effective by the SEC. The combined company will be led by Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew.
ReNew is expected to receive approximately $610 million in net proceeds, enabling the company to fully fund its planned expansion through 2025. After the business combination is effected, existing ReNew shareholders will hold approximately 70% of the combined company. The transaction includes a fully committed, upsized $855 million PIPE from investors that include BlackRock, BNP Paribas Energy Transition Fund, Mr. Chamath Palihapitiya, Sylebra Capital, TT International Asset Management Ltd, TT Environmental Solutions Fund and Zimmer Partners, as well as $345 million of gross cash held in trust by RMG.
Additional information about the transaction can be viewed here: https://renewpower.in/investor-relations/
About ReNew Power
ReNew Power is India’s leading renewable energy independent power producer by capacity and is the 13th largest global renewable IPP by operational capacity. ReNew develops, builds, owns, and operates utility-scale wind energy projects, utility-scale solar energy projects, utility-scale firm power projects and distributed solar energy projects. As of March 31, 2021, ReNew Power had a total capacity of close to 10 GW of wind and solar energy projects across India, including commissioned and committed projects. ReNew has a strong track record of organic and inorganic growth. ReNew’s current group of stockholders contain several marquee investors including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA.
About RMG Acquisition Corporation II
RMG Acquisition Corporation II (NASDAQ: RMGB) is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses. RMG II raised $345 million in its December 14, 2020 IPO, which was upsized due to strong demand and included the underwriters’ full over-allotment option. RMG II is sponsored and led by the management team of Jim Carpenter, Bob Mancini, and Phil Kassin, who together have over 100 years of combined principal investment, operational, transactional, and CEO and public company board level leadership experience. RMG II intends to capitalize on the ability of its management team to identify, acquire and operate businesses across a broad range of sectors that may provide opportunities for attractive long-term risk-adjusted returns. www.rmgacquisition.com/
Important Information About the Business Combination and Where to Find It
In connection with the proposed business combination, ReNew Global and RMG II filed a preliminary proxy statement/prospectus with the Securities and Exchange Commission (“SEC”) on May 17, 2021 and intend to file a definitive proxy statement/prospectus as well as any amendments required. The preliminary and definitive proxy statements/prospectuses and other relevant documents will be sent or given to the shareholders of RMG II as of the record date established for voting on the proposed business combination and will contain important information about the proposed business combination and related matters. Shareholders of RMG II and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and any amendments thereto and, once available, the definitive proxy statement/prospectus, in connection with RMG II’s solicitation of proxies for the meeting of shareholders to be held to approve, among other things, the proposed business combination because the proxy statement/prospectus will contain important information about RMG II, ReNew and the proposed business combination. When available, the definitive proxy statement/prospectus will be mailed to RMG II’s shareholders as of a record date to be established for voting on the proposed business combination. Shareholders will also be able to obtain copies of the proxy statement/prospectus, without charge, once available, at the SEC’s website at www.sec.gov/ or by directing a request to: RMG Acquisition Corporation II, 50 West Street, Suite 40C, New York, NY 10006, Attention: Secretary, telephone: (212) 785-2579. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
RMG II, ReNew Global, ReNew and their respective directors and executive officers may be deemed participants in the solicitation of proxies from RMG II’s shareholders in connection with the business combination. RMG II’s shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of RMG II in RMG II’s amendment no. 2 to its Annual Report on Form 10-K/A filed with the SEC on May 11, 2021 in connection with RMG II’s initial public offering. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to RMG II’s shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the proxy statement/prospectus that ReNew Global and RMG II filed with the SEC, and any amendments thereto.
Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding RMG II’s proposed business combination with ReNew, RMG II’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of RMG II and ReNew and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of RMG II or ReNew. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the business combination, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the business combination or that the approval of the shareholders of RMG II or ReNew is not obtained; failure to realize the anticipated benefits of business combination; risk relating to the uncertainty of the projected financial information with respect to ReNew; the amount of redemption requests made by RMG II’s shareholders; the overall level of consumer demand for ReNew’s products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of ReNew’s customers; ReNew’s ability to implement its business strategy; changes in governmental regulation, ReNew’s exposure to litigation claims and other loss contingencies; disruptions and other impacts to ReNew’s business, as a result of the COVID-19 pandemic and government actions and restrictive measures implemented in response; stability of ReNew’s suppliers, as well as consumer demand for its products, in light of disease epidemics and health-related concerns such as the COVID-19 pandemic; the impact that global climate change trends may have on ReNew and its suppliers and customers; ReNew’s ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, RMG II’s information systems; fluctuations in the price, availability and quality of electricity and other raw materials and contracted products as well as foreign currency fluctuations; changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect RMG II’s or ReNew’s financial results is included from time to time in RMG II’s public reports filed with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K as well as the preliminary and the definitive proxy statements/prospectuses that RMG II files with the SEC in connection with RMG II’s solicitation of proxies for the meeting of shareholders to be held to approve, among other things, the proposed business combination. If any of these risks materialize or RMG II’s or ReNew’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither RMG II nor ReNew presently know, or that RMG II and ReNew currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect RMG II’s and ReNew’s expectations, plans or forecasts of future events and views as of the date of this press release. RMG II and ReNew anticipate that subsequent events and developments will cause their assessments to change. However, while RMG II and ReNew may elect to update these forward-looking statements at some point in the future, RMG II and ReNew specifically disclaim any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing RMG II’s or ReNew’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transactions or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
This press release should not be considered as an advertisement, invitation, offer, sale or solicitation of an offer to subscribe for or purchase any securities, whether by way of private placement or to the public in India nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or any investment decision in relation thereto in India.
Securities will not be offered or sold, and have not been offered or sold, in India by means of any offering document or other document or material relating to the securities, directly or indirectly, to any person or to the public in India. This communication or any offering memorandum or prospectus (or equivalent disclosure document) produced in connection with the offering of securities is not an offer document or an offering circular or a "private placement offer cum application letter" or a "prospectus" under the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended or any other applicable law in India. This announcement has not been and will not be registered as a "prospectus" or a statement in lieu of prospectus in respect of a public offer, information memorandum or “private placement offer cum application letter” or any other offering material with any Registrar of Companies in India or the Securities and Exchange Board of India or any other statutory or regulatory body of like nature in India, save and except for any information relating to the securities which is mandatorily required to be disclosed or filed in India under any applicable laws, and no such document will be circulated or distributed to any person in India.
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ICR Inc.
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Companies introduce full-field fiber and seismic imaging to improve downhole insight
HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) and TGS-NOPEC Geophysical ASA (OSLO:TGS) today announced a collaboration to bring advanced seismic imaging to fiber optic sensing. The alliance will provide operators with advanced insight to determine their reservoir potential for oil and gas production or carbon storage. The Halliburton FiberVSP™ and Odassea™ distributed acoustic sensing solutions will now incorporate TGS’s seismic imaging workflows that process the entire seismic wavefield to generate high-resolution reservoir images.
“We are excited to transform vertical seismic profiling to a full-field, digital, and intervention-less surveillance solution,” said Trey Clark, vice president of Wireline and Perforating. “Through our collaboration with TGS, we can now enable real-time monitoring of production across an entire field, allowing our customers to make better decisions and increase ultimate recovery.”
“This solution enables enhanced reservoir understanding for our customers with a lower total cost of ownership relative to conventional 4D seismic,” said Jan Schoolmeesters, executive vice president of TGS Operations and New Energy Solutions. “We’ve leveraged the competencies and know-how of both organizations to drive the change our industry needs for proactive reservoir management. For TGS, this collaboration meets our strategic initiatives to increase our focus on technology and mature basins, capture more repeatable business, and offer customers cost efficient new energy solutions like carbon storage monitoring.”
Work is underway to deliver this combined solution for multiple onshore and offshore reservoir monitoring projects.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
About TGS
TGS provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as advanced processing and analytics alongside cloud-based data applications and solutions.
For more information, visit TGS online at www.tgs.com.
For Halliburton
Investors:
Abu Zeya
Halliburton, Investor Relations
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281-871-2633
Media:
William Fitzgerald
Halliburton, External Affairs
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713-876-0105
For TGS
Investors:
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SVP Strategy
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Media:
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Director, Corporate Marketing
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ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) will participate in the AGA Financial Forum beginning on Wednesday, May 19, 2021. Investors and other interested parties will be able to access a copy of the marketing materials in the Investors section of the Company’s website. Click here for direct access.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $38 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Analysts: Patricia Cosgel, 203.499.2624
NEW YORK--(BUSINESS WIRE)--Piedmont Lithium Inc. (NASDAQ:PLL, ASX:PLL) (Piedmont or Company) is pleased to advise that the scheme of arrangement (Scheme) to give effect to the re-domiciliation of Piedmont Lithium Limited (Piedmont Australia) from Australia to the United States of America has been implemented.
