LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault”), a leader in sustainable grid-scale energy storage solutions, announced today that the Company will release its earnings results for the third quarter ended September 30, 2022 on Monday, November 14, 2022 followed by a conference call at 4:30 PM ET.
Participants may access the call at 1-877-704-4453, international callers may use 1-201-389-0920, and request to join the Energy Vault Holdings earnings call. A live webcast will also be available at https://investors.energyvault.com/events-and-presentations/events.
A telephonic replay of the call will be available shortly after the conclusion of the call and until November 28, 2022. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13733498. An archived replay of the call will also be available on the investors portion of the Energy Vault website at https://investors.energyvault.com/.
About Energy Vault
Energy Vault develops and deploys sustainable energy storage solutions designed to transform the world's approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company's proprietary gravity-based energy storage technology, battery storage technology, and 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.
For more information on Energy Vault, please see the Company’s website at https://www.energyvault.com/
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BioConsortia Named Finalist for Best R&D Pipeline and Announces Superior Field Trial Results
DAVIS, Calif.--(BUSINESS WIRE)--BioConsortia, Inc. today announced the company has been nominated as a finalist for the 2022 S&P Global Commodity Insights’ Crop Science Awards in the category of Best R&D Pipeline. The highly coveted awards, formerly known as the Agrow Awards, draw submissions from around the world highlighting the creativity and innovation permeating the industry. The nomination coincides with results from 2022 trials conducted in 20 states confirming superior product performance in the field.
“On behalf of the team at BioConsortia, I would like to thank the team at S&P Global Commodity Insights for their recognition and continued support of innovation in crop science,” said Marcus Meadows-Smith, CEO of BioConsortia. “The breadth and diversity of our pipeline, with solutions for yield-robbing nematodes, the negative effects of nitrogen use, and food waste, emphasize our focus – unleashing the power of microbes to meet the world’s food needs while reducing agriculture’s ecological impact.”
BioConsortia’s pipeline of microbe-based products are effective across all important ag targets – including nitrogen replacement, crop pesticides, nutrient efficiency, and post-harvest food protection. The products are the result of BioConsortia’s proprietary and patented R&D processes, including:
BioConsortia’s R&D Pipeline is a finalist for the “Best R&D Pipeline” category alongside Atens, BioTrop, FMC and Syngenta Crop Protection. Winners, judged by an independent panel of industry experts, will be announced at the Crop Science Forum and Awards in London November 10th.
The nomination coincides with the annual collection of BioConsortia’s field trial results. In the 2022 season, the company’s products continued to show exciting promise. Early results with corn and soybean bionematicides, for example, demonstrated nematode reductions alongside yield improvements of as much as 20%, exceeding the yield impact of the chemical standard. Meanwhile, nitrogen-fixation leads from BioConsortia continued strong performance in field testing, preserving wheat yields even when nitrogen fertilizer levels were reduced 50%. Nitrogen-fixing leads from BioConsortia demonstrated their commercial fit as robust and easy-to-use seed treatments generating a yield increase with either a reduced or full fertilizer regime.
“These latest field trial results truly demonstrate the power of BioConsortia R&D platform to deliver a pipeline of new products with superior efficacy and higher consistency to the current market leading products,” said Meadows-Smith. “These products represent a breakthrough for growers and the health of the planet.”
ABOUT BIOCONSORTIA
BioConsortia, Inc. develops superior microbial products that protect plants, enhance fertility, and increase yields while improving the sustainability of agriculture for our environment. Pioneering the use of directed selection within microbial communities, our patented Advanced Microbial Selection (AMS) process and cutting-edge GenePro genomics and gene-engineering platform enable us to predict, design, and unleash the natural power of microbes.
BioConsortia’s microbial products deliver superior efficacy, higher consistency, and easier grower adoption. Our rich pipeline includes nitrogen fixation microbes to replace synthetic nitrogen fertilizers; nutrient use efficiency and biostimulants to increase crop yields; bionematicides & biofungicides to protect crops from pests and diseases; and products for post-harvest pathogen control to safeguard food waste in the distribution chain, retail store and home. BioConsortia is producing breakthrough solutions for growers in major agricultural markets with multiple environmental benefits.
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VALLEY FORGE, Pa.--(BUSINESS WIRE)--#AvantiGas--UGI Corporation (NYSE: UGI) announced today that it has entered into an agreement to divest of its energy marketing business in the United Kingdom (UK) to British Gas, for an undisclosed amount, effective on October 21, 2022. At the date of the agreement, this business that was operated as AvantiGas ON, supplied natural gas to approximately 13,000 business meter points on the gas grid in the UK.
Beth Reid, Vice President – Growth & Transformation, UGI International said, “In conjunction with UGI’s strategic review of its European energy marketing business, we were pleased to reach an agreement to divest of our natural gas marketing operations in the UK. The strategic review of the remaining energy marketing businesses in France, Belgium and the Netherlands is ongoing. With the sale of the UK energy marketing business and the natural roll-off of existing contracts, we expect a 20 – 25% reduction in volumes in Fiscal 2023 as we continue to progress the strategic review of the remaining energy marketing activities.”
About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas in the Mid-Atlantic region of the United States and California and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
About UGI International
UGI International, a subsidiary of UGI Corporation, is a leading LPG distributor and operates in 17 European countries, servicing a customer base of approximately 615,000 end-users. UGI International markets under several brands including AmeriGas, Antargaz, AvantiGas, DVEP Energie, Flaga, Kosan Gas and UniverGas. In 2021, UGI International serviced customers across broad markets, such as commercial and industrial, residential, agriculture, autogas and aerosol, retailing 1.7 million tons of LPG.
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iSun sold $1.7 million in Development Assets to Fusion Renewable NA and executes $8.3 million in EPC contracts on the projects
WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the "Company," or "iSun"), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, announces that it has sold 6.1 MWs of solar assets for $1.7 million to Fusion Renewables and executes EPC contracts for $8.3 million to complete the development and installation of those assets.
HIGHLIGHTS:
“When we began the implementation of our solar platform in 2021, these are the exact types of transactions that we envisioned” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “We were able to add value to each stage of the solar assets’ life cycle for our partners. We utilized our existing relationships to acquire early-stage assets from a long-term developer partner, sold those assets to our joint venture with Fusion Renewable and executed EPC contracts to complete the installation. iSun’s ability to participate at each stage of a solar asset maximizes the value for the asset owner. We are able to support development, design, engineering, procurement, construction and O&M for residential, C&I and utility scale projects. This uniquely positions iSun to engage with our customers at any stage. We pride ourselves on our years of experience and have positioned the Company to handle all challenges that occur in creating a long-term asset for our customers.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
About Fusion Renewable NA
Fusion is a renewable energy developer and financer with funding from leading Israeli investors in joint venture with iSun, Inc. The partnership de-risks the initial phases of the development process while optimizing value with a local partner in the USA energy market. Fusion’s capabilities in business development, real estate, and energy pair with iSun’s engineering and construction capabilities. The JV has secured sponsor equity for its solar development assets, enabling the rapid growth of the business.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
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Firm Helps Clients Determine Viability of Hydrogen and Other Carbon Mitigation Investments with Scientific Expertise
HOUSTON--(BUSINESS WIRE)--Pickering Energy Partners announces the hiring of Dr. Nathan Welch as Director of Technical Resources, a newly established role focused on supporting PEP and their advisory and investment clients with research and scientific analysis. PEP recognizes the volume of energy transition-focused investment opportunities and strategic options in hydrogen, carbon capture for sequestration or utilization, and other carbon mitigation projects is overwhelming. By cutting through the noise with scientific analysis in addition to PEP’s strategic and financial capabilities the team will help clients more thoroughly determine the commercial viability and potential returns on their endeavors.
Most recently, Dr. Welch served as a scientist at Los Alamos National Laboratory. He worked with an international team of researchers developing practical solutions for climate change mitigation and U.S. energy security. Dr. Welch is well published in peer-reviewed journals and earned his Ph.D. in chemical engineering at Imperial College London, where he worked in the Qatar Carbonates and Carbon Storage Research Center. Dr. Welch will be a technical resource for PEP working across all its businesses to deliver valuable guidance on technical considerations for clients in the evolution of the energy sector.
"Our goal is to provide clients with the most comprehensive energy investment advice possible," notes Dan Pickering, Chief Investment Officer of Pickering Energy Partners. “Adding a technical expert in carbon capture and subsurface permeability like Dr. Welch to our team not only supports the PEP mission, but also highlights the importance of future proofing deals through more scientific methods."
On November 9-10, 2022, the PEP team will host its first Hydrogen Mini Conference, a closed-door forum for clients and key constituents. The development of a hydrogen economy has come into the energy transition spotlight with new incentives from the Federal government and continued technology development. Investors and industry are looking for ways to decarbonize multiple sectors and achieve net-zero emission goals, and hydrogen can supply solutions in many areas. Brett Perlman, CEO of Center for Houston’s Future, will keynote the event describing the City of Houston’s vision for a global hydrogen hub. The Center’s proposed hydrogen hub could have a massive impact on climate, jobs, and the economy, including an estimated 220 megatons of global CO2 abatement, $100 billion in economic value, and the creation of 180,000 jobs by 2050.
“By bringing investors, industry and technical expertise together via our Hydrogen Mini Conference, PEP delivers in depth industry insights to our clients. Hydrogen is one of several areas we believe needs to be closely looked at and understood in the future of energy,” said Walker Moody, President of Pickering Energy Partners.
