LED installation enables Glenwood Valley Farms to increase light intensity without raising overall facility temperature
AUSTIN, Texas & LANGLEY CITY, British Columbia--(BUSINESS WIRE)--Fluence by OSRAM (Fluence), a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, and Glenwood Valley Farms (Glenwood), a British Columbia-based greenhouse grower, announced the successful installation of Fluence’s broad-spectrum LED technology across one hectare of Glenwood’s cucumber greenhouse.
Glenwood—located in one of the most prominent regions in North America for greenhouse farming—grows tomatoes, cucumbers and various fruits year-round and distributes produce to local grocery stores and retailers through its strategic partnership with BC Hot House, a division of The Star Group. Herb Schlacht, the farm’s president and CEO, founded Glenwood more than 30 years ago. A progressive grower in constant search of innovative cultivation solutions, Schlacht is already recording greater crop yields following the first harvests under Fluence’s LEDs.
“Our partnership with Fluence is producing great results after just one crop cycle,” Schlacht said. “Together, I’m confident we will exceed our goals to grow bigger, more beautiful and tasty crops without sacrificing energy usage.”
Schlacht also noted a key advantage LEDs offer in comparison to high-pressure sodium (HPS) fixtures: the ability to increase light intensity by decoupling light and heat parameters. Decoupling reduces the risk of overheating the facility and ensures control over environmental conditions, resulting in better plant morphology and production response. Specifically, Schlacht achieved a photosynthetic photon flux density (PPFD) of 275 μmol/m2/s with Fluence’s LED technology—about a 50 percent increase over Glenwood’s HPS PPFD of 180 μmol/m2/s.
“Our greenhouse is four and a half meters tall. It would be impossible for us to reach that high of a light level with conventional HPS technology—we simply do not have an adequate buffer above our crop. Our Fluence fixtures allow us to grow in our existing greenhouse without risking excessive heat output,” Schlacht added.
“The possibilities for optimized energy efficiency and increased crop yields through LED technology are endless,” said Ron DeKok, senior vice president of North American sales for Fluence. “Our partnership with Glenwood Valley Farms demonstrates how Fluence is bringing market-leading, science-based solutions to growers that optimize production opportunities throughout the grow cycle. Herb’s early success also reinforces how LEDs are best suited to meet changing grocer and consumer demand for locally sourced, sustainably grown food year-round.”
For more information on Fluence, visit www.fluence.science.
About Fluence by OSRAM
Fluence Bioengineering, Inc., a wholly-owned subsidiary of OSRAM, creates powerful and energy-efficient LED lighting solutions for commercial crop production and research applications. Fluence is a leading LED lighting supplier in the global cannabis market and is committed to enabling more efficient crop production with the world’s top vertical farms and greenhouse produce growers. Fluence global headquarters are based in Austin, Texas, with its EMEA headquarters in Rotterdam, Netherlands. For more information about Fluence, visit https://fluence.science.
About Glenwood Valley Farms
Glenwood Valley Farms is committed to growing Long English and mini cucumbers using the high-wire method. Our focus is on growing year-round using the latest technologies, in particular, focusing on LED lighting. We have a long-term strategic partnership with The Star Group and BC Hot House, focusing on quality produce for our end consumer. For more information on Glenwood Valley Farms, visit https://www.theglenwoodvalleyfarms.com/.
Media Contact:
For Fluence
Alex Bacon
This email address is being protected from spambots. You need JavaScript enabled to view it.
512-960-6027
- LG Energy Solution to Invest Over 4.5 Billion Dollars in Own U.S. Battery Business by 2025, Expanding Capacity by 70GWh
SEOUL, South Korea--(BUSINESS WIRE)--LG Energy Solution today announced that by the end of 2025, the company will invest more than $4.5 billion (KRW 5 trillion) in the company’s own U.S. business to further expand its battery production capacity. This new investment will allow the company to create a total of over 10,000 more jobs for new LG employees and subcontractors while securing an additional 70GWh in just the U.S. alone, and will be in addition to current and past investments.
In addition to the Green Field Project, LG Energy Solution and GM are currently discussing plans to build a second joint venture plant in the U.S., which will even further increase its cell production capacity. This second JV plant is expected to have a production capacity scale similar to the two companies’ first plant, and is set to manufacture next generation EV cells based on advanced technology.
LG Energy Solution developed these plans over the last year to rapidly mobilize its Green Field Project in a full-fledged effort to ensure its position in the growing U.S. electric vehicle (EV) market. The Green Field Project will provide the U.S. with a large-scale supply of environmentally friendly batteries to increase renewable energy sources across an array of industries, including electric vehicles.
“The goals of the U.S. president and automakers will be a propelling factor in the growth of the country’s electric vehicle and energy storage systems markets,” stated Jong Hyun Kim, CEO of LG Energy Solution. “LG Energy Solution is dedicated to expanding its battery production capacity and structuring a stable, localized supply chain that provides everything from R&D to production. Through these commitments, the company aims to secure its leadership position as a strong, essential partner in the EV and ESS market and contribute to the success of the U.S. auto industry and economy.”
LG Energy Solution established its first U.S. research facility in 2000 and invested 600 million dollars to secure a production capacity of 5GWh at its first Michigan plant built in 2012. In 2019, the company entered into a joint venture with General Motors (GM) to construct a 2.3 billion dollar battery plant in Ohio, which is slated for completion in 2022 to create an annual capacity of 35GWh. The latest Green Field Project will give the company a total production capacity of over 110GWh in the U.S.
In terms of direct employment of new LG employees, the company will spike its current job count to 4,000 new jobs through these new commitments. This is in addition to the 1,400 jobs in Michigan and 1,100 jobs through its GM joint venture plant in Ohio. This is a total of 6,500 direct LG jobs in the U.S.
The company intends to use regional subcontractors in tandem with the additional production capacity expansion to strengthen the local economies at the new facility. This action is expected to generate more than 6,000 additional new jobs through subcontractors alone.
Within the first half of 2021, LG Energy Solution will select at least two location candidates for its factory intended to manufacture various types of batteries in the U.S. This will be followed by a meticulous board review before making final decisions.
The new LG Energy Solution facility will produce pouch cell batteries to be used in EVs and energy storage systems (ESS), as well as cylindrical cell EV batteries that are currently rapidly increasing in demand. LG Energy Solution stands as the first and only battery company to hold the experience and technology to mass produce these products.
All new LG Energy Solution plants in the U.S. will operate using 100 percent renewable energy, reinforcing the company’s dedication to its Green Field Project. In the second half of last year, the Michigan battery plant began running entirely on renewable energy.
As the pressure for domestic production for EV components is heavily increasing in the U.S., LG Energy Solution is eager to expand its production capacity so that it can meet the needs of numerous global automakers across U.S. and Europe. In addition to partnering with large global companies, LG Energy Solution is also currently receiving battery supply orders from various ESS and EV startups in the U.S.
Through these investment plans, LG Energy Solution aims to alleviate the industry concerns around battery supply sufficiency and accelerate the process of expanding its position in the U.S. so that its large scale project plans can be implemented as soon as possible.
LG Energy Solution will also build solid and stable U.S-based supply chains that provide an extensive range from research to product development and production, as well as the procurement of raw components.
In addition to the Green Field Project and the second joint investment with GM, LG Energy Solution will continue to make significant additional investments as the EV market grows.
Media Contact:
James Richardson
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) today announced the early tender results as of 5:00 p.m., New York City time, on March 10, 2021 (the “Early Tender Deadline”) of its previously announced tender offer to purchase for cash any and all of its outstanding 5.250% Notes due 2025 (the “Notes”) and solicitation of consents (the “Consents”) from holders of the Notes (the “consent solicitation”) to the proposed amendment to the indenture with respect to the Notes.
The terms and conditions of the tender offer and consent solicitation are described in an Offer to Purchase and Consent Solicitation Statement, dated February 25, 2021.
The aggregate principal amount of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline (the "Early Tender Notes"), as well as the percent of the aggregate principal amount of Notes outstanding constituting Early Tender Notes, is set forth in the table below. The consideration being offered for any such Early Tender Notes accepted for purchase in the tender offer and consent solicitation is also set forth in the table below:
Series
|
CUSIP
|
Aggregate
|
Aggregate
|
Percent of
|
Tender
|
Early
|
Total
|
|||||||
5.250% Notes due 2025 |
16411QAB7 U16353AA9 |
$1,500,000,000 |
$741,572,000 |
49.44% |
$977.27 |
$50.00 |
$1,027.27 |
(1) |
Per $1,000 principal amount of Early Tender Notes accepted for purchase by Cheniere Partners. Excludes accrued and unpaid interest, which will be paid on Notes accepted for purchase as described below. |
|
(2) |
Includes the $50.00 early tender premium for the Early Tender Notes accepted for purchase. |
The tender offer and consent solicitation will expire at 12:01 a.m., New York City time, on March 24, 2021, unless extended, earlier expired or terminated by Cheniere Partners (such time and date, as the same may be extended, earlier expired or terminated by Cheniere Partners in its sole discretion, subject to applicable law, the “Expiration Date”). No tenders submitted after the Expiration Date will be valid. Subject to the terms and conditions of the tender offer and consent solicitation, holders of the Early Tender Notes will receive the total consideration, which includes the early tender premium for the Notes of $1,027.27 per $1,000 principal amount of Notes tendered. Holders who validly tender their Notes and deliver their Consents after the Early Tender Deadline and at or prior to the Expiration Date will be eligible to receive only the tender consideration, as set forth in the table above. Accrued and unpaid interest will be paid on all Notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the applicable settlement date.
