As the most experienced software vendor enabling the Lloyd’s Cargo market, Insurity helps carriers across international markets to leverage a digitally-capable, sanctions-compliant solution for their entire global cargo book of business
HARTFORD, Conn.--(BUSINESS WIRE)--Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that it is providing P&C carriers with the most digitally-capable, sanctions-compliant solution in the global cargo market following Lloyd’s Certificate Office closure announcement. Insurity is the leading vendor in the market for online certificates and is the most experienced vendor in servicing the Lloyd’s Cargo Insurance market.
In 2021, Lloyd’s Certificate Office announced its closure and that it will no longer be issuing certificates itself. Due to its deep experience, Insurity is one of two qualified vendors nominated by Lloyd’s to provide electronic certificates in its stead. Insurity’s cargo insurance management and certificate issuance solution, Insurity Marine Suite, is the most comprehensive, purpose-built software available, issuing nearly 4 million certificates annually from over 100,000 insurers, brokers, freight forwarders, and shippers worldwide.
Insurity’s cargo solution provides the capability to service global markets with any necessary certificate, not just Lloyd’s certificates. The digital platform is multi-browser, multilingual, multi-currency, and has complete digital platform capabilities, including built-in invoicing and billing, plus sanction screening. It provides customized branding, BI reporting and analytics, and support for complex multi-national policies. It is ideal for servicing all cargo policies, including complex freight forwarders and traders. Insurity’s Marine Suite enables cargo lines with complete functionality for managing shipment and storage declarations, certificate issuance, and the calculation of billings based on activity.
“Insurity is best positioned to help carriers evolve with the global cargo market and support the organizations looking to expand their business following the closure of the Lloyd’s Certificate Office,” said Sylvester Mathis, Chief Insurance Officer, Insurity. “In addition to completing Lloyd’s certificates with minimal migration impact or effort, Insurity’s Marine Suite will also allow carriers to manage all of their cargo business via a forward-looking, future proof, and technologically secure platform.”
To learn more about how your organization can leverage Insurity’s Marine Suite, please contact Laura Krause at This email address is being protected from spambots. You need JavaScript enabled to view it..
About Insurity
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
Laura Krause
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LOS ANGELES--(BUSINESS WIRE)--AltaSea and the UCLA Samueli School of Engineering’s Institute for Carbon Management (ICM) have announced an agreement to demonstrate carbon removal technologies on the 35-acre AltaSea campus at the Port of Los Angeles later this year. ICM will showcase its pioneering SeaChange technology that leverages the oceans to effect carbon removal. This innovative technology will help address one of the most daunting climate change challenges the world faces — carbon dioxide emissions.
ICM’s carbon dioxide removal process uses renewable electricity to entrap carbon dioxide found in seawater in the form of inert, solid carbonates and dissolved bicarbonate ions. This process allows durable, permanent and energy-efficient carbon removal. In order to combat the effects of climate change, it is estimated that 10-20 billion metric tons of carbon dioxide will need to be removed each year beginning 2050, ICM is poised to rapidly upscale and commercialize its innovative technology to expand the world’s carbon dioxide removal capabilities.
“AltaSea’s mission is to convene the best and brightest that are fighting climate change through innovative technology, and ICM’s carbon removal technology is a gamechanger in our global fight against climate change,” said AltaSea President & CEO Terry Tamminen. “We are excited to have them on board and be able to help foster the development and growth of breakthrough technologies that can have positive, impactful change on our planet.”
AltaSea is the West Coast’s largest blue economy research and development center, creating new well-paying jobs, tackling climate change, and working to solve some of the most pressing issues in the marine environment. In addition to UCLA, AltaSea’s current and planned tenants include the University of Southern California, the Southern California Marine Institute (made up of 23 universities, colleges, and institutes), Braid Theory, Holdfast Aquaculture, Montauk Technologies, and Pacific Mariculture.
AltaSea is also home port to famed oceanographer and explorer Dr. Robert Ballard’s Ocean Exploration Trust (OET) and the research vessel Nautilus. Dr. Ballard is best known for his historic discoveries of hydrothermal vents, the sunken R.M.S Titanic, the German battleship Bismarck, and many other shipwrecks around the world. OET plans to build a 10,000 square foot interactive research and educational center at AltaSea.
“AltaSea’s campus is California’s hub for the blue economy, and there is no better place in North America for UCLA’s Institute for Carbon Management to demonstrate its pioneering SeaChange technology,” said ICM Director and civil and environmental engineering, and materials science and engineering professor, Gaurav N. Sant.
Dante Simonetti, ICM’s Associate Director for Technology Translation, will also join in the effort. “The next decade is crucial to scale up, scale out and commercialize carbon management technologies,” said Simonetti, who is an assistant professor of chemical and biomolecular engineering at UCLA Samueli. “Access to, and partnership with, world-class demonstration sites like AltaSea is a prerequisite for our success.”
About AltaSea at the Port of Los Angeles
AltaSea at the Port of Los Angeles, located on 35 acres at North America’s leading seaport by both container volume and cargo value, is dedicated to accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.
For more information on AltaSea, please see our website: https://altasea.org.
About UCLA’s Institute for Carbon Management
The Institute for Carbon Management (ICM) is a cross-campus technology-translation entity at UCLA that engineers carbon management solutions for a sustainable tomorrow. ICM transforms pioneering carbon management solutions from the laboratory/bench-scale to pre-commercial/commercial-scale devices, prototypes and software solutions. The institute is organized into cross-disciplinary project teams with expertise from across the globe. These collaborations have enabled UCLA to become the first university-led team in the world to win many global contests, such as an XPRIZE in April 2021 (grand prize in the NRG COSIA Carbon XPRIZE competition) and the 2021 Liveability Challenge in Singapore. ICM's technologies are now being commercialized via UCLA startup companies including CarbonBuilt, Concrete-AI and SeaChange.
Jacob Scott
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412-445-7719
METAIRIE, La.--(BUSINESS WIRE)--The Board of Directors of Biloxi Marsh Lands Corporation has declared a dividend of $.30 per outstanding share of common stock payable on Wednesday, April 6, 2022 to shareholders of record as of the close of business on Friday, April, 1, 2022.
Biloxi Marsh Lands Corporation
Eric Zollinger: 504-837-4337
DUBLIN--(BUSINESS WIRE)--The "Machinery Leasing Global Market Opportunities And Strategies To 2030, By Type, Model" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global machinery leasing market as it emerges from the COVID 19 shut down.
The market for machinery leasing reached a value of nearly $316.2 billion in 2020, having grown at 2.7% since 2015 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% to nearly $454.8 billion by 2025.
Companies Mentioned
Reasons to Purchase
This report describes and evaluates the market for machinery leasing globally. It covers three five-year periods, 2015 to 2020, termed the historic period and 2020 through 2025, and 2025-2030, the forecast periods.
Global growth in the historic period resulted from strong economic growth in emerging markets, increased construction and rise in commercial farming. Factors that negatively affected growth in the historic period were reduction in free trade and companies opting to buy over leasing equipment. Going forward, growing capital expenditure on infrastructure development, improved logistics infrastructure, increasing need to replace outdated equipment, increasing number of drilling activities, shift in trends toward rental and emergence of startups will drive the growth. Factors that could hinder the growth of this market in future are shortage of skilled workforce, coronavirus pandemic and increasing expenditure of delivering and manufacturing machinery.
The machinery leasing market is segmented by type into mining, oil and gas, and forestry machinery and equipment rental, commercial air, rail, and water transportation equipment rental, heavy construction machinery rental, office machinery and equipment rental, other commercial and industrial machinery and equipment rental. Heavy construction machinery rental accounted for the largest share of the machinery leasing market in 2020 at 28.5%, also the heavy construction machinery rental market is expected to grow at the highest CAGR of 8.8% during the forecast period.
The machinery leasing market is also segmented by mode into online and offline. Offline accounted for the largest share of the machinery leasing market in 2020 at 98.2%, while the online market is expected to grow at the highest CAGR of 10.4% during the forecast period.
Asia Pacific is the largest market for machinery leasing companies, accounting for 37.3% of the global market. It was followed by North America, Western Europe, and other regions. Going forward, Africa and South America will be the fastest growing markets in the machinery leasing market, where growth will be at a CAGR of 10.8% and 10.1% respectively. This is followed by Middle East and the Eastern Europe, where the market is expected to grow at a CAGR of 8.85% and 8.05% respectively.
The top opportunities in the machinery leasing market segmented by type will arise in the heavy construction machinery rental segment, which will gain $47.1 billion of global annual sales by 2025. The top opportunities in the machinery leasing market segmented by mode will arise in the offline segment, which will gain $124.0 billion of global annual sales by 2025. USA is the country that is leading in the machinery leasing market and it will gain $34.4 billion by 2025.