About Pickering Energy Partners
Pickering Energy Partners (PEP) is an energy focused financial services platform. Our expertise spans decades across the entire energy landscape. We’ve deployed over $16 billion across all energy sub-sectors. We are, at our core, trusted energy advisors, investors, and partners alongside our clients. Headquartered in Houston, Texas, PEP delivers an experienced, opportunistic team that aims to provide guidance and long-term value for clients while having a positive impact on the companies and communities that PEP invests in. For more information, please visit www.PickeringEnergyPartners.com.
Pickering Energy Partners LP (“PEP”) is an SEC Registered Investment Advisor. Affiliated PEP Advisory LLC (“PEP BD”) is a registered broker-dealer, member FINRA/SIPC.
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KENNESAW, Ga.--(BUSINESS WIRE)--Soundings Trade Only recognized Yamaha as one of the Top 10 Most Innovative companies in the marine industry for the Yamaha Rightwaters sustainability program. Editor-in-Chief Gary Reich made the announcement during a special online awards ceremony on Oct. 21.
Now in its fifth year, The Most Innovative Company awards program honors forward-thinking companies across a variety of categories that are transforming the future of the marine industry through new initiatives, processes, technologies, directions and more, from large global companies to small startups.
“Conservation is a both a privilege and responsibility for all marine industry members, both on an individual and corporate level,” said Martin Peters, Division Manager, External Affairs, Yamaha U.S. Marine Business Unit. “Through Yamaha Rightwaters, we have the ability to take a broader approach by developing and supporting a variety of programs that address scientific research, clean water efforts, habitat restoration and invasive species management. We’re grateful for the recognition and look forward to expanding the Yamaha Rightwaters initiative to ensure healthy waterways and fisheries for future generations to enjoy.”
In addition to Reich, the judging panel included Carl Blackwell, former chief marketing officer of the National Marine Manufacturers Association; John Rothermel, former vice president of sales at Fisheries Supplies and former board chairman of the National Marine Distributors Association; and Bill Sisson, AIM Media Group editor-at-large. Michele Goldsmith, Soundings Trade Only publisher served as an advisor.
Yamaha Rightwaters is a national sustainability program that encompasses all of Yamaha Marine’s conservation and water quality efforts. Program initiatives include habitat restoration, support for scientific research, mitigation of invasive species, the reduction of marine debris and environmental stewardship education. Yamaha Rightwaters reinforces Yamaha’s long-standing history of natural resource conservation, support of sustainable recreational fishing and water resources and Angler Code of Ethics, which requires pro anglers to adhere to principles of stewardship for all marine resources.
Yamaha U.S. Marine Business Unit, based in Kennesaw, Ga., markets and sells marine outboard motors ranging in size from 2.5 to 425 horsepower. It also markets and sells fiberglass, jet-drive sport boats ranging from 19 to 27 feet, and personal watercraft. The unit includes manufacturing divisions of Yamaha Marine Systems Co., Inc., including Kracor of Milwaukee (rotational molding), Bennett Marine of Deerfield Beach, Fla. (trim tabs), and Yamaha Marine Precision Propellers of Indianapolis (stainless steel propellers). Yamaha Marine Group is a division of Yamaha Motor Corporation, U.S.A., based in Cypress, Calif.
This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.
REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.
© 2022 Yamaha Motor Corporation, U.S.A. All rights reserved.
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Yamaha U.S. Marine Business Unit
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First live implementation of smart contracts in offshore oil and gas drilling
STAVANGER, Norway & HOUSTON--(BUSINESS WIRE)--#drilling--Data Gumbo, the leading industrial smart contract solution provider, today announced that Equinor (OSE: EQNR, NYSE: EQNR) has implemented Data Gumbo’s smart contract platform to automatically calculate and execute payments for Integrated Drilling and Well Services (IDWS) Day Rates for Johan Sverdrup and Troll assets. Data Gumbo’s smart contract network, GumboNet™, enables the company to automate payments under their existing natural language contract using Industrial Internet of Things (IIoT) data from Equinor and 3rd party logistics systems.
“We are pleased to move from testing to implementation of smart contracts,” said Erik Gustav Kirkemo, SVP, of Drilling and Well at Equinor. “Smart contracts enable efficiency and automation gains both internally and for our service providers. It has the potential to take significant workload off the desk of many people at the same time as we remain compliant to our responsibilities. It allows all participants involved to continue to focus on drilling safe and sustainable wells while taking advantage of the benefit of automation in invoicing processes.”
Equinor chose to start with the day rate portions of the broader contract for two assets worked by one platform and four drilling rigs. Equinor and its supplier share a variety of data including purchase orders, daily reports, logging, and control system telemetry with GumboNet™. The smart contract then applies agreed business logic to this data and creates charges and invoices, which Equinor and their supplier review. Once approved, GumboNet™ pushes the charges to SAP via a secure API to complete the payment cycle.
“Equinor is leading the world in industrial business-to-business smart contracts,” said William Fox, CEO of Data Gumbo. “Smart contracts are providing unprecedented automation, transparency, and efficiency in the energy industry. The more work we do with operators and their supply chains, the more value we find for all parties that participate.”
Across a broad array of energy use cases, smart contracts combine IIoT data with the business rules and pricing of a contract to create an auditable, immutable, and shared record of truth, enabling the automation of invoicing and payments. This eliminates 95% of payment delays, invoicing errors, disputes, and complicated reconciliations—significantly reducing the manual actions to produce an approved invoice from 60+ to two or three steps.
Equinor continues to expand the automation of their IDWS agreements with a goal of 80%+ total contract coverage by Q4 2022. Additional smart contracts in development and testing include lump sum deliveries, meter rates, volume rates, incentives, and personnel charges.
About Equinor
Equinor is a broad energy company with more than 21,000 employees committed to providing affordable energy for societies worldwide and taking a leading role in the energy transition. Equinor is on a journey to net zero emissions through optimising the oil and gas portfolio, accelerating growth in renewables and pioneering developments in carbon capture and hydrogen. Visit equinor.com/about.
About Data Gumbo
Data Gumbo provides the only state-of-the-art distributed ledger and smart contract platform enabling enterprises and their business networks to streamline operations and increase transactional certainty—utilizing IoT data to validate and automate commercial transactions.
Data Gumbo is venture-backed and serves clients globally, across multiple industries. Learn more at www.datagumbo.com.
Data Gumbo
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New dataset, RepRisk Geospatial, identifies proximity of extractive sector projects to Key Biodiversity Areas and protected areas
ZURICH, Switzerland--(BUSINESS WIRE)--ESG data science firm RepRisk and the Integrated Biodiversity Assessment Tool (IBAT) Alliance collaborated to unlock biodiversity insights via RepRisk Geospatial Analytics, which launches today. An extension of RepRisk’s flagship product, the RepRisk ESG Risk Platform, Geospatial Analytics facilitates robust biodiversity risk assessment for market practitioners and solves common pitfalls around quality and availability of both biodiversity and proximity data.
RepRisk Geospatial provides powerful biodiversity due diligence data, showing the proximity of 60,000+ mining and oil and gas projects to 270,000+ protected areas and 16,000+ Key Biodiversity Areas – then rolling those insights up to project owner and operator companies. These insights provide useful information to market practitioners asking questions like, “does my client operate any pipelines near protected areas?” or “does the mine in my portfolio overlap with areas of high biodiversity value?”
“RepRisk Geospatial Analytics is ground-breaking for investors. It is essential to understand where companies own and operate assets before it is possible to understand the potential biodiversity related risk of an investment.” said Edward Ellis, Business Manager at IBAT Alliance. “RepRisk links assets on the ground to owner and operator companies, enabling investors to better understand aspects of their nature-related risk. When combined with the existing risk information in RepRisk’s ESG Risk Platform, investors are able to analyse biodiversity in the Environmental pillar of ESG in an even more multi-dimensional way.”
A preliminary analysis of RepRisk Geospatial Analytics reveals that:
RepRisk Geospatial is emerging alongside the Taskforce for Nature Related Financial Disclosures (TNFD)'s progress on a biodiversity risk management and reporting framework, to be adopted by financial institutions and corporates. "The TNFD has made it clear: geospatial data is essential for reporting on corporate biodiversity risk and moving toward a nature-positive economy," says Alexandra Mihailescu Cichon, Executive Vice President of Sales and Marketing at RepRisk. “RepRisk Geospatial Analytics not only brings clients in step with emerging frameworks like TNFD but empowers them with the most cutting-edge technology and the world’s most comprehensive ESG dataset. Nature doesn’t disclose anything, and ultimately biodiversity risk and financial risk are one and the same. It’s time for financial markets to integrate biodiversity risk considerations into their decision-making processes."
Future applications for RepRisk Geospatial Analytics include proximity data on projects beyond the extractive sector and data on emissions and deforestation.
About RepRisk
Founded in 1998 and headquartered in Switzerland, RepRisk is a pioneer in ESG data science that leverages the combination of AI and machine learning with human intelligence to systematically analyze public information and identify material ESG risks. RepRisk’s flagship product, the RepRisk ESG Risk Platform, is the world’s largest and most comprehensive due diligence database on ESG and business conduct risks, with expertise in 23 languages and coverage of 200,000+ public and private companies and 55,000+ infrastructure projects. For more than a decade, the world’s leading financial institutions and corporations have trusted RepRisk for due diligence and risk management across their operations, business relationships, and investments. Find out more on reprisk.com and learn more about RepRisk Geospatial at reprisk.com/geospatial.