The Early Settlement Date (as defined in the Offer to Purchase and Consent Solicitation Statement) for the Early Tender Notes is expected to be on March 11, 2021. Any Notes validly tendered and related Consents validly delivered after the Early Tender Deadline may not be withdrawn or revoked, except as required by law. Subject to the satisfaction or waiver of the conditions to the tender offer and consent solicitation, Cheniere Partners expects to accept for purchase any remaining Notes that have been validly tendered and not validly withdrawn after the Early Tender Deadline and at or prior to the Expiration Date promptly following the Expiration Date on the Final Settlement Date (as defined in the Offer to Purchase and Consent Solicitation Statement), which is expected to occur promptly following the Expiration Date.
In addition, holders of all Notes validly tendered and accepted for purchase pursuant to the tender offer and consent solicitation will receive accrued and unpaid interest on such Notes from the last interest payment date with respect to such Notes to, but not including, the Early Settlement Date or the Final Settlement Date, as applicable.
Cheniere Partners’ obligations to accept Notes and Consents on the Early Settlement Date or the Final Settlement Date, as applicable, are subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase and Consent Solicitation Statement, including, among others, Cheniere Partners consummating the Financing Condition (as defined in the Offer to Purchase and Consent Solicitation Statement) on terms satisfactory to it, and having funds available therefrom that will allow it to purchase the Notes pursuant to the tender offer and consent solicitation.
Cheniere Partners has retained J.P. Morgan Securities LLC to act as the dealer manager and solicitation agent and Ipreo LLC to act as the tender and information agent for the tender offer and consent solicitation. For additional information regarding the terms of the tender offer and consent solicitation, please contact J.P. Morgan Securities LLC collect at (212) 834-2045 or toll-free at (866) 834-4666. Requests for copies of the Offer to Purchase and Consent Solicitation Statement and questions regarding the tendering of notes and delivery of consents may be directed to Ipreo LLC at (212) 849-3880 (for banks and brokers) or (888) 593-9546 (all others, toll-free) or email This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release is for informational purposes only and does not constitute an offer to purchase securities or a solicitation of an offer to sell any securities or an offer to sell or the solicitation of an offer to purchase any securities nor does it constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unlawful.
None of Cheniere Partners, the tender and information agent, the dealer manager and solicitation agent or the trustee (nor any of their respective directors, officers, employees or affiliates) makes any recommendation as to whether holders should tender their Notes pursuant to the tender offer and deliver any related consents, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decisions as to whether to tender their Notes, and, if so, the principal amount of Notes to tender.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, statements regarding Cheniere Partners’ business strategy, plans and objectives, including statements regarding the intended conduct, timing and terms of the tender offer and consent solicitation, related financing plans and any future actions by Cheniere Partners in respect of the Notes. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.
Cheniere Partners Contacts
Investors
Randy Bhatia, 713-375-5479
Megan Light, 713-375-5492
Media Relations
Eben Burnham-Snyder, 713-375-5764
Jenna Palfrey, 713-375-5491
DALLAS--(BUSINESS WIRE)--Amen Properties, Inc. (Pink Sheets: AMEN) today announced financial results for its fiscal quarter ended December 31, 2020. The Company posted quarterly revenue of $415 thousand and net income of $1.1 million. These results compare to revenue of $576 thousand and net income of $136 thousand for the same quarter last year. The Company’s decline in revenue for the quarter was driven by decreases in oil and gas production and commodity prices while the improvement in profitability was caused by the correction of excess depletion recorded in prior periods for some of the Company’s working interests.
For the full year 2020, Amen reported revenue of $1.1 million, a decrease of 57% from 2019 also driven by decreases in oil and gas production and commodity prices. The Company’s net income for 2020 was a loss of $(469) thousand compared to income of $27 thousand in 2019, a decline caused by the factors described above as well as a loss recognized in connection with the devaluation of certain marketable securities.
Amen also announced that the Company’s Board of Directors has approved the payment of a quarterly dividend of $7.50 per share, to be paid on March 31, 2021 to shareholders of record as of the close of business on March 24, 2021.
Finally, Amen reiterated that its Board has approved a plan whereby the Company will no longer hedge the revenue stream associated with its oil and gas royalties. “Shareholders of Amen need to understand that they hold an un-hedged long oil and gas position and should pursue their own hedging strategy if they are uncomfortable with that risk,” said Kris Oliver, Amen’s Chief Financial Officer.
The Company’s 2020 fourth quarter report is available for viewing or download from the company’s web site – www.amenproperties.com.
About Amen Properties:
Amen Properties owns a portfolio of cash-producing properties including real estate and oil and gas interests.
Cautionary Statement:
This document contains forward-looking statements, which involve a number of risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Forward-looking statements can be identified by use of the words "expect," "project," "may," "might," potential," and similar terms. AMEN Properties, Inc. ("Amen", "we" or the "Company") cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Amen's control. These factors include, but are not limited to, our ability to implement our strategic initiatives, economic, political and market conditions and price fluctuations, government and industry regulation, U.S. and global competition and other factors. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Press and Investor Relations Contact:
Kris Oliver
(972) 999-0494
TORONTO--(BUSINESS WIRE)--Bluma Wellness Inc. (the “Company” or “Bluma Wellness”) (CSE: BWEL.U) (OTCQX:BMWLF) announces today the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”), as amended, in respect of the pending acquisition of all of the issued and outstanding common shares of the Company by Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs”) by way of a plan of arrangement under Division 5 of Part 9 of the Business Corporations Act (British Columbia) (the “Transaction”). The waiting period expired without the issuance of a so-called “second request” by the United States Department of Justice Antitrust Division (the “DOJ”). The Transaction is anticipated to close in the second quarter of 2021, subject to the receipt of all required court, shareholder, third-party, stock exchange and regulatory approvals, including approval from the State of Florida Department of Health Office of Medical Marijuana Use, and the satisfaction or waiver of all applicable conditions to closing.
“We are excited to be one step closer to bringing the Cresco Labs and Bluma Wellness teams together to execute on our aggressive expansion plans in Florida,” said Brady Cobb, CEO of Bluma Wellness. “We look forward to completing the remaining steps required to close the Transaction.”
About Bluma Wellness Inc.
Bluma Wellness Inc. owns and operates a vertically-integrated, licensed medical cannabis company in the State of Florida doing business as “One Plant Florida.” One Plant Florida cultivates, processes, dispenses and retails medical cannabis to qualified patients in the State of Florida through multiple retail dispensaries and an innovative next-day door-to-door e-commerce home delivery service, thereby offering convenient access for its customers and meeting the demands of an evolving retail landscape. Bluma Wellness plans to continue expanding its cultivation and distribution operations as the Florida market grows.
Additional Information
The Company’s securities have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws including information relating to the Transaction, the anticipated timing of closing of the Transaction and the Company’s strategic business plans. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements due to a variety of known and unknown risks and uncertainties including, without limitation: the ability of Bluma Wellness and Cresco Labs to receive, in a timely manner, the court, shareholder, third-party, stock exchange and regulatory approvals necessary to consummate the Arrangement; actions taken by government entities or others seeking to prevent or alter the terms of the Arrangement; risks relating to cannabis being illegal under US federal law and risks of US federal enforcement actions related to cannabis activities; the Company's ability to comply with all applicable governmental regulations in a highly regulated business; negative changes in the political environment or in the regulation of medical cannabis in the state of Florida; the risk of any disruptions to the Company’s business and operations as a result of the COVID-19 pandemic; negative shifts in public opinion and perception of the cannabis industry and cannabis consumption; increasing competition in the industry; risks of product liability and other safety-related liability as a result of usage of the Company’s cannabis products; the Company’s limited operating history with no assurance of profitability; the ability of the Company to access future financing if needed or on terms acceptable to the Company; the risk of defaulting on its existing debt; risk of shortages of or price increases in key inputs, suppliers and skilled labor; the risks inherent in running agricultural operations such as pests and crop failure; loss of licenses; reliance on key personnel; cybersecurity risks; constraints on marketing products; fraudulent activity by employees, contractors and consultants; tax and insurance related risks and risk of litigation.
