- $1.4 Million Equipment Order is a Significant Milestone to Ramp Production of Thermal Energy Storage Solution Modules –
- Facility on Track for First Production Run in late 2022; to Reach Full Capacity by End of 2023 –
ROSH HAAYIN, Israel--(BUSINESS WIRE)--Brenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Energy” or the “Company”) (TASE: BNRG, Nasdaq: BNRG), a clean-energy company that provides Thermal Energy Storage (“TES”) systems to the global industrial and utility markets, today announced that is has made a $1.4 million equipment order in connection with the expansion at its automated production facility currently under construction in Dimona, Israel. The equipment, which is critical to the operation of the facility, is expected to be delivered in November 2022.
“We continue to make progress in our efforts to become one of the leading global suppliers of Thermal Energy Storage systems, “Avi Brenmiller, Chairman and Chief Executive Officer of Brenmiller Energy. “This equipment order, which follows the recent drawdown on our credit facility with the European Investment Bank (EIB), is another major milestone for Brenmiller and keeps us on track to reach full production capacity of up to 4,000 MWh per year of bGen thermal storage modules, at our newly upgraded facility in Dimona, Israel by the end of 2023.”
“We believe that this facility will significantly improve Brenmiller’s ability to supply the global industrial and utility market with a cost-efficient and clean energy technology, particularly in Europe, where the cost of energy has risen significantly and energy security and reliability are of increasing importance given the geopolitical situation in the region,” continued Brenmiller. “Our bGen TES solution combines thermal storage, heat exchange, and steam generation solutions to help industrial and utility companies improve their energy efficiency and reliability, as well as their efforts to decarbonize their thermal processes and meet their long-term sustainability goals.”
About Brenmiller Energy
Brenmiller Energy delivers scalable thermal energy storage solutions and services that allow customers to cost-effectively decarbonize their operations. Its patented bGen thermal storage technology enables the use of renewable energy resources, as well as waste heat, to heat crushed rocks to very high temperatures. They can then store this heat for minutes, hours, or even days before using it for industrial and power generation processes. With bGen, organizations have a way to use electricity, biomass and waste heat to generate the steam, hot water and hot air they need for a variety of applications, including, for example, to mold plastic, process food and beverages, produce paper, manufacture chemicals and pharmaceuticals or drive steam turbines without burning fossil fuels. For more information visit the company’s website at https://bren-energy.com/ and follow the company on Twitter and LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses: its expected timeline for delivering the equipment ordered for and reaching full production capacity at the Company’s Dimona production facility that is under construction; the role the Company’s Dimona production facility will play to significantly improve Brenmiller’s ability to supply the global industrial and utility market with cost-efficient and clean energy technology; and how its bGen TES help companies improve their energy efficiency and reliability and meet their long-term sustainability goals. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this press release. Factors that may affect the Company's results include, but are not limited to, the Company’s planned level of revenues and capital expenditures, the demand for and market acceptance of our products, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks and the risks associated with the adequacy of existing cash resources. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's prospectus dated May 24, 2022 filed with the U.S. Securities and Exchange Commission (“SEC”), which is available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
U.S. Investor Contact:
Chase Jacobson, Vallum Advisors
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 980-265-2597
Media Contact:
Isaac Steinmetz
Antenna for Brenmiller Energy
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) today announced that it intends to offer, subject to market conditions, $425 million aggregate principal amount of convertible senior notes due 2028 (the “notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Sunnova also intends to grant the initial purchasers of the notes the option to purchase up to an additional $75 million aggregate principal amount of the notes within a 13-day period beginning on, and including, the date on which the notes are first issued.
The notes will be senior, unsecured obligations of Sunnova and will accrue interest payable semiannually in arrears on February 15 and August 15 of each year, beginning on February 15, 2023. The notes will mature on February 15, 2028, unless earlier converted, redeemed or repurchased. The notes will be convertible into cash, shares of Sunnova’s common stock, par value $0.0001, or a combination of cash and shares of Sunnova’s common stock, at Sunnova’s election. The interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing of the offering.
Sunnova intends to use a portion of the net proceeds from the offering to pay the cost of the capped call transactions described below. Sunnova intends to use the remainder of the net proceeds from the offering for general corporate purposes, including, among other things, the funding of working capital, operating expenses, capital expenditures and the repayment of indebtedness.
In connection with the pricing of the notes, Sunnova expects to enter into capped call transactions (the “capped call transactions”) with one or more of the initial purchasers or their respective affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions are expected generally to reduce the potential dilution to Sunnova’s common stock upon any conversion of notes and/or offset any cash payments Sunnova is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers exercise their option to purchase additional notes, Sunnova expects to enter into additional capped call transactions with the option counterparties.
In connection with establishing their initial hedges of the capped call transactions, Sunnova expects the option counterparties or their respective affiliates to purchase shares of Sunnova’s common stock and/or enter into various derivative transactions with respect to Sunnova’s common stock concurrently with or shortly after the pricing of the notes. These activities could increase (or reduce the size of any decrease in) the market price of Sunnova’s common stock or the notes at that time.
In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Sunnova’s common stock and/or purchasing or selling Sunnova’s common stock or other securities of Sunnova in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 30 trading day period beginning on the 31st scheduled trading day prior to the maturity date of the notes, or following any termination of any portion of the capped call transactions in connection with any repurchase, redemption or early conversion of the notes). This activity could also cause or avoid an increase or a decrease in (or reduce the size of any decrease or increase in) the market price of Sunnova’s common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the amount and value of the consideration that a noteholder will receive upon conversion of its notes.
Neither the notes, nor any shares of Sunnova’s common stock issuable upon conversion of the notes, have been, nor will be, registered under the Securities Act or any state securities laws and, unless so registered, such securities may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the expectations in connection with the offering, the size and terms of the offering, the use of proceeds from the offering and the effects of the capped call transactions. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding Sunnova’s ability to forecast its business due to its limited operating history, the effects of the coronavirus pandemic on Sunnova’s business and operations, supply chain uncertainties, results of operations and financial position, Sunnova’s competition, changes in regulations applicable to Sunnova’s business, fluctuations in the solar and home-building markets, availability of capital, Sunnova’s ability to attract and retain dealers and customers and manage its dealer and strategic partner relationships, the ability to successfully integrate the SunStreet acquisition and the ability of Sunnova to implement its plans, forecasts and other expectations with respect to SunStreet’s business and realize the expected benefits of the acquisition. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s annual report on Form 10-K for the year ended December 31, 2021 and subsequent quarterly reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
ABOUT SUNNOVA
Sunnova Energy International Inc. (NYSE: NOVA) is a leading Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
Investor Relations:
Rodney McMahan, Vice President Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
877-770-5211
Media:
Alina Eprimian, Director Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Drilling Mud Desander and Desilter Market Outlook Report - Industry Size, Trends, Insights, Market Share, Competition, Opportunities, and Growth Forecasts by Segments, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
2022 Drilling Mud Desander and Desilter Market Data, Growth Trends and Outlook to 2030
The Global Drilling Mud Desander and Desilter Market Analysis Report is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing prospects in Drilling Mud Desander and Desilter Market over the next eight years, to 2030.
Robust changes brought in by the pandemic COVID-19 in the Drilling Mud Desander and Desilter supply chain and the burgeoning drive to shift to cleaner, more reliable, and sustainable energy sources are necessitating companies to align their strategies.
Drilling Mud Desander and Desilter Market Segmentation and Growth Rates
The Drilling Mud Desander and Desilter Market research report covers Drilling Mud Desander and Desilter industry statistics including the current Drilling Mud Desander and Desilter Market size, Drilling Mud Desander and Desilter Market Share, and Drilling Mud Desander and Desilter Market Growth Rates (CAGR) by segments and sub-segments at global, regional, and country levels, with an annual forecast till 2030. Drilling Mud Desander and Desilter market insights cover end-use analysis and identify emerging segments of the Drilling Mud Desander and Desilter market, high-growth regions, and countries.
The study provides a clear insight into market penetration by different types, applications, and sales channels of Drilling Mud Desander and Desilter with corresponding growth rates, which are validated by real-time industry experts. Further, Drilling Mud Desander and Desilter market share by key metrics such as manufacturing methods/technology and raw material can be included as part of customization.
This enables the client to identify the most potential segment from their growth rates along with corresponding drivers and restraints. The research considered 2017, 2018, 2019, and 2020 as historical years, 2021 as the base year, and 2022 as the estimated year, with an outlook period from 2023 to 2030. The report identifies the most prospective type of Drilling Mud Desander and Desilter market, leading products, and dominant end uses of the Drilling Mud Desander and Desilter Market in each region.
Future of Drilling Mud Desander and Desilter Market - Driving Factors and Hindering Challenges
Drilling Mud Desander and Desilter Market Revenue is expected to grow at a healthy CAGR propelled by staggering demand from emerging markets. Digital technology advances in the Drilling Mud Desander and Desilter market are enabling efficient production, expanding portfolio, effective operational maintenance, and sales monitoring.
Proliferating demand for smart storage, decentralized networks, intelligent automation, and Increasing disposable incomes in flourishing fast developing nations are a few of the key market developments. The post-pandemic economic recovery boosting energy consumption, automotive, industrial, and consumer goods sales, leads to an impressive growth rate in 2021.
However, complying with stringent regulations and varying standards around the world, growing competition, and inflation estimated to remain above the upper band during the short term in key nations, and fluctuating raw material prices are some of the Drilling Mud Desander and Desilter market restraints over the forecast period.
