Now fully operational, Enviva’s Lucedale Plant is delivering a sustainably sourced, low-carbon, drop-in substitute for fossil fuels to help decarbonize industries and the global economy at large
BETHESDA, Md.--(BUSINESS WIRE)--#BioEnergy--Today, Enviva Inc. (NYSE: EVA), the world’s leading producer of sustainably sourced woody biomass, held a ceremonial ribbon cutting at its recently constructed wood pellet manufacturing facility in George County, Mississippi (MS). The event commemorates the emergence of more U.S.-based green jobs, and the completion of a new state of the art manufacturing facility, along with Enviva’s continued success, growth, and positive economic impact in Mississippi.
The Enviva Lucedale plant, located in George County, is Enviva’s second operating plant in the state, and the first plant in its newly formed Pascagoula cluster. The Lucedale plant began its ramp in production at the beginning of 2022 with a goal of reaching an annual permitted production capacity of 750,000 metric tons per year (MTPY). Looking back, construction on Enviva’s Lucedale plant supported approximately 400 cumulative jobs and represented an investment of more than $215 million in George County by Enviva.
“The global economy is once again at a crossroads. The need for alternative fuel and heat supply worldwide is even more urgent and our product, which is made possible because of the tremendous sustainable resources like those grown right here in Mississippi by Mississippians, plays an even more important role in filling this need while also building a renewable energy solution for people around the world,” said Thomas Meth, President of Enviva. “We are excited today to celebrate with you as our friends and partners who have worked closely with us on this project for years. We could not have reached this milestone without the hard work and support of everyone here.”
Now fully operational, Enviva has hired approximately 90 full-time employees for the Lucedale plant and supports nearly 300 jobs across the George County community. With more than half of the associates at the Lucedale plant residing in George County, Enviva’s practice of hiring locally ensures that George County directly benefits from the jobs created at the Lucedale plant. Over time, Enviva expects to generate an annual economic impact of $250 million in the region.
Located in a robust fiber supply basket, the Lucedale plant sources low-value wood from areas within 75 miles of the facility, creating durable markets for local landowners and incentives to keep land as forests. As the world’s largest producer of wood pellets, the company embraces its stewardship role in the forest products industry by encouraging the use of sound and scientifically proven forestry practices to improve forest health and productivity in the region.
“The opening of the Lucedale plant is a momentous occasion for the State, the County, and the entire forest products industry,” said Commissioner of Agriculture and Commerce Andy Gipson. “As one of the State’s largest agriculture industries, Mississippi’s forest products industry is thriving – and Enviva plays a big part of it. By utilizing low-value wood, Enviva has created a new market that, in turn, provides landowners and loggers with additional income while also incentivizing forest growth. We are so proud that Mississippi wood is being used in Enviva’s pellets to power homes and industry all over the world,” concluded Commissioner Gipson.
Enviva has worked diligently to become a valued member of the community by developing long-term relationships with local businesses and neighbors, and by providing strong support to various organizations such as local churches, departments of public safety and law enforcement, as well as youth development and sports programs.
“This project was made possible through community partnerships. The County worked closely with our utility partners - electric, water, and natural gas - to provide the resources for this plant to operate. We worked with our state and federal legislative partners to help funded these vital expansions,” said Frankie Massey, George County Board of Supervisors. “Our partnership with Enviva has brought this state-of-art facility to our Industrial Park providing new jobs, enhancing our infrastructure, and improving our property tax base.”
Enviva is progressing along its path to more than double production capacity over the next five years, from 6.2 million MTPY to approximately 13 million MTPY. Today’s announcement follows the news of Enviva’s recently opened terminal at the Port of Pascagoula and its forthcoming wood pellet manufacturing plant in Bond, MS. Between Enviva’s current Amory and Lucedale, MS plants, and its terminal at the Port of Pascagoula, MS, Enviva continues to renew its commitment to bringing new jobs and economic development to the Magnolia State.
To hear from local residents on how Enviva has helped to bolster economic development in George County and surrounding communities, click here.
About Enviva
Enviva Inc. (NYSE: EVA) is the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi, and is constructing its 11th plant in Epes, Alabama. Enviva sells most of its wood pellets through long-term, take-or-pay off-take contracts with creditworthy customers in the United Kingdom, the European Union, and Japan, helping to accelerate the energy transition and to decarbonize hard-to-abate sectors like steel, cement, lime, chemicals, and aviation fuels. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.
To learn more about Enviva, please visit our website at www.envivabiomass.com. Follow Enviva on social media @Enviva.
MEDIA:
Jacob Westfall
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+1 240-856-0324
LOS ANGELES--(BUSINESS WIRE)--$CGRN #Biogas--Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced today the appointment of Celia Fanning to the position of Chief Accounting Officer. On September 19, 2022, Capstone Green Energy Corporation (the "Company") appointed Celia Fanning as the Company's Chief Accounting Officer & Controller, effective September 26, 2022. In this role, Ms. Fanning will become the Company's principal accounting officer.
"Celia brings more than 22 years of finance experience and strong financial acumen to the Capstone team,” stated Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “With a solid executive style, Celia will be instrumental in quickly implementing improvements across our accounting and reporting processes. We look forward to her participation in our organization's transformation at this important time."
"I've been impressed by the innovation behind Capstone's technology and the team's dedication to improving their global customers' power needs and reducing the impact on the environment, all while saving them money," said Celia Fanning, Chief Accounting Officer and Controller of Capstone Green Energy. "I look forward to working with the Capstone management team."
Prior to joining the Company, Ms. Fanning served as Vice President of Finance & Accounting at Groundwork Coffee Holdings, LLC from April 2018 to February 2022. From September 2015 to October 2017, Ms. Fanning served as Vice President Finance at Spencer N. Enterprises, Inc. Ms. Fanning served as Vice President Finance and Controller for Sentry Control Systems, LLC from February 2011 to September 2015. Ms. Fanning was employed by JAKKS Pacific, Inc. as Vice President Corporate Controller from February 2000 to February 2010.
Ms. Fanning received a Master of Business Administration from the University of Southern California.
About Capstone Green Energy
Capstone Green Energy (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it..
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's target for growth of its rental fleet and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the sufficiency of the Company's working capital to meet its rental fleet growth target; the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and departures and other changes in management and other key employees. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason.
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on September 30, 2022 based on the Trust’s calculation of net profits generated during July 2022 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). Given the Trust’s receipt of insufficient monthly income from its net profits interests and overriding royalty interest during 2020 and 2021, the Trust had been expected to terminate by its terms at the end of 2021; however, as described further below, a court has issued a temporary restraining order enjoining the dissolution of the Trust until an arbitration tribunal can rule on the plaintiff’s request for injunctive relief. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $2.3 million. Revenues from the Developed Properties were approximately $4.4 million, lease operating expenses including property taxes were approximately $2.0 million, and development costs were approximately $81,000. The average realized price for the Developed Properties was $101.46 per Boe for the Current Month, as compared to $112.62 per Boe in June 2022. Oil prices in recent months generally have remained elevated well above their 2020 and 2021 levels, and were higher in the Current Month as compared to July 2021. The cumulative net profits deficit amount for the Developed Properties declined approximately $1.8 million, to approximately $10.6 million in the Current Month versus approximately $12.4 million in the prior month.
The Current Month’s calculation included approximately $143,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $99.25 per Boe in the Current Month, as compared to $110.74 per Boe in June 2022. The cumulative net profits deficit for the Remaining Properties decreased by approximately $299,000 and was approximately $92,000 for the Current Month.