All Piedmont Australia shares have been transferred to Piedmont. The Scheme consideration, comprising Piedmont CDIs and Piedmont shares, has been issued to Piedmont Australia shareholders and Piedmont Australia ADS holders respectively, other than ineligible foreign shareholders and small parcel holders who did not make an election (Non-Electing Small Parcel Holders).
Ineligible foreign shareholders and Non-Electing Small Parcel Holders will have the Scheme consideration that they would have otherwise been entitled to receive issued to a sale agent who will then sell those Piedmont CDIs and remit the proceeds to those shareholders.
Further information
If you require further information or have questions, please contact the please contact the Piedmont Scheme Information Line on 1300 218 182 (within Australia) or +61 3 9415 4233 (outside Australia) Monday to Friday between 8:30am and 5:00pm (AEDT).
This announcement has been authorized for release by the Company’s Chief Executive Officer.
Keith Phillips
President & CEO
T: +1 973 809 0505
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Brian Risinger
VP - Investor Relations and Corporate Communications
T: +1 704 910 9688
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Kao Has Set New Targets for 1.5°C Science Based Target Initiative Certification, and Is Aiming to Join RE100
TOKYO--(BUSINESS WIRE)--#CO2--Kao Corporation (TOKYO:4452) has set new targets for realizing a decarbonized society and is aiming to reduce its carbon dioxide (CO2) emissions to zero by 2040, and become a carbon negative company by 2050. Consequently, Kao is now seeking to upgrade the 2.0°C target certification it was awarded by the Science Based Targets initiative (SBTi)*1 in 2019 to 1.5°C. It has also signed up to the “Business Ambition for 1.5°C” initiative, which was launched by the UN Global Compact, the SBTi, and We Mean Business. This is a corporate pledge for businesses to set science-based targets aligned with limiting global temperature rise to 1.5°C instead of 2.0°C. In addition, Kao is aiming to join RE100, an international program which brings together hundreds of large businesses committed to 100% renewable electricity.
*1 The SBTi is an international joint initiative by the CDP, the UN Global Compact, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). The SBTi provides science-based verification and certification as to whether the greenhouse gas reduction targets set by business enterprises are consistent with the decarbonization levels mandated by the Paris Agreement.
The Kao Group has been working with a variety of stakeholders to reduce the environmental impact throughout their products lifecycles. In April 2019, Kao defined a sustainable lifestyle in an age of increasing consumer needs as the Kirei Lifestyle, and developed the Kirei Lifestyle Plan (KLP), a new ESG Strategy. The Japanese word 'kirei' describes something that is both clean and beautiful. For Kao, Kirei not only encapsulates appearance, but also attitude—to create beauty for oneself, other people, and for the world around us. Mid- to long-term targets have been announced for each of the 19 “Kao Actions” as specified by the KLP, which includes decarbonization.
Recently, Kao’s responsibilities have grown as well as the role it is expected to play in relation to tackling climate change caused by global warming. In order to be able to deliver a Kirei Lifestyle not only to today’s consumers but also to the consumers of the future, Kao has set new decarbonization objectives aimed at the realization of a decarbonized society. By implementing Innovation in Reduction and Innovation in Recycling with regards to CO2, Kao is aiming to achieve carbon zero by 2040, and carbon negative 2050 in its business activities. Kao is also proceeding with the development of products, services, and technologies that will contribute towards reducing CO2 emissions in society as a whole.
The Kao Group’s new decarbonization objectives
Aiming to be carbon zero by 2040, and carbon negative by 2050.
CO2 related Innovation in Reduction /Targets to achieve zero CO2 emissions by 2040
By 2030, Kao will have reduced Scope 1+2*2 CO2 emissions (absolute value) by 55% (taking 2017 as the base year) *3
*2 The volume of greenhouse gases emitted directly by business enterprises and other organizations.
*3 1.5°C target certification from the SBTi has been applied for.
By 2030, 100% of the electricity used will be sourced from renewable energy*4
Kao is aiming to join the RE100 initiative, and will continue to use renewable energy in its business practices with the adoption of photovoltaic electricity generation equipment and the purchase of electricity generated from renewable energy.
*4 Kao has applied for RE100
By 2030, Kao will have reduced CO2 emissions (absolute value) throughout the product lifecycle*5 by 22% (taking 2017 as the base year)*6
*5 The volume of CO2 emissions deriving from raw materials procurement, manufacturing, transportation, product usage, and disposal of used products.
*6 1.5°C target certification from the SBTi has been applied for.
By 2030, CO2 emissions in society as a whole will have been reduced by 10 million tons through the use of Kao products and services
In its Consumer Products business and Chemical business, Kao will promote the development of products, services, and technologies that contribute towards the sustainability of society.
CO2 related Innovation in Recycling/ Targets to achieve negative CO2 emissions by 2050
Kao will develop technology that enables CO2 to be used as a raw material.
About Kao
Kao creates high-value-added products that enrich the lives of consumers around the world. Through its portfolio of over 20 leading brands such as Attack, Bioré, Goldwell, Jergens, John Frieda, Kanebo, Laurier, Merries, and Molton Brown, Kao is part of the everyday lives of people in Asia, Oceania, North America, and Europe. Combined with its chemical division, which contributes to a wide range of industries, Kao generates about 1,400 billion yen in annual sales. Kao employs about 33,000 people worldwide and has 130 years of history in innovation. Please visit the Kao Group website for updated information.
https://www.kao.com/global/en/
Related Information
Kao Sustainability website
https://www.kao.com/global/en/sustainability/
Kao launches new ESG Strategy “Kirei Lifestyle Plan” to support consumer lifestyle changes
https://www.kao.com/global/en/news/sustainability/2019/20190422-001/
Kao’s New Challenges for the Future: Accelerating Purposeful Business Commitment with ESG
https://www.kao.com/global/en/news/business-finance/2019/20190926-001/
Media inquiries should be directed to:
Hiwako Yoshino
Corporate Strategy
Kao Corporation
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SEATTLE--(BUSINESS WIRE)--APsystems has joined the approved vendor list (AVL) for Loanpal, the nation’s leading technology platform for residential solar financing.
The partnership brings APsystems’ advanced microinverter technology to Loanpal’s fast, frictionless financing experience, delivering further value to residential solar customers throughout the U.S.
“The tremendous value and convenience Loanpal delivers to homeowners makes them the perfect partner,” said Ryan Davies, U.S. Head of Sales & Operations for APsystems. “We’re proud to bring our solar technology to the Loanpal platform to help empower more homeowners to build their renewable energy future.”
APsystems is currently an approved vendor with several solar financing firms including Mosaic, Sungage Financial, Dividend and Ygrene. The addition of Loanpal to this list of solar financing platforms further expands U.S. homeowners’ access to APsystems’ groundbreaking technology.
About APsystems
APsystems is the #1 global multi-platform MLPE solution provider, offering both AC and DC MLPE power conversion products as well as energy storage and rapid shutdown devices for the global solar PV industry. APsystems microinverters are intelligent, innovative, and the best-selling multi-module microinverters in the world.
Founded in Silicon Valley in 2010, APsystems encompasses 4 global business units serving customers in more than 120 countries. With millions of units sold producing more than 1 TWh of clean, renewable energy, APsystems continues to be a leader in the ever-growing solar MLPE segment.
Information on APsystems can be found at https://APsystems.com.
Press contact: Jason Higginson – This email address is being protected from spambots. You need JavaScript enabled to view it.
World’s first comprehensive energy roadmap shows government actions to rapidly boost clean energy and reduce fossil fuel use can create millions of jobs, lift economic growth and keep net zero in reach
PARIS--(BUSINESS WIRE)--#NetZero2050Roadmap--The world has a viable pathway to building a global energy sector with net-zero emissions in 2050, but it is narrow and requires an unprecedented transformation of how energy is produced, transported and used globally, the International Energy Agency said in a landmark special report released today.
Climate pledges by governments to date – even if fully achieved – would fall well short of what is required to bring global energy-related carbon dioxide (CO2) emissions to net zero by 2050 and give the world an even chance of limiting the global temperature rise to 1.5 °C, according to the new report, Net Zero by 2050: a Roadmap for the Global Energy Sector.
The report is the world’s first comprehensive study of how to transition to a net zero energy system by 2050 while ensuring stable and affordable energy supplies, providing universal energy access, and enabling robust economic growth. It sets out a cost-effective and economically productive pathway, resulting in a clean, dynamic and resilient energy economy dominated by renewables like solar and wind instead of fossil fuels. The report also examines key uncertainties, such as the roles of bioenergy, carbon capture and behavioural changes in reaching net zero.
“Our Roadmap shows the priority actions that are needed today to ensure the opportunity of net-zero emissions by 2050 – narrow but still achievable – is not lost. The scale and speed of the efforts demanded by this critical and formidable goal – our best chance of tackling climate change and limiting global warming to 1.5 °C – make this perhaps the greatest challenge humankind has ever faced,” said Fatih Birol, the IEA Executive Director. “The IEA’s pathway to this brighter future brings a historic surge in clean energy investment that creates millions of new jobs and lifts global economic growth. Moving the world onto that pathway requires strong and credible policy actions from governments, underpinned by much greater international cooperation.”
