BOSTON--(BUSINESS WIRE)--#BOSpoli--Vicinity Energy, a decarbonization leader with the nation’s largest portfolio of district energy systems, has recently incorporated Green Loan Principles into its existing credit facilities. Vicinity will use funds from new Green Loan borrowings to support investments into eligible green projects across its district energy systems using renewable energy, waste heat, cogenerated heat, or a combination. The Green Loan Principles, initially introduced by the LSTA, APLMA, and LMA, provide a general framework of market standards and guidelines to promote the development and integrity of the Green Loan product. Vicinity intends to use the funds of the Green Loan for investments that are consistent with the EU Taxonomy technical criteria for District Energy and the Energy Efficiency category of the Green Loan Principles.

Vicinity’s lender group includes many leading global financial institutions for sustainable financing. BNP Paribas served as Green Loan Coordinator.

With a commitment to achieve net zero carbon emissions by 2050, Vicinity is electrifying its district energy systems in Boston and Cambridge, with its other locations to follow. The company’s multi-pronged decarbonization and electrification plan includes installing innovative technologies such as electric boilers, industrial-scale heat pumps, and thermal storage. As a key part of this strategy, Vicinity announced the launch of eSteam™, the first-ever carbon-free thermal energy product powered by renewable energy.

“Vicinity is on the forefront of building decarbonization. We are investing in our existing infrastructure today to provide our customers with a resilient and cost-effective option to cleanly heat and cool their buildings. Our new Green Loan financing is closely aligned with our corporate ESG objectives,” said Bill DiCroce, Vicinity's president and chief executive officer.

“Vicinity is working collaboratively with our communities to help achieve their net zero goals. We are excited to have the partnership of financial institutions who share our commitment to sustainability,” added Matt O’Malley, chief sustainability officer of Vicinity.

“BNP Paribas is proud to support Vicinity Energy in its program to decarbonize infrastructure and invest in energy-efficient assets as a key part of the firm’s journey to net zero,” said Anne van Riel, head of sustainable finance capital markets at BNP Paribas for the Americas region.

About Vicinity Energy

Vicinity Energy is a clean energy company that owns and operates the nation’s most extensive portfolio of district energy systems. Vicinity produces and distributes reliable, clean steam, hot water, and chilled water to over 230 million square feet of building space nationwide. Vicinity is committed to achieving net zero carbon across its portfolio by 2050. Vicinity continuously invests in its infrastructure and the latest technologies to accelerate the decarbonization of commercial and institutional buildings in city centers. For more information about Vicinity’s Clean Energy Future commitment, visit www.vicinityenergy.us.

Sara DeMille
Senior Director, Marketing and Communications
857 557 7838
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DUBLIN--(BUSINESS WIRE)--The "Global Internet of Things and Big Data Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.

The study analyzes key drivers and restraints influencing the global IoT and Big Data market growth and provides a connection forecast of the total IoT devices for sustainability applications from 2022 to 2026, with the base year 2021.

This study provides a snapshot of the emerging IoT and Big Data solutions that help businesses achieve their ESG goals, specifically environmental goals.

The study also includes use cases of sustainable solutions with IoT and Big Data technologies and the profiles of notable technology companies and telecommunication operators providing these solutions. The publisher rounds off the study with three key growth opportunities for IoT and Big Data technologies on which stakeholders can capitalize: digital infrastructures, forest monitoring, and sustainable manufacturing.

As companies align their environmental, social, and governance (ESG) goals with the United Nations Sustainability Development Goals (SDG), they increasingly adopt the Internet of Things (IoT) and Big Data technologies to improve their performance.

Integrating IoT with other digital technologies, such as blockchain, data analytics, artificial intelligence, machine learning, and the cloud, is fundamental for meeting ESG and SDG priorities.

The publisher estimates the sustainability industry to have 5 billion IoT-connected devices as of December 2021 (16.6% of the total IoT devices).

Key Topics Covered:

1 Strategic Imperatives

• Why Is It Increasingly Difficult to Grow?
• The Strategic Imperative
• The Impact of the Top 3 Strategic Imperatives on the Internet of Things and Big Data Industry
• Growth Opportunities Fuel the Growth Pipeline Engine

2 Key Findings

3 Market Definitions and Scope of Analysis

• Scope of Analysis
• Methodology
• UN SDGs Influence Purchasing and Investment Criteria Toward Innovating to Zero
• IoT Ecosystem Strategy and Components
• Headquarters of IoT and Big Data Solutions Providers

4 ESG Overview

• Introduction to ESG, ESG Scores, and ESG Bonds

5 IoT and Big Data to Achieve ESG Goals

• How IoT and Big Data Help Achieve ESG Goals and a Circular Economy
• Telcos Capitalize on IoT and Big Data for ESG Purposes
• Global Renewable Energy and Green Hydrogen Trends

6 Growth Opportunity Analysis

• Growth Drivers
• Growth Restraints
• IoT Devices for the Sustainability Industry

7 Selected Use Cases by Region

• Latin America - Mine Air Quality Monitoring
• Latin America - Irrigation Management in Agriculture
• EMEA - Smart Sustainable Cities
• EMEA - Smart Building
• North America - O&G Energy Transition
• North America - Smart Farming
• APAC - Wildlife Monitoring
• APAC - Smart Energy System

8 Technology Companies and Telcos Address ESG Goals with IoT and Big Data

• Vodafone
• Telefonica
• Microsoft
• KT Corporation
• Telstra
• OBS
• Cisco
• Vivo (Telefonica Brasil)
• TIM Brasil

9 Growth Opportunity Universe

• Growth Opportunity 1 - Digital Infrastructure Leveraging Big Data to Increase Energy Efficiency
• Growth Opportunity 2 - Forest Monitoring with IoT and Big Data
• Growth Opportunity 3 - Anticipating Future Sustainable Manufacturing with IoT

10 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/r0dec6

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• OPM Production Planning can help to ensure secure, stable power while maximizing margins and managing risk with accurate capacity predictions and decision support

• Software also helps Ignitis Gamyba to automate data transmission for more optimal planning of natural gas procurement and process organization

SAN RAMON, Calif.--(BUSINESS WIRE)--#energy--GE Digital today announced that Ignitis Gamyba, the largest power producer in Lithuania, has chosen to implement OPM Production Planning an Operations Performance Management solution. GE Digital’s OPM Production Planning solution minimizes uncertainty to ensure reliability of power generation to meet demand, lower the generation costs and improve profitability. The software is designed to provide accurate forecasting of maximum unit power, fuel nomination, and the automation of data transmission for day-ahead operation planning and electricity trading.

Offering real-time insights into plant or fleet power generation potential, OPM Production Planning helps traders, dispatch planners, asset and plant managers understand the day-ahead and intraday plant capacity, and how to make the most profitable use of that capacity through commitment preparation, fuel nomination and dispatch planning. Better economic-based decisions can be made regarding plant offers and dispatch with solution-supported operational insights into factors such as the available capacity – its value and cost – in conjunction with a range of plant specific constraints, such as marketplace conditions, emissions limits, fuel penalties, start-up and turndown durations and cost.

Ignitis Gamyba’s objectives for forecasting include reducing the probability of imbalance, maximizing the efficiency of the unit, and expanding electricity sales, all with the mission to ensure secure and stable power in the region. The company is also looking to reduce potential losses due to imbalances, with no corrective action required to adjust the amount of power and the power schedule. By implementing OPM Production Planning, automating data transmission will reduce the potential for human error and data exchange errors between operational staff and trade staff. It will also provide more optimal planning of natural gas procurement and organization of the day-ahead process.

“OPM Production Planning contributes to the possibility of making the most efficient use of the production capacity of the combined cycle unit for commercial electricity generation,” said Rimgaudas Kalvaitis, CEO of Ignitis Gamyba. “The software is a functional product that allows us to ensure optimal forecasting of unit power and the exchange of information between responsible employees. This creates benefits for the company, shareholders, and the country of Lithuania as a whole.”

OPM Production Planning empowers employees to optimize under uncertainty, to reduce generation costs and increase profitable generation. It operationalizes predictive and prescriptive analytics to reduce future uncertainty and remove inefficiencies held between the asset/system capabilities and the commercial/operating teams.

“Software drives performance with analytics and automation to allow energy companies analyze and proactively balance critical variables like weather, supply/demand patterns, and asset health and efficiency to make better business decisions,” said Linda Rae, General Manager of GE Digital’s Power Generation and Oil & Gas business. “We’re proud to work with Ignitis Gamyba as they pursue their long- term vision and ensure continuity and sustainable operations.”

Click on these links for more information about GE Digital’s Operations Performance Management software and other solutions for the Power Generation industry.

About GE Digital
GE Digital, an integral part of GE Vernova, is a $1 billion software business putting data to work to accelerate a new era of energy. GE Digital has pioneered technologies like Industrial AI and Digital Twins to serve industries that matter for decarbonization like energy, manufacturing, aviation. Our software drives insights customers need to transform how they create, orchestrate, and consume energy. Over 20,000 customers world-wide use our software to fuel productivity and reliable operations while reducing costs and carbon for a more sustainable world. For more information, visit www.ge.com/digital. GE Vernova, a dynamic accelerator comprised of our Power, Renewable Energy, Digital and Energy Financial Services businesses, focused on supporting customers’ transformations during the global energy transition.

