STAFFORD, Texas--(BUSINESS WIRE)--Microvast Holdings, Inc. (NASDAQ:MVST) (“Microvast” or the “Company”), a technology innovator that designs, develops and manufactures lithium-ion battery solutions, today confirms that its revenue performance for the fiscal year ended December 31, 2021 will be within the previously announced guidance of $145-$155 million. This represents 42% growth compared to $108 million for the fiscal year ended December 30, 2020 (calculated using the midpoint of the range).
“We are pleased to close out 2021 with a strong revenue performance in the fourth quarter and a promising backlog heading into 2022. I am proud of our team’s accomplishments and ability to grow top line revenue against the backdrop of a challenging year. We look forward to carrying this positive momentum into 2022 as we continue on our electrification journey,” said Yang Wu, Microvast’s President and Chief Executive Officer.
The Company will issue a press release reporting its consolidated financial results for the fourth quarter and full fiscal year ended December 31, 2021 after the market closes on Tuesday, March 29, 2022. Following the earnings press release, Microvast management will host a webcast and earnings conference call at 5:00 p.m. Central Time (6:00 p.m. Eastern Time) to discuss the business results and outlook, as well as details on two new products being brought to market in 2022.
The webcast will be accessible from the Events & Presentations tab of Microvast’s investor relations website (https://ir.microvast.com/events-presentations/events). A replay will be available following the conclusion of the live event. Investment community professionals interested in participating in the Q&A session may join the call by dialing +1 (631) 891-4304.
Retail and institutional shareholders may submit questions via the “Contact Us” page on Microvast’s investor relations website. Questions will be accepted beginning today through March 18, 2022. Microvast management will incorporate responses to a selection of frequently asked questions during the webcast. Please include the hashtag #askmicrovast in the subject line.
About Microvast
Microvast is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a breadth of market applications, including electric vehicles, energy storage and battery components. Microvast was founded in 2006 and is headquartered near Houston, Texas. For more information, please visit www.microvast.com or follow us on LinkedIn or Twitter (@microvast).
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook,” “guidance” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Microvast’s industry and market sizes, future opportunities for Microvast and the combined company and Microvast’s estimated future results. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
In addition to factors identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) a delay or failure to realize the expected benefits from the business combination; (2) the impact of the ongoing COVID-19 pandemic; (3) changes in the highly competitive market in which Microvast competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (4) changes in the markets that Microvast targets; (5) risk that Microvast may not be able to execute its growth strategies or achieve profitability; (6) the risk that Microvast is unable to secure or protect its intellectual property; (7) the risk that Microvast’s customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (8) the risk that Microvast’s customers will adjust, cancel, or suspend their orders for Microvast’s products; (9) the risk that Microvast will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (10) the risk of product liability or regulatory lawsuits or proceedings relating to Microvast’s products or services; (11) the risk that Microvast may not be able to develop and maintain effective internal controls; (12) the outcome of any legal proceedings that may be instituted against Microvast or any of its directors or officers; and (13) risks of operations in the People’s Republic of China.
Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof in the case of information about Microvast or the date of such information in the case of information from persons other than Microvast, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Microvast’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.
Sarah Alexander
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EcoVadis Network Impact Report: Sustainability Best Practice Metrics Rise Sharply, as Score Improvements Triple Since 2016
PARIS & NEW YORK--(BUSINESS WIRE)--#ESG--The second annual EcoVadis Network Impact Report, released today, shows rapid acceleration in the “scaling up” of sustainability impacts, such as the increased use of reuse & recycle measures, increased implementation of equality programs, and more. Since 2016, several positive environmental and social actions have risen sharply and the total scope of score improvement has tripled across the EcoVadis network.
The Impact Report outlines EcoVadis’ "Model for Impact" for how organizations can drive positive change through sustainable procurement and similar business relationships. It summarizes key actions and outcomes that are facilitated and tracked in the EcoVadis Ratings platform. This acceleration in positive impact is the result of not only quantitative growth within the EcoVadis network, but also new dimensions that increase the breadth and depth of collaboration and improvement in sustainable business practices.
Highlights from EcoVadis’ network in 2021 (compared to 2020) include:
The Impact Report details a new metric: As improvement in sustainability practices is a core indicator of the capacity to drive impact, EcoVadis monitors Improvement Magnitude which measures the total scope of score improvement across its network. Improvement Magnitude is the number of companies who improve their score in a given month multiplied by the average increase in score in the same period. Monthly Impact Magnitude increased from 2,657 in December of 2016 to 6,381 in December of 2021.
“Businesses and governments are feeling immense pressure to break down broad commitments into tactical targets and action plans – particularly in the value chain – and start executing and reporting on them,” said Pierre-François Thaler, Co-Founder and Co-CEO of EcoVadis. “By designing sustainable procurement strategies around performance and positive impact, organizations in the network are far better equipped to translate ambition into action and realize the positive environmental and social outcomes described in the report.”
EcoVadis’ approach is to “meet companies where they are” – across not only all industries, sizes, and locations, but regardless of their starting maturity – and support their sustainability improvement journey. Using a holistic ratings methodology, EcoVadis rates companies’ sustainability performance on a scale of 0 to 100. The rating focuses on 21 sustainability criteria that are grouped into four themes: Environment, Labor & Human Rights, Ethics and Sustainable Procurement, and are based on international sustainability standards. With each rating and improvement cycle, they build resilience, enhance value creation, and drive positive impact for the planet and society. In addition to quantitative growth in the size of the network, the EcoVadis impact model scaled up along these other dimensions:
“Our customers across the network have done tremendous work to achieve these results,” continued Thaler. “We are eager to deliver this year some key platform and reporting enhancements that will empower them to analyze and monitor impact metrics, such as those detailed in this report, at the company and industry level.”
For more information on how EcoVadis helps promote a greater understanding of impact at scale across its network, read the second annual EcoVadis Network Impact Report here.
About EcoVadis
EcoVadis is the world's most trusted provider of business sustainability ratings. Global supply chains, financial institutions and public organizations rely on EcoVadis to monitor and improve the sustainability performance of their business and trading partners. Backed by a powerful technology platform, EcoVadis’ evidence-based ratings are validated by a global team of experts, and are adapted to more than 200 industry categories, 160 countries, and companies of all sizes. Its actionable scorecards provide benchmarks, insights, and a guided improvement journey for environmental, social and ethical practices. Industry leaders such as Amazon, Johnson & Johnson, L’Oréal, Unilever, LVMH, Salesforce, Bridgestone, BASF, and ING Group are among the 90,000 businesses that collaborate with EcoVadis to drive resilience, sustainable growth and positive impact worldwide. Learn more on ecovadis.com, Twitter or LinkedIn.
