SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) announced that the independent directors of the Chevron Board have selected Dr. Wanda M. Austin as lead independent director, effective May 25, 2022. Dr. Austin succeeds Dr. Ronald D. Sugar in that role, who will remain on the Chevron Board. Austin has served on the Chevron Board since December 2016.
“We are pleased to announce Dr. Austin’s selection as our next lead independent director,” said Mike Wirth, chairman and CEO. “Wanda was selected by the independent directors of the Board based on her thoughtful leadership and contributions in a variety of roles, including as chair of our Board Nominating and Governance Committee and as former chair of our Public Policy and Sustainability Committee. We thank her for accepting this responsibility to lead and provide independent oversight of management.”
“I’d also like to express my appreciation to Dr. Sugar for his strong leadership and sound judgment as lead independent director,” continued Wirth. “Ron has served in this role since 2015, as the company experienced the pandemic and geopolitical challenges, secured multiple acquisitions and embraced its role in the energy transition as we pursue our objective of safely delivering higher returns, lower carbon.”
Dr. Austin will continue to serve as chair of the Board Nominating and Governance Committee and member of the Management Compensation Committee. Dr. Sugar will continue to serve on the Board Nominating and Governance Committee and Management Compensation Committee.
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company's 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Braden Reddall -- +1 925-842-2209
Xylem’s Latest Sustainability Report Tracks Progress in Solving Global Water Challenges
RYE BROOK, N.Y.--(BUSINESS WIRE)--#LetsSolveWater--Solutions from global water technology company Xylem (NYSE:XYL), helped prevent more than 500 billion gallons of polluted water from flooding communities in 2021, according to its annual Sustainability Report. The report highlights the Company’s work with customers and partners to solve the world’s greatest water challenges. It also details Xylem’s progress to reduce its operational footprint, including cutting Scope 1 and 2 greenhouse gas (GHG) emission intensity by 12 percent and water use by 22 percent, versus 2019.
“It’s a great privilege to have a leading portfolio of technologies and services to help our customers and communities solve the water challenges so central to a more sustainable world,” said Patrick Decker, president and CEO of Xylem. “We have a responsibility to make a difference, working alongside our customers and partners, and the communities we all serve. That’s why our sustainability report is more than a set of numbers. It’s a report card on the difference we’re making, together, and a dashboard of progress in our mission to solve water.”
“Last year, we intensified our efforts around three key areas. First, we’re helping our customers become more effective stewards of their water resources, particularly through our digitally enabled solutions and services. Second, we’re addressing climate mitigation by helping decarbonize the water sector through high-efficiency technologies and our own net-zero carbon commitments. Lastly, we continue to work to advance equitable access to clean water and sanitation around the globe.”
Xylem provides advanced solutions and services that enable utilities, industrial companies and other water consumers to optimize their networks while achieving their own sustainability goals. As one of many examples, in 2021, Xylem’s technologies helped customers reuse more than 285 billion gallons of water. Building on its work to accelerate the decarbonization of the water sector, the Company’s solutions helped customers reduce their carbon footprint by 0.73 million metric tons of CO2.
Last year, Xylem formalized its commitment to achieve net zero carbon emissions across its own value chain before 2050. In addition to reducing its Scope 1 and 2 net GHG emission intensity by 12 percent, Xylem is now running more than half its major facilities on 100 percent renewable electricity. In 2021, the Company embarked on an ambitious fleet electrification program which delivered a 31 percent reduction in fleet GHG emissions in Europe in its first year of the program, and cut fleet GHG emissions in the US by 19 percent.
In 2021, amid intensifying severe weather events, Xylem increased its humanitarian support for communities impacted by water-related disasters, providing expertise, technology and equipment to more than 15 countries. Xylem reached 1.4 million people with water education, in large part driven by the launch of a new three-year partnership with UNICEF in India.
“2021 was a year in which we continued to operationalize our sustainability commitments throughout the organization,” said Claudia Toussaint, Xylem’s Chief People and Sustainability Officer. “We built more robust internal reporting and controls, established subject matter expertise across functional areas like product development, operations and supply chain, and integrated sustainability into all that we do — from factory floor to the boardroom. Crucially, we also took steps to structure our workplace in a way that best supports the personal and professional growth of our diverse, 17,000-strong team – the driving force in our mission to solve water.”
Other key highlights detailed in the report, and driving progress toward Xylem’s sector-leading 2025 sustainability goals, include:
To learn more about Xylem’s sustainability progress, download Making Water’s Future Sustainable.
About Xylem
Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure challenges with innovation. Our 17,000 diverse employees delivered revenue of $5.2 billion in 2021. We are creating a more sustainable world by enabling our customers to optimize water and resource management, and helping communities in more than 150 countries become water-secure. Join us at www.xylem.com.
The statements included in this press release regarding future performance and results, expectations, goals, plans, strategies, priorities, commitments, and other statements, including those related to social, environmental and sustainability-related matters, that are not historical facts are forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking and other statements in this document regarding our environmental and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or are required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking social, environmental and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements are based upon current beliefs, expectations, and assumptions and are subject to significant risks, uncertainties, and changes in circumstances that could cause actual results to differ materially from the forward-looking statements. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in our risk factors, as they may be amended from time to time, set forth in our filings with the SEC, including in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021. Readers of this press release are cautioned not to rely on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. We expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Houston Spencer
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LONG BEACH, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) announced today that it will host its second quarter 2022 financial results conference call on Thursday, August 4th at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time). The Company’s earnings will be released before market open on the same date.
We encourage participants to pre-register for the conference call using the following link: https://dpregister.com/sreg/10167707/f307b93bd1. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
To participate in CRC’s conference call, either dial (877) 328-5505 (International callers please dial +1-412-317-5421) or access the webcast at www.crc.com. A digital replay of the conference call will be archived for approximately 90 days and available on the Investor Relations page at www.crc.com.
In addition to the Company’s participation in its previously announced conferences, CRC’s executives will also be participating in the 20th Annual TD Securities Calgary Energy Conference to be held on July 12-13, 2022. CRC’s presentation materials will be available the day of the event on the Earnings and Presentations page in the Investor Relations section on www.crc.com.
About California Resources Corporation (CRC)
California Resources Corporation (CRC) is an independent oil and natural gas company committed to energy transition in the sector. CRC has some of the lowest carbon intensity production in the US and we are focused on maximizing the value of our land, mineral and technical resources for decarbonization by developing Carbon Capture and Storage (CCS) and other emissions reducing projects.
Joanna Park (Investor Relations)
818-661-3731
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Richard Venn (Media)
818-661-6014
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Strongest start through April for North American parts and services bookings since 2016
AKRON, Ohio--(BUSINESS WIRE)--Babcock & Wilcox (B&W) (NYSE: BW) announced today it has booked more than $23 million in orders for parts and services for utility and industrial customers in North America in the month of April, as overall demand for these services has returned to pre-pandemic levels.
Significant orders include environmental aftermarket parts and services for electrostatic precipitators and other equipment, pulp and paper upgrades and services, pulverizer mill parts, B&W’s Diamond Power ash-handling and boiler cleaning product lines and more.
“Overall parts and services demand in North America is returning to pre-pandemic levels and beyond,” said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan. “We had a very strong level of demand in the first quarter of 2022 and that has continued in April. This is the highest level of activity we’ve seen in North American parts and services since 2019, and we expect it to continue in the coming months.”
“Our pulverizer mill parts orders have been particularly strong for our utility customers due to the high utilization of the U.S. power fleet, and due to B&W’s continued commitment to those customers,” Morgan added. “In addition, our Diamond Power product lines are off to their strongest start since 2013. We’re excited about continuing to provide market-leading quality, service, and availability to our customers and knowing that B&W is the technology of choice for so many North American utilities, as well as industrial customers.”
B&W offers a wide range of expert services for power and industry, including, aftermarket services and parts, inspections, tuning, feasibility studies and engineering support, equipment installation, removal, modifications and repairs, construction and field service support and more.