The forward-looking information in this press release are made as of the date of this release. The Company does not undertake any obligation to update forward-looking information except as required by applicable securities laws.
For additional information on the Company:
Brady Cobb
Chief Executive Officer
Telephone: (877) 308-3344
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
For Media Inquiries and Investor Relations:
Daniel Nussbaum
AMW PR
Telephone: (917) 232-8960
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
MELBOURNE, Australia--(BUSINESS WIRE)--Hansen Technologies (ASX:HSN) is pleased to announce that the City of Mesa, Arizona, is now live with the company’s latest release of Hansen CIS. The city has been a long-standing customer of Hansen since 2000.
Equipped with enhanced UI configuration capabilities and an expanded integration framework, Hansen CIS enables North American utilities and municipalities to manage the full customer service and revenue lifecycle for water and energy related services. The solution offers convenience and ease-of-use to streamline and coordinate billing operations with a secure, low cost of ownership. It also eliminates the need for expensive hardware purchases, while taking advantage of the latest secure technology maintained by Hansen – thus reducing operational risk.
Ed Quedens, Business Services Director, City of Mesa commented: “For more than twenty years now, Hansen has been a valuable partner in our efforts to provide best-in-class services to the residents of Mesa. This latest upgrade to our Hansen CIS application suite streamlines our technology stack and enables a new degree of operational efficiency.”
John May, CEO, Americas, Hansen Technologies, commented: “With their capabilities now augmented as a result of the new upgrade, the implementation of the latest release of Hansen CIS at the City of Mesa marks another milestone in our twenty-year relationship. It also stands as a testament to the trust placed in us by our valued customers, as well as our position as a leading provider of solutions to energy and utilities providers in North America. We continue to be encouraged by the positive and progressive uptake of our most recent release of Hansen CIS.”
The go-live at the City of Mesa follows the recent successful go-lives of Hansen CIS at the City of Charlotte, the City of Columbus and the City of Regina.
For further information about Hansen Technologies, please visit www.hansencx.com.
About Hansen Technologies
Hansen Technologies (ASX: HSN) is a leading global provider of software and services to the energy, water and communications industries. With its award-winning software portfolio, Hansen serves 550+ customers in over 80 countries, helping them to create, sell, and deliver new products and services, manage and analyze customer data, and control critical revenue management and customer support processes.
For more information, visit www.hansencx.com
About the City of Mesa
The City of Mesa has a service territory of approximately 90 square miles located in the Mesa city limits. The City of Mesa provides safe, reliable, and environmentally responsible water and wastewater services to 165,000 customers. It also provides electric utility service to more than 17,000 homes and businesses. Furthermore, the City of Mesa is the provider of natural gas service to more than 68,000 homes and businesses within its two service territories.
Adnan Bashir
Senior Corporate Communications Manager
Hansen Technologies
+1 647-204-0999
JACKSONVILLE, Fla.--(BUSINESS WIRE)--#logistics--CG Railway (CGR) today announced the launch of the first of two new rail ferries. Part of a joint venture between subsidiaries of Genesee & Wyoming Inc. (G&W) and SEACOR Holdings Inc. (NYSE: CKH), CGR operates a U.S. Class III freight railroad transporting approximately 10,000 annual carloads of diversified commodities across the Gulf of Mexico.
The newly launched vessel is expected to begin operations in the second quarter of 2021, with the second new vessel expected in the third quarter. They will replace CGR’s two existing vessels, which have transported over 200,000 railcars in more than 1,400 sailings between Mobile, Alabama, and Coatzacoalcos, Mexico, since 2001. The trip across the Gulf currently takes approximately five days, or half the time required for the overland route. The new, 590-foot-long ferries are designed to carry 135 railcars each, up from 115 railcars on the existing ferries, with an expected top speed of 14 knots, up from seven knots. With their additional capacity, and faster speed enabling more sailings per month, the new vessels increase CGR’s potential annual carload capacity by 40 percent.
“These innovative new vessels are purpose-built to provide increased reliability, speed and fuel efficiency and will materially expand the number of annual railcar spaces we can offer customers,” says CGR President Hoffman Lijeron. “Their capacity, efficient hull design, articulated rudders and modern, slow-speed engines will significantly reduce the vessels’ environmental footprint. In fact, compared with a traditional all-rail route from Mobile to Mexico City, shipping via the new CGR vessels and Ferromex is expected to provide a 44% reduction in CO2 emissions per ton/mile versus the all-rail route.”
After launch from CSSC Huangpu Wenchong Shipbuilding Company in China, the vessels will be thoroughly tested, including undergoing sea trials to ensure all systems are operating as designed, before departing for the United States. The new ships are likely the first built with features designed to cope with a pandemic, including segregated passageways for local pilots and other visitors, as well as spaces with separate HVAC systems to quarantine crew. “We’re trying to anticipate all the potential scenarios we could have in the next 20 to 30 years,” Lijeron explains. “If there is anything we’ve learned from the past year, it’s the value of protecting our customers’ supply chains from potential disruptions.
“CGR offers tremendous potential for customers – connecting five Class I railroads and a G&W short line in Mobile to Ferromex in Coatzacoalcos – and I’m excited to lead its growth as a much faster alternative to the traditional land route,” Lijeron continues. “Our investment in constructing these two state-of-the-art vessels is a clear indication of our commitment to becoming the premium freight transportation provider between the United States, Canada and central and southern Mexico.”
About CGR
Established in 2000, CG Railway operates a U.S. Class III freight railroad that currently transports approximately 10,000 carloads of diversified commodities annually across the Gulf of Mexico, with long-term agreements to operate purpose-built rail-ferry terminals in the ports of Mobile, Alabama, and Coatzacoalcos, Mexico. G&W and SEACOR Holdings formed the rail-ferry joint venture that includes CG Railway LLC in 2017, combining the two companies’ unmatched experience in rail and marine transportation and logistics services.
For additional information, visit www.cgrailway.com.
About Genesee & Wyoming
G&W owns or leases 116 freight railroads organized in locally managed operating regions with 7,300 employees serving 3,000 customers.
G&W subsidiaries and joint ventures also provide rail service at more than 30 major ports, rail-ferry service between the U.S. Southeast and Mexico, transload services, and industrial railcar switching and repair.
About SEACOR Holdings
SEACOR Holdings Inc. is a diversified holding company with interests in domestic and international transportation and logistics, crisis and emergency management, and clean fuel and power solutions. SEACOR is publicly traded on the New York Stock Exchange under the symbol CKH.
Certain statements discussed in this release concerning SEACOR Holdings constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including, but not limited to, the risks discussed in Item 1A. (Risk Factors) of the Company’s Annual report on Form 10-K and other reports filed by the Company with the Securities and Exchange Commission (“SEC”). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made.
Todd Biscan, Vice President of Sales and Marketing, (904) 440-7080
Rail-served locations have solid infrastructure, proximity to major markets, skilled workers and great work-life balance
DENVER--(BUSINESS WIRE)--OmniTRAX Inc., a comprehensive logistics solutions provider and affiliate of The Broe Group, is launching additional properties through its Rail-Ready Sites program on the Northern Ohio & Western Railway (NOW) with support from the Sandusky County Economic Development Corporation. The Rail-Ready Sites program connects companies looking to maximize supply chain performance with rail-served properties.
OmniTRAX and the Sandusky County Economic Development Corporation are marketing two sites on the NOW. NOW, which interchanges with Class 1 railroads CSX and Norfolk Southern, currently works with companies in the industrial and manufacturing sectors. To review the sites and learn more about how OmniTRAX helps companies locate on rail-served properties, visit this link.
“The attractiveness of Northwest Ohio for manufacturers and others industries starts with very pro-business state and local governments and continues with a first-rate transportation network. Working with the Sandusky County Economic Development Corporation, we’re confident we will bring new jobs and growth to the region,” said Ean Johnson, Vice President of Industrial Development at OmniTRAX.
Beth Hannum, Executive Director of the Sandusky County Economic Development Corporation, said, “Sandusky County has great connectivity for companies locating facilities here, along with a highly trained and trainable workforce and a great work-life balance for employees. Rail is increasingly important to potential developers so the joint promotion of Rail Ready sites with OmniTRAX is very timely.”
About OmniTRAX, Inc.
As one of North America’s largest and fastest growing private railroad and transportation management companies, OmniTRAX's core capabilities range from providing transportation and supply chain management services to railroad and port companies, to providing intermodal and industrial switching operations to railroads, ports and a diverse group of industrial companies. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at omnitrax.com.