The monthly operating and services fee of approximately $100,000 payable to PCEC, together with Trust general and administrative expenses of approximately $8,000 and the payment to PCEC of approximately $42,000 of accrued interest under the promissory note between the Trust and PCEC, together exceeded the payment of approximately $143,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $8,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $8,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $3.6 million plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||
Sales Volumes |
Average Price |
|||
(Boe) |
(Boe/day) |
(per Boe) |
||
Developed Properties (a) |
42,920 |
1,385 |
|
$101.46 |
Remaining Properties (b) |
19,514 |
629 |
|
$99.25 |
(a) Crude oil sales represented 99% of sales volumes |
||||
(b) Crude oil sales represented 100% of sales volumes |
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the recognition related to net present value of future plugging and abandonment costs that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the undiscounted amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $10.7 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of each of the first, second and third quarters of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $5.1 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $288,000, net to the Trust’s interest. PCEC has informed the Trustee that the audit of PCEC’s financial statements for the year ended December 31, 2021 has not yet been completed, and that when the audit is completed, PCEC expects to recognize further revisions to the ARO accrual for the Developed Properties, but at this time cannot estimate the amount or direction of any such revisions.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the trust agreement provides that the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. Because of the cumulative net profits deficit—which PCEC contends is the result of the substantial reduction in commodity prices during 2020 due to the COVID-19 pandemic and PCEC’s deduction of estimated ARO beginning in the first quarter of 2020—the only cash proceeds the Trust has received since March 2020 have been attributable to the 7.5% overriding royalty interest. As a result, the total proceeds received by the Trust in each of 2020 and 2021 were less than $2.0 million. Therefore, the Trust had been expected to terminate by its terms at the end of 2021.
Status of the Dissolution of the Trust
As previously disclosed in the Trust’s Current Report on Form 8-K filed on December 23, 2021, on December 8, 2021, Evergreen Capital Management LLC (“Evergreen”) filed an Amended Class Action and Shareholder Derivative Complaint alleging a derivative action on behalf of the Trust and against PCEC in the Superior Court of the State of California for the County of Los Angeles (the “Court”).
On December 10, 2021, Evergreen filed a motion for temporary restraining order and for preliminary injunction, seeking to (1) enjoin the Trustee from dissolving the Trust, (2) enjoin PCEC from dissolving the Trust, (3) direct PCEC to account for all monies withheld from the Trust on the basis of ARO costs since September 2019, and (4) direct PCEC to place such monies in escrow.
On December 16, 2021, the Court granted Evergreen’s application for a temporary restraining order only to the extent of enjoining the dissolution of the Trust. Accordingly, the Trust did not dissolve at the end of 2021 and commence the process of selling its assets and winding up its affairs.
On January 11, 2022, PCEC and Evergreen filed an agreed stipulation to stay the prosecution of Evergreen’s derivative claims pending an arbitration of such claims. On January 13, 2022, the Court signed an Order dissolving the December 16, 2021, temporary restraining order and entering a new temporary restraining order to preserve the status quo until a tribunal of three arbitrators appointed pursuant to the trust agreement could rule on any request by Evergreen for injunctive relief. On April 11, 2022, PCEC notified the Court, at the arbitrators’ request, that the arbitration panel had issued an order on April 7, 2022, denying Evergreen’s request for injunctive relief. On April 13, 2022, Evergreen notified the Court that Evergreen had filed a motion for reconsideration with the arbitration panel that same day, which was denied on May 26, 2022. On August 30, 2022, the arbitration Panel issued a Partial Final Award dismissing with prejudice Evergreen’s derivative claims against PCEC, including Evergreen’s application for an injunction. PCEC has moved to confirm that Partial Final Award in the California Superior Court, which is scheduled to hear that application on December 5, 2022.
On June 20, 2022, Evergreen filed an amended pleading in the arbitration, adding the Trustee as a party to that proceeding. In early September 2022, Evergreen informed the Trustee that it was going to seek a preliminary injunction while its claims against the Trustee were pending. At the request of the arbitration panel, the Trustee agreed to take no steps toward the sale of the Trust corpus until the Panel decided Evergreen’s application for a preliminary injunction. On September 15, 2022, Evergreen filed a motion to enjoin the Trustee from selling the Trust assets or dissolving the Trust during the pendency of the arbitration. The Trustee and PCEC filed oppositions to Evergreen’s motion on September 22, 2022. The motion is scheduled to be heard by the panel on October 27, 2022.
Production Update
PCEC has informed the Trustee that PCEC continues to strategically deploy capital to enhance and maintain production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. Although oil prices have improved significantly from their lowest levels in 2020, any monthly payments, as a result of enhanced production, that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Cancellation of Connection Agreement with Phillips 66
PCEC has informed the Trustee that on September 22, 2022, PCEC received notice from Phillips 66 of the cancellation of the Connection Agreement between PCEC and Phillips 66 with respect to the three leases located south of Orcutt in Santa Barbara, California, effective upon completion of PCEC’s deliveries in December 2022. As a result of the cancellation, PCEC will no longer have a pipeline interconnection between the Orcutt properties and the Santa Maria Refinery, which Phillips 66 is expected to shut down in early 2023. Currently this pipeline is the sole means by which PCEC transports its crude oil from the Orcutt properties, which relates to approximately 86% and 91% of the production attributable to the Trust’s interests in 2021 and to date in 2022, respectively.
The shutdown of the refinery and the pipeline will adversely affect PCEC’s financial performance, and the revenues that may be payable to the Trust, if PCEC is unable to secure alternative means of transporting oil from the Orcutt properties to market. PCEC has indicated to the Trustee that it has been and continues to explore options to secure the transport of its oil from the Orcutt properties by other means.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders, expectations regarding the outcome of the legal proceedings relating to the Trust and any future dissolution of the Trust, statements regarding the impact of returning shut-in wells to production, expectations regarding the cancellation of the Connection Agreement between Phillips 66 and PCEC and the shutdown of the Santa Maria refinery, and the impact of such cancellation and shutdown on PCEC’s financial condition and future payments to the Trust, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time as a result of a variety of factors that are beyond the control of the Trust and PCEC. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
NEW YORK--(BUSINESS WIRE)--OIC, a leading North American infrastructure investment firm, has announced twelve promotions over the last nine months across new and existing investment strategies.
“Creating growth opportunities for our multifaceted team is core to OIC’s vision,” said Nazar Massouh, CEO and Co-Managing Partner. “We are pleased to celebrate our top performers as they grow their responsibilities and increase their impact on OIC’s success.”
Zhao Yang (LINKEDIN) and Matt Kondratowicz (LINKEDIN) were promoted to Managing Director in recognition of their significant contributions to the firm across the legal and Investment Performance & Optimization (IPO) functions. Zhao is the General Counsel for OIC’s Infrastructure Growth investment strategy and is responsible for legal, structuring, and compliance matters across the firm’s investment and operational activities. Zhao is a voting member of both OIC’s ESG Committee and the firm’s Diversity Committee. Matt is Head of the IPO Group responsible for driving value creation, improving efficiency, executing follow-ons and divestitures, and mitigating risk across OIC's investment portfolio.
Abbie Perry (LINKEDIN), Jon Saelinger (LINKEDIN), and Dave Blanchard (LINKEDIN) were promoted to Senior Vice President. Abbie, based in Houston, is Controller of the Infrastructure Growth investment strategy and is also responsible for accounting and finance matters across OIC including investor and tax structuring and reporting for OIC’s multiple funds. Dave and Jon, both based in New York, are responsible for the evaluation, due diligence, execution, and monitoring of investments. Jon focuses on the Infrastructure Credit investment strategy and Dave is dedicated to the Infrastructure Growth investment strategy.