About Babcock & Wilcox
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.
Forward-Looking Statements
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the awarding of contracts for, and the expected growth of, its North American parts and services business. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Investor Relations
Babcock & Wilcox Enterprises, Inc.
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
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NEW YORK--(BUSINESS WIRE)--The Board of Directors of Hess Corporation (NYSE: HES) today declared a regular quarterly dividend of 37.5 cents per share payable on the Common Stock of the Corporation on June 30, 2022 to holders of record at the close of business on June 15, 2022.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.
For Hess Corporation
Investor Contact:
Jay Wilson
(212) 536-8940
Media Contact:
Lorrie Hecker
(212) 536-8250
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New facilities and strategic partnerships across the U.S. and Canada to enhance operational excellence
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced continued expansion in the North American market through strategic partnerships and the opening of new facilities across the region.
Canadian Expansion
After successfully launching in Canada earlier this year, Wallbox is forming key relationships with multinational companies within the region and building out its operations in Ontario.
Wallbox recently announced the expansion of its existing partnership with Uber to simplify the transition to EVs for rideshare drivers using Uber in Canada. Uber drivers across Canada will soon have access to Wallbox’s discounted EV charging package which includes a Pulsar Plus, Wallbox’s worldwide best-selling charger, and installation service.
Wallbox has begun selling on Best Buy’s online retail platform in Canada, offering smart EV home chargers to meet the growing demands of their customers looking to make the transition to a more electric lifestyle. The retailer is expected to sell the 40 Amp and 48 Amp version of Wallbox’s best-selling charger worldwide, Pulsar Plus.
Wallbox also announced the opening of a new warehouse in Mississauga, Ontario. The Canadian facility is expected to provide full logistics services, including warehousing, inventory management and transportation services.
New U.S. Warehouse Facility
Wallbox announced the addition of a new warehouse facility in Burlington, NC. The facility on the East Coast is expected to support the Company's existing facility in Bloomington, CA on the West Coast. These two facilities have been strategically chosen so that Wallbox can be well positioned to reduce transit times and freight costs for customers across North America.
“This facility will be even more important once our new factory in Arlington is operational, which is expected to happen later this year. With a warehouse in North Carolina, a warehouse in California and a facility in Texas, we believe we will be in a great position to service the continental U.S. territory in under 72 hours,” said Oriol Riba, chief operations officer at Wallbox.
The opening of the Burlington facility comes on the heels of Wallbox’s recent announcement of its first U.S.-based EV charger manufacturing facility in Arlington, TX. The 130,000 square-foot high-tech plant is expected to have enough capacity to fully support Wallbox's expansion plans in North America over the next decade. Wallbox is expecting to begin production within the facility by early fall 2022. Initial construction is planned to allow the EV charger and energy management company to manufacture over 250,000 units in 2022, and over 500,000 by 2025.
“Our North American expansion is reflective of our ambitious global growth strategy,” said Douglas Alfaro, General Manager of Wallbox, North America. “With the growth of our warehouse network, we believe we will be able to optimize fulfillment and service customers more quickly and efficiently. The new warehouse facilities, coupled with our Uber and Best Buy partnerships, further strengthen our footprint across the region.”
About Wallbox Chargers
Wallbox is a global company, dedicated to changing the way the world uses energy in the electric vehicle industry. Wallbox creates smart charging systems that combine innovative technology with outstanding design and manage the communication between vehicle, grid, building and charger. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 100 countries. Founded in 2015, with headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. The company employs approximately 1,000 people in Europe, Asia, and the Americas.
For additional information, please visit www.wallbox.com.
Wallbox Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the partnerships with Uber and Best Buy and Wallbox’s expected production capabilities, expansion plans and expected delivery times and costs. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electronic vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; and other important factors discussed under the caption "Risk Factors" in Wallbox’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com.
These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
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Wallbox Public Relations Contact:
Elyce Behrsin
Public Relations
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+34 622 513 358
Companies propose upgrading infrastructure and investing in smart technology to improve reliability and customer service
BINGHAMTON, N.Y.--(BUSINESS WIRE)--Today, New York State Electric & Gas (NYSEG) and Rochester Gas and Electric (RG&E), subsidiaries of AVANGRID, Inc. (NYSE: AGR), announced the companies have filed proposed changes to delivery rates with the New York State Public Service Commission (NYSPSC). The plans, titled “Reliable Energy New York: Investing in Our Future,” outline a proposal for each company that include infrastructure investments for a more resilient, sustainable and smart system, more resources to support customers and local communities, energy efficiency programs and investments to enable renewable energy, as well as economic development proposals that will help build cleaner, healthier communities. As inflation and other economic impacts affecting customers here in New York and across the country, the companies recognize the importance of balancing the critical investments our grid requires as well as the needs and expectations of our customers.
Under the “Reliable Energy NY” proposals, NYSEG and RG&E will replace aging infrastructure and make smart investments for a more resilient system that can minimize the impacts of climate change on the energy system. The companies will also further encourage customers, community partners and business clients to adopt sustainable tools and technologies and support them as they make the transition to clean energy. That transition will lower their overall impact on the environment and give them more control over their total energy consumption and costs.
“Reliable Energy NY” proposes a rate structure that would add $10-18 to the average electric or gas residential customer's monthly delivery costs, or a 13-22% increase on each total bill. New delivery rates are proposed to go into effect May 1, 2023. Even with these proposed increases in delivery rates, the companies will continue to have among the lowest electric and gas rates in New York.
Key aspects of the “Reliable Energy NY” plans include investments in:
Under the Public Service Law, the rates proposed in “Reliable Energy NY” are for a one-year period and will not immediately go into effect upon filing; the filing starts an 11-month process. The process includes a review of the filings by the Department of Public Service and other interested parties, questions to NYSEG and RG&E and, as appropriate, responsive testimony. During this process, we will seek to engage in discussions with parties regarding potential multi-year rate recovery of costs to mitigate annual impacts on customers.
About NYSEG: New York State Electric & Gas Corporation (NYSEG) is a subsidiary of AVANGRID, Inc. Established in 1852, NYSEG operates approximately 35,000 miles of electric distribution lines and 4,500 miles of electric transmission lines across more than 40% of upstate New York. It also operates more than 8,150 miles of natural gas distribution pipelines and 20 miles of gas transmission pipelines. It serves approximately 894,000 electricity customers and 266,000 natural gas customers. For more information, visit www.nyseg.com.
About RG&E: Rochester Gas and Electric Corporation (RG&E) is a subsidiary of AVANGRID, Inc. Established in 1848, RG&E operates approximately 8,800 miles of electric distribution lines and 1,100 miles of electric transmission lines. It also operates approximately 10,600 miles of natural gas distribution pipelines and 105 miles of gas transmission pipelines. It serves approximately 378,500 electricity customers and 313,000 natural gas customers in a nine-county region in New York surrounding the City of Rochester. For more information, visit www.rge.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Media:
BUFFALO, N.Y.--(BUSINESS WIRE)--Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and provider of products and services for the renewable energy, residential, agtech and infrastructure markets, today announced that Chairman and Chief Executive Officer Bill Bosway and Chief Financial Officer Tim Murphy will participate at the KeyBanc Capital Markets 22nd Annual Industrials & Basic Materials Conference on Thursday, June 2, 2022, holding meetings with investors that day.
A link Company’s presentation will be available by visiting Gibraltar’s website at https://ir.gibraltar1.com/reports-presentations.
About Gibraltar
Gibraltar is a leading manufacturer and provider of products and services for the renewable energy, residential, agtech, and infrastructure markets. Gibraltar’s mission, to make life better for people and the planet, is fueled by advancing the disciplines of engineering, science, and technology. Gibraltar is innovating to reshape critical markets in comfortable living, sustainable power, and productive growing throughout North America. For more please visit www.gibraltar1.com.