© 2022 General Electric. All rights reserved. GE, the GE logo, and associated product names are either registered trademarks or trademarks of General Electric in the United States and/or other countries. All other trademarks are the property of their respective owners.

Rachael Van Reen
GE Digital
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SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that members of management will participate in meetings with members of the investment community at the 2022 Citi One-on-One Midstream / Energy Infrastructure Conference on Tuesday, August 16, 2022 and Wednesday, August 17, 2022. The materials to be discussed in the meetings will be available on the partnership’s website by 12:30 p.m. Eastern Time, Tuesday, August 16, 2022.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.

Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314 / 210-410-8926

Accelerating Global Growth in Ecommerce Capabilities

ITASCA, Ill.--(BUSINESS WIRE)--#SEKOLogistics--SEKO Logistics (SEKO), the leader in global end-to-end logistics solutions, today announced the acquisition of Pixior, LLC. (Pixior), a leading 3PL and fulfillment services provider based in Commerce, CA. With seven locations along the West Coast, and one location in Connecticut, Pixior has become the region’s premier provider of ecommerce fulfillment and retail services, with an emphasis on serving high-end fashion brands.

The acquisition of Pixior brings key ecommerce capabilities in-house to SEKO in the critical West Coast market. These capabilities include high-touch value added fulfillment services that provide a customized brand experience to client customers, for which Pixior offers a truly unique service. This acquisition also nearly doubles SEKO’s fulfillment and warehouse space in the US and triples SEKO’s existing West Coast space capacity. In addition, SEKO adds Pixior’s drayage business to increase further the speed and efficiency of its port discharge services.

“With the acquisition of Pixior, we crystallize our industry leadership in end-to-end logistics solutions and take a significant leap forward in our fulfillment capabilities in the US,” said James Gagne, CEO of SEKO Logistics. “We are operating on a strong growth trajectory and looking for opportunities that allow the company to continue to move at the speed of commerce from anywhere in the world. Yassine and the Pixior team have demonstrated their clear ability to execute outstanding service, quickly develop new space and onboard clients in highly constricted markets. We believe in what they’ve accomplished and are ready to help the company and its clients grow even more.”

SEKO’s strong global presence will also expand Pixior’s existing offerings, providing clients of the company access to:

• Technology and compliance led value-added freight forwarding capabilities, especially for Asia-US trade lanes
• In-country fulfillment capabilities in key European and Asia Pacific markets to support international expansion strategies
• Personalized last mile ecommerce transportation services

“Pixior has grown substantially since the company was founded more than 20 years ago. To continue our growth, we needed a partner with the right capabilities and expertise to accelerate and expand what we’ve been able to achieve. SEKO is the right partner,” said Yassine Amallal, CEO of Pixior. “We admire the company’s global reputation of being a no-nonsense, hands-on and reliable provider of first-class logistics solutions, just like us. Plus, with their global operations, there is no limit to our customers’ growth potential.”

Following the sale, Yassine Amallal remains as CEO of the business unit, which will ultimately be renamed SEKO Ecommerce Fulfillment.

Financial terms of the transaction were not disclosed.

To learn more about SEKO Logistics and its global end-to-end logistics solutions, visit: sekologistics.com.

About SEKO Logistics

Built on nearly 50 years of logistics expertise, SEKO Logistics is the no-nonsense global end-to-end logistics partner – from shipper to consumer. SEKO delivers client-first service, expert reliability and tech-driven shipping solutions that turn customers’ supply chains into a competitive advantage. With over 150 offices in more than 40 countries, SEKO helps you move at the speed of commerce. Learn more at sekologistics.com.

Brian Bourke, Chief Growth Officer, SEKO Logistics
T: +1 630 919 4966
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

Jamie Roche, JRPR
T: +44 (0) 1753 900902
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• 2Q22 revenue of $554 million, up 10%

• 2Q22 GAAP and non-GAAP⁽¹⁾ EPS of $0.82, up 32%

• 2Q22 net income of $74.6 million, up 26%; adjusted EBITDA⁽¹⁾ of $114.7 million, up 26%

• Completes Tc-99m reference batches; assembling final data for FDA submission

• Commences work on first advanced microreactor in the U.S. for the Department of Defense

• Increases 2022 guidance for revenue, adjusted EBITDA⁽¹⁾ and capital expenditures, and narrows 2022 non-GAAP⁽¹⁾ EPS guidance

LYNCHBURG, Va.--(BUSINESS WIRE)--$BWXT #earnings--BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported second quarter 2022 revenue of $554 million, a 10% increase compared with $505 million in the second quarter 2021. GAAP net income for the second quarter 2022 was $74.6 million, or $0.82 per diluted share, compared with net income of $59.3 million, or $0.62 per diluted share, in the prior-year period. Non-GAAP⁽¹⁾ net income for the second quarter 2022 was $75.4 million, or $0.82 per diluted share. Adjusted EBITDA⁽¹⁾ for the second quarter 2022 was $114.7 million, a 26% increase compared with $90.8 million in the prior-year period, primarily driven by higher revenue, the timing of certain long lead material production and positive site performance. A reconciliation of non-GAAP⁽¹⁾ results are detailed in Exhibit 1.

“BWXT delivered a strong second quarter despite a few operational challenges," said Rex D. Geveden, president and chief executive officer. “Second quarter results were seasonally stronger than we originally expected, driven by a combination of business performance and favorable timing. Impressive operational performance in commercial power, nuclear medicine and uranium processing offset some challenges for naval component production at certain facilities within Government Operations. Notably, the results include certain activities that were originally anticipated to occur in the third quarter, which has reduced uncertainty for the year and leads us to narrow 2022 earnings guidance.”

“I want to express my gratitude to the entire BWXT team, which continues to do a remarkable job of supporting our critical nuclear missions while building strategically significant new business lines in advanced microreactors and nuclear medicine. In June, we secured a competitively-bid contract to build the first advanced microreactor in the United States through the Strategic Capabilities Office’s Project Pele. With our key partners, we are quickly building a team of highly talented people to demonstrate that we can manufacture a reliable, safe, transportable microreactor to meet the critical power and operational needs of the Department of Defense. In addition, in early August, we completed the Tc-99m reference batches and are assembling the final data package for FDA submission," said Geveden.

Segment Results

Government Operations segment revenue was $437 million for the second quarter 2022, an 8% increase compared with the prior-year period, driven by the favorable timing of long-lead material volume in naval

reactors and higher revenue in uranium processing, partially offset by lower missile tube revenue due to contract adjustments. Government Operations segment operating income was $83.8 million in the second quarter 2022, a 15% increase compared with the prior-year period. Government Operations segment adjusted EBITDA⁽¹⁾ was $95.7 million in the second quarter 2022, a 15% increase compared with the prior-year period, primarily driven by higher revenue and robust contract performance in technical services and uranium processing which was partially offset by fewer favorable contract adjustments due to operational challenges and lower recoverable CAS pension income.

Commercial Operations segment revenue was $119 million for the second quarter 2022, a 16% increase compared with the prior-year period, driven by increased revenue from commercial nuclear power field service activity, nuclear fuel handling and BWXT Medical. Commercial Operations segment operating income was $12.9 million (GAAP) and $13.1 million (non-GAAP⁽¹⁾) in the second quarter 2022, a significant respective increase compared with $5.6 million in the prior-year period. Commercial Operations segment adjusted EBITDA⁽¹⁾ was $18.2 million in the second quarter 2022, a 70% increase compared with the prior-year period, primarily driven by higher revenue, favorable business mix and the timing of certain expenses.

Cash and Capital Returned to Shareholders

BWXT generated $77.4 million of cash from operating activities in the second quarter 2022, compared with $59.9 million of cash generated from operating activities in the prior-year period. The Company’s cash balance, net of restricted cash, was $67.4 million at the end of the second quarter 2022.

The Company returned $20.1 million of cash to shareholders during the second quarter 2022 through dividends. Year-to-date, the Company has returned $60.8 million of cash to shareholders, including $20.0 million in share repurchases and $40.8 million in dividends. As of June 30, 2022, total remaining share repurchase authorization was $398 million.

On August 3, 2022, the BWXT Board of Directors declared a quarterly cash dividend of $0.22 per common share. The dividend will be payable on September 8, 2022, to shareholders of record on August 19, 2022.

2022 Guidance

BWXT increased guidance for revenue, adjusted EBITDA⁽¹⁾ and capital expenditures and narrowed guidance for non-GAAP⁽¹⁾ EPS.

• Revenue up 6.5% to 8.0% vs. 2021

• Adjusted EBITDA⁽¹⁾ up 5.0% to 6.5% vs. 2021

• Non-GAAP⁽¹⁾ EPS: $3.08 to $3.23

• Cash from operations: $260 million to $290 million

• Capital expenditures: $195 million to $210 million

Additional information can be found in the 2022 second quarter earnings call presentation on the BWXT investor relations website at www.bwxt.com/investors. The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results. See reconciliation of non-GAAP results in Exhibit 1 for additional information.

Conference Call to Discuss Second Quarter 2022 Results

Full Earnings Release Available on BWXT Website

A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/2Q2022-release

BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.