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Agreement Adds Fuel to 15-Year Partnership with Launch of the New Exxon Mobil Smart Card+™
NEW YORK & HOUSTON--(BUSINESS WIRE)--Citi Retail Services, one of North America's largest and most experienced retail credit solution providers, and ExxonMobil announced today an extension of their wide-reaching credit card relationship.
For the last 15 years, the two brands have been deeply committed to providing best-in-class offerings which drive significant value to consumer credit card customers. This shared ‘customer first’ commitment is exemplified by today’s launch of the Exxon Mobil Smart Card+. Offered as an upgrade to existing ExxonMobil™ Smart Card cardmembers and available for new applicants, the Exxon Mobil Smart Card+ provides instant savings at the pump with up to 12 cents per gallon* on Synergy Supreme+™ premium fuel and 10 cents per gallon* on other Synergy™ fuel grades at over 12,000 Exxon™ and Mobil™ stations in the U.S. Cardmembers are also eligible to receive 5% back* as a statement credit on in-store purchases and car washes at Exxon and Mobil locations for the first $1,200 spent on non-fuel purchases per year.
“We are excited to launch an enhanced Exxon Mobil consumer credit card alongside Citi Retail Services,” said Yan Cote, ExxonMobil Marketing Consumer Offer Manager. “We continuously evaluate our branded programs and saw an opportunity to bring consumers more savings on everyday purchases at Exxon and Mobil stations. Citi Retail Services has been a valued partner who shares a vision of innovation and providing significant benefits to cardmembers.”
“We are delighted to announce another multi-year extension of our partnership with ExxonMobil,” said Leslie McNamara, Business Head, Partner Management, Citi Retail Services. “Starting with the new credit card launching today, we will continue to work closely with ExxonMobil to provide value and drive increased loyalty among new and existing customers.”
To learn more about the new Exxon Mobil Smart Card+, please visit: exxon.com/smartcardplus.
Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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*Card terms:
*Account must be open and in good standing to qualify. You will receive ongoing fuel savings of 12 cents per gallon on Synergy Supreme+™ premium fuel and 10 cents per gallon on other Synergy™ fuel grades, which will be received as a reduced fuel price at the point of sale. In the event discounts at the point of sale are unavailable for any reason, you will receive the earned discounts as a statement credit. You can earn 5% back in statement credit rebates on your first $1,200 in Exxon and Mobil non-fuel purchases made each year with your card at Exxon and Mobil locations. Qualifying in-store purchases exclude lottery tickets, money orders and gift cards. Exxon Mobil Rewards+™ points will not be earned on purchases made with the Exxon Mobil Smart Card+™ credit card. Terms & Conditions of the Exxon Mobil Smart Card+ Program apply.
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Elana Rueven
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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) announced today that it has achieved a top score of 100% on the Human Rights Campaign’s (HRC) Corporate Equality Index for 2022 and earned the designation as one of the Best Places to Work for LGBTQ+ Equality. For the third consecutive year, Hess also has earned a place on the Bloomberg Gender-Equality Index (GEI), which tracks the performance of public companies committed to achieve or adopt best in class statistics or policies and to transparency in gender-data reporting.
Hess is one of just five oil and gas producers to be named by the HRC as a Best Place to Work for LGBTQ+ and the only one based in the U.S. to be included in the Bloomberg GEI for gender equality.
“Hess has a longstanding commitment to diversity, equity and inclusion, which we believe creates value for all of our stakeholders and improves performance,” said Tiffanie McDonald, Director of Diversity, Equity and Inclusion at Hess. “This recognition acknowledges that commitment and the progress we continue to make in fostering an inclusive workplace that enables everyone to thrive.”
The HRC’s Corporate Equality Index is considered the foremost U.S. benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality. The index includes 1,271 U.S.-based companies, more than half of which have global operations. The full report is available online at www.hrc.org/cei.
Bloomberg’s GEI is a modified market capitalization-weighted index tracking the performance of public companies across all sectors in 45 countries and regions that are committed to transparency in gender-data reporting. More information about the GEI is available at www.bloomberg.com/gei.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information about Hess Corporation is available at http://www.hess.com.
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Former Meritor Executive Chairman of the Board and Chief Executive Officer brings extensive product innovation and commercialization experience
AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced that Jeffrey A. (Jay) Craig will join its board of directors.
A highly recognized leader in the commercial vehicle space, Craig oversaw the advancement of Meritor’s product portfolio during his tenure as Chief Executive Officer, where he guided the development of a multitude of electrification products—some of which are now used on the Hyliion Hypertruck ERX™. Craig also worked closely with numerous commercial vehicle OEMs to make Meritor products part of their standard and electric vehicle offerings.
Prior to serving as Meritor’s CEO, Craig held other executive positions with the company, including Senior Vice President and Chief Financial Officer, and President and Chief Operations Officer, where he oversaw both Commercial Truck & Industrial and Aftermarket & Trailer business segments.
“Jay’s extensive background in driving product development in the commercial trucking industry paired with his sharp financial acumen makes him a strong addition to the Hyliion board. He joins at a pivotal and exciting time in the Hypertruck ERX commercialization process, as we continue to execute on our product roadmap and deliver a powertrain solution that will change the future of trucking,” said Thomas Healy, Founder and CEO of Hyliion. “Hyliion will certainly benefit from his experience leading a global drivetrain company into the electrification space as well as his support of our vision of a cleaner environment through innovative technology,” Healy added.
Before beginning his career at Meritor, Craig was President and Chief Executive Officer of General Motors Acceptance Corporation ("GMAC") Commercial Finance and President and Chief Executive Officer of GMAC’s Business Credit division. He joined GMAC as general auditor from Deloitte & Touche, where he served as an audit partner.
Craig holds a Bachelor of Science degree in accounting from Michigan State University and a Master of Business Administration from Duke University in Durham, North Carolina.
About Hyliion
Hyliion Holdings Corp.’s (NYSE: HYLN) mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2021 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX, the ability to meet 2021 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021 for the year ended December 31, 2020. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.
Hyliion Holdings Corp.
Ryann Malone
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Nicholas Manganaro
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CORPUS CHRISTI, Texas--(BUSINESS WIRE)--Pin Oak Group, LLC (“Pin Oak” or the “Company”) announced today that the Company’s Board of Managers has appointed Keith M. Casey as Chief Executive Officer, effective today.