Key Topics Covered:
1. Table of Contents
2. Global Drilling Mud Desander and Desilter Market Summary, 2022
3. Drilling Mud Desander and Desilter Market Insights, 2022-2030
4. Drilling Mud Desander and Desilter Market Analytics
5. Global Drilling Mud Desander and Desilter Market Statistics - Industry Revenue, Market Share, Growth Trends and Forecast by segments, to 2030
6. Asia Pacific Drilling Mud Desander and Desilter Industry Statistics - Market Size, Share, Competition and Outlook
7. Europe Drilling Mud Desander and Desilter Market Data, Penetration, and Business Prospects to 2030
8. North America Drilling Mud Desander and Desilter Market Size, Growth Trends, and Future Prospects to 2030
9. South and Central America Drilling Mud Desander and Desilter Market Drivers, Challenges, and Future Prospects
10. Middle East Africa Drilling Mud Desander and Desilter Market Outlook and Growth Prospects
11. Drilling Mud Desander and Desilter Market Structure and Competitive Landscape
12 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/kytwyy
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) today announced the closing of its previously announced acquisition of non-operated Williston Basin assets from a private seller.
MANAGEMENT COMMENT
“NOG continues to execute as the natural consolidator of non-operated properties,” commented Nick O’Grady, NOG’s Chief Executive Officer. “This cash-generating, inventory-rich acquisition remains consistent with our mission to build a diversified, national franchise focused on return on capital, low leverage and with robust, growing shareholder returns.”
WILLISTON BASIN ACQUISITION
NOG closed the Williston Basin acquisition on August 15, 2022. The closing settlement was $158.0 million in cash, which includes a $17.0 million deposit paid at signing in June 2022. The closing cash settlement is net of preliminary and customary purchase price adjustments and remains subject to final post-closing settlement between NOG and the seller. Additional information regarding this previously announced acquisition can be found in NOG’s prior press release announcing the transaction, available here.
ABOUT NOG
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.
Investor Relations
(952) 476-9800
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tigo boosts power rating with new TS4 products to serve large-scale commercial and industrial solar installations.
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, today announced the launch of two 25-Amp Tigo TS4 MLPE products supporting the latest high-power and high-current bifacial solar modules. The Tigo TS4-A-F 25A and Tigo TS4-A-2F 25A rapid shutdown devices provide advanced first-responder safety functionality for solar modules rated up to 700W, including bifacial modules. Both products feature compatibility with Pure Signal™ technology in Tigo RSS Transmitters and pair with an industry-leading list of third-party solar inverters to deliver design and installation flexibility for solar installers and EPCs.
As solar module power ratings and demand for higher power density continue to rise, the Tigo TS4-A-F 25A and Tigo TS4-A-2F 25A are essential building blocks for large-scale commercial and industrial solar installations. Tigo TS4 rapid shutdown products ensure that installers have the flexibility to deploy the industry’s highest wattage solar modules to offer their customers the most energy production per available rooftop space. Tigo TS4 products also reduce balance-of-system (BOS) and labor costs because of a no-bolt design and no need for additional ground wiring. Through the Tigo Enhanced program, Tigo customers and installers have the freedom to choose the right equipment for their solar projects through simple, plug-and-play pairing with inverters from major suppliers and Tigo Enhanced partners Chint Power Systems (CPS), Solectria, Sungrow, Canadian Solar, and Growatt. Additionally, the new 25-Amp Tigo TS4 devices offer:
“At Tigo, we serve a rapidly growing number of customers worldwide who install ever larger C&I systems, and we are pleased to serve that market with safe, reliable, and now even more powerful products,” said Jing Tian, chief growth officer at Tigo Energy. “Our investments in innovation ensure that Tigo remains a solar technology leader, and the more powerful 25-Amp TS4 products are a direct result of that.”
The new 25-Amp Tigo TS4 rapid shutdown products are fully compatible with Tigo RSS Transmitters (with or without Pure Signal technology) and are UL PVRSS certified with hundreds of inverter models from leading manufacturers.
For more information, visit the product pages for the Tigo TS4-A-F or Tigo TS4-A-2F rapid shutdown devices. For purchasing inquiries, please contact the Tigo sales team at https://www.tigoenergy.com/contacts.
About Tigo Energy
Tigo Energy, the worldwide leader in Flex MLPE (Module Level Power Electronics), designs innovative solar power conversion and storage products that provide customers more choice and flexibility. The Tigo TS4 platform increases solar production, decreases operating costs, and enhances safety. When combined with the Tigo Energy Intelligence (EI) platform, it delivers module, system, and fleet-level insights to maximize solar performance and minimize operating costs. The Tigo EI Residential Solar Solution, a flexible solar-plus-storage solution for home installations, rounds out the Company’s portfolio of solar energy technology. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy, and its global team supports customers whose systems reliably produce gigawatt hours of safe solar energy on seven continents. Find us online at www.tigoenergy.com.
Technica Communications
Caitlan Caviness
408-806-9626 Ext. 9949
This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE:USDP) (the “Partnership”) announced today that members of its senior management team will participate at the 2022 Citi One-on-One Midstream/Energy Infrastructure Conference, on August 16 and August 17, 2022.
The related presentation materials will be made available on the Partnership’s website in advance of the conference at www.usdpartners.com on the “Events & Presentations” sub-tab under the “Investors” tab.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.
USD, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD’s solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USD is currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on websites referenced in this release is not part of this release.
Adam Altsuler, 281-291-3995
Executive Vice President, Chief Financial Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
Jennifer Waller, 832-991-8383
Senior Director, Financial Reporting & Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK--(BUSINESS WIRE)--#KBRA--KBRA releases its solar loan index publication, providing monthly credit trends of securitized residential solar loans.
Click here to view the report.
About KBRA
KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.
Brian Ford, CFA, Managing Director
Structured Finance Research
+1 (646) 731-2329
This email address is being protected from spambots. You need JavaScript enabled to view it.
Brajean Ramos, Senior Analyst
Structured Finance Research
+1 (646) 731-2417
This email address is being protected from spambots. You need JavaScript enabled to view it.
Business Development Contact
Ted Burbage, Managing Director
+1 (646) 731-3325
This email address is being protected from spambots. You need JavaScript enabled to view it.
ANAHEIM, Calif.--(BUSINESS WIRE)--Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leader in manufacturing of all-electric, medium-duty vehicles, today announced its financial results for the second quarter ended June 30, 2022.
Financial Highlights Second Quarter
Financial Highlights Six Months Ending June 30
Q2 Highlights
“We are excited to have completed our initial public offering in the second quarter, while accomplishing strong revenue growth as we continue to build and reshape the company,” Phoenix CEO, Dr. Lance Zhou commented. “We are busy working not only on our new 4th generation drivetrain but also on exciting new additions to our product offerings in the quarters ahead. We are forging important partnerships with service providers, suppliers and customers. We have been expanding our management team by adding seasoned and establish EV industry veterans. We are taking all of these measures to position Phoenix Motorcars for tremendous growth in the quarters ahead as we capitalize both on our successful past experience, as well as the emerging industry tailwinds supported by recently-passed legislation in the U.S. and elsewhere encouraging this green energy transition.”
Conference Call Information
Phoenix Motor will host a conference call today at 5:00 PM ET to discuss the results. To access the call, participants may dial 1-888-660-6373, international callers may use 1- 929-203-1975, and use conference ID: 3457210.
About Phoenix Motor Inc.
Phoenix Motor Inc., a pioneer in the electric vehicles (“EVs”) industry, through its wholly owned subsidiaries, designs, assembles, and integrates electric drive systems and light and medium duty EVs and markets and sells electric vehicle chargers for the commercial and residential markets. Phoenix operates two primary brands, “Phoenix Motorcars” focused on commercial products including medium duty EVs, chargers and electric forklifts, and “EdisonFuture” which intends to offer light-duty EVs. As an EV pioneer, the Company delivered its first commercial EV in 2014 and deployed the very first zero emission airport shuttle bus at the Los Angeles International Airport (“LAX”); the LAX fleet has grown to 39 electric shuttle buses, one of the largest of its kind. Los Angeles Air Force Base in El Segundo and NASA’s Jet Propulsion Laboratory in Pasadena, California are among customers for the Company’s first-generation E Series Zeus EVs. Phoenix intends to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. For more information, please visit: www.phoenixmotorcars.com and www.edisonfuture.com.
