RICHMOND, Va.--(BUSINESS WIRE)--Harris Williams, a global investment bank specializing in M&A advisory services, announces it is advising Pilot Freight Services (Pilot), a portfolio company of ATL Partners (ATL) and British Columbia Investment Management Corporation (BCI), on its pending sale to A.P. Moller – Maersk (Maersk). Pilot is a leading U.S.-based last mile, middle mile, and border crossing solutions provider, specializing in the big and bulky freight segment for B2C and B2B distribution models. The transaction is being led by Frank Mountcastle, Jason Bass, Jonathan Meredith, Trey Balson, Tom Dunne and Justin Icardo of the Harris Williams Transportation & Logistics (T&L) Group.
“Pilot is a truly unique platform delivering end-to-end, specialized transportation solutions to a global customer base and has built a best-in-class home delivery solution capitalizing on secular e-commerce trends,” said Frank Mountcastle, a managing director at Harris Williams. “We are excited to watch Pilot's continued growth as a part of Maersk over the coming years.”
“It was a pleasure to work with Pilot, ATL and BCI on this transaction. Their combined strategic vision has positioned Pilot as the premier provider of big and bulky freight solutions,” said Jason Bass, a managing director at Harris Williams.
“The Pilot transaction represents our latest in the highly attractive third-party logistics sector with market-leading platforms. As supply chains and macro trends continue to evolve, we expect to see sustained investor interest in the sector over the long term,” added Jonathan Meredith, a director at Harris Williams.
“Harris Williams’ expertise and deep understanding of Pilot’s business model enabled them to effectively communicate our story. They provided us with the support and strategic partnership we needed to achieve a successful outcome,” said Zach Pollock, CEO of Pilot.
Pilot is an award-winning full-service transportation and logistics provider with 87 locations throughout North America. Pilot also has several locations in Western Europe and a presence in the Asia-Pacific marketplace. The company’s freight forwarding services encompass every mode of transportation, including air, ground, and ocean, serving all corners of the globe. Pilot’s full mile and final mile home delivery solutions for heavy and hard to handle goods include value-added service offerings such as white glove, assembly and installation. Pilot’s logistics programs offer a complete line of expedited and time-definite services, international shipping solutions, product warehousing and inventory management.
Founded in 2014, ATL is a premier sector-focused private equity firm that invests in aerospace, transportation and logistics companies. ATL brings deep sector expertise to its investment approach with 10 investment professionals and seven Executive Board members who have decades of combined operating experience in each of ATL’s core sectors.
With C$199.6 billion of assets under management as of March 31, 2021, BCI is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s private equity program, with C$20.7 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise across financial and business services, healthcare, industrials, consumer, and TMT sectors.
Maersk is an integrated container logistics company working to connect and simplify its customers’ supply chains. As the global leader in shipping services, the company operates in 130 countries and employs around 95,000 people.
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 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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BALTIMORE--(BUSINESS WIRE)--The Board of Directors of Constellation Energy Corporation declared a quarterly dividend of $0.141 per share on Constellation’s common stock. The dividend is payable on Thursday, March 10, 2022, to shareholders of record as of 5 p.m. Eastern time on Friday, Feb. 25, 2022.
About Constellation
Constellation is the nation’s largest producer of carbon-free energy and the leading competitive retail supplier of power and energy products and services for homes and businesses across the United States. Headquartered in Baltimore, its generation fleet powers more than 20 million homes and businesses and is helping to accelerate the nation’s transition to clean energy with more than 32,400 megawatts of capacity and annual output that is 90 percent carbon-free. Constellation has set a goal to eliminate 100 percent of its greenhouse gas emissions by 2040 by leveraging innovative technology and enhancing its diverse mix of hydro, wind and solar resources paired with the nation’s largest carbon-free nuclear fleet. Constellation’s family of retail businesses serves approximately 2 million residential, public sector and business customers, including three-fourths of the Fortune 100. Visit ConstellationEnergy.com or follow Constellation on Twitter at @ConstellationEG.
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40th annual gathering of world’s preeminent energy conference will explore ‘Pace of Change: Energy, Climate and Innovation.’ Learn more at www.ceraweek.com
HOUSTON--(BUSINESS WIRE)--The United States Special Presidential Envoy for Climate, John F. Kerry will address delegates at the 40th annual CERAWeek by IHS Markit, to be held in-person March 7-11 in Houston.
The first-ever Principal to sit on the U.S. National Security Council entirely dedicated to climate change, Mr. Kerry previously served as the 68th U.S. Secretary of State and as a U.S. Senator representing Massachusetts.
“We are pleased to welcome Secretary Kerry among the distinguished speakers at CERAWeek by IHS Markit 2022,” said Daniel Yergin, conference chair and vice chairman of IHS Markit. “His unique knowledge and experience, both in his current position at the epicenters of global climate diplomacy such as at COP26 in Glasgow and a career imbued with leadership in foreign affairs, will be a timely and important contribution to the critical dialogues taking place at this year’s conference.”
Sec. Kerry will join the world’s energy industry leaders, experts, government officials and policymakers, as well as leaders from the technology, financial and industrial communities addressing this year’s conference.
CERAWeek 2022: Pace of Change: Energy, Climate and Innovation will examine the challenges and opportunities of reducing emissions while supplying the needs of a growing global economy in the era of energy transition. The conference is returning to Houston for its 40th annual gathering after being hosted as an all-virtual event in 2021.
Produced by IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, the CERAWeek 2022 conference program will explore key themes related to More Energy, Lower Emissions; Geopolitics and Energy Markets; Workforce of the Future; Competitive Landscape and the Energy Transition; Supply Chains; and Financing the Energy Future.
The conference will also feature the CERAWeek Innovation Agora, serving as the center of technology and innovation programming at the event. Featuring a community of thought leaders, technologists, start-ups, investors, academics, energy companies and government officials, the Innovation Agora will showcase transformational technology platforms in the energy space ranging from digitalization, AI, analytics and connectivity, robotics, blockchain, additive manufacturing, mobility and decarbonization. Newly added for 2022 will be dedicated “Agora Hubs” focused on hydrogen and carbon management.
CERAWeek 2022 speakers will include (partial list):
Visit www.ceraweek.com for a complete list of speakers and the most up-to-date program information (subject to change).
Registration Information
CERAWeek by IHS Markit 2022 will be held March 7-11 at the Hilton Americas—Houston. Further information and delegate registration is available at www.ceraweek.com.
Media Accreditation
Media registration is now open. Members of the media interested in covering CERAWeek 2022 are required to apply for accreditation. Applications are subject to approval and can be submitted at the following link: https://ceraweek.com/about/press.html
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2022 IHS Markit Ltd. All rights reserved.
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IRVINE, Calif. & SYDNEY--(BUSINESS WIRE)--#Automotive--The Royal New Zealand Air Force (RNZAF) has selected Thomas Global’s TFD-7000 Series flight displays for its Boeing 757 fleet. The TFD-7000 Series displays deliver the most cost-effective and lowest risk display upgrade solution for Boeing 757, 767 and 737 aircraft.
“We are honored to be selected by the Royal New Zealand Air Force and look forward to helping them achieve their missions with these important display upgrades,” said Angus Hutchinson, CEO of Thomas Global Systems. “We greatly appreciate the RNZAF as a highly regarded military operator and are pleased to see the TFD-7000 Series becoming the new standard for both commercial and government Boeing fleets.”