About IBAT
Launched in 2008 and headquartered in Cambridge, UK, the Integrated Biodiversity Assessment Tool (IBAT) is an Alliance between BirdLife International, the United Nations Environment Programme World Conservation Monitoring Centre (UNEP-WCMC), The International Union for Conservation of Nature (IUCN) and Conservation International. IBAT is the tool through which commercial access to authoritative biodiversity datasets and derived data layers can be licensed including the IUCN Red List of Threatened Species™, the World Database on Protected Areas (WDPA) and the World Database of Key Biodiversity Areas (WDKBA). By licensing data via IBAT, commercial users contribute to the update and maintenance of these essential conservation datasets. Learn more at ibat-alliance.org.
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Nearly 2 GWh of energy generated and supplied while Puerto Rico electric grid was down
HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. Energy as a Service (EaaS) provider, announced that it powered the homes of over 30,000 customers with solar and battery storage in Puerto Rico during the aftermath of Hurricane Fiona, from September 18 to October 1, 2022, while the centralized monopoly power system had been damaged and was unable to deliver power to the people of Puerto Rico.
During the approximately two weeks immediately following the hurricane, when most residents in Puerto Rico were without power, Sunnova SunSafe ® solar + storage systems generated a total of nearly 2 GWh of energy. Over this time period, Sunnova provided 3.4 million hours of aggregate back-up power for solar + storage customers in Puerto Rico, with an average of 128 hours of power generated per household. Sunnova customers averaged 5.3 days of solar + storage battery backup with many residents remaining dependent on their Sunnova system for more than 10 days.
“We’re proud of our long history and commitment to Puerto Rico that includes an investment of more than $1 billion in building residential solar and storage systems on the island. That investment meant 30,000 customers were able to keep the lights on and their families safe,” said John Berger, CEO of Sunnova. “We believe this demonstrates that in times of an emergency, a solar + storage system provides homeowners the peace of mind that comes with producing and storing their own power. As the largest provider of distributed residential solar power on the island, Sunnova is committed to providing Puerto Ricans with clean, resilient and affordable energy services backed by the best service in the industry.”
“Out of our more than 30,000 Sunnova SunSafe® systems in Puerto Rico, only 59 required repair in the two weeks following the Hurricane, and Sunnova dispatched crews immediately to repair or replace non-performing systems, whether they were leased or owned,” said Michael Grasso, Chief Marketing and Growth Officer of Sunnova. “Looking ahead, we see an opportunity for distributed power to play a larger role in Puerto Rico by networking our solar + storage systems into powerful virtual power plants that would complement the centralized electric system and drive increased grid resiliency.”
Sunnova has been active in Puerto Rico since 2013 and has the largest presence on the island with over 38,000 customers and growing rapidly. Sunnova has deployed nearly 40,000 batteries in Puerto Rico and has a 100% battery attachment rate since 2018. Sunnova provides long-term security to Puerto Rican homeowners with its Sunnova Protect® energy guarantee for 25 years of worry-free service that includes maintenance, monitoring, repairs, and replacements.
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding future performance of Sunnova systems and implementation of future programs to increase grid resiliency. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021, and our subsequent Quarterly Reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading U.S. Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable, and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®. For more information, please visit sunnova.com.
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Project in Inver Grove Heights expected to produce 6.3 million gasoline gallon equivalent per year of low-carbon renewable natural gas
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--OPAL Fuels Inc. (Nasdaq: OPAL), a leading vertically integrated producer and distributor of renewable natural gas (RNG), and NextEra Energy Marketing, LLC, a subsidiary of NextEra Energy Resources, LLC, today announced the commencement of commercial operations at the first landfill renewable natural gas (RNG) production facility in Minnesota. The Pine Bend RNG Project is located at a landfill owned by Republic Services, Inc. (NYSE: RSG), a leader in the environmental services industry, and interconnected with a pipeline owned by Xcel Energy (NASDAQ: XEL), the leading electric and gas utility in the region.
The new, state-of-the-art RNG facility captures naturally occurring biogas, made up in part by methane, from Pine Bend Landfill and transforms it into RNG. Methane is a natural byproduct of a variety of sources and is a powerful greenhouse gas (GHG). RNG is the right now solution to the right now problem of climate change and is one of the most attractive sources of renewable energy.
This project replaces a landfill gas-to-electricity project, which has now been decommissioned. At full capacity, the facility is expected to process an estimated 3,350 SCFM of landfill gas resulting in the production of 6.3 million gasoline gallon equivalent (GGE) per year of RNG. The low-carbon gas is then injected into Xcel Energy’s gas pipeline. This RNG, when used as transportation fuel rather than diesel, will avoid GHG emissions equivalent to achieving zero Scope 1 and Scope 2 emissions from approximately 484 heavy-duty trucks per year.
“The Pine Bend RNG project further demonstrates the continued execution of the OPAL Fuels growth strategy,” said Jonathan Maurer, Co-CEO of OPAL Fuels. “With an extensive track record of delivering value from waste-to-energy, we currently manage a broad portfolio of RNG facilities, including six currently in operation, with six more in construction. We are pleased to work with best-in-class partners to make this first-of-its-kind project in Minnesota a reality.”
“We're pleased that the Pine Bend RNG facility is operational,” said Rebecca Kujawa, President and Chief Executive Officer of NextEra Energy Resources. “This facility is consistent with our belief that a substantial reduction of carbon emissions in the electricity, industrial, and transportation sectors is possible, which represents a significant investment opportunity in the coming decades.”
“At Republic Services, we’re putting sustainability in action through innovative partnerships including this project with OPAL Fuels and NextEra Energy Resources,” said Matt Healy, Republic Services Midwest Area President. “By utilizing a natural renewable byproduct of the landfill, we can produce a low-carbon transportation fuel that helps Minnesota and our local community achieve their climate action goals.”
“As the first U.S. energy provider to announce a comprehensive vision with aggressive goals for reducing greenhouse gas emissions across all the ways our customers use energy, our collaboration with OPAL Fuels is helping build the market for renewable natural gas,” said Chris Clark, President, Xcel Energy-Minnesota, North Dakota, and South Dakota. “We’re working to expand clean energy sources to benefit our customers and communities and renewable natural gas and projects such as Pine Bend play an important role in our net-zero emissions strategy for our natural gas business.”
About OPAL Fuels Inc.
OPAL Fuels Inc. (Nasdaq: OPAL) is a leading vertically integrated renewable fuels platform involved in the production and distribution of renewable natural gas (RNG) for the heavy-duty truck market. RNG is a proven low-carbon fuel that is rapidly decarbonizing the transportation industry now while also significantly reducing fuel costs for fleet owners. OPAL Fuels captures harmful methane emissions at the source and recycles the trapped energy into a commercially viable, lower-cost alternative to diesel fuel. The company also develops, constructs, and services RNG and hydrogen fueling stations. As a producer and distributor of carbon-reducing fuel for heavy-duty truck fleets for more than a decade, OPAL Fuels delivers complete renewable solutions to customers and production partners. To learn more about OPAL Fuels and how it is leading the effort to capture North America’s harmful methane emissions and decarbonize the transportation industry, please visit www.opalfuels.com and follow the company on LinkedIn and Twitter at @OPALFuels.
About NextEra Resources, LLC
NextEra Energy Resources, LLC (together with its affiliated entities, “NextEra Energy Resources”) is a clean energy leader and is one of the largest wholesale generators of electric power in the U.S., with approximately 24,600 megawatts of total net generating capacity, primarily in 38 states and Canada as of year-end 2021. NextEra Energy Resources, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun based on 2021 megawatt hours produced on a net generation basis, and a world leader in battery storage. The business operates clean, emissions-free nuclear power generation facilities in New Hampshire and Wisconsin as part of the NextEra Energy nuclear fleet. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.NextEraEnergyResources.com.
About Republic Services
Republic Services, Inc. is a leader in the environmental services industry. Through its subsidiaries, the Company provides customers with the most complete set of products and services, including recycling, solid waste, special waste, hazardous waste, container rental and field services. Republic’s industry-leading commitments to advance circularity, reduce emissions and decarbonize operations are helping deliver on its vision to partner with customers to create a more sustainable world. For more information, please visit RepublicServices.com.
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
Forward-Looking Statements
Certain statements in this communication may be considered forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels’ (the “Company”) future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including but not limited to general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the proxy statement/prospectus filed on June 21, 2022, in connection with our Registration Statement on Form S-4, and other filings with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Disclaimer
This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. 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.
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914-421-5336
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ICR, Inc.
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Company’s methane intensity has reduced more than 50% since 2016
SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today published a methane report that builds on Chevron’s ongoing efforts to promote transparency on climate-related matters. This report details information on Chevron’s approach to detecting, measuring and reducing methane intensity. Since 2016, Chevron has reduced the company’s methane intensity by 50 percent. Chevron’s U.S. upstream methane intensity is 85 percent lower than the U.S. upstream production sector average as of 2020.
“Our strategy is clear – leverage our strengths to safely deliver lower carbon energy to a growing world. Effective methane management is important for lower carbon intensity oil and gas production,” said Balaji Krishnamurthy, corporate vice president of Strategy and Sustainability. “Chevron’s ambition is to be a global leader in methane emissions performance. Our goal is simple – keep methane in the pipe.”
Chevron is taking action to meet that aim through reducing methane intensity, improving methane detection and advancing measurement. In particular, we aim to design and operate facilities to help prevent methane emissions and deploy technologies to validate performance, inform repairs and improve inventories.
In the Permian Basin, as part of the standard design, we include vapor recovery units for tank batteries and compressor stations. Since 2011, we have included compressed air for pneumatic controllers to eliminate methane emissions from that source. In addition, we have committed to designing, where possible, all new upstream facilities to operate without routine methane emissions.