Forward-Looking Statements

BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for each of our reportable segments, including the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes and recent acquisitions; disruptions to our supply chain and/or operations, changes in government regulations and other factors, including any such impacts of, or actions in response to the COVID-19 health crisis; and our expectations and guidance for 2022 and beyond. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; the lack of, or adverse changes in, federal appropriations to government programs in which we participate; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities and other customers; the timing of technology development, regulatory approval and automation of production; the receipt and/or timing of government approvals; the impact of COVID-19 on our business and our employees, contractors, suppliers, customers and other partners and their business activities; the potential recurrence of subsequent waves or strains of COVID-19 or similar diseases; adverse changes in the industries in which we operate; and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2021 and subsequent Form 10-Q filings. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Va. BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 14 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.

Investor Contact:
Mark Kratz
Vice President, Investor Relations
980-365-4300
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Media Contact:
Jud Simmons
Director, Media and Public Relations
434-522-6462
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VANCOUVER, Wash. & FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--#Energy--Motor Services Hugo Stamp, Inc. (“MSHS”) has acquired Pacific Power Group (“PPG”), an industry-leading provider of products, parts, and maintenance, repair, and overhaul (“MRO”) services for marine, energy, commercial and industrial equipment. The combined businesses complement each other’s technical and engineering capabilities, which creates greater value for the customer base. As PPG’s and MSHS’s growth continues to accelerate, the focus remains on providing customers with reliable “one-stop” services for turnkey solutions that capitalize on technical expertise and geographic convenience.

Both PPG and MSHS will maintain their current brand names while continuing to serve their customers through further strengthened relationships with world-class OEM suppliers. The combination enables the companies to leverage broader and deeper expertise through technical talent located across North America. Additionally, the acquisition strengthens PPG’s and MSHS’s geographic footprint through the addition of PPG’s nine facilities across the Western United States, Alaska, Hawaii, and the Gulf of Mexico which are supplemented by MSHS’s facilities across the Eastern United States, Gulf of Mexico, and Pacific Northwest. In turn, the expanded geographic footprint allows PPG and MSHS to better serve customers nationwide.

“For over 30 years, PPG and MSHS have strived to be their clients’ trusted partners recognized for their customer-centered mindset and a deep commitment to a set of common core values. I am excited to create a platform where our employees can work together and leverage their collective power to propel our customers’ businesses,” said David A. Santamaria, CEO, PPG/MSHS. “We will continue on our path to be the leading choice for our OEM suppliers, customers, and employees.”

The broad capabilities and technical depth of the PPG and MSHS partnership offer an attractive proposition to talented industry professionals who are seeking to further develop their careers. To become a leading choice for employees as well as customers, PPG and MSHS understand that opportunities are developed through growth and training driven by the partnership’s strategy of investing in workshop technologies, services expansion, and engineering solutions.

“I am especially excited about how the scale of these firms together enables expanded recruiting and training, which allows us to broaden our technical services,” said Bill Mossey, PPG President, “Through an expanded investment in this area, we will strive to become more capable and have a greater capacity to solve our customers’ challenges and allow them to focus more on their businesses.”

The combination enables PPG and MSHS to become the industry leader with nationwide coverage and expanded OEM access. PPG and MSHS will continue investing in resources to enhance the next growth phase while providing its customers with best-in-class service.

About PPG

Headquartered in Vancouver, WA, PPG is a leading provider of products, parts, and maintenance, repair, and overhaul (“MRO”) services for marine, energy, commercial and industrial equipment. For more information, please visit www.pacificpowergroup.com.

About MSHS

Headquartered in Fort Lauderdale, FL, MSHS is a leading independent, third-party MRO services provider for marine, defense/government, and power generation applications. For more information, please visit www.mshs.com.

Stacy Payne (MSHS)
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Keri Mallard (PPG)
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Initiative to demonstrate technology and produce jet fuel reserves for commercially viable carbon neutral flight

PASADENA, Calif. & ITHACA, N.Y.--(BUSINESS WIRE)--$HLGN--Heliogen, Inc. (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy technology, today announced it has entered into a letter of intent (“LOI”) with Dimensional Energy, a sustainable fuels company, to jointly produce sustainable aviation fuel (“SAF”) at Heliogen’s concentrated solar thermal demonstration facility in Lancaster, Calif. This first-of-its-kind collaboration aims to create a reserve of jet fuel created from sunlight and air to enable the rapid decarbonization of the aviation industry.

The companies will work to deploy Heliogen’s proprietary, artificial intelligence (AI)-powered HelioHeat™ technology to convert sunlight directly into thermal energy in the form of high temperature steam and air that will be used to produce green hydrogen for Dimensional Energy’s Reactor platform. The hydrogen will be produced leveraging the previously announced successful demonstration of Heliogen’s concentrated solar technology. As part of the collaboration between Heliogen and Dimensional Energy, the LOI includes a goal of building a fully integrated ~1 barrel per day drop-in ready SAF demonstration. The parties expect the demonstration project to be a first step to develop a pipeline for approximately 3 million barrels of fuel over the next ten years.

As previously announced, Dimensional Energy has signed a commercial agreement to supply United Airlines with 300 million gallons of SAF over 20 years.

The airline industry is responsible for nearly 3% of global carbon dioxide emissions, while the United Nations expects airplane emissions of carbon dioxide to triple by 2050. SAF is a direct replacement for conventional jet fuel, and can enable the rapid decarbonization of the global aviation sector when produced from carbon-free energy sources like the sun instead of petroleum. The SAF market is projected to grow from $219 million in 2021 to $15.7 billion by 2030, expanding at a 60.8% CAGR, according to ResearchandMarkets.com.

“At Heliogen, our mission is to decarbonize industry by delivering advanced renewable energy systems that are more affordable than fossil fuels and we are thrilled to collaborate with Dimensional Energy to advance the decarbonization of the aviation industry,” said Bill Gross, Founder and Chief Executive Officer, Heliogen. “Dimensional’s flexible thermal utilization platform is the most scalable and cost effective solution, and when combined with Heliogen’s transformative concentrated solar technology, this partnership brings us one crucial step closer to a future where we can fly planes on fuel created by sunlight and air – not fossil fuels.”

“This collaboration with Heliogen represents a key development in our vision of a world free from fossil fuel dependency,” said Jason Salfi, Co-founder and Chief Executive Officer, Dimensional Energy. “Leveraging Heliogen’s breakthrough technology to use sunlight to produce SAF will help demonstrate the potential for a truly carbon-free, more affordable, and drop-in replacement for conventional jet fuel.”

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable future. The company’s concentrated solar energy and thermal storage systems aim to deliver carbon-free heat, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com

About Dimensional

Dimensional Energy envisions a world free from fossil fuel dependency. We use carbon dioxide emissions as a replacement for fossil carbon to make the fuels and products people use every day. Our team of subject matter experts come from all over the world with a shared purpose of making the sustainable materials necessary for a truly circular economy and bringing about climate justice for all. Our technology can produce energy locally, at a scale that can satisfy global demand without extracting resources or fomenting conflict. Learn more at www.dimensionalenergy.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the production of, and current and projected market for, sustainable aviation fuel. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (viii) developments and projections relating to our competitors and industry; (ix) our ability to access sources of capital to finance operations, growth and future capital requirements; and (x) our ability to protect our intellectual property. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the “Risk Factors” section in Part I, Item 1A in our Annual Report on Form 10-K/A for the annual period ended December 31, 2021 and other documents filed by Heliogen 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 Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Heliogen Media Contact:
Cory Ziskind
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Heliogen Investor Contact:
Louis Baltimore
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Dimensional Media Contact:
Dan Cogan
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DUBLIN--(BUSINESS WIRE)--The "Global Hydrogen Regulatory Frameworks and Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.

The primary aim of this research study is to analyze the policies and roadmaps implemented by various countries toward hydrogen adoption to achieve a sustainable energy future. The study also identifies growth opportunities for the hydrogen market and the countries and companies active in this space.

Our pathway toward decarbonization and achieving the 1.5 Celsius target necessitates supportive regulatory frameworks mandating energy-efficiency measures across the commercial, industrial, and residential segments. It also requires significant economic investments driving renewables and the switch to nuclear low-carbon and large-scale CCUS technologies.

Interest in hydrogen as a low- or zero-carbon energy carrier has grown in recent years. Many governments acknowledge that a hydrogen-based economy could be the best alternative to the present fossil fuels-based economy and an answer to concerns over carbon emissions, energy security, and climate change.

Hydrogen helps curb carbon emissions by:

• Decarbonizing the carbon-intensive automotive, maritime, aviation, and industrial sectors
• Integrating more RES to produce hydrogen, reducing the curtailment rate
• Providing resiliency and reliability to the electric grid as an ESS and supplementing RES during low-demand periods

Though the promise of hydrogen as an essential tool in catalyzing the transition toward a sustainable energy economy is huge, its current application is mostly limited to the industrial sector. Many projects across power generation, transport, and other segments are still in their pilot stages and require technological and cost breakthroughs for increased adoption. There is still a long way to go, and it will likely take another 10 to 20 years before the hydrogen economy becomes mainstream across the global power sector and other segments.

For the hydrogen economy to become a reality, decisive government actions in four areas are necessary:

• Supporting R&D activities related to technologies involved in the production, storage, transport, and utilization of hydrogen
• Providing incentives to companies for developing the hydrogen and CCUS infrastructure
• Addressing socioeconomic barriers inhibiting the growth of the technology and mandating policies toward decarbonization
• Developing a roadmap toward a hydrogen economy

In the past five years, many countries have developed a hydrogen strategy prioritizing targets and investments running into billions over the next decade. While some nations are focused on production and export, others are making domestic and foreign investments to ensure future supply. There are also specific targets relating to production, in terms of cost or quantity, or particular areas targeted for decarbonizing, such as industries, heating, power, or mobility.