Forward-Looking Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are no guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the Company’s product development timeline and expected start of production; development of competitive trucks and vans manufactured and sold by the Company’s competitors and major industry vehicle companies; the Company’s ability to scale in a cost-effective manner; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks contained in the Offering prospectus and reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, including those set forth in the Risk Factors section of the Company's registration statement and Offering prospectus, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Phoenix Motor, Inc. Consolidated Statement of Operations For the three and six months ended June 30, 2022 and June 30, 2021 (Dollars in thousands, except per share data) |
||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||
| Revenues | $ | 1,499 |
|
$ | 653 |
|
$ | 2,170 |
|
$ | 1,126 |
|
||||
| Cost of revenues | 1,174 |
|
812 |
|
1,725 |
|
1,233 |
|
||||||||
| Gross profit (loss) | 325 |
|
(159 |
) |
445 |
|
(107 |
) |
||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 2,290 |
|
2,142 |
|
5,313 |
|
4,099 |
|
||||||||
| Operating loss | (1,965 |
) |
(2,301 |
) |
(4,868 |
) |
(4,206 |
) |
||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense (income), net | (2 |
) |
1 |
|
(4 |
) |
2 |
|
||||||||
| Others | 54 |
|
- |
|
639 |
|
- |
|
||||||||
| Total other income, net | 52 |
|
1 |
|
635 |
|
2 |
|
||||||||
| Loss before income taxes | (1,913 |
) |
(2,300 |
) |
(4,233 |
) |
(4,204 |
) |
||||||||
| Income tax provision | (12 |
) |
(1 |
) |
(14 |
) |
(3 |
) |
||||||||
| Net loss | $ | (1,925 |
) |
$ | (2,301 |
) |
$ | (4,247 |
) |
$ | (4,207 |
) |
||||
| Net loss per share of common stock: | ||||||||||||||||
| Basic and Diluted | $ | (0.11 |
) |
$ | (0.13 |
) |
$ | (0.24 |
) |
(0.24 |
) |
|||||
| Weighted average shares outstanding | 17,984,615 |
|
17,500,000 |
|
17,740,984 |
|
17,500,000 |
|
||||||||
Phoenix Motor, Inc. Consolidated Balance Sheet As of June 30, 2022, and December 31, 2021 (Dollars in thousands) |
||||||||
| June 30, 2022 | December 31, 2021 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 7,764 |
|
$ | 2,683 |
|
||
| Accounts receivable, net | 1,250 |
|
1,201 |
|
||||
| Inventories | 3,796 |
|
2,225 |
|
||||
| Prepaid expenses and other current assets | 3,741 |
|
528 |
|
||||
| Total current assets | 16,551 |
|
6,637 |
|
||||
| Restricted cash, non current | 250 |
|
- |
|
||||
| Property and equipment, net | 1,484 |
|
2,205 |
|
||||
| Intangible assets, net | 2,014 |
|
2,323 |
|
||||
| Goodwill | 4,271 |
|
4,271 |
|
||||
| Total assets | $ | 24,570 |
|
$ | 15,436 |
|
||
| Liabilities | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,353 |
|
$ | 1,786 |
|
||
| Accrued liabilities | 880 |
|
779 |
|
||||
| Advance from customers | 794 |
|
803 |
|
||||
| Deferred revenue | 487 |
|
714 |
|
||||
| Warranty reserve | 340 |
|
360 |
|
||||
| Long-term borrowing, current portion | 10 |
|
10 |
|
||||
| Total current liabilities | 4,864 |
|
4,452 |
|
||||
| Long-term borrowings | 165 |
|
756 |
|
||||
| Total liabilities | 5,029 |
|
5,208 |
|
||||
| Equity | ||||||||
| Common stocks, par $0.0004, 450,000,000 shares authorized, 19,600,000 and 17,500,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively* |
8 |
|
7 |
|
||||
| Subscription receivable | - |
|
(7 |
) |
||||
| Additional paid in capital | 39,637 |
|
26,085 |
|
||||
| Accumulated deficit | (20,104 |
) |
(15,857 |
) |
||||
| Total equity | 19,541 |
|
10,228 |
|
||||
| Total liabilities and equity | $ | 24,570 |
|
$ | 15,436 |
|
||
Phoenix Motor, Inc. Consolidated Statement of Cash Flows For the six months ended June 30, 2022 and June 30, 2021 (Dollars in thousands) |
||||
| Six months ended June 30, | ||||
2022 |
|
2021 |
|
|
| Cash flows from operating activities: | ||||
| Net loss | (4,247 |
) |
(4,207 |
) |
| Adjustments to reconcile net loss to cash used in operating activities: | ||||
| Depreciation and amortization | 855 |
|
862 |
|
| Gain on disposal of fixed assets | (54 |
) |
- |
|
| Forgiveness of PPP loan | (586 |
) |
- |
|
| Stock-based compensation expenses | 115 |
|
45 |
|
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | (49 |
) |
(235 |
) |
| Inventories | (1,607 |
) |
(289 |
) |
| Prepaid expenses and other assets | (3,213 |
) |
(2,477 |
) |
| Accounts payable | 567 |
|
199 |
|
| Accrued liabilities | 101 |
|
81 |
|
| Warranty reserve | (20 |
) |
(85 |
) |
| Deferred revenue | (227 |
) |
(138 |
) |
| Advance from customer | (9 |
) |
25 |
|
| Net cash used in operating activities | (8,374 |
) |
(6,219 |
) |
| Cash flows from investing activities: | ||||
| Proceeds from disposal of fixed assets | 273 |
|
- |
|
| Purchase of property, plant and equipment | (8 |
) |
(458 |
) |
| Net cash generated from (used in) investing activities | 265 |
|
(458 |
) |
| Cash flows from financing activities: | ||||
| Proceeds from borrowings | - |
|
586 |
|
| Proceeds from related party | 1,676 |
|
- |
|
| Repayment to related party | (1,676 |
) |
- |
|
| Repayment of borrowings | (5 |
) |
(8 |
) |
| Proceeds from IPO | 13,438 |
|
- |
|
| Proceeds from capital injection by a shareholder | 7 |
|
- |
|
| Net cash generated from financing activities | 13,440 |
|
578 |
|
| Increase (Decrease)in cash, cash equivalents and restricted cash | 5,331 |
|
(6,099 |
) |
| Cash, cash equivalents and restricted cash at beginning of the period | 2,683 |
|
15,699 |
|
| Cash, cash equivalents and restricted cash at end of the period | 8,014 |
|
9,600 |
|
| Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets | ||||
| Cash and cash equivalents | 7,764 |
|
9,600 |
|
| Restricted cash | 250 |
|
- |
|
| Total cash, cash equivalents, and restricted cash | 8,014 |
|
9,600 |
|
| Supplemental cash flow information: | ||||
| Interest paid | - |
|
- |
|
| Income tax paid | 3 |
|
3 |
|
| Non-cash investing activities: | ||||
| Inventories transferred to property and equipment | 36 |
|
- |
|
Investor Relations Contacts:
Mark Hastings, SVP & Head of Investor Relations
Sioban Hickie, ICR Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Cryogenic Tanks - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Cryogenic Tanks Market to Reach $7.4 Billion by 2026
Amid the COVID-19 crisis, the global market for Cryogenic Tanks estimated at US$5.8 Billion in the year 2022, is projected to reach a revised size of US$7.4 Billion by 2026, growing at a CAGR of 5.8% over the analysis period.
Increased demand for low temperature operations across industries such as food technology, healthcare and metal processing among others constitute the major growth driver for the market.
Increase in demand for LNG worldwide created a strong demand growth scenario for the tanks as these are required for LNG's storage and transportation. Growing LNG trade and increasing investments in metal processing healthcare, food & beverage and chemical industries is expected to boost deployment of cryogenic tanks. Cryogenic liquid nitrogen and liquid oxygen find extensive use in storing and preserving human organs and blood.
Growing number of government initiatives for providing better healthcare services to public would create strong demand for the tanks from the healthcare sector. Robust investments in improving healthcare infrastructure can be noticed in countries across the world, especially in the wake of the emergence of the COVID-19 pandemic. Governments in developing countries are also increasing their focus on enhancing healthcare infrastructure in rural areas, which is anticipated to augment market growth further.
Liquid Nitrogen, one of the segments analyzed in the report, is projected to record a 6.5% CAGR and reach US$2.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Liquefied Natural Gas (LNG) segment is readjusted to a revised 5.4% CAGR for the next 7-year period.
Liquid Nitrogen segment dominates market share as liquid nitrogen is increasingly used in metal processing, electronics manufacturing, health care and food and beverage industries. Increase in demand for LNG worldwide created a strong demand growth scenario for cryogenic tanks, as these are required for LNG's storage and transportation.
The U.S. Market is Estimated at $1.3 Billion in 2022, While China is Forecast to Reach $731 Million by 2026
The Cryogenic Tanks market in the U.S. is estimated at US$1.3 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$731 Million by the year 2026 trailing a CAGR of 7.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 5.9% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 4.3% CAGR. The US is a major regional market for the due to the significant presence of some of the world-leading suppliers of industrial gases. Such facilities require cryogenic tanks for storing and transporting the gases. Cryogenic tanks are also extensively used by the US healthcare industry.
Demand for the tanks from the healthcare sector has increased considerably in the recent months due to the COVID-19 outbreak. Europe constitutes another important market for cryogenic tanks. Growth in this region stems from the factors of extensive investments in development of natural gas powered power generation plants and rapid development of liquefied natural gas infrastructure.
Asia-Pacific region`s growth will be fueled by factors such as strong demand for industrial gases from different end-use industries, especially in fast emerging countries such as India and China. Significant rise in LNG consumption in the region also contributes to its dominance in the market.
Liquid Hydrogen Segment to Reach $1.4 Billion by 2026
Cryogenics plays a critical part in space missions. Initially, cryogenics was used to manage liquid hydrogen in rocket fuel applications. In the global Liquid Hydrogen segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$660.9 Million will reach a projected size of US$949.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$271.6 Million by the year 2026, while Latin America will expand at a 7.2% CAGR through the analysis period.
What`s New for 2022?
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 38 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/khudnp
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Key Highlights
STAMFORD, Conn.--(BUSINESS WIRE)--Crane Holdings, Co. (“Crane,” NYSE: CR), a diversified manufacturer of highly engineered industrial products, announced today that it has divested Redco Corporation (“Redco”), a wholly owned subsidiary that holds liabilities including asbestos liabilities and related insurance assets to Spruce Lake Liability Management Holdco LLC (“Spruce Lake” or “Spruce Lake Liability Management”), a long-term liability management company specializing in the acquisition and management of legacy corporate liabilities. The transaction indemnifies Crane for all legacy asbestos liabilities. At closing, Crane contributed approximately $550 million in cash to Redco, and Spruce Lake made a capital contribution of $83 million. Crane financed its contribution with a combination of short-term debt and cash on hand.
Max Mitchell, Crane President and Chief Executive Officer stated: “Today’s announcement provides finality and certainty to investors regarding asbestos obligations, and it removes the distraction of asbestos related risks. Further, eliminating ongoing payments for asbestos related defense and indemnity costs will increase annual free cash flow available for us to invest in our business, both organically and inorganically. The transaction will also give us substantially more flexibility to optimize the capital structures for post-separation Crane Company and Crane NXT in a manner that positions both companies for growth and value creation.”
Mr. Mitchell continued: “This transaction is yet another step demonstrating our firm and longstanding commitment to delivering long-term growth and sustainable value creation for all stakeholders. That commitment is evident in our consistent and differentiated execution; the numerous actions we have taken to shape our portfolio including acquisitions that strengthen our strategic growth platforms, as well as divestitures to streamline and focus our portfolio; and, our announcement earlier this year to pursue a separation into two independent, publicly traded companies.”
Transaction Overview
Spruce Lake will assume the operational management of Redco, including the administration of all the asbestos claims and collection of existing insurance policy reimbursements.
As a result of the transaction, Crane has removed all asbestos obligations and liabilities, related insurance assets, and associated deferred tax assets from the company’s consolidated balance sheet. The divestiture will result in an estimated one-time after-tax loss of approximately $170 million that will be recorded in the third quarter of 2022 which will be excluded from adjusted earnings per share.