Market-trend-based strategies for the machinery leasing market include using predictive analytics to enhance performance, efficiency, utilization rates and reduce downtime of equipment, investing in virtual or augmented reality to improve productivity, increase the useful life of the asset, and save time for the employees and the maintenance team, employing AI and machine learning to carry out smoother operations and assess the data to get better insights about the machinery, and employing blockchain to carry out easier assessment of the data, all at a consolidated place, regardless of the format in which the data is stored.
For more information about this report visit https://www.researchandmarkets.com/r/dy9ulj
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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BOSTON--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The updated release reads:
KOURA SIGNS A THREE-PARTY LETTER OF INTENT WITH FOOSUNG CO. LTD. AND THE MAYOR OF KĘDZIERZYN-KOŹLE, POLAND TO MEET GROWING DEMAND FOR INORGANIC FLUORINE COMPOUNDS USED IN THE PRODUCTION OF LITHIUM-ION BATTERIES IN EUROPE
Orbia’s Fluorinated Solutions brand Koura, a global solutions leader in the fluorine and advanced materials space, announced today that it has signed a three-party Letter of Intent with Foosung Co. Ltd. and the Mayor of Kędzierzyn-Koźle, Poland to develop a new production plant in the region to meet the growing demand in Europe for inorganic fluorine compounds used in the production of lithium-ion batteries.
The agreement follows the Katowice Special Economic Zone’s decision to support construction of a battery materials production and service plant on a 49 acre plot of land acquired by Foosung Poland from the Commune in July 2019.
In addition to meeting renewable energy market needs, the construction and continued operations of the plant will drive economic development in the region. The first phase of construction will entail creating 80 local jobs with a ramp up to 150 local jobs for continued operations. Additionally, Koura and Foosung will provide chemistry education in schools and other educational institutions in the Commune and the Kędzierzyn-Koźle Powiat (county) through this partnership.
At a signing ceremony held in Katowice Poland, Gregg Smith, President of Orbia Fluorinated Solutions, said, “We are really pleased to have signed this agreement today and look forward to an incredible partnership. Battery materials are an important space for growth and key to supporting Orbia’s decarbonization efforts. We are excited to participate with Foosung as part of our energy materials strategy to bring key enabling fluorine materials to the end market.”
Said Sameer Bharadwaj, Chief Executive Officer of Orbia, “Decarbonization is an area of focus for Orbia, and growth opportunities like this partnership with Foosung and the mayoral leaders in Kędzierzyn-Koźle are key to our success. We are working in the climate solutions space to create value for people and planet. Our ownership of raw material assets and our team’s expertise in fluorine technologies puts us in the driver’s seat for the future of energy storage: an area of accelerated need and global demand.”
Ben Gook Hur, Chief Executive Officer of Foosung, said, “Foosung is deploying advanced technology for fluorine materials and will leverage Orbia’s strength in upstream fluorine intermediates to ensure a robust supply chain for European lithium-ion battery production.”
Construction of the production plant on the Southern Field (Polish: Pole Południowe) will commence in the second quarter of 2022, with the personnel recruitment process set to begin in 2023.
About Orbia
Orbia is a company driven by a shared purpose: to advance life around the world. Orbia operates in the Polymer Solutions (Vestolit and Alphagary), Building and Infrastructure (Wavin), Precision Agriculture (Netafim), Data Communications (Dura-Line) and Fluorinated Solutions (Koura) sectors. The five Orbia businesses and their commercial brands have a collective focus on expanding access to health and wellness, reinventing the future of cities and homes, ensuring food and water security, connecting communities to data infrastructure and accelerating a sustainable, circular economy with basic and advanced materials and solutions. Orbia has commercial activities in more than 110 countries and operations in over 50, with global headquarters in Boston, Mexico City, Amsterdam and Tel Aviv. To learn more, please visit www.orbia.com.
About Koura
Orbia’s Fluorinated Solutions brand Koura is a global leader in the development, manufacture and supply of fluoroproducts that play a fundamental role in enhancing everyday lives and shortening the path to a sustainable, circular economy. Koura’s products are used in a vast range of applications including energy storage, urban and rural infrastructure, indoor climate management, food and medicine refrigeration and even in treating respiratory conditions. Headquartered in Boston, Koura has commercial activities across the world, with operations in the United Kingdom, Mexico, United States, India and Japan.
About Foosung Co. Ltd.
Foosung Co. Ltd. leads the fluorochemical industry with proven high-quality products based on its 40-year experiences in fluorochemical technology and advanced production knowledge. Foosung provides its best-in-class chemical products within specialty gas, secondary battery materials, inorganic fluorine compounds and refrigerants. To put this into perspective, South Korea's environmental regulation has set a high entry barrier into the market for refrigerants, semiconductor gases and other fluorine products, making Foosung the sole producer and seller within the nation, as well as a globally competitive manufacturing company. Foosung will not satisfy with the present but pursue sustainable growth by investing in the future industry. We will continue our efforts to improve quality of life and to create a cleaner future by manufacturing eco-friendly products through our innovative technology.
Kacy Karlen
Global Head of Communications, Orbia
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865-410-3001
For Fluorinated Solutions inquiries: This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Methanol Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Derivative End-User Industry" report has been added to ResearchAndMarkets.com's offering.
The methanol market is projected to reach US$ 41,974.76 million by 2028 from US$ 28,114.27 million in 2021; it is expected to grow at a CAGR of 5.9% from 2021 to 2028.
Methanol, also known as methyl alcohol, is the simplest from the long series of alcohols, prepared by directly combining carbon monoxide gas and hydrogen in the presence of a catalyst. Methanol is used in fabricating different products such as adhesives, paints and coatings, carpet underlay, wood panels, methanol, fuel system, components, brake pads, paper towels, cosmetics, carpeting, furniture, and cabinets.
Based on derivative, the global methanol market is segmented into formaldehyde, acetic acid, methanol-to-olefins (MTO) / methanol-to-propylene (MTP), methyl tertiary-butyl ether (MTBE), methyl methacrylate (MMA), biodiesel (gasoline blending), dimethyl ether (DME), and others. The formaldehyde segment is anticipated to grow at the highest CAGR during the forecast period. Formaldehyde is a colorless poisonous gas synthesized through methanol oxidation. It is used as an antiseptic, disinfectant, and general-purpose chemical reagent in laboratory applications. Formaldehyde is also widely used in the pharmaceuticals industry in the production of vaccines, anti-infective drugs, and hard-gel capsules. Moreover, formaldehyde finds applications as a preservative in food, medicines, and cosmetics.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, South and Central America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the largest share of the market. Asia-Pacific is one of the major consumers of methanol due to the rise in petrochemicals production in the region. China is the global leader in methanol consumption owing to a sharp rise in the use of methanol in fuel products. The compound is used in the large-scale production of petrochemicals, and the rise in petrochemicals demand is propelling the methanol market growth in this region. Moreover, the use of petrochemicals in end-user industries, such as construction and automotive, is the primary factor driving the methanol market.
The ongoing COVID-19 pandemic has negatively influenced the growth of the methanol market owing to disruptions in construction activities and halt in expansion or new construction of plants and factories. Also, industries such as construction, paints and coating, electronics, and packaging have been affected by sudden disruptions in operational efficiencies and value chains due to the sudden shutdown of national and international boundaries for travel and trade. However, the growing demand for methanol products in the pharmaceuticals industry is anticipated to drive market growth in the coming years.
Reasons to Buy
Market Dynamics
Drivers
Restraints
Opportunities
Future Trends
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/6csu9
qResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MIAMI--(BUSINESS WIRE)--#Italian--Please replace the release with the following corrected version due to multiple revisions.
The updated release reads:
UNIESSE ANNOUNCES EXPANSION OF MANUFACTURING AND ASSEMBLY PLANT IN PISA
Uniesse announces it will be moving its current assembly and manufacturing operations 5 Kilometers from their current location at Seven Stars main shipyard in Navicelli Pisa, Italy to the recently acquired Seven Stars location in Tombolo, Via Livornese, 1317, A 56121 Pisa, Italy, which will serve as its main base of operations for the company’s production line of yachts from 50’ to 72’.
The new facility will support the increased demand for the company’s Exuma product line which includes a full range of yachts 57’– 64’ LOA with options for the new Mercury Marine Verado 600HP engines, as well as 50’ – 61’ LOA with diesel inboard engine options from Cummins, MAN and Volvo Penta.
“We are very excited to have a new manufacturing platform in collaboration with Seven Stars to help expand production of our Exuma line of yachts, as well as our Capri line in the coming years,” said Rafael Barca, President and CEO of Uniesse. “The expanded facility will enable us to meet our current work in progress, while providing the ability to continue to grow Uniesse over the next decade.”
