DALLAS--(BUSINESS WIRE)--Energy Transfer LP (NYSE: ET) today announced that it plans to release earnings for the third quarter of 2022 on Tuesday, November 1, 2022, after the market closes.
The company will also conduct a conference call on Tuesday, November 1, 2022 at 3:30 p.m. Central Time/4:30 p.m. Eastern Time to discuss quarterly results and provide a company update. The conference call will be broadcast live via an internet webcast, which can be accessed on Energy Transfer’s website at energytransfer.com. The call will also be available for replay on Energy Transfer’s website for a limited time.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in North America, with a strategic footprint in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at energytransfer.com.
Forward Looking Statements
This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results, including future distribution levels and leverage ratio, are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
The information contained in this press release is available on our website at energytransfer.com.
Investor Relations:
Bill Baerg
Brent Ratliff
Lyndsay Hannah
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Media Relations:
Vicki Granado
214-840-5820
DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, announced today it has been selected as part of a preferred consortium to deliver a major package of work for the Melbourne Airport Rail project, a new rail connection between central Melbourne and Melbourne Airport that will greatly enhance connectivity in and beyond Victoria, Australia. The consortium has formed the Sunshine Systems Alliance, and includes AECOM, KBR, Alstom, John Holland, CPB Contractors, Metro Trains Melbourne, V/Line, and Rail Projects Victoria.
“We’re looking forward to leveraging our unrivaled global technical capabilities and experienced talent in Australia to support the construction of this critical addition to Victoria’s rail network,” said Jennifer Aument, chief executive of AECOM’s global transportation business. “Our teams have deep expertise integrating diverse resources on complex, transportation projects like this one, with a goal of delivering smarter, more sustainable solutions to help improve mobility and speed passenger connections.”
In this role, the consortium is expected to provide major improvements including a new, accessible second pedestrian concourse and new forecourt area at Sunshine Station, a new forecourt area and car park improvements at Albion Station, construction of a new flyover at Albion to separate airport trains from metropolitan and regional services, and relocation and implementation of rail systems, modifications to substations, and protection of existing utilities. The package also includes high-capacity signaling, traction power, rail control systems and an automatic train supervision system, as well as communications systems and systems integration and assurance.
“This is a truly transformative project for Victoria and one in which we are proud to play a part,” said Richard Barrett, AECOM’s Chief Executive, Australia and New Zealand. “We are excited to bring our team’s experience in the successful delivery of complex Alliance projects as well as our expertise in brownfields rail infrastructure design to realize this new project, which will bolster Melbourne’s role as a global city and aviation hub.”
As it will provide around 30-minute journeys between central Melbourne to the airport, the new rail line will also enable direct airport connections for passengers at more than 30 stations across Melbourne via the Metro Tunnel, currently under construction. The project’s significant connectivity benefits are estimated to generate sizeable economic benefits to the community.
About AECOM
AECOM (NYSE: ACM), is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy, and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
Forward-Looking Statements
All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs; currency exchange rate and interest fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and inadequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital’s real estate development; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of various dispositions such as the sale of our Management Services, self-perform at-risk civil infrastructure, power construction, and oil and gas construction businesses, including the risk that purchase price adjustments, if any, from those transactions could be unfavorable and any future proceeds owed to us as part of those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
Media Contact:
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Joris Veldhoven appointed by board to lead Atlantic Shores’ strategic direction and continued growth.
BROOKLYN, N.Y.--(BUSINESS WIRE)--The Board of Directors for Atlantic Shores Offshore Wind, LLC, (Atlantic Shores), a 50/50 partnership between Shell New Energies US LLC and EDF Renewables North America, is pleased to announce the appointment of Joris Veldhoven as the company’s first Chief Executive Officer.
“I am excited and humbled to lead the continued growth of Atlantic Shores, one of the nation’s leading offshore wind developers, as we continue to set the standard for offshore wind development in the United States,” said Joris Veldhoven, CEO of Atlantic Shores. “As a company, we are uniquely positioned to both mitigate climate change and generate positive impact on those who live in the local communities in which our projects will be built. I am grateful to work with a talented, diverse, and highly skilled team focused on building the future of clean, renewable offshore wind energy.”
Atlantic Shores has grown significantly since its inception in 2018, bringing together its parent companies’ decades of experience developing offshore and onshore projects across the globe. The joint venture is comprised of more than 100 experts dedicated to delivering its 5+GW portfolio, and is strategically positioned to meet the growing demands of its markets in New York and New Jersey.
In June 2021, the New Jersey Board of Public Utilities awarded the organization an Offshore Renewable Energy Credit to deliver enough renewable energy to power 700,000 homes in the State of New Jersey. The lease areas will be developed in stages, with Project 1 slated to begin construction in 2024.
“It is a true pleasure to see Joris take the helm of Atlantic Shores Offshore Wind,” said Tristan Grimbert, President & CEO, EDF Renewables North America. “Joris’ strategic acumen coupled with business intellect has positioned him to smoothly transition into this important role. Joris is the right person at the right time to lead the venture into future success. I am grateful for the exceptional performance of the entire Atlantic Shores team and excited by the opportunity ahead to convert this hard work into carbon free electricity for the residents of New Jersey and New York.”
Mr. Veldhoven previously served as Atlantic Shores’ Commercial and Financial Director where he focused on developing the domestic supply chain, building local partnerships, creating economic benefits for the community at large, and helping to lead the company’s overall growth. Mr. Veldhoven has also been the Global Wind Supply Chain Manager for Shell New Energies Wind and, over the span of a decade, has held various commercial roles with Shell in The Netherlands, Norway, and the United Arab Emirates.
“Joris has been a key member of the Atlantic Shores team and has helped shape and grow the company since the start,” said Amanda Dasch, Shell Vice President Offshore Power Americas, RE&S. “As New Jersey and New York work towards reaching their offshore wind procurement targets, Joris will provide strategic direction to be the partner of choice in providing more, affordable renewable power generation for their communities.”