Evercore acted as exclusive financial advisor to Crane in connection with the transaction, and legal counsel was provided by Simpson Thacher & Bartlett LLP; Skadden, Arps, Slate, Meagher & Flom LLP; and, K&L Gates LLP. Nomura Securities International, Inc. acted as exclusive financial advisor to Spruce Lake in connection with the transaction.
About Crane Holdings, Co.
Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. Crane has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.
About Spruce Lake
Spruce Lake Liability Management, an entity formed by a joint venture between Global Risk Capital LLC and affiliates of Fortress Investment Group LLC, is a long-term liability management company specializing in the acquisition and management of legacy corporate liabilities and related corporate assets. Spruce Lake draws on the extensive experience of Global Risk Capital LLC, which has made over 140 portfolio acquisitions and investments in the legacy liability sector since 2001, while also providing corporate sellers of legacy liabilities with a counterparty funded by institutional capital and a long-term investment strategy. Spruce Lake’s mission is to assist corporate stakeholders by restructuring or divesting legacy liabilities, through transactions that optimize corporate balance sheets and allow management to refocus on core business operations. Spruce Lake’s capabilities extend to various types of legacy liabilities, but with a particular focus on asbestos related exposures. For more information, visit www.sprucelakelm.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: statements regarding Crane’s and the ultimate spin-off company’s (“SpinCo”) portfolio composition and their relationship following the business separation; the anticipated timing, structure, benefits, and tax treatment of the spin-off; benefits and synergies of the spin-off; strategic and competitive advantages of each of Crane and SpinCo; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. In addition, there is also no assurance that the spin-off will be completed, that Crane’s Board of Directors will continue to pursue the spin-off (even if there are no impediments to completion), that Crane will be able to separate its businesses or that the spin-off will be the most beneficial alternative considered. We caution investors not to place undue reliance on any such forward-looking statements.
Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.
Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; the effects of the ongoing coronavirus pandemic on our business and the global and U.S. economies generally; information systems and technology networks failures and breaches in data security, personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; inadequate or ineffective internal controls; specific risks relating to our reportable segments, including Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials; the ability and willingness of Crane and SpinCo to meet and/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the spin-off and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the spin-off.
Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2021 and the other documents Crane and its subsidiaries file from time to time with the SEC. Readers should also carefully review the “Risk Factors” section of the registration statement relating to the business separation, which is expected to be filed by SpinCo with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
These forward-looking statements reflect management’s judgment as of this date, and Crane assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.
We make no representations or warranties as to the accuracy of any projections, statements or information contained in this document. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities for sale.
Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com
BOSTON--(BUSINESS WIRE)--4AIR, the first and only rating system focused on comprehensive sustainability in private aviation, today announced it has launched a General Aviation Program to enable private pilots to offset the impact of their own flight activities. Similar to the program for other aviation stakeholders such as business jet travel providers, brokers and flight departments, it offers an easy, turnkey solution so that private pilots can fly confidently knowing that the impact of their flights on the environment has been mitigated.
“4AIR’s goal is to make sustainability easy and accessible for private aviation, and that now includes the general aviation population,” said Kennedy Ricci, 4AIR’s president. “We’ve heard from a number of private pilots, as well as people considering taking up flying, that they worry about the impact of their flights on the environment, especially climate change. Our new program empowers individual pilots to offset the impact of their personal flying by supporting the same kind of large-scale sustainability initiatives previously available only to private travel providers and their passengers.”
The 4AIR General Aviation Program is designed as a monthly subscription customized to the type of aircraft, the sustainability commitment pilots want to make and their typical annual hours flown, to make their sustainability commitment as simple as possible.
Designed as the only turnkey sustainability solution for private aviation, the 4AIR General Aviation Program enables pilots to subscribe to the program, with 4AIR automatically handling all of the fulfillment aspects of the program for them, calculating the emissions associated with climate change and identifying solutions. The program has four increasingly progressive levels that parallel those followed by business jet travel providers:
Once pilots select a level of commitment, they can sign up right on the website for a monthly subscription for their personal program. Pilots can participate regardless of whether they own or rent an aircraft and can include multiple aircraft.
Later this year, pilots will be given the option of a decal advertising the level they have attained to add to their aircraft and a keychain upcycled from scrapped aircraft to demonstrate their sustainability commitment.
“If your aviation activities generate a carbon footprint, 4AIR can help you mitigate its impact,” said Ricci. “We want to give pilots, aircraft owners and passengers the ability to do the right thing for the environment, and this program does so in a way that is simple and easy to understand, making them part of the solution.”
About 4AIR
4AIR is an industry pioneer offering sustainability solutions beyond just simple carbon neutrality. Its industry-first framework seeks to address climate impacts of all types and provides a simplified and verifiable path for private aviation industry participants to achieve meaningful aircraft emissions counteraction and reduction.
The 4AIR framework offers four levels, each with specific, science-based goals, independently verified results and progressively greater impacts on sustainability that make it easy for private aviation users to pursue sustainability through access to carbon markets, use of Sustainable Aviation Fuel, support for new technologies and other strategies.
For more information, visit us at www.4air.aero.
Sarah Churbuck
The Hubbell Group, Inc.
Mobile: 561-289-6362
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
– Major Systems Installation Completed at Hanford Manufacturing Plant –
– Substantial Progress Toward Equipment Installation in Vehicle Manufacturing Areas –
– Return to Timely Filing Status and Nasdaq Compliance –
LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) ("FF”, “Faraday Future”, or “the Company"), a California-based global shared intelligent electric mobility ecosystem company, today announced financial results for its second quarter ended June 30, 2022.
“We made encouraging progress during the second quarter at our newly renamed “FF ieFactory California,” our manufacturing plant in Hanford, California. Mechanical, electrical, and plumbing systems are in place, and equipment installation and construction in final vehicle manufacturing areas is nearing completion,” said Dr. Carsten Breitfeld, Global CEO of Faraday Future.
Dr. Breitfeld continued, “During the second quarter of 2022, we also received our dealer license from the State of California and announced our Flagship Brand Experience center which will be located in Beverly Hills. Importantly, we also became current with our financial statements and regained compliance with NASDAQ listing requirements. Fundraising efforts are underway, and we currently expect to deliver the FF 91 to customers in the third or fourth quarter of 2022.”
KEY COMPANY HIGHLIGHTS DURING SECOND QUARTER 2022
Faraday Future made important progress at its FF ieFactory California and noted other developments in key operating areas in support of its business plan. Among the key events and progress during the quarter were:
EVENTS SUBSEQUENT TO SECOND QUARTER 2022
Subsequent to June 30, 2022, the following events took place:
RESULTS FOR SECOND QUARTER 2022
Faraday Future reported an operating loss of approximately $137 million during the three months ended June 30, 2022, as compared to an operating loss of approximately $28 million for the three months ended June 30, 2021. The increase was primarily driven by an increase in engineering, design, and testing (“ED&T”) services as the Company re-engaged suppliers and made significant purchases for ED&T services to progress the development of the FF 91 and a significant increase in headcount and employee-related expenses. Net loss increased to approximately $142 million during the three months ended June 30, 2022, as compared to approximately $53 million net loss for the three months ended June 30, 2021. The significant increase in net loss in the second quarter of 2022 is primarily attributable to the increase in operating loss for the same period.
Total assets as of June 30, 2022 were approximately $588 million, which include $121 million of cash. The decrease in cash from March 31, 2022 to June 30, 2022 was primarily due to payments to vendors and employees related to FF’s continued investment in its FF ieFactory California production readiness and research and development efforts in the FF 91. As of August 9, 2022, the cash balance was $52.2 million and restricted cash was $1.6 million. Total liabilities as of June 30, 2022 were approximately $287 million, as compared to approximately $340 million in total liabilities as of December 31, 2021. FF has been experiencing increased costs relative to prior projections introduced prior to the July 2021 business combination. These increases are primarily attributable to certain product improvements and upgrades relating to the capabilities of the FF 91, professional fees, cost overruns, and recent macroeconomic challenges, including increased construction and labor costs, raw material price increases, semiconductor chip shortages, tariffs, Covid-19 related disruptions and added costs, and other supply chain constraints. More recently, some suppliers have requested accelerated payments and other terms and conditions as a result of our past payment history and concerns about the Company’s financial condition, leading to less favorable payment terms than the Company had anticipated, and delaying or putting at risk certain deliveries. Since its inception, the Company has incurred cumulative losses from operations and negative cash flows from operating activities, and the Company’s accumulated deficit was approximately $3.2 billion as of June 30, 2022. The Company expects to continue to generate significant operating losses for the foreseeable future, as we continue to incur expenses before we generate meaningful revenue.
COMPANY PROJECTIONS AND FF 91 LAUNCH TIMELINE
FF projects a use of cash of approximately $368 million for the period from July 1, 2022 through December 31, 2022 to launch the FF 91. FF is seeking to raise capital of $325 million from fundraising efforts currently underway to supplement its cash on hand. Although the Company has taken steps to preserve its current cash position, including reducing spending, extending payment cycles and other similar measures, it projects that it will require additional funds by early September 2022 in order to continue operations, and will also need to raise additional financing during the remainder of 2022 and beyond 2022 to support the ramp-up of production of the FF 91 to generate revenues to put the Company on a path to cash flow break-even.
MANAGEMENT TRANSITION
Mathias Hofmann, Head of Global Supply Chain, will assume the additional position of Head of Manufacturing Operations, on an interim basis. Mr. Hofmann will replace Matt Tall, who will be leaving the company for personal reasons and returning to his family in Florida. Mathias has demonstrated leadership and commitment to Faraday Future and has experience managing complex automotive assembly plants on three continents. Mathias is supported by strong teams in supply chain both in the United States and China and will lead an outstanding manufacturing team in Hanford.