Key Topics Covered:

Growth Opportunity Universe

• Co-firing Hydrogen/Ammonia with Coal to Reduce CO2 Emissions
• Blending Hydrogen into Existing NG Pipelines to Reduce CO2 Emissions
• Geographic Expansion Resulting in Hydrogen as a Commodity or Service
• Primary and Backup Power Source for Off-grid and Critical Infrastructures
• Electricity Storage Reducing Curtailments Ratio
• Combined Heat and Power (CHP) FCs for Industrial and Commercial Applications
• Hydrogen as a Lifeline for Nuclear Energy
• Hydrogen to Drive Renewed Interest in CCS
• Mergers and Partnerships Between Key Stakeholders to Drive the Hydrogen Market

The Strategic Imperative

• Why Is It Increasingly Difficult to Grow?
• The Strategic Imperative
• Impact of the Top 3 Strategic Imperatives on the Global Hydrogen Industry
• Growth Opportunities Fuel the Growth Pipeline Engine

Growth Environment and Scope

• Timeline of Hydrogen National Strategies
• Summary of Hydrogen Policies and Regulations by Country

Growth Opportunity Analysis

• Research Aim
• Study Coverage and Exclusions
• Key Questions this Study Will Answer
• 5 Key Decarbonization Pillars
• Hydrogen - Future Zero-carbon Energy Carrier
• Government Action for Hydrogen
• Hydrogen Color Spectrum and Production Pathways
• Hydrogen Value Chain
• Hydrogen Ecosystem
• Growth Drivers
• Growth Restraints

Hydrogen Strategy Country Profiles

• Australia
• Canada
• Chile
• China
• Denmark
• France
• Germany
• India
• Italy
• Japan
• Netherlands
• Norway
• Saudi Arabia
• South Korea
• Spain
• UAE
• United Kingdom

For more information about this report visit https://www.researchandmarkets.com/r/air43r

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MEMPHIS, Tenn.--(BUSINESS WIRE)--FedEx Corporation (NYSE: FDX) announced today that retired Navy Vice Admiral Nancy A. Norton and Stephen E. Gorman have been nominated for election to the FedEx Board of Directors at the FedEx Corporation Annual Meeting of Stockholders on September 19, 2022.

Vice Admiral Norton led the Department of Defense’s cyber activities, where she was responsible for organizing, training, and equipping members of the military and civilian staff and command and control of joint forces to secure, operate, and defend the Department of Defense Information Network. She served as Director of the Defense Information Systems Agency and developed extensive cybersecurity programs for naval fleets and their activities throughout Europe and the Asia Pacific. Admiral Norton was commissioned in 1987 through the Navy Officer Candidate School and served multiple tours for the Office of the Chief of Naval Operations, including as a director overseeing information warfare.

Mr. Gorman retired as the Chief Executive Officer of Air Methods Corporation, a leading domestic provider in the air medical market, in 2020. Prior to his role as CEO at Air Methods, he served as President and Chief Executive Officer of Borden Dairy Company and Executive Vice President and Chief Operating Officer of Delta Air Lines, Inc. Throughout his career, Mr. Gorman has held other executive leadership positions including for Greyhound Lines, Inc., Krispy Kreme Doughnuts, Inc., and Northwest Airlines Corp. Mr. Gorman was nominated for election to the FedEx Board of Directors pursuant to the cooperation agreement between FedEx and the D. E. Shaw group announced on June 14, 2022.

“Nancy and Steve will be tremendous assets to the FedEx Board of Directors,” said Frederick W. Smith, FedEx Corp. Executive Chairman and Chairman of the Board. “They have proven leadership skills and extensive expertise that will complement the existing skill set of our Board of Directors and provide great value to FedEx.”

If elected, Admiral Norton will serve on the Cyber and Technology Oversight Committee and the Compensation and Human Resources Committee, and Mr. Gorman will serve on the Governance, Safety, and Public Policy Committee and the Cyber and Technology Oversight Committee.

In addition, the following 13 current members of the FedEx Board are standing for reelection at the annual meeting: Frederick W. Smith, Rajesh Subramaniam, Marvin R. Ellison, Susan Patricia Griffith, Kimberly A. Jabal, Amy B. Lane, R. Brad Martin, Frederick P. Perpall, Joshua Cooper Ramo, Susan C. Schwab, David P. Steiner, V. James Vena, and Paul S. Walsh. Dr. Shirley A. Jackson is retiring as a director immediately before the annual meeting and will not stand for reelection pursuant to the mandatory retirement provision in FedEx’s Corporate Governance Guidelines.

Following the 2022 Annual Meeting of Stockholders, the FedEx Board of Directors will consist of 15 directors, 13 of whom are independent, if all nominees standing for election are elected.

About FedEx Corp.

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $94 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively and innovating digitally under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its 550,000 employees to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit about.fedex.com.

Jenny Robertson
FedEx Media Relations
(901) 434-8100

AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that Michael C. Pearl has joined the company as our new Chief Financial Officer. Mike is a seasoned financial and energy veteran with years of experience leading finance and accounting teams. Mike was most recently the Chief Financial Officer at Western Midstream Partners, LP and prior to that held multiple finance roles at Anadarko Petroleum Corporation.

“We are delighted to welcome Mike to the USA Compression team,” said Eric D. Long, USA Compression’s President and Chief Executive Officer. “Mike is an exceptional finance executive and a strategic thought partner who has track record of delivering strong financial and operational results as a public company CFO. I look forward to working closely with Mike as we execute on our strategy to drive growth and value creation.”

The Partnership accepted the resignation of former Chief Financial Officer Matthew C. Liuzzi, to pursue other opportunities and Mr. Long added, “I want to thank Matt for his contributions over the past nine years. He was a key contributor to the growth of our organization. We wish him well in his future endeavors.”

About USA Compression Partners, LP

USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.

USA Compression Partners, LP
Investor Relations
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WHITE PLAINS, N.Y.--(BUSINESS WIRE)--OPAL Fuels Inc. (Nasdaq: OPAL), a vertically integrated producer and distributor of renewable natural gas (RNG), today announced the closing of a five-year, $105 million senior secured debt facility. The facility provides construction financing for designated OPAL Fuels projects upon achieving certain milestones. The lending syndicate is comprised of Investec, Bank of Montreal, and Comerica Bank.

“The closing of our senior secured debt facility today, combined with the $215.8 million generated from the recent completion of our business combination with ArcLight Clean Transition Corp. II, will facilitate execution of our growth plan,” said Adam Comora, Co-CEO of OPAL Fuels. “We believe these transactions are a testament to the strength of our vertically integrated RNG platform and continued awareness of the pivotal role that RNG plays in decarbonizing the heavy-duty transportation industry now.”

About OPAL Fuels Inc.

OPAL Fuels Inc. (Nasdaq: OPAL), is a leading vertically integrated renewable fuels platform involved in the production and distribution of renewable natural gas (RNG) for the heavy-duty truck market. RNG is a proven low-carbon fuel that is rapidly decarbonizing the transportation industry now while also significantly reducing costs for fleet owners. OPAL Fuels captures harmful methane emissions at the source and recycles the trapped energy into a commercially viable, lower-cost alternative to diesel fuel. OPAL Fuels also develops, constructs, and services RNG and hydrogen fueling stations. As a producer and distributor of carbon-reducing fuel for heavy-duty truck fleets for more than a decade, the company delivers best-in-class, complete renewable solutions to customers and production partners. To learn more about OPAL Fuels and how it is leading the effort to capture North America’s harmful methane emissions and decarbonize the transportation industry, please visit www.opalfuels.com and follow the company on LinkedIn and Twitter at @OPALFuels.

Forward-Looking Statements

Certain statements in this communication may be considered forward-looking statements. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels’ future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements, including the identification of a target business and a potential business combination or other such transaction are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by OPAL Fuels and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management’s control, including general economic conditions and other risks, uncertainties and factors set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the proxy statement/prospectus filed on June 27, 2022 in connection with our Registration Statement on Form S-4 and other filings with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. OPAL Fuels expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in OPAL Fuels’ expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Disclaimer

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

OPAL Fuels

Media
Jason Stewart
Senior Director Public Relations & Marketing
914-421-5336
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ICR, Inc.
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Investors
Todd Firestone
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DUBLIN--(BUSINESS WIRE)--The "Global Digital Grid Guidebook" report has been added to ResearchAndMarkets.com's offering.

Value generated by grid optimization digital solutions will reach $22.27 billion in 2025.

The ongoing global and regional efforts to decentralize and decarbonize the energy industry result in an increasingly digitized network that will be a more interconnected, intelligent, and responsive energy infrastructure continuously generating substantial amounts of data.

However, the industry historically lacks innovative technologies and operational tools that leverage these growing volumes of data to generate real-time insights to drive real value for energy utilities and grid operators. Within this context, utilities across the globe are seeking advanced solutions that enable smart monitoring, visualization, and analysis of energy distribution networks, empowering them to enhance power quality while addressing prevalent energy equality challenges.

As a result, there is a growing market need for grid optimization solutions. Despite potential growth opportunities, critical factors, including subsequent COVID-19 waves and the associated decline in revenue, lack of return-on-investment evidence for digital solutions, value-creation uncertainty, and overlapping functionalities of several solutions, are restraining the widespread adoption of digital solutions.