About Uniesse:
Uniesse yachts are one of the world’s most highly regarded luxury motor yacht lines in the world today. With administrative offices in South Florida, and manufacturing facilities in Pisa, Italy, Uniesse yachts are created by a dedicated Italian & American design team. Hand built in Italy, by a group of dedicated Uniesse stakeholders. This enables our yachts to rise to the upper echelon of one of the finest Italian built yachts in the world today. For more information contact: +1 (888) 504-5523 or visit www.uniesse.com.
Aileen Fan
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305-310-8218
NEW YORK--(BUSINESS WIRE)--Second paragraph of release dated March 19, 2022, should read: A live audio webcast and a replay of the presentation will be accessible via Hess Corporation’s website. (instead of A presentation will be posted and a replay of the audio webcast will be accessible via Hess Corporation’s website).
The updated release reads:
HESS TO PARTICIPATE IN 50TH ANNUAL SCOTIA HOWARD WEIL ENERGY CONFERENCE
Hess Corporation (NYSE: HES) announced today that John Hess, Chief Executive Officer, will speak at the 50th Annual Scotia Howard Weil Energy Conference on March 22, 2022 at 3:30 p.m. Eastern Time.
A live audio webcast and a replay of the presentation will be accessible via Hess Corporation’s website.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at https://www.hess.com/.
Cautionary Statements
This presentation will contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.
Investor:
Jay Wilson
(212) 536-8940
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Media:
Lorrie Hecker
(212) 536-8250
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MISSISSAUGA, Ontario--(BUSINESS WIRE)--Eyelit Inc., a leader in Manufacturing Execution (MES), Quality Management (QMS), and Factory Automation solutions, announced today that Banneker Partners, an enterprise software focused investment firm, has made a growth investment in the company. Banneker’s software expertise, an umbrella of complementary holdings, and capital backing will further strengthen Eyelit’s smart factory solution set.
The Eyelit platform is well-positioned as the centerpiece to control, sense, and coordinate data sources using a tightly integrated, low-code solution. The Banneker investment in Eyelit will further the company’s pursuit in becoming the world leader in factory Digital Transformation Solutions.
“The next wave of solutions will focus on industry Internet of Things,” said Salil Jain, CEO of Eyelit. “We have built Eyelit to be a versatile platform that enables disparate systems to easily exchange timely information, ultimately providing proactive insight to adverse manufacturing situations. Using the information collected, Eyelit’s event manager and graphical scenario manager allow companies to sense and automatically respond, preventing expensive operations disruption. With Banneker behind us, Eyelit will accelerate its reach across industry and disrupt the global legacy solutions that exist today, with our low-code no-code solutions that are easy to deploy, maintain and provide a singular environment.”
“The market has long recognized Eyelit as an innovative technology leader in complex, high-value manufacturing spaces. Eyelit has delivered world-class solutions and proven its ability to operate as a trusted partner to global enterprises,” said Harjot Sachdeva, Operating Partner at Banneker Partners. “We are delighted to fuel this next stage of Eyelit’s growth as the company continues to solve the most critical problems faced in the manufacturing world,” added Terrance Bei, Principal at Banneker Partners.
About Eyelit
Eyelit Inc. is the leader in Manufacturing Execution (MES), Quality Management (QMS), and Automation solutions for visibility, control, and coordination of manufacturing operations for aerospace & defense, battery technology, electronics, medical device, semiconductor, and solar industries. Eyelit uniquely delivers a broad set of smart factory and Industry 4.0 solutions, including Asset Management, Factory and Equipment Integration (Automation/IoT), Manufacturing Execution (MES), Recipe Management, Quality Management, and Business Process Management. These solutions enable customers to rapidly and cost-effectively optimize production and company processes. For more information, please visit www.eyelit.com.
About Banneker Partners
Banneker Partners invests in growing, mission-critical enterprise software businesses to drive sustainable long-term value. Banneker takes a partnership approach to support founders and management teams to achieve their goals by implementing proven best practices and making additional investments across functional areas including sales, marketing, product management, product development, professional services, and customer success and complements these growth initiatives with strategic acquisitions that are focused on enhancing customer value. Banneker has developed an in-depth understanding of manufacturing and supply chain solutions, which has led to a track record of successful partnership in these software businesses, including with companies like IQMS, Orbis MES, LevaData, and EverAg/Dairy.com. For more information, please visit www.bannekerpartners.com.
Gurminderjit Sandhu, This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris” or the “Company”) announced today that Ms. Laurie Argo has been named to the Company’s Board of Directors (the “Board”), effective March 16, 2022. Ms. Argo will also serve as an independent member of Solaris’ Audit Committee. With the addition of Ms. Argo, the Board is now composed of 9 members, including 7 independent directors.
“We are pleased to welcome Laurie to our Board and look forward to the unique perspective she will bring,” said Bill Zartler, Solaris Chairman and Chief Executive Officer. “Laurie has over 25 years of experience and leadership in the energy industry and will provide invaluable insight to Solaris as we continue to grow and develop innovative solutions that drive value for our customers and shareholders.”
About Laurie Argo
Ms. Argo currently serves as member of the Audit Committee of Rattler Midstream LP’s (NASDAQ:RTLR) Board of Directors, a role she has held since 2019. She was also a member of the Audit Committee and Remuneration Committee of EVRAZ plc’s (LSE: EVR.L) Board of Directors from 2018 to 2021.
Ms. Argo served as Senior Vice President of Crude Oil, Refined Products and Unregulated NGL Assets for Enterprise Products Holdings LLC, the general partner of Enterprise Products Partners L.P. (NYSE:EPD) (“Enterprise Products Group”) for two years. Prior to becoming Senior Vice President, she served as Chief Executive Officer of Oiltanking Partners LP, a wholly-owned subsidiary of the Enterprise Products Group. From 2005 until January 2014, Ms. Argo held various leadership positions for the Enterprise Products Group’s NGL and Natural Gas Processing businesses and has over 25 years of experience in the energy industry.
About Solaris Oilfield Infrastructure, Inc.
Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) provides mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented equipment and services are deployed in many of the most active oil and natural gas basins in the United States. Additional information is available on our website, www.solarisoilfield.com.
Yvonne Fletcher
Senior Vice President, Finance and Investor Relations
(281) 501-3070
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Solaris Oilfield Infrastructure, Inc.
DUBLIN--(BUSINESS WIRE)--The "Global Perforating Gun Market by Gun Type (Through Tubing Hollow Carrier & Exposed, Wireline Conveyed Casing, TCP), Well Type (Horizontal, Vertical), Application (Onshore, Offshore), Pressure, Depth, Type, Orientation, Explosives, Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global perforating gun market is projected to reach USD 1.4 billion by 2027 from an estimated market size of USD 1.1 billion in 2022, at a CAGR of 5.6% during the forecast period.
Tubing Conveyed perforation system gun type segment dominates the global market
The perforating gun market, by gun type, is segmented into through tubing hollow carrier gun system, wireline conveyed casing gun system, through tubing exposed gun system and tubing conveyed perforation system. The tubing conveyed perforation system is estimated to have the largest market share. The versatile nature and the high operational efficiency of these gun systems are expected to drive through tubing perforation system, which consequently increases the demand of perforating gun.
Onshore segment to lead the global perforating gun market
The onshore application segment holds the largest share in the perforating gun market, followed by offshore. Onshore exploration and re-exploration activities is expected to fuel the growth of onshore perforating gun market during the forecast period.
North America dominates the global perforating gun market in terms of annual growth rate
The North America region is estimated to be the largest market for the perforating gun market, followed by Asia Pacific. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the North American perforating gun market is expected to be driven by increasing E&P activities concerned with shale and tight oil reserves.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/s76fo2
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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RICHMOND, Va.--(BUSINESS WIRE)--Harris Williams, a global investment bank specializing in M&A advisory services, announces it is advising Veson Nautical (Veson), a portfolio company of Pamlico Capital (Pamlico), on its pending significant growth investment from Francisco Partners. Existing investors Pamlico and founder John Veson remain significant shareholders. Veson is a global market leader in commercial maritime software and data. The transaction is being led by Andy Leed, Thierry Monjauze, Erik Szyndlar, Ryan Costa, and Owen Hughes of the Harris Williams Technology Group and Jason Bass of the firm’s Transportation & Logistics (T&L) Group.