Building on the IEA’s unrivalled energy modelling tools and expertise, the Roadmap sets out more than 400 milestones to guide the global journey to net zero by 2050. These include, from today, no investment in new fossil fuel supply projects, and no further final investment decisions for new unabated coal plants. By 2035, there are no sales of new internal combustion engine passenger cars, and by 2040, the global electricity sector has already reached net-zero emissions.
In the near term, the report describes a net zero pathway that requires the immediate and massive deployment of all available clean and efficient energy technologies, combined with a major global push to accelerate innovation. The pathway calls for annual additions of solar PV to reach 630 gigawatts by 2030, and those of wind power to reach 390 gigawatts. Together, this is four times the record level set in 2020. For solar PV, it is equivalent to installing the world’s current largest solar park roughly every day. A major worldwide push to increase energy efficiency is also an essential part of these efforts, resulting in the global rate of energy efficiency improvements averaging 4% a year through 2030 – about three times the average over the last two decades.
Most of the global reductions in CO2 emissions between now and 2030 in the net zero pathway come from technologies readily available today. But in 2050, almost half the reductions come from technologies that are currently only at the demonstration or prototype phase. This demands that governments quickly increase and reprioritise their spending on research and development – as well as on demonstrating and deploying clean energy technologies – putting them at the core of energy and climate policy. Progress in the areas of advanced batteries, electrolysers for hydrogen, and direct air capture and storage can be particularly impactful.
A transition of such scale and speed cannot be achieved without sustained support and participation from citizens, whose lives will be affected in multiple ways.
“The clean energy transition is for and about people,” said Dr Birol. “Our Roadmap shows that the enormous challenge of rapidly transitioning to a net zero energy system is also a huge opportunity for our economies. The transition must be fair and inclusive, leaving nobody behind. We have to ensure that developing economies receive the financing and technological know-how they need to build out their energy systems to meet the needs of their expanding populations and economies in a sustainable way.”
Providing electricity to around 785 million people who have no access to it and clean cooking solutions to 2.6 billion people who lack them is an integral part of the Roadmap’s net zero pathway. This costs around $40 billion a year, equal to around 1% of average annual energy sector investment. It also brings major health benefits through reductions in indoor air pollution, cutting the number of premature deaths by 2.5 million a year.
Total annual energy investment surges to USD 5 trillion by 2030 in the net zero pathway, adding an extra 0.4 percentage points a year to global GDP growth, based on a joint analysis with the International Monetary Fund. The jump in private and government spending creates millions of jobs in clean energy, including energy efficiency, as well as in the engineering, manufacturing and construction industries. All of this puts global GDP 4% higher in 2030 than it would reach based on current trends.
By 2050, the energy world looks completely different. Global energy demand is around 8% smaller than today, but it serves an economy more than twice as big and a population with 2 billion more people. Almost 90% of electricity generation comes from renewable sources, with wind and solar PV together accounting for almost 70%. Most of the remainder comes from nuclear power. Solar is the world’s single largest source of total energy supply. Fossil fuels fall from almost four-fifths of total energy supply today to slightly over one-fifth. Fossil fuels that remain are used in goods where the carbon is embodied in the product such as plastics, in facilities fitted with carbon capture, and in sectors where low-emissions technology options are scarce.
“The pathway laid out in our Roadmap is global in scope, but each country will need to design its own strategy, taking into account its own specific circumstances,” said Dr Birol. “Plans need to reflect countries’ differing stages of economic development: in our pathway, advanced economies reach net zero before developing economies. The IEA stands ready to support governments in preparing their own national and regional roadmaps, to provide guidance and assistance in implementing them, and to promote international cooperation on accelerating the energy transition worldwide.”
The special report is designed to inform the high-level negotiations that will take place at the 26th Conference of the Parties (COP26) of the United Nations Climate Change Framework Convention in Glasgow in November. It was requested as input to the negotiations by the UK government’s COP26 Presidency.
“I welcome this report, which sets out a clear roadmap to net-zero emissions and shares many of the priorities we have set as the incoming COP Presidency – that we must act now to scale up clean technologies in all sectors and phase out both coal power and polluting vehicles in the coming decade,” said COP26 President-Designate Alok Sharma. “I am encouraged that it underlines the great value of international collaboration, without which the transition to global net zero could be delayed by decades. Our first goal for the UK as COP26 Presidency is to put the world on a path to driving down emissions, until they reach net zero by the middle of this century.”
New energy security challenges will emerge on the way to net zero by 2050 while longstanding ones will remain, even as the role of oil and gas diminishes. The contraction of oil and natural gas production will have far-reaching implications for all the countries and companies that produce these fuels. No new oil and natural gas fields are needed in the net zero pathway, and supplies become increasingly concentrated in a small number of low-cost producers. OPEC’s share of a much-reduced global oil supply grows from around 37% in recent years to 52% in 2050, a level higher than at any point in the history of oil markets.
Growing energy security challenges that result from the increasing importance of electricity include the variability of supply from some renewables and cybersecurity risks. In addition, the rising dependence on critical minerals required for key clean energy technologies and infrastructure brings risks of price volatility and supply disruptions that could hinder the transition.
“Since the IEA’s founding in 1974, one of its core missions has been to promote secure and affordable energy supplies to foster economic growth. This has remained a key concern of our Net Zero Roadmap,” Dr Birol said. “Governments need to create markets for investments in batteries, digital solutions and electricity grids that reward flexibility and enable adequate and reliable supplies of electricity. The rapidly growing role of critical minerals calls for new international mechanisms to ensure both the timely availability of supplies and sustainable production.”
The full report is available for free on the IEA’s website along with an online interactive that highlights some of the key milestones in the pathway that must be achieved in the next three decades to reach net-zero emissions by 2050.
Media contacts International Energy Agency
Merve Erdil
Media Relations Officer
Tel.: +33 784 53 1149
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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt”) (TSX:S) today announced the appointment of Leon Binedell, a 25-year mining industry veteran with a history of building shareholder value, as President and CEO effective June 1, 2021.
“In searching for our new Chief Executive, the Board was mindful of the need to recruit a candidate with the strategic capability to drive Sherritt’s future agenda whilst at the same time possessing a thorough understanding of mining,” said Sir Richard Lapthorne, Chair of Sherritt’s Board of Directors. “I am delighted with Leon’s appointment. He is a dedicated leader whose deep sector expertise and proven ability to deliver results in complex stakeholder and multi-jurisdictional landscapes will be great advantages for Sherritt for many years to come. His proactivity, high ethics, strategic mindset and dependability make him a true asset, and we are confident in Sherritt’s ability to create significant value under his leadership.”
Originally from South Africa, Mr. Binedell is a mining executive with 25 years of industry experience in leading global mining companies and adjacent joint ventures. Most recently, he worked as Chief Financial Officer of Guyana Goldfields Inc. (“Guyana Goldfields”), a Canadian-based gold producer focused on gold deposits in Guyana. During his tenure with Guyana Goldfields, Mr. Binedell was instrumental in maximizing shareholder value and ensured stability through the effective recruitment of team members, the renegotiation of all major operating and supply contracts and the development of finance and governance practices that guided Guyana Goldfields through its successful sale.
Mr. Binedell has served in a variety of senior leadership roles at leading mining companies, including nickel and other base metals businesses. Prior to joining Guyana Goldfields, he served as Finance Operating Executive with Resource Capital Funds, a leading private equity fund focused on the mining sector and the commercialization of mining innovation. In his role, he advised a portfolio of 25 companies representing $2 billion in assets under management that spanned seven commodities and mining related innovations across eight countries on improving their overall strategies, financial performance and finance practices. Additional sector experience includes his time as National Leader of Finance Consulting in Mining & Energy at PricewaterhouseCoopers LLP, General Manager of Business Services at Xstrata Nickel (now Glencore) and Chief Financial Officer at Koniambo Nickel SAS.
“I am excited to be joining Sherritt at this important juncture in its ongoing transformation as the Company continues to capitalize on growing demand for high-purity nickel and cobalt, while also expanding its Technologies business,” said Leon Binedell, incoming President and CEO of Sherritt. “Sherritt’s exposure to the electric vehicle revolution and unique ability to deliver crucial hydrometallurgy technology illustrates that the business has a compelling future. I look forward to building on the nearly 100 years of Sherritt’s history in innovation and to delivering long-term value for our shareholders while continuing our focus on safe, environmentally conscious operations for the benefit of our employees and various stakeholders.”