TFD-7000 Series displays provide a high-performance, cost-effective drop-in LCD retrofit that resolves critical issues around cathode ray tube (CRT) obsolescence while simultaneously increasing operational efficiency and providing a growth platform for new functionality.
“The Royal New Zealand Air Force uses B757s for a broad range of missions, including transport, freight, cargo and troop movement roles,” said Robert Pandis, Vice President of Military Markets for Thomas Global. “Equipping with TFD-7000 Series displays provides the RNZAF with the latest generation of display technology aimed at enhancing reliability and operations while minimizing flight deck modifications and making the most of their budget.”
TFD-7000 Series displays offer the only drop-in LCD solution available for Boeing 757/767 and 737 Classic aircraft. The TFD-7000 Series captures all the benefits of LCD technology in a proven solution with a growth platform for new functionality to support emerging airspace requirements, all while avoiding an extensive flight deck modification with its associated aircraft downtime and crew retraining costs.
The TFD-7076/7066 LCD solution replaces legacy Collins Aerospace EDU-776/766 CRT displays currently installed on Boeing 757, 767, and 737 Classic flight decks. The TFD-7076/7066 LCD displays are both interchangeable and intermixable with the existing legacy EDU-776/766 CRT displays, are installable on overnights or at the gate, and are fully compatible with the EFIP-701 and EAP-701/3 Boeing symbol generators. STC approvals have been received from FAA, EASA, Transport Canada, JCAB, ANAC and CAAC.
About Thomas Global Systems
Thomas Global Systems designs, manufactures and supports highly engineered and reliable electronic systems solutions for commercial aviation, defense and other high-integrity transportation applications. For more than 65 years, Thomas Global has thrived by delivering our time-tested partners in the United States, Australia, Japan, and across the globe with trusted, innovative, and best value products and services. Thomas Global focuses on avionics, armored vehicle electronics, and specialized mission-critical electronics and training systems. Thomas Global operates high technology R&D, advanced manufacturing, and support facilities in Sydney, Australia and Irvine, California.
Learn more at www.thomas-global.com
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The Cedar Liquefied Natural Gas Project will be Canada’s largest Haisla Nation-majority-owned infrastructure project
OVERLAND PARK, Kan.--(BUSINESS WIRE)--With its abundant natural gas supply, Canada’s British Columbia is seeing increased investment in liquefied natural gas (LNG) infrastructure as the world accelerates low- and zero-carbon energy resources. In advancing this effort, Black & Veatch performed the pre-FEED study and now proceeds with full FEED to deliver the proposed Cedar LNG Project that will produce low‑carbon, cost-effective LNG for the global market.
The planned floating LNG facility in Kitimat is being developed by the Haisla Nation in partnership with Pembina Pipeline Corporation (Pembina), making it the first Indigenous‑majority‑owned LNG export facility in Canada.
Black & Veatch – a global leader in the design, construction and delivery of innovative floating LNG production solutions – has teamed up with its strategic partner Samsung Heavy Industries (SHI) to deliver an integrated solution for the floating LNG process unit. Black & Veatch is responsible for the topside process plant, which includes its patented PRICO® liquefaction technology. SHI is responsible for the hull and LNG containment system, along with integration of topsides while also fabricating topsides modules designed by Black & Veatch.
“In moving to the FEED phase with Black & Veatch and SHI, we are making important progress towards achieving our goal of delivering a world-class, low-carbon project in partnership with the Haisla Nation,” said Scott Burrows, Pembina’s Interim President and Chief Executive Officer (CEO). “Black & Veatch will provide an innovative design philosophy, reinforcing our commitment to ensuring the Cedar LNG Project benefits from the most advanced technology that minimizes our environmental footprint, while delivering significant, long-term benefits for the Haisla Nation and the region.”
The facility will be interconnected to the existing BC Hydro transmission system, making it one of the world’s lowest carbon-intense LNG facilities. Once operational, the project will result in approximately three million tons of liquefaction capacity per year.
“Playing a role in developing this critical floating LNG project for Pembina and the Haisla Nation is a natural fit for Black & Veatch,” said Mario Azar, president of Black & Veatch’s Energy and Process Industries global market sector. “The collaboration with Samsung builds on our years of experience in leveraging floating LNG innovation to help nations and industries around the world diversify their energy portfolio.”
FEED activities are underway and will continue through this year. Subject to regulatory and environmental approvals, the project expects to be completed during the second half of 2027.
Editor’s Notes:
About Black & Veatch
Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.
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MILWAUKEE--(BUSINESS WIRE)--The Manitowoc Company, Inc. (NYSE: MTW) announced today that it will release its fourth-quarter 2021 and full-year 2021 results on Monday, February 21, 2021, at approximately 5:00 p.m. ET. The company will host a conference call to discuss its results and outlook on Tuesday, February 22, 2022, at 10:00 a.m. ET (9:00 a.m. CT).
The conference call will be available via webcast on the Manitowoc website at http://ir.manitowoc.com in the “Events & Presentations” section. A replay of the conference call will also be available at the same location on the website.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. was founded in 1902 and has over a 118-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names.
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Vice President Marketing & Investor Relations
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Project Canary to conduct reservoir analysis and deploy high-fidelity continuous monitoring units to verify permanent sequestration
LEAWOOD, Kan. & DENVER--(BUSINESS WIRE)--Tallgrass has entered an agreement with Project Canary to develop a program for the independent monitoring and sequestered carbon volume verification at its Eastern Wyoming Sequestration Hub project, the companies announced today.
The agreement between the two firms advances Tallgrass’ commercial-scale sequestration hub project previously announced in January and builds on the relationship established between Project Canary and Tallgrass in 2021 through the Rockies Express Pipeline.
“Precise measurement and validation of sequestered volumes is a critical component of a successful, commercial-scale CO2 sequestration hub,” said Kyle Quackenbush, Tallgrass Segment President. “Project Canary and its team of climate scientists and engineers provide critical expertise in this project’s development, which will help advance broadly shared decarbonization and clean energy goals.”
As part of the project, Tallgrass plans to drill a characterization well and Project Canary, the Denver-based environmental assessment ESG data firm, will deploy Canary X continuous emissions monitoring units and conduct additional periodic reservoir analysis at the project site to verify carbon dioxide volumes remain permanently sequestered. The high-fidelity, laser-based continuous monitoring units have a detection level as low as <1ppm and report data simultaneously to a cloud-based monitoring dashboard.
“The Tallgrass team demonstrates what the net-zero measurement economy demands – bold action to verify that every molecule of CO2 put underground stays underground. Their leadership is what a net-zero future needs,” said Chris Romer, CEO and co-founder of Project Canary. “Advancing assessment across the entire energy value chain – from upstream production to midstream transportation and ultimately sequestration – has the potential to revolutionize decarbonization efforts and accelerate progress toward net-zero.”
Cautionary Note Concerning Forward-Looking Statements
Disclosures in this press release contain forward-looking statements. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that management expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the successful development of the referenced commercial-scale CO2 sequestration hub and the ability to achieve decarbonization and clean energy goals. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Tallgrass, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, and other important factors that could cause actual results to differ materially from those projected, including those set forth in reports and financial statements made available by Tallgrass. Any forward-looking statement applies only as of the date on which such statement is made, and Tallgrass does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
About the Transaction Participants
Tallgrass is a leading energy infrastructure company focused on safely, reliably and sustainably delivering the energy and services that fuel homes and businesses and enable quality of life. We are committed to being at the forefront of efforts to decarbonize our world. An investor group led by Blackstone Infrastructure Partners, which includes Enagás SA, GIC, NPS and USS, owns the outstanding equity interests in Tallgrass. Visit Tallgrass.com to learn more.