Chevron is testing emerging technology and incorporating innovative solutions into our methane management programs. We are working toward integrating comprehensive direct measurement into existing emission factor-based inventories as protocols are developed and technologies become more widely available to improve methane detection at both the site and source levels. Since 2016, we have tested 13 advanced detection and measurement technologies. The full Methane Report is available here.
This report includes information that addresses a stockholder proposal requesting Chevron to report on the reliability of methane emissions disclosures, a proposal the Board of Directors recommended stockholders support, and which passed at the company’s 2022 Annual Stockholders Meeting in May.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company’s 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Deena McMullen
(432) 363-7085
DELRAY BEACH, Fla.--(BUSINESS WIRE)--International Materials LLC (IMI), today announced the appointment of Michael R. Kirby as Chief Financial Officer, effective October 31, 2022. Mr. Kirby will succeed Mr. Dan O’Bryon who stepped down after seven years of service to IMI.
Mr. Kirby brings more than 25 years of experience across the financial services, commodities, banking, and technology industries. He has lived in the U.S., London, and Hong Kong while holding Chief Financial Officer and Chief Operating Officer positions within Noble Group, James Alpha Liquid GSE, and RBS Sempra Commodities. At Noble, he successfully led the divestment of four Noble Group businesses, three of them over a four-month period, generating total proceeds in excess of $2 billion.
In his tenure with Sempra Commodities, Mr. Kirby managed asset transfers and servicing arrangements for businesses with asset value exceeding $20 billion for the company’s global oil, gas and power, and metals trading businesses. Early in his banking career, he held market risk management, credit risk and financial analyst positions at Deutsche Bank, Nations Bank, and Morgan Stanley.
“Michael is a seasoned financial executive with a strong background in the commodity trading market and significant extensive global financial experience. He will play a key role at IMI as the company continues its growth trajectory,” commented Robert Walsh, Chief Executive Officer at International Materials.
Mr. Kirby holds a Bachelor of Business Administration in Finance and Business Economics from the University of Notre Dame, and an MBA from the University of Chicago Booth School of Business.
About IMI
Founded in 1987, International Materials (IMI) is a dry bulk commodity trading company that sources and ships raw materials worldwide. IMI ships and sells over 30 million tons of gypsum, clinker, cement, bauxite, iron ore, and other products per year. These raw materials are sourced from the mines and producers, loaded on ships we charter, and transported directly to customers using their specifications to make construction materials, such as steel, wallboard, and cement. IMI is one of the leading privately-owned, independent, bulk raw materials trading firms in the world.
For more information, please visit www.imigroup.com.
Mariana Sanderson
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Will deliver SeaFLIR 280 surveillance systems to modernize Coast Guard Cutter fleet
BILLERICA, Mass.--(BUSINESS WIRE)--#CoastGuard--Teledyne FLIR Defense, part of Teledyne Technologies Incorporated (NYSE:TDY), announced that it has been awarded a $48.7 million firm-fixed-price, indefinite-delivery/indefinite-quantity contract to provide Maritime Forward Looking Infrared (MARFLIR) II sensors as well as multiple variants of its SeaFLIR® 280-HD surveillance systems for use by the United States Coast Guard (USCG).
The Teledyne FLIR SeaFLIR 280-HD is a high-performance Electro-Optical/Infrared (EO/IR) imaging system with advanced features essential for long-range detection, identification, tracking, and threat assessment. The procured systems will be incorporated into new Coast Guard Cutters and used as sensor upgrades for existing Cutters with legacy technology. The USCG relies heavily on these surveillance systems when conducting a wide range of missions, including port and waterway security, drug interdiction, search and rescue, and enforcing domestic and international fisheries laws. The Naval Surface Warfare Center, Crane Division, is the government contracting and support activity for the program.
“The U.S. Coast Guard’s mission areas continue to grow in number and importance to save lives, and in turn they depend on the most advanced imaging technology to be successful,” said Dr. JihFen Lei, executive vice president and general manager of Teledyne FLIR Defense. “We’re honored to continue our relationship with the Coast Guard and Navy in providing the upgraded SeaFLIR 280 with its many enhanced capabilities.”
Designed for 24/7/365 maritime duty, the rugged SeaFLIR 280-HD is ready for any mission scenario in any weather, day or night. Using an internal navigation system, the SeaFLIR 280 can determine and disseminate target location coordinates, or slew other systems to objects identified by its imagers. The system provides high-clarity IR with 20x optical zoom to aid search and rescue at maximum ranges, while HD daylight/lowlight cameras provide extra visible detail to reduce operator workload and speed critical decisions.
Work will be performed at Teledyne FLIR’s facility in Billerica, Mass. and is expected to be completed by March 2027. Visit us online to learn more about Teledyne FLIR’s Surveillance solutions for maritime applications.
About Teledyne FLIR
Teledyne FLIR, a Teledyne Technologies company, is a world leader in intelligent sensing, unmanned systems, and integrated solutions for defense and industrial markets, with roughly 4,000 employees worldwide. Founded in 1978, the company develops a wide range of advanced technologies to help professionals make better, faster decisions that save lives and livelihoods. To learn more, visit teledyneflir.com or follow @flir. #AnyThreatAnywhere
About Teledyne Technologies
Teledyne Technologies is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. Teledyne's operations are primarily located in the United States, the United Kingdom, Canada, and Western and Northern Europe. For more information, visit Teledyne's website at www.teledyne.com.
Joe Ailinger, Jr.
Teledyne FLIR
Phone: +1 781-801-6161
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Ryan Williams
Targeted Victory
Phone: +1 617-697-9072
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Global oil and gas software leader exhibiting at booth #13375
HOUSTON--(BUSINESS WIRE)--Quorum Software (Quorum), a global software leader dedicated to the energy industry, announced today it will be attending the Abu Dhabi International Petroleum and Exhibition Conference (ADIPEC) 2022 from 31 October to 3 November. ADIPEC is one of the world’s largest oil and gas events, where international leaders convene in the Middle East to engage and identify opportunities in an evolving energy landscape. At booth #13375, Quorum solution experts will provide software demonstrations and exhibit key applications within the company’s Quorum Energy Suite (QES) including Energy Components, FLOWCAL, and Planning Space.
“In a rapidly changing energy market, companies need reliable, cloud-first solutions that deliver fast, accurate, and decision-ready data to power their critical operations and support their energy transition objectives,” said Paul Langenbahn, President and CEO at Quorum Software. “Quorum remains committed to being the go-to partner and driver of continuous and connected value for the Middle East and around the world. We look forward to attending ADIPEC to showcase the power of the Quorum Energy Suite to optimize business performance across the energy value chain.”
Quorum will be hosting the following series of “Tech Talks” at booth #13375:
To learn more about Quorum, please visit www.quorumsoftware.com. To schedule a meeting with one of our experts on-site at ADIPEC, please visit https://info.qbsol.com/adipec-2022.
About Quorum Software
Quorum Software is a leading provider of energy software worldwide, serving more than 1,800 customers across the entire energy value chain in 55 countries. Quorum’s solutions power growth and profitability for energy businesses by connecting people, workflows, and systems with decision-ready data. Twenty years ago, we delivered the industry’s first software for gas plant accountants, and today our solutions streamline business operations with industry forward data standards and integrations. The global energy industry trusts Quorum’s experts and applications to successfully navigate the energy transition while delivering value today and into the future. For more information, visit quorumsoftware.com.
Media
Lauren Force
PAN Communications
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--The Water, Energy, Technology and Environment Exhibition (WETEX) and Dubai Solar Show (DSS), organised by Dubai Electricity and Water Authority (DEWA) under the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and under the patronage of HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, attracted 47,415 visitors in its 24th edition.
1,750 companies from 55 countries worldwide participated in the exhibition under the theme ‘At the Forefront of Sustainability.’ WETEX & DSS highlighted the latest global solutions, technologies and innovations in energy, water, sustainability, green technologies, renewable and clean energy, green mobility solutions, sustainable development, green buildings, electric vehicles and water desalination technologies, with the participation of major companies from the region and the world.
HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, Founder and Chairman of WETEX and Dubai Solar Show, expressed his happiness at the significant success of the exhibition this year and the large turnout of visitors and specialists from the region and the world. Al Tayer also commended the quality technologies and innovative solutions from specialised organisations worldwide. Al Tayer said that DEWA will organise the next WETEX and Dubai Solar Show from 2 to 4 October 2023.
WETEX & DSS 2022 hosted 20 international pavilions and attracted 64 sponsors of local and international organisations. Over the exhibition’s 3 days, many meetings were held between companies, government and private institutions, and investors through the Business-to-Business (B2B) and Business-to-Government (B2G) platforms. B2B and B2G meetings are an ideal opportunity for businesses to maximise the impact of their participation, make high-quality business connections, and find new customers and potential partners.
During WETEX & DSS, DEWA organised 110 seminars and panel discussions by prominent experts and specialists from around the world on sustainability; clean and renewable energy; green hydrogen; water desalination using clean energy; decarbonisation; circular economy; renewable energy generation and storage; technologies for turning waste into energy; artificial intelligence; emerging technologies in utilities; smart meters and grids among other topics.
*Source: AETOSWire
Dubai Electricity and Water Authority
Khuloud Al Ali, +971563974965
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AUSTIN, Texas--(BUSINESS WIRE)--Futurum Research, a global tech-focused strategy, research, and advisory analyst firm focused on analyzing emerging and market-disrupting technologies, identifying and validating trends, and empowering clients to find their competitive edge in the digital economy, has published a new global environmental sustainability index reporting current corporate optimism along with longer-term business worries.