“Over the last decade, we’ve been fortunate to have witnessed the truly impressive growth and trajectory of Veson under founder and CEO John Veson and President and COO Sean Riley’s leadership, and have been honored to have had the opportunity to advise them twice,” said Andy Leed, a managing director at Harris Williams. “Since partnering with Pamlico, Veson has established itself as the clear leader in the commercial maritime software and data market, one of the most attractive and complex areas of the supply chain, and we expect that momentum to continue in partnership with Francisco Partners.”
“Recent global supply chain challenges, particularly in the commercial maritime sector, have underscored the mission-critical nature of integrated, cloud-based software and data solutions like Veson,” said Thierry Monjauze, a managing director at Harris Williams. “As supply chain complexity increases, we expect to see continued strong interest in the sector from both investors and strategic buyers as maritime organizations accelerate their digital transformation initiatives and become more agile to better manage risk.”
Founded to transform the way the maritime world makes decisions, Veson is a global market leader in developing, implementing, and supporting the solutions that propel maritime commerce. Driven by a commitment to continual innovation, a spirit of collaboration, and an enduring focus on client success, Veson is a trusted partner to maritime operations as they navigate evolving business realities and new possibilities in a digital age.
Pamlico is a private equity firm founded in 1988 that invests in growing middle market companies in North America. Pamlico seeks control-oriented growth investments of up to $200 million alongside founders and proven leaders in its target industries: communications, healthcare, services, and software. The firm, based in Charlotte, North Carolina, has assets under management of approximately $4 billion.
Francisco Partners is a leading global investment firm that specializes in partnering with technology businesses. Since its launch over 20 years ago, Francisco Partners has invested in more than 400 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $30 billion in assets under management, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams Technology Group advises leading private and public companies, founders, and private equity, growth equity and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. The Technology Group has deep domain expertise in software and technology-enabled services and dedicated focus areas across a variety of vertical software applications and end markets. For more information on the Technology Group and its recent transactions, visit the Technology Group’s section of the Harris Williams website.
The Harris Williams Transportation & Logistics Group serves companies in a broad range of attractive niches, including third-party logistics (3PL), automotive and heavy-duty vehicle, transportation equipment, and truck, rail, marine and air transportation. For more information on the firm’s T&L Group and other recent transactions, visit the T&L Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: This email address is being protected from spambots. You need JavaScript enabled to view it.). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.
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DUBLIN--(BUSINESS WIRE)--The "Europe Environmental Consulting Services Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Service Type, Media Type, and Vertical" report has been added to ResearchAndMarkets.com's offering.
According to this research study titled "Europe Environmental Consulting Services Market to 2028 - COVID-19 Impact and Regional Analysis and Forecast by Service Type, Media Type, and Vertical," the market is expected to reach US$ 11,954.86 million by 2028 from US$ 8,356.29 million in 2021. The market is estimated to grow at a CAGR of 5.2% from 2021 to 2028. The report provides trends prevailing in the Europe environmental consulting services market along with the drivers and restraints pertaining to the market growth.
The rising adoption of renewable technologies for a cleaner and greener environment is the major factor driving the growth of the Europe environmental consulting services market. However, issues associated with lack of attention in regulatory compliance hinder the growth of Europe's environmental consulting services market.
Owing to the COVID-19 outbreak, electronics equipment manufacturing and sales have been affected massively. The outbreak restricted the supply chain in various countries in Europe. The member states of Europe such as Italy, Spain, and Germany implemented drastic measures and travel restrictions to limit the spread of COVID-19 among their citizens. European countries represent a major share in the market as Europe has the highest environmental safety standards in the world. However, due to the COVID-19 outbreak, the manufacturing of various electronic devices and associated environmental consulting services equipment's witnessed a sharp decline in European countries and are expected to be under stress in 2020, and they will require time to stabilize. Furthermore, the recent imposition of containment measures owing to the outbreak of newly mutated strain is expected to hamper the growth of the environmental consulting services market in Europe till the first two quarters of 2021.
AECOM; Antea Group; Arcadis N.V.; Bechtel Corporation; ERM Group, Inc.; Golder Associates; Jacobs Engineering Group Inc.; John Wood Group PLC; Ramboll Group A/S; SLR Consulting; Stantec Inc.; and Tetra Tech Inc. are among the leading companies in the Europe environmental consulting services market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Jacobs Engineering Group Inc. announced it has signed a contract with NIRAS/ONDRAF, a Belgian agency for radioactive waste management. Under the agreement, Jacobs Engineering Group Inc. is awarded a framework contract covering new treatment and storage facilities for radioactive waste projects in Belgium.
The report segments the Europe Environmental Consulting Services Market as follows:
Europe Environmental Consulting Services Market - By Service Type
Europe Environmental Consulting Services Market - By Media Type
Europe Environmental Consulting Services Market - By Vertical
Europe Environmental Consulting Services Market - By Country
Key Industry Dynamics
Market Drivers
Market Restraints
Future Trends
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/g0lrsz
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For U.S./CAN Toll Free Call 1-800-526-8630
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Full Year 2021 record revenue of $43.9 Million, up 886% vs FY 2020
Full Year 2021 record gross profit of $34.0 Million, up 2,526% vs FY 2020
Full Year 2021 record non-GAAP EBITDA of $17.9 Million
Upgrade to Exahash targets – 4 Exahash by Q3 2022, 5.5 Exahash by early Q1 2023
808 Self-mined Bitcoin produced in FY 2021
New 100-megawatt facility in Pennsylvania, USA signed
100-megawatt expansion at Georgia, USA facility commenced
In early 2022, 100 megawatt hosting customer agreement executed and $20M debt facility secured with Celsius Mining LLC
First revenues from Mawson’s Hosting Co-location business
SYDNEY & NEW YORK--(BUSINESS WIRE)--Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson”), a digital infrastructure provider, is pleased to announce financial highlights and financial results, for the fourth quarter and full year ended December 31, 2021.
Q4 2021 Financial and Business Highlights
Full Year 2021 Financial and Business Highlights
Subsequent to Quarter End
2022 Strategic Focus
James Manning, CEO and Founder of Mawson Infrastructure, said, "FY 2021 was a transformational year for our business. We significantly increased our Bitcoin self-mining operational footprint, producing a record 808 Bitcoin, increased revenue 886% to $43.9 million, increased our gross profit 2526% to $34.0 million, and posted a record $17.9 million of non-GAAP EBITDA.
We also successfully launched our Luna Squares hosting co-location business, signed a new large-scale facility in Midland, Pennsylvania and materially expanded the size of our Sandersville, Georgia Bitcoin mining facility. We also launched our first Australian facility in 2021 as well as listing on the Nasdaq late in Q3.
The Mawson team have put in a phenomenal effort these past 12 months and for that I am very grateful. We enter 2022 with a large bitcoin self-mining business, and a large scale hosting co-location business and I’m very excited for what 2022 has in store.”
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation mobile data centre (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.
For more information, visit: www.mawsoninc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 21, 2022 and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on November 15, 2021, and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.
Investor Contact:
Brett Maas
646-536-7331
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www.haydenir.com
DUBLIN--(BUSINESS WIRE)--The "Gas Separation Membranes Market by Material Type (Polyimide & Polyaramide, PS, CA), Application (N2 Generation & O2 Enrichment, HR, CO2 removal, Vapor/Gas Separation, Vapor/Vapor Separation, AD), Module (SW, HF) and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global gas separation membranes market size is projected to reach USD 1.2 billion by 2026 from USD 0.9 billion in 2021, at a CAGR of 6.7% during the forecast period.
Polyimide & polyaramide accounted for the largest share amongst other material types in the gas separation membranes market
The polyimide & polyaramide segment is the largest and is also projected to continue this trend till 2026. The key growth driver of the high consumption of this material type is owing to properties such as good permeation rates, good selectivity, high chemical and thermal stability, mechanical strength, and good film-forming properties. Polyimide & polyaramide gas separation membranes are used for separating one or more gases from a gaseous mixture as they exhibit good permeation rates with good selectivity. Polyimide membranes have increased demand for gas separation owing to their superior permeability and stability. Polyimide & polyaramide membranes have increasing demand in carbon dioxide removal application.
Carbon dioxide removal segment accounted for the largest market share amongst other applications in the gas separation membranes market
The carbon dioxide removal segment is the largest consumer of gas separation membranes. Carbon dioxide is commonly found in natural gas, and its separation is necessary to meet pipeline requirements or other specifications. Also, in carbon capture and storage (CCS) processes, carbon dioxide has to be separated from the exhaust gas streams before the subsequent transportation and storage. Membrane gas separation technology is one of the efficient solutions for carbon dioxide removal as it is more compact, energy-efficient, and possibly more economical than conventional technologies, such as solvent absorption. The presence of reservoirs and increasing demand for shale gas drive the demand for carbon dioxide removal, which is further increasing the demand for gas separation membranes in the carbon dioxide removal application.