For more information about Atlantic Shores, visit the company’s website and follow it on LinkedIn.
Phil Chinitz, Atlantic Shores External Affairs Consultant, 516-659-9369
IRVING, Texas--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that the company was awarded two reimbursable engineering, procurement and construction management contracts by BASF for the ethylene oxide/ethylene glycol and infrastructure, offsites and utilities packages as part of the company’s new Verbund program in Zhanjiang, Guangdong province, China. The contract value to Fluor is more than $2 billion and was booked in the third quarter of 2022.
“Over the past 20 years, Fluor has executed a significant amount of work with BASF in China,” said Jim Breuer, group president of Fluor’s Energy Solutions business. “Fluor values this longstanding relationship and looks forward to continuing this trusted partnership.”
Fluor’s project scope of work for BASF’s Zhanjiang Verbund site project consists of two primary packages including the ethylene oxide/ethylene glycol derivative unit and the infrastructure, offsites and utilities scope, comprised of site infrastructure, utility generation and site logistics. Fluor is also performing services as part of the centralized program management team activities.
The project will be led by Fluor’s Shanghai, China, office.
Fluor Corporation
Fluor Corporation (NYSE: FLR) is building a better future by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 41,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $12.4 billion in 2021 and is ranked 259 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.
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Media Relations
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Investor Relations
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) (“Valaris” or the “Company”) announced today new contracts and contract extensions, with associated contract backlog of $95 million, awarded subsequent to issuing the Company’s most recent contract awards and fleet status update on September 1, 2022. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements.
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Cautionary Statements
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," “likely,” "plan," "project," "could," "may," "might," “should,” “will” and similar words. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; oil and natural gas price volatility, customer demand for drilling rigs; downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply, competition and technology; risks inherent to shipyard rig reactivation, upgrade, repair or maintenance; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to obtain financing, fund capital expenditures and pursue other business opportunities; the effects of our emergence from bankruptcy on the Company's business, relationships, comparability of our financial results and ability to access financing sources; actions taken by regulatory authorities or other third parties; the COVID-19 global pandemic and the related public health measures implemented by governments worldwide; increased scrutiny of Environmental, Social and Governance (“ESG”) practices and reporting responsibilities; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; environmental or other liabilities, risks or losses; debt agreement restrictions that may limit our liquidity and flexibility; failure to satisfy our debt obligations; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
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Acquisition to strengthen, expand global reach for intelligent motor control center offering
MILWAUKEE--(BUSINESS WIRE)--Rockwell Automation, Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and digital transformation, today announced that it has signed a definitive agreement to acquire CUBIC, a company that specializes in modular systems for the construction of electrical panels. CUBIC, founded in 1973, serves fast-growing industries, such as renewable energy, data centers, and infrastructure, and is headquartered in Bronderslev, Denmark.
CUBIC’s efficient and flexible modular systems combined with Rockwell’s intelligent devices and industry expertise will benefit customers by offering faster time to market, enabling broader plant-wide applications for intelligent motor control, and generating smart data to increase sustainability and productivity.
CUBIC’s established partner model will allow Rockwell to build an expanded Partner Network for intelligent motor control offerings in Asia, Europe, and Latin America. The company will bring new customers and partners in hybrid and process industries. Additionally, CUBIC will broaden Rockwell’s market access in renewable energy and data center solutions.
“CUBIC’s innovative motor control solutions strengthen our portfolio of leading intelligent motor control technologies,” said Bob Buttermore, vice president and general manager of Rockwell’s Power Control Business. “We are pleased to welcome a talented team with specialized expertise in structural design, power systems, and global standards.”
“Joining Rockwell will enable us to expand our relationships and accelerate our global growth,” said Jacob Moller Knudsen, CEO of CUBIC. “This is a perfect match that will allow us to offer our customers the best solutions going forward.”
At close, CUBIC will report to Rockwell’s Power Control Business in the Intelligent Devices operating segment.
CUBIC is expected to report more than $75 million in sales in fiscal year 2022, which ended Sept. 30. The transaction is subject to customary regulatory approval and is expected to close by the end of 2022.
About Rockwell Automation
Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 25,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.
About CUBIC
CUBIC was founded in 1973 based on a unique idea of a modular system for the construction of electrical panels. This idea has since the early start developed CUBIC into a global and recognized partner within electromechanics and with a product range that comprises any type of enclosure. CUBIC’s solutions are used in industry, in mining and in airports.
Marci Pelzer
Director, External Communications
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) announced today that it, along with its joint venture partner Ebrasil Energia Ltda. (“Ebrasil”), has closed the sale of the Centrais Elétricas de Sergipe (“CELSE”) Power Plant to Brazilian power company Eneva S.A. (“Eneva”). The transaction was initially announced by NFE on June 1, 2022.
Pursuant to the transaction, Eneva acquired 100% of the shares of Centrais Elétricas de Sergipe Participações S.A. (“CELSEPAR”), the NFE-Ebrasil joint venture that had held the equity interests of the CELSE Power Plant, and 100% of the shares of Centrais Elétricas Barra dos Coqueiros S.A. (“CEBARRA”), which owns 1.7 GW of expansion rights adjacent to the CELSE Power Plant.
“The closing of this transaction further deleverages and simplifies our capital structure and marks another significant step toward our goal of an investment grade credit rating,” said Wes Edens, Chairman and CEO of NFE. “We are pleased to redeploy these proceeds toward the capital needs of our Fast LNG program and downstream LNG projects worldwide, internally funding our strategic growth initiatives to serve our customers’ needs amid a structurally short global LNG market.”