Casey, who will also be a member of the Board of Managers of the Company, is part of a new Executive Leadership Team that includes Christine P. Whelchel as Executive Vice President, Operations; Nathan E. Weeks as Executive Vice President and Chief Financial Officer; Carlos M. Mata, as Executive Vice President, Strategy & Business Development; and Charles A. Cavallo III, as Executive Vice President and General Counsel. They will be reporting directly to Mr. Casey.
“We are extremely pleased to welcome Keith and such a high caliber, experienced team to lead the next phase of growth for Pin Oak,” said Brian A. Falik, Chief Investment Officer – Americas at Mercuria Energy on behalf of the Pin Oak Board of Managers. “Keith and the team bring such a high level of qualifications to continue the operational and commercial successes of Pin Oak in Corpus Christi as well as new ventures ahead.”
Corey Leonard, who has served as CEO since 2019, is leaving the company to pursue other ventures, and the Board of Managers thanked him for his leadership in driving Pin Oak’s growth.
The Company’s new Executive Leadership Team has worked together in various capacities for more than a decade and has over 125 years of collective experience in the midstream and downstream energy sectors. The team shares distinctive track records in strategic growth and corporate transformation as well as a commitment to continuously improving all aspects of business operations and community engagement.
“We are excited to join Pin Oak’s exceptional team and build upon their achievements,” Casey said. “Pin Oak has built a premier asset base in Corpus Christi and an outstanding reputation, which we plan to expand and leverage to create additional value for all of our stakeholders. We are eager to further enhance Pin Oak’s prominence in the natural gas liquids and crude oil value chains to better serve our customers in a manner that forwards their strategic goals and benefits the communities in which we operate.”
About Pin Oak Corpus Christi
Pin Oak is a midstream company with operating terminals in the Corpus Christi and Taft markets with a combined 5.2 million barrels of storage capacity. The Pin Oak Corpus Christi Terminal has 4.0 million barrels of crude, NGL and refined products storage capacity with a host of pipeline connections to the region’s three refineries (Flint Hills Resources, Valero, and CITGO), regional fractionation complexes and the Gray Oak and EPIC Pipeline systems. In addition to its pipeline interconnectivity, Pin Oak provides marine access ranging from regional barges up to Suezmax tankers at its marine facilities, as well as rail and truck unloading/loading solutions. The Pin Oak Taft Terminal has 1.2 million barrels of crude oil storage capacity with strategic connections to Gray Oak Pipeline, Cactus II Pipeline and Flint Hills Resources Midway Station. For more information, please visit www.pinoakterminals.com.
Christine P. Whelchel
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210.640.7300 main office
Fairbanks Energy Services, acquired by Mantis Innovation in February 2021, will officially rebrand under the Efficiency Solutions division of Mantis as companies across the US seek increased support for energy efficiency solutions
HOUSTON--(BUSINESS WIRE)--#Rebrand--Mantis Innovation, provider of smart, sustainable solutions to improve facility performance, today announced that subsidiary Fairbanks Energy Services is rebranding under the Efficiency Solutions division, marking another point of growth for the Mantis brand. This rebranding effort for the Efficiency Solutions division reflects the demands of a market seeking increased energy efficiency and sustainability solutions, as well as affirms Mantis’ commitment to meeting the needs of today’s businesses as they work towards improved facility performance.
The Efficiency Solutions division of Mantis Innovation aims to decrease the energy use in a building to lower costs and improve environmental impact. The integration of the Fairbanks brand into this division will strengthen Mantis’ offerings in:
“We look forward to the impact of rebranding Fairbanks Energy Services with Mantis Innovation,” said Adam Fairbanks, President of the Mantis Efficiency Solutions division (formerly Fairbanks Energy Services). “This is a natural next step in the growth of our organization following our partnership last year. By integrating our brand and expanding our offerings through Mantis, we are reaffirming our commitment to providing clients with a broader suite of sustainable, turnkey solutions and managed facility services.”
“We are thrilled to announce the rebrand of Fairbanks Energy Services under the Mantis Innovation name,” said Dan Marzuola, CEO of Mantis Innovation. “Our partnership with the Fairbanks team has proven to be a valuable addition to our growing solutions portfolio and to welcome them under the Mantis brand is an exciting next step. We look forward to continuing our work providing superior sustainability solutions and effective facility management support to our client base.”
About Mantis Innovation
Mantis Innovation is a tech-enabled service provider that works with customers to deliver better building performance and improved energy efficiency. The company offers a full suite of services, including: energy procurement and demand management; solar, roofing, building envelope, and pavement, design, assessment and maintenance; and LED lighting, HVAC/mechanical and building automation systems implementation. Mantis is headquartered in Houston, Texas, with 17 locations across the United States from Massachusetts to Washington.
Learn more at https://mantisinnovation.com/
Mantis Innovation
Caroline Haley
Marketing Director
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HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) and Oasis Midstream Partners LP (“Oasis Midstream”) announced today that the companies have successfully closed the transactions contemplated by the previously announced merger agreement. As a result of the combination, Crestwood has significantly enhanced its scale and competitive position in the Williston and Delaware Basins, enabling the company to capture expected operational and commercial synergies of approximately $45 million and driving enhanced financial strength and flexibility.
As previously announced, under the terms of the merger agreement, public holders of Oasis Midstream common units will receive 0.8700 Crestwood common units in exchange for each Oasis Midstream common unit. As previously announced, Crestwood unitholders as of the February 7, 2022 record date, including legacy Oasis Midstream unitholders that remain Crestwood unitholders, will receive Crestwood’s $0.625 per limited partner unit distribution, attributed to the fourth quarter 2021 and payable on February 14, 2022. Crestwood will utilize excess available free cash flow from the combined company to make the fourth quarter 2021 distribution payment.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements include, among others, statements regarding the expected synergies and enhanced financial strength and flexibility from the transaction with Oasis Midstream and the timing thereof, and are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
Crestwood Equity Partners LP
Investor Contact
Rhianna Disch, 713-380-3006
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Senior Vice President, Sustainability and Corporate Communications
CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network, participated in the Bloomberg New Energy Finance (BNEF) Summit in San Francisco on Monday, January 31, 2022.
ChargePoint Chief Marketing Officer Colleen Jansen spoke during the expert panel titled “Delivering Charging Infrastructure for All.'' Moderated by BloombergNEF’s Electrified Transport specialist Ryan Fisher, the panel discussed critical success factors in the expansion of electrification. Jansen was joined by other leading experts from General Motors and Energy Impact Partners.