APAC is projected to grow the fastest in the gas separation membranes market during the forecast period
APAC is the fastest-growing market for gas separation membranes. This growth is primarily credited to the expanding demand for natural gas, biogas, and other environmentally sustainable energy solutions in developing economies, such as India, China, Indonesia, Malaysia, and others in the region. Moreover, growth in population and increasing urbanization rate are also driving the industrial growth and energy demand. In addition, growth in industrialization, increasing demand due to changing demographics, and government initiatives to attract business investments in industries such as power, oil & gas, packaging, metal processing & fabrication, and electronics are also driving the market for gas separation membranes in the region.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/hly5p6.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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NEW YORK--(BUSINESS WIRE)--Piedmont Lithium Inc. (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL) today announced that it plans to conduct a public offering, subject to market and other conditions, of 1.5 million shares (“shares”) of its common stock (“Public Offering”).
Piedmont intends to use the net proceeds from the offering to fund the Company’s share of the capital required to restart the operations at North American Lithium in Quebec, to fund exploration and definitive feasibility studies at Eyowaa in Ghana, to advance the Company’s merchant lithium hydroxide plant in the southeastern United States, and to continue development of the Carolina Lithium Project, including ongoing permitting activities, engineering design, and property acquisition. Additionally, the net proceeds may be used to fund possible strategic initiatives and for general corporate purposes.
J.P. Morgan and Evercore ISI are acting as joint book-runners and lead underwriters for the Public Offering. Piedmont intends to grant the underwriters a 30-day option to purchase up to 225,000 additional shares at the issue price of the Public Offering.
The Public Offering is being made pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement related to the offering of the shares has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov and on the ASX website. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the Public Offering may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it.; and Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.
Forward-Looking Statements
This press release contains forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “expect,” “estimate,” “may,” “might,” “will,” “could,” “can,” “shall,” “should,” “would,” “leading,” “ objective,” “intend,” “contemplate,” “design,” “predict,” “potential,” “plan,” “target” and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Such factors include, among others, risks related to: risks related to whether the Company will offer the shares or consummate the offering of the shares on the expected terms, or at all; the anticipated use of the net proceeds of the offering; the fact that the Company’s management will have broad discretion in the use of the proceeds from any sale of the shares; the risk that anticipated plans, development, production, revenues or costs are not attained; the Company’s operations being further disrupted and the Company’s financial results being adversely affected by public health threats, including the novel coronavirus pandemic; the Company’s limited operating history in the lithium industry; Company’s status as a development stage company, including the Company’s ability to identify lithium mineralization and achieve commercial lithium mining; mining, exploration and mine construction, if warranted, on the Company’s properties, including timing and uncertainties related to acquiring and maintaining mining, exploration, environmental and other licenses, permits, access rights or approvals in Gaston County, North Carolina, the Province of Quebec, Canada and Cape Coast, Ghana as well as properties that Piedmont may acquire or obtain an equity interest in the future; completing required permitting activities required to commence processing operations for the LHP-2 Project; the Company’s ability to achieve and maintain profitability and to develop positive cash flows from the Company’s processing activities; the Company’s estimates of mineral reserves and resources and whether mineral resources will ever be developed into mineral reserves; investment risk and operational costs associated with the Company’s exploration activities; the Company’s ability to develop and achieve production on the Company’s properties; the Company’s ability to enter into and deliver products under supply agreements; the pace of adoption and cost of developing electric transportation and storage technologies dependent upon lithium batteries; the Company’s ability to access capital and the financial markets; recruiting, training and developing employees; possible defects in title of the Company’s properties; compliance with government regulations; environmental liabilities and reclamation costs; estimates of and volatility in lithium prices or demand for lithium; the Company’s common stock price and trading volume volatility; the development of an active trading market for the Company’s common stock; the Company’s failure to successfully execute our growth strategy, including any delays in the Company’s planned future growth; and other factors set forth in the Company’s most recent Transition Report on Form 10-KT and subsequent reports, as filed with the U.S. Securities and Exchange Commission.
All forward-looking statements reflect Piedmont’s beliefs and assumptions based on information available at the time the assumption was made. These forward-looking statements are not based on historical facts but rather on management’s expectations regarding future activities, results of operations, performance, future capital and other expenditures, including the amount, nature and sources of funding thereof, competitive advantages, business prospects and opportunities. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, known and unknown, that contribute to the possibility that the predictions, forecasts, projections or other forward-looking statements will not occur. Although Piedmont has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated, or expected. Piedmont cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the securities laws of the United States, Piedmont disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. Piedmont qualifies all the forward-looking statements contained in this release by the foregoing cautionary statements.
About Piedmont Lithium
Piedmont Lithium is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. The centerpiece of our operations, located in the renowned Carolina Tin Spodumene Belt of North Carolina, when combined with equally strategic and in-demand mineral resources, and production assets in Quebec, and Ghana, positions us to be one of the largest, lowest cost, most sustainable producers of battery-grade lithium hydroxide in the world. We will also be strategically located to best serve the fast-growing North American electric vehicle supply chain. The unique geology, geography and proximity of our resources, production operations and customer base, will allow us to deliver valuable continuity of supply of a high-quality, sustainably produced lithium hydroxide from spodumene concentrate, preferred by most EV manufacturers. Our planned diversified operations should enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. As a member of organizations like the International Responsible Mining Association, and the Zero Emissions Transportation Association, we are committed to protecting and preserving our planet for future generations, and to making economic and social contributions to the communities we serve.
Keith Phillips
President & CEO
T: +1 973 809 0505
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
Patrick Brindle
EVP – Chief Operating Officer
T: +1 412 818 0376
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WEST SPRINGFIELD, Mass.--(BUSINESS WIRE)--Through an exclusive licensing agreement, ESG Clean Energy, LLC, developers of net zero carbon footprints and clean energy solutions for distributed power generation, announced today it acquired a new patent (no. 11,286,832) issued by the U.S. Patent and Trademark Office for a Bottoming Cycle Power System and its related impact to carbon capture technology.
This is the latest patent acquired for ESG’s growing portfolio of advanced power generation technologies that make natural-gas fueled power generation maintain high efficiency without losing energy in the carbon capture process. This makes the process of capturing carbon dioxide more economically feasible and more environmentally friendly.
This new patent covers the invention of an “exhaust-gas-to-exhaust-gas heat exchanger” that efficiently cools – and then reheats – exhaust from a primary power generator so greater energy output can be achieved by a secondary power source with safe ventilation. Another key aspect of the new patent is the development of a carbon dioxide capture system that utilizes the waste heat of the carbon dioxide pump to heat and regenerate the adsorber that enables the CO2 to be safely contained and packaged.
“Acquiring this patent greatly expands our ability to better capture carbon – and use it to make something beneficial – whenever natural gas is used to produce electricity,” said Nick Scuderi, president of ESG Clean Energy. “It’s very important progress for a world that’s forced to still depend on fossil fuels while trying to meet new emissions standards. Until the renewable power industry can meet the rising global power demands, this technology addresses that challenge tremendously.”
ESG is finalizing a 4.2-megawatt power generation plant in Holyoke that will utilize this and other patents.
For more information about ESG Clean Energy, please visit www.ESGcleanEnergy.com.
About ESG Clean Energy, LLC
ESG Clean Energy, LLC (ESG) develops net zero carbon footprints and clean energy solutions for businesses and power providers using natural gas. The ESG system utilizes patented, off-the-shelf technology to efficiently produce electricity while capturing and converting 100% of the carbon dioxide and water vapor, which can be used in the production of various commodities, such as distilled water, ethanol, and urea. More information about ESG Clean Energy and its technology can be found at www.ESGcleanEnergy.com.
Bill Wrinn
978-559-1970
HOUSTON--(BUSINESS WIRE)--Mesa Royalty Trust (the “Trust”) (NYSE: MTR) announced today the Trust income distribution for the month of March 2022. Unitholders of record on March 31, 2022 will receive distributions amounting to $0.102836005 per unit, payable on April 29, 2022. The Trust received $227,560, the majority of which came from the New Mexico portion of the Trust’s San Juan Basin properties operated by Hilcorp San Juan LP, an affiliate of Hilcorp Energy Company, with the remainder received from the Colorado portion of the Trust’s San Juan Basin properties operated by Simcoe LLC, an affiliate of IKAV Energy Inc. No income was received in March 2022 from the Hugoton Royalty properties, operated by Scout Energy Group V, LP. This month, after the Trust’s withholding for the payment of administrative expenses, income from the distributable net profits was $191,644.