A portion of the proceeds from the sale was used to pay off the entire outstanding balance of – and fully retire – the Standby Guarantee and Credit Facility Agreement with GE Capital EFS Financing Inc., while Eneva will assume the outstanding debt obligations of CELSE, itself a 100% owned subsidiary of CELSEPAR.
Energos Infrastructure (“Energos”), the joint venture platform established between Apollo (NYSE: APO) and NFE, will continue to operate the Golar Nanook, a floating storage and regasification unit (“FSRU”) that remains chartered to CELSE for use at the CELSE Power Plant for more than 20 years.
About New Fortress Energy
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations seek to support global energy security, enable economic growth, enhance environmental stewardship, and transform local industries and communities around the world.
Cautionary Language Regarding Forward-Looking Statements
This communication contains certain statements and information that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. Forward looking statements include: the expected use of the proceeds of the transaction; and NFE’s expected partnerships with third parties, including with respect to the Golar Nanook and continued operation of the Golar Nanook. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of the parties to the SPA or the stock prices of such parties. These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are necessarily estimates based upon current information and are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our annual report, quarterly and other reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update these forward-looking statements, even though our situation may change in the future.
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Investment in Nafion™ membranes and dispersions will enable clean energy generation and storage in applications ranging from large-scale power systems to the automobiles of the future
WILMINGTON, Del.--(BUSINESS WIRE)--$CC--The Chemours Company ("Chemours") (NYSE: CC), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, today announced a planned $200 million investment to increase capacity and advance technology for its industry-leading Nafion™ ion exchange materials to support the Hydrogen Economy. Accelerated climate ambitions and energy challenges have fast-tracked demand for hydrogen power and fuel cell technology. Chemours’ investment will support growing market demand for clean hydrogen generation using water electrolyzers, energy storage in flow batteries, and hydrogen conversion to power fuel cell vehicles of the future.
"Fueled by government and industrial investment and carbon-neutral secular trends, the Hydrogen Economy is at a critical juncture, and investment is needed to support our strategic partners to deliver against those ambitious goals. Our Nafion™ membrane technology is the heart of hydrogen power generation, storage, and use,” said Denise Dignam, President of Advanced Performance Materials at Chemours. "Built on more than 50 years of experience, this planned new investment will further support the growth of Chemours’ partners, the overall Hydrogen Economy, and positions Chemours as a major industry player."
The investment will focus on the Nafion™ ion exchange materials technology platform, whose chemical properties can help generate clean hydrogen from water electrolysis enabling the Hydrogen Economy. Nafion™ proton exchange membranes are used in fuel cells to convert hydrogen to power instantly, making fleets of zero-emission fuel cell-powered trucks, buses, trains, and cars a reality. And Nafion™ ion exchange materials enable flow batteries to store excess renewable energy and convert it back to electricity, helping to solve the challenge of renewable power intermittency.
Chemours is committed to leadership in responsible manufacturing, and this capacity investment will contribute to its goal of shifting the company’s product portfolio to offerings that contribute to achieving the United Nations Sustainable Development Goals (UN SDGs). Chemours is evaluating potential locations in the United States and Europe for the investment in accordance with applicable regulatory frameworks and is particularly interested in supporting the local communities where they operate.
Learn more by visiting https://www.chemours.com/en/industries-applications/energy.
About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. We deliver customized solutions with a wide range of industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and consumer electronics, general industrial, and oil and gas. Our flagship products include prominent brands such as Ti-Pure™, Opteon™, Freon™, Teflon™, Viton™, Nafion™, and Krytox™. The company has approximately 6,400 employees and 29 manufacturing sites serving approximately 3,200 customers in approximately 120 countries. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC.
For more information, we invite you to visit chemours.com or follow us on Twitter @Chemours or LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. In addition, the current COVID-19 pandemic has significantly impacted the national and global economy and commodity and financial markets, which has had and we expect will continue to have a negative impact on our financial results. The full extent and impact of the pandemic is still being determined and to date has included significant volatility in financial and commodity markets and a severe disruption in economic activity. The public and private sector response has led to travel restrictions, temporary business closures, quarantines, stock market volatility, and interruptions in consumer and commercial activity globally. Matters outside our control have affected our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and in our Annual Report on Form 10-K for the year ended December 31, 2021. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
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Global infrastructure solutions leader implements Asset Performance Management (APM) Program to deliver timely, actionable insights
MUMBAI, India--(BUSINESS WIRE)--Adani Power Limited (APL) has appointed Black & Veatch to optimize operations and improve reliability and performance of its power assets in India, with goals including an overall reduction in carbon emissions.
Black & Veatch will deploy predictive analytics software at 23 thermal units to monitor, in real time, the health and performance of critical assets fleet-wide. The implementation will support reliable, efficient and sustainable operation of nearly 12 gigawatts (GW) of thermal power generation infrastructure in India by minimizing unplanned shutdowns and improving operational efficiency.
“The challenges that India’s power sector has undergone in recent years have tested the resilience of our business model. By being prudent, persistent and disciplined, we can prioritize investments and improve our assets’ performance with the help of data analytics and engineering expertise,” said Jayadeb Nanda, Chief Operating Officer, Adani Power Limited.
The asset performance management solution implemented by Black & Veatch will provide Adani Power with additional data-driven monitoring and diagnostics services from its India and global centers. The remote monitoring and diagnostics services produce repeatable, successful processes; flag performance anomalies; recommend investigative actions; and formulate immediate remediation measures and long-term strategies to mitigate risk and reduce costs across a variety of plant sizes and environments.
Commenting on the value the program will bring to Adani Power, Hoe Wai Cheong, President, Asia-Pacific and India, Black & Veatch, said, “Industries of all sizes are facing an increasingly competitive marketplace where success hinges on effectively leveraging data to ensure reliable, efficient and resilient operations. Black & Veatch’s portfolio of Asset Performance Management solutions achieves these objectives by converging data analytics, people and processes to inform and guide timely decisions that help businesses achieve sustainable, resilient and profitable results.”