LHA Investor Relations
Jody Burfening/Carolyn Capaccio
(212) 838-3777
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today announced the appointment of three new members of the Valaris Executive Management Committee. The following appointments have been made after a rigorous internal and external search process and strongly position the Company for continued success moving forward:
“I am thrilled to welcome three proven, high-performing leaders to the Valaris Executive Management Committee,” said Anton Dibowitz, President and Chief Executive Officer of Valaris. “With the addition of these executives, I strongly believe that we have the right leadership team in place to continue building on the positive momentum we are seeing in the business. Our focus will remain on delivering safe, reliable and efficient operations for our customers while building upon our important strategic pillars of being value driven, focused and responsible in our decision making in order to maximize shareholder value.”
Darin Gibbins, who is serving as interim CFO, will continue in his role as Vice President – Investor Relations and Treasurer after Mr. Weber joins the Company. Elizabeth Darby, who served as interim General Counsel, is continuing in her role as Chief Compliance Officer. Christophe Raimbault will continue to serve as Vice President and interim Head of Marketing and remain with the Company after Mr. Lyne joins.
“I would also like to acknowledge Darin, Elizabeth and Christophe, who are proven leaders and who ensured the Company continued to perform strongly during their time in interim roles. The Valaris Executive Management Committee and Board are very appreciative of their ongoing contributions,” added Mr. Dibowitz.
Chris Weber previously served as Chief Financial Officer of LUFKIN Industries, the leading global provider of rod lift optimization solutions, products, technologies and services to the oil and gas industry. Mr. Weber has also served as Chief Financial Officer of Abaco Drilling Technologies, Halliburton and Parker Drilling Company, and also held senior finance roles at Valaris predecessor companies, Ensco and Pride International.
Matt Lyne joins Valaris from Seadrill, where he served in a number of senior marketing and commercial roles for more than 12 years, most recently as Executive Vice President, Chief Commercial and Strategy Officer. Mr. Lyne also held a number of senior operational and functional roles with Transocean before joining Seadrill. Mr. Lyne has over 20 years of offshore drilling experience in various international locations.
Davor Vukadin has been with Valaris for eight years, helping to drive legal strategy on a wide range of matters including strategic transactions, mergers and acquisitions, complex negotiations and securities offerings. Before being named to his current position, Mr. Vukadin served as Associate General Counsel and Secretary. Prior to joining Valaris, Mr. Vukadin practiced corporate and securities law with the law firm of Norton Rose Fulbright for thirteen years.
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Cautionary Statements
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," “likely,” "plan," "project," "could," "may," "might," “should,” “will” and similar words. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the COVID-19 outbreak and global pandemic and the related public health measures implemented by governments worldwide; the cancellation, suspension, renegotiation or termination of drilling contracts and programs, including drilling contracts which grant the customer termination rights if final investment decision (FID) is not received with respect to projects for which the drilling rig is contracted; oil and natural gas price volatility, customer demand for drilling rigs; downtime and other risks associated with offshore rig operations; severe weather or hurricanes; changes in worldwide rig supply, competition and technology; risks inherent to shipyard rig reactivation, upgrade, repair or maintenance; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to obtain financing, fund capital expenditures and pursue other business opportunities; the effects of our emergence from bankruptcy on the Company's business, relationships, comparability of our financial results and ability to access financing sources; actions taken by regulatory authorities or other third parties, including related to the COVID-19 global pandemic; increased scrutiny of Environmental, Social and Governance (“ESG”) practices and reporting responsibilities; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties; terrorism, piracy and military action; environmental or other liabilities, risks or losses; debt agreement restrictions that may limit our liquidity and flexibility; failure to satisfy our debt obligations; and cybersecurity risks and threats. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
Investor & Media Contact:
Tim Richardson
Director - Investor Relations
+1-713-979-4619
NEWBURY PARK, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQB: KGEIF (temporarily: KGEID)) is pleased to provide its 2022 guidance for its operations located in the Company’s Tishomingo field in Oklahoma.
The Company plans to continue growing production and cash flow for the rest of 2022 by drilling three additional horizontal wells in addition to the two wells already drilled this year that are on production. The total capital program budget for all five wells, which the Board of Directors has approved, is projected to be just over US$31 million. The drilling program for the remainder of the year is planned to be funded from adjusted funds flow(1) and the new credit facility announced last week. Drilling is expected to resume in late July once the previously announced drilling rig becomes available. The plan is for the next two wells to be drilled back-to-back and the Company has already secured all tubulars for both wells. Construction for the drilling location is scheduled to begin next week. The fifth well is planned for the fourth quarter of 2022.
(1) |
Adjusted funds flow is considered a non-GAAP measure. Refer to the section entitled “Non-GAAP Measures” of this news release. |
The capital program for the three remaining planned wells assumes cost inflation of over 20% compared to the two wells already drilled due mainly to higher tangible and service costs.
The 2022 capital program is forecasted to deliver:
Wolf Regener, President and CEO, commented, “If we achieve this forecast, we will be exiting the year with production rates that are about three times higher than the beginning of the year with an annual adjusted funds flow that is four times higher than what we achieved in 2021.”
(2) |
Actual production from the two wells already drilled this year has exceeded the Management Type Curve (see prior news releases dated May 24 and April 18). The Management Type Curve was not adjusted for those two wells. |
|
(3) |
Assumptions include forecasted pricing from April 2022 through December 2022 of WTI US $90/bbl, $6 Henry Hub and NGL pricing of $36 bbl and includes the impact of the Company’s existing hedges. |
NON-GAAP MEASURES
Adjusted funds flow is not a measure recognized under Canadian generally accepted accounting principles ("GAAP") and does not have any standardized meaning prescribed by IFRS. Management of the Company believes that adjusted funds flow is relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. Adjusted funds flow may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures as reported by such organizations. Adjusted funds flow should not be construed as an alternative to net income, cash flows related to operating activities, working capital or other financial measures determined in accordance with IFRS, as an indicator of the Company's performance.
An explanation of how adjusted funds flow provides useful information to an investor and the purposes for which the Company’s management uses adjusted funds flow is set out in the management's discussion and analysis under the heading “Non-GAAP Measures” which is available under the Company's profile at www.sedar.com and is incorporated by reference into this earnings release.
The following is the reconciliation of adjusted funds flow to the comparable financial measures disclosed in the Company’s financial statements:
(US $000) |
|
Three months ended
|
||||
|
|
2022 |
2021 |
|||
Cash flow from continuing operations |
|
|
1,243 |
1,364 |
||
Change in non-cash working capital |
|
|
1,381 |
(64) |
||
Interest expense(a) |
|
|
|
198 |
209 |
|
Adjusted funds flow |
|
|
2,822 |
1,509 |
||
(a) Interest expense on long-term debt excluding the amortization of debt issuance costs |
||||||
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.
Cautionary Statements
In this news release and the Company’s other public disclosure: The references to barrels of oil equivalent ("Boes") reflect natural gas, natural gas liquids and oil. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The type curve utilized by the Company’s management is the average of the 7 Caney wells that are located in the Corridor (well names can be found on the Company’s Corporate presentation), with lateral lengths normalized to a 4,900 ft lateral length, the other assumptions are the same as in the Company’s December 31, 2021 independent reserves evaluation.
Readers should be aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. Readers are referred to the full description of the results of the Company's December 31, 2021 independent reserves evaluation and other oil and gas information contained in its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2021, which the Company filed on SEDAR on March 8, 2022.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward looking information”), including statements regarding the timing and expected funding sources of, and expected results from, planned wells development, projected total capital program budget for all five of the Company’s 2022 wells, the expected resumption of the Company’s drilling program in late July and forecasted results of the Company’s 2022 capital program with respect to production, revenue, adjusted funds flow, net debt to EBITDA ratio and year-end net debt.
Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including $90 a barrel oil price, $6 Henry Hub and NGL pricing of $36 bbl, cost inflation of over 20% for the three remaining wells planned for 2022, that the drilling rig will become available and Company’s drilling program will resume in late July, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through cash flow, debt, financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contract disputes or shortages of equipment or labor or materials are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected adverse effects on the Company’s operations, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the price of oil will decline, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Caution Regarding Future-Oriented Financial Information and Financial Outlook
This news release may contain information deemed to be “future-oriented financial information” or a “financial outlook” (collectively, “FOFI”) within the meaning of applicable securities laws. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions including the assumptions discussed above under “Caution Regarding Forward-Looking Information”. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. FOFI contained in this news release was made as of the date of this news release and the Company disclaims any intention or obligations to update or revise any FOFI contained in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.
Wolf E. Regener +1 (805) 484-3613
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Website: www.kolibrienergy.com
Romeo Power announces commercial expansion into aftermarket solutions in alignment with Company’s strategy to support all stages of commercial vehicle electrification
LOS ANGELES--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that the Company is supplying batteries to a leader in powertrain performance products.
“We are pleased to supply Romeo batteries to an established provider of aftermarket solutions, marking another encouraging step that supports our growth trajectory,” said Romeo Power’s Chief Executive Officer Susan Brennan. “The superior energy density of our battery packs is a natural fit for anyone interested in optimizing the performance of an electric powertrain. Selling into aftermarket solutions fits into our commercial strategy to support vehicle electrification at all stages of a vehicle’s lifecycle and serves as a solid indicator of our efforts to expand the application of our leading technology into the growing spectrum of vehicle electrification opportunities.”
“Our customer’s diverse portfolio of premium products to enhance commercial and performance vehicles is an exciting opportunity to showcase the superiority of Romeo’s technology. Our batteries offer the power and energy needed, while staying light and compact to complement our customer’s innovative product line,” Brennan added.
About Romeo Power, Inc.
Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The Company’s suite of advanced battery electric products, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. To keep up with everything Romeo Power, follow the Company on social media, @romeopowerinc or visit RomeoPower.com
Forward-Looking Statements
Certain statements in this press release may constitute “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, express or implied statements concerning Romeo Power’s ability to develop or sell new products, or to pursue customers in new product or geographic markets, Romeo Power’s expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, Romeo Power’s ability to produce and deliver such products on a commercial scale, and Romeo Power’s expectations that its customers will adhere to contracted purchase commitments on the currently expected timeframe are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Romeo Power’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: Romeo Power’s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power’s ability to increase the scale and capacity of its manufacturing processes; Romeo Power’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power’s products; the success of other competing technologies that may become available; Romeo Power’s ability to identify and integrate acquisitions; Romeo Power’s potential need for and ability to secure additional capital; the performance of Romeo Power’s products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power’s products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s filings with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from those implied by our 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 Romeo Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Romeo Power Inc.
For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
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Bonebrake brings experience from the banking and energy industries to accelerate commercialization of Quaise Energy’s technology
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Quaise Energy, the company unlocking terawatt-scale geothermal, announced today that it appointed Kevin Bonebrake to the position of Chief Financial Officer and Head of Corporate Development. He will report to Quaise’s Co-Founder and Chief Executive Officer, Carlos Araque. Bonebrake's responsibilities include overseeing a team that develops and executes on all aspects of Quaise’s strategy as well as funding and commercializing its innovative millimeter wave drilling technology for power-dense, deep geothermal energy applications.
The announcement follows Quaise’s recent $40M Series A capital raise, the proceeds of which will be used to expand its technology development program and to form new strategic partnerships for successfully and quickly delivering the commercial applications of its technology.
“We are excited to welcome Kevin to our senior leadership team,” said Carlos Araque, CEO and co-Founder of Quaise Energy. “With nearly two decades of energy investment banking experience and his background as a mechanical engineer, Kevin will add immediate value to Quaise Energy’s technology-based mission to solve the challenges of global climate change.”
Bonebrake joins Quaise from Lazard, where he was a Managing Director in the financial advisory business focused on the energy industry. Lazard is one of the world’s preeminent financial advisory and asset management firms, operating from 41 cities across 26 countries. He brings to Quaise extensive expertise in advising energy companies on strategy, business development and capital raising.
“Quaise Energy seeks to make a transformational leap forward in the heat content of geothermal systems to enable clean baseload power for the entire planet,” Bonebrake said. “This is incredibly important and meaningful work, and I am thrilled to have the opportunity to join the remarkable team at Quaise Energy.”
Prior to joining Lazard in 2017, Bonebrake was a Managing Director in Morgan Stanley’s Global Natural Resources investment banking practice and was a Vice President with Citigroup’s Global Energy, Power and Chemicals investment banking team. Bonebrake completed his graduate research in industrial laser applications in the Naval Architecture department at the Helsinki University of Technology and was a member of the intellectual property licensing team at Delphi Automotive.
Bonebrake is based in Houston where he serves on the Executive Committee of the Board of Directors of Hermann Park, Houston’s oldest public green space, and is one of four capital campaign chairs for its current $50M infrastructure expansion program.
About Quaise Energy
Quaise Energy is terawatt-scale geothermal. We’re opening access to renewable, baseload power from anywhere on planet Earth. Deep geothermal uses less than 1% of the land and materials of other renewables, making it the only option for a sustainable clean energy transition.
Our approach to deep geothermal is unique in being geography agnostic: by outfitting existing drilling rigs with millimeter wave technology, we’re opening the way for power-dense, deep geothermal energy on a global scale. Quaise Energy is accelerating the clean-energy transition by repowering the fossil-fired infrastructure of today’s energy industry with clean geothermal steam.
Learn more at www.quaise.energy.
Tony Fassi
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FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc. (NYSE:AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced that members of its management team will attend the following investor conferences:
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.
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Based in Australia, Sadler brings 30+ years of sales leadership experience across renewable energy, power generation and energy storage
Sadler, most recently Fluence Energy’s Vice President of Sales for Australia, to lead sales, business development and demand generation in the Asia Pacific region
LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--$NRGV--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault"), a leader in sustainable, grid-scale energy storage solutions, today announced the appointment of Lucas Sadler as Vice President of Sales and Business Development, Asia & Pacific (APAC), based in Melbourne, Australia.
Sadler joins Energy Vault with more than 30 years of sales leadership experience across the renewable energy, power generation and energy storage sectors. Immediately prior to joining Energy Vault, he served as Vice President of Sales, Australia and New Zealand, at Fluence Energy Inc. In his role at Energy Vault, Sadler will be responsible for leading sales, business development and demand generation for the company's energy storage software and infrastructure technologies throughout the APAC region. Sadler and his team will focus on building upon Energy Vault's existing presence in the region, which includes Korea Zinc and its subsidiaries Sun Metals and Ark Energy, and BHP in Australia, China Tianying/Atlas Renewable in China, and NTPC in India. Energy Vault is a founding member of the Electric Mine Consortium, an Australia-based group of leading mining companies with the collective ambition to accelerate progress towards the fully electrified zero CO2 and zero particulates mine.
"APAC is a key growth market for Energy Vault as our innovative energy storage technologies are in strong demand for energy and industrial applications as evidenced by our already strong and established presence in the region," said Marco Terruzzin, Chief Product Officer, Energy Vault. "Lucas’ on-the-ground experience in the renewable energy and energy storage sectors in Australia further strengthens our relationships and reach in APAC, where large energy and mining companies have committed to decarbonization. Lucas’ unique and focused experience positions him to best understand local market trends, drive increased demand and further accelerate deployments of our short and long-duration energy storage solutions and software platform. We believe our platform will serve as a critical enabling technology for decarbonization and the energy transition that is taking place throughout the APAC region. We are excited to bring on board a senior leader of Lucas’ caliber to our world-class executive team."