This research helps decision makers within the utility sector to overcome the critical issues they face by evaluating the ecosystem of digital transformation solution providers. Using industry expert dialogues and decision support matrices, this report identified the top 50 digital practitioners across the grid space within the grid industry.

A detailed discussion covers industry innovations and trends with implications for the near future. The study offers the digital solution details of 50 companies and the critical customer issues these solutions address with the justification of why each company is a digital best practitioner.

Digital grid market defined as a suite of digital solutions (software, life cycle services, and associated hardware components) that drive business innovation and operational transformation across the power distribution industry. These solutions can focus on a specific value chain function or span the end-to-end value chain from conceptualization, remote asset monitoring, fault detection, analytics-based insights, predictive maintenance, digital twin, and other life cycle management solutions.

Key Issues Addressed:

• Which are the top 50 companies pioneering digital transformation in the global grid optimization space?
• What is the addressable market for digital solutions?
• What are key market dynamics likely to influence the market growth over the next 8 years?
• What are the top trends influencing digital solution adoption across the grid industry?
• What are some key growth opportunities for solution providers across the region?

Key Topics Covered:

1. Strategic Imperatives

• Why is it Increasingly Difficult To Grow?
• The Strategic Imperative
• The Impact of the Top 3 Strategic Imperatives on Digital Grid Guidebook
• Growth Opportunities Fuel the Growth Pipeline Engine

2. Research Summary

• Overview of the Digital Grid Guidebook
• A Reader-based View of How to Leverage this Research
• Top 50 Digital Grid Best Practitioners

3. Market Research Scope, Analysis, Methodology, and Definitions

• Research Scope
• Digital Grid Guidebook Technology Terminology
• Digital Grid Guidebook - Analysis Methodology
• Growth Metrics

4. Industry Outlook and Top 8 Predictions for the Grid Industry

• Key Trends Impacting the Grid Industry
• Transition from Energy Monopoly to Energy Democracy
• Evolution of Digital Intelligence Solutions in Security Operations
• Distributed Generation Demands Higher LV Network Visibility
• Electric Vehicle Expansion and Charging Infrastructure Unlock New Opportunities
• Advanced Metering Infrastructure
• Sensing and Sensemaking
• Progressive Adoption of Advanced Digital Technologies
• VPP - A Key Enabler for Grid Balancing

5. Growth Opportunity Analysis - Digital Grid Market

• Growth Drivers
• Growth Restraints

6. Market Revenue Forecasts

• Forecast Assumptions
• Revenue Forecast
• Revenue Forecast by Application
• Forecast Analysis

7. Top 50 Digital Best Practitioner Profiles

• ABB
• Aclara
• AutoGrid
• Awesense
• Bidgely
• BluWave-ai
• Cisco
• Cognite
• Corinex
• Cyient
• Depsys
• Efacec
• EGM
• Enel X
• Energy & Meteo Systems
• Envelio
• eSmart Systems
• Esyasoft Technologies Pvt Ltd.
• ETAP
• Evergen
• FluentGrid
• Franklin Electric Grid
• FutureGrid
• GE Digital
• Grid4C
• GridPoint
• Hitachi Energy
• Honeywell International Inc.
• Innowatts
• Itron
• Landis+Gyr
• Lumenaza
• mPrest
• OSISoft
• PingThings
• Powerledger
• Rhebo
• SaS
• Schneider Electric
• Sentient Energy
• Smarter Grid Solutions (SGS)
• ShineHub
• Siemens
• Sympower
• Tantalus Systems
• Trilliant
• Uptake Technologies
• Utilidata
• Veritone

8. Growth Opportunity Universe - Digital Grid Market

• Growth Opportunity 1: Strengthen Cloud Computing Capabilities to Streamline Digital Transformation
• Growth Opportunity 2: Cloud-First Software Strategies for Greater Integration
• Growth Opportunity 3: Beyond SaaS - XaaS will Streamline Implementation of Digital Solutions
• Growth Opportunity 4: Distributed Cybersecurity for Grid Reliability
• Growth Opportunity 5: Adoption of Microservices Architecture for Increased Software Flexibility
• Growth Opportunity 6: Distributed Intelligence to Move from Sensing to Actuating

9. How Can You Better Leverage the Research?

• Engage with Our Growth Pipeline as a Service (GPaaS) Platform to Understand the Need for Strategic Pivots and Thrive Tomorrow
• Develop the Industry's Best and Credible Portfolio to Amplify Your Product Positioning and Accelerate the Demand Generation Needs
• Virtual Think Tanks, Led and Moderated by the Publisher
• Consulting Services Portfolio to Meet Your Bespoke Requirements

10. Next Steps

For more information about this report visit https://www.researchandmarkets.com/r/k2tfgx

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or the “Company”) today announced financial results for its second quarter ended June 30, 2022 and provided the Company’s outlook for 2022.

For the second quarter 2022, Primoris reported the following⁽¹⁾:

• Record revenue of $1,022.9 million
• Net income of $50.2 million
• Fully diluted earnings per share (“EPS”) of $0.93
• Adjusted net income of $26.1 million
• Adjusted diluted earnings per share (“Adjusted EPS”) of $0.48
• Adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) of $56.1 million
• Record Backlog of $4.572 billion, an increase of 59 percent over prior year
• Gain of $40.1 million on property sale as we continue to optimize our assets and reduce costs

2022 Year-to-Date Highlights⁽¹⁾:

• Revenue of $1,807.3 million
• Net income of $48.5 million
• Fully diluted EPS of $0.90
• Adjusted net income of $26.6 million
• Adjusted EPS of $0.49
• Adjusted EBITDA of $78.8 million
• Maintained quarterly dividend of $0.06

“We delivered record revenues and significantly increased total backlog in the second quarter, supported by continued strength in our utility and energy/renewables segments. Over 94 percent of our second quarter revenue was driven by these two segments, underscoring the work we have done to expand our presence in growing markets with strong secular tailwinds, which has helped offset declining volumes in our pipeline segment,” said Tom McCormick, President and Chief Executive Officer of Primoris.

“During the quarter, we also announced our acquisition of PLH Group, substantially growing our exposure to attractive, higher-margin utility markets while accelerating our shift towards recurring MSA revenue. PLH’s foothold in the renewable power-to-grid market also creates solid cross-selling opportunities with the solar projects we have recently been awarded and those that we are pursuing, totaling close to half a billion dollars in value year-to-date.”

“While we have faced operational challenges associated with fuel and labor inflation, our teams have done a great job of re-negotiating rates and leveraging commercial discipline to mitigate the impact of these factors going forward,” he added. “Our robust performance this quarter gives us confidence in the long-term strength of our business strategy, and we look forward to continuing this momentum into the latter part of 2022.”

Second Quarter 2022 Results Overview

Revenue was $1,022.9 million for the three months ended June 30, 2022, an increase of $141.3 million, compared to the same period in 2021. The increase was primarily due to an increase in revenue in our Energy/Renewables segment as well as our Utilities segment, partially offset by a decrease in revenue in our Pipeline segment. Gross profit was $92.1 million for the three months ended June 30, 2022, a decrease of $20.9 million compared to the same period in 2021. The decrease was primarily due to a decrease in margins, partially offset by an increase in revenue. Gross profit as a percentage of revenue decreased to 9.0 percent for the three months ended June 30, 2022, compared to 12.8 percent for the same period in 2021, primarily as a result of negative gross margins in the Company’s Pipeline segment, the favorable impact from the closeout of multiple pipeline projects in the Company’s Pipeline segment in 2021, and increased labor, material, and fuel costs in the Company’s Utilities segment. Partially offsetting the overall decline was the favorable impact of the change in useful lives of certain equipment which reduced the Company’s depreciation expense for the three months ended June 30, 2022 by $5.3 million.

This press release includes Non-GAAP financial measures. The Company believes these measures enable investors, analysts and management to evaluate Primoris’ performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company’s operating results with those of its competitors. Please refer to “Non-GAAP Measures” and Schedules 1, 2 and 3 for the definitions and reconciliations of the Company’s Non-GAAP financial measures, including “Adjusted Net Income,” “Adjusted EPS” and “Adjusted EBITDA”.

During the second quarter of 2022, net income was $50.2 million compared to net income of $36.3 million in the previous year. Adjusted Net Income was $26.1 million for the second quarter compared to $40.5 million for the same period in 2021. EPS of $0.93 compared to $0.67 in the previous year. Adjusted EPS was $0.48 for the second quarter of 2022 compared to $0.75 for the second quarter of 2021. Adjusted EBITDA was $56.1 million for the second quarter of 2022, compared to $83.4 million for the same period in 2021.

The Company’s three segments are: Utilities, Energy/Renewables and Pipeline Services (“Pipeline”). Revenue and gross profit for the segments for the three and six months ended June 30, 2022 and 2021 were as follows:

Utilities Segment (“Utilities”): Revenue increased by $50.7 million, or 12 percent, for the three months ended June 30, 2022, compared to the same period in 2021, primarily due to increased activity with power delivery customers ($38.7 million). Gross profit for the three months ended June 30, 2022 decreased by $8.5 million, or 17 percent, compared to the same period in 2021, due to lower margins, partially offset by higher revenue. Gross profit as a percentage of revenue decreased to 8.5 percent during the three months ended June 30, 2022, compared to 11.5 percent in the same period in 2021, primarily due to increased fuel and labor costs from the inflationary environment we are experiencing in 2022.