Adani Power Limited (APL) is part of the diversified Adani Group. APL is the largest private thermal power producer in India. It has a power generation capacity of 12,450 MW comprising thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, and Chhattisgarh and a 40 MW solar power project in Gujarat.
The ASSET360® Monitoring & Diagnostics (M&D) solutions are powered by Atonix Digital’s AtonixOI cloud-based artificial intelligence (AI)/ machine language (ML) data analytics platform that combines the power of predictive analytics with built-in collaboration workflow. The platform rapidly deploys ML models, detects operational deviations, facilitates diagnosis, and connects teams to ensure issue resolution.
Editor’s Notes:
About Black & Veatch
Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2021 exceeded US$3.3 billion. Follow us on www.bv.com and on social media.
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HOUSTON--(BUSINESS WIRE)--$MVST #BESS--Microvast Holdings, Inc. (NASDAQ: MVST), a technology innovator that designs, develops and manufactures lithium-ion battery solutions, today announced the launch of its new energy division.
Microvast Energy designs, develops and manufactures Battery Energy Storage Systems (BESS) that are co-located with solar solutions using Microvast’s proven battery technology. The engineering, sales, marketing and customer care departments for Microvast Energy are headquartered in Northern Colorado.
Zach Ward has been appointed as President of Microvast Energy, with overall responsibility for the division’s strategic direction, operations, product development, sales and key relationships. He is an industry veteran with more than 17 years of experience in the solar energy sector as a senior executive for several of the largest and most active companies in renewable energy. He has executed more than 20 GW of utility and distributed generation solar and 500 MWh of energy storage projects. Mr. Ward has been actively recruiting and hiring a dedicated team comprised of experienced industry personnel in preparation for the launch of the new energy division and roll out of Microvast’s complimentary BESS solutions.
“We are excited to launch the new Microvast Energy division and support the rapidly growing energy storage market, with an initial focus in the United States. Our grid-scale BESS solutions provide critical infrastructure capable of addressing the gap between renewable energy supply and peak grid demand. With the recent passing of the Inflation Reduction Act and the construction of our new Tennessee manufacturing facility, we look forward to advancing clean and renewable energy initiatives. Additional details on Microvast’s industry leading BESS solutions will be forthcoming,” said Zach Ward, President of Microvast Energy.
Microvast’s BESS solutions will incorporate battery cells and modules manufactured in Clarksville, Tennessee. The Clarksville facility features 650,000 sq. feet of manufacturing space on 85 acres and is expected to create up to 300 new jobs in the region. “We believe the Clarksville factory will contribute to the resilience of the domestic lithium-ion battery supply chain, create manufacturing jobs, and expand American battery capacity for the US power grid,” said Shane Smith, Microvast’s Chief Operating Officer.
Microvast is an established brand in the battery electric vehicle market, with more than 30,000 commercial and specialty vehicles in operation worldwide and over 16 years of experience in the design, development and manufacture of lithium-ion battery solutions. Microvast’s new BESS solutions have been developed for grid-scale energy storage projects using the same proven technology as Microvast’s EV batteries, which offer very high energy density, outstanding safety features, and unmatched performance.
“We expect the superior performance of our BESS solutions to exceed the expectations of our customers and put us in a leading position to take advantage of the benefits outlined in the Inflation Reduction Act,” Ward said. “We expect the current electrification trends to further accelerate and keep us very busy.”
About Microvast
Founded in Houston, Texas in 2006 as a research and technology driven company, Microvast has evolved into a global leader in the design, development and manufacture of battery solutions for mobile and stationary applications. Microvast provides a broad portfolio of fast-charging lithium-ion battery solutions, with different chemistries, performance characteristics and price points to meet the diverse requirements of its customer base. Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs.
Since placing its first battery systems into operation in electric buses more than a decade ago, Microvast has expanded its business to serve a broad range of commercial, passenger and specialty vehicles, including mining, material handling, and power vehicles and equipment, as well as grid-scale energy storage applications.
For more information, please visit www.microvast.com or follow us on LinkedIn or Twitter (@microvast).
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Microvast’s industry and market sizes, future opportunities for Microvast and the combined company and Microvast’s estimated future results. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
Monica Gould
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ZURICH--(BUSINESS WIRE)--ABB announces that Accelleron Industries AG (formerly ABB Turbocharging), a global leader in high-power turbochargers for mission-critical applications, has been admitted to start trading on SIX Swiss Exchange in Zurich under the ticker symbol “ACLN”, marking the completion of Accelleron’s spin-off from ABB. The listing follows ABB shareholders’ approval of the spin-off at its Extraordinary General Meeting, held on September 7, 2022. ABB has distributed the Accelleron shares on a pro rata basis, as a dividend in kind, with 1 Accelleron share for 20 ABB Ltd shares held.
The spin-off is part of ABB’s portfolio management strategy to focus its efforts on growing global megatrends in electrification and automation, while at the same time allowing Accelleron to grow with increased flexibility and independence as a stand-alone listed company.
Björn Rosengren, Chief Executive Officer of ABB, said: “The completion of this spin-off marks another important step for ABB’s strategy of active portfolio management as we continue to focus on our leadership positions in electrification and automation, while still allowing our shareholders to participate in the continued success of the Accelleron business. We wish all the employees a successful future as a new exciting global brand under the excellent leadership of CEO Daniel Bischofberger and Chairman Oliver Riemenschneider.”
Accelleron is a global leader in turbocharging technologies and optimization solutions for 0.5 to 80+ MW engines, helping to provide sustainable, efficient and reliable power to the marine, energy, rail, and off-highway sectors. Through its innovative product offerings and research leadership, the company accelerates the decarbonization of the industries it operates in. Accelleron has an installed base of approximately 180,000 turbochargers and a network of more than 100 service stations across 50 countries worldwide.