Project Canary is a climate tech company that provides trusted, independent, and verified environmental data to track, measure, and score the "E" in ESG across an enterprise's operational value chain. They are the leaders in providing dynamic environmental ratings using real-time monitoring data at the facility level to assess and improve operating practices and provide a science-based and technology-enabled measurement of emission profiles, including methane. Formed as a Public Benefit Corporation, Project Canary's team of scientists, engineers, and seasoned industry operators have earned recognition for their uncompromising standards, including being named "Best for the World" B Corp. projectcanary.com
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HOUSTON--(BUSINESS WIRE)--ECA MARCELLUS TRUST I (OTC Pink: ECTM) announced today that the Trust’s distribution for the quarter ended December 31, 2021 will be $0.136 per unit, which is expected to be distributed on or before February 28, 2022 to holders of record as of the close of business on February 18, 2022.
As previously disclosed, commencing with the distribution to unitholders paid in the first quarter of 2019, the Trustee has withheld, and in the future intends to withhold, the greater of $90,000 or 10% of the funds otherwise available for distribution each quarter to gradually build a cash reserve of approximately $1.8 million. In November 2021, the Trustee notified the Sponsor that the Trustee has determined to increase its targeted cash reserve for the payment of future expenses and liabilities to approximately $3.8 million, and therefore the Trustee plans to increase the cash reserve amount to be withheld from each quarterly distribution, commencing with the distribution payable to unitholders in the first quarter of 2022. This cash is reserved to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust. The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the trust agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust eventually will be distributed to unitholders, together with interest earned on the funds. The Trustee has elected to withhold approximately $90,000 from funds otherwise available for distribution this quarter.
The Trust was formed to own royalty interests in natural gas properties now held by Greylock Energy LLC, and certain of its wholly owned subsidiaries (“Greylock”) in the Marcellus Shale formation in Greene County, Pennsylvania. The Trust is entitled to receive certain amounts of the proceeds attributable to Greylock’s interest in the sale of production from the properties. As described in the Trust's filings, the amount of the quarterly distributions is expected to fluctuate from quarter to quarter, depending on the proceeds received by the Trust as a result of production and natural gas prices and the amount of the Trust's administrative expenses, among other factors. The amount of proceeds received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which declined during 2020 primarily attributable to the economic effects of the COVID-19 pandemic and could remain low for an extended period of time. Continued low natural gas prices will reduce proceeds to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.
Pursuant to IRC Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to non-U.S. persons (“ECI”) should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to non-U.S. persons should be made at a 30% rate unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by ECA Marcellus Trust I, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. For distributions made to non-U.S. persons, nominees and brokers should withhold at the highest marginal rate.
This press release contains statements that are "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 contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unit holders. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from Greylock with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither Greylock nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in Common Units issued by ECA Marcellus Trust I is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2020, and all of its other filings with the Securities and Exchange Commission. The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's web site at http://www.sec.gov.
ECA Marcellus Trust I
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
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FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc. (NYSE:AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced that it will hold its first investor day, in person, on Wednesday, March 23, 2022 in New York, New York. The event will begin at 2:30 p.m. ET. The event was previously scheduled for mid-January 2022 and moved to March 2022 out of an abundance of caution during the COVID-19 Omicron variant surge in New York City.
The event will feature interactive presentations and panels by a broad representation of Ameresco’s leadership team. Discussion will focus on key growth opportunities highlighting the Company’s portfolio of innovative solutions which makes Ameresco a preferred partner for complex and comprehensive advanced energy projects. It is designed to provide analysts and investors with a deeper understanding of Ameresco’s integrated business model and long-term growth opportunities at the nexus of cost savings, energy resiliency and carbon footprint reduction. Analysts and institutional investors interested in attending are encouraged to contact Ameresco Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
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NEW YORK--(BUSINESS WIRE)--Paramount Group, Inc. (NYSE: PGRE) (“Paramount” or the “Company”) announced today that it has achieved 2021 ENERGY STAR labels across 100% of its office portfolio, spanning 11.3 million square feet. The U.S. Environmental Protection Agency’s (EPA’s) ENERGY STAR certification signifies that Paramount’s assets perform within the top 25 percent for energy efficiency when compared to similar buildings nationwide.
Paramount also achieved the ENERGY STAR Tenant Space Recognition at 1325 Avenue of the Americas and is committed to partner with its tenants to encourage the adoption of the ENERGY STAR Tenant Space program within their own offices in 2022.
“Prioritizing energy efficiency is fundamental to our business strategy and ensures we are upholding our responsibility to our stakeholders and communities,” said Wilbur Paes, Paramount’s Chief Operating Officer, Chief Financial Officer and Treasurer. “We are extremely proud that our portfolio has been distinguished through ENERGY STAR in recognition of our market-leading operations and sustainability performance.”
“Properties that receive ENERGY STAR Certifications must meet superior energy performance standards set by the U.S. EPA” said Craig Haglund, EPA’s ENERGY STAR Program Manager for Commercial Real Estate and Multifamily. “Achieving certification throughout its portfolio demonstrates Paramount Group’s strong commitment to energy efficiency and will go a long way in its efforts to reduce its impact on the environment.”
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
About ENERGY STAR
ENERGY STAR® is the government-backed symbol for energy efficiency, providing simple, credible, and unbiased information that consumers and businesses rely on to make well-informed decisions. Thousands of industrial, commercial, utility, state, and local organizations—including more than 40 percent of the Fortune 500®—rely on their partnership with the U.S. Environmental Protection Agency (EPA) to deliver cost-saving energy efficiency solutions. Since 1992, ENERGY STAR and its partners helped American families and businesses avoid more than $450 billion in energy costs and achieve 4 billion metric tons of greenhouse gas reductions. More background information about ENERGY STAR can be found at: https://www.energystar.gov/about and https://www.energystar.gov/about/origins_mission/energy_star_numbers.
Wilbur Paes
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Orbia joins TDK Ventures, BHP Ventures, Doral Energy Tech Ventures, Khosla Ventures, Shell Ventures and Temasek in scaling electrolysis technology for sustainable industrial applications.
BOSTON--(BUSINESS WIRE)--Orbia Ventures, the venture capital arm of multinational Orbia, announces today its participation in an investor syndicate backing Verdagy, a green hydrogen developer with new electrolyzer technology to decarbonize industrial processing at scale. The $25 million funding round is led by TDK Ventures with the participation of Orbia Ventures, BHP Ventures, Doral Energy Tech Ventures, Khosla Ventures, Shell Ventures and Temasek. Investment funds will be directed to accelerating development and commercialization of Verdagy’s technology. Orbia joins this group to contribute to big industry’s fight against climate change.
Commenting on the funding announcement, Verdagy Chief Executive Officer Marty Neese said, “This round of funding will enable us to scale up our activities and further demonstrate the value of our low-cost, high-throughput electrolyzer technology. I am grateful for the confidence of our investors. And I am invigorated by their broad insights for the use of green hydrogen for decarbonization across multiple end applications as well as their partnership to these ends.”