Robert Finger (LINKEDIN) , Mimi Powell (LINKEDIN), Georgiana Zehner (LINKEDIN) and Grace van Bark (LINKEDIN) were promoted to Vice President. Robert is based in Houston and works in the IPO Group with responsibilities for driving value creation, improving efficiency, executing follow-ons and divestitures across OIC's investments. Mimi is counsel in the New York office focused on OIC’s three investment strategies and is responsible for legal, structuring, and compliance matters. Both Georgiana and Grace are on the OIC Infrastructure Credit investment team in Houston and are responsible for the evaluation, due diligence, execution and monitoring of investments in the Credit investment strategy.
Kaitlyn Evins (LINKEDIN) was promoted to Senior Associate on the accounting and finance team. Kaitlyn is based in Houston and handles investor, tax and other finance and accounting matters across all of OIC’s investment strategies.
Lindsay Hagmann (LINKEDIN) and Dimitrios Konstantellos (LINKEDIN) were promoted to Associate. Lindsay is based in the Houston office and is responsible for accounting, finance, and tax matters across the firm. Dimitrios is on the Risk and Investment Strategists team. He is responsible for risk analysis and optimization, data management, and monitoring of investment performance.
“We are very proud of these individuals. They have been instrumental in allowing the firm to deliver strong returns to investors and build fantastic investment, legal and finance functions, all while strategically growing to thirty-five people in three offices to manage over $3 billion across three investment strategies. These promotions also continue OIC’s trend of providing great opportunities for a diverse set of people from a variety of backgrounds very early on in their careers,” said Karen Vejseli, Partner and Group CFO.
About OIC
With over $3 billion in assets under management, OIC invests in North America and select international markets. OIC’s unique partnership approach – for entrepreneurs, by entrepreneurs – cultivates creative credit, equity, and growth capital solutions to help middle market businesses scale and deploy sustainable infrastructure. OIC’s target investment sectors include energy efficiency, digital infrastructure, social infrastructure, sustainable power generation, renewable fuels, waste & recycling, water, transportation, and agriculture. OIC was founded in 2015 by a team of energy and sustainability veterans, successful infrastructure investors, and former asset owners and industry operators. Across OIC’s platform is a team of 35 professionals based in New York, Houston and London. For more information, please visit www.OIC.com.
Reyno Norval
+1 (212) 292-0345
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HOUSTON--(BUSINESS WIRE)--Murphy Oil Corporation (NYSE: MUR) will host a conference call and webcast beginning at 10:00 a.m. Eastern Daylight Time (EDT) on Thursday, November 3, 2022 to discuss third quarter 2022 earnings. The company plans to release its financial and operating results before the market opens that morning.
A webcast link and related presentation material will be included on the Investors page of the company’s website at http://ir.murphyoilcorp.com.
Date: Thursday, November 3, 2022
Time: 10:00 a.m. EDT
Toll Free Dial-in: 888-886-7786
Conference ID: 08535739
ABOUT MURPHY OIL CORPORATION
As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company’s website at www.murphyoilcorp.com.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as “aim”, “anticipate”, “believe”, “drive”, “estimate”, “expect”, “expressed confidence”, “forecast”, “future”, “goal”, “guidance”, “intend”, “may”, “objective”, “outlook”, “plan”, “position”, “potential”, “project”, “seek”, “should”, “strategy”, “target”, “will” or variations of such words and other similar expressions. These statements, which express management’s current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company’s future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see “Risk Factors” in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC’s website and from Murphy Oil Corporation’s website at http://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements.
Investor Contacts:
Kelly Whitley, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9107
Megan Larson, This email address is being protected from spambots. You need JavaScript enabled to view it., 281-675-9470
LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc., (NASDAQ: JBHT) announced today that it expects to issue third quarter 2022 earnings after the market closes on Tuesday, October 18. It will hold a conference call from 4:00-5:00 p.m. CDT on the same day to discuss the quarterly results and answer questions from the investment community. An online, real-time webcast of the quarterly conference call will be available at investor.jbhunt.com on October 18 at 4:00 p.m. CDT. An online replay of the earnings call webcast will be available a few hours after the completion of the call.
This press release may contain forward-looking statements, which are based on information currently available. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2021. We assume no obligation to update any forward-looking statement to the extent we become aware that it will not be achieved for any reason. This press release and additional information will be available immediately to interested parties on our web site, www.jbhunt.com.
About J.B. Hunt
J.B. Hunt Transport Services, Inc., a Fortune 500 and S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.
Brad Delco
Senior Vice President – Finance
479.820.2723
BOSTON--(BUSINESS WIRE)--China is an early leader in the adoption of battery swapping technology and the Battery-as-a-Service (BaaS) business model, thanks to growing policy support since 2020 and the success of some early entrants such as Nio, BAIC and Aulton. The latest Strategy Analytics Electric Vehicles Service (EVS) report, The Rising Battery Swapping Market in China analyzes the Chinese battery swapping market and notes that different players from diverse backgrounds are coming together in the development and exploitation of the battery swapping business model and its opportunities.
Long charging times are perceived as a bottleneck to OEMs seeing increased BEV sales. Battery swapping technology is emerging as an alternative to battery charging infrastructure provisioning a BEV driver with a fully charged battery in a time that is comparable with refueling a combustion vehicle. Separating the battery from the vehicle also helps to lower the upfront cost of BEVs and enables centralized battery charging and management, smoothing demand from the power grid, increasing the lifespan of battery packs, and offering a ready source for the future recycling.
It is applied in various scenarios, across passenger vehicles for private users or shared mobility, including taxi and ride-hailing fleets, and commercial vehicles such as buses, delivery trucks, and vans. Different players from diverse backgrounds in China are coming together in the development and exploitation of the battery swapping business model and its opportunities. Apart from the successful early entrants, including OEMs and station operators such as Nio, BAIC and Aulton, many new entrants are also making material investments in the battery swapping business, varying from energy providers to battery manufacturer.
“As beneficial as the battery swapping business seems to the BEV industry, there are still many challenges,” observed Julia An, report author and industry analyst in the EVS Service. “High cost of building and operating a swap station and difficulty in sharing swap stations across OEMs impose high risks on the commercialization of battery swapping. The rapid improvements in ultra-fast charging and wireless charging technologies and decreasing battery prices could also obviate the current advantages of battery swapping technology.”
“Strong policy support, OEM commitments, and standardization will allow battery swapping to serve as a complementary approach to fast charging networks in China,” noted Asif Anwar, Executive Director |Global Automotive Practice (GAP). “Adoption of battery swapping will be better suited to support the needs of BEV fleets operated by taxis, shared mobility, rental, and commercial fleet operators who have higher daily mileage and are more sensitive to downtime costs.”
About Strategy Analytics
Strategy Analytics, Inc. is a global leader in supporting companies across their planning lifecycle through a range of customized market research solutions. Part of TechInsights, our multi-discipline capabilities include industry research advisory services, customer insights, user experience design and innovation expertise, mobile consumer on-device tracking and business-to-business consulting competencies. With domain expertise in smart devices, connected cars, intelligent home, service providers, IoT, strategic components and media, Strategy Analytics can develop a solution to meet your specific planning need. For more information, visit us at www.strategyanalytics.com.
For more information about Strategy Analytics
Electric Vehicles Service (EVS)
Report contacts:
European Contact: Asif Anwar, +44 (0)1908 423 635, This email address is being protected from spambots. You need JavaScript enabled to view it.
US Contact: Mark Fitzgerald, +1 617 614 0773, This email address is being protected from spambots. You need JavaScript enabled to view it.
China Contact: Kevin Li, +86 186 0110 3697, This email address is being protected from spambots. You need JavaScript enabled to view it.
VALLEY FORGE, Pa.--(BUSINESS WIRE)--UGI Corporation (NYSE: UGI) announced today that John L. Walsh will retire from the UGI Board at the annual meeting of shareholders to be held in January 2023.