ABB (ABBN: SIX Swiss Exchange) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. www.abb.com
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Global Leader in Ultrasound-Based Indoor Positioning Technology to Merge Sonitor and Forkbeard®, Names Global Commercial Leadership Team, Readies Forkbeard for Market Entry
OSLO, Norway & GREENWICH, Conn.--(BUSINESS WIRE)--Sonitor Technologies AS, the global leader in ultrasound-based, indoor positioning technology, today announced that it will merge its Forkbeard and Sonitor Technologies subsidiaries as it prepares for accelerated revenue growth with the market entry of Forkbeard, the company’s cloud-based, product platform for indoor positioning of smart mobile devices
“We are at the beginning of an exciting new chapter in our company history,” said Arne Oyen, Group President and CEO of Sonitor Technologies AS. “This merger of our subsidiaries strengthens our focus and resources as we expand our global market presence. Forkbeard can deliver the many benefits of indoor positioning and proximity monitoring to every user of a smart phone or tablet. We will build on the strong commercial franchise that Sonitor has established in acute care and senior living with its market leading Sonitor Sense™ platform and expand into other industry sectors, such as manufacturing. Going forward, the merged company will be known as Sonitor, and Forkbeard will be the name of our cloud-based, indoor positioning product platform for mobile devices.”
The sales organizations in Sonitor’s primary geographic markets will offer the full complement of Sonitor Sense and Forkbeard products. Palle Furum will serve as Chief Commercial Officer of Europe and the Middle East (EMEA), and Murray Robinson as Chief Commercial Officer of Asia Pacific (APAC). Both Furum and Robinson have held management positions in their regions with Forkbeard and Sonitor, respectively. Matt Crane, an experienced executive with a successful career in the healthcare industry from start-ups to large corporations, has joined the company to head up North America as Chief Commercial Officer, CEO Sonitor Technologies, Inc.
“We are very pleased to welcome Matt to Sonitor,” Oyen said. “Matt’s background includes 18 years with Hill-Rom in management positions responsible for strategic planning, technical support and sales of medical devices and IT systems such as Nurse Call and RTLS. He has an impressive track record of closing major contracts with top IDNs, the US Government and Group Purchasing Organizations.”
Anne Bugge, who headed Sonitor’s global commercial group for the past eight years, will join the parent company as Strategic Advisor to the Group President and CEO with a focus on building and expanding the company’s key strategic corporate partnerships.
“At Sonitor, we are driven by the spirit of innovation and tackling what others thought was impossible, and have achieved many industry firsts,” Oyen stated. “We have the talent, people, resources and commitment to make a positive contribution through our technology to improve the quality of everyday life.”
About Sonitor
Sonitor Technologies AS is the leading provider and innovator of accurate and reliable ultrasound-based Real Time Location Systems (RTLS) and Indoor Positioning Systems (IPS). It is the first and only company to develop and commercialize proprietary ultrasound technology as the primary technology for indoor positioning of people, equipment, and objects. Sonitor’s product platforms, Sense and Forkbeard, provide location intelligence using advanced algorithms and analytics to improve operational efficiencies, workflow visibility, and personal safety in healthcare and other industry sectors. Visit www.sonitor.com and www.forkbeardtech.com for more information.
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Beacon Communications
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PARIS--(BUSINESS WIRE)--Technip Energies (Paris:TE) (ISIN:NL0014559478) has been awarded a large(1) contract for the proprietary equipment supply for INEOS Olefins Belgium NV’s 1,450 kta(2) ethane cracker in Antwerp, Belgium. This latest award is in line with our early engagement strategy and consolidates the successful completion of the Ethylene License and Extended Front End Engineering and Design (FEED) previously awarded to Technip Energies by INEOS.
The cracker is designed using Technip Energies’ latest enhancement on technologies to achieve a CO2 footprint less than 50% of the best 10% of European crackers. The furnaces are modularized and designed to fire high hydrogen fuel, and to transition to 100% hydrogen firing in the future, in addition to the plant being carbon capture ready. The plant design maximizes the use of modularization, using Technip Energies’ extensive experience in modularized LNG projects.
Bhaskar Patel, SVP Sustainable Fuels, Chemicals and Circularity, Technip Energies, stated “We are very pleased that INEOS selected our low carbon ethane cracker technology and equipment for this sizeable project. Utilizing our extensive experience with modular design will result in a reduced site assembly footprint with sustainable features to reduce emissions.”
(1) A “large” award for Technip Energies is a contract award representing between €250 million and €500 million of revenue.
(2) kta: kilotons per annum
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States. For further information: www.technipenergies.com.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
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Energy transition leader operates low carbon intensity LNG, grid stability and renewables assets addressing the ‘here and now’ global energy transition
NEW YORK--(BUSINESS WIRE)--Glenfarne Group, LLC (“Glenfarne” or the “Company”), a developer, owner, operator and industrial manager of energy and infrastructure assets across the investment-grade Americas, Asia, and Europe, today publicly announces Glenfarne Energy Transition, LLC (“GET”), a wholly owned subsidiary of Glenfarne focused on high-growth emerging markets and addressing the “here and now” global energy transition. GET will operate through three core businesses: Global LNG Solutions, Renewables, and Grid Stability.
GET believes that the world needs to adopt renewables at an accelerating rate to fight climate change and achieve energy security, but economies globally lack sufficient grid stability to maximize the power of renewables. Responsibly sourced and environmentally sensible U.S. liquefied natural gas (“LNG”) is one of the most financially and logistically flexible fuels to help fill this need while countries bring modern power grids and other renewable infrastructure online.