About The Broe Group
Based in Denver, The Broe Group and its affiliates form a privately-owned, multi-billion-dollar real estate, transportation, energy and investment organization with assets owned and managed across North America. Together, Broe managed companies employ more than 1,000 people and support employment of thousands of others through operations such as its Great Western Industrial Park in Northern Colorado. Its transportation affiliate, OmniTRAX, Inc., is one of North America’s largest private railroad and transportation management companies specializing in: management services, railroad and port services, intermodal solutions and industrial switching operations. Its energy affiliates include Great Western Petroleum LLC, the largest private operator in the third most prolific U.S. basin. Broe Real Estate Group acquires, develops and manages office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group also has multiple investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, visit broe.com.
About Sandusky County Economic Development Corporation
Sandusky County Economic Development Corporation (SCEDC) is a non-profit organization that focuses on workforce development, business retention and expansion, and business recruitment for Sandusky County, Ohio. More information is available at https://www.sanduskycountyedc.net/.
Media:
Julie Slagle, Manager – Communications
OmniTRAX
+1 303.398.4539
This email address is being protected from spambots. You need JavaScript enabled to view it.
Coastal Cargo will implement Octopi to enhance customer experience and overall operations with cloud-based TOS
OAKLAND, Calif.--(BUSINESS WIRE)--Octopi, part of Navis and Cargotec Corporation, the provider of operational technologies and services that unlock greater performance and efficiency for leading organizations throughout the global shipping industry, announced today that Coastal Cargo Company has signed a subscription agreement for Octopi by Navis for its terminal in New Orleans. Coastal Cargo Company selected Octopi to better handle its general cargo operations with a flexible, cloud-based solution.
With an annual throughput of one million metric tons, Coastal Cargo operates with stevedoring and port terminal operations capabilities to handle a mix of cargo at its facility. The terminal has ample berth and warehousing space on-site and also provides easy access to rail and the interstate highway system, which gives it a competitive edge over other terminals in the region. As Coastal Cargo had plans to upgrade to a more modern TOS to support their changing business needs, Octopi was the natural choice because it’s easy to implement without additional IT costs and provides training options for its terminal operators with both virtual and in-person experiences.
“The ocean shipping market is constantly evolving, and to remain competitive in the industry and provide the best customer service, we selected Octopi by Navis to support our operations here in New Orleans,” Mark G. Galjour, Chief Financial Officer at Coastal Cargo Company. “Octopi by Navis will be leveraged to increase our staff’s productivity as we strive to continue to provide outstanding customer service and improve operations.”
“At Navis, we are still seeing an increasing need for cloud-based solutions to help terminals provide visibility, fill operational needs and create a seamless customer experience at terminals across the globe,” said Martin Bardi, Vice President of Global Sales, Octopi by Navis. “We are thrilled that Coastal Cargo Company has signed a subscription agreement with Octopi and hope to be a key partner to them to drive success at their terminal.”
For more information visit www.navis.com and www.octopi.co.
About Octopi
Octopi is the leading developer of cloud based software solutions for port terminal operators. The Octopi Terminal Operating System (TOS) helps seaport terminal operators manage their operations, track their cargo, and communicate electronically and in real-time with their commercial partners. The Octopi TOS provides small terminal operators the agility and adaptability required to modernize and efficiently run their operational ecosystem. www.octopi.co
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact’s Business Ambition for 1.5°C. The company’s sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com
Jennifer Grinold
Navis, LLC
T+1 510 267 5002
This email address is being protected from spambots. You need JavaScript enabled to view it.
Geena Pickering
Affect
T+1 212 398 9680
This email address is being protected from spambots. You need JavaScript enabled to view it.
EDMONTON, Alberta--(BUSINESS WIRE)--#AlbertaNo1--No. 1 Geothermal LP is pleased to announce that its recently completed detailed temperature log returned a bottom hole temperature of 118°C. Conducted on a SECURE ENERGY well south of Grande Prairie, this test confirms that the Alberta No. 1 project location has the required temperature to effectively generate geothermal power. The Alberta No. 1 project expects to be providing clean heat and power to Alberta’s energy mix by 2024.
“We are quite encouraged by this test. These results exceed the minimum of 100°C required to efficiently generate power from geothermal resources,” says Dr. Catherine Hickson, CEO of Alberta No. 1. “We were also excited to have worked with SECURE ENERGY and Voltage Wireline to carry out this geothermal temperature log. This work continues to highlight the synergies between geothermal and oil and gas, demonstrating how Albertan expertise can make Alberta a leader in the geothermal space.”
The data was obtained from the Winterburn Group at a depth below 4,000 metres in an inactive well owned by SECURE ENERGY. This result, which exceeds the publicly reported bottom hole temperature by 10°C, assists the Alberta No. 1 team in correlating the subsurface information gathered from decades of oil and gas operations in the Western Canadian Sedimentary Basin to geothermal applications.
“This result provides us with confidence as we develop additional opportunities in this space,” says Stean Smith, Managing Partner of Terrapin Geothermics and Director of Alberta No. 1. “We see the Alberta No. 1 project as the first step in creating a robust geothermal energy industry in the province.”
About Alberta No. 1: Alberta No. 1 is a geothermal energy project located in the Municipal District of Greenview No. 16. Owned by No. 1 Geothermal Limited Partnership, it is developed and managed by Edmonton-based Terrapin Geothermics Inc. Alberta No. 1 is partially funded through the Emerging Renewable Power Program, administered by Natural Resources Canada.
Project Highlights Include:
Diane Jeon, Marketing Manager, Terrapin Geothermics
This email address is being protected from spambots. You need JavaScript enabled to view it.
The report gives a detailed look at the company’s culture, workforce metrics and benefits.
HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) today published its inaugural Human Capital Management Report, a comprehensive look at the company’s approach to building a high-performing organization, with workforce metrics, details on the employee experience, and insight on the culture that makes Phillips 66 a premier workplace for its 14,300 employees.
“Our people are among the brightest in the industry,” said Phillips 66 Chairman and CEO Greg Garland. “Creating an environment where they can thrive helps our company play a pivotal role in solving one of the most important issues of our time: how to meet the world’s growing energy needs while achieving a lower-carbon future.”
The report chronicles some of the company’s responses to the unprecedented challenges of 2020, including the pandemic, a series of natural disasters and social unrest. Garland, noting the company’s achievements during the volatile year, said 2020 “revealed in our people a remarkable ability to innovate, solve problems creatively, work together and achieve excellence.”
The Phillips 66 report covers, among other things:
The full report can be found at https://phillips66.com/hcmr.
About Phillips 66
Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,300 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of Dec. 31, 2020. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.
Allison Stowe, 855-841-2368 (media)
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "World - Steam Turbines and Other Vapor Turbines - Market Analysis, Forecast, Size, Trends and Insights. Update: COVID-19 Impact" report has been added to ResearchAndMarkets.com's offering.
This report provides an in-depth analysis of the global steam turbine market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries.
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
While doing this research, the researchers combined the accumulated expertise of their analysts and the capabilities of artificial intelligence. The AI-based platform, developed by data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
Key Topics Covered:
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
1.1 REPORT DESCRIPTION
1.2 RESEARCH METHODOLOGY AND AI PLATFORM
1.3 DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4 GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
2.1 KEY FINDINGS
2.2 MARKET TRENDS
3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
3.1 MARKET SIZE
3.2 CONSUMPTION BY COUNTRY
3.3 MARKET FORECAST TO 2025
4. MOST PROMISING PRODUCTS
Finding New Products to Diversify Your Business
4.1 TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2 BEST-SELLING PRODUCTS
4.3 MOST CONSUMED PRODUCT
4.4 MOST TRADED PRODUCT
4.5 MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition
5.1 TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2 TOP PRODUCING COUNTRIES
5.3 TOP EXPORTING COUNTRIES
5.4 LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition
6.1 TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2 TOP CONSUMING MARKETS
6.3 UNSATURATED MARKETS
6.4 TOP IMPORTING MARKETS
6.5 MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
7.1 PRODUCTION VOLUME AND VALUE
7.2 PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
8.1 IMPORTS FROM 2007-2019
8.2 IMPORTS BY COUNTRY
8.3 IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
9.1 EXPORTS FROM 2007-2019
9.2 EXPORTS BY COUNTRY
9.3 EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition
For more information about this report visit https://www.researchandmarkets.com/r/71fc2w
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
NEW YORK--(BUSINESS WIRE)--Energy software specialist Smarter Grid Solutions (SGS) has responded to the growing demand for grid flexibility with the release of ANM Strata 3.1, the latest development of its flagship distributed energy resources management system (DERMS) product.
The launch comes at a time when changing energy use caused by lockdowns has highlighted the need for more flexibility from distributed energy resources (DERs).
Currently, the U.S.’s flexibility market is underdeveloped, meaning it is difficult for the grid to respond quickly to unexpected energy system changes.