The Trust was formed to own an overriding royalty interest of the net proceeds attributable to certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust's public filings, the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the Trust as a result of production, oil and natural gas prices and the amount of the Trust’s administrative expenses, among other factors. In addition, as further described in the Trust’s most recent filing on Form 10-Q, distributions to unitholders are expected to be materially reduced during 2022, as the Trust intends to increase cash reserves from $1.0 million to a total of $2.0 million to provide added liquidity.
Proceeds reported by the working interest owners for any month are not generally representative of net proceeds that will be received by the Trust in future periods. As further described in the Trust’s Form 10-K and Form 10-Q filings, production and development costs for the royalty interest have resulted in substantial accumulated excess production costs, which will decrease Trust distributions, and in some periods may result in no Trust distributions. The amount of proceeds, if any, received or expected to be received by the Trust (and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by volatility in the industry and revenues and expenses reported to the Trust by working interest owners. Any additional expenses and adjustments, among other things, will reduce proceeds to the Trust, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.
This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions by the Trust. Other important factors that could cause these statements to differ materially include delays in actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, prices received by working interest owners and other risks described in the Trust’s Form 10-K for the year ended December 31, 2020, Form 10-Q for the quarter ended March 31, 2021, Form 10-Q for the quarter ended June 30, 2021 and Form 10-Q for the quarter ended September 30, 2021. Statements made in this press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release. Each unitholder should consult its own tax advisor with respect to its particular circumstances.
Mesa Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
713-483-6020
http://mtr.q4web.com/home/default.aspx
SAN FRANCISCO--(BUSINESS WIRE)--Span.IO, Inc.—creator of the SPAN smart electrical panel and SPAN Drive smart EV charger—today announced the closing of its $90 million Series B funding round, bringing the Company’s total funding to date to $134 million.
SPAN’s Series B funding round was led by Fifth Wall Climate Tech and Wellington Management. Other mission-aligned investors include Angeleno Group, Robert Downey Jr.'s FootPrint Coalition, Van Jones’ Obsidian Investment Partners, A/O PropTech, and all of the existing board investors. The Company will use the new funding to continue developing the SPAN Home suite of energy products and solutions to drive commercial growth and accelerate electrification of homes.
SPAN, an innovator in the home energy management space, is led by a seasoned team of executives and engineers from Tesla, Sunrun, and Amazon. With its flagship product the SPAN smart electrical panel, the Company recently celebrated wins for “Best Home Technology Product” and “Best Energy Efficient Product” at the NAHB International Builders’ Show® 2022 Best of IBS Awards. Fast Company also named SPAN one of their 2022 “World’s Most Innovative Companies.”
“We started with reinventing the electrical panel, as it is the core component to any scalable path to electrification of homes, but the consumer experience demands more,” says Arch Rao, CEO and founder of SPAN. “We’re excited to deploy this new capital to expand our product offerings that simplify the decarbonization of homes, and to continue developing the unparalleled approach to home energy management that SPAN is uniquely positioned to deliver.”
SPAN’s recent funding round includes a diverse group of global investors and strategic partners, representing market leaders in residential renewables, consumer financing, and homebuilding. “SPAN is uniquely positioned at the beginning of a massive growth category in residential electrification,” says Fifth Wall Partner and co-lead of the Climate Tech Investment team Greg Smithies. “As we identify companies to help the global real estate industry decarbonize, investing in SPAN is a natural fit for Fifth Wall Climate Tech and our partners.”
“Electrification is critical for addressing climate change, but the increased demand on a home’s electrical supply can require expensive upgrades,” says Greg Wasserman, Head of Climate Innovation Investing at Wellington Management. “We’re excited about the potential for SPAN’s products to allow better utilization of existing electrical systems while also adding valuable functionality like circuit-level monitoring and control, and we look forward to partnering with SPAN.”
The Company is developing electrification products and solutions that address the growing needs of homeowners, recently announcing SPAN Drive, the Company’s new Level 2 electric vehicle charger. “EV’s are the first step toward electrification for many homeowners, so an EV charging solution was a logical next step for SPAN,” says Rao. “Our solutions are designed to leverage the intelligence and capability of our SPAN smart panel, which enables a superior consumer experience and reduces the need for complex home upgrades. SPAN Drive will deliver adaptive charging and allow customers to power up their cars directly with clean, solar energy. SPAN Drive, along with the SPAN Panel, create a strong foundation for future solutions, including bidirectional vehicle-to-home charging and helping the electrical grid to transition to cleaner, more stable energy sources,” confirms Rao.
SPAN is also adding to its senior leadership team with the recent additions of Ryan Harris joining as Chief Revenue Officer, and Laks Venkatesan joining as SVP of Finance. Harris, formerly SVP of Sales and Marketing at Sunrun, and Venkatesan, formerly VP of Finance at Mosaic, bring experienced leadership to SPAN ahead of this next phase of commercial growth.
“SPAN’s potential to accelerate home electrification is unique,” says Harris. “Our early channel success with renewables developers, home builders, and utilities indicates the broad appeal of a product like the SPAN panel. With the recent launch of SPAN Drive, we’re excited to offer consumers more ways to understand and optimize their energy usage.”
“Our fundraising success puts SPAN at the forefront of home electrification,” adds Venkatesan. “We are now in a position to significantly accelerate R&D, manufacturing, and deployments as home electrification becomes mainstream.”
Since SPAN began shipping its first panels in the summer of 2020, the Company has seen an exponential increase in installations and adoption rates across the country. With panels now operating in over 36 states and in Puerto Rico, SPAN is set to become a market leader in home electrification.
About Span.IO, Inc.
SPAN reinvented the 100-year-old electrical panel to give homeowners circuit-level control for the first time over their residential energy usage.
The SPAN smart electric panel provides advanced levels of monitoring and intelligence that make electrifying and decarbonizing easier than ever. Purpose-built for functionality and durability, the SPAN Panel, Meter Panel, and SPAN Drive electric vehicle charger all allow for elegant, efficient and integrated solutions for any home.
Backed by leading investors in the clean energy space, SPAN aims to decarbonize every home by removing barriers to electrification while at the same time providing a holistic approach to managing increasing demands on household energy.
To learn more, visit www.span.io.
John Carter
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RESTON, Va.--(BUSINESS WIRE)--Bowman Consulting Group Ltd. (Nasdaq: BWMN) (“Bowman” or the “Company”), a national engineering services firm supporting owners and developers of the built environment, today announced results of operations for the three and twelve months ended December 31, 2021.
“We finished the year strong, generating record revenue in 2021 and ending the year with gross backlog of $167 million, up 48% year-over-year”, said Gary Bowman, Chairman and CEO of Bowman. “Consistent with our business strategy of expanding our geographic footprint, service offerings and customer base, we completed six acquisitions in the fourth quarter, bringing our total for the year to eight. Our integration process, combined with the addition of experienced team members, is creating immediate revenue synergies, and is resulting in economies of scale that we expect will positively impact our margins. We are well capitalized to continue executing on our growth initiatives and given our current pipeline of acquisition opportunities we expect to close on additional transactions this year at valuations that meet our target objectives. We remain focused on building shareholder value and delivering on our commitment to generate profitable growth.”
Financial highlights of the three months ended December 31, 2021:
Financial highlights of the year ended December 31, 2021:
Other Business Highlights During and Subsequent to the Fourth Quarter:
Year-End Guidance:
The Company is increasing and narrowing its full year 2022 outlook for Net Service Billing to be in the range of $170 to $185 million and Adjusted EBITDA in the range of $23 to $27 million. This presents an increase from previous guidance of $150 to $170 million of Net Service Billing and $20 to $24 million of Adjusted EBITDA. The current outlook for 2022 is based on completed acquisitions as of the date of this release and does not include contributions from any future acquisitions. The Company expects to continue making strategic and financially accretive acquisitions that are not yet reflected in this current outlook. Management will discuss the Company’s acquisition pipeline during its upcoming earnings call.
-----------------------
1 Non-GAAP financial metrics the Company believes offer valuable perspective on results of operations. See Non-GAAP tables below for reconciliations.
FY 2022 Earnings Webcast
Bowman will host an earnings webcast to discuss the results of the quarter as follows:
Date: March 22, 2022
Time: 9:00 a.m. Eastern Time
Hosts: Gary Bowman, Chairman and CEO and Bruce Labovitz, Chief Financial Officer
Where: http://investors.bowman.com
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 1,200 employees in more than 45 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. For more information, visit bowman.com or investors.bowman.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our final prospectus Form 424B4 dated February 8, 2022, which is available on the SEC's website at sec.gov, and other documents we have filed, or may file, with the SEC. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on our business and the global economy. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Non-GAAP Financial Measures and Other Key Metrics
We supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, with certain non-GAAP financial measures, as described below, to help represent, explain, and understand our operating performance. These non-GAAP financial measures may be different than similarly referenced measures used by other companies. The non-GAAP measures are intended to enhance investors’ overall understanding and evaluation of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We present these non-GAAP financial measures to assist investors in seeing our financial performance in a manner more aligned with management’s view and believe these measures provide additional tools by which investors can evaluate our core financial performance over multiple periods relative to other companies in our industry. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures and other information about certain of these non-GAAP financial measures are included in the financial tables accompanying this press release.
BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED INCOME STATEMENTS (Amounts in thousands except per share data) |
||||||||||||||||
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||||||
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
| Gross Contract Revenue | $ |
41,929 |
|
$ |
29,894 |
|
$ |
149,970 |
|
$ |
122,020 |
|
||||
| Contract costs: (exclusive of depreciation and amortization below) | ||||||||||||||||
| Direct payroll costs |
|
16,527 |
|
|
11,384 |
|
|
59,416 |
|
|
48,152 |
|
||||
| Sub-consultants and expenses |
|
4,149 |
|
|
3,546 |
|
|
15,116 |
|
|
18,360 |
|
||||
| Total contract costs |
|
20,676 |
|
|
14,930 |
|
|
74,532 |
|
|
66,512 |
|
||||
| Operating Expenses: | ||||||||||||||||
| Selling, general and administrative |
|
20,717 |
|
|
12,914 |
|
|
69,029 |
|
|
51,469 |
|
||||
| Depreciation and amortization |
|
1,865 |
|
|
1,325 |
|
|
6,371 |
|
|
2,277 |
|
||||
| (Gain) loss on sale |
|
(23 |
) |
|
(62 |
) |
|
(122 |
) |
|
(107 |
) |
||||
| Total operating expenses |
|
22,559 |
|
|
14,177 |
|
|
75,278 |
|
|
53,639 |
|
||||
| Income (loss) from operations |
|
(1,306 |
) |
|
787 |
|
|
160 |
|
|
1,869 |
|
||||
| Other (income) expense |
|
734 |
|
|
69 |
|
|
1,440 |
|
|
(110 |
) |
||||
| Income (loss) before tax expense |
|
(2,040 |
) |
|
718 |
|
|
(1,280 |
) |
|
1,979 |
|
||||
| Income tax (benefit) expense |
|
(1,441 |
) |
|
522 |
|
|
(1,579 |
) |
|
989 |
|
||||
| Net income (loss) | $ |
(599 |
) |
$ |
196 |
|
$ |
299 |
|
$ |
990 |
|
||||
| Earnings allocated to nonvested shares |
|
- |
|
|
14 |
|
|
56 |
|
|
55 |
|
||||
| Net income (loss) attributable to common shareholders | $ |
(599 |
) |
$ |
182 |
|
$ |
243 |
|
$ |
935 |
|
||||
| Earnings (loss) per share | ||||||||||||||||
| Basic | $ |
(0.07 |
) |
$ |
0.04 |
|
$ |
0.03 |
|
$ |
0.17 |
|
||||
| Diluted | $ |
(0.07 |
) |
$ |
0.04 |
|
$ |
0.03 |
|
$ |
0.17 |
|
||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic |
|
9,073,424 |
|
|
4,893,615 |
|
|
7,525,206 |
|
|
5,399,356 |
|
||||
| Diluted |
|
9,073,424 |
|
|
4,906,478 |
|
|
7,635,615 |
|
|
5,412,218 |
|
||||
BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands except per share data) |
||||||||
December 31, |
December 31, |
|||||||
2021 |
|
2020 |
|
|||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and equivalents |
|
20,619 |
|
|
386 |
|
||
| Accounts Receivable, net |
|
38,491 |
|
|
24,183 |
|
||
| Contract assets |
|
9,189 |
|
|
7,080 |
|
||
| Notes receivable - officers, employees, affiliates, current portion |
|
1,260 |
|
|
1,182 |
|
||
| Prepaid and other current assets |
|
4,850 |
|
|
2,271 |
|
||
| Total current assets |
|
74,409 |
|
|
35,102 |
|
||
| Non-Current Assets | ||||||||
| Property and equipment, net |
|
20,202 |
|
|
15,357 |
|
||
| Goodwill |
|
28,471 |
|
|
9,179 |
|
||
| Notes receivable |
|
903 |
|
|
903 |
|
||
| Notes receivable - officers, employees, affiliates, less current portion |
|
1,218 |
|
|
1,297 |
|
||
| Other intangible assets, net |
|
12,286 |
|
|
1,131 |
|
||
| Other assets |
|
681 |
|
|
669 |
|
||
| Total Assets | $ |
138,170 |
|
$ |
63,638 |
|
||
| LIABILITIES AND EQUITY | ||||||||
| Current Liabilities | ||||||||
| Bank line of credit |
|
- |
|
|
3,481 |
|
||
| Accounts payable and accrued liabilities, current portion |
|
17,921 |
|
|
12,203 |
|
||
| Contract liabilities |
|
4,623 |
|
|
1,943 |
|
||
| Notes payable, current portion |
|
4,450 |
|
|
1,592 |
|
||
| Deferred rent, current portion |
|
724 |
|
|
619 |
|
||
| Capital lease obligation, current portion |
|
5,136 |
|
|
3,495 |
|
||
| Total current liabilities |
|
32,854 |
|
|
23,333 |
|
||
| Non Current Liabilities | ||||||||
| Other non-current obligations |
|
- |
|
|
1,244 |
|
||
| Notes payable, less current portion |
|
8,407 |
|
|
2,829 |
|
||
| Deferred rent, less current portion |
|
4,179 |
|
|
4,278 |
|
||
| Capital lease obligation, less current portion |
|
10,020 |
|
|
7,503 |
|
||
| Deferred tax liability, net |
|
4,290 |
|
|
6,472 |
|
||
| Common shares subject to repurchase |
|
7 |
|
|
842 |
|
||
| Total liabilities | $ |
59,757 |
|
$ |
46,501 |
|
||
| Shareholders' Equity | ||||||||
| Preferred Stock, $0.01 par value; 5,000,000 shares authorized, no shares issued and outstanding | - |
- |
||||||
| Common stock, $0.01 par value; 30,000,000 shares authorized; 13,690,868 shares issued and 11,489,579 outstanding, and 7,840,244 shares issued and 5,744,594 outstanding, respectively |
|
137 |
|
|
2 |
|
||
| Additional paid-in-capital |
|
120,842 |
|
|
58,866 |
|
||
| Treasury Stock, at cost; 2,201,289 and 2,095,650, respectively |
|
(17,488 |
) |
|
(16,022 |
) |
||
| Stock subscription notes receivable |
|
(277 |
) |
|
(609 |
) |
||
| Accumulated deficit |
|
(24,801 |
) |
|
(25,100 |
) |
||
| Total shareholders' equity (deficit) | $ |
78,413 |
|
$ |
17,137 |
|
||
| TOTAL LIABILITIES AND EQUITY | $ |
138,170 |
|
$ |
63,638 |
|
||
BOWMAN CONSULTING GROUP LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) |
|||||||
| For the Twelve Months Ended December 31, | |||||||
|
2021 |
|
|
2020 |
|
||
| Cash Flows from Operating Activities: | |||||||
| Net Income | $299 |
|
$990 |
|
|||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||
| Depreciation and amortization - property, plant and equipment |
|
5,974 |
|
|
2,036 |
|
|
| Amortization of intangible assets |
|
397 |
|
|
241 |
|
|
| Gain on sale of assets |
|
(122 |
) |
|
(110 |
) |
|
| Bad debt |
|
496 |
|
|
3,008 |
|
|
| Stock based compensation |
|
8,217 |
|
|
5,085 |
|
|
| Deferred taxes |
|
(2,183 |
) |
|
326 |
|
|
| Deferred rent |
|
5 |
|
|
530 |
|
|
| Changes in operating assets and liabilities | |||||||
| Accounts Receivable |
|
(8,802 |
) |
|
1,506 |
|
|
| Contract Assets |
|
(387 |
) |
|
3,028 |
|
|
| Prepaid expenses |
|
(2,251 |
) |
|
623 |
|
|
| Other assets |
|
(31 |
) |
|
(28 |
) |
|
| Accounts payable and accrued expenses |
|
3,297 |
|
|
(520 |
) |
|
| Contract Liabilities |
|
(192 |
) |
|
(5,945 |
) |
|
| Net cash provided by operating activities |
|
4,717 |
|
|
10,770 |
|
|
| Cash Flows from Investing Activities: | |||||||
| Purchases of property and equipment |
|
(905 |
) |
|
(924 |
) |
|
| Proceeds from sale of assets |
|
127 |
|
|
110 |
|
|
| Amounts advanced under loans to shareholders |
|
(779 |
) |
|
(1,207 |
) |
|
| Payments received under loans to shareholders |