“We are proud to introduce Glenfarne Energy Transition during such a critical moment in the global decarbonization movement and the various efforts to achieve energy security. Glenfarne Energy Transition will further our commitment to empowering local communities globally and addressing the here and now energy transition through a carefully constructed, diversified asset portfolio,” said Brendan Duval, CEO and Founder of Glenfarne Group and Glenfarne Energy Transition. “Grid stability is an enabler of deep penetration of renewables, and we’ll continue to invest in and develop infrastructure assets that provide sustainable and environmentally and economically sensible solutions to high-growth emerging markets globally.”
GET’s existing assets include 12 grid stability power plants, 27 renewable assets and two LNG export projects – Texas LNG & Magnolia LNG – approved for 12.8 million tonnes per annum (“MTPA”) of export capacity, 5000 miles of gas pipelines, and 13 gas processing plants. With an experienced management team leading nearly 600 team members, a meaningful track record of success with proven project development capabilities, and a global LNG commercial footprint, Glenfarne Energy Transition is quickly expanding into several high-growth emerging markets in Asia and Latin America.
“Glenfarne Energy Transition is already a leader in accelerating the global energy transition. We look forward to making final investment decisions for Texas LNG later this year and Magnolia LNG in 2023, and together with our LNG import terminal developments and projected renewables and grid stability expansion, our business model is even more attractive and offers multiple growth vectors,” Duval added.
More information about Glenfarne Energy Transition can be found at www.GlenfarneEnergyTransition.com.
About Glenfarne Energy Transition
Glenfarne Energy Transition is a wholly owned subsidiary of Glenfarne Group, a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas, with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Rio De Jainero, Brazil; Jakarta, Indonesia; Barcelona, Spain; Seoul, South Korea; and Ho Chi Minh City, Vietnam. Glenfarne Energy Transition aims to address the “here and now” global energy transition through three core businesses: Global LNG Solutions, Renewables, and Grid Stability. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America and Asia. For more information, please visit www.GlenfarneEnergyTransition.com.
Kris Cole
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Grows Redwire Platform in Europe with Profitable Revenue and Backlog Expansion
Expected to Be Accretive to Adjusted EBITDA and Free Cash Flow Upon Closing
Transaction Financing Commitment from AE Industrial Partners
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Redwire Corporation (NYSE: RDW), a leader in critical space infrastructure for the next generation space economy, announced today that the Company has entered into a definitive agreement with QinetiQ Group plc (“QinetiQ Group”) to acquire its QinetiQ Space NV (“Space NV”) business, a Belgium-based commercial space business providing design and integration of critical space infrastructure and other instruments for end-to-end space missions. Under the terms of the agreement, Redwire will acquire Space NV for €32 million, subject to customary working capital adjustments. Upon closing, the transaction is expected to be accretive to Redwire’s Adjusted EBITDA and free cash flow.
Founded in 1983, the Space NV business has over 35 years of mission heritage in orbit, delivering observation, platforms, science, navigation and secure communications critical infrastructure to civil and commercial space customers, including the European Space Agency (ESA) and the Belgian Science Policy Office (BELSPO). Space NV’s core product offerings complement Redwire’s portfolio and include advanced payloads, small satellite technology, berthing and docking equipment and space instruments. Space NV is expected to provide Redwire with enhanced scale and innovation capabilities across numerous high-growth space areas, an expanded total addressable market and increased exposure to European customers.
“Space NV has a long and successful history of operating in space and deploying leading space innovation for their customers, including ESA, BELSPO, and many European commercial space companies. Space NV’s values align perfectly with Redwire’s ‘Heritage plus Innovation’ positioning and proven performance, supporting NASA, the Luxembourg Space Agency (LSA), U.S. national security and many multi-national commercial space entities,” said Peter Cannito, Chairman and Chief Executive Officer of Redwire. “Space NV is expected to provide Redwire with increased scale, broader access to addressable markets and significant backlog to bolster our growth platform. Redwire and Space NV together equate to over 100 years of combined history and expertise supporting some of the most stalwart space customers in the world. These deep customer relationships are foundational to our future growth.”
Space NV has experienced profitable topline growth and features a strong financial profile. For the year ended March 31, 2022, as reported by QinetiQ Group, Space NV recorded €49 million of revenue and €3 million of profit after taxes. The transaction is expected to meaningfully increase Redwire’s revenue by leveraging Space NV’s attractive customer base and increase access to multiple new market opportunities. As of March 31, 2022, Space NV had contracted backlog of €113 million.
Space NV has independent facilities, management and operations, which is expected to enable a seamless transition upon closing of the transaction. Redwire will utilize Space NV’s existing management and operational structures and anticipates integrating the companies without disruption to either business.
Erik Masure, Managing Director of Space NV, said, “We are excited to be combining our business with Redwire, a leader in space infrastructure well positioned to help us continue delivering on Space NV’s potential in the international space market. We are confident that Space NV will benefit from Redwire’s expertise, talented team and leading infrastructure, and look forward to the future growth opportunities ahead for our business and employees. Joining forces with Redwire is an ideal path forward for Space NV as we continue to design and deliver mission successes to our customers.”
Transaction Financing and Closing
Redwire has received financing commitments for equity-linked securities from AE Industrial Partners. After giving effect to this financing, the transaction is expected to be financially accretive.
The transaction is subject to customary approvals and closing conditions and is expected to close in the fourth quarter of 2022.
Transaction Conference Call
Management will conduct a conference call starting at 9:00 a.m. ET on Monday, October 3, 2022 to discuss the transaction. The dial-in number for the live call is 877-485-3108 (toll free) or 201-689-8264 (toll), and the conference ID is 13733411. Redwire will live stream a presentation with slides during the call. Please use the following link to follow along with the live stream: https://event.choruscall.com/mediaframe/webcast.html?webcastid=If4RVn7Z.
A telephone replay of the call will be available for two weeks following the event by dialing 877-660-6853 (toll-free) or 201-612-7415 (toll) and entering the access code 13733411. The accompanying investor presentation will be available on October 3, 2022 on the investor section of Redwire’s website at ir.redwirespace.com.