Mr. Binedell will succeed current President and CEO David Pathe, who in November 2020 announced his intention to step down from the role in 2021. As previously communicated, Mr. Pathe will remain with Sherritt for a period of time to ensure an orderly transition. He will leave Sherritt after almost 10 successful years as Chief Executive improving every aspect of its business. He guided the Company through its contractual obligations from the legacy Ambatovy Project to completion, rebuilt the balance sheet by eliminating $3.5 billion in debt, and improved performance from operations, all amid challenging market conditions and an increasingly hostile US policy towards Cuba. Mr. Pathe additionally showed clear commitment to environmental stewardship and fostered the diverse and inclusive culture that Sherritt has today.
“David’s performance as Chief Executive was critical to Sherritt during a difficult and extremely volatile period for the nickel market, which provided no space for financial comfort," said Sir Richard. “His tireless work over many years addressing financial recovery from the consequences of the Ambatovy investment produced the remarkable balance sheet restructuring completed last year. This, in turn, enabled Sherritt to stop needing to spend all its time looking backwards. Instead, Sherritt is now able to look to the future with confidence and optimism, and has started to create options for setting the Company onto a positive trajectory. That is David’s legacy. The Board and I thank him and wish him great success in his future endeavours.”
Notice of Annual Meeting
Sherritt’s 2021 Annual Meeting of Shareholders will be held on May 20th, 2021. As a result of the continuing impact of COVID-19 and to ensure the health and welfare of our shareholders, employees and other stakeholders, the meeting will be held virtually.
Attending the Meeting online enables registered shareholders or their duly appointed proxyholders and non-registered shareholders who have duly appointed themselves as proxyholder, or their duly appointed proxyholders, to participate at, submit questions in writing and vote at the Meeting, all in real time.
Sherritt recommends shareholders and guests to log in at least 15 minutes before the Meeting starts.
About Sherritt
Sherritt is a world leader in the mining and refining of nickel and cobalt -- metals essential for the growing adoption of electric vehicles. Its Technologies Group creates innovative, proprietary solutions for oil and mining companies around the world to improve environmental performance and increase economic value. Sherritt is also the largest independent energy producer in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.
Forward-Looking Statements
This press release contains certain forward-looking statements. Forward-looking statements can generally be identified by the use of statements that include such words as “believe”, “expect”, “anticipate”, “intend”, “plan”, “forecast”, “likely”, “may”, “will”, “could”, “should”, “suspect”, “outlook”, “potential”, “projected”, “continue” or other similar words or phrases. Specifically, forward-looking statements in this document include, but are not limited to, statements set out in the “Outlook” section of this press release and certain expectations regarding production volumes, operating costs and capital spending; supply, demand and pricing outlook in the nickel and cobalt markets; the impact of COVID-19; continued qualification for the Canada Emergency Wage Subsidy (CEWS); the potential impact of Cuba’s currency unification; anticipated payments of outstanding receivables, including re-directed distributions from the Corporation’s Moa Joint Venture partner; the impact of U.S. sanctions on Cuban; and amounts of certain other commitments.
Forward looking statements are not based on historical facts, but rather on current expectations, assumptions and projections about future events, including commodity and product prices and demand; the level of liquidity and access to funding; share price volatility; production results; realized prices for production; earnings and revenues; environmental rehabilitation provisions; availability of regulatory and creditor approvals and waivers; compliance with applicable environmental laws and regulations; debt repayments redemptions and deferrals; collection of accounts receivable; and certain corporate objectives, goals and plans. By their nature, forward looking statements require the Corporation to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that those assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections.
The Corporation cautions readers of this press release not to place undue reliance on any forward looking statement as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward looking statements. These risks, uncertainties and other factors include, but are not limited to, the impact of the COVID-19 pandemic, changes in the global price for nickel, cobalt, oil and gas, fertilizers or certain other commodities; security market fluctuations and price volatility; level of liquidity; access to capital; access to financing; the risk to Sherritt’s entitlements to future distributions from the Moa Joint Venture; risk of future non-compliance with debt restrictions and covenants and mandatory repayments; Sherritt’s ability to replace depleted mineral reserves; risks associated with the Corporation’s joint venture partner; variability in production at Sherritt’s operations in Cuba; risks related to Sherritt’s operations in Cuba; risks related to the U.S. government policy toward Cuba, including the U.S. embargo on Cuba and the Helms-Burton legislation; potential interruptions in transportation; uncertainty of gas supply for electrical generation; the Corporation’s reliance on key personnel and skilled workers; the possibility of equipment and other failures; risks associated with mining, processing and refining activities; uncertainty of resources and reserve estimates; the potential for shortages of equipment and supplies, including diesel; supplies quality issues; risks related to environmental liabilities including liability for reclamation costs, tailings facility failures and toxic gas releases; risks related to the Corporation’s corporate structure; political, economic and other risks of foreign operations; risks associated with Sherritt’s operation of large projects generally; risks related to the accuracy of capital and operating cost estimates; foreign exchange and pricing risks; compliance with applicable environment, health and safety legislation and other associated matters; risks associated with governmental regulations regarding climate change and greenhouse gas emissions; risks relating to community relations and maintaining the Corporation’s social license to grow and operate; credit risks; competition in product markets; future market access; interest rate changes; risks in obtaining insurance; uncertainties in labour relations; uncertainty in the ability of the Corporation to enforce legal rights in foreign jurisdictions; uncertainty regarding the interpretation and/or application of the applicable laws in foreign jurisdictions; legal contingencies; risks related to the Corporation’s accounting policies; identification and management of growth opportunities; uncertainty in the ability of the Corporation to obtain government permits; risks to information technologies systems and cybersecurity; failure to comply with, or changes to, applicable government regulations; bribery and corruption risks, including failure to comply with the Corruption of Foreign Public Officials Act or applicable local anti-corruption law; the ability to accomplish corporate objectives, goals and plans for 2021; and the Corporation’s ability to meet other factors listed from time to time in the Corporation’s continuous disclosure documents. Additional risks, uncertainties and other factors include, but are not limited to, the ability of the Corporation to achieve its financial goals; the ability of the Corporation to continue to realize its assets and discharge its liabilities and commitments; the Corporation’s future liquidity position, and access to capital, to fund ongoing operations and obligations (including debt obligations); the ability of the Corporation to stabilize its business and financial condition; the ability of the Corporation to implement and successfully achieve its business priorities; and the ability of the Corporation to comply with its contractual obligations, including, without limitation, its obligations under debt arrangements. Readers are cautioned that the foregoing list of factors is not exhaustive and should be considered in conjunction with the risk factors described in this press release and in the Corporation’s other documents filed with the Canadian securities authorities, including without limitation the Management’s Discussion and Analysis for the three months and year ended March 31, 2021 and the Annual Information Form of the Corporation dated March 19, 2021 for the period ending December 31, 2020, which is available on SEDAR at www.sedar.com.
The Corporation may, from time to time, make oral forward-looking statements. The Corporation advises that the above paragraph and the risk factors described in this press release and in the Corporation’s other documents filed with the Canadian securities authorities should be read for a description of certain factors that could cause the actual results of the Corporation to differ materially from those in the oral forward-looking statements. The forward-looking information and statements contained in this press release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any oral or written forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
Joe Racanelli, Director of Investor Relations
Telephone: 416-935-2457
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.sherritt.com
This dedicated capability supports the development of the Australian Commonwealth’s Industry Capability and Sovereign Shipbuilding Programs
PARIS-LA DÉFENSE, France--(BUSINESS WIRE)--Bureau Veritas, a world leader in testing, inspection, and certification (TIC), has celebrated the opening of a new laboratory and testing facility in Regency Park close to Port Adelaide, the hub for Australian naval shipbuilding in South Australia. The facility was officially opened by the Premier for South Australia, the Hon. Steven Marshall MP in a ceremony on 11th May 2021.
The newly opened laboratory is offering ISO 17025 NATA (National Association of Testing Authorities) accredited Mechanical Testing on state-of-the-art methods. It demonstrates the commitment of Bureau Veritas to support defence and naval shipbuilding within South Australia. It complements the Group’s existing operations within the state, where 300 staff have been supporting key industry sectors including General Fabrication, Mining and Oil & Gas for more than 50 years.
Alongside the new Regency Park laboratory, a naval liaison office established in Adelaide’s Defence and Space Innovation Precinct - Lot Fourteen enables Bureau Veritas to drive growth in this strategic and emerging sector of the South Australian economy and provide dedicated support for the Royal Australian Navy (RAN).
Premier for South Australia Steven Marshall declared: “Bureau Veritas’ commitment to support defence and naval shipbuilding within South Australia is sustaining and creating jobs in this key industry for our state. It was a great privilege to open Bureau Veritas’ brand new laboratory and testing facility and I look forward to seeing the great work this company will be doing as the Federal Government’s naval shipbuilding program ramps up in the coming months and years.”