During the panel, she shared ChargePoint’s leadership in all facets of charging fleets and passenger vehicles whether at home, at work and around town, as well as its technology investments in creating a driver experience that is smart, intuitive and integrated. “Software is the magic that makes it all work,” said Jansen, speaking on electrification during the hybrid event to more than 1,000 registered attendees.
Such discussions around infrastructure are prompted by recent EV momentum. In research conducted by BNEF, passenger EV sales in Europe & North America grew 48 percent year over year from between Q3 2020 and Q3 2021. BNEF has also predicted that passenger EV sales will hit 14 million in 2025, an increase from 3.1 million in 2020.
Since 2008, the BNEF Summit has convened leading minds across the transportation category to share insights, focusing this year’s summit on capitalizing on technological change and shaping a cleaner future. This is the second consecutive year ChargePoint has been invited to speak at this industry setting event.
About ChargePoint
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 105 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it..
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HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) announced today, following the completion of its acquisition of Oasis Midstream Partners LP (“Oasis Midstream”), changes to the Board of Directors of its general partner.
In connection with the recently closed merger with Oasis Midstream, Oasis Petroleum Inc. (Nasdaq: OAS) (“Oasis Petroleum”) received the contractual right to appoint two members to the Crestwood Board of Directors, subject to ongoing ownership thresholds. As a result, Crestwood is pleased to welcome Mr. John Jacobi and Mr. John Lancaster, Jr. to the Crestwood board, effective February 1, 2022.
Mr. Jacobi will serve on the Sustainability Committee of the Crestwood board. He currently serves on the board of Oasis Petroleum, where he is the Chair of Compensation Committee and a member of the Audit & Reserves Committee. Mr. Jacobi brings significant experience in the energy industry, particularly through his knowledge and expertise in exploration and production sector, and currently serves as the President and CEO of Javelin Energy Partners, a subsidiary of Crescent Energy. In 2013, Mr. Jacobi co-founded Covey Park Energy, Inc. and served as its co-CEO and board member until the company was sold to Comstock Resources in 2019. Mr. Jacobi started his career with Woolf & McGee Inc. and later founded Jacobi-Johnson Energy, Inc. which was then sold to EXCO Resources. Mr. Jacobi has previously served on the board of directors of Comstock Resources and Pioneer Energy Services Corp, and he holds a Bachelor of Science in Biology from West Texas A&M University.
Mr. Lancaster will serve on the Compensation and Finance Committees of the Crestwood board. He currently serves on the board of Oasis Petroleum as a member of the Compensation Committee and the Nominating, Environmental, Social & Governance Committee. Mr. Lancaster contributes significant financial knowledge and investment experience to the Crestwood board. He is currently a Managing Partner of Oyster Creek, LLC, an investment and advisory firm established in 2020, and serves on the Board of Directors for Aquadrill LLC, a provider of deepwater offshore drilling services globally. Mr. Lancaster was previously with Riverstone Holdings, LLC, where he spent 20 years investing in and developing companies across the energy industry, including the midstream sector in North America and Europe. He has previously served as a director of Magellan Midstream Partners, L.P., Cobalt International Energy, Inc., Liberty Oilfield Services, Petroplus Holdings AG, as well as numerous private companies. Mr. Lancaster holds a Bachelor of Business Administration from the University of Texas and a Master of Business Administration from Harvard Business School.
“As we close the Oasis Midstream merger, I am pleased to welcome John Jacobi and John Lancaster to the Crestwood board. They are veterans of the energy industry and we will benefit from their extensive experience in the upstream and financial sectors. The addition of these independent directors will further strengthen Crestwood’s leading MLP corporate governance model and our important working relationship with Oasis Petroleum. The new Crestwood board, comprised of a combination of legacy Crestwood directors, recently recruited independent directors and Oasis Petroleum appointees will be well suited to drive Crestwood’s long-term strategy through a disciplined, returns focused business model of generating positive free cash flow while maintaining financial strength and flexibility, as we focus on building unitholder value,” stated Robert G. Phillips, Chairman, Founder and Chief Executive Officer of Crestwood’s general partner.
Additionally, effective January 31, 2022, Mr. Alvin Bledsoe has resigned from the Board of Directors and as Chair of the Audit Committee. Mr. Bledsoe’s resignation was as result of a post-merger potential independence issue related to Oasis Petroleum’s current audit firm and was not due to any disagreement or concern regarding Crestwood, its auditors, or its management team. Ms. Angela Minas, currently a member of the Audit Committee, will take over the role of Chair.
Mr. Phillips added, “On behalf of the Crestwood organization, I want to thank Al Bledsoe for his many years of dedicated service to the Crestwood board. As an original director of Quicksilver Gas Services, a Crestwood predecessor company acquired in 2010, Al has provided wise counsel and seasoned perspective to our management team as we shaped the partnership over the last decade through multiple acquisitions and divestitures. With his help, our board has provided solid strategic guidance to position the company where it is today as a midstream leader in sustainability, transparency and operational excellence.”
Following these changes, the Crestwood Board of Directors will consist of ten members of which 90% are independent, 30% are female representatives, and 50% have three or less years of tenure. In 2021, Crestwood transitioned to a publicly elected board and will hold its first board elections and annual unitholders meeting in May 2022.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal securities law. Such forward-looking statements include, among others, statements regarding the expected benefits of the transaction with Oasis Midstream and the timing thereof, and are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. These risks and assumptions are described in Crestwood’s annual reports on Form 10-K and other reports that are available from the United States Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made. We undertake no obligation to update any forward-looking statement, except as otherwise required by law.
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Senior Vice President, Sustainability and Corporate Communications
PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. ("Allego" or the "Company"), a leading pan-European electric vehicle ("EV”) charging network, which announced its proposed business combination with Spartan Acquisition Corp. III (NYSE: SPAQ), today announced it had hired Manish A. Somaiya as Group Head of Investor Relations and Capital Markets, effective January 10, 2022.
"I am pleased to welcome Manish to the Allego team," said Mathieu Bonnet, CEO of Allego. "He brings a significant amount of expertise and leadership given his excellent track record of building trusted relationships with investors, analysts, and the financial community throughout his career. We believe Manish will help us build world-class investor relations and capital markets function, as we capitalize on our strong leadership position as a leading EV charging network in Europe and execute on our go-to-market strategy to drive long-term shareholder value."