The inaugural index report, produced in collaboration with Honeywell, surveyed more than 600 senior business professionals at large organizations worldwide across all industry sectors. The study revealed corporate success over the past 12 months but indicated concerns in meeting near-term and especially long-term 2030 targets.
The index, which will be distributed quarterly, assesses corporate achievement of climate change objectives as well as the sentiment of business leaders directly involved in sustainability initiatives. In terms of ranking current corporate priorities for the next six months, respondents said sustainability was at the top of the list ahead of other major business initiatives including financial performance (No. 2), digital transformation, market growth, and workforce/talent development.
"The data-driven findings confirmed that environmental sustainability has taken center stage, and the new Honeywell-Futurum global index can serve as a bellwether for tracking the sentiment, adoption, and intent of companies around the world in reducing their carbon footprint," said Daniel Newman, principal analyst and founding partner at Futurum Research.
The index is designed to deliver actionable data on the prioritization, progress and expectation of achieving sustainability goals for energy efficiency, emission reduction, pollution prevention, and recycling. The double-blind survey of business professionals also offers insights on corporate sentiment on the speed of adoption of climate technology.
“This is the first quarterly barometer that reveals trends in business efforts to combat climate change as well as progress in corporate environmental sustainability programs and initiatives,” Newman added. “Over the next decade, we expect sustainability to be further prioritized through not only policy, but increased investment by the world's leading companies to demonstrate the importance of sustainable practices, becoming a mandate from consumers, investors, and company boards around the world."
Among some of the key findings from the survey:
“Respondents felt good about the progress they've made in the last year on sustainability issues, but they weren't confident of their success moving forward,” said Shelly Kramer, principal analyst and founding partner Futurum Research. “That's an obvious reflection of the nascent stages of sustainability initiatives overall and the many challenges -- known and unknown -- ahead.”
Sustainability leaders report top barriers to success with near-term goals are due to the pandemic, staffing challenges, and budget concerns. As a result of current macroeconomic conditions and geopolitical concerns, Futurum warns those barriers may continue to remain obstacles, or even increase.
“It would not be a surprise to see sustainability budgets take a hit as a result,” Kramer said. “And with the clear focus on process improvement rather than on technology investment, we can see that there is much progress yet to be made. Process change alone is not the path to sustainability, and the fact that technology investments are not yet a priority for the majority of organizations demonstrates we are still in the very early stages of progress on the sustainability front.”
Honeywell, which has committed to becoming carbon neutral by 2035, plans to publicly release the quarterly environmental sustainability index reports to assist business leaders and corporate stakeholders on critical issues and decision-making associated with climate change. The full sustainability index report can be downloaded at:
http://www.honeywell.com/us/en/company/sustainability/environmental-sustainability-index
About Futurum Research
Futurum Research is a global tech-focused strategy, research, and advisory analyst firm focused on analyzing emerging and market-disrupting technologies, identifying and validating trends, and empowering clients to find their competitive edge in the digital economy.
Legacy research analyst firms are great at helping companies better understand broad industry shifts and obvious market trends, but they have been late to the game when it comes to explaining how new and disruptive technologies are truly transforming the world of business. That’s where Futurum Research excels. They have long been leading the conversation about digital transformation and have been helping clients navigate the process of DX for the last decade.
About Honeywell
Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help everything from aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable.
Shelly Kramer
Principal Analyst and Founding Partner
Futurum Research
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Proceeds support green and social initiatives in alignment with ESG commitments
DES MOINES, Iowa--(BUSINESS WIRE)--Principal Financial Group® has released its first Principal Sustainable Financing Report to highlight the proceeds allocated to eligible green and social assets from the issuance of the company’s $600 million sustainability bond in August 2021. The report details allocation and key performance indicators of the proceeds, which went toward initiatives such as green buildings, renewable energy, energy efficiency, and affordable housing.
The bond is one example of the company’s commitment to advancing Environmental, Social, and Governance (ESG) practices in its organization and operations – with a client-first focus central to how ESG factors are integrated across investment portfolios.
“Principal has embraced sustainability as a core strategy to help strengthen our business, advance our purpose, and build a more inclusive and resilient global community,” said Deanna Strable, executive vice president and chief financial officer for Principal®. “The issuance of a sustainability bond and our first annual Sustainable Financing Report is another example of our commitment to positive change in the areas where we believe we can have the greatest impact.”
To govern the process for this sustainability bond and future issues of green, social, and sustainability bonds, Principal created the Principal Sustainable Financing Framework (the “Framework”). According to the Framework, eligible assets may include existing or future investments that meet defined criteria to help advance the United Nations Sustainable Development Goals (U.N. SDGs). A business is only eligible if 90% or more of its revenue is derived from activities and criteria that align with U.N. SDGs. Principal obtained an independent Second-Party Opinion on its Sustainable Financing Framework. For more detail, see the Second-Party Opinion from Sustainalytics.
The sustainability bond was a five-year $600 million funding agreement-backed note (FABN) issued through Principal Life Global Funding II. BNP Paribas Securities Corp. served as the sole sustainability structuring agent and joint book runner with BofA Securities, Inc. and HSBC Securities (USA) Inc. for the sustainability bond, which drew the interest of over 60 investors.
In accordance with the company’s commitment to transparency, Principal reengaged Sustainalytics, a qualified, independent external reviewer, to verify and provide third-party, limited assurance with respect to the management of the Principal Sustainable Financing proceeds and compatibility of the selected Eligible Assets with the Principal Sustainable Financing Framework.
More information about how Principal is striving to advance ESG programs is available at principal.com/sustainability.
Learn more about our corporate responsibility commitments.
About Principal Financial Group®
Principal Financial Group® (Nasdaq: PFG) is a global financial company with 18,500 employees1 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 54 million customers1 plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of America’s 100 Most Sustainable Companies2, a member of the Bloomberg Gender Equality Index, and a Top 10 “Best Places to Work in Money Management3.” Learn more about Principal and our commitment to building a better future at principal.com.
1 As of June 30, 2022
2 Barron’s, 2022
3 Pensions & Investments, 2021
Sustainable bond offerings are typically limited to qualified institutional buyers (QIB’s) through applicable underwriter. May not be a suitable investment for QIB’s seeking exposure to green assets.
Principal Global Investors leads global asset management and is a member of the Principal Financial Group®.
Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group®.
©2022 Principal Financial Services, Inc. Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Company®. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities and Advisory Services offered through Principal Securities, Inc., member SIPC and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.
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LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--HydraForce, a leading manufacturer of hydraulic valves and manifolds, has partnered with Tan Delta Systems, the world’s leading manufacturer of real-time oil quality monitoring sensors and systems, to provide valuable real-time data about machine oil quality and expand its capabilities within the telematics market.
“We’re constantly looking for innovative ways to help our customers monitor their equipment and share valuable insights to manage their fleet more efficiently, reduce service costs and improve uptime,” said Russ Schneidewind, Director of Business Development, HydraForce. “This partnership allows us to offer a state-of-the-art oil conditioning sensor, that can be easily incorporated into the design of a manifold assembly using HydraForce cartridge valves to continuously monitor oil conditions.”
The Tan Delta sensor works by providing a full-spectrum holistic (FSHTM) oil quality analysis, which continuously monitors the ratio of two key measurements, capacitance and conductance, to provide a real-time measurement (permittivity). This sensor technology enables users to observe any changes within the oil composition, including signs of contamination or abnormalities in the oil chemistry.
“By combining the electronic controller architecture with telematics, users will have access to real-time data and ongoing alerts of oil conditions,” said Jason Sharpe, Tan Delta Systems. “This will help prevent excessive wear of hydraulic components and catastrophic failures that can occur when machines are in operation, resulting in increased productivity and reduced machine downtime and maintenance costs.”
Through accurate monitoring of oil health, maintenance scheduling can also be optimized as equipment is serviced only when required, and operators can rest assured that any unexpected changes in the oil condition will be immediately reported and detected. This can extend the life of equipment and machine health, as optimal oil conditions prevent unnecessary wear and tear.
HydraForce’s new technology is ideal for use in a variety of industries where high-value equipment requires a reliable oil condition monitoring system to ensure maximum equipment uptime, including agriculture, construction, material handling and mining.
This news follows HydraForce’s recent partnership with Elevāt IoT. As part of the Elevāt IoT subscription with HydraForce, operators use an application that can be paired with the Tan Delta oil conditioning sensor. This application will visualize data and provide customized alerts to inform the operator or owner when hydraulic fluids require maintenance.
HydraForce’s collaboration with both Elevāt IoT and Tan Delta will provide an integrated telematics solution for the market. For more information about these recent partnerships, visit www.hydraforce.com.
About HydraForce
Established in Chicago in 1985, HydraForce is a wholly-owned U.S. business. It remains a privately-owned company, with manufacturing facilities across the world, including North America, Great Britain, Brazil and China.
The company designs and manufactures high-performance hydraulic fluid power cartridge valves, custom manifolds, and electro-hydraulic controls. It has created thousands of custom control solutions for a variety of off-highway industries, encompassing farming, construction, marine, material handling, mining, and forestry.
Christina Alvarez
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708-908-0898
CHICAGO--(BUSINESS WIRE)--GATX Corporation (NYSE:GATX) today reported 2022 third-quarter net income of $29.1 million, or $0.81 per diluted share, compared to net income of $40.1 million or $1.11 per diluted share in the third quarter of 2021. The 2022 third-quarter results include an impairment charge of $10.8 million, or $0.30 per diluted share, related to the Company’s decision to exit its rail business in Russia.