|
36 |
|
|
228 |
|
|
| Amounts advanced under notes receivable |
|
(0 |
) |
|
(420 |
) |
|
| Payments received under notes receivable |
|
- |
|
|
19 |
|
|
| Acquisitions of businesses, net of cash acquired |
|
(20,345 |
) |
|
(416 |
) |
|
| Collections under stock subscription notes receivable |
|
332 |
|
|
196 |
|
|
| Net cash used in investing activities |
|
(21,534 |
) |
|
(2,414 |
) |
|
| Cash Flows from Financing Activities: | |||||||
| Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs |
|
47,104 |
|
|
- |
|
|
| Net repayments under revolving line of credit |
|
(3,481 |
) |
|
(4,867 |
) |
|
| Repayments under fixed line of credit |
|
(722 |
) |
|
(485 |
) |
|
| Borrowings under fixed line of credit |
|
- |
|
|
1,985 |
|
|
| Repayment under notes payable |
|
(1,084 |
) |
|
(1,800 |
) |
|
| Payments on capital leases |
|
(4,663 |
) |
|
(1,088 |
) |
|
| Payment of contingent consideration from acquisitions |
|
(2 |
) |
|
(106 |
) |
|
| Payment of subsequent common stock offering costs |
|
(75 |
) |
|
(920 |
) |
|
| Payments for purchase of treasury stock |
|
(582 |
) |
|
(1,261 |
) |
|
| Proceeds from issuance of common stock |
|
555 |
|
|
63 |
|
|
| Net cash provided by (used in) financing activities |
|
37,050 |
|
|
(8,479 |
) |
|
| . | |||||||
| Net increase (decrease) in cash and cash equivalents |
|
20,233 |
|
|
(123 |
) |
|
| Cash and cash equivalents, beginning of period |
|
386 |
|
|
509 |
|
|
| Cash and cash equivalents, end of period | $20,619 |
|
$386 |
|
|||
| COMBINED STATEMENT OF CASH FLOWS | |||||||
| For the Twelve Months Ended December 31, | |||||||
|
2021 |
|
|
2020 |
|
||
| Supplemental disclosures of cash flow information: | |||||||
| Cash paid for interest | $887 |
|
$609 |
|
|||
| Cash paid for income taxes | $1,921 |
|
$543 |
|
|||
| Non-cash investing and financing activities | |||||||
| Property and equipment acquired under capital lease | ($8,877 |
) |
($11,370 |
) |
|||
| Settlement of redeemable common stock | $0 |
|
$36,927 |
|
|||
| Stock redemption for exercise of stock option | $139 |
|
$0 |
|
|||
| Issuance of common stock for a note receivable | $0 |
|
($533 |
) |
|||
| Stock redemption for payment of shareholder loans | $0 |
|
$1,457 |
|
|||
| Stock redemption for payment on note receivable | $0 |
|
$6,130 |
|
|||
| Issuance of notes payable for purchase of intangible asset | $0 |
|
($165 |
) |
|||
| Issuance of notes payable for acquisitions | ($10,200 |
) |
$0 |
|
|||
| Issuance of notes payable for redemption of stock | $0 |
|
($900 |
) |
|||
BOWMAN CONSULTING GROUP LTD. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (Amounts in thousands except per share data) |
||||||||||||
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||
| Gross revenue | $ |
41,929 |
$ |
29,894 |
$ |
149,970 |
$ |
122,020 |
||||
| Less: sub-consultants and other direct expenses |
|
4,149 |
|
3,547 |
|
15,116 |
|
18,360 |
||||
| Net service billing | $ |
37,780 |
$ |
26,347 |
$ |
134,854 |
$ |
103,660 |
||||
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | |||||||||||||
|
2021 |
|
|
2020 |
|
2021 |
|
|
2020 |
|||||
| Net Income (loss) | $ |
(599 |
) |
$ |
196 |
$ |
299 |
|
$ |
990 |
||||
| + interest expense |
|
268 |
|
|
198 |
|
918 |
|
|
565 |
||||
| + depreciation & Amortization |
|
1,865 |
|
|
1,325 |
|
6,371 |
|
|
2,277 |
||||
| + tax (benefit) expense |
|
(1,441 |
) |
|
522 |
|
(1,579 |
) |
|
989 |
||||
| EBITDA | $ |
93 |
|
$ |
2,241 |
$ |
6,009 |
|
$ |
4,821 |
||||
| + non-recurring operating lease rent |
|
- |
|
|
91 |
|
- |
|
|
2,521 |
||||
| + non-cash stock compensation |
|
2,876 |
|
|
1,003 |
|
8,217 |
|
|
5,085 |
||||
| + transaction related expenses |
|
- |
|
|
- |
|
1,555 |
|
|
- |
||||
| + settlements and other non-core expenses |
|
- |
|
|
- |
|
- |
|
|
1,461 |
||||
| + acquisition expenses |
|
565 |
|
|
- |
|
704 |
|
|
- |
||||
| Adjusted EBITDA | $ |
3,534 |
|
$ |
3,335 |
$ |
16,485 |
|
$ |
13,888 |
||||
BOWMAN CONSULTING GROUP LTD. GROSS CONTRACT REVENUE COMPOSITION (Amounts in thousands) |
|||||||||||||||||||
| For the three months ended December 31, | |||||||||||||||||||
| Consolidated Gross Revenue |
|
2021 |
%CGR |
|
2020 |
%CGR |
Change |
% Change |
|||||||||||
| Building Infrastructure | $ |
31,559 |
75.3 |
% |
$ |
19,589 |
65.5 |
% |
$ |
11,970 |
|
61.1 |
% |
||||||
| Transportation |
|
3,845 |
9.2 |
% |
|
4,975 |
16.6 |
% |
|
(1,130 |
) |
-22.7 |
% |
||||||
| Power and Utilities |
|
4,925 |
11.7 |
% |
|
4,375 |
14.6 |
% |
|
550 |
|
12.6 |
% |
||||||
| Emerging Markets |
|
1,600 |
3.8 |
% |
|
956 |
3.2 |
% |
|
644 |
|
67.4 |
% |
||||||
| Total | $ |
41,929 |
100.0 |
% |
$ |
29,894 |
100.0 |
% |
$ |
12,035 |
|
40.3 |
% |
||||||
| Organic | $ |
36,836 |
87.9 |
% |
$ |
29,894 |
100.0 |
% |
$ |
6,942 |
|
23.2 |
% |
||||||
| Acquired |
|
5,093 |
12.1 |
% |
|
- |
0.0 |
% |
|
5,093 |
|
- |
|
||||||
| For the Year ended December 31, | |||||||||||||||||||
| Consolidated Gross Revenue |
|
2021 |
%CGR |
|
2020 |
%CGR |
Change |
% Change |
|||||||||||
| Building Infrastructure1 | $ |
105,242 |
70.2 |
% |
$ |
76,873 |
63.0 |
% |
$ |
28,369 |
|
36.9 |
% |
||||||
| Transportation |
|
16,537 |
11.0 |
% |
|
19,157 |
15.7 |
% |
|
(2,620 |
) |
(13.7 |
%) |
||||||
| Power & Utilities |
|
22,525 |
15.0 |
% |
|
20,377 |
16.7 |
% |
|
2,148 |
|
10.5 |
% |
||||||
| Other emerging markets2 |
|
5,666 |
3.8 |
% |
|
5,613 |
4.6 |
% |
|
53 |
|
0.9 |
% |
||||||
| Total: | $ |
149,970 |
100.0 |
% |
$ |
122,020 |
100.0 |
% |
$ |
27,950 |
|
22.9 |
% |
||||||
| Organic | $ |
138,136 |
92.1 |
% |
$ |
122,020 |
100.0 |
% |
$ |
16,116 |
|
13.2 |
% |
||||||
| Acquired |
|
11,834 |
7.9 |
% |
|
- |
0.0 | % |
|
11,834 |
|
- | |||||||
1 formerly referred to as Communities, homes & buildings |
2 represents renewable energy, mining, water resources and other |
BOWMAN CONSULTING GROUP LTD. GROSS BACKLOG AT DECEMBER 31, 2021 |
|||||
|
2021 |
2020 |
|||
Building Infrastructure |
62.3% |
42.7% |
|||
Transportation |
19.0% |
28.0% |
|||
Power & Utilities |
16.2% |
24.8% |
|||
Emerging Markets |
2.5% |
4.5% |
|||
Investor Relations
Bruce Labovitz
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(703) 787-3403
Megan McGrath
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(310) 622-8248
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