"I am excited to join Allego, with its technological edge as a leader in the European fast and ultra-fast EV charging market with an established operating history and significant industry tailwinds," said Somaiya. “I am looking forward to creating a top-tier platform for a transparent and proactive communications strategy with all stakeholders by partnering with relevant professionals across the organization.”
Ton Louwers, CFO of Allego, to whom Somaiya will report, stated, "I am thrilled to have Manish on board at a pivotal time for the company and look forward to working collaboratively to optimize growth opportunities with the combined finance and business development teams and maintain access to providers of capital.”
As a Managing Director at Citigroup Global Markets, Bank of America Securities, and a senior executive at J.P. Morgan Securities, Somaiya brings more than 20 years of experience in investment research and capital markets. At Citi, Somaiya was a senior liaison for institutional clients and led cross-asset research partnerships while maintaining award-winning sector coverage. He recently worked with growth companies on capital raising and corporate development.
Somaiya holds an MBA from TRIUM global executive program, an 18-month joint-degree with N.Y.U. Stern School, the London School of Economics and Political Science, and H.E.C. Paris School of Management. He received his undergraduate degree in finance and international business from N.Y.U Stern School.
About Allego
Allego delivers charging solutions for electric cars, motors, buses and trucks, for consumers, businesses and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network comprised of more than 26,000 charge points operational throughout Europe – and growing rapidly. Our charging solutions are connected to our proprietary platform, EV-Cloud, which gives us and our customers a full portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable and safe charging solutions, agnostic of vehicle model or network affiliation. At Allego, we strive every day to make EV charging easier, more convenient and more enjoyable for all.
About Spartan Acquisition Corp. III
Spartan Acquisition Corp. III is a special purpose acquisition entity focused on the energy value-chain and was formed for the purpose of entering into a merger, amalgamation, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Spartan is sponsored by Spartan Acquisition Sponsor III LLC, which is owned by a private investment fund managed by an affiliate of Apollo Global Management, Inc. (NYSE: APO). For more information, please visit www.spartanspaciii.com.
Forward-Looking Statements.
This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Spartan Acquisition Corp. III’s (“Spartan”) and Allego Holding B.V.’s, a Dutch private limited liability company (“Allego”), actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Spartan’s and Allego’s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction or waiver of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside Spartan’s and Allego’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Business Combination Agreement and Plan of Reorganization (the “BCA”); (ii) the outcome of any legal proceedings that may be instituted against Athena Pubco B.V., a Dutch limited liability company (the “Athena Pubco”) and/or Allego following the announcement of the BCA and the transactions contemplated therein; (iii) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of Spartan, certain regulatory approvals, or the satisfaction of other conditions to closing in the BCA; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the BCA or could otherwise cause the transaction to fail to close; (v) the impact of the COVID-19 pandemic on Allego’s business and/or the ability of the parties to complete the proposed business combination; (vi) the inability to obtain or maintain the listing of Athena Pubco’s common shares on the New York Stock Exchange following the proposed business combination; (vii) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (viii) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of Allego to grow and manage growth profitably, and to retain its key employees; (ix) costs related to the proposed business combination; (x) changes in applicable laws or regulations; and (xi) the possibility that Allego, Spartan or Athena Pubco may be adversely affected by other economic, business, and/or competitive factors. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in Spartan’s most recent filings with the SEC and in the registration statement on Form F-4 (the “Form F-4”), including the proxy statement/prospectus forming a part thereof filed by Athena Pubco in connection with the proposed business combination on September 30, 2021 and the amendments filed in connection therewith. All subsequent written and oral forward-looking statements concerning Spartan, Allego or Athena Pubco, the transactions described herein or other matters and attributable to Spartan, Allego, Athena Pubco or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of Spartan, Allego and Athena Pubco expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.
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DUBLIN--(BUSINESS WIRE)--The "Marine Composites Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global marine composites market reached a value of US$ 4.6 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 5.8 Billion by 2027, exhibiting a CAGR of 4.1% during 2022-2027.
Companies Mentioned
Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor
Marine composites refer to a mixture of fibers and resin materials that are used to shape and reinforce marine components. Ferrocement, glass-reinforced plastic, wood fibers, carbon composites and aramid fiber are some of the most commonly used marine components. They are usually manufactured using polyester, vinyl ester, epoxy, thermoplastic, acrylic and phenolic resins. They are also used for manufacturing gratings, ducts, shafts, piping and hull shells. These composite-based parts are used for assembling powerboats, sailboats and cruise ships as they offer advantageous properties, such as high mechanical strength, fuel efficiency, reduction in the overall weight, corrosion resistance, and customizability
One of the key factors creating a positive outlook for the market is the significant growth in the maritime industry across the globe. Furthermore, the growing demand for high speed, power and luxury boats and yachts is also providing a boost to the market growth. Marine composites are extensively used for manufacturing recreational boats that have a high strength-to-weight ratio, fuel-efficiency, improved noise damping features and lower magnetic signature. In line with this, increasing marine transportation activities and cargo movement across borders is contributing to the market growth.
Composites, such as fiber-reinforced composites, are being increasingly used as they can withstand extreme pressures from winds, waves and tides and maintain their physical properties when submerged in saltwater. Additionally, various product innovations, such as the development of marine composites using renewable materials and vacuum infusion, are acting as another growth-inducing factor. These composites provide additional stiffness, vibration damping, water repellency and impact and abrasion resistance.
Key Questions Answered in This Report:
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Marine Composites Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Composite Type
7 Market Breakup by Fiber Type
8 Market Breakup by Resin Type
9 Market Breakup by Vessel Type
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Indicators
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/jwybe1
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LONG BEACH, Calif.--(BUSINESS WIRE)--At the request of the Biden-Harris Administration Supply Chain Disruptions Task Force, the West Coast MTO Agreement (WCMTOA) announced that it will again adjust the OffPeak program in response to the Task Force’s national supply chain analysis. The Task Force considers the PierPass OffPeak program as one link in the complex national supply chain that can assist with the objective of getting the entire supply chain to operate 24/7.
On Nov. 10, in response to an earlier request from the Task Force, WCMTOA announced that the Traffic Mitigation Fee (TMF) would be temporarily adjusted to $78.23 per TEU (twenty-foot equivalent unit) between Dec. 1 and Jan. 31, and would be charged only on weekdays during the daytime shift. Under this temporary adjustment, filed in November with the Federal Maritime Commission (FMC), the TMF was scheduled to revert to its previous levels after the holidays on Feb. 1. That change took place today, with the rate returning to $34.21 per TEU or $68.42 for all other sizes of container and payable throughout all hours of terminal operation. Under this version of the program, traffic is mitigated to the off-peak shifts using appointments.
