OVERLAND PARK, Kan.--(BUSINESS WIRE)--Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) provides an update on the fund’s direct investments, portfolio asset allocation, structure types and impact statistics as of January 31, 2022, on the company website here. On a monthly basis, details on each private deal that has taken place over the prior month will be published here. The list includes all deals completed since the fund’s inception through January 31, 2022. Updates will continue to be posted on a monthly basis until the fund reaches its target of 60% direct investments.
Upcoming Webinar
Please see a link to register for an upcoming webinar that will provide an update on the fund as well as an outlook on the sectors and direct investments in the fund.
Wednesday, February 16, 2022, 11:00am ET/10:00am CT
Register here.
For additional information on this fund, please visit cef.ecofininvest.com.
TCA Advisors is the adviser to Ecofin Sustainable and Social Impact Term Fund and Ecofin Advisors Limited is the fund’s sub-adviser.
Safe harbor statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “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 historical fact, included herein are "forward-looking statements." Although the fund and TCA believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the fund and TCA do not assume a duty to update this forward-looking statement.
Jen Ashlock, (913) 981-1020
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HOUSTON--(BUSINESS WIRE)--$CRGY--Crescent Energy Company (NYSE: CRGY) today announced its membership in the Oil & Gas Methane Partnership (OGMP) 2.0 Initiative to enhance the company’s reporting of methane emissions. The OGMP 2.0 framework is the leading industry standard for methane emissions reporting, allowing a company to assess its emissions footprint by asset and create targeted emissions reduction programs. By adopting this rigorous reporting standard to quantify methane leaks, Crescent Energy is establishing an operational culture focused on emissions reduction.
“Crescent Energy is meeting today’s energy needs while focusing on a cleaner tomorrow,” said David Rockecharlie, CEO of Crescent Energy. “Reducing methane emissions is critical to slowing climate change impacts, but to best manage methane, we must first measure it. That’s why we are building our climate strategy on high-quality data, gathered through the OGMP 2.0 framework, to inform our emissions reduction efforts.”
The OGMP is an initiative launched by the UN Environment Programme and the Climate and Clean Air Coalition. It is the only broad multi-national and multi-stakeholder partnership working on methane emission measurement and reporting protocols. OGMP creates a credible platform to help member companies demonstrate actual methane emission reductions. Comprised of more than 70 companies representing 30% of the world’s oil and gas production, the OGMP also offers a platform to help member companies share learnings and best practices.
Rockecharlie continued, “Since closing the merger with Contango in early December, we issued our inaugural ESG report, formed an ESG Advisory Council and joined the OGMP 2.0 initiative, which highlights our commitment to being a leader in ESG performance as a newly-formed company.”
About Crescent Energy
Crescent Energy is a well‐capitalized U.S. independent energy company with a portfolio of assets in key proven basins across the lower 48 states and substantial cash flow supported by a predictable base of production. Our core leadership team is a group of experienced investment, financial and industry professionals who continue to execute on the strategy we have employed since 2011. The company’s mission is to invest in energy assets and deliver better returns, operations and stewardship. For additional information, please visit www.crescentenergyco.com.
Cautionary Statement Regarding Forward-Looking Information
This communication contains 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, as amended. These statements are based on current expectations. The words and phrases “should”, “could”, “may”, “will”, “believe”, “plan”, “intend”, “expect”, “potential”, “possible”, “anticipate”, “estimate”, “forecast”, “view”, “efforts”, “goal” and similar expressions identify forward-looking statements and express the Company’s expectations about future events. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics such as COVID-19, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the timing and success of business development efforts, and other uncertainties. Consequently, actual future results could differ materially from expectations. The Company assumes no duty to update or revise their respective forward-looking statements based on new information, future events or otherwise.
Emily Newport
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Expanded InnoSwitch3 family slashes component count and boosts efficiency in EV and industrial applications
SAN JOSE, Calif.--(BUSINESS WIRE)--Power Integrations (Nasdaq: POWI), the leader in high-voltage integrated circuits (ICs) for energy-efficient power conversion, today announced the addition of two new AEC-Q100 qualified, 1700-volt rated ICs to its InnoSwitch™3-AQ family. The new devices are the industry’s first automotive-qualified switching power supply ICs to incorporate a silicon carbide (SiC) primary switching MOSFET. Delivering up to 70 watts of output power, the new ICs are targeted for use in 600- and 800-volt battery and fuel-cell electric passenger vehicles, as well as electric buses, trucks and a wide range of industrial power applications.
Highly integrated InnoSwitch ICs reduce the number of components required to implement a power supply by as much as 50 percent, saving significant circuit-board space, enhancing system reliability and mitigating component sourcing challenges. Devices from the award-winning InnoSwitch family are now available with a choice of cost-effective silicon, high-efficiency gallium nitride (GaN) and high-voltage SiC transistors, permitting designers to optimize their power solution across a broad range of consumer, computer, communications, industrial and automotive applications.
Peter Vaughan, director of automotive business development at Power Integrations, said: "800-volt batteries are becoming standard for EVs. Multiple vehicle systems are connected to this powerful electrical source, yet delicate electronic control circuits require just a few volts for operation and communication. InnoSwitch devices allow the electronics to safely sip from the firehose of energy available on the main bus, using minimal board area and without wasting energy. Most exciting is the opportunity to dramatically simplify the emergency power supply for the main traction inverter, which may be called upon at a moment’s notice to operate from any voltage between 30 volts and 1000 volts. Our SiC-based InnoSwitch3-AQ devices handle this vast range with incredible ease.”
Offered in a compact InSOP™-24D package, the new ICs use a FluxLink™ feedback link, providing reinforced isolation up to 5000 VRMS for secondary-side control. FluxLink technology enables direct sensing of the output voltage, providing benefits such as accurate regulation and extremely fast transient response. The circuit will start from 30 volts without external circuitry – critical for functional safety. Additional protection features include input under-voltage, output over-voltage and over-current limiting.
The inclusion of synchronous rectification and a quasi-resonant (QR) / CCM flyback controller achieves greater than 90% efficiency, easily meeting the strictest OEM requirements. These new parts consume less than 15 mW at no-load, which is ideal for reducing self-discharge in battery management systems.
The InnoSwitch3-AQ 1700-volt parts are also suitable for industrial markets, where the integrated solution replaces discrete controller-plus-MOSFET designs, saving space, time and cost while increasing reliability in applications such as renewables, industrial motor drives, battery storage and metering.
Availability & Resources
A reference design, DER-913Q, and hardware kit RDK-919Q, are available for designers wishing to evaluate the InnoSwitch3-AQ 1700-volt IC. Devices are priced at $5.64 for part number INN3947CQ-TL and $9.02 for part number INN3949CQ-TL in 1,000-unit quantities. For further information contact a Power Integrations sales representative or one of the company’s authorized worldwide distributors: Digi-Key, Farnell, Mouser and RS Components, or visit power.com.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.
Power Integrations, InnoSwitch, FluxLink, InSOP, power.com and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owners.
Media Contact
Linda Williams
Power Integrations
(408)-414-9837
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Press Agency Contact
Nick Foot
BWW Communications
+44-1491-636-393
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RYE, N.Y.--(BUSINESS WIRE)--Gabelli Funds, LLC, will host the 8th Annual Waste & Environmental Services Symposium at the Harvard Club in New York City on Thursday, March 31, 2022. This symposium will feature presentations by senior management of leading companies, with an emphasis on industry dynamics, new technologies, and company fundamentals. For those who cannot attend in person, the symposium will also be available via webcast. Investors should contact their relationship person for more information or click on the link below to register.