Energy and Renewables Segment (“Energy/Renewables”): Revenue increased by $151.3 million, or 45 percent, for the three months ended June 30, 2022, compared to the same period in 2021, primarily due to increased renewable energy activity ($98.6 million) and electric power activity that began in the third quarter of 2021. Gross profit for the three months ended June 30, 2022, increased by $19.9 million, or 60 percent, compared to the same period in 2021, primarily due to higher revenue and margins. Gross profit as a percentage of revenue increased to 10.9 percent during the three months ended June 30, 2022, compared to 9.9 percent in the same period in 2021, primarily due to higher costs associated with a liquified natural gas (“LNG”) project in the northeast in 2021 and increased revenue on higher margin renewable energy projects in 2022.

Pipeline Services (“Pipeline”): Revenue decreased by $60.7 million, or 50 percent, for the three months ended June 30, 2022, compared to the same period in 2021. The decrease is primarily due to the substantial completion of four pipeline projects in 2021 ($63.6 million) and a decline in the overall midstream pipeline market demand. Gross profit for the three months ended June 30, 2022 decreased by $32.3 million compared to the same period in 2021, primarily due to lower revenue and margins. Gross profit as a percentage of revenue decreased to (2.3 percent) during the three months ended June 30, 2022, compared to 25.5 percent in the same period in 2021, primarily due to lower than anticipated volumes in 2022, which lead to higher relative carrying costs for equipment and personnel. In addition, we had a favorable impact from the closeout of multiple pipeline projects in 2021.

Other Income Statement Information

Selling, general and administrative (“SG&A”) expenses were $59.7 million for the three months ended June 30, 2022, an increase of $2.0 million, or 3 percent, compared to 2021. SG&A expense as a percentage of revenue decreased to 5.8 percent in 2022 compared to 6.6 percent in 2021 primarily due to increased revenue.

Interest expense, net for the three months ended June 30, 2022 was $4.7 million compared to $4.8 million for the three months ended June 30, 2021. The decrease of $0.1 million was due to a favorable impact from the change in the fair value of our interest rate swap, partially offset by higher average debt balances from the borrowings incurred related to the FIH acquisition as well as a higher average interest rate.

The Company recorded an income tax expense for the three months ended June 30, 2022 of $13.1 million compared to income tax expense of $13.6 million for the three months ended June 30, 2021. The effective tax rate was 20.7 percent for the three months ended June 30, 2022. The rate differs from the U.S. federal statutory rate of 21 percent, primarily due to state income taxes net of the effects of a release in a valuation allowance during the second quarter.

Sale and Leaseback Transaction

The company completed a sale and leaseback transaction of land and buildings in California for an aggregate sales price, net of closing costs, of $49.9 million and recorded a gain on the transaction of $40.1 million as we continue to reduce costs and improve our operational footprint.

Outlook

The Company is raising its estimates for the year ending December 31, 2022. Net income is expected to be between $2.40 and $2.60 per fully diluted share. Adjusted EPS is estimated in the range of $2.39 to $2.59 for 2022.

The Company is targeting SG&A expense as a percentage of revenue in the low-to-mid six percent range for the 2022 calendar year. The Company’s targeted gross margins by segment are as follows: Utilities in the range of 10 to 13 percent; Energy/Renewables in the range of 9 to 12 percent; and Pipeline in the range of 1 to 3 percent for 2022. The Company expects its effective tax rate for 2022 to be approximately 20.5 percent but may vary depending on the mix of states in which the Company operates.

During the three months ended June 30, 2022, the Company spent approximately $65.8 million for capital expenditures, which included $36.6 million for construction equipment. Capital expenditures for the remaining six months of 2022 are expected to total between $60 million and $70 million, which includes $30 million to $40 million for construction equipment.

The guidance provided above constitutes forward-looking statements, which are based on current economic conditions and estimates, and the Company does not include other potential impacts, such as changes in accounting or unusual items. Supplemental information relating to the Company’s financial outlook is posted in the Investor Relations section of the Company’s website at www.primoriscorp.com.

At June 30, 2022, Fixed Backlog was $2.8 billion, an increase of $387 million, or 16 percent compared to $2.4 billion at March 31, 2022. MSA Backlog represents estimated MSA revenue for the next four quarters. MSA Backlog was $1.8 billion, an increase of 10 percent, compared to $1.6 billion at March 31, 2022. Total Backlog as of June 30, 2022 was $4.6 billion. The Company expects that during the next four quarters, the Company will recognize as revenue approximately 76 percent of the total backlog at June 30, 2022, composed of backlog of approximately: 100 percent of Utilities; 62 percent of Energy/Renewables; and 100 percent of Pipeline.

Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenue. Revenue from certain projects where scope, and therefore contract value, is not adequately defined, is not included in Fixed Backlog. At any time, any project may be cancelled at the convenience of the Company’s customers.

Liquidity and Capital Resources

As of June 30, 2022, the Company had $91.3 million of unrestricted cash and cash equivalents. The Company had $65.0 million of outstanding borrowings under the revolving credit facility, commercial letters of credit outstanding were $29.3 million and the available borrowing capacity was $105.7 million.

Dividend

The Company also announced that on August 3, 2022, its Board of Directors declared a $0.06 per share cash dividend to stockholders of record on September 30, 2022, payable on October 14, 2022.

The Company has paid consecutive quarterly cash dividends since 2008, and currently expects that comparable cash dividends will continue to be paid for the foreseeable future. The declaration and payment of future dividends is contingent upon the Company’s revenue and earnings, capital requirements, and general financial conditions, as well as contractual restrictions and other considerations deemed to be relevant by the Board of Directors.

Share Purchase Program

In November 2021, the Company’s Board of Directors authorized a $25.0 million share purchase program. In February 2022, the Company’s Board of Directors replenished the limit to $25.0 million. During the three months ended June 30, 2022, the Company purchased and cancelled 148,000 shares of common stock, which in the aggregate equaled $3.4 million at an average share price of $22.77. As of June 30, 2022, we had $21.6 million remaining for purchase under the share purchase program. The share purchase plan expires on December 31, 2022.

Response to the COVID-19 Pandemic

The Company continues to take steps to protect its employees’ health and safety during the COVID-19 pandemic. Primoris has a written corporate COVID-19 Plan in place, as well as Business Continuity Plans (by business unit and segment), based on guidelines from the U.S. Centers for Disease Control and Prevention, the Occupational Safety and Health Administration, and their Canadian counterparts.

Conference Call and Webcast

As previously announced, management will host a teleconference call on Tuesday, August 9, 2022, at 9 a.m. U.S. Central Time (10 a.m. U.S. Eastern Time). Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer, will discuss the Company’s results and financial outlook.

Investors and analysts are invited to participate by phone at 1-888-330-3428, or internationally at 1-646-960-0679 (access code: 7581464) or via the Internet at www.primoriscorp.com. A replay of the call will be available on the Company’s website or by phone at 1-800-770-2030, or internationally at 1-647-362-9199 (access code: 7581464), for a seven-day period following the call.

Presentation slides to accompany the conference call are available for download in the Investor Relations section of Primoris’ website at www.primoriscorp.com. Once at the Investor Relations section, please click on “Events & Presentations.”

Non-GAAP Measures

This press release contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”). Primoris uses earnings before interest, income taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS as important supplemental measures of the Company’s operating performance. The Company believes these measures enable investors, analysts, and management to evaluate Primoris’ performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company’s operating results with those of its competitors. The non-GAAP measures presented in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, Primoris’ method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similarly titled measures as calculated by other companies that do not use the same methodology as Primoris. Please see the accompanying tables to this press release for reconciliations of the following non‐GAAP financial measures for Primoris’ current and historical results: EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS.

About Primoris

Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, power delivery systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.

Forward Looking Statements

This press release contains certain forward-looking statements, including the Company’s outlook, that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning the possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, customer timing, project duration, weather, and general economic conditions; changes in the mix of customers, projects, contracts and business; regional or national and/or general economic conditions and demand for the Company’s services; macroeconomic impacts arising from the long duration of the COVID-19 pandemic, including labor shortages and supply chain disruptions; price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids; variations and changes in the margins of projects performed during any particular quarter; increases in the costs to perform services caused by changing conditions; the termination, or expiration of existing agreements or contracts; the budgetary spending patterns of customers; inflation and other increases in construction costs that the Company may be unable to pass through to customers; cost or schedule overruns on fixed-price contracts; availability of qualified labor for specific projects; changes in bonding requirements and bonding availability for existing and new agreements; the need and availability of letters of credit; costs incurred to support growth, whether organic or through acquisitions; the timing and volume of work under contract; losses experienced in the Company’s operations; the results of the review of prior period accounting on certain projects and the impact of adjustments to accounting estimates; developments in governmental investigations and/or inquiries; intense competition in the industries in which the Company operates; failure to obtain favorable results in existing or future litigation or regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of partners, suppliers or subcontractors to perform their obligations; cyber-security breaches; failure to maintain safe worksites; risks or uncertainties associated with events outside of the Company’s control, including severe weather conditions, public health crises and pandemics (such as COVID-19), war or other armed conflict (including Russia’s invasion of Ukraine), political crises or other catastrophic events; client delays or defaults in making payments; the availability of credit and restrictions imposed by credit facilities; failure to implement strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments; possible information technology interruptions or inability to protect intellectual property; the Company’s failure, or the failure of the Company’s agents or partners, to comply with laws; the Company's ability to secure appropriate insurance; new or changing legal requirements, including those relating to environmental, health and safety matters; the loss of one or a few clients that account for a significant portion of the Company's revenues; asset impairments; and risks arising from the inability to successfully integrate acquired businesses. In addition to information included in this press release, additional information about these and other risks can be found in Part I, Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and the Company’s other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Ken Dodgen
Executive Vice President, Chief Financial Officer
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Jeremy Apple
Investor Relations
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• Oklo co-hosted Secretary Granholm on tours of Oklo’s liquid metal experimental programs at Argonne’s state-of-the-art liquid metal testing facilities.
• Secretary Granholm then toured Argonne’s experimental fuel recycling facilities, where Oklo has three U.S. Department of Energy funded projects to develop advanced recycling technologies in partnership with Argonne.
• Oklo is developing technologies to help strengthen U.S. energy independence and the nation’s clean energy enterprise with the support and commitment of the Department of Energy’s investments.