On Jan. 21, the Biden-Harris Administration Supply Chain Disruptions Task Force’s Port Envoy requested that WCMTOA continue efforts to incentivize more truck trips to the off-peak shifts by continuing to waive its TMF during the second and third shift operations. Regulatory review requires a period of time for the FMC to review the request. Therefore, subject to regulatory clearance by the FMC, the rate will once again change on Feb. 14 to $78.23 per TEU (twenty-foot equivalent unit) and will be charged only on weekdays during the daytime shift.
Under the original PierPass OffPeak Program established in 2005 to mitigate severe traffic congestion around the ports, incentive pricing (charging a TMF for weekday, daytime container moves) was used to enable and drive traffic to new night shifts. After extensive consultations with supply chain participants, OffPeak 2.0 was introduced in 2018 to address supply chain requests that the program mitigate traffic with appointment systems instead of incentive pricing. The change also sought to eliminate the problematic truck bunching that occurred between shifts with the previous program.
Containers exempt from the TMF include empty containers, domestic and transshipment cargo, and import cargo or export cargo that transits the Alameda Corridor in a container and is subject to a fee imposed by the Alameda Corridor Transportation Authority. Empty chassis and bobtail trucks are also exempt.
PierPass is a not-for-profit company created by marine terminal operators at the Port of Los Angeles and Port of Long Beach to address multi-terminal issues such as congestion, air quality and security. The West Coast Marine Terminal Operator Agreement (WCMTOA) is filed with the Federal Maritime Commission and comprises the 12 international MTOs serving the Los Angeles and Long Beach ports.
For more information, please see www.pierpass.org.
PierPass Customer Service Number: 877-863-3310
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WILLISTON, Vt.--(BUSINESS WIRE)--$SIRC #benzinga--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, today released certain preliminary operating results for the fourth quarter and year ending December 31, 2021.
Highlights:
Based on preliminary unaudited results for the fourth quarter of 2021, iSun estimates fourth quarter revenues at approximately $24.5 million to $27.0 million, gross margins at approximately 19% to 21% and net loss will be approximately $1.8 million. iSun estimates year end revenues at approximately $42.8 million to $45.3 million, gross margins at approximately 13% to 15% and net loss will be approximately $6.9 million. The largest contributors impacting the net loss for the fourth quarter are one-time expenses attributable to expenses related to the acquisition of Solar Communities, Inc.
“The fourth quarter was iSun’s first opportunity to deploy the platform built by our team throughout 2021,” commented Jeffrey Peck, iSun’s Chief Executive Officer. “The anticipated revenue results have exceeded our expectations on a quarterly and annual basis. With these anticipated results, we were able to deliver the biggest quarter in company history and exceed our previously released 2021 revenue guidance. We are excited to continue our growth trajectory and remain confident in our previously announced revenue guidance of $165 million for 2022. We continue to be a trusted partner for solar solutions for new and existing customers, as evidenced by our recent $29.3 million contract for electric vehicle infrastructure support. We appreciate the ongoing support of our shareholders and remain focused on building long-term value for investors.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
IR Contact:
Tyler Barnes
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HOUSTON--(BUSINESS WIRE)--Westlake Chemical Corporation (NYSE: WLK) today announced that it has completed the acquisition of Hexion Inc.’s global epoxy business for approximately $1.2 billion in an all-cash transaction. Based in Rotterdam, The Netherlands, the epoxy business, which will be branded as Westlake Epoxy, is an industry leader in the manufacture and development of specialty resins, coatings and composites for a variety of industries, including high-growth and sustainability-oriented end-uses such as wind turbine blades and light-weight automotive structural components.
“With this transaction, Westlake will significantly expand its integrated business by adding a leading downstream portfolio of coatings and composite products,” said Westlake President and Chief Executive Officer Albert Chao. “Light-weighting is a critical feature for the manufacture of structural components for automobiles and for renewable energy, particularly the composite blades used by wind turbines, and epoxies are key ingredients for these sustainable products. The industries served by Westlake Epoxy are very attractive and the business is expected to be a synergistic addition to Westlake’s existing businesses. We welcome the epoxy employees to the Westlake family and look forward to realizing the tremendous opportunities to grow the combined businesses.”
Westlake Epoxy is a global leading producer of epoxy resins, modifiers and curing agents for high-performance materials, coatings and composites. The fully-integrated business includes upstream base epoxy resins and intermediates delivered as liquid or solid epoxy resins, as well downstream specialty epoxy resins used in coatings and composites. Westlake Epoxy serves numerous industries, including adhesives; aerospace; automotive; civil engineering and construction; composite and wind energy; electronics; electrical laminates; as well as marine and protective coatings.
The acquisition comes after Westlake closed in the third and fourth quarters of 2021 on its acquisitions of the building products businesses of Boral North America; Dimex LLC, which processes recycled plastic materials to manufacture home and lifestyle products, such as landscape edging, home and office matting, and marine deck edging; and LASCO Fittings LLC, a leading manufacturer of injected-molded PVC fittings.
About Westlake
Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, we provide the building blocks for vital solutions — from building and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the company's website at www.westlake.com.
Forward-Looking Statements
The statements in this release that are not historical statements, including statements regarding the expected benefits of the transaction, including expected synergies and growth, are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to significant risks and uncertainties, many of which are beyond Westlake’s control. Actual results could differ materially based on risks and uncertainties described in Westlake’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the Securities and Exchange Commission (“SEC”) in February 2021, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021, and September 30, 2021, which were filed with the SEC in May 2021, August 2021, and November 2021, respectively, recent Current Reports on Form 8-K, and Westlake’s other SEC filings. These filings also discuss some of the important risk factors and other factors that may affect Westlake’s business, results of operations and financial condition. Westlake undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Media Relations – L. Benjamin Ederington – 1-713-960-9111
Investor Relations – Steve Bender – 1-713-960-9111
HOUSTON--(BUSINESS WIRE)--Datagration Solutions, Inc. ("Datagration" or "The Company") announced today the closing of additional equity financing to support the growth of its business with funds slated to further advance the PetroVisor™ Platform, add to its implementations and customer success group and recruit additional global sales resources. All major existing investors, including Quantum Energy Partners' Innovation Fund, participated in the fundraising and several new investors, led by Houston-based EIV Capital, an energy-focused private equity firm.