The new version of SGS’ DERMS software will make it quicker and easier for utilities and DER fleet operators to deliver flexibility services. Thanks to enhanced cloud deployment capabilities, the product can be leveraged by a wider range of clean energy operators, including those managing resources in electric heating and cooling, renewable generation, energy storage and smart EV charging infrastructure.
To optimize flexibility services, the software has been reconfigured to facilitate more targeted control of different kinds of DERs. Dispatch instructions can now be allocated according to the type of DER unit and the level of flexibility required.
In addition, the real-time control of DERs has been upgraded to offer dynamic system configuration. Precise instructions can now be sent to individual DER units to specify the exact amount of power increment or decrement needed, making it easier to manage flexibility whilst keeping the grid within its limits.
Euan Davidson, Chief Technology Officer at SGS, said: “ANM Strata 3.1 is our answer to the high demand for more flexibility in the energy market.
“The updated software gives utilities and DER operators a very high level of control over their distributed energy assets, allowing precisely targeted instructions to be sent to individual units to increase or decrease power output. Such granular control will allow users to extract value from resources when demand is high and avoid unnecessary waste of energy when it is low.”
Strata 3.1 will support the integration of a larger number of clean energy assets to power grids, whilst improving the resilience of decentralized energy systems. Such capabilities can help energy companies and countries meet their commitments under the Paris Agreement ahead of the United Nations’ COP26 summit taking place in the UK in November.
Bronagh Grace :: Hot Tin Roof PR :: This email address is being protected from spambots. You need JavaScript enabled to view it.
Zvi Alon presides over “More Renewables, Less Carbon” at California Israel Chamber of Commerce event
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry worldwide leader in Flex-MLPE (Module Level Power Electronics) today announced that Chairman and Chief Executive Officer Zvi Alon will lead a discussion at the upcoming Israel-US Energy Summit, which is being held 15-17 March, 2021. Mr. Alon will moderate a panel on the topic of “More Renewables, Less Carbon,” featuring the following industry leaders: Dr. Jan Mertens, Chief Science Officer at Engie, Yaki Noyman, Chief Executive Officer at Doral Group Renewable Energy Resources Ltd., and Yaniv Friedman, Deputy CEO of Delek Drilling and the Appointed CEO at Modiin Energy.
“The CI-CC does a fantastic job strengthening the relationships between various businesses based in Israel and California,” stated Zvi Alon, Chairman and CEO of Tigo. “I’m honored to be part of this event that focuses on innovation and cooperation to drive cross-border technology collaboration and solves global challenges with renewable energy.”
The “More Renewables, Less Carbon” discussion caps a three-day summit of exciting conversations, roundtables, and VIP individual meetings. The theme of the first day is “Storage, Hydrogen and EV” and the second is “Utilities of the Future.” The intimate format lends itself to driving action and investment. Specifically, the event will enable US-Israel disruptive cleantech innovation and technology collaboration across California, Texas, and Israel. The conference is organized in collaboration with the Texas Israel Alliance and the BIRD Foundation.
“I’m pleased that Zvi Alon will be moderating this panel of industry executives,” stated Sharon Vanek, Executive Director of the California Israel Chamber of Commerce. “As Chairman and CEO of Tigo Energy, Zvi is intimately familiar with driving consumer choice in the area of solar energy.”
In addition to his duties at Chairman and CEO of Tigo Energy, Mr. Alon has been the Chairman of the Board at the CI-CC for the past 26 years. He also leads Alon Ventures, with investment activities focused on the US, Israel, and China technology markets.
The CI-CC Israel-US Energy Summit 2021 will take place virtually March 15-17, 2021. The theme this year is “Bringing together energy technology leaders from across the globe.”
About Tigo
Tigo is the worldwide leader in flexible module level power electronics (MLPE) with innovative solutions that significantly increase energy production, decrease operating costs, and enhance safety of photovoltaic (PV) systems. Tigo’s TS4 platform maximizes the benefit of PV systems and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on 7 continents and produce gigawatt hours of reliable, clean, affordable and safe solar energy daily. Tigo's global team is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Visit us at www.tigoenergy.com.
About The California Israel Chamber of Commerce
The California Israel Chamber of Commerce (CICC) is a nonprofit, industry-supported organization dedicated to promoting and strengthening the technology and trade relations between the business communities of California and Israel. With its wide and dynamic network of over 10,000 entrepreneurs, companies, business executives, investors and service providers, the CICC provides a networking platform for joint venture programs between the two communities. Visit us at www.ci-cc.org.
Media Contact for Tigo
John Lerch
408.402.0802 x430
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact for CI-CC
Sharon Vanek
This email address is being protected from spambots. You need JavaScript enabled to view it.
SIMI VALLEY, Calif.--(BUSINESS WIRE)--$AVAV #AeroVironment--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned aircraft systems (UAS), today announced it secured a $5,922,461 firm-fixed-price U.S. Department of Defense Foreign Military Sales (FMS) contract award on December 22, 2020 to provide Puma™ 3 AE tactical UAS, training and support to a European allied nation. Delivery is anticipated by April 2021.
"Puma 3 AE offers allied forces an unparalleled perspective of tactical environments, increasing situational awareness and minimizing exposure to possible threats on land or at sea," said Rick Pedigo, vice president of business development and sales at AeroVironment. "With the help of AeroVironment’s tactical unmanned aircraft systems, like Puma 3 AE, customers are able to increase the mission effectiveness and safety of their frontline forces, even in the most extreme environments."
The AeroVironment Puma 3 AE unmanned aircraft system is designed for land and maritime operations. The hand-launched Puma 3 AE has a wingspan of 9.2 feet, weighs 15 pounds and can operate for up to 2.5 hours. The aircraft also has a range of 12.4 miles (20 kilometers) with a standard antenna, and up to 37.2 miles (60 kilometers) with AeroVironment’s Long-Range Tracking Antenna (LRTA). It also features reduced system packaging with a flyable configuration and GCS in one case. Capable of landing in water or on land, the all-environment Puma 3 AE and Mantis i45 EO/IR sensor suite empower operators with extended flight time and a level of imaging capability never before available in the tactical UAS class.
AeroVironment’s family of tactical UAS comprises the majority of all unmanned aircraft in the U.S. Department of Defense (DoD) inventory, and its rapidly growing international customer base numbers more than 50 allied governments. To learn more, visit www.avinc.com.
ABOUT AEROVIRONMENT UNMANNED AIRCRAFT SOLUTIONS
AeroVironment’s portfolio of intelligent, multi-domain robotic systems includes small footprint, runway-independent unmanned aircraft systems. The JUMP 20, T-20 and Puma™ LE provide extended range, multi-payload capabilities, and the Puma™ RQ-20, Raven® RQ-11B, Wasp® RQ-12A, VAPOR® Helicopter and automated Quantix™ Recon deliver highly tactical, frontline situational awareness. These solutions deliver increased, multi-mission capabilities and the option of selecting the appropriate aircraft based on the type of mission to be performed. These capabilities have the potential to provide significant force protection and force multiplication benefits to small tactical units and security personnel, as well as greater safety, scalability and cost-savings to commercial operators. AeroVironment provides turnkey ISR and support services worldwide to ensure a consistently high level of mission success. AeroVironment has delivered tens of thousands of new and replacement unmanned air vehicles to customers within the United States and to more than 50 allied governments. For more information, visit https://www.avinc.com/uas.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Celebrating 50 years of innovation, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.
SAFE HARBOR STATEMENT
Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Makayla Thomas
AeroVironment, Inc.
+1 (805) 520-8350
This email address is being protected from spambots. You need JavaScript enabled to view it.
Mark Boyer
For AeroVironment, Inc.
+1 (213) 247-4109
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investment facilitates increased ownership by the Magna IV management team and positions the business for growth
EDMONTON, Alberta & DENVER--(BUSINESS WIRE)--Magna IV Engineering, a leading power and automation solutions provider with subsidiaries in Canada, the United States and Chile, announced today that it has received a majority investment from Copley Equity Partners, a private investment firm focused on middle market companies with strong growth opportunities. Terms of the transaction were not disclosed.
The investment by Copley, with the support of its current management team, ensures stability for its employee base and positions the Company for significant additional growth.
“Copley was interested in investing in a great company with a great team already in place,” said Kelly Butz, CEO of Magna IV Engineering. “This is the next step in Magna's evolution, and provides the potential to grow both organically and through strategic acquisitions. Copley's philosophy of investing back into the business means great things for our future.”
Andy Miller, a Managing Director and Co-Founder of Copley, said, “Kelly and his experienced management team have built an exceptionally strong company, as is evidenced by Magna’s employee culture and long-term customer relationships. We look forward to helping them accelerate growth and accomplish their strategic goals.”