To register online: https://gabelli.zoom.us/webinar/register/WN_w2y_5CNFQ6KBFuSzw3KwPg
Presenting Companies:
Casella Waste (NASDAQ: CWST) |
Renovare (NASDAQ: RENO) |
|
Darling Ingredients Inc. (NYSE: DAR) |
Republic Services (NYSE: RSG) |
|
Good Natured Products (TSX: GDNP) |
Sharps Compliance (NASDAQ: SMED) |
|
Ranpak (NYSE: PACK) |
Vertex Energy (NASDAQ: VTNR) |
|
Renewable Energy Group (NASDAQ: REGI) |
Waste Management (NYSE: WM) |
Details:
March 31, 2022
8:00 am - 4:00 pm
Harvard Club, New York City
Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc.
Tony Bancroft
Portfolio Manager
(914) 921-5083
For further information please visit www.gabelli.com
55% of EV-owning Households in 2026 Globally Will Charge via a Home Wallbox
BASINGSTOKE, England--(BUSINESS WIRE)--#electriccars--A new Juniper Research study has found that spend on EV charging at home will exceed $16 billion globally in 2026; up from $3.4 billion in 2021. This rapid growth in excess of 390% over the next 5 years is being driven by the lower cost and convenience of home charging for EVs, rather than using costly and frequently inconvenient public charging networks.
Lack of access to home charging for urban residents is a major issue, but given EVs are currently high cost, the likelihood is that users will have access to off-street parking. The research recommended that home charging vendors and automotive manufacturers form partnerships to make home charging central to future EV transitions; given the fragmented availability and high costs of public charging networks.
For more insights, download the free whitepaper: How EV Charging Is Driving Electric Mobility Forward
For more information, visit the free infographic here.
Home Wallboxes Set for Strong Growth
The new research, EV Charging: Key Opportunities, Challenges & Market Forecasts 2021-2026, found that by 2026, over 21 million households globally will charge using a home wallbox, from just 2 million in 2021. This reflects that, while public charging networks are growing rapidly in terms of access, home wallboxes will experience very strong growth over the next 5 years.
Research author Nick Maynard explained: “Home wallboxes are convenient and lower cost than alternatives, with the onus being on both car manufacturers and governments to support home charging roll-outs to secure the future of electric mobility.”
Home Wallbox Hardware to Reach $5.5 Billion in 2026
The research found global hardware revenue from home charging wallboxes will reach $5.5 billion in 2026, from just $1.8 billion in 2021. The bundling of home wallboxes will incentivise users to take up specific charging points at the point of vehicle purchase. The report recommended that EV charger manufacturers focus on partnerships with car manufacturers to accelerate adoption, or they will be overtaken by better-partnered manufacturers.
Download whitepaper: https://www.juniperresearch.com/whitepapers/how-ev-charging-is-driving-electric-mobility
View infographic: https://www.juniperresearch.com/infographics/ev-charging-powering-through-to-2026
EV Charging market research: https://www.juniperresearch.com/researchstore/key-vertical-markets/ev-charging-market-research-report
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.
Sam Smith, Press Relations
T: +44(0)1256 830002
E: This email address is being protected from spambots. You need JavaScript enabled to view it.
Balloon-caused outages increased 27 percent in 2021
OAKLAND, Calif.--(BUSINESS WIRE)--With Valentine's Day festivities taking place next week, Pacific Gas and Electric Company (PG&E) reminds customers that nothing puts a damper on a romantic evening faster than a widespread power outage. If your holiday celebration includes metallic balloons, make sure they are securely tied with a weight to keep them from floating away. Metallic balloons that contact overhead power lines can disrupt electric service to an entire neighborhood, cause significant property damage and potentially result in serious injuries.
In 2021, metallic balloons that drifted into PG&E power lines caused more than 600 outages, a 27 percent increase from the previous year and the highest number of balloon-related outages that PG&E has seen in a decade.
“Balloons are a fun way to liven up holiday celebrations, but if they aren’t tied down with a weight, it’s easy for them to float into overhead power lines and disrupt service to entire communities. Keep your holidays safe by ensuring metallic balloons are secured by a weight,” said Jeff Deal, Vice President, Electric Distribution, PG&E.
The top six cities in PG&E's coverage area that reported balloon-related outages in 2021 are San Jose, Fresno, Bakersfield, Oakland, Richmond and Stockton. Sometimes these outages interrupt electric service to important facilities such as hospitals, schools and traffic lights. You can see for yourself by checking out this video that shows how balloons can create safety issues: PG&E Mylar Balloon Safety.
In order to significantly reduce the number of balloon-caused outages and to help ensure that everyone can safely enjoy Valentine’s Day, PG&E reminds customers to follow these important safety tips for metallic balloons:
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
MD&CEO: Natural gas conversion supports the Dubai Clean Energy Strategy 2050 and the Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050
DUBAI, United Arab Emirates--(BUSINESS WIRE)--Dubai Electricity and Water Authority (DEWA) has confirmed that the current production capacity of Hassyan Power Complex reached 1,200 megawatts (MW), using the Independent Power Producer (IPP) model. A further 600 MW will be added in Q4 of 2022 and an additional 600 MW will be added by Q3 of 2023. This will raise capacity of Hassyan Power Complex, which has been converted recently to run only on natural gas instead of clean coal, to 2,400MW.
The Hassyan Power Complex was initially designed and built-for-purpose as a dual-fuel plant with the ability to operate full-time on both natural gas and clean coal. It now relies only on natural gas.
HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, said that the Hassyan Power Complex adds to the Jebel Ali Power Plant and Water Desalination Complex, as one of the key pillars to providing Dubai with electricity and water services according to the highest standards of reliability, efficiency, and quality. Jebel Ali has a total production capacity of 9,547MW of electricity. DEWA’s total production capacity is now 13,417MW. This includes 1,527MW of renewable energy from the Mohammed bin Rashid Al Maktoum Solar Park.
“The Hassyan Power Complex adopts the latest technologies in energy production. The power plant’s turbines were originally designed to operate on dual fuels: gas and clean coal. So, when we decided to convert the complex to run on natural gas, there was no downtime and the conversion process went smoothly. This step supports the vision and directives of the wise leadership to turn Dubai into a carbon-neutral economy. This also supports the Dubai Clean Energy Strategy 2050 and the Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050. The move also supports our efforts to diversify energy sources and secure energy supplies to ensure providing electricity services according to the highest standards of reliability, availability and efficiency,” said Al Tayer.
*Source: AETOSWire
Dubai Electricity and Water Authority
Shaikha Almheiri, +971552288228
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Momentum Continues amid Strengthening Carbon Market with MarVivo Stream Closing, Uplisting to OTCQB and Strategic Additions to Board and Management
Quarterly Update Call to be held on Tuesday February 15, 2022
TORONTO--(BUSINESS WIRE)--$NETZ #NETZ--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) has released its financial results for the three and six -months ended December 31, 2021. All figures in United States Dollars, unless otherwise indicated. The Company is hosting a live audio call at 11 a.m. EST on Tuesday February 15, 2022. Details on how to register and participate in the conference call are provided below.
Carbon Streaming CEO Justin Cochrane commented: “We enter 2022 with a strong cash position and solid foundation to deliver on our corporate mission of fighting climate change and positively impacting the surrounding communities and ecosystems where we invest. The next twelve months will be a formative period for the Company as we continue to execute on our vision by deploying critically needed financing to scale carbon projects and meet demand.”
Q2 Carbon Credit Streams
Q2 Corporate & Financial Highlights
Carbon Markets Update
Audio Conference Call
Analysts and investors are invited to join an interactive audio call on Tuesday February 15, 2022, at 11 a.m. EST during which CEO Justin Cochrane, President Geoff Smith and other members of the management team will provide a brief company update and answer questions from participants. Register in advance at: http://www.directeventreg.com/registration/event/5636805.
Detailed call-in instructions will be emailed once participant registration is complete. An audio replay of the conference call will be available on the Company website until 11:59 p.m. EST March 1, 2022.