Launched in late 2020, Datagration has already delivered significant value for multiple upstream companies globally. PetroVisor's ability to consolidate and integrate disparate data systems in a unique, scalable, and flexible format brings substantial customer value. This functionality is the key feature that enables powerful analytics, workflow automation, and AI/ML across disciplines and functions.
Datagration will use a portion of its new funding to grow its portfolio of platform-native apps and expand the use of its Unified Data Model (UDM) that can influence operational and process changes to improve asset productivity and profitability.
"E&P companies have expressed their frustration with one-off, point solutions. PetroVisor is a modernized, open, agnostic SaaS platform everyone uses in an oil and gas company, from the CEO to the Production Superintendent," said Peter Bernard, Chairman & CEO of Datagration.
"PetroVisor integrates engineering, geological, financial, accounting, production information, all key data into one version of the truth," continued Bernard. "It is deployed on any cloud, not user-defined, uses ML/AI technology, and E&P companies no longer have to worry about 'vendor lock-in.'"
"We believe the PetroVisor platform will be a game-changer for energy companies, enabling them to make better decisions through data consolidation and powerful analytics. We look forward to working with Peter and his team to support Datagration's continued growth," said Patricia Melcher, Managing Partner, EIV Capital.
"Oil and gas companies that do not embrace advanced data analytics today will soon be left behind as much of the industry has woken up to the tremendous power of data," said Jeffrey Harris, who oversees Quantum's Innovation Fund. "Our follow-on investment in Datagration is evidence of the PetroVisor platform's rising momentum and product leadership in this space."
ABOUT DATAGRATION
Datagration provides the world's Oil and Gas companies with the tools they need to integrate and model data into meaningful insights and decisions daily. Our team of data scientists, engineers, and technologists work hand in hand with our customers to build a single source of truth used across the organization for data analysis, benchmarking, internal collaboration, financial analysis, and more. To learn more about Datagration and the PetroVisor platform, go to www.datagration.com.
ABOUT EIV CAPITAL
Founded in 2009, EIV Capital is a Houston, Texas-based private equity firm specializing in providing growth equity to the North American energy industry. EIV Capital focuses on investments in businesses which create value through infrastructure, innovation or efficiency. The firm's management has extensive experience leading and investing in successful companies across the energy value chain. For more information, visit www.eivcapital.com.
ABOUT QUANTUM INNOVATION FUND
The Quantum Innovation Fund is a joint venture between Quantum Energy Partners and Jeffrey Harris's Global Reserve Group. Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $17 billion in equity commitments since inception. For more information on Quantum Energy Partners and the Quantum Innovation Fund, please visit www.quantumep.com.
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced its plans to release financial results for the fourth quarter and full year 2021 on Monday, February 28, 2022, after market close. Copies of the Company’s press release will be available on the Primoris website at www.primoriscorp.com.
Management will host a conference call and webcast on Tuesday, March 1, 2022, at 9:00 a.m. U.S. Central Time (10:00 a.m. U.S. Eastern Time), to discuss the Company’s fourth quarter and full year 2021 results and update its financial outlook. Prepared remarks by Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Chief Financial Officer, will be followed by a question-and-answer session.
Interested parties are invited to dial-in using 1-833-476-0954, or internationally at 1-236-714-2611, using access code: 1418976, or by asking for the Primoris conference call. The conference call will also be made available through a webcast in the Investor Relations section of the Company’s website.
A replay of the conference call will be available Tuesday, March 1, 2022, beginning at 5:00 p.m. U.S. Central Time for seven days. The phone number for the conference call replay is 1-800-585-8367 or, for calls from outside the U.S., 1-416-621-4642, using access code: 1418976. The replay of the webcast will also be available on the Company’s website following the end of the live call.
ABOUT PRIMORIS
Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.
Brook Wootton
Vice President, Investor Relations
Primoris Services Corporation, 214-545-6773
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Backed by $5M Seed Round & Leading-Edge Technology Partner
HOUSTON--(BUSINESS WIRE)--Mothership Incubator (“Mothership”) is an innovative new ERCOT Option 1 Retail Electricity Provider (“REP”) providing white-label retail electric services to mid-size and large industrial customers looking for wholesale retail supply access, and cleantech consumer or electric vehicle brands seeking to monetize their distributed energy resource (DER) assets for grid services and lower their customer acquisition costs.
Mothership’s team is led by Maura Yates, a veteran innovator in the cleantech and retail electricity space, and supported by commodity market and renewable industry veterans, with a specific focus on renewables, DERs, electric vehicles and energy storage. Yates was named ‘Top 40 under 40’ by Renewable Energy Magazine and ‘Top 50 SmartGrid Pioneers’ by SmartGrid Today for her work with solar in ERCOT.
“The energy transition is happening now, and we are creating the next generation of retailers – figuring out their strategy and bringing them to market in the most economic way imaginable,” Yates said.
Lacuna Sustainable Investments, a thesis-driven team of entrepreneurs, investors and operators that seeks to partner with early-stage, innovative renewables infrastructure companies, has committed $5 million of seed funding to Mothership’s operations.
“Mothership is just the kind of company we’re looking to partner with at Lacuna,” said Patrick McConnell, Lacuna Managing Partner. “They have the dynamic vision and deep expertise to bring practical low-carbon and ESG solutions within reach of customers across Texas.”
Mothership’s services include all aspects of owning and running an Option 1 or 2 ERCOT REP, including licensing, collateralization, commodity supply, back-office support, compliance risks and all startup costs.
Mothership has partnered with Energywell, LLC (“Energywell”) to provide technology solutions and back-office operations. Energywell’s customer-facing platform provides unparalleled customer experiences for the modern electricity consumer and the ability to integrate DER assets into the real-time market.
“Mothership Incubator recognizes, as we do, the urgent need for fresh approaches to the way homes and businesses are powered, both from a reliability standpoint and a sustainability perspective,” said Michael Fallquist, Energywell Director & Co-Chief Executive Officer. “We’re confident that combining our platform with their service offerings will produce incredible results for customers and the environment.”
Mothership will be announcing the launch of their first white-label brand, a rooftop solar and battery storage provider, in Spring 2022.
About Mothership Incubator
Mothership Incubator aims to make participating in the retail electricity market simple. We offer wholesale retail electricity supply and white-label retail electricity services to a wide range of entities from mid-size and large commercial and industrial customers to consumer brands to bitcoin miners and more. Join Mothership today at www.MothershipIncubator.com.