Analysts are now predicting that the global green hydrogen market will reach $89 billion by 2030. Given increased customer demand and current trends of renewable energy costs and electrolyzer prices falling at a rate of 50-60% every five years, Verdagy’s solution is poised to clean up industrial feedstock processing and proliferate clean energy generation.
After a spin-out from green chemical company Chemetry in May 2021, Verdagy developed a novel approach to water electrolysis: a process that splits water into hydrogen and oxygen molecules through the use of an electric current. As hydrogen is a clean-burning molecule, its production using renewables yields a truly carbon-free product. While cost has historically limited green hydrogen production, Verdagy’s new membrane-based electrolyzer technology leverages large active area cells, high current densities and broad operating ranges to result in green hydrogen at scale with significantly lower capital investment and operating costs. In addition, Verdagy’s market-leading technology is expected to meet or exceed the U.S. Department of Energy’s targets for electrolysis.
Says Sameer Bharadwaj, Chief Executive Officer of Orbia, “We believe that green hydrogen at the right scale and cost is key to decarbonizing industrial processing of steel, aluminum, cement and chemicals—and in combination with captured CO2, enables the production of other chemical feedstocks and liquid fuels for marine and aviation applications.” Bharadwaj continues, “Orbia hopes to contribute to Verdagy’s success with its expertise in basic and advanced materials, large-scale chemical processes and a keen focus on decarbonization technologies that support a sustainable future.”
“We see green hydrogen electrolysis as the heart of the clean energy revolution,” says Eitan Dekel, Managing Director of Orbia Ventures. “With an outstanding team and strong technology, Verdagy is positioned to take a leading role in a fast growing and massive market. We are fortunate to team up with them and leading investors in supporting this exciting opportunity,” adds Dekel.
Through its Ventures arm, Orbia is making correlated investments in food security and growth, water management, infrastructure development, data access, health advancement and sustainable energy, energy storage and decarbonization, with green hydrogen development as a focal area for powering a world where people and planet thrive.
About Verdagy
Verdagy (derived from verde – green, agy – energy) is innovating water electrolysis technology for the large-scale production of green hydrogen. Verdagy's industry-leading solution achieves both the lowest upfront capital costs and the lowest unit economics for production. Verdagy operates laboratory and pilot plant facilities in Moss Landing, California to further develop and rapidly scale the technology platform. For more information, please visit www.verdagy.com or follow on LinkedIn.
About Orbia
Orbia is a community of companies bound by a shared purpose: to advance life around the world. The Orbia companies have a collective focus on ensuring food security, connecting communities to data infrastructure, reducing water scarcity, reinventing the future of cities and homes and expanding access to health and wellness with basic and advanced materials and solutions. Orbia operates in the Precision Agriculture, Data Communications, Building and Infrastructure, Fluorinated Solutions and Polymer Solutions sectors. The company has commercial activities in more than 110 countries and operations in over 50, with global headquarters in Mexico City, Boston, Amsterdam, and Tel Aviv. To learn more, please visit www.orbia.com.
About Orbia Ventures Orbia Ventures is the venture investment arm of Orbia, and supports a collaborative, human-centered approach to create better future in the areas of food security, water management, resilient infrastructure, data access, health advancement and sustainable energy and decarbonization. By partnering with startups who share our vision and are committed to developing leading-edge innovations and smart technologies, we can address the world's biggest challenges and help global communities become future-fit. To learn more, please visit Orbia Ventures | Orbia.
Kacy Karlen
Global Head of Communications, Orbia
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865-410-3001
- Jim Vounassis and Mike Munro to assume CEO and COO roles as of May 12, 2022 -
MONTREAL--(BUSINESS WIRE)--Xebec Adsorption Inc. (TSX: XBC) (“Xebec”), a global provider of sustainable gas technologies, announces today that Kurt Sorschak will retire as Chairman, President and CEO effective May 12, 2022, at the company’s 2022 annual meeting of shareholders. Jim Vounassis will concurrently be appointed President and CEO of Xebec. At the same time, Xebec’s current VP Global Operations, Mike Munro, will assume the role of COO.
Mr. Sorschak will remain a member of the Board of Directors to enable a smooth transition and for Xebec to continue benefiting from his experience as the company’s founder and alignment as a meaningful shareholder. This plan will ensure continuity while supporting management in executing the next phase of the company’s strategic growth plan.
Highlighting bench strength of incoming leadership who will drive Xebec’s future
In preparation for this transition to new leadership, Mr. Vounassis and Mr. Munro joined Xebec in May 2021 as senior executives with a credible history in driving organizational performance.
Mr. Vounassis has a proven track record in leading global and complex organizations in meeting their transformational vision and goals. He was most recently COO at Bombardier Transportation (TSX: BBD.B), now part of Alstom, one of the world’s largest rail equipment manufacturing companies. Mr. Vounassis was responsible for the operations aspects of the $8 billion revenue business and empowered over 15,000 employees to deliver innovative rail solutions across global markets. Prior to this, he held executive positions at Pharmascience, Baker Hughes, and Pratt and Whitney.
Mr. Munro is an award-winning senior executive with a record in managing North American based businesses with strong expertise in business development, operations and strategic planning. With a longstanding career at GE in the Energy, Oil & Gas, and Power businesses, as Vice President and General Manager of several business units, Mr. Munro is highly recognized for his seamless approach in driving organizational transformation and establishing solid ground for turnarounds that heighten business performance.
“On behalf of Xebec's employees, management team, and Board of Directors, I want to sincerely thank Kurt for his 18 years of dedication and service as President and CEO in which he oversaw Xebec become the cleantech success it has become today,” stated Bill Beckett, Lead Director of the Board at Xebec Adsorption Inc. “Under Kurt’s leadership over the last almost two decades, the company has evolved from a small Québec-based manufacturing outfit to a global renewable gas player with thousands of customers, a physical presence across four continents and most importantly, a commercial ready technology portfolio to transition us to a clean energy future.”
“Xebec is launching off a solid foundation for its next leg of growth, and we are excited to see Jim and Mike thrive in their new roles as they both ensure an orderly transition and prepare to leverage their experience as proven executives. The management team looks forward to building off the cleantech vision that Kurt instilled when he founded the company 2004,” he added.
“It has been an honour to serve Xebec as its first President and CEO,” said Kurt Sorschak, Chairman, President and Chief Executive Officer at Xebec Adsorption Inc. “I have really enjoyed my time helping the team execute our vision to build a worldwide sustainable gas technology leader that will make an impact in the fight against climate change. I look forward to supporting Xebec’s new leadership from the Board level and would like to thank all our employees, customers and investors in their continued support throughout our journey,” he continued.
Related links:
https://www.xebecinc.com
About Xebec Adsorption Inc.
Xebec is a global provider of sustainable gas solutions used in energy, mobility and industrial applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Québec, Canada, Xebec has a worldwide presence with eight manufacturing facilities, thirteen Cleantech Service Centers and five sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com.
Cautionary Statement
This press release contains forward-looking statements within the meaning of applicable Canadian securities law. These statements relate to future events or future performance and reflect the expectation of Management regarding the growth, results of operations, performance and business prospects and opportunities of the Corporation or its industry. Forward-looking statements typically contain words such as “believes”, “expects”, “anticipates”, “continues”, “could”, “indicates”, “plans”, “will”, “intends”, “may”, “projects”, “schedules”, “would” or similar expressions suggesting future outcomes or events, although not all forward-looking statements contain these identifying words.