About Carbon Streaming
Carbon Streaming is a unique ESG principled company offering investors exposure to carbon credits, a key instrument used by both governments and corporations to achieve their carbon neutral and net-zero climate goals. Our business model is focused on acquiring, managing and growing a high-quality and diversified portfolio of investments in projects and/or companies that generate or are actively involved, directly or indirectly, with voluntary and/or compliance carbon credits.
The Company invests capital through carbon credit streaming arrangements with project developers and owners to accelerate the creation of carbon offset projects by bringing capital to projects that might not otherwise be developed. Many of these projects will have significant social and economic co-benefits in addition to their carbon reduction or removal potential.
To receive corporate updates via e-mail as soon as they are published, please subscribe here.
Advisories:
The references to third party websites and sources contained in this new release are provided for informational purposes and are not to be considered statements of the Company.
Non-IFRS Measures
This news release contains the financial term “adjusted net loss”, which is not considered in the International Financial Reporting Standards ("IFRS"). The Company's determination of this non-IFRS measure may differ from other reporting issuers, and therefore may not be comparable to similar measures presented by other companies where similar terminology is used.
A reconciliation of “net loss” to “adjusted net loss” can be found in the Company’s MD&A for the three and six months ended December 31, 2021 (the “MD&A”) in the “Non-IFRS Measures” section and such information is incorporated by reference herein. The MD&A is available on SEDAR at www.sedar.com and on the Company’s website at www.carbonstreaming.com.
This non-IFRS measure should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. This financial measure is included because management believes that this non-IFRS measure, together with measures prepared in accordance with IFRS, provides useful information to investors and shareholders in assessing the Company’s liquidity and overall performance as it removes the impact of non-cash charges. Refer to the "Non-IFRS Measures" section on page 17 of the MD&A for further details.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements with respect to execution of the Company’s investment strategy and statements regarding the Company’s financial future) are forward-looking information.
This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of September 27, 2021 filed on SEDAR at www.sedar.com.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
ON BEHALF OF THE COMPANY:
Justin Cochrane, Chief Executive Officer
Tel: 647.846.7765
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.carbonstreaming.com
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today Emera (TSX: EMA) reported 2021 fourth quarter and annual financial results.
Highlights
“We are pleased with the performance of our business in 2021, as we delivered solid financial results and achieved important regulatory outcomes, while continuing to deliver the critical energy needs of our customers during the ongoing COVID-19 pandemic,” said Scott Balfour, President and CEO of Emera Inc. “This progress highlights the strength of our business and strategy that continues to drive value and growth through investments in cleaner energy, infrastructure renewal and service reliability, all at a balanced pace to ensure affordability for our customers.”
Q4 2021 Financial Results
Q4 2021 reported net income was $324 million, or $1.24 per common share, compared with net income of $273 million, or $1.09 per common share, in Q4 2020.
Q4 2021 adjusted net income was $168 million, or $0.64 per common share, compared with $188 million, or $0.75 per common share, in Q4 2020.
Decreased quarterly adjusted net income1 was largely due to the TECO Guatemala Holdings (“TGH”) award received in Q4 2020. Excluding the impact of the award, growth in quarterly net income was driven by higher earnings primarily at Peoples Gas System (“PGS”) lower corporate costs, partially offset by lower contributions from Tampa Electric.
Annual 2021 Financial Results
2021 reported net income was $510 million or $1.98 per common share, compared with a net income of $938 million or $3.78 per common share in 2020. 2021 reported net income included a $213 million after-tax MTM loss primarily at Emera Energy.
2021 adjusted net income1 was $723 million or $2.81 per common share, compared with $665 million or $2.68 per common share in 2020.
Growth in annual adjusted net income1 was driven by higher earnings contribution from EES, PGS and Nova Scotia Power (“NSPI”), lower corporate costs, realized gains on foreign exchange hedges and the 2020 revaluation of deferred taxes due to a reduction in the Nova Scotia corporate income tax rate. The increase was partially offset by the impact of a stronger CAD, the TGH award received in Q4 2020, the 2020 recognition of a corporate income tax recovery at Barbados Light and Power Company (“BLPC”), and lower earnings due to the sale of Emera Maine in Q1 2020.
Strengthening of the CAD decreased net income by $10 million ($0.04 per share) and decreased adjusted net income1 by $1 million in Q4 2021 compared to Q4 2020. The strengthening of the CAD decreased net income by $17 million ($0.07 per share) and adjusted net income1 by $28 million ($0.11 per share) for the year ended December 31, 2021, compared to the same period in 2020.
(1) See “Non-GAAP Financial Measures” noted below and “Segment Results and Non-US GAAP Reconciliation” below for reconciliation to nearest USGAAP measure. |
Outlook
Emera’s capital investment plan is $8.4 billion over the 2022-to-2024 period (including a $240 million equity investment in the LIL in 2022), with an additional $1 billion of potential capital investments over the same period. This results in a forecasted rate base growth of approximately 7 per cent to 8 per cent through 2024. The capital investment plan continues to include significant investments across the portfolio in renewable and cleaner generation, reliability and integrity investments, infrastructure modernization and customer-focused technologies.
Emera’s capital investment plan is being funded primarily through internally generated cash flows and debt raised at the operating company level. Equity requirements in support of our capital investment plan are expected to be funded through the dividend reinvestment plan, the issuance of preferred equity and the issuance of common equity through our at-the-market program. Maintaining investment-grade credit ratings is a priority of management.
Emera has provided annual dividend growth guidance of four to five per cent through to 2024.
Consolidated Financial Review |
|||||||
The following table highlights significant changes in adjusted net income attributable to common shareholders from 2020 to 2021. |
|||||||
|
|
|
|
|
|||
For the |
Three months ended |
Year ended |
|||||
millions of Canadian dollars |
December 31 |
December 31 |
|||||
Adjusted net income – 20201,2 |
$ |
188 |
|
$ |
665 |
|
|
Operating Unit Performance |
|
|
|
|
|||
Increased earnings at EES due to favourable market conditions |
|
9 |
|
|
37 |
|
|
Increased earnings at PGS due to higher base revenues as a result of a base rate increase on January 1, 2021 and customer growth |
|
10 |
|
|
36 |
|
|
Increased earnings at NSPI due to increased sales volumes quarter-over-quarter. Year-over-year increased due to higher operating revenues, lower interest on the Fuel Adjustment Mechanism ("FAM") regulatory deferral and decreased income tax expense |
|
7 |
|
|
15 |
|
|
Decreased earnings at Tampa Electric due to higher depreciation and amortization expense, reflecting increased capital investment and a 2020 regulatory settlement, the impact of a stronger CAD, and lower base revenue due to weather, partially offset by higher allowance for funds used during construction ("AFUDC") |
|
(16 |
) |
|
(39 |
) |
|
Decreased earnings due to the sale of Emera Maine in Q1 2020 |
|
- |
|
|
(6 |
) |
|
Tax Related |
|
|
|
|
|||
Revaluation of Corporate, NSPI and Emera Energy net deferred income tax assets and liabilities in Q1 2020 due to the reduction in the Nova Scotia provincial corporate income tax rate |
|
- |
|
|
14 |
|
|
Recognition of corporate income tax recovery in Q1 2020 previously deferred as a regulatory liability in 2018 at BLPC |
|
- |
|
|
(10 |
) |
|
Corporate |
|
|
|
|
|||
Decreased interest expense, pre-tax, due to the impact of a stronger CAD and lower interest rates. Year-over-year also due to repayment of corporate debt |
|
6 |
|
|
35 |
|
|
Realized gain on hedges entered into to hedge foreign exchange earnings exposure |
|
2 |
|
|
19 |
|
|
TGH award, net of tax and legal costs in Q4 2020 |
|
(36 |
) |
|
(36 |
) |
|
Other Variances |
|
(2 |
) |
|
(7 |
) |
|
Adjusted net income – 20211,2 |
$ |
168 |
|
$ |
723 |
|
|
1 See “Non-GAAP Financial Measures” noted below and “Segment Results and Non-US GAAP Reconciliation" for reconciliation to nearest USGAAP measure. |