About Energywell
Energywell is an energy technology company powering the sustainable energy transition. Energywell combines the financial strength of Oaktree Capital Management and commodities expertise of Hartree Partners with proprietary technology and a seasoned team of energy industry veterans. Energywell intends to scale quickly through opportunistic acquisitions and the development of innovative products and sales channels as well by licensing its proprietary technology to third-parties. For additional information, please visit Energywell’s website at https://www.energywell.com.
About Lacuna Sustainable Investments
Lacuna Sustainable Investments is an investment management firm active in the development, financing, and monetization of companies and projects focused on energy transition opportunities throughout North America. The firm is dedicated to investing in and building great businesses and projects through creating strong partnerships with best-in-class management and development teams. Please visit us online at lacunasustainable.com.
MAURA YATES
CEO, Co-Founder
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602-882-9631
SAN FRANCISCO--(BUSINESS WIRE)--Redaptive, a leader in Energy-as-a-Service, was named a 2022 Global Cleantech 100 Company by Cleantech Group. The 100 companies on the list, selected from more than 10,000 businesses, represent the private, independent, and for-profit companies best positioned to deliver solutions that will take us from commitments to actions in the sprint to net zero.
“Redaptive is honored to be included in Cleantech Group’s prestigious list of companies that are making an impact in reducing carbon emissions and fighting global climate change,” said John Rhow, President and co-founder of Redaptive. “Our mission is to help companies with large real estate portfolios achieve meaningful energy reductions that are economically sustainable.”
The list combines Cleantech Group’s research data with qualitative judgements from nominations and insight from a global, 85-member Expert Panel of leading investors and executives from corporations and industrials active in technology and innovation scouting. From pioneers and veterans to new entrants, the Expert Panel broadly represents the global cleantech community and results in a list with a powerful base of respect and support from many important players within the cleantech innovation ecosystem. The Global Cleantech 100 program is sponsored by Chubb.
“As more companies pledge to eliminate carbon emissions, organizations throughout the world are turning to Redaptive to help them reduce energy waste and operate sustainably,” said Arvin Vohra, CEO of Redaptive.
This is the 13th edition of the widely respected annual guide. This year’s list included entries from 94 countries. The sectors covered include Agriculture & Food, Enabling Technologies, Energy & Power, Materials & Chemicals, Resources & Environment and Transportation & Logistics.
“We have the science and ingenuity to solve most of the issues and there is the investment capital, in both private and public markets, to propel a three-decade transformation, to net zero,” said Richard Youngman, CEO, Cleantech Group. “The 2022 Global Cleantech 100 companies show this in spades. What they, and a hundred others like them, now need is braver regulators, policy makers and procurement departments, to enable such solutions to scale and go down their different cost curves much faster than the current trajectories.”
About Cleantech Group
At Cleantech Group, we provide research, consulting and events to catalyze opportunities for sustainable growth powered by innovation. We bring clients access to the trends, companies and people shaping the future and the customized advice and support businesses need to engage external innovation.
Industries are undergoing definitive transitions toward a more digitized, de-carbonized and resource-efficient industrial future. At every stage from initial strategy to final deals, our services bring corporate change makers, investors, governments, and stakeholders from across the ecosystem, the support they need to thrive in this fast-arriving and uncertain future.
The company was established in 2002 and is headquartered in San Francisco with people based in London, Paris, and Boston.
About Redaptive:
Redaptive is an Energy-as-a-Service provider that funds and installs energy-saving and energy-generating equipment. Redaptive’s programs help many of the world’s most sophisticated organizations reduce energy waste, save money, lower their carbon emissions, and meet their sustainability goals across their entire real estate portfolios. With Redaptive, customers can overcome capital and contractual barriers to achieve energy-saving benefits quickly, all with real-time data powered by ElectronBI, Redaptive’s in-house Data-as-a-Service metering platform. Redaptive was founded in 2015 and is headquartered in San Francisco, CA. For more, visit https://redaptive.com.
Cleantech Group
Laura Dolby
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Redaptive
Barbara Leavitt
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COLUMBUS, Ohio & HOUSTON--(BUSINESS WIRE)--Equinor has signed a memorandum of understanding (MOU) with leading science and technology firm Battelle to advance development of a decarbonized regional energy cluster in the tri-state region of Ohio, Pennsylvania, and West Virginia.
“The Appalachian Basin is an important energy-producing region that also shows great promise in being a leader for the decarbonization of American industry,” said Chris Golden, Equinor U.S. country manager. “Our regional hub vision will meet tomorrow’s energy demands while maintaining America’s industrial competitiveness within a net-zero scenario.”
“Collaborating with Battelle, a like-minded organization with extensive experience in key low-carbon initiatives, brings us closer to delivering on our ambitions,” Golden said.
The partnership between Equinor, a global broad energy company, with offices in Hannibal, Ohio and Triadelphia, West Virginia and Columbus, Ohio-based Battelle, the world’s largest independent research and development company, will enable the timely and progressive development of one of the first low-carbon industrial regions in the United States.
“We’re thrilled to be working on such an important technology challenge with a company of Equinor’s stature,” said John Tombari, division manager for Battelle’s Carbon Management business. “We look forward to a long-lasting collaboration that will have real impact.”
Under the agreement, Equinor and Battelle will undertake feasibility studies to examine the regional potential for carbon capture and storage (CCS) and collaborate on stakeholder outreach.
Battelle is a leader in geologic carbon dioxide capture, use and storage with more than 100 projects worldwide over the past 20 years.
Equinor has decades of experience with CCS projects of various sizes, from research and development to operations. Since 1996, Equinor has captured and safely stored more than 23 million tons of CO2.
About Equinor
Equinor is a global energy company committed to providing affordable energy for societies and taking a leading role in the energy transition. Headquartered in Norway, we’re on a journey to net zero emissions through optimizing our oil and gas portfolio, accelerating growth in renewables and pioneering developments in carbon capture and hydrogen. With over 35 years history in the US, our world-class portfolio stretches across oil and gas, offshore wind, and low-carbon value chains. Learn more at equinor.com.
About Battelle
Every day, the people of Battelle apply science and technology to solving what matters most. At major technology centers and national laboratories around the world, Battelle conducts research and development, designs and manufactures products, and delivers critical services for government and commercial customers. Headquartered in Columbus, Ohio since its founding in 1929, Battelle serves the national security, health and life sciences, and energy and environmental industries. For more information, visit www.battelle.org.
Ola Morten Aanestad
+47 480 80 212
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Katy Delaney
(614) 424-7208
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T.R. Massey
(614) 424-5544
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