"Energy Vault is bringing innovative energy storage technologies and solutions to market, solving many of the limitations of other storage technologies," said Lucas Sadler, Vice President of Sales and Business Development, Asia & Pacific (APAC), Energy Vault. "The sustainability and circular economic benefits of Energy Vault’s storage systems are truly differentiated, and I believe that its ability to deliver short and long-term duration storage with a hardware-agnostic energy management software platform will provide a competitive advantage for utilities, energy companies and mining companies in APAC, which need energy on demand and for long periods of time to fuel 24/7 operations. Energy Vault has already achieved strong traction in the region and I look forward to further expanding deployment opportunities for the company’s gravity storage and software platform throughout APAC."
Prior to his role at Fluence, Sadler held senior sales, business development and management roles of increasing responsibility, including with Schneider Electric, Powerark Solar, Origin Energy, Yingli Green Energy, EnergyAustralia and Samsung. Sadler has also served as a Director and Board Member of the Australian Solar Council and the Australian Energy Storage Council.
Sadler holds a Global Executive MBA from Monash School of Business - Melbourne, a program composed of three international modules at INSEAD, China Europe International Business School (CEIBS) and NYU Stern School of Business.
About Energy Vault
Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company’s proprietary energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability. Energy Vault’s EVx™ gravity-based energy storage system utilizes eco-friendly materials with the ability to integrate waste materials for beneficial re-use. Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers. For additional information, please visit: www.energyvault.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our future expansion, deployments and capabilities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: risks related to the rollout of Energy Vault’s business and the timing of expected business milestones in the APAC region, developments and changes in the general market, including with respect to continued interest in de-carbonization in the APAC region, the continuing impact of COVID-19, political, economic, and business conditions, our limited operating history as a public company, and our ability to retain qualified personnel. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on May 16, 2022, which is available on our website at investors.energyvault.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.
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STAMFORD, Conn.--(BUSINESS WIRE)--Crane Holdings, Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, provided an update on certain previously announced transactions, adjusted its full-year 2022 earnings guidance, and provided details about an upcoming investor conference.
Mr. Mitchell, Crane President and Chief Executive Officer, stated: “I am pleased to announce that we continue to make significant progress with our strategic portfolio actions. Our recently announced divestiture of Crane Supply is on-track to close at the end of this month, and our planned separation into two independent, public companies is proceeding according to our original schedule.”
“We are also pleased to announce that our Holding Company Proposal was approved at our May 16, 2022 Annual Meeting of Stockholders. The corporate reorganization authorized by that approval has now been completed, and this reorganization will permit us to better segregate our legacy liabilities from our operating assets in an efficient and strategic manner.”
Mr. Mitchell continued, “However, following continued objections from the Department of Justice over a minor overlap in a small segment of the Engineered Materials business, our agreement to sell that business has been terminated.”
“At Crane, we have consistently shown our firm and longstanding commitment to delivering long-term growth and sustainable value creation for all stakeholders. That commitment is evident in our consistent and differentiated execution, and in the numerous actions we have taken to shape our portfolio over the years, including acquisitions to enhance our capabilities and growth profile, divestitures to streamline our portfolio, and our recent announcement to pursue a separation into two independent, publicly-traded companies. We continue to believe the separation will permit each post-separation company to optimize investment and capital allocation, accelerate growth, and unlock shareholder value.”
“As always, we will continue to assess our portfolio composition and structure, and we will continue to explore alternatives for the outstanding Engineered Materials business in due course. For now, our revised planning assumption is that post-separation, Crane will be comprised of two strategic growth platforms – Aerospace & Electronics and Process Flow Technologies – that are leading global providers of mission-critical components and products, as well as the Engineered Materials business, a domestic, high-quality provider of innovative material solutions for niche markets. All three businesses provide highly engineered products and solutions, with differentiated technology, respected brands, and leadership positions in their respective markets. As previously discussed, Crane NXT will be a premier Industrial Technology business with substantial global scale, proprietary and differentiated technology, a best-in-class margin profile, and strong free cash flow generation.”
Mr. Mitchell concluded: “As we continue to work towards our early 2023 separation, all of our businesses continue to perform extremely well despite the challenging environment. Our operational outlook is unchanged from our April first quarter earnings call, and we are raising our 2022 EPS guidance to now include the Engineered Materials business which must be removed from discontinued operations.”
Update on the Crane Supply Divestiture
As previously announced on April 25, 2022, Crane signed an agreement to sell Crane Supply, the Company’s Canadian distribution business, for CAD 380 million on a cash-free and debt-free basis. The transaction is scheduled to close on May 31, 2022 subject to customary closing conditions.
Update on the Engineered Materials Divestiture
On May 24, 2021, Crane announced that it had signed an agreement to divest its Engineered Materials segment subject to customary closing conditions and regulatory approval. On March 17, 2022, the Department of Justice (“DOJ”) filed a complaint to enjoin that sale transaction. We engaged in a process to address the DOJ’s antitrust concerns regarding a minor overlap in a narrow range of material used in certain commercial building applications. However, the DOJ rejected the initial set of remedies proposed, and on May 26, 2022, Grupo Verzatec S.A. de C.V. terminated the sale agreement, and will pay a $7.5 million termination fee to Crane.
Engineered Materials has been presented as discontinued operations since the second quarter of 2021. Following the termination of the sale agreement, the business no longer meets the criteria for discontinued operations accounting treatment, and it will be included in continuing operations starting in the second quarter of 2022 with prior periods restated accordingly.
Raising Full-Year 2022 Guidance
We are raising our full-year 2022 earnings guidance to reflect the inclusion of Engineered Materials’ earnings contribution. Both prior guidance and revised guidance assume a second quarter 2022 closing for the Crane Supply divestiture. We are also providing additional segment-level guidance details reflecting our best and most current forecasts and views on the remainder of 2022.
Prior Guidance (April 25, 2022) |
Updated Guidance |
|
|
Continuing operations basis (excluding Engineered Materials for the full year) |
Including Engineered Materials earnings contribution in all four quarters of 2022 |
2022 GAAP EPS |
$6.35-$6.75 |
$6.80-$7.20 |
2022 Adjusted EPS* |
$7.00-$7.40 |
$7.45-$7.85 |
*Please see the attached Non-GAAP Financial Measures tables
Our prior full-year guidance reflected first quarter 2022 results from continuing operations (excluding Engineered Materials) as reported on April 25, 2022:
Our revised full-year guidance reflects first quarter 2022 results from total operations (including Engineered Materials):
As Reported April 25, 2022 |
As Restated and Included in Updated Guidance |
|
|
Continuing operations basis excluding Engineered Materials |
Including Engineered Materials earnings contribution |
First Quarter 2022 GAAP EPS |
$1.64 |
$1.81 |
First Quarter 2022 Adjusted EPS* |
$1.81 |
$1.99 |
*Please see the attached Non-GAAP Financial Measures tables |
||
We now expect total full-year 2022 sales of approximately $3.4 billion and adjusted operating margins of approximately 17.0% with additional details in the following table:
Sales |
Full-Year 2022 Sales Guidance |
Adjusted Margins |
|||||
|
2021A ($m) |
Core |
FX |
M&A |
|
2021A* |
2022G |
Aerospace & Electronics |
638 |
~8% |
- |
- |
|
17.2% |
~18.0% |
Process Flow Technologies |
1,197 |
~5% |
~(3.5%) |
~(11.5%) |
|
14.8% |
~16.5% |
Payment & Merchandising Technologies |
1,345 |
~5% |
~(4.0%) |
- |
|
22.6% |
~23.0% |
Engineered Materials |
228 |
~5% |
- |
- |
|
12.2% |
~13.5% |
Total Company |
3,408 |
~5%-6% |
~(2.5%)-(3.0%) |
~(4%) |
|
15.5% |
~17.0% |
*Please see the attached Non-GAAP Financial Measures tables |
|||||||
The following elements of full-year 2022 guidance are unchanged compared to prior guidance:
Outlook for Second Quarter 2022 Earnings
For the second quarter of 2022, consistent with our commentary on the first quarter 2022 earnings call, we expect a modest sequential decline in adjusted EPS compared to first quarter adjusted EPS of $1.99 driven by two factors. First, the timing of the Crane Supply divestiture will reduce adjusted EPS in the second quarter by approximately $0.05 compared to the first quarter. Second, as previously disclosed, timing of certain customer shipments related to unpredictable supply chain and logistics shifted approximately $0.07-$0.10 of EPS from the second quarter into the first quarter. Updated guidance now assumes a roughly even split in adjusted EPS between the first and second half of 2022.