LEMONT, Ill.--(BUSINESS WIRE)--#advancedfission--Oklo Inc. co-hosted the U.S. Secretary of Energy Jennifer M. Granholm at Argonne National Laboratory (Argonne), where she toured state-of-the-art experimental liquid metal and fuel recycling facilities. Oklo and Argonne are currently partnered on four DOE awards through the Gateway for Accelerated Innovation in Nuclear (GAIN), Technology Commercialization Fund (TCF), ARPA-E OPEN, and ARPA-E ONWARDS. The projects will support the commercialization and licensing of advanced fission technologies, as well as the deployment of fuel recycling to enable a safe, sustainable, and economically competitive domestic fuel supply chain.

“Oklo, Argonne and the Department of Energy are committed to accelerating the deployment of advanced fission to support decarbonization and energy security,” said Jacob DeWitte, co-founder and CEO of Oklo. “Next generation fast reactors enable new economic paradigms in power generation, supported by recycling used fuel. Argonne scientists and engineers are world leaders in fast reactor and fuel recycling technologies. We are proud to partner with DOE and Argonne to deploy fast reactors and fuel recycling capabilities to support the fuel supply chain for the next generation of fission power plants,” added DeWitte.

Three of the four projects that Oklo is working on with Argonne are focused on recycling technology development. One project was funded through the TCF program, established to mature promising energy technologies with the potential for high impact. Two projects were funded through ARPA-E, which advances high-potential, high-impact energy technologies, and all three recycling projects are taking place at the Pilot-Scale Electro Refiner Lab. GAIN also awarded Oklo a voucher for experimental liquid metal thermal hydraulic work at Argonne’s new Mechanisms Engineering Test Loop (METL) facility.

In total, Oklo has participated in seven DOE funded projects with Argonne National Lab. These public-private partnerships are vital for bringing clean energy technologies to market. Strengthened by the commitment of DOE’s partnerships, Oklo’s leading work in commercializing advanced fission and fuel recycling technologies will advance the deployment of clean, affordable, and reliable energy to help meet our nation’s decarbonization goals and improve our energy security.

About Oklo Inc.: Oklo Inc. (Oklo) is a California-based company developing advanced fission power plants to provide emission-free, reliable, and affordable energy. Oklo received a Site Use Permit from the U.S Department of Energy, has performed successful fabrication of fuel prototypes, was awarded fuel material from Idaho National Laboratory, developed the first advanced fission combined license application accepted and docketed by the U.S. Nuclear Regulatory Commission, and is developing waste-to-energy fuel recycling technology in collaboration with the U.S. Department of Energy and several national laboratories.

Media Contact for Oklo:
Bonita Chester
Director of Marketing and External Relations
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JACKSONVILLE, Fla.--(BUSINESS WIRE)--$RDW--Redwire Corporation (NYSE: RDW; “Redwire” or “the Company”) today announced that it will report financial results for the second quarter ended June 30, 2022, at 7 a.m. ET on Wednesday, August 10, 2022.

Management will conduct a conference call starting at 9 a.m. ET on Wednesday August 10, 2022 to review financial results for the second quarter. The earnings conference call can be accessed by calling 877-485-3108 (toll-free) or 201-689-8264 (toll).

A presentation with slides will also be live streamed. Please click the link below to follow along with the live stream: https://event.choruscall.com/mediaframe/webcast.html?webcastid=f52OeAqX.

The listen-only audio webcast of the call will be available in the investor relations area of our website at redwirespace.com. Please call in or log on at least five minutes in advance of the scheduled start time.

For those who are unable to listen to the live event, a replay will be available for two weeks following the event by dialing 877-660-6853 (toll-free) or 201-612-7415 (toll) and entering the access code 13732244. To access the webcast replay, visit the investor relations area of our website at redwirespace.com

The earnings release and other information related to the earnings announcement will be available on redwirespace.com

About Redwire

Redwire Corporation (NYSE: RDW) is a leader in space infrastructure for the next generation space economy, with valuable IP for solar power generation and in-space 3D printing and manufacturing. With decades of flight heritage combined with the agile and innovative culture of a commercial space platform, Redwire is uniquely positioned to assist its customers in solving the complex challenges of future space missions. For more information, please visit redwirespace.com

Investors:
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904-425-1431

DUBLIN--(BUSINESS WIRE)--The "Global Wind Turbine Market: Analysis By Location, By Axis, By Component, By Application, By Region, Size and Trends with Impact of COVID-19 and Forecast up to 2026" report has been added to ResearchAndMarkets.com's offering.

The global wind turbine market was valued at US$70.54 billion in 2021, and is expected to be worth US$94.26 billion in 2026 and is determined to grow at a CAGR of 5.97% over the forecasted period of 2022-2026.

Wind power is a type of renewable energy. As various governments are adopting initiatives to combat the climate change renewable energy is experiencing great growth. Compared to many other energy sources, producing energy from the wind has lesser impact on the environment. With few exceptions, wind turbines do not emit pollutants that can harm the environment.

Additionally, wind turbines may lessen the amount of fossil fuels used to generate energy, which lowers overall air pollution and carbon dioxide emissions.

Wind turbines are mechanical devices used in wind power plants. Wind turbine uses the aerodynamic force of rotor blades, which function similarly to an aero plane wing or a helicopter rotor blade, to transform wind energy into electricity.

Market Dynamics:

Growth Drivers: One of the key drivers of the market's expansion is an increase in investments in wind power generation. The market will be driven in the upcoming years by the various wind projects that are currently under construction and will eventually be completed. Other significant growth factors of the market include declining Levelized Cost of Energy (LCOE), federal and state policy support, road to net zero, wind turbine financing, etc.

Challenges: However, some challenges are impeding the growth of the market such as high entry barriers, high maintenance and challenges with turbine blades. The challenges associated with the design, manufacture, and usage of wind assets include corrosion, fatigue, erosion, lightning strikes, and biofouling, to name just a few. Challenges with the foundations and transition piece have negatively affected the wind turbine market.

Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as increasing average turbine size, power to X and green hydrogen, increasing distance to shore and greater water depths, and technological advancements. Another significant trend is the relocation of offshore wind farms farther from the coast in order to take advantage of improved wind conditions and as a result of the exhaustion of near-shore locations.

The offshore wind farms are near to the shore, yet there is often a lengthy distance to the port in markets like Taiwan. Similar trends are being observed in the US, where the offshore wind farm may be located in a different state than where it sells its power. Generally, deeper water is found where there is a larger distance from the shore. Technological advancements have made bottom-fixed offshore wind possible at deeper sea depths.

Market Segmentation Analysis:

By Location: The report identifies two segments on the basis of location: Onshore and Offshore. Among the location, it is anticipated that the offshore location would experience a significant growth, rising at a CAGR of 7.76%. Advantages of the offshore wind turbine include increased power output as a result of steady wind flow and speedy installation of the turbines.

As large corporations in the nations turn to adopting renewable and clean energy sources, the installation of offshore wind turbines is anticipated to increase during the forecast period. The global offshore wind turbine market can be divided in two segments, on the basis of installation: Fixed and Floating. In 2021, fixed wind turbine dominated the global offshore wind turbine market with a share of 93.7%.

By Axis: The report identifies two segments on the basis of axis: Horizontal Axis and Vertical Axis. Among the axis, it is anticipated that the vertical wind turbines would experience the highest

CAGR of more than 8% during the forecasted period due to their capacity to produce power efficiently in unstable and harsh situations. Some of the essential factors that would propel the demand for the vertical wind turbines across residential applications are low installation and maintenance costs, limited ground requirements, and ease of operation.

By Component: The report provides the bifurcation of wind turbine market into five segments on the basis of components: Rotator Blade, Generator, Gearbox, Nacelle and Others. The rotator blade segment dominated the market in 2021, with a share of around 31%, Wind turbine rotator blades are airfoil-shaped blades that utilize wind energy to move the rotator of the wind turbine.

The blades may exert lift in the opposite direction of the wind due to the airfoil-shaped design. The wind turbine is propelled by this force vector, which acts on the rotor. Growing competition among industry participants to enhance production capacity has led to a significant decrease in the price of rotator blades, which has increased its installation.