Frank S. Hermance, UGI’s Chair of the Board of Directors, stated, “On behalf of the entire UGI Board, I would like to thank John for his guidance, leadership and many years of dedicated service as an executive and as a member of the Board. We are particularly grateful to John for ensuring a smooth and successful CEO transition to Roger Perreault and his thoughtful contributions in the boardroom. While we will miss John’s valuable insights, we wish him a happy and healthy retirement.”
Roger Perreault, UGI’s President and CEO, commented, “I am grateful to John for his guidance and mentorship throughout the years and appreciate the example John set everyday with his unwavering commitment to our shareholders, employees, customers and other stakeholders. I will personally miss having John as a member of the Board, but wish him all the best in his well-deserved retirement.”
Reflecting on his many years as a Director of UGI, Mr. Walsh remarked, “It has been an honor to serve on the UGI board for the past 17 years. It is an outstanding and insightful board totally committed to UGI’s success. While I will greatly miss working with Frank, Roger and my board colleagues, I look forward to UGI’s future growth and success as our dedicated teams deliver superior energy solutions to our customers and communities.”
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.
Investor Relations
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
The time for global carbon reduction is now, and global campaign is in action.
SHANGHAI--(BUSINESS WIRE)--CHINT Limitless has successfully wrapped up its global branding season, wherein it made strides in sharing carbon reduction solutions with more than ten different countries and regions, and set out to explore new paths for Chinese businesses to communicate with companies going abroad. “CHINT is deeply rooted in the global electric power market, and is constantly exploring the greater potential for energy transformation. Our desire is to engage in the sharing of innovative concepts and opportunities related to electricity throughout the world, and to work hand-in-hand with others in creating a greener world.” commented CEO of CHINT Electrics, Ms. Lily Zhang.
Spanning multiple continents from the East to the West, encompassing countries in both the northern and southern hemispheres, covering a period of nearly 100 days, through the combination of online and in-person methods, using brand summits, in-store visits and displays, live unboxings, green initiatives and other similar means, CHINT enthusiastically called on the participation of its global partners. According to figures, nearly 100 CHINT exclusive shops across 5 continents, from Europe, Asia, Africa, and Latin America answered the call, and subsequently called on the support of client partners from fields such as solar solution, data center, HVAC and LV components, all with the goal of uncovering solutions for carbon reduction within the industry.
In Spain, CHINT and the local electrical associations jointly held a webinar to discuss the technical characteristics and application scenarios of the industry by taking CHINT products as an example; In Indonesia, CHINT and its local partners joined forces and engaged in sharing knowledge and expertise with over 150 electricians.
As it stands, sustainable development has become a global issue, and the power sector is at the forefront in terms of carbon reduction. CHINT is dedicated to becoming a global leader as a smart energy solutions provider. It will put the 38 years of industry expertise to work in tackling the global need for green energy, smart electrics and smart carbon reduction, giving full play to the cumulative industry leadership and project engineering and implementation capabilities, proactively collaborating with the business partners in over 140 countries and regions throughout the world, contributing to the global energy transformation of “CHINT Solutions”.
Cora Geng
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Users of NeoSpectra devices can evaluate, select, and configure validated calibration models built by trusted NIR experts for plug-and-play analysis of a wide range of agricultural, food, and feed products.
MENLO PARK, Calif.--(BUSINESS WIRE)--#foodquality--NeoSpectra by Si-Ware, the creator of NeoSpectra material analysis solutions built on single-chip FT-NIR spectrometers, today announced the release of the first-of-its-kind marketplace of near-infrared (NIR) calibration models with the launch of the NeoSpectra LabStore. Si-Ware is the creator of the world’s most versatile handheld material analyzer. The LabStore marks a key addition to the NeoSpectra product solutions for fast and accurate on-site material analysis.
NIR spectroscopy is a widespread technique trusted by thousands of users daily to provide accurate and reliable analysis in various applications including food, animal feed, grains, agricultural products, flour milling, pharmaceutical, polymers, chemicals, and others. NIR analysis has many advantages, including speed, ease of use, no hazardous chemicals, etc., but it does require calibration models for each application to predict the parameters of interest, such as protein or oil content from the NIR spectral information. However, the development of these models is not an easy task and requires experienced and qualified NIR scientists, chemometricians, or calibration specialists to collect data from a large number of samples with reference values to train and test the models. For these reasons, deployment of NIR spectroscopy outside the lab can be challenging for organizations without the requisite expertise or resources.
The NeoSpectra LabStore represents a complete solution for those challenges. NeoSpectra users now have access to an unprecedented variety of ready-to-use NIR models, and through the LabStore, they can easily compare available models developed by different trusted developers and select the ones that best suit their needs. Once they subscribe to a model, it is automatically available on the NeoSpectra Scan app on their mobile device, ready for real-time analysis.
For NIR model developers such as laboratories, researchers, universities, and companies, the NeoSpectra LabStore can expand the potential reach of their models and produce returns on the investments they have made in their model development.
“The launch of the NeoSpectra LabStore is bringing us one step closer to our vision of bringing easy, accurate NIR analysis to any user no matter where they are or the resources they have available to them,” said Youssri Helmy, CEO of Si-Ware Systems. “We are working closely with trusted partners to continually bring new applications to our NeoSpectra platform. These partners bring their decades of expertise and offer accurate and reliable NIR models at an affordable price. All models are presented to the user in a way that is as easy-to-use as the app stores found on the iOS or Android platforms.”
Today, the LabStore has more than 70 different calibration packages and bundles comprising more than 1,000 prediction models that enable the quantitative determination of parameters like protein, moisture, NDF, starch, fat, and amino acids in forages, animal feed, grains, feed ingredients, pet food, and flour milling. The models are developed on NeoSpectra’s model development platform, by renowned partners such as AUNIR, Dairyland Labs, and NutriControl, from samples collected across different regions and seasons.
In recognition of this milestone, NeoSpectra by Si-Ware has two limited-time offers:
For press inquiries, please e-mail Bob Schumann at This email address is being protected from spambots. You need JavaScript enabled to view it..
About NeoSpectra by Si-Ware
NeoSpectra by Si-Ware’s all-in-one, universal material analysis solution platform, built on a family of single-chip FT-NIR spectrometers, enables businesses to bring the lab to the field and makes the concept of analyzing anywhere with high return on investment a reality. Combining portable analyzers that have unprecedented performance and accuracy with the NeoSpectra LabStore, a secure place to discover and download test methods developed by FT-NIR technology experts such as laboratories, researchers, universities, and companies, NeoSpectra by Si-Ware’s solutions deliver instant insights to industries such as agriculture, food, life sciences, and others. NeoSpectra by Si-Ware is headquartered in Menlo Park, California, with research and development centers in Paris, France, and Cairo, Egypt. For more information, visit www.Si-Ware.com.
Bob Schumann
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NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has entered into an agreement with HENT AS (“HENT”), one of Norway’s largest general contractors and project developers. HENT will be responsible for the planning, project management and construction of FREYR’s 120,000 square-meter battery factory building including facilities and infrastructure in Mo i Rana, Norway, known as Giga Arctic.
HENT has previously delivered several large construction projects across the Nordics to companies in both the public and private sectors. For Giga Arctic, HENT’s role includes the construction, technical installations, and related infrastructure.
“This is an exciting milestone for us. With HENT now at the helm of constructing Giga Arctic, we expect to be well-positioned to meet our targets for clean battery production. We selected HENT as our partner on this journey due to their great track record in building and developing large and complex facilities, as well as their work with us so far on Giga Arctic,” says Einar Kilde, EVP Project Execution, FREYR.
“In addition, HENT’s commitment to Health, Safety, Security and Environment (“HSSE”) is well aligned with our own, and we see that along with the much-needed speed and scale we target for battery production, sustainability is of equal weight and importance,” Kilde adds.