Upcoming Investor Conference Presentation
Crane also announced today that management is scheduled to present at the Stifel Cross Sector Insight Conference in Boston, MA on Tuesday, June 7, 2022 at 8:00 AM Eastern Time. A webcast of this event will be available live and accessible for replay for a limited time under the “Events & Presentations” section of Crane’s investor relations website at www.craneco.com/investors.
About Crane Holdings, Co.
Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. Crane has approximately 11,500 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.
Forward-Looking Statements Disclaimer
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: statements regarding Crane’s and the ultimate spin-off company’s (“SpinCo”) portfolio composition and their relationship following the business separation; the anticipated timing, structure, benefits, and tax treatment of the spin-off; benefits and synergies of the spin-off; strategic and competitive advantages of each of Crane and SpinCo; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. In addition, there is also no assurance that the spin-off will be completed, that Crane’s Board of Directors will continue to pursue the spin-off (even if there are no impediments to completion), that Crane will be able to separate its businesses or that the spin-off will be the most beneficial alternative considered. We caution investors not to place undue reliance on any such forward-looking statements.
Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.
Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; the effects of the ongoing coronavirus pandemic on our business and the global and U.S. economies generally; information systems and technology networks failures and breaches in data security, personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; potential exposure from numerous lawsuits for asbestos-related personal injury; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; inadequate or ineffective internal controls; specific risks relating to our reportable segments, including Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials; the ability and willingness of Crane and SpinCo to meet and/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the spin-off and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the spin-off.
Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2021 and the other documents Crane and its subsidiaries file from time to time with the SEC. Readers should also carefully review the “Risk Factors” section of the registration statement relating to the business separation, which is expected to be filed by SpinCo with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
These forward-looking statements reflect management’s judgment as of this date, and Crane assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.
We make no representations or warranties as to the accuracy of any projections, statements or information contained in this document. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities for sale.
Non-GAAP Financial Measures
First Quarter 2022 Earnings (as Reported April 25, 2022 with Engineered Materials in Discontinued Operations)
(in millions, except per share data) |
Three Months Ended March 31, 2022 |
|||
$ |
|
Per Share |
||
Net Sales |
|
$801.1 |
|
|
Operating profit (GAAP) |
$133.6 |
|
|
|
Operating profit margin (GAAP) |
16.7% |
|
|
|
|
|
|
||
Special items impacting operating profit: |
|
|
|
|
Transaction related expenses |
6.1 |
|
|
|
Repositioning related charges (gains), net |
1.7 |
|
|
|
Operating profit before special items (adjusted) |
$141.4 |
|
|
|
Operating profit margin before special items (adjusted) |
17.6% |
|
|
|
|
|
|
||
Net income from continuing operations attributable to common shareholders (GAAP) |
$94.7 |
|
$1.64 |
|
|
|
|
||
Special items, net of tax, impacting net income from continuing operations attributable to common shareholders: |
|
|
|
|
Transaction related expenses (income), net |
9.0 |
|
0.15 |
|
Repositioning related charges (gains), net |
1.3 |
|
0.02 |
|
Net income from continuing operations, net of tax, attributable to common shareholders before special items (adjusted) |
$105.0 |
|
$1.81 |
|
First Quarter 2022 Earnings with Engineered Materials no Longer Treated as Discontinued Operations
(in millions, except per share data) |
Three Months Ended March 31, 2022 |
|||
$ |
|
Per Share |
||
Net Sales |
|
$871.4 |
|
|
Operating profit (GAAP) |
$146.9 |
|
|
|
Operating profit margin (GAAP) |
16.9% |
|
|
|
|
|
|
||
Special items impacting operating profit: |
|
|
|
|
Transaction related expenses |
6.1 |
|
|
|
Repositioning related charges (gains), net |
1.7 |
|
|
|
Operating profit before special items (adjusted) |
$154.7 |
|
|
|
Operating profit margin before special items (adjusted) |
17.8% |
|
|
|
|
|
|
||
Net income attributable to common shareholders (GAAP) |
$105.0 |
|
$1.81 |
|
|
|
|
||
Special items, net of tax, impacting net income attributable to common shareholders: |
|
|
|
|
Transaction related expenses (income), net |
9.0 |
|
0.15 |
|
Repositioning related charges (gains), net |
1.3 |
|
0.02 |
|
Net income attributable to common shareholders before special items (adjusted) |
$115.3 |
|
$1.99 |
|
Segment Level Non-GAAP Financial Measures
Twelve Months Ended December 31, 2021 ($ millions) |
Aerospace & Electronics |
Process Flow Technologies |
Payment & Merchandising Technologies |
Engineered Materials |
Corporate |
Total Company |
Net sales |
$638 |
$1,197 |
$1,345 |
$228 |
$ — |
$3,408 |
Operating profit (GAAP) |
$110.0 |
$182.5 |
$307.5 |
$27.9 |
($98.7) |
$529.2 |
Operating profit margin (GAAP) |
17.2% |
15.2% |
22.9% |
12.2% |
|
15.5% |
Special Items impacting operating profit: |
|
|
|
|
|
|
Transaction related expenses |
— |
— |
— |
— |
$9.7 |
$9.7 |
Repositioning related gains, net |
— |
($5.9) |
($3.7) |
— |
— |
($9.6) |
Operating profit before Special Items (adjusted) |
$110.0 |
$176.6 |
$303.8 |
$27.9 |
($89.0) |
$529.3 |
Operating profit margin before Special Items (adjusted) |
17.2% |
14.8% |
22.6% |
12.2% |
|
15.5% |
2022 Earnings per Share Guidance
|
Low |
High |
Earnings per diluted share (GAAP) |
$6.80 |
$7.20 |
Special items impacting earnings per share |
0.65 |
0.65 |
Earnings per diluted share before special items (adjusted) |
$7.45 |
$7.85 |
Crane Holdings, Co. reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release includes certain non-GAAP financial measures, including adjusted operating profit, adjusted operating margin, and adjusted EPS, that are not prepared in accordance with GAAP. These non-GAAP measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to operating income, net income or any other performance measures derived in accordance with GAAP. We believe that these non-GAAP measures of financial results (including on a forward-looking or projected basis) provide useful supplemental information to investors about Crane. Our management uses certain forward looking non-GAAP measures to evaluate projected financial and operating results. However, there are a number of limitations related to the use of these non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore our non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
We believe that each of the following non-GAAP measures provides useful information to investors regarding the Company’s financial conditions and operations:
Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com
Semtech’s LoRa® devices and the LoRaWAN® standard replace labor-intensive manual temperature monitoring
CAMARILLO, Calif.--(BUSINESS WIRE)--#Boluda--Semtech Corporation (Nasdaq: SMTC), a leading global supplier of high performance analog and mixed-signal semiconductors and advanced algorithms, announced that Boluda Corporación Marítima, a leading global maritime services provider, will leverage an asset tracking solution from WITRAC, a Valencia-based company offering innovative technology solutions that connect and provide visibility to the value chain. Integrated with Semtech’s LoRa® devices and the LoRaWAN® standard, WITRAC’s Total Track & Trace Intelligent Platform transports cold chain assets in Boluda’s supply chain, providing citizens of the Canary Islands with the first daily transportation of cargo from the peninsula with over 350 successful voyages.