Net income for the first nine months of 2022 was $107.5 million, or $2.99 per diluted share, compared to $82.1 million, or $2.28 per diluted share, in the prior year period. The 2022 year-to-date results include net negative impacts of $55.2 million, or $1.54 per diluted share, from Tax Adjustments and Other Items. The 2021 year-to-date results included net negative impacts of $43.1 million, or $1.20 per diluted share, from Tax Adjustments and Other Items. Details related to these items are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
"Demand for railcars remains strong across our global fleets," said Robert C. Lyons, president and chief executive officer of GATX. "Fleet utilization at Rail North America remains high at 99.6% and our renewal success rate was 87.2% during the quarter. Absolute lease rates in North America increased sequentially for the ninth consecutive quarter, and the renewal lease rate change of GATX’s Lease Price Index was positive 37.5% with an average renewal term of 33 months. We recently announced a new committed railcar supply agreement, totaling a minimum of 15,000 railcars, which will enable us to continue serving our large and diverse customer base in North America.
"Rail International performed well during the quarter as Rail Europe and Rail India maintained high fleet utilization and continued to take delivery of new cars to meet robust customer demand. In Portfolio Management, the Rolls-Royce and Partners Finance affiliates continue to perform as expected. Global air passenger volume improved from a year ago but remains below pre-pandemic levels."
Mr. Lyons added, “Despite a volatile macro environment, we continue to identify attractive long-term growth opportunities in our markets in addition to the signing of a new railcar supply agreement in North America. Our disciplined asset allocation strategy resulted in investment volume of $203.4 million in the quarter and $887.9 million year to date.”
Mr. Lyons concluded, “Based on year-to-date performance and our outlook for the remainder of the year, we expect our 2022 full-year earnings to be at the upper end of our previously announced guidance range of $5.60 to $6.00 per diluted share. This guidance excludes any impact from Tax Adjustments and Other Items.”
RAIL NORTH AMERICA
Rail North America reported segment profit of $64.3 million in the third quarter of 2022, compared to $66.5 million in the third quarter of 2021. Year to date, Rail North America reported segment profit of $237.8 million, compared to $209.8 million in the same period of 2021. Higher revenue in the third quarter of 2022 was offset primarily by lower remarketing income due to timing. Higher 2022 year-to-date results were predominantly driven by higher gains on asset dispositions.
At Sept. 30, 2022, Rail North America’s wholly owned fleet was composed of approximately 111,500 cars, including over 10,200 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.
Fleet utilization was 99.6% at the end of the third quarter, compared to 99.4% at the end of the prior quarter and 99.2% at the end of the third quarter of 2021. During the third quarter, the renewal lease rate change of the GATX Lease Price Index (LPI) was positive 37.5%. This compares to positive 18.3% in the prior quarter and negative 8.1% in the third quarter of 2021. The average lease renewal term for all cars included in the LPI during the third quarter was 33 months, compared to 34 months in the prior quarter and 32 months in the third quarter of 2021. Rail North America’s investment volume during the third quarter was $142.5 million.
Additional fleet statistics, including information on the boxcar fleet, and macroeconomic data related to Rail North America’s business are provided on the last page of this press release.
RAIL INTERNATIONAL
Rail International’s segment profit was $14.5 million in the third quarter of 2022, compared to $27.0 million in the third quarter of 2021. Year-to-date 2022, Rail International reported segment profit of $67.7 million, compared to $76.1 million for the same period of 2021. The third-quarter and year-to-date 2022 segment results include an impairment charge of $10.8 million related to the Company’s decision to exit its rail business in Russia. Compared to the prior year periods, results were favorably impacted by more railcars on lease and negatively impacted by changes in foreign currency exchange rates.
At Sept. 30, 2022, GATX Rail Europe’s (GRE) fleet consisted of over 27,700 cars. Utilization was 99.4%, compared to 99.9% at the end of the prior quarter and 98.1% at the end of the third quarter of 2021. Additional fleet statistics for GRE are provided on the last page of this press release.
PORTFOLIO MANAGEMENT
Portfolio Management reported segment profit of $11.2 million in the third quarter of 2022, compared to $6.2 million in the third quarter of 2021. Segment loss year-to-date 2022 was $8.4 million, compared to a segment profit of $24.5 million for the same period of 2021. Year-to-date 2022 results include an impairment charge of $31.5 million associated with the decision to sell five specialized gas vessels (recorded in the second quarter) and a net impairment charge recorded by the Rolls-Royce and Partners Finance affiliates (RRPF), of which GATX’s share is $15.3 million, related to aircraft spare engines in Russia (recorded in the first quarter). Favorable results in 2022 were driven by the performance at RRPF.
COMPANY DESCRIPTION
At GATX Corporation (NYSE:GATX), we empower our customers to propel the world forward. GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide. Our mission is to provide innovative, unparalleled service that enables our customers to transport what matters safely and sustainably while championing the well-being of our employees and communities. Headquartered in Chicago, Illinois since its founding in 1898, GATX has paid a quarterly dividend, uninterrupted, since 1919.
TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss 2022 third-quarter results. Call details are as follows:
Tuesday, Oct. 25, 2022
11 a.m. Eastern Time
Domestic Dial-In: 1-888-660-6118
International Dial-In: 1-929-203-1802
Replay: 1-800-770-2030 or 1-647-362-9199 / Access Code: 2548217
Call-in details, a copy of this press release and real-time audio access are available at www.gatx.com. Please access the call 15 minutes prior to the start time. A replay will be available on the same site starting at 2 p.m. (Eastern Time), Oct. 25, 2022.
AVAILABILITY OF INFORMATION ON GATX’S WEBSITE
Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on www.gatx.com under the “Investor Relations” tab.
FORWARD-LOOKING STATEMENTS
Statements in this Earnings Release not based on historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and, accordingly, involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events. In some cases, forward-looking statements can be identified by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “continue,” “likely,” “will,” “would,” and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.
The following factors, in addition to those discussed in our other filings with the SEC, including our Form 10-K for the year ended December 31, 2021 and in any subsequent reports on Form 10-Q, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:
|
|
|
GATX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions, except per share data) |
|||||||||||||||
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Lease revenue |
$ |
292.4 |
|
|
$ |
283.9 |
|
|
$ |
860.6 |
|
|
$ |
852.1 |
|
Marine operating revenue |
|
4.8 |
|
|
|
5.0 |
|
|
|
16.2 |
|
|
|
13.7 |
|
Other revenue |
|
23.8 |
|
|
|
24.6 |
|
|
|
73.5 |
|
|
|
70.6 |
|
Total Revenues |
|
321.0 |
|
|
|
313.5 |
|
|
|
950.3 |
|
|
|
936.4 |
|
Expenses |
|
|
|
|
|
|
|
||||||||
Maintenance expense |
|
75.9 |
|
|
|
74.2 |
|
|
|
221.3 |
|
|
|
225.1 |
|
Marine operating expense |
|
3.6 |
|
|
|
3.7 |
|
|
|
11.7 |
|
|
|
13.8 |
|
Depreciation expense |
|
88.7 |
|
|
|
91.1 |
|
|
|
268.2 |
|
|
|
271.2 |
|
Operating lease expense |
|
9.0 |
|
|
|
9.0 |
|
|
|
27.1 |
|
|
|
30.1 |
|
Other operating expense |
|
8.7 |
|
|
|
9.7 |
|
|
|
28.7 |
|
|
|
31.3 |
|