ABOUT MAGNA IV ENGINEERING
Founded in Edmonton, Canada in 1982, Magna IV Engineering is a NETA accredited power & automation solutions provider, focusing on electrical engineering and technical field services. We design, commission, maintain, and repair power and control systems anywhere electricity is used. While Alberta, Canada is where you can trace our beginnings, our vision is to be the World’s most trusted power & automation solutions provider. www.magnaiv.com
ABOUT COPLEY EQUITY PARTNERS
Established in 2012, Copley is a private investment firm with offices in Denver and Boston. Copley partners with growing, lower-middle market private companies. The firm invests out of an evergreen, single family office capital base and is comfortable in both majority and minority ownership positions. Copley’s patient and flexible capital base allows the firm to provide each portfolio company significant support post investment. www.copleyequity.com
Magna IV Engineering
Kelly Butz, (780) 462-3111
This email address is being protected from spambots. You need JavaScript enabled to view it.
Copley Equity Partners
Andy Miller, (720) 439-8499
This email address is being protected from spambots. You need JavaScript enabled to view it.
Additive manufacturing will help keep aging engines operational with greater flexibility and shorter delivery times than traditional MRO supply chains
CAMPBELL, Calif.--(BUSINESS WIRE)--VELO3D is pleased to announce that Chromalloy, a manufacturing and repair solutions provider for gas turbine engine manufacturers and operators worldwide, recently selected the VELO3D Sapphire® system as their additive manufacturing (AM) solution to significantly impact the economics of future Maintenance, Repair & Operations (MRO) projects in Chromalloy’s aviation and energy markets.
Chromalloy is installing the VELO3D Sapphire® in its manufacturing and repair services environment. This industrial AM technology is increasingly being adopted by manufacturers as a solution to offset the high costs of low-volume, direct-part replacement for conventionally produced parts when demand and long-term forecasting are uncertain.
“Chromalloy continues to seek innovative alternatives for our customers to extend the life of their engines and reduce their MRO costs,” says John Green, Vice President, Engineering & Technology, Chromalloy. “The VELO3D additive manufacturing equipment provides a unique, practical solution for our proprietary LifeX customer solutions.”
According to Chromalloy’s Jim Whitton, Director, Innovation Strategy, “For Chromalloy, 3D printed parts must provide inherent value because they are 3D printed. Otherwise, the printing itself is just a novelty. VELO3D’s unique build capability and material density create high value by reducing post-processing requirements.”
VELO3D will qualify Chromalloy’s machine for 3D printing nickel-based superalloys, including Hastelloy®X, which is known for its strength and durability characteristics in high temperature environments. VELO3D is renowned for enabling geometric freedom through its patented SupportFree process. The capability to produce practically unlimited geometries eliminates the need to redesign legacy parts in order to produce them with AM. This tremendously reduces the barrier of transitioning legacy parts, produced historically by casting, welding or brazing, to additive manufacturing.
All Sapphire machines come standard with VELO3D ‘s highly automated, user-friendly Flow™ pre-print software and Assure™ quality assurance and control system.
“As an industry leader in the aviation MRO space, Chromalloy is an excellent partner for us,” says Benny Buller, VELO3D founder and CEO. “They have the expertise to open up a whole market category of parts. With the flexibility to produce high value, high mix, low-volume parts, AM allows the supply chain to be scaled to market- and customer-specific requirements.”
Jim Whitton agrees. “For complex gas turbine combustor components that have limited aftermarket availability or high replacement cost, the Sapphire system will allow Chromalloy to produce hardware on-demand, negating high NPI (new product introduction) tooling costs and lead-times of other methods,” he says.
Media Contact for Chromalloy:
Jeff Romaine
Director of Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact for VELO3D:
Renette Youssef
Chief Marketing Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
Twitter: https://twitter.com/VELO3DMetal
Facebook: https://www.facebook.com/Velo3Dinc/
Linkedin: https://www.linkedin.com/company/velo3d/
ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), which, through its wholly-owned subsidiary, Lippert Components, Inc. ("Lippert"), supplies a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation product markets, and the related aftermarkets of those industries, today announced the appointment of Stephanie Mains to the Company's Board of Directors as an additional independent director. Ms. Mains will serve as a member of the Audit Committee and Compensation Committee of the Board.
Mains, 53, most recently served as Interim President and CEO of GE Power Conversion from April 2020 through December 2020. Prior to that, Mains acted as President and CEO of ABB Industrial Solutions from 2015 to 2019, where she led the Industrial Solutions business following ABB’s strategic acquisition of GE Industrial Solutions. Mains also held several other executive positions with GE Energy, including President and CEO of Industrial Solutions from 2015 to 2018, President and Chief Executive Officer, Distributed Power Services from 2013 to 2015 and Vice President, Energy Service Operations from 2006 to 2013. Prior to joining GE Energy, Ms. Mains served 17 years across multiple GE businesses in financial and transformational leadership positions, including Chief Financial Officer, Aviation Material and Contractual Services, where she led the aviation material services business and contractual service portfolio.
Mains currently serves on the board of directors of Diamondback Energy, Inc., an independent oil and natural gas company, Gates Industrial Corporation plc, a global manufacturer of innovative, highly engineered power transmission and fluid power solutions, and Stryten Manufacturing, a manufacturer of premium battery solutions, which is a private portfolio company of Atlas Holdings. Additionally, Mains founded and runs her own consulting firm, SK Mains Consulting, LLC, launched in April 2020.
“We are pleased to welcome Stephanie to our Board,” said Jim Gero, Chairman of LCI Industries’ Board of Directors. “Her extensive operations experience and leadership abilities will be of significant value to LCI Industries, our Board of Directors, and our stockholders.”
Mains joins directors James Gero, Jason Lippert, David Reed, Brendan Deely, Frank Crespo, Kieran O’Sullivan, Tracy Graham, Ron Fenech, Virginia Henkels, and Johnny Sirpilla on the Company’s Board, each for a one-year term ending at the next annual election of directors.
About LCI Industries
LCI Industries, through its wholly-owned subsidiary, Lippert, supplies, domestically and internationally, a broad array of highly engineered components for the leading OEMs in the recreation and transportation product markets, consisting primarily of recreational vehicles and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers. Lippert's products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; entry, luggage, patio, and ramp doors; furniture and mattresses; electric and manual entry steps; awnings and awning accessories; towing products; truck accessories; electronic components; and other accessories. Additional information about Lippert and its products can be found at www.lci1.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.
Forward-looking statements, including, without limitation, those relating to our future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of COVID-19, or other future pandemics, on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
Contact: Brian M. Hall, CFO
Phone: (574) 535-1125
E Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Merger on track to close in the second half of 2021
ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, announced today that it has received the approval of the transfer of operating licenses from the Federal Communications Commission (FCC) related to the proposed PNM Resources (NYSE: PNM) merger.
“We are pleased with the continued progress of the required regulatory approvals for this transaction,” said Dennis V. Arriola, CEO of AVANGRID. “Combining AVANGRID and PNM Resources will bring together two companies committed to a clean energy future with a transaction that will deliver tangible benefits for customers in New Mexico and Texas.”
Today’s announcement follows the recent approval of the merger by PNM Resources’ shareholders, the receipt of regulatory clearance from the Committee on Foreign Investment in the United States (CFIUS) and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
The company continues to pursue state and Federal regulatory approvals for the merger, including from the Nuclear Regulatory Commission and the Federal Energy Regulatory Commission (FERC), as well as the New Mexico Public Regulation Commission and the Public Utility Commission of Texas.
AVANGRID announced the strategic PNM Resources merger combination in October 2020 in an all cash offer for PNM Resources’ shares at $50.30 per share, an $8.3 billion enterprise value transaction. The resulting entity would be one of the major clean energy companies in the U.S. with ten regulated utilities in six states and the third largest renewables company with operations in 24 states.
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 and operates 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.
Forward-Looking Statements
Certain statements made in this press release for AVANGRID that relate to future events or expectations, developments, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. All statements contained in this Press Release that do not relate to matters of historical fact should be considered forward-looking statements, and are generally identified by words such as “may,” “will,” “would,” “can,” “expect(s),” “intend(s),” “anticipate(s),” “estimate(s),” “believe(s),” “future,” “could,” “should,” “plan(s),” “aim(s),” “assume(s)”, “project(s)”, “target(s)”), “forecast(s)”, “seek(s)” and or the negative of such terms or other variations on such terms, comparable terminology or similar expressions. These forward-looking statements generally include statements regarding the potential transaction between AVANGRID and PNM Resources, including any statements regarding the expected timetable for completing the potential merger, the ability to complete the potential merger, the expected benefits of the potential merger, projected financial information, future opportunities, and any other statements regarding AVANGRID’s and PNM Resources’ future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current reasonable beliefs, expectations and assumptions. AVANGRID assumes any obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, AVANGRID cautions readers not to place undue reliance on these statements.