“Semtech’s LoRa devices offered a cost-effective solution for WITRAC’s Total Track & Trace Intelligent Platform. With ships transporting thousands of containers, installing a satellite modem in each container would make this type of solution economically non-viable,” said Jose Pons Ballester, co-founder and CTO of WITRAC. “Employing a network using LoRaWAN as well as leveraging the LoRa 2.4GHz band allowed us to place a WITRAC device in every single container to share real-time offshore and onshore visibility to thousands of containers — an unmatched value for our customers.”
Using a combination of LoRaWAN, Wi-Fi, BLE, and cellular connectivity options in the same hardware device, WITRAC’s Total Track & Trace Intelligent Platform provides real-time visibility and control of offshore operations. In addition to temperature monitoring, the platform’s “Perfect Route System” is able to geolocate a fleet’s vessels, allowing alerts to be set for deviations in fuel consumption, speed, routes, or miles traveled, which also permits shippers to take corrective measures en route.
The success of the platform led Boluda to implement WITRAC’s platform to monitor the location and temperature status of the fresh food and medicine on its seven container vessels traveling 700 miles from the Spanish mainland on the maritime corridor linking the Port of Cádiz to the island ports of Las Palmas and Tenerife.
“Remotely monitoring the location and temperature of assets during an entire cold chain was once viewed as a challenge. Through implementing LoRa devices and LoRaWAN, asset tracking has never been more simple and cost effective,” said Marc Pégulu, vice president of IoT product marketing and strategy for Semtech’s Wireless and Sensing Products Group. “WITRAC’s tracking solution is a valuable example of how LoRa and LoRaWAN networks can transform smart logistics to prevent loss or damage of assets no matter the distance.”
WITRAC Co-Founder and CTO José Pons Ballester will be discussing the benefits of the Boluda “Daily Canarias” solution at the LoRaWAN World Expo taking place July 6-7, 2022, in Paris, France. Register for the conference here.
To learn more about WITRAC’s Total Track & Trace Intelligent Platform, please visit here.
View the use case with more information on the collaboration here.
About Semtech’s LoRa® Platform
Semtech’s LoRa device-to-Cloud platform is a globally adopted long range, low power solution for IoT applications, enabling the rapid development and deployment of ultra-low power, cost efficient and long range IoT networks, gateways, sensors, module products, and IoT services worldwide. Semtech’s LoRa technology provides the communication layer for the LoRaWAN® standard, which is maintained by the LoRa Alliance®, an open IoT alliance for Low Power Wide Area Network (LPWAN) applications that has been used to deploy IoT networks in over 170 countries. With the proliferation of LoRa devices and the LoRaWAN standard, the LoRa Developer Portal is a place to learn, connect, collaborate, and find resources to help accelerate your LoRa development process. Semtech is a founding member of the LoRa Alliance. To learn more about how LoRa enables IoT, visit Semtech’s LoRa site.
About WITRAC
WITRAC helps companies be more efficient and competitive thanks to innovative technological solutions that connect and give visibility to the value chain of its clients. Able to identify, locate, measure, and control wirelessly and in real time, any asset, anywhere, WITRAC fabricates its own hardware and software based on the IoT and AI technology, in order to satisfy the industry's tracing needs. Its digitalization and automatization solutions combine multiple connectivity devices and protocols with a management platform, in order to generate data and transform it into useful information and valuable insights. Please visit www.witrac.es.
About Boluda Corporación Marítima
Boluda Corporación Marítima is the leading Spanish maritime group with more than 185 years of experience. It has a global presence, operating in Central America, South America, the Caribbean, Africa, Cabo Verde, the Indian Ocean and Europe. This love of hard work and affinity with the sea has been passed down between generations in the Boluda family and developed over time into a sector leading corporation. The company is organized into two strategic divisions: Boluda Towage and Boluda Shipping. And two smaller divisions: Boluda Port Services and VB Comisarios de Averías. Boluda Towage’s main focus is tugboat services, the core business and essential for facilitating traffic flow in the port area and provides port, coastal and offshore towing and sea salvage. This division has a fleet of 400 vessels present in the main ports of Europe, Africa, the Indian Ocean and Latin America. Boluda Shipping is the division providing maritime services in comprehensive transportation, logistics and international freight management. Its wide network of company offices in the main Spanish ports as well as a variety of international ports provide a single point of contact for all stopovers and port operations, with customer service and information provided 24/7 365 days a year. Find more information at www.boluda.com.es.
About Semtech
Semtech Corporation is a leading global supplier of high performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the NASDAQ Global Select Market under the symbol SMTC. For more information, visit www.semtech.com.
Forward-Looking and Cautionary Statements
All statements contained herein that are not statements of historical fact, including statements that use the words “will,” “designed to” or other similar words or expressions, that describe Semtech Corporation’s or its management’s future plans, objectives or goals are “forward-looking statements” and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Semtech Corporation to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the uncertainty surrounding the impact and duration of supply chain constraints and any associated disruptions; the uncertainty surrounding the impact and duration of the COVID-19 pandemic; export restrictions and laws affecting Semtech Corporation’s trade and investments including with respect to Huawei and certain of its affiliates and other entities identified by the U.S. government, and tariffs or the occurrence of trade wars; worldwide economic and political disruptions as a result of the current conflict between Russia and Ukraine; competitive changes in the marketplace including, but not limited to, the pace of growth or adoption rates of applicable products or technologies; downturns in the business cycle; and the additional risk factors set forth in Semtech Corporation’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (www.sec.gov) on March 16, 2022 as such risk factors may be updated, amended or superseded from time to time by subsequent reports that Semtech Corporation files with the Securities and Exchange Commission. Semtech Corporation assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.
Semtech, the Semtech logo and LoRa are registered trademarks or service marks of Semtech Corporation or its affiliates.
SMTC-P
Ronda Grech
Semtech Corporation
(805) 250-1263
This email address is being protected from spambots. You need JavaScript enabled to view it.
New plant will meet growing demand for air-to-water heat pumps and room air conditioners in Europe
TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it will invest 1.44 billion Turkish lira (113 million USD) in a new plant at Mitsubishi Electric Air Conditioning Systems Manufacturing Turkey Joint Stock Company (MACT), the company’s air-conditioner production base in Turkey. The expansion will expand MACT’s annual capacity for air-to-water (ATW) heat pumps* to 300,000 units, up by 100,000 units from current capacity, and room air conditioners to 1,100,000 units, up by 300,000 units. Production will begin in February 2024.
Mitsubishi Electric is growing its global Heating, Ventilation and Air-Conditioning (HVAC) business under an expansion strategy through 2025 that is focused especially on the European heating-system market. Conventional boiler-type heaters that rely on fossil fuel are rapidly being replaced with ATW heat pumps in line with Europe’s decarbonization policies, which is driving the rapid growth of the ATW market in Turkey and across Europe. Meanwhile, ongoing climate change is stimulating increased demand for room air conditioners, which are increasingly being viewed by local consumers as commodities rather than luxuries.
Eco-friendly CO2-emission-reduction measures at the plant will include enhanced thermal insulation, exhaust-air heat recovery and effective use of renewable energy.
Mitsubishi Electric has continued to invest in MACT since establishing the subsidiary company in 2016, including making an additional investment of 222 million Turkish lira (17.3 million USD) in 2021.
* |
Hot-water heating/supply system that uses heat-pump technology to transfer heat from outside air to water, which is then circulated indoors to warm entire houses |
For the full text, please visit: www.MitsubishiElectric.com/news/
Customer Inquiries
Overseas Air-Conditioning & Refrigeration Systems Div.