Selling, general and administrative expense |
|
47.6 |
|
|
|
45.9 |
|
|
|
142.7 |
|
|
|
140.8 |
|
Total Expenses |
|
233.5 |
|
|
|
233.6 |
|
|
|
699.7 |
|
|
|
712.3 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
||||||||
Net gain on asset dispositions |
|
3.9 |
|
|
|
21.9 |
|
|
|
53.4 |
|
|
|
79.1 |
|
Interest expense, net |
|
(53.6 |
) |
|
|
(49.8 |
) |
|
|
(156.7 |
) |
|
|
(153.4 |
) |
Other expense |
|
(2.5 |
) |
|
|
(0.3 |
) |
|
|
(15.8 |
) |
|
|
(9.7 |
) |
Income before Income Taxes and Share of Affiliates’ Earnings |
|
35.3 |
|
|
|
51.7 |
|
|
|
131.5 |
|
|
|
140.1 |
|
Income taxes |
|
(13.7 |
) |
|
|
(14.4 |
) |
|
|
(38.8 |
) |
|
|
(36.4 |
) |
Share of affiliates’ earnings (losses), net of taxes |
|
7.5 |
|
|
|
2.8 |
|
|
|
14.8 |
|
|
|
(21.6 |
) |
Net Income |
$ |
29.1 |
|
|
$ |
40.1 |
|
|
$ |
107.5 |
|
|
$ |
82.1 |
|
|
|
|
|
|
|
|
|
||||||||
Share Data |
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
0.82 |
|
|
$ |
1.13 |
|
|
$ |
3.04 |
|
|
$ |
2.32 |
|
Average number of common shares |
|
35.2 |
|
|
|
35.5 |
|
|
|
35.4 |
|
|
|
35.4 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share |
$ |
0.81 |
|
|
$ |
1.11 |
|
|
$ |
2.99 |
|
|
$ |
2.28 |
|
Average number of common shares and common share equivalents |
|
35.7 |
|
|
|
36.0 |
|
|
|
35.9 |
|
|
|
36.0 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share |
$ |
0.52 |
|
|
$ |
0.50 |
|
|
$ |
1.56 |
|
|
$ |
1.50 |
|
GATX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions) |
|||||||
|
September 30 |
|
December 31 |
||||
|
2022 |
|
2021 |
||||
Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
596.3 |
|
|
$ |
344.3 |
|
Restricted Cash |
|
0.3 |
|
|
|
0.2 |
|
Receivables |
|
|
|
||||
Rent and other receivables |
|
71.9 |
|
|
|
69.8 |
|
Finance leases (as lessor) |
|
102.1 |
|
|
|
100.2 |
|
Less: allowance for losses |
|
(6.0 |
) |
|
|
(6.2 |
) |
|
|
168.0 |
|
|
|
163.8 |
|
|
|
|
|
||||
Operating Assets and Facilities |
|
11,168.4 |
|
|
|
11,163.6 |
|
Less: allowance for depreciation |
|
(3,310.2 |
) |
|
|
(3,378.8 |
) |
|
|
7,858.2 |
|
|
|
7,784.8 |
|
Lease Assets (as lessee) |
|
|
|
||||
Right-of-use assets, net of accumulated depreciation |
|
246.4 |
|
|
|
270.7 |
|
Finance leases, net of accumulated depreciation |
|
— |
|
|
|
1.5 |
|
|
|
246.4 |
|
|
|
272.2 |
|
|
|
|
|
||||
Investments in Affiliated Companies |
|
604.3 |
|
|
|
588.4 |
|
Goodwill |
|
109.3 |
|
|
|
123.0 |
|
Other Assets ($46.9 million and $3.8 million related to assets held for sale) |
|
292.6 |
|
|
|
265.0 |
|
Total Assets |
$ |
9,875.4 |
|
|
$ |
9,541.7 |
|
|
|
|
|
||||
Liabilities and Shareholders’ Equity |
|
|
|
||||
Accounts Payable and Accrued Expenses |
$ |
184.5 |
|
|
$ |
215.8 |
|
Debt |
|
|
|
||||
Commercial paper and borrowings under bank credit facilities |
|
16.3 |
|
|
|
18.1 |
|
Recourse |
|
6,353.1 |
|
|
|
5,887.5 |
|
|
|
6,369.4 |
|
|
|
5,905.6 |
|
Lease Obligations (as lessee) |
|
|
|
||||
Operating leases |
|
259.0 |
|
|
|
286.2 |
|
Finance leases |
|
— |
|
|
|
1.5 |
|
|
|
259.0 |
|
|
|
287.7 |
|
|
|
|
|
||||
Deferred Income Taxes |
|
1,007.5 |
|
|
|
1,001.0 |
|
Other Liabilities |
|
114.5 |
|
|
|
112.4 |
|
Total Liabilities |
|
7,934.9 |
|
|
|
7,522.5 |
|
Total Shareholders’ Equity |
|
1,940.5 |
|
|
|
2,019.2 |
|
Total Liabilities and Shareholders’ Equity |
$ |
9,875.4 |
|
|
$ |
9,541.7 |
|
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended September 30, 2022 (In millions) |
|||||||||||||||||||
|
Rail
|
|
Rail International |
|
Portfolio Management |
|
Other |
|
GATX Consolidated |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
211.3 |
|
|
$ |
65.3 |
|
|
$ |
8.3 |
|
|
$ |
7.5 |
|
|
$ |
292.4 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
4.8 |
|
|
|
— |
|
|
|
4.8 |
|
Other revenue |
|
20.0 |
|
|
|
2.3 |
|
|
|
— |
|
|
|
1.5 |
|
|
|
23.8 |
|
Total Revenues |
|
231.3 |
|
|
|
67.6 |
|
|
|
13.1 |
|
|
|
9.0 |
|
|
|
321.0 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
62.4 |
|
|
|
12.8 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
75.9 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
3.6 |
|
|
|
— |
|
|
|
3.6 |
|
Depreciation expense |
|
65.3 |
|
|
|
16.8 |
|
|
|
3.7 |
|
|
|
2.9 |
|
|
|
88.7 |
|
Operating lease expense |
|
9.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.0 |
|
Other operating expense |
|
6.0 |
|
|
|
1.5 |
|
|
|
0.6 |
|
|
|
0.6 |
|
|
|
8.7 |
|
Total Expenses |
|
142.7 |
|
|
|
31.1 |
|
|
|
7.9 |
|
|
|
4.2 |
|
|
|
185.9 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain (loss) on asset dispositions |
|
13.3 |
|
|
|
(10.3 |
) |
|
|
0.8 |
|
|
|
0.1 |
|
|
|
3.9 |
|
Interest expense, net |
|
(36.5 |
) |
|
|
(11.2 |
) |
|
|
(4.6 |
) |
|
|
(1.3 |
) |
|
|
(53.6 |
) |
Other (expense) income |
|
(1.4 |
) |
|
|
(0.5 |
) |
|
|
0.1 |
|
|
|
(0.7 |
) |
|
|
(2.5 |
) |
Share of affiliates’ pre-tax earnings |
|
0.3 |
|
|
|
— |
|
|
|
9.7 |
|
|
|
— |
|
|
|
10.0 |
|
Segment profit |
$ |
64.3 |
|
|
$ |
14.5 |
|
|
$ |
11.2 |
|
|
$ |
2.9 |
|
|
$ |
92.9 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
47.6 |
|
||||||||||||||||
Income taxes (includes $2.5 related to affiliates’ earnings) |
|
16.2 |
|
||||||||||||||||
Net income |
$ |
29.1 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
142.5 |
|
|
$ |
50.1 |
|
|
$ |
— |
|
|
$ |
10.8 |
|
|
$ |
203.4 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain (loss) on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
8.8 |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9.1 |
|
Residual sharing income |
|
0.2 |
|
|
|
— |
|
|
|
0.8 |
|
|
|
— |
|
|
|
1.0 |
|
Non-remarketing net gains (1) |
|
4.3 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
4.6 |
|
Asset impairments |
|
— |
|
|
|
(10.8 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10.8 |
) |
|
$ |
13.3 |
|
|
$ |
(10.3 |
) |
|
$ |
0.8 |
|
|
$ |
0.1 |
|
|
$ |
3.9 |
|
__________ |
(1) Includes net gains (losses) from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended September 30, 2021 (In millions) |
|||||||||||||||||||
|
Rail
|
|
Rail International |
|
Portfolio Management |
|
Other |
|
GATX Consolidated |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
200.4 |
|
|
$ |
68.8 |
|
|
$ |
8.2 |
|
|
$ |
6.5 |
|
|
$ |
283.9 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
5.0 |
|
|
|
— |
|
|
|
5.0 |
|
Other revenue |
|
19.4 |
|
|
|
2.7 |
|
|
|
0.1 |
|
|
|
2.4 |
|
|
|
24.6 |
|
Total Revenues |
|
219.8 |
|
|
|
71.5 |
|
|
|
13.3 |
|
|
|
8.9 |
|
|
|
313.5 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
58.9 |
|
|
|
14.0 |
|
|
|
— |
|
|
|
1.3 |
|
|
|
74.2 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
3.7 |
|
|
|
— |
|
|
|
3.7 |
|
Depreciation expense |
|
64.8 |
|
|
|
18.5 |
|
|
|
4.9 |
|
|
|
2.9 |
|
|
|
91.1 |
|
Operating lease expense |
|
9.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.0 |
|
Other operating expense |
|
6.6 |
|
|
|
1.8 |
|
|
|
0.6 |
|
|
|
0.7 |
|
|
|
9.7 |
|
Total Expenses |
|
139.3 |
|
|
|
34.3 |
|
|
|
9.2 |
|
|
|
4.9 |
|
|
|
187.7 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
20.2 |
|
|
|
0.9 |
|
|
|
0.6 |
|
|
|
0.2 |
|
|
|
21.9 |
|
Interest expense, net |
|
(32.9 |
) |
|
|
(10.9 |
) |
|
|
(4.5 |
) |
|
|
(1.5 |
) |
|
|
(49.8 |
) |
Other (expense) income |
|
(1.1 |
) |
|
|
(0.2 |
) |
|
|
2.0 |
|
|
|
(1.0 |
) |
|
|
(0.3 |
) |
Share of affiliates’ pre-tax (loss) earnings |
|
(0.2 |
) |
|
|
— |
|
|
|
4.0 |
|
|
|
— |
|
|
|
3.8 |
|
Segment profit |
$ |
66.5 |
|
|
$ |
27.0 |
|
|
$ |
6.2 |
|
|
$ |
1.7 |
|
|
$ |
101.4 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
45.9 |
|
||||||||||||||||
Income taxes (includes $1.0 related to affiliates’ earnings) |
|
15.4 |
|
||||||||||||||||
Net income |
$ |
40.1 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
178.9 |
|
|
$ |
40.9 |
|
|
$ |
— |
|
|
$ |
10.0 |
|
|
$ |
229.8 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
14.4 |
|
|
$ |
0.3 |
|
|
$ |
— |
|
|
$ |
0.2 |
|
|
$ |
14.9 |
|
Residual sharing income |
|
0.2 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
— |
|
|
|
0.8 |
|
Non-remarketing net gains (1) |
|
5.6 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
6.2 |
|
|
$ |
20.2 |
|
|
$ |
0.9 |
|
|
$ |
0.6 |
|
|
$ |
0.2 |
|
|
$ |
21.9 |
|
__________ |
(1) Includes net gains (losses) from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Nine Months Ended September 30, 2022 (In millions) |