AVANGRID’s business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see AVANGRID’s Form 10-K and Form 10-Q filings and the information filed on Avangrid’s Forms 8-K with the Securities and Exchange Commission (the “SEC”) as well as its subsequent SEC filings, and the risks and uncertainties related to the proposed merger with PNM Resources, including, but not limited to: the expected timing and likelihood of completion of the pending merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending merger that could reduce anticipated benefits or cause the parties to abandon the transaction, the failure by AVANGRID to obtain the necessary financing arrangement set forth in commitment letter received in connection with the Merger, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed Merger, and the risk that the proposed transaction and its announcement could have an adverse effect on the ability of PNM Resources to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
Media:
Athena Hernandez, 203-231-2146 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors:
Patricia Cosgel, 203-499-2624 or This email address is being protected from spambots. You need JavaScript enabled to view it.
ABERDEEN, Scotland--(BUSINESS WIRE)--Financial Highlights
For the three months ended December 31, 2020, KNOT Offshore Partners LP (“KNOT Offshore Partners” or the “Partnership”):
Other Partnership Highlights and Events
Financial Results Overview
Total revenues were $69.9 million for the three months ended December 31, 2020 (the “fourth quarter”), compared to $71.3 million for the three months ended September 30, 2020 (the “third quarter”). The decrease was mainly related to lower utilization of the fleet due to redelivery of Windsor Knutsen from Shell on December 7, 2020.
Vessel operating expenses for the fourth quarter of 2020 were $15.6 million, a decrease of $1.1 million from $16.7 million in the third quarter of 2020. The decrease is mainly due to lower operating costs on average for the fleet in the fourth quarter.
1 EBITDA, Adjusted EBITDA and distributable cash flow are non-GAAP financial measures used by management and external users of the Partnership’s financial statements. Please see Appendix A for definitions of EBITDA, Adjusted EBITDA and distributable cash flow and a reconciliation to net income, the most directly comparable GAAP financial measure.
2 Distribution coverage ratio is equal to distributable cash flow divided by distributions declared for the period presented
General and administrative expenses were $1.4 million for the fourth quarter compared to $1.3 million in the third quarter.
Depreciation was $22.5 million for the fourth quarter, which is unchanged from the third quarter.
As a result, operating income for the fourth quarter was $30.4 million, compared to $30.9 million in the third quarter.
Interest expense for the fourth quarter was $6.1 million, a decrease of $0.5 million from $6.6 million for the third quarter. The decrease was due to a combination of lower average LIBOR rates and decreased debt leverage for all credit facilities.
Realized and unrealized gain on derivative instruments was $0.2 million in the fourth quarter, compared to $0.9 million in the third quarter. The unrealized non-cash element of the mark-to-market gain was $2.3 million for the fourth quarter of 2020, compared to $2.4 million for the third quarter of 2020. All of the unrealized gain for the fourth quarter of 2020 is related to a mark-to-market gain on interest rate swaps.
As a result, net income for the fourth quarter of 2020 was $24.6 million compared to $25.1 million for the third quarter of 2020.
Net income for the fourth quarter of 2020 increased by $0.8 million to $24.6 million from net income of $23.8 million for the three months ended December 31, 2019. Operating income for the fourth quarter of 2020 decreased by $0.6 million to $30.4 million, compared to operating income of $31.0 million in the fourth quarter of 2019, mainly due to lower utilization of the fleet due to the redelivery of the Windsor Knutsen from Shell in the fourth quarter of 2020 and higher operating costs on average for the fleet. These factors were partially offset by full earnings from the Raquel Knutsen in the fourth quarter of 2020 compared to the fourth quarter of 2019 when the vessel had commenced its scheduled drydocking. Total finance expense for the fourth quarter of 2020 decreased by $1.5 million to $5.8 million, compared to finance expense of $7.3 million for the fourth quarter of 2019. The decrease was mainly due to lower average interest costs due to a decrease in the US LIBOR rate and lower unrealized gain on derivative instruments.
Distributable cash flow was $28.6 million for the fourth quarter of 2020, compared to $28.9 million for the third quarter of 2020. The decrease in distributable cash flow was mainly due to lower utilization of the fleet and an increased realized loss on derivative instruments, offset by decreased operating and interest expenses. The distribution declared for the fourth quarter of 2020 was $0.52 per common unit, equivalent to an annualized distribution of $2.08.
COVID-19
The outbreak of the coronavirus (“COVID-19”) continues to negatively affect global economic activity, including the demand for oil and oil shipping, which may materially impact the Partnership’s operations and the operations of its customers and suppliers, although progress in vaccinations brings cautious optimism.
The Partnership’s operations have not been materially affected by the COVID-19 outbreak to date, although the ultimate length and severity of the current pandemic and its potential impact on the Partnership’s business, financial condition and results of operations remains uncertain at this time. The virus outbreak has increased uncertainty in a number of areas of the Partnership’s business, including operational, commercial and financial activities. Large scale distribution of vaccines seems likely to mitigate some of these uncertainties during 2021, but it remains too early to definitively judge the speed, scale and overall effect of vaccination efforts.
The Partnership’s focus continues to be on ensuring the health and safety of its employees while providing safe and reliable operations for its customers. All crew on board and staff onshore continue to take precautions with respect to social distancing, personal hygiene and other measures, following all local guidelines and regulations to minimize the spread of the virus. To date, the Partnership has not had any material service interruptions on its time-chartered vessels as a result of COVID-19.
Due to continuing international travel restrictions, there remain challenges in respect of crew changes and maintenance support; however the Partnership has been able to carry out crew changes in both Europe and Brazil. Crew changes continue to occur with regularity and maintenance has continued to be performed, or in some cases postponed, where it is safe and possible to do so. The majority of such difficulties continue to result from either local lockdowns or transportation or logistical restrictions. The Partnership has incurred higher crewing expenses to ensure appropriate mitigation actions are in place to minimize risks of outbreaks, but such overall crewing costs have remained within budget.
The closure of, or restricted access to, ports and terminals and passenger air travel in regions affected by the virus may lead to further operational impacts that could result in higher costs. It is possible that an outbreak onboard a vessel could prevent the Partnership from meeting its obligations under a charter, resulting in an off-hire claim and loss of revenue. Any outbreak of COVID-19 on board one of the Partnership’s vessels or that affects any of the Partnership’s main suppliers could cause an inability to replace critical supplies or parts, maintain adequate crewing or fulfil the Partnership’s obligations under its time charter contracts which in turn could result in off-hire or claims for the impacted period.
COVID-19 placed downward pressure on economic activity and energy demand during 2020, and there remains significant uncertainty moving into 2021. Although oil prices have rebounded back above $50/bbl and we expect this to continue through 2021, demand for oil remains below pre-COVID levels. This, together with announced delays in new capital expenditure by many oil majors in 2020 has had a negative impact on the demand for shuttle tankers in the short term and, given the uncertainty around the continuation of the COVID-19 situation, this dampened demand could persist. This could affect the number of new, long-term offshore projects and the overall outlook for oil production, which could eventually and in turn impact the demand and pricing for shuttle tankers. Furthermore, the Partnership may be unable to re-charter its vessels at attractive rates in the future, particularly for vessels that are coming off charter in the next one to two years. Notwithstanding these challenges, the Partnership remains confident in the mid to long term growth opportunities for the shuttle tanker market and that once economic activity begins to move back closer towards pre-COVID levels the Partnership will be well-placed to prosper.
Although the Partnership is exposed to the uncertainty of cash flows from its time charter contracts arising from the credit risk associated with the individual charterers, the Partnership believes that its charter contracts, all with subsidiaries of national oil companies and oil majors, largely insulates the Partnership from this risk in most scenarios. Notwithstanding, any extended period of non-payment or idle time between charters caused by issues related to COVID-19 or otherwise could adversely affect the Partnership’s future liquidity, results of operations and cash flows. The Partnership has not so far experienced any reduced or non-payments for obligations under the Partnership’s time charter contracts and the Partnership has not provided concessions or made changes to the terms of payment for customers.
COVID-19 has had a sustained impact on global capital markets and the responses of governments around the world to manage the impact of the virus have led to lower interest rates and volatility in the prices of equities, bonds, commodities and their respective derivatives. The Partnership’s common unit price remains lower than the price at the start of 2020, mainly due to the impact of COVID-19 on the wider economy and sentiment in the energy and shipping sectors. In these current market conditions with lower unit prices, issuing new common equity remains a less viable and more expensive option for accessing liquidity. The Partnership has two tranches of debt maturing in August and November 2021 but expects to be able to obtain refinancing for this debt, and other debt in the future, on satisfactory terms. However, if the refinancing does not occur the Partnership may not have sufficient funds or other assets to satisfy all of its obligations, which would have a material adverse effect on its business, results of operations and financial condition.