Global Strategy & Business Planning Department
Mitsubishi Electric Corporation
Tel: +81-3-3218-6060
www.MitsubishiElectric.com/bu/air-conditioning-systems/
www.MitsubishiElectric.com/
Media Inquiries
Takeyoshi Komatsu
Public Relations Division
Mitsubishi Electric Corporation
Tel: +81-3-3218-2346
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.MitsubishiElectric.com/news/
The Renewable Energy Projects Will Reduce Carbon Emissions While Simultaneously Providing Clean and Reliable Heat and Power
VAN NUYS, Calif.--(BUSINESS WIRE)--$CGRN #CGRN--Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), ("Capstone," the "Company," “we” or “us”), a global leader in carbon reduction and on-site resilient green energy solutions, today announced that IBT Connecting Energies GmbH (www.ibtgroup.at), exclusive distributor for Italy, has secured orders for two waste-to-energy projects in the Sardinia region of Italy. Three C65 microturbines will be deployed at two wastewater treatment facilities operated by Acciona Agua SA in Alghero and Cagliari, Italy. The microturbine systems are expected to be commissioned in December 2022.
“We are pleased to see continued order flow out of the European region given the unprecedented macroeconomic conditions in their energy markets,” said Darren Jamison, Chief Executive Officer of Capstone Green Energy. “This is a perfect example of how customers are reducing their dependence on fossil fuel sources for power generation through sustainable biogas to energy projects.”
Once commissioned, the microturbines will cleanly and effectively operate on the biogas, or "green waste", produced on-site from municipal solid waste. In addition, the new cogeneration plants will incorporate a customized heat recovery module (HRM), advanced gas treatment, compressors, and SCADA control panels. Together, the configuration will allow plant operators to harness the waste fuel for on-site power production.
The microturbines will be utilized in a combined heat and power (CHP) application and produce electricity and hot water for the customer’s wastewater treatment facilities. The projects are the first of their kind in the Sardinia region of Italy.
Wastewater treatment plants are excellent candidates for microturbine-based CHP. The most common renewables projects make use of digester methane to generate electric power or combined heat and power. These installations can bring fast payback from utility power and natural gas savings by utilizing waste methane, a greenhouse gas many times more potent than carbon dioxide. In addition, excess renewable electricity could be offered for sale to the electric utility.
“These two important projects are proof that the market is heading in the right direction of renewable energy. This confirms once again that Capstone technology is the number one for this type of application, which uses the biogas produced by wastewater treatment plants,” said Ilario Vigani, President and CEO of IBT Connecting Energies GmbH.
About Capstone Green Energy
Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.
For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it.. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated to be approximately $698 million in energy savings and approximately 1,115,100 tons of carbon savings.
For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
This email address is being protected from spambots. You need JavaScript enabled to view it.
TORONTO--(BUSINESS WIRE)--$DMJ #carbonemissions--dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce that dynaCERT has sold seven (7) of its HydraGEN™ Technology Units (HG1R, 4C and 6C units) which are to be installed in Peru, Argentina and Brazil.
H2 Tek, dynaCERT’s dealer, focuses on equipping mining companies throughout the globe with dynaCERT’s proprietary patented HydraGEN™ Technology. In conjunction with its partners, H2 Tek has indicated to dynaCERT that the Company’s proprietary 4C and 6C HydraGEN™ Units are very desired by several world class open-pit mining operations in the Americas which are owned and operated by some of the world’s largest international mining conglomerates.
Along with other H2 Tek Installations, these innovative technologies will be installed in open pit mines on various equipment, including Caterpillar 793 & 777 Haul Trucks and a large 4.5MW diesel generator with a CAT280-16 engine.
Global mining companies recognize the immediate imperatives of utilizing commercially and readily available technologies to reduce their Carbon Footprint and welcome and embrace dynaCERT’s patented 4C and 6C HydraGEN™ Technology which is particularly suited to the Mining, Construction and Oil & Gas industries.
In 2021 and 2022, dynaCERT’s 4C and 6C HydraGEN™ Technology has been redesigned to adapt to the rigourous requirements of the harsh environments of open pit mining operations which are commonly located at high altitudes and inclement conditions in remote areas throughout the globe.
David Van Klaveren, Vice President of Global Sales of H2 Tek, stated, “Our national and multinational customers appreciate the significant promise of dynaCERT’s HydraGEN™ technology and look forward to advancing progress for their ESG priorities through its successful implementation.”
Jim Payne, President & CEO of dynaCERT, stated, “I am very pleased to now deploy our proprietary HydraGEN™ Technology with global mining companies operating under harsh conditions. Our proprietary and patented HydraGEN™ Technology is designed to reduce fuel consumption in internal combustion engines and reduce Carbon and NOx emissions, so important to providing a global solution to reduce pollution. Progressive mining companies are the trailblazers that fight a noble battle against air pollution. dynaCERT warmly congratulates H2 Tek, its international partners, and our mining friends operating globally which initiate many of the products of our supply chains to eventually meet our daily needs.”
About H2 Tek
H2 Tek LP is focused exclusively on selling and servicing dynaCERT’s HydraGEN™ Technology. H2 Tek markets to mining, diesel power generation, on-road applications and off-road applications. Together with its international partners, H2 Tek currently has market reach in more than eleven countries.
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com.
READER ADVISORY
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
Murray James Payne, CEO
Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com
ClearData™ Combines Multiple Data Sources Uniquely Cross-Referenced For Accuracy, And Delivered As Data-as-a-Service
SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #DaaS--Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, announces the addition of customizable ClearData™ traffic management feeds adding to its extensive mobility solutions offerings. Iteris’ ClearMobility® Cloud analytics engine produces ClearData, a validated proprietary service, that is produced by aggregating third-party mobility data that include incident, speed, construction and connected vehicle GPS probes. ClearData is delivered to public- and private-sector clients via subscription-based direct computer data feeds or application programming interfaces (APIs).
ClearData’s enhanced data feeds are extremely reliable, accurate and current, eliminating redundancies and other errors for best-in-class traffic pattern analysis, forecasting and planning.
Iteris’ ClearData offers exceptional data tracking with its combination of connected vehicle, commercial fleet and mobile GPS probes. It also provides extensive coverage and is available nationwide on all roadways, including freeways, major arterials and urban streets. Connected vehicle probes offer precise data and better reflect consumer vehicle movement. Crucially, these data types are cross-referenced and curated to avoid erroneous road closure reporting through a combination of technology and experienced Iteris traffic analysts to resolve data conflicts other traffic software platforms typically miss.
“The unique combination of powerful software-driven event detection and conflict resolution overseen by human editors provides unparalleled mobility reporting, mapping and advisory information,” said Will Cousins, senior vice president and general manager of Applications and Cloud Solutions at Iteris. “We are thrilled to be able to provide ClearData to power public alerts that better reflect actual road closures. This is what makes ClearData unique. Yet the utility of ClearData is not limited to the public sector, and it can for example offer congestion monitoring for professional sports teams and live event organizers, real-time incident data to give broadcast traffic reports a competitive edge, proven and accurate travel time data to help fleet and logistics operators optimize routes and improve delivery time, or accurate traffic alerts to allow road construction firms to improve work zone safety.”
In addition to being delivered as direct computer data feeds or APIs, ClearData is also available through ClearGuide®, Iteris’ mobility intelligence solution, and adds powerful new transportation data that expand the software’s capabilities to provide unparalleled levels of real-time and historical visualizations that help users make informed operational traffic management decisions.
ClearData is a key component of Iteris’ ClearMobility Platform – the world’s most complete solution to continuously monitor, visualize and optimize mobility infrastructure. ClearMobility applies cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to help ensure roads are safe, travel is efficient, and communities thrive.
About Iteris, Inc.
Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility Platform, our cloud-enabled end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world, and help bridge legacy technology silos to unlock the future of transportation. That’s why more than 10,000 public agencies and private-sector enterprises focused on mobility rely on Iteris every day. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.
Iteris Forward-Looking Statements
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," “should,” “will,” "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the capabilities and benefits of our ClearData traffic management feeds. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, our ability to provide our services and products in a cost-efficient manner; our ability to effectively introduce, market and gain broad acceptance of our new and existing product and service offerings; the potential impact of product and service offerings from competitors and other competitive pressures; challenges in the development of software-based solutions generally; and the impact of general economic, political and other conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website (www.sec.gov).
Media Contact
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Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
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