Customers can preorder an FF 91 via the FF Intelligent App or through our website (English): https://www.ff.com/us/preorder/ or (Chinese): https://www.ff.com/cn/preorder/
Download the new FF Intelligent App (English): https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online, (Chinese): http://appdownload.ff.com
ABOUT FARADAY FUTURE
Faraday Future is a class-defining luxury electric vehicle company. The Company has pioneered numerous innovations relating to its products, technology, business model, and user ecosystem since its inception in 2014. Faraday Future aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet, and new usership models. Faraday Future’s first flagship product is the FF 91 Futurist.
FOLLOW FARADAY FUTURE:
https://www.ff.com/
https://twitter.com/FaradayFuture/
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture/
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements, and include (among others) statements regarding the expected timing of the launch of FF 91 and FF 81 vehicles and anticipated production capacity of the Company’s Hanford, California facility. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the Company’s ability to close on above mentioned convertible notes, raise additional convertible notes and/or other financing the failure of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s ability to obtain financial viability exception or stockholder approval under Nasdaq Rule 5635 to issue all of the shares issuable upon conversion of the above mentioned convertible notes; the Company’s ability to remain in compliance with the listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) and to continue to be listed on Nasdaq; the outcome of the SEC investigation relating to the matters that were the subject of the Special Committee investigation; the implementation of the Special Committee’s actions and related internal review by the Company; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; potential litigation involving the Company; the result of future financing efforts and general economic and market conditions impacting demand for the Company’s products; and the ability of the Company to attract and retain employees. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investors (English): This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors (Chinese): This email address is being protected from spambots. You need JavaScript enabled to view it.
John Schilling
Media: This email address is being protected from spambots. You need JavaScript enabled to view it.
EA Elektro-Automatik’s new Michigan facility offers on-site training and high-power testing to nearby automotive engineering community and other regional manufacturers
DETROIT--(BUSINESS WIRE)--EA Elektro-Automatik, a leading manufacturer of programmable power supplies, bidirectional power supplies and regenerative electronic loads, announces the opening of its new Technology and Training Center in Troy, MI. The center will offer product demos, training and pre-purchase testing available to companies in the nearby region and countrywide.
EA Elektro-Automatik provides advanced power test technology that differentiates it from competitors. EA Elektro-Automatik units lead the industry in power density with up to 15kW in 3U and 30kW in a 4U package. Additionally, EA bidirectional units provide best-in-class energy recovery, more than 96%, and the ability to generate less heat, noise and operational costs, resulting in a quicker ROI.
The new center will feature an advanced demo lab available for in-person training and testing, as well as a video demonstration lab for remote sessions, so customers can test various power supplies and software tools. Video demonstrations are conducted by application engineers and incorporate up to six cameras for multiple views. Appointments for the video demo lab can be reserved in as quickly as two days.
“We are excited to offer a convenient way for customers to test our products and software tools or participate in hands-on demonstrations and training,” remarked Eric Turner, Americas Director of EA Elektro-Automatik. “Our new center will provide a powerful way to showcase our advantages and capabilities to better serve the rapid growth in electrification research and manufacturing in the territory.”
While the center expects to serve the local automotive industry, customers and prospects from around the country are also encouraged to come to the center for their training and pre-purchase testing needs. National growth in electric vehicles, alternative energy technology and energy storage have expanded applications for EA customers, driving the demand for advanced testing equipment.
Turner added, “we have partnered with a number of renewable energy companies to help them test demanding power applications. The new center adds to our ability to create long-term partnerships with these companies to help move their technology forward to meet their development and sustainability objectives.”
EA Elektro-Automatik is already planning future expansion of the center to handle the interest in the growing technology in DC power supply testing.
About EA Elektro-Automatik
EA Elektro-Automatik has been producing state-of-the-art programmable DC power supplies and electronic loads since 1974. The company is dedicated to providing power solutions that lead in technology advancement for research and development and manufacturing in the automotive, energy storage, telecommunications, alternative energies and aerospace industries. With a presence in the Americas, Europe and Asia, EA Elektro-Automatik’s autoranging power supplies lead the industry in output power flexibility, density and operating efficiency. For more information, visit www.eapowered.com.
Alejandro Cortes
619-897-9333
This email address is being protected from spambots. You need JavaScript enabled to view it.
Second Quarter Highlights
TAMPA, Fla.--(BUSINESS WIRE)--$OMEX--Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a global subsea mineral exploration and development company, provided a corporate update.
“The second quarter was an important period for Odyssey, as the company made considerable progress in ensuring the company’s future as a leader in the exploration and development of critical mineral resources across the globe. To be clear, ensuring a favorable outcome in the company’s ongoing NAFTA litigation with Mexico remains its most important objective. While these efforts have taken more time and resources than expected, Odyssey is more optimistic than ever that it will succeed in driving a positive response for shareholders,” stated Mark Gordon, Odyssey Marine Exploration’s Chief Executive Officer and Chairman of the Board.
“In mid-June, Odyssey closed a registered direct offering of equity securities that has allowed the company to continue to deleverage its balance sheet while also providing capital for Odyssey’s ongoing operations and projects. Odyssey expects this financing to carry the company through a decision on the NAFTA arbitration,” said Christopher Jones, Odyssey Chief Financial Officer. “Additionally, the capital will provide for targeted investments in key mineral projects that will help power the shift to renewable energy sources.”
“The company reduced debt by over $5.0 million in the quarter. Importantly, the company remains cautiously optimistic that it will continue to make progress on this front, both in reducing debt and extending maturities, to ensure long-term success for the company,” continued Jones.
“Finally, whether it’s countries seeking to secure phosphate for fertilizer production or OEMs looking for an alternate supply of critical metals to power renewable energy technologies, Odyssey remains focused on developing its already diverse portfolio of projects that can deliver these resources. Several of our projects are advancing through the development curve, reducing the risk and increasing the value associated with these assets. Our research team is also actively identifying new projects that will leverage our experience in deep-water exploration and we are currently evaluating a new project that already has licenses and exploration results,” finished Gordon.
PROJECT UPDATES
Odyssey’s project development focus is on mineral types that can be extracted economically with minimal environmental impact while offering the potential to provide an abundant source of minerals that will benefit society. The company believes subsea phosphorite deposits and polymetallic nodule resources are two of the best options for near-term extraction.
ExO Phosphate Project
Odyssey currently owns 56.3% of this project with an option to increase equity ownership to 65.0% upon conversion of debt. The project is currently the subject of a NAFTA arbitration action against Mexico. Both parties have completed filing all witness statements, expert reports and evidence in the case. Odyssey’s filings are available at https://www.odysseymarine.com/nafta. The final merits hearing took place on May 10, 2022, before the NAFTA Tribunal. According to the procedural calendar, written closing arguments will be filed in late August 2022, subject to any short extensions. Then the evidentiary phase of the case will be closed, and the Tribunal can begin its deliberations. Odyssey cannot predict the length of these deliberations or when a ruling will be issued, but we remain confident in the merits of our case. Odyssey’s filings demonstrate that the project did not receive fair and equitable treatment by Mexico resulting in the illegal denial of the ExO Phosphate Project Environmental Permit. The project’s NI 43-101 highlights the strategic size and grade of the resource, the operational viability of the project, and the project’s value.
CIC Ocean Research Project (Polymetallic Nodules)
Odyssey currently holds 13.9% of CIC Limited (a company founded and led by Greg Stemm, Odyssey’s co-founder and former CEO). Odyssey has the ability to earn up to 20.0 million equity units over the next several years, which represents an approximate 16.0% interest in CIC based on the currently outstanding equity units. This means the company can earn approximately 3.5 million additional equity units in CIC under our current services agreement. Odyssey also provides support to the project as a marine services provider to CIC and as a member of the CIC Consortium, which includes Royal Boskalis Westminster NV and five other companies. On February 23, 2022, CIC was awarded a five-year exploration license by the Cook Islands and commenced exploration activities in June 2022.
South American Phosphate Project:
Odyssey entered into a Memorandum of Understanding to create a joint venture (JV) company in which Odyssey will own a 75% interest. The new company will have exclusive rights to a minimum of 19 areas (380 km2 of seabed) believed to be highly prospective for phosphorite deposits in an Exclusive Economic Zone (EEZ) of a country in South America. Legacy data and desktop research indicate high-grade phosphate deposits in the concession areas. Pending execution of the definitive agreement, Odyssey will manage the overall Phosphate Project development, and the local JV partner will manage business operations. A related party to the JV partner will provide marine operations services, supervised by Odyssey. It is anticipated that the South American deposits can be extracted with the standard and similar technology and engineering solutions already identified for the ExO Project, which will allow the phosphate to be recovered in an environmentally responsible manner without the addition of any chemicals into the sea.
Lihir Subsea Gold Project
Odyssey’s ownership stake in this project is 85.6%. The license area is adjacent to Lihir Island, Papua New Guinea, where one of the world’s largest terrestrial gold deposits is currently being mined and processed by Newcrest Mining. Further development of this project is dependent on the characterization of any present resources during exploration.
About Odyssey Marine Exploration
Odyssey Marine Exploration, Inc. (Nasdaq: OMEX) is a deep-ocean exploration pioneer engaged in the discovery, validation and development of subsea mineral deposits in a socially and environmentally responsible manner. Odyssey’s growing project portfolio includes different mineral sets in various jurisdictions around the world. Odyssey also provides marine services for private clients and governments. For additional details, please visit www.odysseymarine.com. An investor presentation is available in the Investors section of the website.
Forward Looking Information
Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the Securities and Exchange Commission on March 31, 2021. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.
Cautionary Note to U.S. Investors
The U.S. Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this press release, such as "measured", "indicated," "inferred" and "resources," which the SEC guidelines strictly prohibit us from including in our filings with the SEC. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and are urged to consider closely the disclosures in our Form 10-K which may be secured from us or from the SEC's website at http://www.sec.gov/edgar.shtml.
Laura Barton
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2562
This email address is being protected from spambots. You need JavaScript enabled to view it.