By Application: The report identifies two segments on the basis of applications: Utility and Non Utility. Among the application, utility segment dominated the market in 2021, captured a share of around 86%. Utility-scale wind turbines are often erected in sizable wind farms with several turbines that are linked to the country's transmission network.

Large-scale utility-scale wind generating projects necessitate several land, building, and other permissions in addition to careful relationship management with various process players. Increasing rotator blade size, increasing area of wind farms, increasing efficiency of wind turbines along declining costs are the factors foreseen to drive the growth of utility wind turbine market in coming years.

By Region: In the report, the global wind turbine market is divided into five regions: Asia Pacific, Europe, North America, Latin America and Middle east and Africa. Asia Pacific accounted for the largest share of around 42% in the global wind turbine market in 2021. Asia-installed Pacific's wind capacity climbed from 283 GW in 2019 to 336 GW in 2020.

The growth in wind capacity has mostly been driven by China's installed capacity. With roughly 38 GW of installed wind power in 2020, India will hold the fourth-largest position globally. By 2022, the government hopes to have 60 GW of onshore wind and 5 GW of offshore wind installed. To reach this goal, it is anticipated that there will be a significant increase in the number of projects during the next two years.

Competitive Landscape:

The global wind turbine market is moderately concentrated. Market players have implemented sustainable growth techniques in the market. To strengthen their position in the market, some of the leading competitors are pursuing various growth methods such as mergers, acquisitions, collaborations, and agreements.

The key players in the global Wind turbine market are:

• General Electric Company (GE) (GE Renewable Energy)
• Vestas Wind Systems A/S
• Siemens Gamesa Renewable Energy
• Nordex SE
• Suzlon Energy Ltd.
• XinJiang Goldwind Science & Technology Co., Ltd.
• Guodian Technology & Environment Group Corporation Ltd. (Guodian United Power Technology Ltd.)
• Shanghai Electric Group Company Ltd.
• Ming Yang Smart Energy Group Ltd.
• Enercon GmbH
• Envision Energy
• Zhejiang Windey Co., Ltd.

Market Dynamics

Growth Drivers

• Declining Levelized Cost of Energy (LCOE)
• Increasing Investments
• Federal and State Policy Support
• Road To Net Zero
• Wind Turbine Financing

Challenges

• High Entry Barriers
• High Maintenance
• Challenges With Turbine Blades

Market Trends

• Increasing Average Turbine Size
• Power To X and Green Hydrogen
• Increasing distance to Shore and Greater Water Depths
• Technological Advancements

For more information about this report visit https://www.researchandmarkets.com/r/e9mb6m

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--#business--NanoTech has joined Class 2 of the Rice Alliance Clean Energy Accelerator—Houston’s preeminent clean energy startup accelerator.

The accelerator invites promising, transformative global energy tech startups to participate in an annual program that kicks off in September in Houston. Once in the program, startups have access to 70+ industry experts and successful entrepreneurs serving as mentors, as well as a dedicated leadership team including five Executives-in-Residence, who bring extensive field expertise and will provide personalized guidance and mentorship.

Selected from an impressive pool of global applicants, NanoTech will join 16 others in the second cohort of the accelerator. Collectively, these startups are driving innovation in Advanced Materials, Digital Technology for Energy, Energy Efficiency, Energy Storage, Geothermal Energy, Hydrogen, Waste Heat to Power, Wave Energy and Wind Energy.

“We are excited to join one of the top Clean Energy Accelerators in the world. NanoTech’s advance materials have the potential to transform the fireproofing and energy efficiency landscape and joining this program gets us one step closer to our goals.” – Mike Francis – Co-Founder and CEO of NanoTech

NanoTech is a material science company based in Houston, Texas. They develop particles which can be incorporated into many building materials to fireproof and thermally insulate. They also have a coating system which fireproofs to 1,800° C at minimal thickness and thermally insulates buildings to significantly reduce energy consumption. Their roof coating reduces heat flow from the roof to save energy, reduce carbon footprint, and save money for the building owner. Their technology has the highest thermal emittance and lowest heat transfer available.

“We are excited to commercialize and scale this breakthrough technology. Structuring this innovation process through the clean energy program will help shape our technology to best serve society.” - Hani Taan – Co-Founder and CSO of NanoTech

The Rice Alliance for Technology and Entrepreneurship at Rice University has a 20+ year history of supporting startups, tech and the innovation ecosystem. Since inception, more than 978 energy tech ventures have participated in our energy forums and raised more than $7.2 billion in funding.

Learn more about the Rice Alliance Clean Energy Accelerator at ricecleanenergy.org and learn more about NanoTech at thenanoshield.com.

For media inquiries please Laura Kelsey at This email address is being protected from spambots. You need JavaScript enabled to view it. or call (888) 296-6266.

Laura Kelsey
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(888) 296-6266

Investments in Infrastructure and Operations Continue

HOUSTON--(BUSINESS WIRE)--Port Houston Executive Director Roger Guenther provided a mid-year cargo report to the Port Commission of the Port of Houston Authority during its regular monthly meeting on August 2. “We’re at the halfway point of 2022, and Port Houston business is strong across the board,” he said. “Total tonnage across all the public facilities is up 24% year-to-date.”

Guenther noted that general cargo tonnage through June was double last year’s volume. “Import steel is at levels we haven’t seen in nearly a decade,” he said, as the public general cargo facilities recorded 2.7 million tons through June. Port Houston’s public container terminals additionally handled 1.9 million twenty-foot-equivalent units through June, an increase of 18%.

During the meeting the Port Commission authorized more than $150 million in awards towards improvements in infrastructure and operation of the Houston Ship Channel and Port Houston.

The commission approved a $40 million contract for purchasing three dockside electric ship-to-shore (STS) container cranes for Bayport Terminal. Executive staff noted this investment would permit Bayport Terminal to handle 15,000 TEU ships, aligning with Port Houston’s investment in the Houston Ship Channel Expansion Program - Project 11, aimed to accommodate larger vessels calling the region.

The Port Commission also approved a $65 million purchase of 26 new hybrid-electric rubber-tired-gantry (RTG) yard cranes. Adding to the 116 RTG fleet at the two terminals, these new cranes aim to reduce emissions by 70%. Port Houston’s investments in electric and hybrid terminal equipment also align with its goal of working towards net carbon neutrality by 2050.

Another agenda highlight was more than $31 million invested in Barbours Cut Terminal for the reconstruction of Container Yards 4 North and 5 North, totaling 87 acres.

Finally, the meeting marked the first anniversary of the launch of Port Houston’s Business Equity Division. The work of the division in supporting one of Port Houston’s primary strategic goals has included leading a heightened focus on Diversity, Equity, and Inclusion, implementing the organization’s Minority/Woman-owned Business Enterprise (MWBE) program, and carrying out enhanced Small Business Development activities.

The next regular Port Commission meeting is on September 27.

About Port Houston

For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at PortHouston.com.

Lisa Ashley-Daniels, Director, Media Relations, Office: 713-670-2644; Mobile: 832-247-8179; E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) and PennEnergy Resources, LLC, an EnCap Investments portfolio company in the Appalachian Basin, announced today they have entered into an agreement to support the marketing and delivery of certified, low emissions next gen natural gas. The agreement includes an independent, third-party certification process that verifies best practices are being followed to minimize emissions and produce natural gas in the most environmentally responsible manner. Through its Sequent business, Williams is building a marketing portfolio to sell low-carbon next gen gas to utilities, LNG export facilities and other clean energy users.

“This is another exciting step in our multi-faceted strategy to grow the delivery of next gen gas to markets across the United States as well as overseas,” said Chad Zamarin, senior vice president of Corporate Strategic Development for Williams. “With our large-scale gathering and processing footprint in the best U.S. production basins, our connectivity to the nation’s biggest natural gas customers and our industry-leading Sequent marketing platform, we are extremely well positioned to facilitate the efficient gathering, marketing and transportation of responsibly sourced natural gas.”

“We are excited for this partnership and future opportunities to deliver responsibly sourced natural gas to meet the market’s growing demands,” said PennEnergy Resources Chairman and CEO Rich Weber. “PennEnergy welcomes higher standards in the marketplace, which play to our strengths, highlighting our dedication and investments made over many years to ensure the safety of our employees, the community and the environment.” The Appalachian-sourced natural gas is derived from PennEnergy’s 378 production wells in southwest Pennsylvania that have achieved Project Canary’s TrustWell™ certification. Every well pad inspected achieved Platinum status, the highest rating available.

The agreement with PennEnergy builds on Williams’ strategy to gather, market and transport low-carbon natural gas from well-head to end-user. Williams recently entered a partnership with decarbonization technology provider Context Labs, as well as a collaboration with Cheniere Energy, Inc., the largest U.S. producer of liquefied natural gas (LNG) to implement quantification, monitoring, reporting and verification (QMRV) of greenhouse gas (GHG) emissions at natural gas gathering, processing, transmission, and storage systems. In addition to pursuing next gen natural gas solutions, Williams is developing clean hydrogen, CCUS, solar and renewable natural gas projects as part of its focus on commercializing innovative technologies, markets and business models that support a clean energy economy.

About Williams

As the world demands reliable, low-cost, low-carbon energy, Williams (NYSE: WMB) will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. Learn how the company is leveraging its nationwide footprint to incorporate clean hydrogen, next generation gas and other innovations at www.williams.com.

MEDIA:
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INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075

Grace Scott
(918) 573-1092