|||||||
2 Excludes the effect of MTM adjustments, the 2020 gain on sale of Emera Maine and 2020 impairment charges, net of tax. |
|||||||
Segment Results and Non-US GAAP Reconciliation |
||||||||||
For the |
|
Three months ended
|
Year ended
|
|||||||
millions of Canadian dollars (except per share amounts) |
|
2021 |
|
|
2020 |
|
2021 |
|
2020 |
|
Adjusted net income 1,2 |
|
|
|
|
|
|
||||
Florida Electric Utility |
$ |
85 |
|
$ |
101 |
|
462 |
|
501 |
|
Canadian Electric Utilities |
|
67 |
|
|
57 |
|
241 |
|
221 |
|
Other Electric Utilities2 |
|
5 |
|
|
8 |
|
20 |
|
33 |
|
Gas Utilities and Infrastructure |
|
55 |
|
|
45 |
|
198 |
|
162 |
|
Other 2 |
|
(44 |
) |
|
(23 |
) |
(198 |
) |
(252 |
) |
Adjusted net income1,2 |
$ |
168 |
|
$ |
188 |
|
723 |
|
665 |
|
Gain on sale, net of tax and transaction costs3 |
|
- |
|
|
- |
|
- |
|
309 |
|
Impairment charges, net of tax4 |
|
- |
|
|
- |
|
- |
|
(26 |
) |
After-tax MTM gain (loss)5 |
|
156 |
|
|
85 |
|
(213 |
) |
(10 |
) |
Net income (loss) attributable to common shareholders |
$ |
324 |
|
$ |
273 |
|
510 |
|
938 |
|
EPS (basic) |
$ |
1.24 |
|
$ |
1.09 |
|
1.98 |
|
3.78 |
|
Adjusted EPS (basic) 1,2 |
$ |
0.64 |
|
$ |
0.75 |
|
2.81 |
|
2.68 |
|
1 See “Non-GAAP Financial Measures” noted below. |
2 Excludes the effect of MTM adjustments, the 2020 gain on sale of Emera Maine and 2020 impairment charges, net of tax. |
3 Net of income tax expense of $276 million for the year ended December 31, 2020. |
4 Net of income tax expense of $1 million for the year ended December 31, 2020. |
5 Net of income tax expense of $63 million for the three months ended December 31, 2021 (2020 – $33 million expense) and $86 million recovery for the year ended December 31, 2021 (2020 – $8 million recovery). |
1 Non-GAAP Measures Financial Measures
Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures by adjusting certain GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. For further information on the non-GAAP financial measure, adjusted net income, and the non-GAAP ratio, adjusted earnings per common share – basic, refer to the "Non-GAAP Financial Measures" section of the Company's MD&A which is incorporated herein by reference and can be found on SEDAR at www.sedar.com. Reconciliation to the nearest GAAP measure is included in “Segment Results and Non-GAAP Reconciliation” above.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.
Teleconference Call
The company will be hosting a teleconference today, Monday, February 14, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q4 2021 and annual financial results.
Analysts and other interested parties in North America are invited to participate by dialing 1-866-521-4909. International parties are invited to participate by dialing 1-647-427-2311. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.
A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available two hours after the conclusion of the call by dialing 1-800-585-8367 or 1-416-621-4642 and entering pass code 4190629.
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $34 billion in assets and 2021 revenues of more than $5.7 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H, EMA.PR.J and EMA.PR.L. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or at www.sedar.com.
Emera Inc.
Investor Relations
Dave Bezanson VP, Investor Relations & Pensions
902-474-2126
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Arianne Amirkhalkhali, Manager, Investor Relations
902-425-8130
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Media
902-222-2683
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WEST SACRAMENTO, Calif.--(BUSINESS WIRE)--Origin Materials, Inc. (“Origin,” “Origin Materials,” or the “Company”) (Nasdaq: ORGN, ORGNW), the world’s leading carbon negative materials company with a mission to enable the world’s transition to sustainable materials, today announced that it will speak at the following upcoming investor conferences:
Origin’s Co-Founder and Co-CEO John Bissell will present with Co-CEO Rich Riley at the Baird 2022 Sustainability Conference on February 22 at 2:55pm EST. Co-CEO Rich Riley will speak at the Deutsche Bank dbAccess Global ESG Conference on March 1 at 2:00pm EST.
Interested investors and other parties can find a replay of the Deutsche Bank dbAccess Global ESG Conference presentation by visiting the Events and Presentations section of the Company’s Investor Relations website at https://investors.originmaterials.com.
About Origin Materials
Headquartered in West Sacramento, Origin Materials is the world's leading carbon negative materials company. Origin’s mission is to enable the world’s transition to sustainable materials. For over a decade, Origin has developed a platform for turning the carbon found in inexpensive, plentiful, non-food biomass such as sustainable wood residues into useful materials while capturing carbon in the process. Origin’s patented technology platform can help revolutionize the production of a wide range of end products, including clothing, textiles, plastics, packaging, car parts, tires, carpeting, toys, and more with a ~$1 trillion addressable market. In addition, Origin’s technology platform is expected to provide stable pricing largely decoupled from the petroleum supply chain, which is exposed to more volatility than supply chains based on sustainable wood residues. Origin’s patented drop-in core technology, economics and carbon impact are supported by a growing list of major global customers and investors.
For more information, visit www.originmaterials.com.
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Origin Materials’ business strategy and estimated total addressable market. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of Origin Materials and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Origin Materials. These forward-looking statements are subject to a number of risks and uncertainties, including that Origin Materials may be unable to successfully commercialize its products; the effects of competition on Origin Materials’ business; disruptions and other impacts to Origin Materials’ business as a result of the COVID-19 pandemic and other global health or economic crises; changes in customer demand; failure to realize the anticipated benefits of the business combination; and those factors discussed in the Quarterly Report on Form 10-Q filed with the SEC on November 12, 2021 under the heading “Risk Factors,” and other documents Origin Materials has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Origin Materials presently does not know, or that Origin Materials currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Origin Materials’ expectations, plans, or forecasts of future events and views as of the date of this press release. Origin Materials anticipates that subsequent events and developments will cause its assessments to change. However, while Origin Materials may elect to update these forward-looking statements at some point in the future, Origin Materials specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Origin Materials’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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- Plant will help reduce methane emisssions from landfilled waste
- Growth and expansion of B&W’s Asia-Pacific business continues
AKRON, Ohio--(BUSINESS WIRE)--$BW #landfillmethane--Babcock & Wilcox (B&W) (NYSE: BW) announced today its B&W Renewable business segment has been awarded a contract for approximately $22 million to design and supply advanced waste-to-energy technology to help a power producer in Asia reduce its reliance on coal and decrease the amount of waste sent to landfills.
B&W Renewable will design and supply a 440-ton-per-day waste-to-energy boiler, DynaGrate® combustion grate and other combustion equipment, including burners and sootblowers. The plant will generate cleaner electricity for the community while processing approximately 160,000 tons of industrial waste annually.
“Decarbonization efforts are gaining momentum worldwide, especially in Asia, while the need to responsibly and sustainably manage industrial and municipal waste continues to grow,” said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan. “Waste-to-energy technologies are an ideal solution to produce renewable, baseload power while reducing greenhouse gas emissions and reliance on landfills.”
“Our business in the Asia-Pacific region continues to grow, with significant opportunities for B&W’s renewable, environmental and thermal technologies,” said Nick Carter, Managing Director of B&W’s Asia-Pacific region. “We look forward to continuing to provide solutions to help our customers throughout the region with their clean energy transition.”
B&W has more than 150 years of experience in designing, supplying and servicing some of the world’s cleanest, most efficient energy systems. B&W Renewable’s capabilities, including the state-of-the-art Vølund™ technology, developed and improved over the last 80 years, has been used in more than 500 applications worldwide.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.