SWINDON, England--(BUSINESS WIRE)--Sensata Technologies Holding plc (NYSE: ST) (“Sensata Technologies”) today announced that its indirect wholly owned subsidiary Sensata Technologies B.V. (the “Issuer”) priced $500 million in aggregate principal amount of 5.875% senior notes due 2030 (the “Notes”) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). The Notes were priced at par. The closing of the offering is expected to occur on August 29, 2022, subject to customary closing conditions.
The Notes will be guaranteed on a senior unsecured basis by each of the Issuer’s wholly owned subsidiaries that is a borrower or a guarantor under Sensata’s senior credit facilities and an issuer or a guarantor under Sensata’s outstanding series of existing notes. The Notes and the guarantees will be the Issuer’s and the guarantors’ senior unsecured obligations and will rank equally in right of payment to all existing and future senior indebtedness of the Issuer or the guarantors, respectively, including the senior credit facilities and outstanding series of existing notes. The Notes and the guarantees will be senior to all the Issuer’s and the guarantors’ existing and future indebtedness that is expressly subordinated to the Notes and the guarantees. The Notes and the guarantees will be effectively junior to the Issuer’s and the guarantors’ existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness, including indebtedness under the senior credit facilities, and will be structurally subordinated to all the existing and future obligations of any of, as applicable, the Issuer’s or respective guarantor’s subsidiaries that do not guarantee the Notes.
Sensata Technologies intends to use the net proceeds from the offering of the Notes to redeem, repurchase or otherwise repay the Issuer’s 4.875% senior notes due 2023 or other existing debt.
The Notes and the related guarantees will be offered only to persons reasonably believed to be “qualified institutional buyers” in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been and will not be registered under the Securities Act or the securities laws of any state or other jurisdiction and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws or outside the United States except in compliance with foreign securities laws.
This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities. The Notes offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of a private offering memorandum.
About Sensata Technologies
Sensata Technologies is a global industrial technology company striving to create a cleaner, more efficient, electrified and connected world. Through its broad portfolio of sensors, electrical protection components and sensor-rich solutions which create valuable insights, Sensata helps its customers address increasingly complex engineering and operating performance requirements. With more than 21,000 employees and operations in 13 countries, Sensata serves customers in the automotive, heavy vehicle & off-road, industrial, and aerospace markets.
Safe Harbor Statement
Statements in this release which are not historical facts, such as those that may be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “would,” and similar expressions, are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, but are not limited to, the consummation of the offering by the Issuer and the use of proceeds. Detailed information about some of the other known risks is included in our Annual Report on Form 10-K for the year ended December 31, 2021 and our other reports filed with the Securities and Exchange Commission. Because actual results could differ materially from our intentions, plans, expectations, assumptions, and beliefs about the future, you are urged to view all forward-looking statements contained in this news release with caution. Except as required by applicable law, we do not undertake to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events, or otherwise.
Media:
Alexia Taxiarchos
Head of Media Relations
+1 (508) 236-1761
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor:
Jacob Sayer
Vice President, Finance
+1 (508) 236-1666
This email address is being protected from spambots. You need JavaScript enabled to view it.
Energos Infrastructure is a new LNG Maritime Platform Supporting Reliable, Cleaner and More Affordable Energy to Help Facilitate Transition
NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) and Apollo (NYSE: APO) today reported they have completed the previously announced Joint Venture (the “JV” or the “Platform”), establishing a platform which now owns and operates 11 liquefied natural gas (“LNG”) infrastructure vessels consisting of Floating Storage and Regasification assets, Floating Storage vessels and LNG carriers. The Platform has been named Energos Infrastructure (“Energos”) and is owned approximately 80% by Apollo-managed funds and 20% by NFE.
Apollo and NFE have additionally announced the Energos executive team, led by newly-appointed Chief Executive Officer Arthur Regan. Regan is a veteran maritime industry Chief Executive and Apollo operating partner, having established and led both publicly-traded and private equity-owned maritime enterprises over the past three decades. He began his career as an officer on merchant ships, including sailing as captain. Regan will also serve as director on the Energos Board. In addition, Kevin Kilcullen has been named Chief Financial Officer of Energos. Kilcullen was previously CFO at publicly-traded Diamond S Shipping until the closing of its recent merger transaction.
Energos is a global marine infrastructure platform underpinned by long-term contracts, benefitting from NFE’s LNG downstream operations and development activities, as well as Apollo’s leading investment and maritime experience. The Platform provides critical infrastructure for the delivery, storage, and regasification of LNG to power countries around the world, which can reduce their reliance on oil and coal to lower carbon emissions and enable potentially substantial cost savings. In addition to serving NFE’s projects globally, the Platform also serves a diversified customer base of utilities and energy companies worldwide under third-party charters.
The 11-vessel portfolio consists of 6 Floating Storage and Regasification Units (“FSRUs”), 2 LNG Carriers (“LNGCs”), and 3 Floating Storage Units (“FSUs”). As part of the transaction, NFE has agreed to charter ten of the vessels from the Platform for a period of up to 20 years, and those charters have commenced immediately, or will commence upon expiration of the vessels’ existing third-party charter agreements. The Platform will also seek growth opportunities in support of both NFE and third parties to support the energy transition and bolster energy security globally.
“Reliable energy infrastructure is essential to address the global energy crisis and reduce emissions,” said Wes Edens, Chairman and CEO of New Fortress Energy. “We are pleased to partner with Apollo to launch a premier LNG maritime infrastructure company that will enhance our efforts to bring cleaner fuel and energy security to customers around the world.”
Apollo Partner Brad Fierstein said, “Energy transition and energy reliability are global priorities and core to Apollo’s sustainable investing platform. We’re very pleased to complete the JV transaction with NFE, and to have an industry veteran like Art at the helm, leading the business into its next phase.”
The total implied enterprise valuation of Energos is approximately $2 billion based on the JV transaction. Apollo Capital Solutions performed debt advisory and placement services for the JV and the debt financing was led by Brookfield Infrastructure Debt and also included a syndicate of other credit funds managed by Global Infrastructure Partners, HPS Investment Partners, LLC, and Carlyle Global Credit. Investec Inc. and BMO Capital Markets Corp. led the arrangement of revolving credit facilities to support the transaction. NFE was advised by Akin, Gump in the transaction, Apollo was advised by Vinson & Elkins LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP, and the credit group was advised by Milbank LLP. Morgan Stanley and DnB Capital Markets acted as financial advisors to NFE in the transaction.
Energos Infrastructure will establish its headquarters in Stamford, CT.
About New Fortress Energy
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world’s transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure, ships, and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company’s assets and operations seek to support global energy security, enable economic growth, enhance environmental stewardship, and transform local industries and communities around the world.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2022, Apollo had approximately $515 billion of assets under management. To learn more, please visit www.apollo.com.
Cautionary Language Regarding Forward-Looking Statements
This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. Forward looking statements include: the ability of the Platform to support reliable, cleaner and more affordable energy to support transition, reduce reliance by countries on oil and coal, lowering carbon emissions and enabling cost savings, and accelerating energy transition; the ability of the Platform to own and operate the vessels and to service a diversified customer base; the ability of the executive team to manage the operations of the Platform; benefits to be derived from experience from the JV partners; the chartering of certain vessels to NFE; anticipated growth strategy and ability to meet growing demand for cleaner fuel and energy security around the world; the ability of reliable energy infrastructure in addressing the ongoing global energy crisis and for a reduced-carbon future; total implied enterprise value; and the location of the Platform. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of the Platform, NFE and Apollo or the stock prices of such parties.
These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are necessarily estimates based upon current information and are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the ability of the JV to implement its business platform, operate the vessels and to realize anticipated efficiencies and benefits; common risks related to new businesses; common risks related to joint ventures and successful integration of the businesses, including the timing and amount of commitments or obligations to fund operating and/or capital expenditures, nonperformance by joint venture, limited or no control over the management, business or operations of the joint venture, and subordination of claims of creditors in the event of a liquidation or reorganization; nonpayment or nonperformance by any of NFE’s or the JV’s customers or suppliers, including among others nonpayment or nonperformance by any of parties to the charters; the ability of the parties to implement their respective plans, forecasts and other expectations; adverse regional, national, or international economic conditions, adverse capital market conditions and adverse political developments; volatility in the price or demand of LNG products; business disruption following the transaction; and the impact of public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our annual report, quarterly and other reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update these forward-looking statements, even though our situation may change in the future.
For New Fortress Energy:
Investors:
Brett Magill
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Jake Suski
(516) 268-7403
This email address is being protected from spambots. You need JavaScript enabled to view it.
For Apollo:
Noah Gunn
Global Head of Investor Relations
212-822-0540
This email address is being protected from spambots. You need JavaScript enabled to view it.
Joanna Rose
Global Head of Corporate Communications
212-822-0491
This email address is being protected from spambots. You need JavaScript enabled to view it.
Stand-alone battery storage project reaches commercial operation
WAKEFIELD, Mass.--(BUSINESS WIRE)--Agilitas Energy, the largest integrated developer, builder, owner and operator of distributed energy storage and solar photovoltaic (PV) systems in the northeastern U.S., today announced its energy storage project in Pascoag, Rhode Island, has reached commercial operation to bring reliable and affordable clean energy to Pascoag Utility District (PUD). Rhode Island Lt. Governor Sabina Matos, a strong proponent of renewable energy, attended a ribbon-cutting ceremony today to celebrate the project coming online.
Acquired by Agilitas Energy in April 2021, the Ocean State project will add three megawatt (MW)/nine megawatt hours (MWh) of energy storage capacity, participate in ISO-New England markets and serve as a peak load reducer for PUD. The battery storage system will charge from the grid when there is excess energy and when costs are lower, and discharge that energy when demand is high. This will deliver low-cost energy for PUD customers and enhance the grid’s reliability and resiliency.
“The Pascoag Utility District prides itself on being the energy provider that its customers can count on to keep the lights on. As demand grows due to increased electrification and extreme weather conditions, we want to ensure Pascoag and Harrisville residents experience the same service and value they’ve come to expect,” said Mike Kirkwood, General Manager and CEO of Pascoag Utility District. “This project from Agilitas Energy was an easy, no-risk way to keep our operating costs down and deliver cleaner energy in the most cost-effective manner.”