In December 2021, FREYR announced an initial collaboration agreement with HENT. This contract covered the first stage of development for FREYR’s Giga Arctic Factory in the Mo Industrial Park. The new agreement marks the start of phase two and the commencement of construction of the Giga Arctic plant.
“We’re extremely pleased and proud to be on board for the next phase of FREYR’s battery development in Norway. This is a testament to our strong alignment and positive collaboration as we navigate these large-scale construction projects side-by-side. At HENT, we are active proponents of building as safely and sustainably as possible, and when working with FREYR, we find a like-minded partner with a clear vision of a strong and sustainable battery industry in Norway, one that starts in the heart of Rana municipality,” says Knut Alstad, EVP Market & Development, HENT.
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com
About HENT AS
HENT is a leading construction company that mainly works with new construction of public and commercial real estate. HENT focuses on project development, project management and purchasing. Its projects are carried out with its own project administration and in collaboration with a knowledgeable network of quality-assured subcontractors. It conducts projects throughout Norway and in selected segments in Sweden and Denmark.
Cautionary Statement Concerning Forward-Looking Statements
All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s ability to meet its targets for clean battery production; HENT’s ability to deliver on the planning, project management and building of FREYR’s more than 80,000 square-meter battery production facilities in Mo i Rana, Norway, known as Giga Arctic; HENT’s role in the construction, technical installations, and related infrastructure of Giga Arctic; and FREYR’s and HENT’s commitment to HSSE and its ability to deliver speed, scale and sustainability in battery production are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in (i) FREYR’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC") on September 1, 2022, and (ii) FREYR’s annual report on Form 10-K filed with the SEC on March 9, 2022, available on the SEC’s website at www.sec.gov.
Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
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Tel: (+1) 281-222-0161
Media contact:
Hilde Rønningsen
Communications Director
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Tel: (+47) 453 97 184
DALLAS--(BUSINESS WIRE)--Rosewood Private Investments (“RPI” or “Rosewood”) is pleased to announce the acquisition of The Southern Co., Inc. (“SoCo”), which will operate as a subsidiary of existing holding company, StationServ Holdings, LLC (“StationServ”). This is the second acquisition for the StationServ family of companies since RPI formed the entity in December 2021.
Established in 1945 and headquartered in Memphis, TN, SoCo is a petroleum equipment distributor specializing in sales, construction, service, electrical, and environmental compliance testing for the petroleum and industrial end markets in the Mid-South area. Since 1992, SoCo has been operated by the Scott Family, currently by Eric Scott and Jason Scott, both of whom will continue to be involved in the day-to-day activities going forward.
Eric Reisner, CEO of StationServ, said, “with the addition of SoCo, StationServ is even more well equipped to provide total lifecycle solutions to customers across the Mid-South. AMPET, PECO and DTS have served as a strong foundation which will be further fortified with the addition of SoCo. SoCo brings expertise to multiple of our existing service lines, as well as geographical expansion to the combined companies.”
Eric Scott, principal of SoCo commented, “SoCo is excited to join the StationServ family of companies under the direction of Rosewood Private Investments. Being a member of StationServ, Team SoCo looks forward to expanding our breadth of services while enhancing our customer’s experience.”
Jason Scott, principal of SoCo, added, “partnering with StationServ and Rosewood is the perfect opportunity for our customers, vendors and, most importantly, our employees.”
Consistent with the existing subsidiaries of StationServ, SoCo is a distributor for the largest fuel dispenser OEM, Gilbarco. As a licensed mechanical and electrical contractor in three states, SoCo brings decades of experience to any project and will enhance StationServ’s existing capabilities. Additionally, the acquisition further densifies StationServ’s presence in its existing footprint in the Mid-South, allowing the combined companies to better serve customers.
G.T. Barden, Managing Director of RPI, said, “The Southern Co. nicely complements AMPET and PECO, and the Scott family should be very proud of the company they’ve built. We look forward to partnering with Eric, Jason, and their entire team for the next stage of the company’s journey. This addition to the StationServ family of companies allows us to extend our reach and broaden our service offerings for both existing and new customers.”
About StationServ:
Established in 2021 with RPI’s acquisitions of Petroleum Equipment Company (“PECO”) and American Petroleum (“AMPET”), StationServ is RPI’s holding company for businesses involved in the service, installation, distribution, and repair of fuel equipment. In July 2022, StationServ subsidiary, PECO, acquired Durand’s Testing Service (“DTS”), marking the first add-on acquisition for StationServ.
About Rosewood Private Investments:
Rosewood has a long history of investing in and creating value within numerous industries. RPI’s approach to working with operating partners to strategically grow companies through acquisitions and organic means has proven successful for all stakeholders. Our current holdings are focused on industrial services, fire & life safety services, IT services, and manufacturing technologies. In addition to these areas, we are pursuing new platforms in specialty chemicals, transportation & logistics, and outsourced business services, among others. We welcome any information about investment opportunities within these verticals.
Visit www.rosewoodpi.com to learn more.
G.T. Barden, Managing Director 214-849-9048 This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--$XPRO #XPRO--Leading energy services provider Expro (NYSE: XPRO) has successfully completed the plug and abandonment (P&A) of Ireland’s first indigenous gas wells.
Expro provided the delivery of integrated subsea and well test services over an eight-month period to intervene, plug and abandon subsea wells from a mobile offshore drilling unit located in the Celtic Sea.
The subsea intervention scope utilized Expro’s 7 3/8” ELSA (Expro landing string assemblies) system, supported by a complete backup system and direct hydraulic topside and subsea controls package.
Achieving over 3,000 successful operations globally, ELSA is Expro’s industry-leading subsea well access technology, providing clients with a safe and environmentally secure operating system for the commissioning and decommissioning of subsea wells.
Expro completed the work scope with 100% operational uptime and zero non-productive time (NPT) across the duration of the project.
The performance on this project, allied with the recent highly successful completion of Intervention Riser System deep-water operations in Mauritania, further enhances Expro’s position as a leading provider of subsea P&A solutions.
Graham Cheyne, Expro’s Vice President of Subsea Well Access, commented:
“With ten wells successfully intervened and abandoned one after another in a short timeframe, the reliability of the system was proven with 100% operational uptime and zero NPT, improving the efficiency of Expro and our client’s subsea operations over the extended operational period.
“This project not only enhances our already established subsea well access experience and track record, but it also demonstrates our strong position to deliver value and extraordinary performance in the integrated decommissioning and plug and abandonment market.
“Building on our industry-leading technology, the latest Subsea Test Tree Assemblies addition, our Next Generation Landing String, is designed to fully comply with all aspects of the industry’s latest API17G standard. The system includes a range of new and advanced design elements and functionality across its 7-3/8” valve range, incorporating high-debris tolerant ball mechanism and hydraulic latch mechanism, as well as supplying dual seal protection for safe and environmentally secure operations.”
Colin Mackenzie, Expro’s Vice President of Europe and Sub-Saharan Africa, added:
“Throughout this project the team showed a true commitment to both Expro’s and our client’s high environmental and safety standards. I see this is a true reflection of Expro’s dedication and passion to supporting our people, our clients, and the environments in which we operate.”
Expro
Working for clients across the well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions.
With roots dating to 1938, Expro has approximately 7,200 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries.
For more information, please visit: expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, the Company’s environmental, social and governance goals, targets and initiatives, and the benefits and success of the ELSA system, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company’s Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, historical practice, or otherwise.
Media Contact
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HOUSTON--(BUSINESS WIRE)--WM (NYSE: WM) announced that it will release third quarter 2022 financial results before the opening of the market on Wednesday, Oct. 26, 2022. Following the release, WM will host its investor conference call at 10 a.m. ET.
Listeners can access a live audio webcast of the conference call by visiting investors.wm.com and selecting “Events & Presentations” from the website menu. A replay of the audio webcast will be available at the same location following the conclusion of the call.