About B&W Renewable
Babcock & Wilcox Renewable offers cost-effective technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, biomass energy and black liquor systems for the pulp and paper industry. B&W Renewable’s leading technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the signing of a contract to design and supply waste-to-energy technologies for a plant in Asia, as well as growth opportunities in the region. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Megan Wilson
Chief Strategy Officer and Sr. Vice President, Corporate Development
Babcock & Wilcox
704.625.4944
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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ST. CATHARINES, Ontario--(BUSINESS WIRE)--#earnings--Algoma Central Corporation (TSX: ALC.TO) (TSX: ALC.DB.A) today announced that it will report its financial results for the year ended December 31, 2021 before market open on Monday, February 28, 2022.
The earnings release as well as full financial results will be available on the Company's website at www.algonet.com/investor-relations or on SEDAR at www.sedar.com.
About Algoma Central
Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Since 2010 we have introduced 10 new build vessels to our domestic dry-bulk fleet, with one under construction and expected to arrive in 2024, making us the youngest, most efficient and environmentally sustainable fleet on the Great Lakes. Each new vessel reduces carbon emissions on average by 40% versus the ship replaced. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally. Algoma truly is Your Marine Carrier of Choice™.
Gregg A. Ruhl
President & CEO
905-687-7890
Peter D. Winkley, CPA, CA
Chief Financial Officer
905-687-7897
Or visit
www.algonet.com or www.sedar.com
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (the “Company” or “NOG”) announced today that the New York Stock Exchange (“NYSE”) has approved the transfer of the listing of the Company’s common stock from the NYSE American to the NYSE.
Effective at the opening of trading on February 17, 2022, the common stock of the Company will cease trading on the NYSE American and will commence trading on the NYSE, remaining under the symbol “NOG.”
MANAGEMENT COMMENT
“Uplisting to the NYSE marks a significant milestone in our transformation of the company over the past several years,” said Chad Allen, NOG’s Chief Financial Officer. “The NYSE is a premiere worldwide market, one that provides a broader platform and services for companies that are able to meet their most selective criteria. This new listing matches our ambitions of becoming a diversified, low-leverage, free cash flow and dividend paying entity.”
ABOUT NORTHERN OIL AND GAS
NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including, but not limited to, statements regarding the timing and effectiveness of the uplisting to the NYSE and NOG’s long-term financial and operational outlook. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in NOG’s capitalization, changes in crude oil and natural gas prices; the pace of drilling and completions activity on NOG’s properties and properties pending acquisition; the effects of the COVID-19 pandemic and related economic slowdown; NOG’s ability to acquire additional development opportunities; the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG’s acquisition transactions; integration and benefits of property acquisitions, or the effects of such acquisitions on NOG’s cash position and levels of indebtedness; changes in NOG’s reserves estimates or the value thereof; disruptions to NOG’s business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which NOG conducts business; changes in the interest rate environment or market dividend practices, legislation or regulatory requirements; conditions of the securities markets; NOG’s ability to consummate any pending acquisition transactions; other risks and uncertainties related to the closing of pending acquisition transactions; NOG’s ability to raise or access capital; changes in accounting principles, policies or guidelines; and financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products, services and prices. Additional information concerning potential factors that could affect future plans and results is included in the section entitled “Item 1A. Risk Factors” and other sections of NOG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG’s actual results to differ from those set forth in the forward-looking statements.
NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except as may be required by applicable law or regulation, NOG does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.
Mike Kelly, CFA
Chief Strategy Officer
952-476-9800
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Jackie Sheppard, Chair of Emera Inc. (TSX: EMA) announces the appointment of Paula Gold-Williams and Ian Robertson to Emera’s Board of Directors.
“On behalf of the Board, I am pleased to welcome two experienced utility leaders to the Emera team,” says Sheppard. “Paula and Ian bring extensive experience in finance, strategy, and stakeholder management, as well as established expertise in managing diverse energy portfolios and navigating the rapid transition to a cleaner, renewable energy future. They are excellent additions to our Board and I’m looking forward to working closely with them.”
Ms. Gold-Williams spent much of her career with CPS Energy, the largest municipally-owned energy company in the U.S. She was President and Chief Executive Officer until her retirement earlier this year, previously serving as Chief Financial Officer and Treasurer. Throughout her tenure, Ms. Gold-Williams demonstrated exceptional stakeholder management skills and a commitment to a people-first corporate philosophy focused on customers and employees. Her leadership is credited with successfully improving corporate safety culture and guiding the company to achieving one of the highest credit ratings in the industry.
Mr. Robertson has more than 30 years’ experience in the utility sector, both in North America and internationally. He was a founder and principal of Algonquin Power Corporation, the predecessor to Algonquin Power & Utilities Corp., a Canadian-based generation, distribution and transmission utility operating across North America. He served as the company’s first Chief Executive Officer, driving growth and increasing its market capitalization from approximately $260 million in 2009, to over $7 billion at his retirement in 2020. Mr. Robertson currently serves as Chief Executive Officer of the Northern Genesis group of special purpose acquisition companies focused on identifying and acquiring energy transition businesses that demonstrate strong sustainability and ESG alignment.
Both Mr. Robertson and Ms. Gold-Williams have been active members of their respective communities and have broad director experience. Ms. Gold-Williams previously served on the board of the Federal Reserve Bank of Dallas—San Antonio Branch and is former director and Chair of the San Antonio Chamber of Commerce. Currently, she is board Treasurer of EPIcenter, an organization that supports entrepreneurship, innovation, and market expansion in the energy sector. She is also Chair of the board of the Keystone Policy Center.
Mr. Robertson is a former director of the American Gas Association and the Edison Electric Institute. He has completed the Chartered Director program of the Directors College (McMaster University) and holds the certification of C. Dir. (Chartered Director).
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $34 billion in assets and 2021 revenues of more than $5.7 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H, EMA.PR.J and EMA.PR.L. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.
Media:
Dina Seely
(902) 478-0080
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MILWAUKEE--(BUSINESS WIRE)--Zurn Water Solutions Corporation (NYSE: ZWS), a market leader in smart, sustainable water solutions and products, and Elkay Manufacturing Company, a market leader in the highly attractive and growing commercial drinking water solutions business, announced today they have reached a definitive agreement to combine the businesses in an all-stock transaction. Upon completion of the transaction, Zurn Water Solutions shareholders will own approximately 71% and Elkay shareholders will own approximately 29% of the combined and newly named company – Zurn Elkay Water Solutions Corporation.
“This transaction is a true game-changer as we create an even stronger pure play water company by combining with the iconic brand, Elkay,” said Todd A. Adams, Chairman and CEO of Zurn Water Solutions. “The combination puts us well on our way to doubling the size of the business over the next couple of years while enhancing our competitive advantage within specified water solutions. We also add the high-growth, and increasingly essential, drinking water sector in our portfolio and have a clear path to capitalize on the significant synergies the combination will generate.
“Elkay is viewed as the ‘gold standard’ in providing clean drinking water within institutional and commercial buildings. What makes the combination so compelling is the alignment of our shared values and cultures, commitment to serving our customers and what we can accomplish together by providing an even more comprehensive package of innovative, specified water solutions that provide water safety, water quality and water conservation to critical verticals like education and healthcare.
“I want to thank Ron Katz, Senior Member of the founding family, and Tim Jahnke, Chairman of Elkay, for believing in the power of the combination and the entire Elkay family for their confidence and commitment to work together to create something special. It’s our intent to preserve the strong culture and values at Elkay and we are excited to build upon the incredible legacies of both businesses as we come together to create an even brighter future as Zurn Elkay Water Solutions.”
Elkay has been family-owned since it was founded in 1920 and has been making innovative products and delivering exceptional customer service for over 100 years. Headquartered in Illinois, Elkay has similar midwestern core values as Zurn. While the business started in sinks, their continued innovation and growth has led them to currently being a market leader in drinking water as well as sinks in residential and commercial settings.