Advisors
Jefferies LLC is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Redwire. Kroll, LLC is serving as financial advisor and Osborne Clarke is serving as legal advisor to QinetiQ Group.
About Redwire
Redwire Corporation (NYSE: RDW) is a leader in space infrastructure for the next generation space economy, with valuable IP for solar power generation and in-space 3D printing and manufacturing. With decades of flight heritage combined with the agile and innovative culture of a commercial space platform, Redwire is uniquely positioned to assist its customers in solving the complex challenges of future space missions. For more information, please visit www.redwirespace.com.
About QinetiQ
QinetiQ (QQ.L) is a leading science and engineering company operating primarily in the defence and security markets. We work in partnership with our customers to solve real world problems through innovative solutions delivering operational and competitive advantage. Visit our website www.QinetiQ.com. Follow us on LinkedIn and Twitter @QinetiQ. Visit our blog www.QinetiQ-blogs.com.
About QinetiQ Space NV
QinetiQ Space NV has accumulated over 35 years of mission heritage in orbit, delivering Earth observation, platforms, mechanisms, and science instruments in the space sector. Whether it’s extending the capabilities and possibilities of human space exploration, improving the performance and potential of satellite technology or the development of increasingly sophisticated docking systems, QinetiQ Space NV is a trusted partner for designing and delivering mission success.
Forward-Looking Statements
This press release contains “forward-looking statements” about Redwire's future expectations, plans, outlook, projections and prospects. Such forward-looking statements can be identified by the use of words such as “should,” “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” “proposes” and similar expressions. or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although Redwire believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions. these statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this communication include, but are not limited to, Redwire’s proposed acquisition of Space NV, including the timing and structure of the transaction, the financing of the transaction, the likelihood and ability of the parties to successfully consummate the proposed acquisition, including the receipt of required regulatory approvals, and the financial and other effects following the proposed acquisition. These forward-looking statements are subject to a number of risks and uncertainties. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 and our quarterly reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In addition, you are cautioned that past performance may not be indicative of future results. In light of the significant uncertainties in these forward-looking statements, you should not rely on these statements in making an investment decision or regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. Forward-looking statements speak only as of the date of the document in which they are contained, and Redwire does not undertake any duty to update any forward-looking statements except as may be required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this communication.
Non-GAAP Financial Information
This press release contains financial measures that have not been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). These financial measures include Adjusted EBITDA and Free Cash Flow.
Redwire uses Adjusted EBITDA to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Redwire uses Free Cash Flow as a useful indicator of liquidity to evaluate our period-over-period operating cash generation that will be used to service our debt, and can be used to invest in future growth through new business development activities and/or acquisitions, among other uses. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of free cash flow is available for discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure.
These Non-GAAP financial performance measures are used to supplement the financial information presented on a U.S. GAAP basis and should not be considered in isolation or as a substitute for the relevant U.S. GAAP measures and should be read in conjunction with information presented on a U.S. GAAP basis. Because not all companies use identical calculations, our presentation of Non-GAAP measures may not be comparable to other similarly titled measures of other companies.
Adjusted EBITDA is defined as net income (loss) adjusted for interest expense (income), income tax (benefit) expense, depreciation and amortization, impairment expense, acquisition deal costs, acquisition integration costs, acquisition earnout costs, purchase accounting fair value adjustment related to deferred revenue, severance costs, capital market and advisory fees, write-off of long-lived assets, equity-based compensation, committed equity facility transaction costs, and warrant liability fair value adjustments. Free Cash Flow is computed as net cash provided by (used in) operating activities less capital expenditures.
QinetiQ Space NV Financial Information
Financial information of QinetiQ Space NV is presented as of and for the year ended March 31, 2022, which is the most recently completed fiscal year for QinetiQ Space NV, and calculated in accordance with International Financial Reporting Standard (“IFRS”), whereas Redwire calculates its financial statements in accordance with U.S. GAAP and has a fiscal year end of December 31. The financial information of QinetiQ Space NV contained in this press release is based on data available to Redwire provided by QinetiQ Group. Such financial information has not been audited by Redwire or its auditors and is subject to change. The financial metrics and key performance indicators of QinetiQ Space NV may not be comparable to Redwire’s financial metrics of the same or similar name.
QinetiQ Space NV Key Performance Indicators
Contracted backlog is a key performance indicator calculated by Space NV. Space NV defines contracted backlog as the expected future value of revenue from contractually committed and funded customer orders. This information is based on data available to Redwire provided by QinetiQ Group. Contracted backlog is subject to change and may not be comparable to Redwire’s key performance indicators of the same or similar name.
Media Contact:
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DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology, will conduct a conference call and audio webcast to discuss its first quarter fiscal 2023 results on Wednesday, October 26th, 2022, at 5:00 pm Eastern Time.
The Company will also host an Investor Day event at the New York Stock Exchange on Monday, October 31st, at 8:00 am Eastern Time. Wolfspeed’s executive leadership team will provide an update on the business and the Company’s long-term outlook.
A live webcast of the earnings conference call and Investor Day, along with the earnings release and Investor Day materials will be available on Wolfspeed’s Investor Relations website at investor.wolfspeed.com.
About Wolfspeed, Inc.
Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and gallium nitride (GaN) technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.
Wolfspeed® is a registered trademark of Wolfspeed, Inc.
Media Relations:
Melinda Walker
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818-261-4585
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Tyler Gronbach
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--Under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the 8th World Green Economy Summit (WGES) concluded in Dubai. It was organised by the World Green Economy Organization (WGEO), Dubai Electricity and Water Authority (DEWA), and the Dubai Supreme Council of Energy. The summit was held under the theme ‘Climate Action Leadership through Collaboration: The Roadmap to Net-Zero’. A large number of ministers, experts, decision-makers, officials, representatives of institutions, and the academic community from around the world took part in the Summit.