These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties that may cause the Company’s actual results, level of activity or performance to be materially different from any future results, levels of activity or performance expressed in or implied by these forward-looking statements. These risks include, generally, risks related to the ability of the Corporation to execute its strategy, operating results, purchasing third party supplies for key materials and components in a timely and cost effective basis, industry and products, technology, competition, ability to attract and retain qualified personnel, ability to manage successfully the anticipated expansion of our operations, the economy, the sufficiency of insurance and other factors which are discussed in greater details in the most recent quarterly management discussion and analysis (“MD&A”) and in the Annual Information Form of the Corporation filed on SEDAR at www.sedar.com.
Forward-looking statements contained herein are based on a number of assumptions believed by the Corporation to be reasonable as at the date of this press release, including, without limitations, assumptions about trends in certain market segments, the economic climate generally, the pace and outcome of technological development, the identity and expected actions of competitors and customers, the value of the Canadian dollar and of foreign currency fluctuations, interest rates, the anticipated margins under new contracts awards, the state of the Corporation’s current backlog, the regulatory environment, and the procurement of key material and components of products. If these assumptions prove to be inaccurate, the Corporation’s actual results may differ materially from those expressed or implied in the forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Except to the extent required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein. Readers should not place undue reliance on forward looking statements.
Investor Relations:
Xebec Adsorption Inc.
Brandon Chow, Director, Investor Relations
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+1 450.979.8700 ext 5762
DUBLIN--(BUSINESS WIRE)--The "Electric Ship Market Share, Size, Trends, Industry Analysis Report, By Power Source; By Vessel; By Power Output; By Autonomy Level; By Region; Segment Forecast, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.
The global electric ship market size is expected to reach $12.57 billion by 2028 according to a new study. This report gives a detailed insight into current market dynamics and provides analysis on future market growth.
Perceptible factors esteeming the market growth include the increasing rate of adoption of the products with an ever-increasing transportation and logistics companies, the surge in incentives on environment-friendly and fuel-efficient vehicles offered by the government bodies and growing maritime industry due to increasing seaborne trade are the few integral factors accelerating the market growth during the forecasting years.
Based on vessel, the commercial vessels accounted for a maximum stake, owing to its rising government norms and regulations to mandate the adoption of zero-emission vehicles in the marine trade, whereas the defense vessel segment is projected to witness the fastest growth rate in the overall industry. Factors such as the reduced maintenance cost, increased fuel economy, and quiet operation of the system are responsible.
With a surge in government initiative for promoting the adoption of the vehicle since the last few years, the products have witnessed a higher preference over conventional vessels due to no noise pollution and promote environmental safety. According to the government of the United Arab Emirates, by 2020, the central government expected to lessen 15% carbon emissions & a nearly 20% adoption of the products. With the rising rate of electronic vehicles adoption, shipping companies are interested in promoting environmental friendliness and safety; in turn, the adoption of the product is growing at a healthy rate considering the global scenario.
The publisher has segmented the electric ship market report on the basis of power source, power output, autonomy level, vessel, and region:
Electric Ship, Power Source Outlook (Revenue, USD Billion, 2016 - 2028)
Electric Ship, Power Output Outlook (Revenue, USD Billion, 2016 - 2028)
Electric Ship, Autonomy Level Outlook (Revenue, USD Billion, 2016 - 2028)
Electric Ship, Vessel Type Outlook (Revenue, USD Billion, 2016 - 2028)
Electric Ship, Regional Outlook (Revenue, USD Billion, 2016 - 2028)
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/24sm1u
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
DALLAS--(BUSINESS WIRE)--Atmos Energy Corporation (NYSE: ATO) said today that its Board of Directors declared a quarterly dividend on the company’s common stock of 68.0 cents per share. The indicated annual dividend is $2.72.
The dividend will be paid on March 7, 2022, to shareholders of record on February 21, 2022. This is the company’s 153rd consecutive quarterly dividend.
Atmos Energy Corporation, an S&P 500 company headquartered in Dallas, is the country’s largest natural gas-only distributor. We safely deliver reliable, affordable, efficient and abundant natural gas to more than 3 million distribution customers in over 1,400 communities across eight states located primarily in the South. As part of our vision to be the safest provider of natural gas services, we are modernizing our business and infrastructure while continuing to invest in safety, innovation, environmental sustainability and our communities. Atmos Energy manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. Find us online at http://www.atmosenergy.com, Facebook, Twitter, Instagram and YouTube.
Analyst and Media Contact:
Dan Meziere
(972) 855-3729
With Eco-Energy’s relationships, global logistics and market intelligence, Eco-Specialty Alcohols is the natural partner in the high-purity alcohol trade
FRANKLIN, Tenn.--(BUSINESS WIRE)--Eco-Energy LLC, a leading biofuel supply chain and energy solutions company, today announced the establishment of Eco-Specialty Alcohols, Eco-Energy’s high-purity alcohol marketing and trading division.
Eco-Specialty Alcohols leverages Eco-Energy’s ethanol marketing relationships to supply high-purity alcohol to customers. High-purity alcohol applications range from beverage and food to personal care products, institutional and home cleaning, consumer products, and chemical intermediates.
"Ethanol is a renewable, earth-friendly alcohol that has a variety of applications, including its use as a high-purity alcohol,” said Brian Simpson, Chief Marketing Officer of Eco-Energy. “The expansion into this sector is a natural move for Eco-Energy given our long-standing relationships with great producers in the United States, as well as our seamless logistics operation. I am confident customers will come to rely on Eco-Specialty Alcohols’ expertise for their high-purity alcohol needs."
Eco-Specialty Alcohols helps producers and buyers navigate the unique and variable ethanol composition requirements throughout the high-purity alcohol marketplace. Eco-Specialty Alcohols distinction comes from Eco-Energy’s biofuel marketing relationships with bulk ethanol producers who have upgraded operations to meet high-purity alcohol demand. Today, Eco-Specialty Alcohols is marketing for two plants: Commonwealth Agri-Energy in Hopkinsville, Kentucky and Western New York Energy in Medina, New York.
Initial product offerings are pure and denatured U.S. origin grain ethanol in both 190 and 200 proof forms. Eco-Specialty Alcohols will be able to provide exceptional service and value by integrating FCC / USP Excipient grade and high-purity industrial grade alcohol into the existing Eco-Energy marketing and distribution operations. Logistics options include bulk packaging, tank trucks, rail tank cars, ocean containers and bulk vessel parcels. The ability to combine this product range with Eco-Energy’s core strengths in domestic and global logistics and market intelligence sets Eco-Specialty Alcohols apart in the high-purity ethanol trade.
ABOUT ECO-ENERGY, INC.
Eco-Energy is an integrated energy marketer and midstream services company with $4 billion in annual revenue. Its core business is the marketing and transportation of ethanol and natural gas across the US, Canada, and Internationally. With more than 175 employees, Eco-Energy provides a complete portfolio of services that leads the industry, bringing a level of knowledge and expertise that its partners have come to rely on.