“We knew we could increase our long-term competitive position by combining with another complementary brand,” stated Ron Katz, Senior Member of the founding family. “We were pleased to find a well-respected partner in Zurn Water Solutions, with their strong, people-centric midwestern values and deep commitment to quality, ethics, and customer satisfaction that mirrors our own.”
“This combination clearly creates a unique and dynamic set of competitive advantages for our customers to capitalize on the unrivaled product solution breadth and depth we’ll bring to the marketplace,” said Adams. “Together, Zurn and Elkay will also provide our customers the capability to advance their ESG initiatives while reducing their overall initial and operating costs while providing a safe, clean environment for students, patients, patrons, and people within the public and private spaces they operate. Finally, we believe this combination creates an attractive platform to provide superior shareholder value as the combination allows for increased growth, margin expansion, higher free cash flow and improved leverage all while providing ample room for continued investments in growth.”
Key Strategic and Financial Benefits
Governance and Locations
Upon closing, the combined company will continue to be led by the existing Zurn Water Solutions Board of Directors with the addition of two new directors who currently serve on the Elkay Board of Directors. Todd Adams will remain Chairman and Chief Executive Officer, Craig Wehr will remain President of Zurn Water Solutions, and Ted Hamilton will remain President of Elkay Plumbing.
The combined company will continue to trade under the ticker NYSE: ZWS. It will be headquartered in Milwaukee, Wisconsin and will continue to maintain a presence in the Chicago area where Elkay is headquartered.
Transaction Structure and Closing Conditions
Under the terms of the transaction agreements Elkay shareholders will receive up to 52.5M shares of Zurn Water Solutions, which results in, Elkay shareholders owning approximately 29% in the combined company.
Based on the February 11, 2022 closing price of Zurn’s common stock, the transaction values Elkay at $1.56 billion, representing 14.2x its forecasted 2022 Adjusted EBITDA, or 9.8x after factoring in forecasted run-rate cost synergies. The transaction is subject to regulatory approvals, Zurn Water Solutions and Elkay shareholder approval, and customary closing conditions, and is expected to close in the third quarter of 2022. Elkay shareholders holding approximately 73% of Elkay’s common stock have entered into support agreements committing them to vote all of their respective shares in favor of the transaction, and against any competing acquisition proposal.
Conference Call and Investor Information
Zurn Water Solutions will hold a conference call and webcast presentation on Monday, February 14, 2022 at 7:30 a.m. Central Time to discuss the transaction.
Domestic toll-free #: 888-510-2359
International toll #: 646-960-0215
Access Code: 7660247
A live webcast of the call will also be available on Zurn’s investor relations website. Please go to the website (investors.zurnwatersolutions.com) at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. If you are unable to participate during the live teleconference, a replay of the conference call will be available from 10:00 a.m. Central Time February 14, 2022 until 10:59 p.m. Central Time, February 21, 2022. To access the replay, please dial 800-770-2030 (domestic) or 647-362-9199 (international). The Conference ID for the replay is: 7660247. The replay will also be available as a webcast on the Company’s investor relations website.
Advisors
Evercore is serving as financial advisor to Zurn Water Solutions, and Morgan, Lewis & Bockius LLP is serving as legal counsel. Citi and J.P. Morgan Securities LLC are serving as financial advisors to Elkay, and Mayer Brown is serving as legal counsel.
About Zurn Water Solutions
Headquartered in Milwaukee, Wisconsin, Zurn Water Solutions is a growth-oriented, pure-play water business that designs, procures, manufactures, and markets what we believe is the broadest sustainable product portfolio of solutions to improve health, human safety, and the environment. The Zurn product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, hygienic, environmental and site works products for public and private spaces. Additional information about the Company can be found at zurnwatersolutions.com.
About Elkay
Family-owned since 1920, Elkay has been making innovative products and delivering exceptional customer care for almost a century. While proud to be America's No. 1 selling kitchen sink company, Elkay expanded its commercial offerings more than four decades ago and today delivers faucets, water coolers, drinking fountains, Smartwell Water Delivery Systems, and the award-winning ezH2O bottle filling stations, in addition to world-class stainless steel and quartz sinks. Like your family, Elkay has values and traditions that endure - like our commitment to sustainability and giving back to our community. Headquartered in the United States in Downers Grove, Illinois, Elkay employs over 1,800 employees worldwide, working from 13 locations across the U.S., China, and Mexico. For more information, visit www.elkay.com.
Forward-Looking Statements
This communication contains certain “forward-looking statements” including statements regarding the anticipated timing and benefits of the combination of Zurn and Elkay (the “Transaction”). These forward-looking statements are based on our current expectations and beliefs, but there can be no assurance that these will be as anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These factors include, among others: the inability to complete the Transaction, including due to the failure to receive required Zurn shareholder approvals or the failure of other closing conditions; the inability to recognize the anticipated benefits of the proposed Transaction, including the forecasted cost synergies; and costs related to the proposed Transaction. Except as required by law, we do not undertake any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
In this press release we disclose projected 2022 net debt leverage, pro forma for the Transaction. Net debt leverage is a non-GAAP financial measure, computed as the ratio of total debt less cash to Adjusted EBITDA, used by management and investors as a measure of Zurn’s financial strength and ability to incur incremental indebtedness when making key investment decisions and evaluating us against peers. “Adjusted EBITDA” is the term we use to describe EBITDA as defined and adjusted in Zurn’s credit agreement, and EBITDA represents earnings from continuing operations before interest and other debt related activities, taxes, depreciation and amortization. We believe that these financial measures are appropriate to enhance an overall understanding of Zurn’s underlying operating performance trends compared to historical and prospective periods and Zurn’s peers. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP.
Additional Information
In connection with the Transaction, we intend to file a registration statement on Form S-4 with the Securities and Exchange Commission (“SEC”) that will include a proxy statement/prospectus relating to the Transaction. SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. A definitive proxy statement will be sent to stockholders of Zurn seeking approval of the Transaction. The documents relating to the Transaction (when they are available) can be obtained free of charge from the SEC’s website at www.sec.gov. These documents (when they are available) can also be obtained free of charge by contacting us at 855-480-5050.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
This communication is not a solicitation of a proxy from any security holder. Zurn, Elkay and their respective directors, executive officers, other members of management and employees may be deemed to be participants in the solicitation of proxies from Zurn’s stockholders in connection with the Transaction. Information regarding the names and interests in the proposed transaction of Zurn’s directors and officers is contained Zurn’s filings with the SEC. Additional information regarding the interests of potential participants in the solicitation process will also be included in the proxy statement/prospectus relating to the Transaction and other relevant documents when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
Investor Relations:
Dave Pauli, Vice President – Investor Relations
414-223-7770
Media Relations Zurn:
Angela Hersil, Director – Corporate Communications
855-480-5050
414-808-0199
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Media Relations Elkay:
Linda Carlisle, Corporate Responsibility & Communications
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Seven C65 Units will Replace Systems that Reached 80,000 Hours of Operation
VAN NUYS, Calif.--(BUSINESS WIRE)--$CGRN #GreenEnergy--Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN), ("Capstone," the "Company," "we" or "us"), a global leader in carbon reduction and on-site resilient green energy solutions, today announced that its Japan distributor, Kanamoto (https://www.kanamoto.co.jp), secured a contract to provide seven C65 microturbine systems to a Japanese firm in the chemical industry.
Out of 44 Capstone units currently in operation at the Japanese site, the new systems will replace seven units that have reached 80,000 hours of continuous service. The units were previously covered by a 10-year Factory Protection Plan (FPP) that ended in December 2021.
Fueled by high-pressure natural gas (HPNG), the new systems will be designed to provide Combined Heat and Power (CHP), providing maximum efficiency in the production process for which the power will be used. At the same time, the waste heat produced by the microturbines will be captured and used for drying processes required by the chemical plant, a site that has been in operation for 20 years.