Rhys LEWIS, Director – Strategic Development – Bureau Veritas Pacific: “This latest investment into South Australia continues our long history of providing independent Testing Inspection & Certification services to strategic and economically significant industries within the state. Whilst this new facility is supporting Sovereign Shipbuilding capability, we have previously supported similar growth and capabilities with developments in Mining and commodities testing businesses within South Australia.”
Pierre de Chateau Thierry, Director, Marine & Offshore, Bureau Veritas Australasia: “Our marine and naval know how, combined with the Group’s global testing and certification expertise, enable to provide a unique mix of maritime and industrial capability. Supporting Australia’s naval ambitions requires that combination of marine technology capabilities with the broader TIC breadth and depth that we offer.”
Bureau Veritas is already supporting the strengths and capabilities of the Royal Australian Navy to prescribe the naval ‘material’ policies and a new standardized naval material rule set for Australia to provide the necessary ecosystem for the design, build and commissioning of naval ships now - and into the future.
About Bureau Veritas
Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has 75,000 employees located in more than 1,600 offices and laboratories around the globe. Bureau Veritas helps its clients improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.
Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.
Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, visit www.bureauveritas.com, and follow us on Twitter (@bureauveritas) and LinkedIn.
ANALYST/INVESTOR CONTACTS
Laurent Brunelle
+33 (0)1 55 24 76 09
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Florent Chaix
+33 (0)1 55 24 77 80
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MEDIA CONTACTS
Véronique Gielec
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Nicholas Brown
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Compact, entry-level marine stereo features modern aesthetics, music streaming over Bluetooth and more
OLATHE, Kan.--(BUSINESS WIRE)--Garmin® International, Inc., a unit of Garmin Ltd. (NASDAQ: GRMN), the world’s largest1 and most innovative marine electronics manufacturer, today announced the MS-RA60 marine stereo from Fusion® Entertainment, a Garmin brand, delivering boaters a high-quality onboard entertainment experience at an affordable price with a new modern look. Featuring an anti-fogging display and compact design, the MS-RA60 is Fusion’s latest entry-level marine stereo solution for boat owners wanting a full-featured stereo that fits their boat’s style and size.
“We are thrilled to introduce this fresh take on the existing Fusion MS-RA55 and RA50 marine stereos,” said Dan Bartel, Garmin vice president of global consumer sales. “With the new MS-RA60 onboard, boaters can enjoy the look and feel of a premium marine stereo without breaking the bank. The conveniently small form factor and ability to reproduce powerful, high-quality audio makes the MS-RA60 the perfect fit for boats with limited space at the helm, from pontoons to small fishing boats.”
Boasting Fusion’s latest audio technology, the MS-RA60 is designed to amplify every minute spent on the water. Modern features include:
With its stylish new look, the MS-RA60 enhances the dash of any boat while continuing to deliver the best of Fusion technology for an unparalleled onboard entertainment experience. Boaters can conduct over-the-air software updates from compatible smart devices – via Bluetooth connection – with the Fusion-Link app, and wirelessly control music with the Fusion-Link app, handheld ARX70 remote or compatible Garmin quatix 6 series smartwatch. Thanks to a built-in DAB tuner, a first for Fusion stereos, boaters can tap into more frequencies than AM or FM radio alone, meaning no more tedious tuning to access a desired radio station.
Built to last season-after-season, the MS-RA60 is engineered and designed with marine elements in mind. For protection against salt, fog, UV, dust and more, a quality edge-bonded display with IPX6 and IPX7 weather resistance ensures that the MS-RA60 will consistently perform well in harsh marine environments.
The MS-RA60 marine stereo will be available in Q2 with a suggested retail price of $199.99, backed by Fusion’s one-year consumer warranty. For boats that currently have a Fusion MS-RA55 stereo installed onboard, the MS-RA60 fits easily in the same cut-out for an effortless and simple upgrade. For more information about the MS-RA60 and its seamless integration with Garmin marine electronics, visit www.garmin.com/fusionaudioentertainment.
Engineered on the inside for life on the outside, Garmin products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most sophisticated marine electronics the industry has ever known, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the sixth consecutive year, Garmin was recently named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). Other Garmin marine brands include Navionics®. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, twitter.com/garminnews, instagram.com/garmin or youtube.com/garmin.
1 Based on 2019 reported sales.
About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, Fusion and Navionics are registered trademarks and Multi-Zone, Fusion-Link and True-Marine are trademarks of Garmin Ltd. or its subsidiaries.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 26, 2020, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Riley Swickard
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DUBLIN--(BUSINESS WIRE)--The "Liquid Biofuels - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Liquid Biofuels Market to Reach $96.7 Billion by 2027
Amid the COVID-19 crisis, the global market for Liquid Biofuels estimated at US$67.6 Billion in the year 2020, is projected to reach a revised size of US$96.7 Billion by 2027, growing at a CAGR of 5.2% over the analysis period 2020-2027.
Bioethanol, one of the segments analyzed in the report, is projected to record a 5.6% CAGR and reach US$59.8 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Biodiesel segment is readjusted to a revised 5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $18.3 Billion, While China is Forecast to Grow at 8.1% CAGR
The Liquid Biofuels market in the U.S. is estimated at US$18.3 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$20.1 Billion by the year 2027 trailing a CAGR of 8.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.9% and 4.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR.
Other Products Segment to Record 4.1% CAGR
In the global Other Products segment, the USA, Canada, Japan, China and Europe will drive the 3.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$6 Billion in the year 2020 will reach a projected size of US$7.8 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$12.9 Billion by the year 2027, while Latin America will expand at a 5.1% CAGR through the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 45 Featured):
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/wdqz18
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Laura Wood, Senior Press Manager
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EVANSVILLE, Ind.--(BUSINESS WIRE)--Today, Berry Global Group, Inc. (NYSE: BERY) announced investment in renewable energy through the use of a long-term virtual power purchase agreement (VPPA) aligned to provide the equivalent electricity requirements of the Company’s Spanish operations. In its Impact 2025 sustainability strategy, Berry commits to minimizing its absolute Scope 1 and Scope 2 emissions by 25 percent by 2025 vs. a 2019 baseline. This target was validated as being in line with the Paris Agreement and limiting warming to 1.5°C by the Science Based Targets initiative earlier this year. Agreements in renewable energy are a prioritized strategy to support its operational goals while additionally investing in reducing overall energy demand. The VPPA investment will support the construction of a solar park in Guadalajara, which will greatly reduce the Company’s carbon footprint in Spain with a reduction of approximately 20,000 tons per year.
Sites benefitting from the agreement include Tarragona, Madrid, Pamplona, La Caniza, and two in Barcelona. Tarragona is the primary site, with 70 percent of Berry’s energy consumption for the country. Achieving this broader impact comes with partnership across the value chain, including Berry’s chosen VPPA partnership with renewable energy leader Axpo Iberia.
“This agreement of the production of renewable energy is one of many steps Berry Global is taking to lower the carbon emissions of our operations,” said Rodgers Greenawalt, Executive Vice President Operations at Berry. “By taking strides to lower our greenhouse gas emissions, we in turn reduce our customers’ Scope 3 emissions.”
Berry’s commitment to renewable energy in Spain will contribute to additionality, enabling the addition of new renewable energy to the grid as part of one of the largest European solar park projects. Berry recognizes that in order to succeed in its quest to limit global warming, it must also help lay the groundwork for its communities and peers. Through this investment, Berry is strengthening the local infrastructure for renewable energy sources with the installment of 50 MW of new capacity, belonging to Trillo project, the largest PV plant in Europe with 626 MW.
Berry continues to be aggressive in its progress, solidifying its promise of limiting global warming to 1.5°C and in support of achieving a net-zero economy by 2050 with its recent announcement of Science-Based Targets. Find more information on Berry Global’s sustainability commitments and progress in the Company’s Impact Report 2020.
About Berry
At Berry Global Group, Inc. (NYSE:BERY), we create innovative packaging and engineered products that we believe make life better for people and the planet. We do this every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry leading talent of 47,000 global employees across more than 295 locations, we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges we solve and the innovations we pioneer benefit our customers at every stage of their journey. For more information, visit our website at berryglobal.com, or connect with us on LinkedIn or Twitter.
About Axpo:
Axpo is the largest producer of renewable energy in Switzerland and an international leader in the trading and marketing of solar and wind energy. With a workforce of 5,000 employees and operations in more than 30 countries in Europe and the United States, it develops innovative solutions by combining more than 100 years of experience with its capacity for innovation for a sustainable energy future.
Axpo Iberia has been managing for 20 years the main independent portfolio of renewable plants on the peninsula and offers products and services in Spain and Portugal that range from electricity and gas supply, to energy efficiency and trading of electricity, gas, biomass and CO2.
Berry Media Contact:
Amy Waterman
+1 812 306 2435
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Report identifies best practices for reinvention and notes that industry leaders expect transformative impact from cloud and a boost in value from low-carbon businesses
NEW YORK--(BUSINESS WIRE)--The oil and gas companies most committed to reinventing themselves over the next three years as a result of the COVID-19 pandemic expect to grow their revenues and margins at twice the rate of companies least committed to reinvention, according to a new report from Accenture (NYSE: ACN) that outlines best practices companies should adopt to thrive in the energy transition.