Derrick Rawson
Director of Industrial and Beverage Alcohol
615-645-4466
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Positioned to become the largest producer of RSG in Haynesville
SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (NYSE: SWN) (the “Company” or “Southwestern”) announced the expansion of its Company-wide certification and continuous monitoring of its production as responsibly sourced gas (“RSG”), building upon its previously announced program in Appalachia to include its newly acquired Haynesville position. SWN’s RSG program reflects the Company’s leading Environmental, Social and Governance (“ESG”) performance objectives and aligns with its broader corporate strategy to generate sustainable cash flow from responsible natural gas development.
Key Highlights:
“Southwestern Energy’s commitment to obtain third-party certification for our entire portfolio across Appalachia and Haynesville allows our stakeholders to receive independent verification that all of SWN’s production meets and exceeds the highest and most rigorous RSG standards,” said Bill Way, Southwestern Energy President and Chief Executive Officer.
“The ability to monitor emissions from our operations at the pad level is a clear differentiator and will allow SWN to efficiently and effectively reduce emissions. This core initiative is a tangible way SWN is responsibly developing natural gas, which is foundational to a lower carbon future,” continued Way.
Southwestern Energy is utilizing Project Canary’s TrustWell™ standards and Canary X continuous monitoring devices for its entire portfolio in both the Appalachia and Haynesville basins. Project Canary, a Denver-based Public Benefit Corp, is the leading provider of independent environmental performance certification and precise continuous emissions monitoring technology. Project Canary assessment and certification analysis is the most rigorous and comprehensive certification available where engineers and data scientists analyze more than 600 unique data points within 24 operational categories to develop per-well environmental performance scores.
“As the certified gas market evolves, verified, high-fidelity data is a key differentiator to credible and high-quality RSG certifications,” said Project Canary Co-founder and CEO Chris Romer. “Southwestern moves the industry forward on comprehensive ESG performance that the measurement economy requires. The Project Canary certification verifies their commitment to the highest standards in the industry.”
About Southwestern Energy
Southwestern Energy Company (NYSE: SWN) is a leading U.S. producer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. SWN’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. For additional information, please visit www.swn.com and www.swn.com/responsibility.
About Project Canary
Project Canary is an environmental performance analysis firm focused on the E in ESG for emission-intensive companies. We are the leaders in the certification of responsible operations and provide measurement-based methane and emission profiles via continuous monitoring technology that help companies take ESG action. Formed as a Public Benefit Corporation, Project Canary’s Denver-based team of scientists, engineers, and seasoned industry operators have earned recognition for their uncompromising standards and high-fidelity data. For more information, visit www.projectcanary.com.
Southwestern Energy Contact
Brittany Raiford
Director, Investor Relations
(832) 796-7906
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Project Canary Contact
Brian Miller
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Enhanced software platform GridAmp™ to run Swell’s 80-megawatt distributed power plant in Hawai‘i
LOS ANGELES--(BUSINESS WIRE)--Swell Energy Inc. (Swell), an energy and smart grid solutions provider, has announced the roll out of GridAmp, its proprietary Distributed Energy Resource Management System (DERMS). The enhanced DERMS platform aggregates Distributed Energy Resources (DERs), including solar and battery storage devices, into virtual power plants (VPPs) to provide advanced grid capabilities to utilities.
GridAmp will control multiple grid service operations with behind-the-meter solar-powered batteries within Swell’s Home Battery Rewards program, an 80-megawatt distributed VPP being developed on O‘ahu, Maui and Hawai‘i islands -- as contracted with Hawaiian Electric and approved by the Hawai‘i Public Utilities Commission.
“Working with Power Partner grid service aggregators like Swell is an essential part of reaching Hawaiian Electric’s goal to cut carbon emissions from power generation 70% by 2030 and achieving net zero carbon emissions from power generation by 2045 or sooner,” said Yoh Kawanami, Hawaiian Electric co-director of Customer Energy Resources.
Swell’s GridAmp software is designed to maximize revenue across multiple utility and customer value streams using optimization algorithms and machine learning models that inform and automate DER and VPP operations. GridAmp provides a differentiated ability to co-optimize or “stack” multiple grid services to support a variety of energy objectives at the customer, utility and wholesale market levels.
The software supports interoperability and customization for various utility markets and DER integrations. GridAmp is designed to be inclusive across various technologies and manufacturers, expanding the breadth of Swell’s VPP partnerships and geographies. The DERMS platform is integrated with Swell’s operations and customer facing platforms to further enable rapid turnkey deployment of DERs and enhance participation in VPPs.
“GridAmp co-optimizes the VPP experience for end-users and the utility, fundamentally enhancing value and customer participation in generating, consuming, and transacting renewable electricity,” said Suleman Khan, CEO of Swell. “Through our various technology partnerships and a comprehensive ‘VPP in a Box’ solution, Swell unites homeowners, businesses, industry partners, and utilities behind the shared goal of utilizing VPPs to yield reliable, cost-effective, flexible energy in an equitable manner.”
Swell’s first GridAmp enabled VPP in Hawai‘i will simultaneously balance three separate grid services, namely Capacity Build, Capacity Reduction and Fast Frequency Response, to help manage Hawaiian Electric’s energy supply by absorbing excess renewable energy from the grid as production spikes and dispatching energy when needed, thus reducing peak demand and providing 24/7 fast frequency response to balance the three island grids.
Solar powered energy storage systems located at homes and businesses of Hawaiian Electric customers will collectively and autonomously meet the customer’s demands and respond to the grid’s dynamic needs. In return, Swell’s VPP customers receive GridRevenue™ and gain additional GridSavings by shifting their energy use throughout the day. These capabilities and services are available to utilities across the country. To learn more about GridAmp, visit www.swellenergy.com/utilities. To enroll in the Home Battery Rewards program in Hawaii, visit www.swellenergy.com/HI.
About Swell Energy
Swell Energy is creating a greater grid for the greater good. The energy management and smart grid solutions provider is accelerating the mass adoption of distributed clean energy technologies by enabling consumers to take control of their energy use and cost, achieve energy security, and participate in the transactive grid. Swell Energy provides homeowners and businesses with financing and virtual power plant programs, while partnering with trusted local solar and solar+storage companies for seamless, high-quality installations. By creating a critical mass of dynamic and responsive clean energy resources within utility service areas across the United States, Swell Energy also delivers resilient virtual power plant networks and grid-balancing services to utilities, which are fundamental to our future, carbon-free, distributed renewable energy system. For more information, visit www.swellenergy.com and follow the company on Facebook, LinkedIn and Twitter.
About Hawaiian Electric
Established in 1891, Hawaiian Electric serves 95% of Hawaii’s 1.4 million residents on the islands of Oahu, Maui, Hawaii, Lanai and Molokai. Hawaiian Electric is committed to empowering its customers and communities by providing affordable, reliable, clean and sustainable energy. In 2021, 38% of the electricity used by Hawaiian Electric customers came from a diverse mix of renewable resources including waste-to-energy, biomass, geothermal, hydro, wind, biofuels and solar, both utility-scale and customer-sited systems. For more, visit: www.hawaiianelectric.com.
Kim Sykes
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DALLAS--(BUSINESS WIRE)--Atmos Energy Corporation (NYSE: ATO) today reported consolidated results for its first fiscal quarter ended December 31, 2021.
Highlights
Outlook
"Our first quarter performance reflects the successful execution of our strategy to modernize our natural gas distribution, transmission, and storage systems as we continue our journey to be the safest provider of natural gas services," said Kevin Akers, President and Chief Executive Officer of Atmos Energy. "Our employees’ dedication, focus and effort positions us well for continued success in fiscal 2022."