The new systems are expected to be commissioned in July 2022. This is the only installation in Japan where 44 units have been installed in one location.
"The Capstone Green Energy microturbine's lightweight and compact footprint met the customer's site requirements while using the clean exhaust gas directly in the drying furnace, perfectly matching the customer's thermal requirements," said Kanamoto's manager, Atsushi Isono. "Despite the harsh environment in which this continuous-duty application operates, the customer feels confident in the long-term viability of the system due to the FPP contract in place. The 80,000 hours of operation and FPP contract is what allowed us to win a second end-of-life replacement contract," added Mr. Isono.
"The implementation of a CHP system is an efficient, cost-effective investment an industrial site can make to improve its financial bottom line," said Darren Jamison, Chief Executive Officer of Capstone Green Energy. "Add to that the increased power reliability and environmental benefits of low maintenance, clean-burning microturbines, and you have an energy strategy designed to meet today's business challenges head-on," concluded Mr. Jamison.
About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it.. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three full fiscal years are estimated to be approximately $698 million in energy savings and approximately 1,115,100 tons of carbon savings.
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
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NuScale Power and KGHM to sign a landmark agreement to initiate work towards implementing advanced small modular reactors (SMRs) in Poland, following the September collaboration announcement between the two parties
PORTLAND, Ore.--(BUSINESS WIRE)--Today in Washington, D.C., U.S. government officials and Polish officials, including Poland’s Deputy Prime Minister, Jacek Sasin, will announce that NuScale Power and Poland’s KGHM Polska Miedź S.A. (KGHM) signed an agreement to initiate the deployment of NuScale’s innovative small modular reactor (SMR) technology.
The definitive agreement between NuScale Power, whose SMR is the first and only small modular reactor to receive design approval from the U.S. Nuclear Regulatory Commission, and KGHM, a Poland-based leader in copper and silver production and large industrial energy user, will position KGHM as a clean energy implementation leader with the first deployment of SMRs in Poland. Under this agreement, NuScale will work with KGHM to support the deployment of SMR technology, and together, the organizations will take steps toward deploying a first NuScale VOYGR™ power plant in Poland as early as 2029, which would help Poland avoid up to 8M tons of CO2 emissions per year. The deployment of the VOYGR plant by 2029 is directly tied to the Climate policy of KGHM Polska Miedź and the Company’s new strategic direction - energy.
The first task under the agreement will identify and assess potential project sites and develop project planning milestones and cost estimates. These activities support KGHM as it evaluates NuScale VOYGR plants as a coal repurposing solution for existing power plants, as well as opportunities to deploy VOYGR plants to provide safe, carbon-free, reliable energy for their operations and to support other Polish industrial energy users.
KGHM and NuScale first began their collaboration in September 2021, after the two parties signed a memorandum of understanding (MOU) to collaborate in the development, licensing and construction of a NuScale VOYGR plant in Poland. This new commercial agreement marks a significant milestone in NuScale’s progress towards commercialization and advancing clean, reliable, and affordable energy in Poland.
“In the global race to rapidly decrease emissions worldwide, NuScale’s technology presents the perfect solution to reach this goal while simultaneously bringing economic prosperity to host countries,” said John Hopkins, NuScale Power President and Chief Executive Officer. “NuScale is proud to partner with KGHM, an experienced innovation leader, and we are excited to work together to bring forth the next era of advanced clean energy deployment and confront the climate crisis.”
"We are always thrilled when we see U.S. companies furthering our country's energy leadership by advancing our innovative technologies for global applications," said Andrew Griffith, Deputy Assistant Secretary for Nuclear Fuel Cycle and Supply Chain.
“KGHM is proud to lead the initiation of a 100% carbon free energy project, delivering on its commitment to lead efforts to decarbonize. The SMR technology will increase the company's cost efficiency and transform the Polish energy sector,” said Marcin Chludziński, President of the Management Board of KGHM Polska Miedź S.A.
The announcement will come after industry leaders, policymakers, and scientists from around the world discussed solutions to address the climate crisis and decrease carbon emissions at United Nations summit on climate change, COP26, in early November. NuScale VOYGR power plants can generate up to 270 permanent power plant jobs, 1,200 construction jobs, and 4,600 manufacturing jobs per plant deployment, and act as an effective and critical means to reach climate goals.
Watch the Signing Ceremony. Link
In August 2020, NuScale made history as the first and only SMR to receive design approval from the U.S. Nuclear Regulatory Commission – a crucial step towards the construction and deployment of this SMR technology. The company maintains strong program momentum toward commercialization of its SMR technology, including supply chain development, standard plant design, planning of plant delivery activities and startup and commissioning plans.
About NuScale Power
NuScale Power has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. This groundbreaking small modular reactor (SMR) technology is offered in scalable sizes, including a VOYGR™-12 power plant, which includes 12 (77 MWe) NuScale Power Modules™ (NPM), using a safer, smaller, and scalable version of pressurized water reactor technology. NuScale also offers smaller power plant solutions, the four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe), though others will be possible. With an array of flexible power options, NuScale is poised to meet the diverse energy needs of customers across the world. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with more than 70 years supporting nuclear projects.
NuScale is headquartered in Portland, OR and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power's website.
About KGHM Polska Miedź S.A.
KGHM is involved in the mining and processing of valuable natural resources. At its heart is the largest deposit of copper ore in Europe, located in south-western Poland. By advancing our strategy we are systematically strengthening KGHM’s international position. Currently the company has a geographically diversified mine project profile. It has operations on three continents – in Europe, North America and South America. The copper ore resources controlled by KGHM guarantee the company a leading position in the mining industry. Our portfolio includes metals such as molybdenum, palladium and nickel, opening the way for KGHM to gain a strong position amongst the world’s diversified miners. www.kghm.com
Diane Hughes, Vice President, Marketing & Communications, NuScale Power
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The company begins trading under ticker symbols NRGV and NRGV WS today, February 14, 2022
Trading follows the successful completion of the business combination with Novus Capital Corporation II
Transaction raises approximately $235 million in gross proceeds additive to its recently announced Series C of $107M and $50M license fee from Atlas Renewable to fund the execution of its growth strategy
LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--$NRGV--Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault”), the company developing sustainable, grid-scale energy storage solutions, will begin trading today, February 14, 2022, following the completion of its business combination with Novus Capital Corporation II.
Robert Piconi, Chief Executive Officer of Energy Vault, said, “We are pleased to begin this exciting new chapter in Energy Vault’s history as we transition to a public company. The proceeds enabled by this transaction, coupled with the additional strategic partnerships we have signed with some of the largest energy and industrial leaders across the globe provide a significant runway for us to drive shareholder value and execute against our growth strategy. I would like to thank all our employees, partners and investors for their support in advancing our mission of decarbonization to enable a renewable world.”
Company Overview
Energy Vault develops sustainable, grid-scale energy storage solutions designed to advance the transition to a carbon free, resilient power grid. Energy Vault’s mission is to accelerate the decarbonization of our economy through the development of sustainable and economical energy storage technologies. To achieve this, Energy Vault is developing proprietary energy storage technologies and energy management software solutions based on artificial intelligence (AI) and advanced optimization algorithms designed to control and optimize both generation and storage technologies, and a flexible energy storage integration platform suitable to complement any underlying storage technology. Energy Vault’s portfolio of solutions aim to help utilities, independent power producers, and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability.
Energy Vault’s gravity-based solutions are based on the well-understood physics and mechanical engineering fundamentals of pumped hydroelectric energy storage, but replace water with custom-made composite blocks, or “mobile masses”, that can be made from low-cost and locally sourced materials, including local soil, mine tailings, coal combustion residuals (coal ash), and end-of-life decommissioned wind turbine blades.