|||||||||||||||||||
|
Rail North America |
|
Rail International |
|
Portfolio Management |
|
Other |
|
GATX Consolidated |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
615.0 |
|
|
$ |
199.4 |
|
|
$ |
24.8 |
|
|
$ |
21.4 |
|
|
$ |
860.6 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
16.2 |
|
|
|
— |
|
|
|
16.2 |
|
Other revenue |
|
61.8 |
|
|
|
6.5 |
|
|
|
0.1 |
|
|
|
5.1 |
|
|
|
73.5 |
|
Total Revenues |
|
676.8 |
|
|
|
205.9 |
|
|
|
41.1 |
|
|
|
26.5 |
|
|
|
950.3 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
180.1 |
|
|
|
39.0 |
|
|
|
— |
|
|
|
2.2 |
|
|
|
221.3 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
11.7 |
|
|
|
— |
|
|
|
11.7 |
|
Depreciation expense |
|
193.7 |
|
|
|
52.0 |
|
|
|
13.6 |
|
|
|
8.9 |
|
|
|
268.2 |
|
Operating lease expense |
|
27.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27.1 |
|
Other operating expense |
|
19.2 |
|
|
|
6.0 |
|
|
|
1.7 |
|
|
|
1.8 |
|
|
|
28.7 |
|
Total Expenses |
|
420.1 |
|
|
|
97.0 |
|
|
|
27.0 |
|
|
|
12.9 |
|
|
|
557.0 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain (loss) on asset dispositions |
|
90.0 |
|
|
|
(7.9 |
) |
|
|
(29.1 |
) |
|
|
0.4 |
|
|
|
53.4 |
|
Interest expense, net |
|
(105.8 |
) |
|
|
(33.5 |
) |
|
|
(13.9 |
) |
|
|
(3.5 |
) |
|
|
(156.7 |
) |
Other (expense) income |
|
(3.4 |
) |
|
|
0.2 |
|
|
|
— |
|
|
|
(12.6 |
) |
|
|
(15.8 |
) |
Share of affiliates’ pre-tax earnings |
|
0.3 |
|
|
|
— |
|
|
|
20.5 |
|
|
|
— |
|
|
|
20.8 |
|
Segment profit (loss) |
$ |
237.8 |
|
|
$ |
67.7 |
|
|
$ |
(8.4 |
) |
|
$ |
(2.1 |
) |
|
$ |
295.0 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
142.7 |
|
||||||||||||||||
Income taxes (includes $6.0 related to affiliates’ earnings) |
|
44.8 |
|
||||||||||||||||
Net income |
$ |
107.5 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
676.6 |
|
|
$ |
177.8 |
|
|
$ |
— |
|
|
$ |
33.5 |
|
|
$ |
887.9 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain (loss) on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
74.4 |
|
|
$ |
1.0 |
|
|
$ |
— |
|
|
$ |
0.2 |
|
|
$ |
75.6 |
|
Residual sharing income |
|
2.3 |
|
|
|
— |
|
|
|
2.4 |
|
|
|
— |
|
|
|
4.7 |
|
Non-remarketing net gains (1) |
|
13.3 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
15.4 |
|
Asset impairments |
|
— |
|
|
|
(10.8 |
) |
|
|
(31.5 |
) |
|
|
— |
|
|
|
(42.3 |
) |
|
$ |
90.0 |
|
|
$ |
(7.9 |
) |
|
$ |
(29.1 |
) |
|
$ |
0.4 |
|
|
$ |
53.4 |
|
__________ |
(1) Includes net gains (losses) from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Nine Months Ended September 30, 2021 (In millions) |
|||||||||||||||||||
|
Rail North America |
|
Rail International |
|
Portfolio Management |
|
Other |
|
GATX Consolidated |
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
611.4 |
|
|
$ |
204.7 |
|
|
$ |
19.8 |
|
|
$ |
16.2 |
|
|
$ |
852.1 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
13.7 |
|
|
|
— |
|
|
|
13.7 |
|
Other revenue |
|
56.4 |
|
|
|
7.9 |
|
|
|
0.5 |
|
|
|
5.8 |
|
|
|
70.6 |
|
Total Revenues |
|
667.8 |
|
|
|
212.6 |
|
|
|
34.0 |
|
|
|
22.0 |
|
|
|
936.4 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
178.8 |
|
|
|
43.6 |
|
|
|
— |
|
|
|
2.7 |
|
|
|
225.1 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
13.8 |
|
|
|
— |
|
|
|
13.8 |
|
Depreciation expense |
|
195.7 |
|
|
|
55.2 |
|
|
|
12.6 |
|
|
|
7.7 |
|
|
|
271.2 |
|
Operating lease expense |
|
30.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30.1 |
|
Other operating expense |
|
22.6 |
|
|
|
5.5 |
|
|
|
1.2 |
|
|
|
2.0 |
|
|
|
31.3 |
|
Total Expenses |
|
427.2 |
|
|
|
104.3 |
|
|
|
27.6 |
|
|
|
12.4 |
|
|
|
571.5 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
74.8 |
|
|
|
2.0 |
|
|
|
1.7 |
|
|
|
0.6 |
|
|
|
79.1 |
|
Interest expense, net |
|
(102.5 |
) |
|
|
(34.2 |
) |
|
|
(12.0 |
) |
|
|
(4.7 |
) |
|
|
(153.4 |
) |
Other (expense) income |
|
(2.9 |
) |
|
|
— |
|
|
|
2.0 |
|
|
|
(8.8 |
) |
|
|
(9.7 |
) |
Share of affiliates’ pre-tax (loss) earnings |
|
(0.2 |
) |
|
|
— |
|
|
|
26.4 |
|
|
|
— |
|
|
|
26.2 |
|
Segment profit (loss) |
$ |
209.8 |
|
|
$ |
76.1 |
|
|
$ |
24.5 |
|
|
$ |
(3.3 |
) |
|
$ |
307.1 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
140.8 |
|
||||||||||||||||
Income taxes (includes $47.8 related to affiliates’ earnings) |
|
84.2 |
|
||||||||||||||||
Net income |
$ |
82.1 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
394.4 |
|
|
$ |
126.1 |
|
|
$ |
353.0 |
|
|
$ |
19.7 |
|
|
$ |
893.2 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
62.2 |
|
|
$ |
0.7 |
|
|
$ |
— |
|
|
$ |
0.5 |
|
|
$ |
63.4 |
|
Residual sharing income |
|
0.8 |
|
|
|
— |
|
|
|
1.7 |
|
|
|
— |
|
|
|
2.5 |
|
Non-remarketing net gains (1) |
|
11.8 |
|
|
|
1.3 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
13.2 |
|
|
$ |
74.8 |
|
|
$ |
2.0 |
|
|
$ |
1.7 |
|
|
$ |
0.6 |
|
|
$ |
79.1 |
|
GATX Corporation
Shari Hellerman
Senior Director, Investor Relations, ESG, and External Communications
312-621-4285
This email address is being protected from spambots. You need JavaScript enabled to view it.
(10/25/2022)
Synota will commercialize its software platform to deliver instant settlements to the energy industry, reducing costs and unleashing innovation to promote global energy abundance
COLUMBUS, Ohio--(BUSINESS WIRE)--#ClimateTech--Synota, a Bitcoin technology company providing transactional flexibility and instant settlements to the energy industry, today announced it has raised a $3 million seed round led by ego death capital. The investment will be used to rapidly commercialize the company’s settlement platform for power generators, distributors and energy consumers worldwide.
Synota was founded in 2022 with a mission to promote global energy abundance by integrating Bitcoin’s Lightning Network and energy.
“The freedom to transact is essential to solve the global challenges of energy equity and access. Anything less condemns future generations to energy poverty – this is why we are passionate about how Synota disrupts energy finance,” said Austin Mitchell, Co-founder and CEO of Synota.
Today, a significant disconnect exists between when and how energy flows compared to when and how the energy payments are settled. The disconnect results in cash lag, credit risk and increased energy costs.
Synota resolves these issues by integrating existing hardware and software in the energy industry with Bitcoin’s Lightning Network, an open-source, peer-to-peer payment technology. Synota’s platform offers revolutionary transaction capability and instant settlements. Synchronizing the flow of energy with payments removes the financial friction currently inhibiting energy investment and innovation.
“Using Synota, back-office constraints will no longer limit a company’s ability to settle complex energy transactions,” said Lisa Scott, Co-founder and Chief Administrative Officer.
Enabling energy companies to settle transactions more frequently, based on real-time usage data, reduces counterparty risk and the need for collateral. Combined with the reduction in overhead costs from automating legacy and piecemeal settlement processes, Synota lowers the cost of energy.
Synota will launch a pay-as-you-go service for Bitcoin miners, hosts, and their energy suppliers early next year. Flexible transaction capabilities include dynamic pricing and simultaneous multi-party settlement. The software will be available for the broader energy industry starting in 2024.
Trammell Venture Partners, Rev1 Ventures, Hivemind VC, Bitcoiner Ventures and Recursive Capital also participated in the fundraising round, alongside other strategic partners.
About Synota
Synota was founded in 2022 by Austin Mitchell and Lisa Scott to bring about an abundant energy future. Synota’s software development is led by Max Dignan and the company is further supported by an experienced group of advisors. The team brings together a combined 125 years of experience in the energy industry along with Lightning Network expertise.
Editor’s note: Interviews are available upon request.
Lisa Scott/Austin Mitchell
Synota
This email address is being protected from spambots. You need JavaScript enabled to view it.
614-858-5981
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