Results for the Three Months Ended December 31, 2021
Consolidated operating income decreased $22.9 million to $275.9 million for the three months ended December 31, 2021, compared to $298.8 million in the prior year. The refund of excess deferred income taxes reduced operating income by $38.8 million year over year, which was substantially offset by a corresponding decrease in income tax expense. Excluding the impact of these refunds, operating income increased $15.9 million due to rate outcomes in both segments and customer growth in our distribution segment, partially offset by lower thru-system revenue in our pipeline and storage segment and increased system maintenance, depreciation and property tax expenses.
Distribution operating income decreased $19.1 million to $190.5 million for the three months ended December 31, 2021, compared with $209.6 million in the prior year period. Refunds of excess deferred taxes reduced operating income by $28.8 million year over year. Key operating drivers for this segment include a $32.2 million increase in rates, and customer growth of $4.3 million partially offset by a $14.5 million increase in operation and maintenance expense driven primarily by higher pipeline maintenance costs and other administrative costs and a $10.1 million increase in depreciation and property tax expenses associated with increased capital investments.
Pipeline and storage operating income decreased $3.9 million to $85.4 million for the three months ended December 31, 2021, compared with $89.3 million in the prior year. Refunds of excess deferred income taxes decreased operating income by $10.0 million. Key operating drivers for this segment include a $14.5 million increase from our GRIP filings approved in fiscal 2021 partially offset by a $5.8 million increase in system maintenance, a $3.1 million increase in depreciation and property tax expenses due to increased capital investments and a $2.5 million decrease in through system revenues.
Capital expenditures increased $227.4 million to $684.2 million for the three months ended December 31, 2021, compared with $456.8 million in the prior year, due to continued system modernization spending.
For the three months ended December 31, 2021, the company generated operating cash flow of $61.8 million, a $95.2 million decrease compared with the three months ended December 31, 2020. The year-over-year decrease reflects working capital changes, primarily due to the timing of gas cost recoveries under our purchase gas cost mechanisms partially offset by the positive effects of successful rate case outcomes achieved in fiscal 2021.
Our equity capitalization ratio at December 31, 2021 was 51.0%, compared with 51.9% at September 30, 2021, due to the issuance of $600 million of 2.85% senior notes in October 2021, partially offset by $261.9 million in equity issuances under our forward equity agreements. Excluding the $2.2 billion of incremental Winter Storm Uri financing issued in fiscal 2021, our equity capitalization ratio was 59.0% at December 31, 2021.
Conference Call to be Webcast February 9, 2022
Atmos Energy will host a conference call with financial analysts to discuss the fiscal 2022 first quarter financial results on Wednesday, February 9, 2022, at 9:00 a.m. Eastern Time. The domestic telephone number is 877-407-3088 and the international telephone number is 201-389-0927. Kevin Akers, President and Chief Executive Officer, and Chris Forsythe, Senior Vice President and Chief Financial Officer, will participate in the conference call. The conference call will be webcast live on the Atmos Energy website at www.atmosenergy.com. A playback of the call will be available on the website later that day.
Forward-Looking Statements
The matters discussed in this news release may contain “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. All statements other than statements of historical fact included in this news release are forward-looking statements made in good faith by the company and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this news release or any of the company’s other documents or oral presentations, the words “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “goal”, “intend”, “objective”, “plan”, “projection”, “seek”, “strategy” or similar words are intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in this presentation, including the risks relating to regulatory trends and decisions, the company’s ability to continue to access the credit and capital markets, and the other factors discussed in the company’s reports filed with the Securities and Exchange Commission. These risks and uncertainties include the following: federal, state and local regulatory and political trends and decisions, including the impact of rate proceedings before various state regulatory commissions; increased federal regulatory oversight and potential penalties; possible increased federal, state and local regulation of the safety of our operations; the impact of greenhouse gas emissions or other legislation or regulations intended to address climate change; possible significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs; the inherent hazards and risks involved in distributing, transporting and storing natural gas; the availability and accessibility of contracted gas supplies, interstate pipeline and/or storage services; increased competition from energy suppliers and alternative forms of energy; adverse weather conditions; the impact of climate change; the inability to continue to hire, train and retain operational, technical and managerial personnel; increased dependence on technology that may hinder the Company's business if such technologies fail; the threat of cyber-attacks or acts of cyber-terrorism that could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee or Company information; natural disasters, terrorist activities or other events and other risks and uncertainties discussed herein, all of which are difficult to predict and many of which are beyond our control; the capital-intensive nature of our business; our ability to continue to access the credit and capital markets to execute our business strategy; market risks beyond our control affecting our risk management activities, including commodity price volatility, counterparty performance or creditworthiness and interest rate risk; the concentration of our operations in Texas; the impact of adverse economic conditions on our customers; changes in the availability and price of natural gas; increased costs of providing health care benefits, along with pension and postretirement health care benefits and increased funding requirements; and the outbreak of COVID-19 and its impact on business and economic conditions.
Accordingly, while we believe these forward-looking statements to be reasonable, there can be no assurance that they will approximate actual experience or that the expectations derived from them will be realized. Further, the company undertakes no obligation to update or revise any of our forward-looking statements whether as a result of new information, future events or otherwise.
About Atmos Energy
Atmos Energy Corporation, an S&P 500 company headquartered in Dallas, is the country’s largest natural gas-only distributor. We safely deliver reliable, affordable, efficient and abundant natural gas to more than 3 million distribution customers in over 1,400 communities across eight states located primarily in the South. As part of our vision to be the safest provider of natural gas services, we are modernizing our business and infrastructure while continuing to invest in safety, innovation, environmental sustainability and our communities. Atmos Energy manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. Find us online at http://www.atmosenergy.com, Facebook, Twitter, Instagram and YouTube.
This news release should be read in conjunction with the attached unaudited financial information.