Participants who will be dialing in for the conference call should register to obtain their dial in and passcode details. Participants may pre-register at any time, including up to and after the call start time.
The Company participates in investor presentations and conferences throughout the year. Interested parties can find a schedule of these conferences at investors.wm.com by selecting "Events & Presentations."
ABOUT WM
WM (WM.com) is North America's largest comprehensive waste management environmental solutions provider. Previously known as Waste Management and based in Houston, Texas, WM is driven by commitments to put people first and achieve success with integrity. The company, through its subsidiaries, provides collection, recycling and disposal services to millions of residential, commercial, industrial and municipal customers throughout the U.S. and Canada. With innovative infrastructure and capabilities in recycling, organics and renewable energy, WM provides environmental solutions to and collaborates with its customers in helping them achieve their sustainability goals. WM has the largest disposal network and collection fleet in North America, is the largest recycler of post-consumer materials and is the leader in beneficial reuse of landfill gas, with a growing network of renewable natural gas plants and the most gas-to-electricity plants in North America. WM's fleet includes nearly 11,000 natural gas trucks – the largest heavy-duty natural gas truck fleet of its kind in North America – where more than half are fueled by renewable natural gas. To learn more about WM and the company's sustainability progress and solutions, visit Sustainability.WM.com.
Waste Management
Website:
www.wm.com
Analysts:
Ed Egl
713.265.1656
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Media:
Toni Werner
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DUBLIN--(BUSINESS WIRE)--The "Energy Harvesting Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Energy Harvesting Systems Market to Reach $651.5 Million by 2025
The global market for Energy Harvesting System is projected to reach US$651.5 Million by 2025, registering a compounded annual growth rate (CAGR) of 9.7% over the analysis period.
The pressing need for energy security and the negative environmental footprint of traditional fossil fuels is driving the demand for solutions to reap sustainable and renewable energy sources. On the other side of the spectrum, there are efforts to capture small amounts of the wasted energy through energy harvesting. Recovering a small fraction of the energy is anticipated to hold major environmental and economic impact.
The market is heading for a major leap forward on account of confluence of multiple trends like rising demand for energy-efficient, durable systems, strong focus on clean energy and government initiatives to promote energy harvesting technology. The market is bound to gain from extensive adoption of IoT devices in the automation domain and energy harvesting systems in home and building automation.
The increasing attention on vibration energy harvesting has pushed the significance of portable, low-power energy sources, which can be attributed to mass adoption and advances in portable electronic devices. These energy harvesting systems are finding extensive adoption to enable wireless and portable electronic goods with extended service life.
Being a clean and renewable source of energy, vibration energy harvesting is garnering notable attention, driving the adoption of these systems in independent low-power microsystems, portable energy sources, self-powered wireless sensor systems and distributed computing to supplant or renew conventional power sources. Recent advances are anticipated to enable these systems to capture, deal with and store desirable measures of the motion energy as well as converting it into electricity to support low-power devices.
The United States represents the largest regional market for Energy Harvesting System, accounting for an estimated 37.4% share of the global total. The market is projected to reach US$254.9 Million by the close of the analysis period. The United States is forecast to emerge as the fastest growing regional market with a CAGR of 10.6% over the analysis period.
The US commands the global energy harvesting system market and is likely to register the fastest growth in the coming years on account of favorable macroeconomic scenario and technological advancements. The region has emerged as a major home and building automation market that uses renewable energy and presents lucrative opportunities to the energy harvesting systems market.
In addition to finding increasing adoption in building automation, consumer electronics and wireless sensor networks, these systems are expected to witness high acceptance in the marine, military and aerospace industries across the region. The Asia-Pacific (including China) market is likely to be propelled by increasing population and disposable income, and adoption of energy-efficient peripherals and components in the industrial sector.
The regional market is bound to be driven by development of sophisticated energy harvesting systems, mainly in China and India, and rising spending by governments to promote adoption of energy harvesting systems in both private and public spaces.
What`s New for 2022?
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
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Laura Wood, Senior Press Manager
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HIGHLIGHTS
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG):
DELAWARE BASIN ACQUISITION
NOG has entered into a definitive agreement to acquire certain non-operated interests in the Delaware Basin from Alpha Energy Partners (the “Seller”) for an initial purchase price of $157.5 million in cash, subject to typical closing adjustments. NOG expects to fund the acquisition with cash on hand, operating free cash flow and borrowings under NOG’s revolving credit facility.
NOG may deliver the Seller additional cash consideration depending on average front month NYMEX WTI pricing during the first six months of 2023. The amount will be determined on a sliding scale from zero additional consideration if such pricing is below $75.00 per barrel, up to $22.5 million of additional consideration if such pricing is at least $87.85 per barrel. The additional consideration, if any, would be paid in the third quarter of 2023.
The acquired assets are located in Lea and Eddy counties, NM and Loving County, TX, and include approximately 2,800 acres, 9.6 net producing wells, 2.8 net AFEs and wells-in-process and approximately 21.2 net undeveloped locations. The primary operator of the assets is Mewbourne Oil, one of the most cost efficient and active operators in the Northern Delaware Basin. Other operators include Conoco and EOG.
The effective date for the transaction is September 1, 2022, and NOG expects to close the transaction in December 2022. The obligations of the parties to complete the transactions contemplated by the purchase agreement are subject to the satisfaction or waiver of customary closing conditions.
HEDGING UPDATE
In addition to its continuous hedging program, NOG has hedged, as standard practice, a significant portion of the production from the pending transaction. Updated hedge schedules can be found in NOG’s related September Acquisition Presentation at http://ir.northernoil.com.
MANAGEMENT COMMENTS
“NOG continues to execute on creating shareholder value as a proven, reliable and disciplined consolidator of working interests,” commented Nick O’Grady, NOG’s Chief Executive Officer. “These assets are squarely in our core focus area and are poised to deliver substantial growth over the coming years, while delivering significant cash flow to bolster shareholder returns.”
“The Northern Delaware Basin continues to be a key target for our consolidation efforts,” commented Adam Dirlam, NOG’s President. “This asset has some of the highest quality, lowest-cost inventory we have acquired, and is leveraged to NOG’s top operator in the Permian.”
ADVISORS
Citigroup Global Markets served as financial advisor to NOG. Kirkland & Ellis LLP is serving as the Company’s legal advisor. TPH&Co, the energy business of Perella Weinberg Partners, served as financial advisor to Alpha Energy Partners. Holland & Knight is serving as the Seller’s legal advisor.
ABOUT NORTHERN OIL AND GAS
NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.
ABOUT ALPHA ENERGY PARTNERS
Alpha Energy Partners is a privately held oil and natural gas company based in Midland, Texas, actively acquiring assets across the Permian Basin - utilizing experience and technical expertise together with an organic land acquisition program purposed to maximize resource potential. More information about Alpha Energy Partners can be found at www.alphapermian.com.
SAFE HARBOR
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding NOG’s financial position, common stock dividends, business strategy, plans and objectives of management for future operations, industry conditions, capital expenditures, production, cash flow, hedging and other matters are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “guidance,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on NOG's properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, NOG's ability to acquire additional development opportunities, integration and benefits of property acquisitions, or the effects of such acquisitions on Northern’s cash position and levels of indebtedness, changes in NOG's reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which NOG conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, NOG's ability to consummate any pending acquisition transactions (including the transactions described herein), other risks and uncertainties related to the closing of pending acquisition transactions (including the transactions described herein), NOG's ability to raise or access capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG's operations, products, services and prices.
NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG's control. NOG does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
Investor Relations
(952) 476-9800
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US$3.3 Million for Improved Rice Cultivation Practices Reducing Methane Emissions, and Water and Energy Consumption
TORONTO--(BUSINESS WIRE)--Carbon Streaming Corporation (NEO: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) is pleased to announce that it has entered into a carbon credit streaming agreement (“Nalgonda Rice Farming Stream” or the “Carbon Stream”) with Core CarbonX Solutions Pvt Ltd. and its services provider, Core CarbonX Solutions Private Limited (collectively, “Core CarbonX”), to develop its Nalgonda Rice Farming methane avoidance grouped project located in the Nalgonda District, Telangana State, India (the “Project”).
The Project enrolls rice farmers in a program to reduce greenhouse gas (“GHG”) emissions by improving their rice cultivation practices and rewards participants with a portion of the proceeds received through the sale of Verified Carbon Units (“VCUs”) generated. The improved cultivation practices and resulting GHG emission reductions are achieved through implementing Alternate Wetting and Drying (“AWD”) and Direct-Seeded Rice (“DSR”) farming methods.
Streaming Agreement Highlights:
Impact Highlights:
Carbon Streaming Founder and CEO Justin Cochrane stated: “We are delighted to announce our first carbon stream on an agricultural project and partnership with Core CarbonX. This stream continues to diversify our high-quality portfolio by project type and geography.”
Mr. Cochrane continued: “Core CarbonX has been collaborating with organizations and guiding clients successfully for more than a decade on climate mitigation projects and supporting communities to achieve alternative, sustainable sources of income to improve livelihoods.”
“We are excited to collaborate with our new partner, Carbon Streaming, to bring Alternate Water Management Practices (AWD and DSR) to rice fields in the Nalgonda District of Telangana State, India,” said Niroj Mohanty, Managing Director of Core CarbonX. “Carbon Streaming’s innovative climate financing allows us to leverage our considerable expertise to provide enrolled farmers with tools to farm more sustainably and reduce methane emissions.”
Core CarbonX Solutions Private Limited was established in India in 2008 as a climate and sustainability consulting firm, serving clients in more than 10 countries. It has been active in both the voluntary and compliance carbon markets, facilitating the generation of one million carbon credits from renewable energy and nature-based solutions.
For this Project, Core CarbonX is partnering with farmer producer organizations and local universities to educate farmers on the benefits of implementing the AWD and DSR methods, and to provide implementation training. The participating farmers will shift from continuously flooding the fields to the AWD method, and from the transplanting to DSR method. As part of the Project, Core CarbonX will also install field water tubes to monitor the water depth to notify farmers when to irrigate their fields. The conventional rice cultivation practice of continuous flooding requires large amounts of water and also results in methane production through anaerobic decomposition of soil. By converting to the AWD protocol, water usage is expected to decrease up to 30%, resulting in energy conservation from reduced water pumping, and GHG emissions are estimated to decrease by up to 50%.
Pursuant to the project plan, the Project expects to enroll 40,000 hectares (“ha”), with full enrollment anticipated by the end of 2022. The Project is expected to reduce approximately 2.5 million tCO2e emissions and generate an equivalent number of carbon credits over the seven-year term of the Carbon Stream, in a range of approximately 300,000 to 400,000 VCUs annually commencing in the second half of calendar year 2023. The Company will receive 100% of the VCUs generated by the Project and will have the option to renew the Carbon Stream for up to 14 additional years, upon mutual agreement of the parties. Emission reductions generated by the Project are expected to be independently verified and registered by Verra as Core CarbonX is currently engaging an auditor for validation.
Under the terms of the Nalgonda Rice Farming Stream, the Company has made an initial upfront deposit of US$1.55 million upon closing. The Company will make an additional milestone payment of US$1.78 million as the Project achieves various milestones, including reaching enrollment of farmers representing a total of 40,000 ha, Project verification by Verra and credit issuance. Carbon Streaming will also make ongoing delivery payments to Core CarbonX on the sale price for each VCU sold under the Carbon Stream, which is within the range indicated for the Company’s other carbon credit streaming agreements. Proceeds from the Carbon Stream are expected to be used for Project implementation and registration costs.
In partnering with Core CarbonX, the Company is mindful of the passage of the Energy Conservation (Amendment) Bill, 2022 in India, which will ban the export of certain carbon credits until the country meets its climate goals. Following significant analysis, the Company believes that this Bill pertains primarily to the renewable energy sector and is not directed at voluntary carbon credits such as those produced by the Project, which are outside of this sector.
The Company expects VCUs from the Project to be sold at a premium to typical avoidance-based credits pricing due to emission reductions being entirely from methane avoidance as well as the strong co-benefits of the Project. Pricing for other methane avoidance credits ranged from approximately US$6.50/VCU to US$9/VCU year to date. Based on these prices, the Company expects to achieve a payback on its capital investment in less than four years.
About Carbon Streaming
Carbon Streaming aims to finance a net-zero future. We pioneered the use of streaming transactions, a proven and flexible funding model, to scale high-integrity carbon credit projects to accelerate global climate action and advance the United Nations Sustainable Development Goals. This approach aligns our strategic interests with those of project partners to create long-term relationships built on a shared commitment to sustainability and accountability and positions us as a trusted source for buyers seeking high-quality carbon credits.
The Company’s focus is on projects that have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential. The Company has carbon credit streams related to over 10 projects around the world, including projects involving nature-based solutions, the distribution of fuel-efficient cookstoves and water filtration devices, sustainable community projects focused on waste avoidance and energy efficiency, and biochar carbon removal.
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About Core CarbonX
Core CarbonX is a climate and sustainability consulting organization that has worked with businesses and communities across a number of Asian and African countries for over 14 years. Core CarbonX uses its expertise, knowledge, and technology in carbon emission reduction programs to incorporate ideas into sustainable business practices for enterprises, governments, and organizations concerned about climate change.
The diverse portfolio of Core CarbonX’s Clean Development Mechanism and Verified Carbon Standard initiatives has helped customers address the uncertainties of climate change while building and maintaining trust, innovating, and paving the road for a more equitable and sustainable future.
For more information visit www.corecarbonx.com.
Advisories
The references to third party websites and sources contained in this news release (including information with regard to Core CarbonX) are provided for informational purposes and are not to be considered statements of the Company.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, statements and figures with respect to the expected number of future VCU generation and emissions reductions from the Project; estimations related to the Nalgonda Rice Farming Stream payback period; the ability for the Project to be independently verified and registered by Verra; the timing of delivery of VCUs under the Carbon Stream; timing to meet additional payment milestones including the enrollment of farmers and landlords; the anticipated premium pricing for the VCUs; the expected sources of emission reductions generated by the Project; the use of proceeds from the Carbon Stream; expected benefits from using the AWD protocol; the global impact of methane avoidance reduction activities; the expected impact of regulatory developments on the Project; and statements with respect to execution of the Company’s portfolio and partnership strategy.
When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking statements. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; limited operating history for the Company’s current strategy; risks arising from competition and future acquisition activities; concentration risk; inaccurate estimates of growth strategy, including the ability of the Company to source appropriate opportunities and enter into stream, royalty or other agreements; dependence upon key management; general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued; foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics, including the ongoing COVID-19 pandemic and the uncertainties surrounding the ongoing impact of the COVID-19 pandemic; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of September 26, 2022 filed on SEDAR at www.sedar.com.
Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
ON BEHALF OF THE COMPANY:
Justin Cochrane, Chief Executive Officer
Tel: 647.846.7765
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www.carbonstreaming.com
Investor Relations
Andrea Cheung, VP, Investor Relations
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Media
Amy Chambers, Director, Marketing, Communications & Sustainability
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DUBLIN--(BUSINESS WIRE)--The "Malaysia Engine Testing Service Market Outlook: Market Forecast By Types, By Engine Types, By End Users (Component Manufacturers, Third Party Maintenance And Service), By Regions And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Malaysia Engine Testing Service Market size is projected to grow at a CAGR of 7.4% during 2021E-27F.