The report, titled “Necessity is the Mother of (Re)invention” features results from a global survey of more than 200 oil and gas executives and introduces Accenture’s “Reinvention Index,” which analyzed the companies across key factors related to reinvention. Accenture classified the 10% of companies that scored the highest in the Index — who are setting the pace for reinvention through bold and decisive action — as reinvention “Leaders,” with those in the bottom 25% labeled “Laggards.”
In response to the COVID-19 pandemic, all of the Leaders plan at least some level of significant changes to their business, with half (50%) intending radical reinvention, compared with only 9% of the Laggards. Almost seven in 10 Leaders (69%) consider enterprise-wide transformation essential to this reinvention and 77% of Leaders see cloud as essential to their business reinvention plans in the next three years.
And reinvention could drive substantial rewards. For instance, Leaders expect minimum margin growth of 7%, on average, in the next three years, more than double that of the Laggards (3%), and expect to grow revenues over the same period by at least 11%, compared with just 6% for the Laggards.
“Competition from new energy sources, environmental accountability, talent scarcity, investor apathy and the COVID-19 pandemic have led most oil and gas companies to realize the need to transform to ensure profitability, embrace sustainability and maintain their relevance,” said Muqsit Ashraf, a senior managing director at Accenture who leads its Energy industry group. “What’s required isn’t just piecemeal transformation but wholesale business reinvention, which is anchored in a new approach that we call our ‘5C’ model.”
The ‘5C’ model for reinvention comprises:
The report notes that attaining carbon neutrality, in particular, is a key facet of the reinvention required to thrive in today’s era of accelerated energy transition. In fact, more than a third (37%) of respondents, including all the Leaders, expect margin improvements of 20% or more from their low-carbon businesses in the next three years. Refocusing investments, operations and products will be key, with 97% of all respondents citing environmental performance as a priority and one-third (33%) naming it their top priority.
The Leaders are already making some headway in this area; almost all (96%) have set ambitious environmental, social and corporate governance (ESG) targets, with the same number committed to reporting frequently on their emission-reduction progress. In contrast, only 56% of Laggards have set targets, with less than half (47%) regularly publicizing their results. Additionally, all Leaders expect ESG performance to have, at the minimum, a strong impact on their competitiveness over the next three years.
Hydrogen and renewable power were identified as the two low-carbon businesses with the most growth potential. In fact, more than half of Leaders expect hydrogen (cited by 62%) and renewable power (54%) to account for more than 7% of their revenues within the decade.
“This decade will be a make-or-break period for the oil and gas industry, which remains rutted in a low-price environment, but the opportunities presented in the report provide a blueprint for reinvention for continued success,” Ashraf said. “All oil and gas companies should aim to emulate the reinvention Leaders to maintain relevance during and after the energy transition. Otherwise, the transition will transform from an opportunity to build a sustainable and profitable future to an existential risk.”
The full report can be found here.
Research Methodology
In early 2021, Accenture conducted its Oil and Gas Reinvention Index research to understand the actions that oil and gas companies are taking to meet the challenges of the energy transition, their progress toward reinvention, and the outcomes they expect to achieve. The research included a survey of 214 C-suite executives from 179 oil and gas companies across five continents. More than four-fifths (83%) of the companies were international or independent oil companies, with the rest national oil companies and oilfield and equipment services companies. More than one-third (36%) of the companies have revenues exceeding US$10 billion, and 48% have annual revenues between US$1 billion and US$10 billion. Accenture also created a Reinvention Index Score, based on selected survey results and composed of equally weighted scores from each of the five identified facets of reinvention (competitiveness, carbon, connectivity, customers and culture). Responses were grouped (n = 214) into companies (n = 179) to determine an aggregated score for each, then companies were defined and grouped. The top 10% of companies were identified as reinvention “Leaders,” with the bottom 25% identified as “Laggards.”
About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.
Accenture helps oil and gas companies develop innovation-led capabilities to drive end-to-end transformation and make energy more available, affordable and sustainable. To learn more, visit Accenture’s oil and gas industry portal.
Copyright ©2021 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture.
Guy Cantwell
Accenture
+1 281 900 9089
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Matt Corser
Accenture
+44 755 784 9009
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2021 OUTLOOK RAISED; ORDERS UP 70% AT SYPRIS ELECTRONICS
LOUISVILLE, Ky.--(BUSINESS WIRE)--$SYPR--Sypris Solutions, Inc. (Nasdaq/GM: SYPR) today reported financial results for its first quarter ended April 4, 2021.
HIGHLIGHTS
─────────────────────
────────────────────
“We are clearly now at the inflection point for Sypris. The significant growth in orders and the underlying strength of our markets is expected to have a material impact on the financial results of the Company beginning in the second quarter of 2021. Backlog is up 56% sequentially for Sypris Electronics, while the OEM backlog of Class 8 commercial vehicles is up 160% since August,” commented Jeffrey T. Gill, President and Chief Executive Officer.
“Customer orders for Sypris Electronics increased 70% over the prior-year period, with deliveries now scheduled well into 2023. Shipments were impacted during the first quarter by late material receipts and a delay in customer releases; however, both issues have since been resolved. We expect the first quarter shortfall to be recovered during the balance of the year, combining with recent contract wins to provide meaningful sequential growth in the top line going forward.
“Demand from customers serving the automotive, commercial vehicle, sport utility and off-highway markets has continued to accelerate. Freight demand is currently overwhelming industry capacity with orders for the past six months up 153% year-over-year. The recent announcement of the long-term contract extension with one of our key customers combined with the improved outlook for these markets gives us a clear path to support our growth objectives going forward.
“As we discussed on our previous call, activity levels in the oil and gas industry are expected to remain challenging during the first half of 2021. However, steadily improving commodity prices, gradually reopening economies and increasing pipeline activity have resulted in increased orders recently, and we continue to anticipate year-over-year growth of our energy related products.”
Concluding, Mr. Gill said, “Our customer base and the markets we serve are considerably more diversified than at any point in our recent history. As an essential business, we have a responsibility to ensure that our defense, communications, energy, and transportation sectors remain vibrant. We will continue to monitor developments, act promptly to mitigate risks and take the necessary steps required to ensure deliveries continue to be made to our customers in a timely manner.”
First Quarter Results
The Company reported revenue of $20.0 million for the first quarter of 2021, compared to $22.4 million for the prior-year period. Additionally, the Company reported a net loss of $1.6 million for the first quarter of 2021, or $0.08 per share, compared to a net loss of $0.3 million, or $0.01 per share, for the prior-year period.
Sypris Technologies
Revenue for Sypris Technologies was $13.2 million in the first quarter of 2021 compared to $13.7 million for the prior-year period, primarily reflecting reduced demand in the oil and gas market partially offset by a rebound in the commercial vehicle market. Gross profit for the first quarter of 2021 was $1.2 million, or 8.9% of revenue, compared to $2.5 million, or 18.2% of revenue, for the same period in 2020. Gross profit for the first quarter of 2021 was impacted by additional costs associated with ramping up production to meet the substantial increase in demand driven by the commercial vehicle market.
Sypris Electronics
Revenue for Sypris Electronics was $6.8 million in the first quarter of 2021 compared to $8.7 million for the prior-year period. Shipments during the first quarter of 2021 were impacted by a customer design change and the timing of material receipts to resolve the design change, as well as lower sales to a commercial communications customer during the period. Gross profit for the first quarter of 2021 was $0.6 million, or 9.5% of revenue, compared to $1.2 million, or 14.1% of revenue, for the same period in 2020.
Outlook
Commenting on the future, Mr. Gill added, “Demand has strengthened significantly from customers serving the automotive, commercial vehicle and sport utility markets, with Class 8 forecasts showing year-over-year production increases of over 43% for 2021. Similarly, demand from customers in the defense and communications sector remains robust. While the energy market continues to be volatile, we continue to secure new orders on important projects around the world.
“The first quarter marks the turning point for the Company. We expect the significant growth in orders and strength of our markets to have a substantial impact on our financial results beginning in the second quarter, with a strong increase in revenue and income for the period and continuing going forward.
“The continuing momentum of new contract awards, when combined with increasingly positive market conditions, provide important support to increase our revenue guidance for 2021. Our current outlook includes a 25-30% growth in the Company’s top line in 2021, a 200 to 300 basis points expansion in the Company’s gross margin and strong double-digit percentage growth in cash flow generated from operations.
“We remain focused on meeting the important needs of our customers who serve defense, communications, energy, transportation, and other critical infrastructure industries. With a strong backlog and recovering markets, we are confident that the remainder of 2021 has the potential to be very positive for Sypris.”