Agilitas Energy’s load forecasting and operational experience allows the company to provide peak clipping and reliability services to utilities and to participate in non-wires alternative solutions to help make the bulk power grid more efficient. The company was one of the first-to-market energy storage players in the northeastern U.S. and the first to bring a continuous storage facility to commercial operation in the ISO-New England control area.
“We believe that energy storage is the key to the energy transition, as it unlocks an approach to meeting peak power loads that’s more effective, environmentally prudent and affordable for customers. That’s what we’ve done here in Rhode Island,” said Barrett Bilotta, President of Agilitas Energy. “At a time when consumers are concerned about inflation and rising costs, we are proud to partner with Pascoag Utility District to bring more reliable power to their customers at a lower cost. We want to thank the governor’s office for their support and leadership ensuring the people of Rhode Island can benefit from renewables.”
Agilitas Energy is actively constructing and developing several other stand-alone battery storage systems, as well as some coupled with solar photovoltaic (PV) systems. The company is currently seeking renewables projects at all stages of development in markets across the country. To inquire about how Agilitas Energy can deliver an energy solution or serve as a partner on a project, please visit https://agilitasenergy.com/contact/.
About Agilitas Energy
Agilitas Energy is a leading renewables and energy storage company with a mission to accelerate the transition to clean energy. As the largest integrated developer, builder, owner and operator of distributed energy storage and solar PV systems in the northeastern U.S., Agilitas Energy manages the entire end-to-end lifecycle of the projects that deliver predictable, low-cost, clean energy for off-takers, utilities and municipalities. The company has a U.S. pipeline of more than 500 MW of solar PV and energy storage projects. To learn more, please visit: https://agilitasenergy.com/.
Liam Sullivan on behalf of Agilitas Energy
V2 Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
SAN JOSE, Calif.--(BUSINESS WIRE)--$BE--Bloom Energy Corporation (NYSE: BE) today announced that it has commenced an underwritten public offering of 13,000,000 shares of its Class A common stock. All of the shares of the Class A common stock are being offered by Bloom Energy. In addition, Bloom Energy intends to grant the underwriters a 30-day option to purchase up to an additional 1,950,000 shares of Class A common stock. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
J.P. Morgan, Morgan Stanley and BofA Securities are acting as joint book-running managers for the proposed offering.
A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission on October 25, 2021, and automatically became effective upon filing. This offering is being made solely by means of a prospectus. A copy of the preliminary prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at +1 (866) 803-9204 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
Bloom Energy intends to use the net proceeds from this offering for general corporate purposes, including research and development and sales and marketing activities, general and administrative matters and capital expenditures, and which may include the repayment of some or all of our outstanding indebtedness.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom Energy’s solid oxide platform for distributed generation of electricity and hydrogen delivers highly reliable and resilient, always-on electric power that is clean, fuel flexible, cost-effective and ideal for microgrid applications. Bloom Energy’s solid oxide platform can also be used to produce zero carbon hydrogen. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities and other industries.
Forward-Looking Statements
This press release includes forward-looking statements, including statements regarding the completion, timing and size of the proposed offering and the intended use of the proceeds. Forward-looking statements represent Bloom Energy’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including the trading price and volatility of Bloom Energy’s Class A common stock and risks relating to Bloom Energy’s business and, if the offering is priced, risks related to the satisfaction of closing conditions in the underwriting agreement related to the offering. Bloom Energy may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offer. The forward-looking statements included in this press release speak only as of the date of this press release, and Bloom Energy does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law.
Bloom Energy Investor Relations:
Ed Vallejo
+1 (267) 370-9717
This email address is being protected from spambots. You need JavaScript enabled to view it.
Bloom Energy Media Contact:
Jennifer Duffourg
+1 (480) 341-5464
This email address is being protected from spambots. You need JavaScript enabled to view it.
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today announced its financial results for the second quarter of 2022.
CVD’s revenue for the second quarter of 2022 was $5.8 million as compared to $4.0 million for the second quarter of 2021, an increase of $1.8 million or 44.0%. Net loss for the second quarter of 2022 was $.8 million, or $.12 per diluted share, as compared to a net income of $1.5 million (which includes a $2.4 million gain on debt extinguishment from the forgiveness of CVD’s PPP loan), or $.22 per diluted share for the second quarter of 2021.
CVD’s operating loss for the second quarter of 2022 decreased by $.2 million, to $.9 million for the second quarter of 2022, as compared to an operating loss of $1.1 million for the second quarter of 2021. This decrease was a result of increased revenue of $1.8 million and the resultant improvement of gross profit margins of $.4 million, offset by increased operating expenses of $.2 million. The increase in gross profit and gross profit margins was primarily the result of leveraging fixed costs on higher sales levels and product mix, which offset certain component cost increases and compensation costs. In addition, operating expenses increased due to higher employee-related costs to support our greater demand and marketing and engineering efforts.
For the six months ended June 30, 2022, revenue was $10.5 million as compared to $7.4 million for the same period in 2021, an increase of $3.1 million or 41.4%. Net loss for the six months ended June 30, 2022 was $1.8 million, or $.27 per diluted share, as compared to a net loss of $35,125 (which includes a $2.4 million gain on debt extinguishment from the forgiveness of CVD’s PPP loan), or $.01 per diluted share for the same period in 2021.
For the six months ended June 30, 2022, CVD’s operating loss decreased by $.8 million, to $1.9 million as compared to an operating loss of $2.7 million for the same period in 2021. This improvement was the result of increased revenue of $3.1 million and the resultant improvement of gross profit margins of $.8 million and decreased operating expenses of $.1 million. The increase in gross profit and gross profit margins was primarily the result of leveraging fixed costs on higher sales levels and product mix, which more than offset certain component cost increases and compensation costs.
Beginning in Q3 2021 and continuing to date, CVD has been impacted by increased costs on certain manufacturing material components, as well as delays in supply chain deliveries. These increases and delays may also impact CVD’s ability to recognize revenue and result in reduced gross profit margins in future quarters, extended manufacturing lead times and reduced manufacturing efficiencies. CVD is also seeing inflationary effects that have resulted in increased costs for labor and materials. CVD has placed orders with increased lead times to attempt to mitigate the manufacturing delays, and continues to assess other material suppliers in an effort to alleviate the potential cost impacts. In addition, CVD is utilizing its flexible in-house manufacturing to further mitigate potential delivery delays and material cost increases.
Thomas McNeill, Executive Vice President and Chief Financial Officer, said “The Company’s backlog at June 30, 2022 was $16.7 million as compared to $10.4 million at December 31, 2021, an increase of $6.3 million or 60.5%. This increase is due to the timing of the receipt of new orders for the six months ended June 30, 2022 of $16.7 million reduced by recognized revenue of $10.5 million. While the negative effects of the COVID-19 pandemic continue to impact the aerospace industry, generally in the form of reduced long distance travel and reduction of gas turbine engine sales, industry reports indicate improvement may begin to occur in the late 2022-2023 timeframe.”
Emmanuel Lakios, President and CEO, noted, “2022 continues to be a year of strong demand for our CVD equipment and the ‘electrification of everything’ is at the forefront of fueling our order growth. In the first half of 2022 ending June 30th, we have received orders of approximately $13 million for our CVD segment. The orders primarily consist of twenty-one (21) CVD/FirstNano systems compared to twenty-three (23) system orders for all of 2021. Of the twenty-one (21) system orders, fourteen (14) are for our recently announced PVT-150 system addressing SiC growth and processing, while the remainder of the system orders are for battery materials R&D and production, advance carbon-based capacitors, superconducting tape and for a legacy advanced R&D FirstNano product. The systems are planned for shipment over the next several quarters and into 2023. We continue to be affected by supply chain issues and we are taking measures to address the uncertainties caused by both the COVID-19 pandemic and the geopolitical instability in Eastern Europe. Our two key initiatives are, expanding our in-house production capabilities and partnering with key suppliers. Both are essential to our goal of self-reliance and will support our commitments to our customers.”
“Along with the CVD Board of Directors and all our loyal employees, we are committed to stay the course of our strategy to achieve profitability, with a focus on growth and return on investment. We look forward to communicating with you in our upcoming conference call.”
The Company will hold a conference call to discuss its results today at 5:00 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-2991 or International (201) 389-0925. A telephone replay will be available for 7 days following the call. To access the replay, dial (877) 660-6853 or international (201) 612-7415. The replay passcode is 13732170. A live and archived webcast of the call is also available on the company’s website at www.cvdequipment.com/events.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, battery nanomaterials, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the COVID-19 pandemic, the success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements, and other risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the Company’s other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor of the Private Securities Litigation Reform Act of 1995. The Company assumes no obligations to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Past performance in not a guaranty of future results.