Malaysia Engine Testing Service market report thoroughly covers market by types, engine types, end users and regions. The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Malaysia Engine Testing Service Market Synopsis
Malaysia engine testing service market is growing at a significant rate over the past few years owing to the growing economic activities across the country which leads to more usage of machineries, and hence acting as a major growth driver for engine testing servicing.
The COVID-19 pandemic has negatively affected the engine servicing industry in terms of lower usage of machines in the peak season, strict lockdown disrupting major economic activities and supply chain system of the country as Malaysia is highly dependent on port trade activities and cargo services through sea route.
However, the market is expected to recover sharply in the coming years owing to lifting of lockdown restrictions and increasing budget allocation in the 12th Malaysian Plan 2021-2025 by the government.
The market is broadly divided into five segments: Agriculture, Marine, Power Generation, Construction Equipment and Industrial Equipment. Construction equipment segment dominates the market owing to their maximum use in infrastructure development activities and housing development plans.
Additionally, growth in number of construction projects across the country would further increase the demand for equipments in coming years leading to a significant market growth. In terms of market segment by engine types, diesel engine segment held the largest revenue share in the year 2020 as most of machines uses diesel as a fuel in order to get maximum production output for smooth operations.
Market by Types Analysis
In terms of types, construction equipment segment has captured 37.5% of the market share of revenues in 2020. Construction Equipment has accounted for maximum revenue share due to the use of machineries in the infrastructure development, enhancing the transportation system of the country.
Key Highlights of the Report
Company Profiles
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Types
By Engine Types
By End Users
By Regions
For more information about this report visit https://www.researchandmarkets.com/r/7wiii6
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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AUSTIN, Texas--(BUSINESS WIRE)--SeekOps Inc., a leader in greenhouse gas emissions detection, quantification and reporting solutions, is the technology at the heart of an Alternative Fugitive Emission Management Program (Alt-FEMP), submitted by Repsol, that has now received approval from the Alberta Energy Regulator.
Using their best-in-class, part-per-billion sensitive sensors, SeekOps deploys state-of-the-art unmanned aerial systems that leverage autonomous operations for swift, repeatable and consistent greenhouse gas emission surveys, facilitating rapid leak detection, localization and accurate quantification (LDAQ®). SeekOps is the first unmanned aerial system to be part of an approved Alt-FEMP, and builds on their record of demonstrated success in quantifying emissions for oil and gas facilities worldwide.
Independent validation by Highwood Emissions has demonstrated the effectiveness of the combination of SeekOps’ highly sensitive sensor and actionable analytics, alongside comprehensive preventative maintenance to show that the emissions reductions for this program will be as good or better than currently prescribed regulatory requirements.
Iain Cooper: SeekOps CEO said: “Accurate quantification is at the heart of determining how effectively and how quickly emissions can be reduced. It has been pleasing to see how fast some Operators have been moving with regards to the adoption of new technologies to assist with their emission-reduction goals. It is equally pleasing to see the Regulatory authorities also embracing these technologies, with both displaying a deep understanding of their capabilities and limitations. We have demonstrated the power of automated unmanned surveys to be a safe and cost-effective solution in assessing the detailed spatial and temporal evolution of emissions, highlighting the effectiveness of operator decarbonization initiatives on their path to net-zero.”
Thomas Fox, Highwood Emissions Management President, stated: “Advanced measurement solutions will play a critical role in decarbonizing oil and gas production. The SeekOps approval is an exciting milestone in the transition towards better detection and quantification of methane emissions. With the first approval of a drone-based methane solution, we are encouraged by the leadership demonstrated by the Alberta Energy Regulator and SeekOps.”
SeekOps deploys its industry-leading SeekIR® sensors with enterprise-grade drones to provide field-proven measurement systems for methane Leak Detection and Quantification (LDAQ®), through repeatable, consistent and cost-effective automated workflows. For more information, please visit www.seekops.com.
Highwood Emissions Management works with industry, government, and innovators around the world, leveraging data, analytics, knowledge, and experience to optimize emissions management. Their mission is to collaborate, innovate, and educate their way to a world with effective and affordable emissions management solutions. Please visit highwoodemissions.com for more information.
Paul Khuri
VP - Business Development
713 962 6146
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DUBLIN--(BUSINESS WIRE)--The "Global Base Oil Market Segmented By Source, By Type, By Application, By End-Use, By Region, Competition, Forecast and Opportunities , 2017-2027" report has been added to ResearchAndMarkets.com's offering.
Global Base Oil Market is expected to reach at USD57543.56 million in 2027F, registering a CAGR of 7.55% due to massive advancements in manufacturing facilities and development in automotive engine to drive better fuel economy.
Growing demand in the automobile industry for high-grade oils
The demand for high-grade lubricants to ensure compatibility with fast-moving parts at high temperatures is being driven by advanced engine technology. The final lubricant's overall performance is significantly influenced by the base oil choice. Engine oils constitute 10-30% additives and 70-90% base oil. Therefore, it is estimated that the increased demand for high-grade engine oils would help accelerate the base oil industry.
High-performance engine oils can enable diesel vehicles, passenger cars, light-duty trucks, and stationary engines to sustain difficult and demanding conditions. The majority of engine oils are made of base oil. As a result of the rising need for high-grade oils in the automotive industry, the base oil market is growing. Global demand for base oil is projected to increase due to rising investments and tremendous automotive sector growth. The market for base oil is anticipated to boost in the coming years as electric vehicles grow increasingly mainstream in developed nations such as the United States and China.
Temperature bearing capacity makes the base oil & its market more promising
Technological innovations in automotive engine fabrication are driving the demand for lubricants with higher grade composition. This state-of-the-art technology provides compatibility with high pace moving parts at extremely high temperatures. The basis on which the selection of base oil is made makes a significant impact on the total performance of the finished lubricants. Compositionally, engine oils are 70 -90% of base oils and 10-30% additives. Hence, the rising demand for high-grade engine oils is likely to bolster the market for base oil. Base oils are utilized in manufacturing industrial oils, including lubricating greases. Due to their extreme temperature endurance capacity, base oil builds a huge spectrum as a significant application for a variety of automobiles.
Rapid rise in Industrialization in developing economies
The expansion of end-user industries in emerging economies is fuelling the continuous rise of the Asia-Pacific base oil market. The need for lubricants and its derivatives, such as finished lubricants, is being driven by growth in industries including industrial machinery, automotive, and energy in rising economies like India, Indonesia, Thailand, and South Korea. Due to the depletion of underground hydrocarbon reserves and the enhanced attention towards environmental protection, there has been an increase in the demand for eco-friendly synthetic hydraulic oils or hydraulic fluids.
Many different end-use industries, including aviation, manufacturing, construction, and automotive, use these oils. The functions of hydraulic fluids include power transmission, lubrication, machine protection against corrosion and wear, and heat transfer. Hydraulic fluid demand is increasing because of the mechanisation and rapid industrialisation of various industries. As a result, the Asia Pacific base oil market is being driven.
Report Scope:
In this report, Global Base Oil Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Base Oil Market, By Source:
Base Oil Market, By Type:
Base Oil Market, By Application:
Base Oil Market, By End-Use:
Base Oil Market, By Region:
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Global Base Oil Market
5. Voice of Customer
6. Global Base Oil Market Outlook
7. Asia-Pacific Base Oil Market Outlook
8. North America Base Oil Market Outlook
9. Europe Base Oil Market Outlook
10. Middle East & Africa Base Oil Market Outlook
11. South America Base Oil Market Outlook
12. Market Dynamics
13. Market Trends & Developments
14. Competitive Landscape
15. Strategic Recommendations
16. About the Publisher & Disclaimer
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/msseue.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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