About Sypris Solutions
Sypris Solutions is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. For more information about Sypris Solutions, visit its Web site at www.sypris.com.
Forward Looking Statements
This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Such statements may relate to projections of the company’s revenue, earnings, and other financial and operational measures, our liquidity, our ability to mitigate or manage disruptions posed by the current coronavirus disease (“COVID-19”), and the impact of COVID-19 and economic conditions on our future operations, among other matters. In March 2020, the President of the United States declared the COVID-19 outbreak a national emergency. COVID-19 continues to spread throughout the United States and other countries across the world, and the duration and severity of its effects are currently unknown. The COVID-19 pandemic has resulted, and is likely to continue to result, in significant economic disruption and has and will likely adversely affect our business. The Company has continued to operate at each location and sought to remain compliant with government regulations imposed due to the COVID-19 pandemic.
Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: the impact of COVID-19 and economic conditions on our future operations; possible public policy response to the pandemic, including legislation or restrictions that may impact our operations or supply chain; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; our failure to successfully win new business; the termination or non-renewal of existing contracts by customers; our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue to use existing cash resources or require us to sell assets to fund operating losses; breakdowns, relocations or major repairs of machinery and equipment, especially in our Toluca Plant; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of tariffs, product recalls or related liabilities, employee training, working capital, production schedules, cycle times, scrap rates, injuries, wages, overtime costs, freight or expediting costs; dependence on, retention or recruitment of key employees and distribution of our human capital; disputes or litigation involving governmental, supplier, customer, employee, creditor, stockholder, product liability, warranty or environmental claims; our failure to achieve targeted gains and cash proceeds from the anticipated sale of certain equipment and other assets; the fees, costs and supply of, or access to, debt, equity capital, or other sources of liquidity; our ability to comply with the requirements of the SBA and seek forgiveness of all or a portion of our Paycheck Protection Program loan; our inability to develop new or improved products or new markets for our products; cost, quality and availability or lead times of raw materials such as steel, component parts (especially electronic components), natural gas or utilities; our ability to maintain compliance with the NASDAQ listing standards minimum closing bid price; our reliance on a few key customers, third party vendors and sub-suppliers; inventory valuation risks including excessive or obsolescent valuations or price erosions of raw materials or component parts on hand or other potential impairments, non-recoverability or write-offs of assets or deferred costs; other potential weaknesses in internal controls over financial reporting and enterprise risk management; failure to adequately insure or to identify product liability, environmental or other insurable risks; unanticipated or uninsured disasters, public health crises, losses or business risks; unanticipated or uninsured product liability claims; volatility of our customers’ forecasts, scheduling demands and production levels which negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; the costs of compliance with our auditing, regulatory or contractual obligations; labor relations; strikes; union negotiations; pension valuation, health care or other benefit costs; costs associated with environmental claims relating to properties previously owned; our inability to patent or otherwise protect our inventions or other intellectual property from potential competitors; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; U.S. government spending on products and services that Sypris Electronics provides, including the timing of budgetary decisions; changes in licenses, security clearances, or other legal rights to operate, manage our work force or import and export as needed; risks of foreign operations; currency exchange rates; war, terrorism, or political uncertainty; cyber security threats and disruptions; inaccurate data about markets, customers or business conditions; risk related to owning our common stock including increased volatility; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law.
| SYPRIS SOLUTIONS, INC. | ||||||
| Financial Highlights | ||||||
| (In thousands, except per share amounts) | ||||||
| Three Months Ended | ||||||
April 4, |
April 5, |
|||||
2021 |
2020 |
|||||
| (Unaudited) | ||||||
| Revenue | $ |
19,982 |
|
$ |
22,425 |
|
| Net loss | $ |
(1,630 |
) |
$ |
(305 |
) |
| Loss per common share: | ||||||
| Basic | $ |
(0.08 |
) |
$ |
(0.01 |
) |
| Diluted |
|
(0.08 |
) |
|
(0.01 |
) |
| Weighted average shares outstanding: | ||||||
| Basic |
|
21,394 |
|
|
20,988 |
|
| Diluted |
|
21,394 |
|
|
20,988 |
|
|
||||||
| Sypris Solutions, Inc. | ||||||
| Consolidated Statements of Operations | ||||||
| (in thousands, except for per share data) | ||||||
| Three Months Ended | ||||||
April 4, |
April 5, |
|||||
2021 |
2020 |
|||||
| (Unaudited) | ||||||
| Net revenue: | ||||||
| Sypris Technologies | $ |
13,190 |
|
$ |
13,717 |
|
| Sypris Electronics |
|
6,792 |
|
|
8,708 |
|
| Total net revenue |
|
19,982 |
|
|
22,425 |
|
| Cost of sales: | ||||||
| Sypris Technologies |
|
12,019 |
|
|
11,224 |
|
| Sypris Electronics |
|
6,147 |
|
|
7,476 |
|
| Total cost of sales |
|
18,166 |
|
|
18,700 |
|
| Gross profit (loss): | ||||||
| Sypris Technologies |
|
1,171 |
|
|
2,493 |
|
| Sypris Electronics |
|
645 |
|
|
1,232 |
|
| Total gross profit |
|
1,816 |
|
|
3,725 |
|
| Selling, general and administrative |
|
2,882 |
|
|
3,448 |
|
| Operating income (loss) |
|
(1,066 |
) |
|
277 |
|
| Interest expense, net |
|
222 |
|
|
227 |
|
| Other expense, net |
|
221 |
|
|
283 |
|
| Loss before taxes |
|
(1,509 |
) |
|
(233 |
) |
| Income tax expense, net |
|
121 |
|
|
72 |
|
| Net loss | $ |
(1,630 |
) |
$ |
(305 |
) |
| Loss per common share: | ||||||
| Basic | $ |
(0.08 |
) |
$ |
(0.01 |
) |
| Diluted | $ |
(0.08 |
) |
$ |
(0.01 |
) |
| Dividends declared per common share | $ |
- |
|
$ |
- |
|
| Weighted average shares outstanding: | ||||||
| Basic |
|
21,394 |
|
|
20,988 |
|
| Diluted |
|
21,394 |
|
|
20,988 |
|
| Sypris Solutions, Inc. | ||||||
| Consolidated Balance Sheets | ||||||
| (in thousands, except for share data) | ||||||
April 4, |
December 31, |
|||||
2021 |
2020 |
|||||
(Unaudited) |
(Note) |
|||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ |
9,369 |
|
$ |
11,606 |
|
| Accounts receivable, net |
|
7,962 |
|
|
7,234 |
|
| Inventory, net |
|
18,675 |
|
|
16,236 |
|
| Other current assets |
|
4,580 |
|
|
4,360 |
|
| Total current assets |
|
40,586 |
|
|
39,436 |
|
| Property, plant and equipment, net |
|
10,430 |
|
|
10,161 |
|
| Operating lease right-of-use assets |
|
5,887 |
|
|
6,103 |
|
| Other assets |
|
4,691 |
|
|
5,008 |
|
| Total assets | $ |
61,594 |
|
$ |
60,708 |
|
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ |
10,056 |
|
$ |
6,734 |
|
| Accrued liabilities |
|
11,681 |
|
|
13,409 |
|
| Operating lease liabilities, current portion |
|
988 |
|
|
965 |
|
| Finance lease obligations, current portion |
|
403 |
|
|
393 |
|
| Equipment financing obligations, current portion |
|
104 |
|
|
- |
|
| Note payable - PPP Loan, current portion |
|
1,779 |
|
|
1,186 |
|
| Note payable - related party, current portion |
|
2,500 |
|
|
- |
|
| Total current liabilities |
|
27,511 |
|
|
22,687 |
|
| Operating lease liabilities, net of current portion |
|
5,683 |
|
|
5,941 |
|
| Finance lease obligations, net of current portion |
|
1,822 |
|
|
1,927 |
|
| Equipment financing obligations, net of current portion |
|
197 |
|
|
- |
|
| Note payable - PPP Loan, net of current portion |
|
1,779 |
|
|
2,372 |
|
| Note payable - related party, net of current portion |
|
3,979 |
|
|
6,477 |
|
| Other liabilities |
|
8,125 |
|
|
6,529 |
|
| Total liabilities |
|
49,096 |
|
|
45,933 |
|
| Stockholders’ equity: | ||||||
| Preferred stock, par value $0.01 per share, 975,150 shares authorized; no shares issued |
|
- |
|
|
- |
|
| Series A preferred stock, par value $0.01 per share, 24,850 shares authorized; no shares issued |
|
- |
|
|
- |
|
| Common stock, non-voting, par value $0.01 per share, 10,000,000 shares authorized; no shares issued |
|
- |
|
|
- |
|
| Common stock, par value $0.01 per share, 30,000,000 shares authorized; 21,436,982 shares issued and 21,436,963 outstanding in 2021 and 21,302,194 shares issued and 21,300,958 outstanding in 2020 |
|
214 |
|
|
213 |
|
| Additional paid-in capital |
|
154,783 |
|
|
155,025 |
|
| Accumulated deficit |
|
(117,395 |
) |
|
(115,765 |
) |
| Accumulated other comprehensive loss |
|
(25,104 |
) |
|
(24,698 |
) |
| Treasury stock, 19 and 1,236 in 2021 and 2020, respectively |
|
- |
|
|
- |
|
| Total stockholders’ equity |
|
12,498 |
|
|
14,775 |
|