CVD EQUIPMENT CORPORATION AND SUBSIDIARIES |
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
For the Three and Six Months Ended June 30, 2022 and 2021 |
||||||||||||||||
(In thousands) |
||||||||||||||||
|
|
|||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
Revenue |
$ |
5,808 |
|
$ |
4,034 |
|
$ |
10,461 |
|
$ |
7,400 |
|
||||
Gross profit |
|
1,441 |
|
|
997 |
|
|
2,207 |
|
|
1,441 |
|
||||
Operating expenses |
|
2,298 |
|
|
2,080 |
|
|
4,074 |
|
|
4,143 |
|
||||
Operating loss |
|
(857 |
) |
|
(1,083 |
) |
|
(1,867 |
) |
|
(2,702 |
) |
||||
Net (loss) income |
|
(839 |
) |
|
1,470 |
[1] |
|
(1,837 |
) |
|
(35 |
)[1] |
||||
Diluted (loss) income per share |
$ |
(0.12 |
) |
$ |
0.22 |
|
$ |
(.27 |
) |
$ |
(.01 |
) |
||||
| [1] CVD's net income (loss) for the three and six months ended June 30, 2021 includes a $2.4 million gain on debt extinguishment from the forgiveness of CVD's PPP loan. | ||||||||||||||||
CVD EQUIPMENT CORPORATION AND SUBSIDIARIES |
||||||
Condensed Consolidated Balance Sheets |
||||||
As of June 30, 2022 and December 31, 2021 |
||||||
(In thousands) |
||||||
(unaudited) |
||||||
|
2022 |
|
2021 |
|||
Assets |
||||||
Current Assets |
||||||
Cash and cash equivalents |
$ |
12,159 |
$ |
16,651 |
||
Accounts receivable, net |
|
2,572 |
|
1,446 |
||
Contract assets |
|
4,256 |
|
2,538 |
||
Inventories, net |
|
2,050 |
|
1,225 |
||
Taxes Receivable |
|
- |
|
716 |
||
Other current assets |
|
529 |
|
494 |
||
Total Current Assets |
$ |
21,566 |
$ |
23,070 |
||
Property, plant and equipment, net |
|
12,335 |
|
12,261 |
||
Other assets |
|
215 |
|
193 |
||
Total Assets |
$ |
34,116 |
$ |
35,524 |
||
Liabilities and Stockholders' Equity |
||||||
Current Liabilities |
$ |
6,576 |
$ |
6,336 |
||
Total Stockholders’ Equity |
|
27,540 |
|
29,188 |
||
Total Liabilities and Stockholders’ Equity |
$ |
34,116 |
$ |
35,524 |
||
CVD earnings release should be read in conjunction with the Company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for fiscal year ended December 31, 2021.
For further information about this topic please contact:
Thomas McNeill, EVP & CFO
Phone: (631) 981-7081
Fax: (631) 981-7095
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
TeraWulf Successfully Transitions from Construction to Hashing
EASTON, Md.--(BUSINESS WIRE)--TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, today reported financial results for its second quarter ended June 30, 2022, and provided a subsequent operational and financial update.
Recent Operational and Financial Highlights
Second Quarter 2022 Highlights
Lake Mariner Energization
TeraWulf has successfully energized its first dedicated mining building at its wholly owned, New York-based Lake Mariner facility, housing approximately 50 MW of mining capacity. Construction activities are currently well underway on the second building at Lake Mariner, with all structural steel frame and roofing, exhaust and drainpipes, and underground electrical work substantially complete. Building 2, which will house an additional 50 MW of mining capacity, is expected to be online in the fourth quarter and, together with existing mining capacity (10 MW) installed leveraging unused space at the now decommissioned coal plant, the Company remains on track to achieve its targeted year-end mining capacity of 110 MW at the Lake Mariner facility.
Located at the expansive site of the last coal plant retired in New York, Lake Mariner leverages valuable existing power interconnection infrastructure and has secured attractively priced power in Western New York where 91% of market energy comes from zero-carbon resources, predominantly hydroelectric. TeraWulf’s priority is to utilize as much of its available mining capacity at Lake Mariner for self-mining, however, the Company has entered into select hosting arrangements to leverage the financial benefit of its energized digital infrastructure.
TeraWulf’s Co-Founder and CEO, Paul Prager, commented, “The timely energization of our first building at Lake Mariner marks the achievement of a significant milestone for TeraWulf and represents our successful transition from construction to hashing.” Prager continued, “We are committed to managing our assets sustainably and are pleased with Lake Mariner’s operational performance and ability to serve as, and be compensated for, a demand response resource to New York’s electrical grid, as it has during some of the hottest days this August. We believe our vertical integration and zero-carbon strategy, along with some of the lowest power costs in the industry, differentiate TeraWulf and enable us to outperform the industry going forward.”
Nautilus Cryptomine Update
The Nautilus Cryptomine facility, a partnership between TeraWulf and Talen, has made construction progress and is projected to begin mining in the second half of 2022. The Company currently expects to exit 2022 with 100 MW of net mining capacity at Nautilus, which represents TeraWulf's 50% share of the joint venture. Notably, Cumulus Coin is excluded from the Chapter 11 proceedings initiated on May 9, 2022, by Talen Energy Supply, LLC (“TES”), and affiliated debtors in the U.S. Bankruptcy Court for the Southern District of Texas (Houston Division). Cumulus Coin continues to receive funding of its investments during the case consistent with TES’s Approved Business Plan and is on track to complete its restructuring process in the fourth quarter of 2022.1
The Nautilus Cryptomine Facility has access to up to 300 MW of bitcoin mining capacity from the 2.3 GW Susquehanna Nuclear Station and is expected to be the first domestic bitcoin mining facility site that is powered by 100% “behind the meter” nuclear energy.
Miner Delivery Updates
As previously announced, the Company has made $83 million of payments with respect to its December 2021 purchase agreement with Bitmain for 18,000 S19 XP mining machines to be delivered to its Lake Mariner facility between July and December of 2022. Pursuant to TeraWulf’s commercial understanding with Bitmain, these previous deposits will be converted to miner shipments based on current market prices. The initial batch of 3,000 S19 XP mining machines have been shipped and are expected to arrive onsite in August and be fully operational by September 2022. An expedited delivery timeframe for the remaining S19 XP miners is subject to ongoing discussions with Bitmain.
With regard to the Company’s June 2021 purchase agreement for 30,000 S19j Pro mining machines (gross) for the Nautilus Cryptomine facility in Pennsylvania, the Company and Nautilus are in similar discussions with Bitmain regarding the timing and volume of deliveries, current market price of miners, and the need for remaining payments.
Patrick Fleury, TeraWulf’s Chief Financial Officer, commented, “Our ability to secure new capital coupled with the fact that we have benefitted from a downward market price adjustment for our miners has significantly de-risked our funding needs during a period of unprecedented volatility in the cryptocurrency markets.”
1 |
Disclosure per Talen’s Amended Restructuring Term Sheet filed on August 5, 2022. |
Sale of IKONICS Legacy Business
In August 2022, IKONICS, a wholly owned subsidiary inherited by TeraWulf following its December 13, 2021 reverse merger with IKONICS (formerly NASDAQ: IKNX), closed on the sale of certain legacy IKONICS property, including a warehouse, for $6.7 million as well as the sale of substantially all of the remaining IKONICS legacy assets, for $6.5 million, subject to a net working capital adjustment to be completed in sixty days. Pursuant to the Contingent Value Rights Agreement entered into in connection with the terms of the reverse merger, 95% of the net proceeds of the disposition of the IKONICS legacy business will accrue to the historical stockholders of IKONICS.
Paul Prager, CEO, continued, “Disposition of the IKONICS legacy business allows the TeraWulf management team to focus our energies on the continued buildout of our zero-carbon bitcoin mining business."
Second Quarter 2022 Financial Results
During the three months ended June 30, 2022, TeraWulf generated $1.4 million of revenue compared to $0 during the same quarter a year ago. The increase is attributable to the commencement of mining activities in March 2022 and a miner host-to-own arrangement entered into in May 2022 at the Company’s wholly owned Lake Mariner facility in New York.
Operating expenses in the second quarter of 2022 increased $980,000 compared to the same quarter a year ago, led by the expenses associated with a two-month miner lease agreement that expired in May 2022. Selling, general and administrative expenses were $6.8 million for the three months ended June 30, 2022, an increase of $2.6 million from the same quarter a year ago as the Company continues to scale operations. Interest expense for the three months ended June 30, 2022, was $4.1 million compared to $0 for the same quarter a year ago due to payments on its New Term Loan (defined below).
The Company incurred a net loss from continuing operations of $13.0 million for the three months ended June 30, 2022, compared to a net loss of $4.4 million for the same quarter a year ago.
Liquidity
As of June 30, 2022, the company also had a carrying value of digital assets of $0.7 million, which reflects accumulated impairment losses of $0.6 million year-to-date.
On July 1, 2022, the Company entered into an amendment to its existing loan facility for an additional $50 million of committed term loan (the “New Term Loan”). In July 2022, the Company drew down $15 million of the New Term Loan. The subsequent tranches of up to $35 million may be drawn at Company’s option, subject to certain conditions.
Additionally, pursuant to the April ATM, the Company has the right but not the obligation to sell, from time to time, up to $200 million shares of common stock. In June 2022, the Company also entered into a Standby Equity Purchase Agreement with Yorkville Advisors Global, LP to sell up to $50 million of the Company's common stock. As of June 30, 2022, cash and cash equivalents totaled approximately $1.0 million.
TeraWulf believes that incremental liquidity can be created through proceeds related to continued digital infrastructure optimization at its Lake Mariner facility and through additional financing agreements. As previously announced, the Company engaged Cantor Fitzgerald & Co. and Ducera Partners LLC to assist in raising its final round of transformative growth capital in 2022.
Upcoming Investor Events
TeraWulf is expected to participate in several upcoming investor events including:
Details on these events are subject to change and additional information can be found on the TeraWulf Investor Relations website at www.investors.terawulf.com under the “Events & Presentations” section.
About TeraWulf
TeraWulf (Nasdaq: WULF) owns and operates vertically integrated environmentally clean bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company is currently developing two mining facilities, Lake Mariner in New York, and Nautilus Cryptomine in Pennsylvania, with the objective of 800 MW of mining capacity deployed by 2025, enabling over 23 exahash per second of expected hashrate. TeraWulf generates domestically produced bitcoin powered by nuclear, hydro, and solar energy with a goal of utilizing 100% zero-carbon energy. With a core focus of ESG that ties directly to its business success, TeraWulf expects to offer attractive mining economics at an industrial scale.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as "plan," "believe," "goal," "target," "aim," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf's management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf's operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (9) employment workforce factors, including the loss of key employees; (10) litigation relating to TeraWulf, IKONICS and/or the business combination; (11) the ability to recognize the anticipated objectives and benefits of the business combination; and (12) and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company's filings with the SEC, which are available at www.sec.gov.
Company Contact:
Sandy Harrison
This email address is being protected from spambots. You need JavaScript enabled to view it.
(410) 770-9500
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.