Additionally, the Energy Vault EVx™ systems are intended to minimize environmental and supply chain risks while increasing local jobs in the communities in which the systems are built, providing from 50% to 75% of the storage investment back to local economies in the form of construction contracts to build the EVx structures and to fabricate the composite bricks locally on site, as well as ongoing maintenance contracts during operation of the systems over time. The systems are automated with advanced computer control and machine vision software that orchestrate the charging and discharging cycles while meeting a broad set of storage durations starting from 2 hours and continuing to 12 hours, or more.
Following investment and energy storage collaboration announcements in 2021 from industry leaders Saudi Aramco Energy Ventures and Enel Green Power, including joint development for the remediation and beneficial reuse of waste wind blade fiberglass with Enel, Energy Vault continued its global commercial progress and market strategy with:
About Energy Vault
Energy Vault develops sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage for grid resiliency. The company’s proprietary, gravity-based Energy Storage Technology and the Energy Storage Management and Integration Platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use, Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “designed,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the benefits of the business combination, the competitive environment, and the expected future performance (including future revenue, pro forma enterprise value, and cash balance) and market opportunities of Energy Vault.
These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault.
These forward-looking statements are subject to a number of risks and uncertainties, including failure to realize the anticipated benefits of the business combination; the risk that the business combination disrupts current plans and operations of Energy Vault as a result of the consummation of the business combination; costs related to the business combination; changes in applicable laws or regulations; the possibility that Energy Vault may be adversely affected by other economic, business, and/or competitive factors; risks related to the rollout of Energy Vault’s business and the timing of expected business milestones; risks related to the inability or unwillingness of Energy Vault’s customers to perform under sales agreements; demand for renewable energy; Energy Vault’s ability to commercialize and sell its solution; ability to negotiate definitive contractual arrangements with potential customers; the impact of competitive technologies; ability to obtain sufficient supply of materials; unanticipated costs; the impact of Covid-19; global economic conditions; ability to meet installation schedules; construction and permitting delays and related increases in costs; the effects of competition on Energy Vault’s future business; and those factors discussed in Energy Vault’s Registration Statement on Form S-4 relating to the business combination under the caption “Risk Factors”, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 under the heading “Risk Factors,” and other documents of the Company filed, or to be filed, with the SEC.
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The Risk MAP program will be completed in historically underserved and disadvantaged areas faced with severe flooding and other natural hazards
DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today announced the U.S. Department of Homeland Security’s Federal Emergency Management Agency (FEMA) has awarded the AECOM-led Compass Production and Technical Services Joint Venture (Compass PTS JV) a contract to provide production and technical architecture and engineering services for the Risk Mapping, Assessment and Planning (Risk MAP) Program. The indefinite delivery, indefinite quantity (IDIQ) contract has a combined program ceiling of $300 million for a one-year base period with four, one-year option years.
“AECOM has supported FEMA for more than forty years leveraging the combined expertise of our world-class scientists, engineers, planners, and analysts,” said Lara Poloni, AECOM’s president. “We’re honored to continue our partnership to promote informed planning and development practices that reduce flood risk and meet the needs of historically underserved and disadvantaged communities faced with severe threats from natural disasters.”
Under the new single-award contract, Compass PTS JV will deliver a wide range of services related to flood risk analyses, hazard mapping, disaster response, and risk reduction. In addition, AECOM will leverage its state-of-the-art engineering and mapping capabilities that allow for vast amounts of high-quality hyperlocal flood hazard and risk data and information at state-level scales.
The contract comprises scope requirements that fall within FEMA Regions 4, 6, and 7, a geographic area characterized by the most severe and frequent river, coastal, and urban flooding in the nation, among other natural hazards. FEMA Region 4 states are Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee; FEMA Region 6 states are Arkansas, Louisiana, New Mexico, Oklahoma, Texas; and FEMA Region 7 states are Iowa, Kansas, Missouri, and Nebraska.
“We’re excited that this new contract provides an opportunity for our team to support FEMA as we build on our successful completion of projects over the last seven years. Critical work is already underway with hundreds of our staff working under FEMA leaders to smoothly transition into the new structure,” said Beverley Stinson, chief executive of AECOM’s global Water business. “Along with our joint venture partners, AECOM is well positioned to support the bold vision and ambitious goals of the 2022-2026 FEMA Strategic Plan, which includes instilling equity in emergency management, leading whole communities in climate resilience, and promoting and sustaining a ready FEMA and prepared nation.”
The Compass PTS JV is comprised of AECOM, ABS Group, CDM Federal Programs Corporation, Fugro, Halff Associates, T&M Associates, and numerous small business and specialty subconsultants. Its scope of work includes natural hazard analyses, risk assessments, building sciences expertise, and rapid response when disasters strike.
About AECOM
AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy, and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
Forward-Looking Statements
All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; ability to continue payment of dividends; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of various dispositions such as the sale of our Management Services, self-perform at-risk civil infrastructure and power construction, and oil & gas maintenance and turnaround businesses, including the risk that purchase price adjustments, if any, from those transactions could be unfavorable and any future proceeds owed to us as part of those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
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Another Step in Strategic Plan to Continue to Optimize Its Business and Build Financial Flexibility
SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that it has entered into an agreement to sell its terminal in Nova Scotia, Canada to EverWind Fuels for $60 million. The 7.8 million-barrel storage terminal is located at Point Tupper on the Strait of Canso, near Port Hawkesbury, Nova Scotia. The sale is expected to close in the first half of 2022, subject to the satisfaction of customary closing conditions.
“This divestiture, at an attractive valuation in line with prior transactions, is yet another step in our strategic plan to continue optimizing our business, building our financial flexibility and strengthening our balance sheet,” said Brad Barron, president and CEO of NuStar.
“We continue to expect to fund our spending from our internally generated cash flows in 2022, just as we did in 2021, which reflects the success of our multi-year optimization initiative,” Barron added. “By continuing to focus on optimizing our spending across our business, we are building a solid foundation that, along with these divestiture proceeds, will position NuStar for future opportunities and allow us to continue to pay down debt and improve our leverage.”
NuStar now expects to spend $130 to $160 million on strategic capital and continues to expect to spend $35 to $45 million on reliability capital for the year, all of which will be funded by internally generated cash flows.
Furthermore, NuStar reiterated its guidance for full-year adjusted EBITDA (Earnings Before Interest, Taxes Depreciation and Amortization) of $700 to $750 million, as shown in the table below.
|
|
Projected for the Year Ended
|
|
Net income |
|
$ |
207,000 - 225,000 |
Interest expense, net |
|
200,000 - 210,000 |
|
Income tax expense |
|
3,000 - 5,000 |
|
Depreciation and amortization expense |
|
250,000 - 260,000 |
|
EBITDA |
|
660,000 - 700,000 |
|
Non-cash write-down primarily due to accumulated foreign currency translation losses |
|
40,000 - 50,000 |
|
Adjusted EBITDA |
|
$ |
700,000 - 750,000 |
Barclays served as exclusive financial adviser to NuStar on the transaction.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements regarding future events and expectations, including the timing of, the expected use of proceeds from and the other anticipated benefits from the sale of the terminal assets. All forward-looking statements are based on NuStar’s beliefs as well as assumptions made by and information currently available to NuStar. These statements reflect NuStar’s current views with respect to future events and expectations and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.’s 2020 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. Except as required by law, NuStar does not intend, or undertake any obligation, to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
About NuStar Energy L.P.
NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 64 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 57 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.
About EverWind Fuels
EverWind Fuels LLC, a subsidiary of TDL Partners, is a private developer of green hydrogen and ammonia production, storage facilities and associated transportation assets. EverWind’s executive team have previously held CEO and C-Suite positions at infrastructure private equity, renewable power, utilities, terminals and marine logistics companies. The team’s prior investment experience totals more than $30 billion over the last 20 years. For more information, visit EverWind Fuels' website at www.everwindfuels.com.
NuStar Energy L.P., San Antonio
Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314/210-410-8926
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