| Total liabilities and stockholders’ equity | $ |
61,594 |
|
$ |
60,708 |
|
|
|
|||||
Note: The balance sheet at December 31, 2020, has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by accounting principles generally accepted in the United States for a complete set of financial statements. |
| Sypris Solutions, Inc. | ||||||
| Consolidated Cash Flow Statements | ||||||
| (in thousands) | ||||||
| Three Months Ended | ||||||
| April 4, | April 5, | |||||
2021 |
2020 |
|||||
| (Unaudited) | ||||||
| Cash flows from operating activities: | ||||||
| Net loss | $ |
(1,630 |
) |
$ |
(305 |
) |
| Adjustments to reconcile net loss to net cash | ||||||
| (used in) provided by operating activities: | ||||||
| Depreciation and amortization |
|
621 |
|
|
620 |
|
| Deferred income taxes |
|
116 |
|
|
- |
|
| Non-cash compensation expense |
|
61 |
|
|
94 |
|
| Deferred loan costs recognized |
|
2 |
|
|
4 |
|
| Net loss (gain) on the sale of assets |
|
20 |
|
|
(154 |
) |
| Provision for excess and obsolete inventory |
|
2 |
|
|
40 |
|
| Non-cash lease expense |
|
217 |
|
|
288 |
|
| Other noncash items |
|
36 |
|
|
190 |
|
| Contributions to pension plans |
|
(120 |
) |
|
(34 |
) |
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable |
|
(733 |
) |
|
(1,478 |
) |
| Inventory |
|
(2,431 |
) |
|
846 |
|
| Prepaid expenses and other assets |
|
(108 |
) |
|
(99 |
) |
| Accounts payable |
|
3,346 |
|
|
1,474 |
|
| Accrued and other liabilities |
|
(309 |
) |
|
(772 |
) |
| Net cash (used in) provided by operating activities |
|
(910 |
) |
|
714 |
|
| Cash flows from investing activities: | ||||||
| Capital expenditures |
|
(790 |
) |
|
(453 |
) |
| Proceeds from sale of assets |
|
- |
|
|
288 |
|
| Net cash used in investing activities |
|
(790 |
) |
|
(165 |
) |
| Cash flows from financing activities: | ||||||
| Principal payments on finance lease obligations |
|
(94 |
) |
|
(143 |
) |
| Principal payments on equipment financing obligations |
|
(22 |
) |
|
- |
|
| Indirect repurchase of shares for minimum statutory tax withholdings |
|
(301 |
) |
|
(7 |
) |
| Net cash used in financing activities |
|
(417 |
) |
|
(150 |
) |
| Effect of exchange rate changes on cash balances |
|
(120 |
) |
|
(288 |
) |
| Net (decrease) increase in cash and cash equivalents |
|
(2,237 |
) |
|
111 |
|
| Cash and cash equivalents at beginning of period |
|
11,606 |
|
|
5,095 |
|
| Cash and cash equivalents at end of period | $ |
9,369 |
|
$ |
5,206 |
|
Anthony C. Allen
Chief Financial Officer
(502) 329-2000
Much of the early success in these markets is the result of financial incentives and government support for energy storage and other distributed energy resources
BOULDER, Colo.--(BUSINESS WIRE)--#DistributedEnergy--A new report from Guidehouse Insights provides global forecasts for annual deployments of new distributed energy storage (DES) projects in terms of power capacity, energy capacity, and project deployment revenue, through 2030.
2020 proved transformational for the DES industry thanks to cost and performance improvements, an uptick in renewable generation capacity, grid-modernization plans, and improved opportunities for wholesale market participation. Additionally, national and local government financial incentives and deployment mandates, as well as phase-outs of feed-in tariffs (FITs) or net metering, helped drive the market. Rapid growth is expected to continue in 2021, with growth concentrated in three key regions. According to a new report from Guidehouse Insights, North America, Western Europe, and Asia Pacific are expected to account for around 98.4% of the global DES market in 2021.
“Much of the early success in these markets is the result of financial incentives and government support for energy storage and other distributed energy resources (DER),” says Ricardo F. Rodriguez, research analyst with Guidehouse Insights. “Incentives and subsidies in each of these three markets, paired with support from utilities, have made DES an economical investment for many customers.”
Between 2021 and 2030, the DES market is projected to expand into an increasing number of countries as utilities charge customers based on usage patterns, relay accurate price signals, and design rate structures that reflect the fixed and variable costs of providing electric service. From time-of-use (TOU) rates to demand charges to real-time pricing, these rate structures are expected to be key to increased DES adoption. In addition, new market participation models that enable system owners to capture multiple value streams are emerging as important enablers of continued DES growth around the world.
The report, Market Data: Distributed Energy Storage and Solar PV, provides global forecasts for annual deployments of new DES projects in terms of power capacity, energy capacity, and project deployment revenue. These forecasts are segmented by global region, technology, and the application or services that the system is intended to provide. In addition, this report provides a review of the market issues surrounding DES. Global forecasts for DES from 2021 to 2030 are provided. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 8,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Distributed Energy Storage and Solar PV, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
Lindsay Funicello-Paul
+1.781.270.8456
This email address is being protected from spambots. You need JavaScript enabled to view it.
TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum Corporation (“Empire”) (OTCQB:EMPR) announced today that it has acquired producing oil and gas assets and related gathering assets located in Lea County, New Mexico through its wholly owned subsidiary, Empire New Mexico LLC (“Empire New Mexico”). The assets were acquired from ExxonMobil Corporation’s (NYSE:XOM) XTO Holdings, LLC (“Sellers”), in a transaction that has been previously reported by Empire in its filings with the Securities and Exchange Commission.
The acquired operated assets are comprised of ~700 gross oil, gas, and injector wells and encompass approximately ~40,000 net acres of Permian leasehold. The properties are characterized by high working and net revenue interests, producing approximately 1,100 net BOEPD (Barrels of Oil Equivalent per Day) with sixty-seven percent being oil.
The Eunice Monument (also “EMSU”) and Arrowhead Grayburg fields (also “AGU”) are located on the northwestern edge of the Permian Basin’s Central Basin Platform in southeastern Lea County, New Mexico, approximately 15 miles southwest of the city of Hobbs. The EMSU field was discovered on March 21, 1929, with the majority of field development occurring from 1934 through 1937 as the 2nd largest carbonate reservoir in the Texas-New Mexico Permian area. USGS estimates that known recoverable efficiency in the Eunice Field and surrounding satellites at close to forty percent with Primary and Secondary recovery of an estimated 4.5 billion Original Oil barrels in Place “OOIP” making Eunice Monument one of the largest fields in the United States. The well development in the Eunice Monument South Unit was on 40-acre spacing. The field was produced under primary means until unitization of the field occurred in February 1985 as a Secondary Waterflood. The productive intervals at Eunice are mostly the Queen, San Andres and Grayburg formations.
In connection with financing of the acquisition, Empire New Mexico entered into a $16.25 Million senior secured convertible note with Energy Evolution Master Fund, Ltd at 3.8% per annum interest.
“We believe the EMSU and surrounding acquired fields have a significant resource base,” stated Mike Morrisett, President of Empire Petroleum. “In our view, these assets have current infill drilling and return-to-production well potential that should shortly enhance daily production. We thank our major and core shareholders in providing 100% of the capital to close this key accretive transaction for Empire. We are also excited to have retained the existing Sellers’ team that has successfully run the field for several years. With this acquisition Empire operates in five states, with an aggregate of over 100,000 net leasehold acres and ~1800 net BOEPD”.
Empire CEO Tommy Pritchard added, “This acquisition is a terrific example of what Empire looks to manage in their assets: mature producing oil properties with predictable, long life production with significant upside potential. Looking towards the future, the geologic location of the Permian EMSU and AGU holds 23,400 acres of residual oil zone potential (“ROZ”). The pipeline of growth opportunities around EMSU and AGU remains robust, and we are currently evaluating additional deal flow with a focus on building scale in the Permian.”
About Empire Petroleum Corporation
Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana and New Mexico. Management is focused on targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. Empire looks for assets where its operational team can deploy rigorous field/well management techniques to reduce unit operating costs and improve margins while optimizing production.
FORWARD LOOKING STATEMENTS
This press release includes certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that Empire expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to Empire, see Empire’s Form 10-K for the fiscal year ended December 31, 2020.
Tommy Pritchard, CEO
Mike Morrisett, President
539-444-8002
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