Operational Review
The Partnership’s vessels operated throughout the fourth quarter of 2020 with 98.6% utilization for scheduled operations. All charter payments in respect of the quarter were received in accordance with the Partnership’s charter contracts.
The Windsor Knutsen was redelivered from the charterer on December 7, 2020. It was expected that the vessel would then undertake a number of short-term voyage contracts when the vessel reported a crack in its main engine block on December 12, 2020 and the vessel was placed off-hire. The Partnership’s hull and machinery insurance is expected to cover the cost of repairs and loss of hire insurance is expected to provide income at approximately the level earned during the vessel’s prior long-term charter, excepting a 14-day deductible period under the policy, up to and until the vessel is ready to return to service. Based on lead times for the manufacturing of necessary parts, logistics and the repair itself, the Partnership currently anticipates that the vessel will return to service in or around June 2021.
The Partnership has agreed on the commercial terms for an expected one-year fixed time charter contract for the Windsor Knutsen (with potential options to extend the charter by one one-year period and then one six-month period) with a major oil company to commence in the third quarter of 2021.
On December 8, 2020, the Partnership secured new three-year fixed contracts for the vessels, Tordis Knutsen, Vigdis Knutsen and Lena Knutsen, with a major oil company. The commencement of these new time charters range between May and December 2023, where it is the owner’s choice which of the vessels will be put forward and used under each charter. All three charters are for fixed periods of three years, however the third charter grants cancellation options to the charterer at the end of the first and the second years with penalties payable to the Partnership if exercised. The vessels will now be marketed for short to mid-term charter business in the intervening period between the end of the vessels’ current fixed charters (in 2022) and the commencement of the abovementioned new fixed charters (in 2023), which period on average is currently estimated to be 15 months for each vessel.
On March 9, 2021, the charterer of the Bodil Knutsen, Equinor did not notify the Partnership by this due date of its intention to exercise its option to extend the time charter for the vessel. Based on a redelivery notice received, the charter is currently expected to expire on April 9, 2021. As a result, the Partnership has already begun marketing the vessel for long-term employment and intends for the vessel to be utilised in any intervening period in the short-term market, including in the contract of affreightment (‘COA’) market in the North Sea.
Financing and Liquidity
On November 20, 2020, the Partnership entered into an agreement with Shinsei Bank, Limited for an unsecured revolving credit facility of $25 million. The facility matures in November 2023, bears interest at LIBOR plus a margin of 1.75% and has a commitment fee of 0.4% on the undrawn portion of the facility.
On December 30, 2020, the Partnership through its wholly-owned subsidiary, Knutsen Shuttle Tankers 19 AS, which owned the Raquel Knutsen, agreed to enter into a sale and leaseback agreement with a Japanese-based lessor for a lease period of ten years. The closing of the transaction occurred on January 19, 2021. The gross sales price was $94.3 million and a portion of the proceeds was used to repay the outstanding loan and cancelation of the interest rate swap agreements related to the vessel. The bareboat rate under the lease consists of a fixed element per day and there is a fixed-price purchase obligation at maturity. After repayment of the loan and related interest rate swaps, the Partnership realized net proceeds of $38 million after fees and expenses.
As of December 31, 2020, the Partnership had $73.3 million in available liquidity, which consisted of cash and cash equivalents of $52.6 million and $20.7 million of capacity under its existing revolving credit facilities. The revolving credit facilities mature in August 2021 and November 2023. The Partnership’s total interest-bearing debt outstanding as of December 31, 2020 was $1,036.1 million ($1,030.3 million net of debt issuance cost). The average margin paid on the Partnership’s outstanding debt during the fourth quarter of 2020 was approximately 2.04% over LIBOR.
As of December 31, 2020, the Partnership had entered into various interest rate swap agreements for a total notional amount of $516.2 million to hedge against the interest rate risks of its variable rate borrowings. As of December 31, 2020, the Partnership receives interest based on three or six-month LIBOR and pays a weighted average interest rate of 1.88% under its interest rate swap agreements, which have an average maturity of approximately 4.3 years. The Partnership does not apply hedge accounting for derivative instruments, and its financial results are impacted by changes in the market value of such financial instruments.
As of December 31, 2020, the Partnership’s net exposure to floating interest rate fluctuations on its outstanding debt was approximately $467.3 million based on total interest-bearing debt outstanding of $1,036.1 million, less interest rate swaps of $516.2 million and less cash and cash equivalents of $52.6 million. The Partnership’s outstanding interest-bearing debt of $1,036.1 million as of December 31, 2020 is repayable as follows:
(U.S. Dollars in thousands) |
Period repayment |
Balloon repayment |
Total |
|||||
2021 |
90,912 |
95,811 |
186,723 |
|||||
2022 |
|
75,577 |
|
|
236,509 |
|
|
312,086 |
2023 |
59,902 |
235,185 |
295,087 |
|||||
2024 |
|
18,240 |
|
|
123,393 |
|
|
141,633 |
2025 |
4,583 |
96,006 |
100,589 |
|||||
Total |
$ |
249,214 |
|
$ |
786,904 |
|
$ |
1,036,118 |
Acquisition of Tove Knutsen
On December 31, 2020, the Partnership’s wholly owned subsidiary, KNOT Shuttle Tankers AS, acquired KNOT Shuttle Tankers 34 AS (“KNOT 34”), the company that owns the shuttle tanker, Tove Knutsen , from Knutsen NYK (the “Tove Acquisition”). The purchase price was $117.8 million, less approximately $93.1 million of outstanding indebtedness related to the Tove Knutsen plus approximately $0.8 million for certain capitalized fees related to the financing of the vessel and minus other purchase price adjustments of $3.6 million. On the closing of the Tove Acquisition, KNOT 34 repaid $6.9 million of the indebtedness, leaving an aggregate of approximately $86.3 million of debt outstanding under the secured credit facility related to the vessel (the “Tove Facility”). The Tove Facility is repayable in quarterly instalments with a final balloon payment of $65.5 million due at maturity in September 2025. The Tove Facility bears interest at an annual rate equal to LIBOR plus a margin of 1.75%. The purchase price was settled in cash.
The Tove Knutsen is operating in Brazil under a time charter with Equinor, which will expire in the fourth quarter of 2027. The charterer has options to further extend the charter for up to two two-year periods and nine one-year periods. The Partnership’s board of directors (the “Board”) and the conflicts committee of the Board (the “Conflicts Committee”) approved the purchase price of the Tove Acquisition. The Conflicts Committee retained an outside financial advisor to assist with its evaluation of the acquisition and the purchase price offered by Knutsen NYK.
Distributions
On February 11, 2021, the Partnership paid a quarterly cash distribution of $0.52 per common unit with respect to the quarter ended December 31, 2020 to all common unitholders of record on January 29, 2021. On February 11, 2021, the Partnership paid a cash distribution to holders of Series A Preferred Units with respect to the quarter ended December 31, 2020 in an aggregate amount equal to $1.8 million.
Outlook
The Partnership’s earnings for the first quarter of 2021 will be affected by the planned 10-year special survey dry docking of the Bodil Knutsen, which went off-hire February 22, 2021 and which is expected to last approximately 30-32 days. The Tordis Knutsen is due for her first planned 5-year special survey drydocking in the fourth quarter of 2021, which is expected to be carried out in Europe. The vessel is expected to be off-hire for approximately 50-55 days, including mobilization to and from Europe.
The Partnership currently expects that the Windsor Knutsen will be successfully repaired and, given expected insurance recoveries, that no material or lasting financial or operational impact will result. Following the repair, it is expected that a new one-year fixed charter with additional charterer’s options will commence in the third quarter of 2021. From the time of the redelivery of the Bodil Knutsen on or around April 9, 2021, any significant period of reduced utilization thereafter will affect the Partnership’s earnings in 2021. However the Partnership is optimistic of securing new employment for the vessel, has already begun marketing the vessel for long-term employment and intends for the vessel to be utilised in any intervening period in the short-term market, including in the contract of affreightment (‘COA’) market in the North Sea. Based on this outlook and together with the contribution expected from its newest vessel, the Tove Knutsen, the Partnership does not currently expect that the employment of the Bodil Knutsen will have a material adverse effect on the Partnership’s overall financial health in 2021.
As of December 31, 2020, the Partnership’s fleet of seventeen vessels had charters with an average remaining fixed duration of 2.9 years. In addition, the charterers of the Partnership’s time charter vessels have options to extend their charters by an additional 3.1 years on average. As of December 31, 2020, the Partnership had $738 million of remaining contracted forward revenue, excluding options.
In October 2020, Knutsen NYK took delivery of Tove Knutsen’s sister vessel, Synnøve Knutsen, which currently is operating under a short-term contract with Petrobras in Brazil. The vessel is expected to commence on a 5-year time charter contract with Equinor in December 2021.
Questions should be directed to:
Gary Chapman (+44 7496 170 620)
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.