During a ministerial roundtable on green economy at WGES with around 25 ministers and officials from around the world, HE Saeed Mohammed Al Tayer, Chairman of WGEO and MD & CEO of DEWA, launched the ‘Global Alliance on Green Economy’ to build a coalition of countries, prioritising a green economy in the context of climate action and sustainable development, to enhance the capacity of developing countries, provide support for their green economy transition projects and exchange knowledge on implementation.
Al Tayer said that the Alliance will continue to grow, be replicated, and be upscaled in various domains. He invited leaders across the world to join this journey and support effective green economic solutions that address the current economic and environmental needs.
“If we want to fast-track our transition to a green economy, we must all work together, and to do so, we need one platform with one common objective. The UAE Global Alliance on Green Economy seeks to provide such a platform. I extend my sincere appreciation to WGEO for supporting the Alliance. I look forward to achieving new milestones with our partners, learning from each other, and inspiring each other to reach new heights in our shared pursuit of a sustainable way of life,” said HE Mariam bint Mohammed Almheiri, UAE Minister of Climate Change and Environment.
*Source: AETOSWire
Khuloud Al Ali / Shaikha Almheiri / Mohammad Almheiri
Dubai Electricity and Water Authority
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DUBLIN--(BUSINESS WIRE)--The "Solar Direct Drive Refrigerator & Freezers Market Research Report by Position (Chest and Upright), Capacity, End-Use, Region (Americas, Asia-Pacific, and Europe, Middle East & Africa) - Global Forecast to 2027 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.
The Global Solar Direct Drive Refrigerator & Freezers Market size was estimated at USD 858.56 million in 2021, USD 1,007.17 million in 2022, and is projected to grow at a CAGR 15.56% to reach USD 2,045.30 million by 2027.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix evaluates and categorizes the vendors in the Solar Direct Drive Refrigerator & Freezers Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Global Solar Direct Drive Refrigerator & Freezers Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global Solar Direct Drive Refrigerator & Freezers Market during the forecast period?
3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Solar Direct Drive Refrigerator & Freezers Market?
4. What is the competitive strategic window for opportunities in the Global Solar Direct Drive Refrigerator & Freezers Market?
5. What are the technology trends and regulatory frameworks in the Global Solar Direct Drive Refrigerator & Freezers Market?
6. What is the market share of the leading vendors in the Global Solar Direct Drive Refrigerator & Freezers Market?
7. What modes and strategic moves are considered suitable for entering the Global Solar Direct Drive Refrigerator & Freezers Market?
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/m287lh
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQX: KGEIF) is pleased to announce that it has brought in a second drilling rig to drill the Emery 17-2H well located in the Company’s Tishomingo field in Oklahoma.
OPERATIONS
The Company anticipates spudding the Emery 17-2H well in the next few days. The drilling rig began moving in over the weekend. The Emery 17-2H is one of the five wells in the Company’s 2022 drilling program. The completion operations for the well are planned for the end of October.
The other drilling rig is currently drilling the lateral portion of the Brock 9-3H, with oil and gas shows as expected. After drilling the Brock 9-3H, the rig will slide over to drill the Glenn 16-3H from the same pad. The completion operations for the Brock 9-3H and Glenn 16-3H wells are planned to commence after the Emery 17-2H well is completed.
Wolf Regener, President, and CEO, commented, “We are pleased to add a second rig so that we are able to drill the Emery 17-2H well now and begin production from the new wells sooner than we previously thought. We look forward to getting all three of these wells on production, which will further increase our cash flow.”
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQX under the stock symbol KGEIF.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward looking information”), including statements regarding the expected timing and completion of the Company’s work and operations, , expected results from the wells, and anticipated cash flows.
Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including cost inflation of over 20% for the three remaining wells planned for 2022, work and operations in the Company’s 2022 drill program being completed on schedule, future operating costs, forecast prices and costs, estimated production, capital and other expenditures, plans for expected results of drilling activity, that anticipated results and estimated costs will be consistent with management’s expectations, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through cash flow, debt, financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contract disputes or shortages of equipment or labor or materials are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected adverse effects on the Company’s operations, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the price of oil will decline, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
For further information, contact:
Wolf E. Regener +1 (805) 484-3613
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Website: www.kolibrienergy.com
HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) announced today it has entered into a definitive agreement to acquire oil and gas assets in DeWitt and Gonzales counties (the “Acquisition” or “Transaction”) from an undisclosed seller for a cash purchase price of $87 million, subject to customary closing adjustments.
Acquisition Highlights:
MANAGEMENT COMMENTS
Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “This transaction fits our disciplined growth strategy of adding production at attractive valuations and increasing our high-quality inventory across both the Eagle Ford and Austin Chalk formations. The acquisition is a mix of incremental working interest on our existing acreage as well as new adjacent acreage, which provides for extended lateral lengths, increased drilling locations and enhanced returns for our optimized development program.”
Mr. Woolverton commented further, “We continue to build scale and increase cash flows through accretive acquisitions. This marks the seventh transaction we have announced since August of last year, and the second strategic bolt-on in SilverBow’s liquids weighted position in the Karnes trough. The enhanced economics from this transaction supports further oil development in this area in 2023. SilverBow continues to identify and execute on strategic opportunities that maximize free cash flow and increase stakeholder value.”
TRANSACTION DETAILS
The Acquisition has an effective date of June 1, 2022, and is expected to close in the fourth quarter of 2022. The total purchase price is approximately $87 million in cash, subject to customary closing adjustments. SilverBow intends to fund the Acquisition and related fees and expenses with cash on hand and borrowings under its revolving credit facility.
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale and Austin Chalk in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on the Company’s website is not part of this release.
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management's expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, risks and uncertainties discussed in the Company’s reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this news release. You should not place undue reliance on these forward-looking statements.
Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW
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