Atmos Energy Corporation Financial Highlights (Unaudited) |
||||||||
Statements of Income |
|
Three Months Ended December 31 |
||||||
(000s except per share) |
|
2021 |
|
2020 |
||||
Operating revenues |
|
|
|
|
||||
Distribution segment |
|
$ |
972,422 |
|
|
$ |
876,650 |
|
Pipeline and storage segment |
|
|
162,918 |
|
|
|
159,713 |
|
Intersegment eliminations |
|
|
(122,554 |
) |
|
|
(121,883 |
) |
|
|
|
1,012,786 |
|
|
|
914,480 |
|
Purchased gas cost |
|
|
|
|
||||
Distribution segment |
|
|
496,799 |
|
|
|
411,072 |
|
Pipeline and storage segment |
|
|
(3,411 |
) |
|
|
(1,244 |
) |
Intersegment eliminations |
|
|
(122,225 |
) |
|
|
(121,568 |
) |
|
|
|
371,163 |
|
|
|
288,260 |
|
Operation and maintenance expense |
|
|
159,110 |
|
|
|
138,643 |
|
Depreciation and amortization |
|
|
127,856 |
|
|
|
115,285 |
|
Taxes, other than income |
|
|
78,796 |
|
|
|
73,452 |
|
Operating income |
|
|
275,861 |
|
|
|
298,840 |
|
Other non-operating income |
|
|
8,702 |
|
|
|
6,072 |
|
Interest charges |
|
|
19,851 |
|
|
|
22,010 |
|
Income before income taxes |
|
|
264,712 |
|
|
|
282,902 |
|
Income tax expense |
|
|
15,503 |
|
|
|
65,224 |
|
Net income |
|
$ |
249,209 |
|
|
$ |
217,678 |
|
|
|
|
|
|
||||
Basic net income per share |
|
$ |
1.86 |
|
|
$ |
1.71 |
|
Diluted net income per share |
|
$ |
1.86 |
|
|
$ |
1.71 |
|
Cash dividends per share |
|
$ |
0.680 |
|
|
$ |
0.625 |
|
Basic weighted average shares outstanding |
|
|
133,682 |
|
|
|
127,034 |
|
Diluted weighted average shares outstanding |
|
|
133,689 |
|
|
|
127,034 |
|
|
|
Three Months Ended December 31 |
||||
Summary Net Income by Segment (000s) |
|
2021 |
|
2020 |
||
Distribution |
|
$ |
179,571 |
|
$ |
153,692 |
Pipeline and storage |
|
|
69,638 |
|
|
63,986 |
Net income |
|
$ |
249,209 |
|
$ |
217,678 |
Atmos Energy Corporation Financial Highlights, continued (Unaudited) |
||||||
Condensed Balance Sheets |
|
December 31, |
|
September 30, |
||
(000s) |
|
2021 |
|
2021 |
||
Net property, plant and equipment |
|
$ |
15,726,791 |
|
$ |
15,063,970 |
Cash and cash equivalents |
|
|
264,005 |
|
|
116,723 |
Accounts receivable, net |
|
|
514,333 |
|
|
342,967 |
Gas stored underground |
|
|
220,279 |
|
|
178,116 |
Other current assets |
|
|
2,275,588 |
|
|
2,200,909 |
Total current assets |
|
|
3,274,205 |
|
|
2,838,715 |
Goodwill |
|
|
731,257 |
|
|
731,257 |
Deferred charges and other assets |
|
|
813,531 |
|
|
974,720 |
|
|
$ |
20,545,784 |
|
$ |
19,608,662 |
|
|
|
|
|
||
Shareholders' equity |
|
$ |
8,289,545 |
|
$ |
7,906,889 |
Long-term debt |
|
|
5,555,177 |
|
|
4,930,205 |
Total capitalization |
|
|
13,844,722 |
|
|
12,837,094 |
Accounts payable and accrued liabilities |
|
|
398,431 |
|
|
423,222 |
Other current liabilities |
|
|
626,684 |
|
|
686,681 |
Current maturities of long-term debt |
|
|
2,401,377 |
|
|
2,400,452 |
Total current liabilities |
|
|
3,426,492 |
|
|
3,510,355 |
Deferred income taxes |
|
|
1,744,648 |
|
|
1,705,809 |
Regulatory excess deferred taxes |
|
|
508,731 |
|
|
549,227 |
Deferred credits and other liabilities |
|
|
1,021,191 |
|
|
1,006,177 |
|
|
$ |
20,545,784 |
|
$ |
19,608,662 |
Atmos Energy Corporation
|
||||||||
Condensed Statements of Cash Flows |
|
Three Months Ended December 31 |
||||||
(000s) |
|
2021 |
|
2020 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net income |
|
$ |
249,209 |
|
|
$ |
217,678 |
|
Depreciation and amortization |
|
|
127,856 |
|
|
|
115,285 |
|
Deferred income taxes |
|
|
11,813 |
|
|
|
64,587 |
|
Other |
|
|
(12,689 |
) |
|
|
(2,976 |
) |
Changes in other assets and liabilities |
|
|
(314,365 |
) |
|
|
(237,505 |
) |
Net cash provided by operating activities |
|
|
61,824 |
|
|
|
157,069 |
|
Cash flows from investing activities |
|
|
|
|
||||
Capital expenditures |
|
|
(684,180 |
) |
|
|
(456,809 |
) |
Debt and equity securities activities, net |
|
|
2,374 |
|
|
|
511 |
|
Other, net |
|
|
2,058 |
|
|
|
2,706 |
|
Net cash used in investing activities |
|
|
(679,748 |
) |
|
|
(453,592 |
) |
Cash flows from financing activities |
|
|
|
|
||||
Proceeds from issuance of long-term debt, net of premium/discount |
|
|
596,142 |
|
|
|
597,390 |
|
Net proceeds from equity offering |
|
|
261,943 |
|
|
|
216,002 |
|
Issuance of common stock through stock purchase and employee retirement plans |
|
|
3,918 |
|
|
|
4,007 |
|
Cash dividends paid |
|
|
(90,411 |
) |
|
|
(79,023 |
) |
Debt issuance costs |
|
|
(6,386 |
) |
|
|
(5,062 |
) |
Net cash provided by financing activities |
|
|
765,206 |
|
|
|
733,314 |
|
Net increase in cash and cash equivalents |
|
|
147,282 |
|
|
|
436,791 |
|
Cash and cash equivalents at beginning of period |
|
|
116,723 |
|
|
|
20,808 |
|
Cash and cash equivalents at end of period |
|
$ |
264,005 |
|
|
$ |
457,599 |
|
|
|
Three Months Ended December 31 |
||||
Statistics |
|
2021 |
|
2020 |
||
Consolidated distribution throughput (MMcf as metered) |
|
|
108,142 |
|
|
128,470 |
Consolidated pipeline and storage transportation volumes (MMcf) |
|
|
136,067 |
|
|
144,587 |
Distribution meters in service |
|
|
3,412,929 |
|
|
3,369,622 |
Distribution average cost of gas |
|
$ |
7.14 |
|
$ |
4.63 |
Analysts and Media Contact:
Dan Meziere (972) 855-3729
CHICAGO--(BUSINESS WIRE)--$EXC--The Board of Directors of Exelon Corporation declared a regular quarterly dividend of $0.3375 per share on Exelon’s common stock. The dividend is payable on Thursday, March 10, 2022, to Exelon’s shareholders of record as of 5 p.m. Eastern time on Friday, Feb. 25, 2022.
About Exelon
Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest utility company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to supporting our communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.
Andrew Plenge
Investor Relations
312-394-2345
Nick Alexopulos
Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX), one of the world’s leading energy companies, will hold its annual investor day on Tuesday, March 1, 2022, at 10:00 a.m. ET (7:00 a.m. PT).
The meeting will include presentations and breakout sessions hosted by several members of our Executive Leadership Team including our Chairman and Chief Executive Officer, Mike Wirth, and additional members of senior management to allow you to gain further insight into our business.
Speakers:
Mike Wirth – Chairman of the Board and Chief Executive Officer
Pierre Breber – Vice President and Chief Financial Officer
Jay Johnson – Executive Vice President, Upstream
Colin Parfitt – Vice President, Midstream
Mark Nelson – Executive Vice President, Downstream & Chemicals
Bruce Chinn – President and Chief Executive Officer, Chevron Phillips Chemical Company
Jeff Gustavson – President, Chevron New Energies
Eimear Bonner – Vice President and Chief Technology Officer
Roderick Green – General Manager, Investor Relations
To access the live webcast and dial-in details, visit www.chevron.com. The meeting replay will also be available on the company website under the “Investors” section.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
Braden Reddall
+1 (925) 842-2209
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
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