NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today that it has completed the previously announced acquisition of the equity interests of Kamps Propane, Inc., High Country Propane, Inc., Pick Up Propane, Inc., Competitive Capital, Inc. and Propane Construction and Meter Services (collectively, “Kamps Propane”) and Kiva Energy, Inc. (“Kiva Energy”) for a purchase price of approximately US$240 million (CDN $302 million) (the “Transaction”). The purchase price was paid with funds drawn from Superior’s existing credit facility.
“We are pleased to complete this acquisition as it provides us with a substantial retail propane distribution platform on the west coast of the U.S. in addition to providing anticipated annual run-rate synergies of approximately US $7 million after 24 months,” said Luc Desjardins, President and Chief Executive Officer of Superior.
Andy Peyton, President of Superior’s U.S. propane distribution business added, “I am excited to welcome Kamps Propane, its people and its customers to the Superior Plus Propane family. The acquisition of Kamps Propane creates a strong platform for us in California to further expand our service in an attractive region.”
“I am excited to welcome the Kiva Energy employees and customers to the Superior Plus family,” said Shawn Vammen, Senior Vice President of Superior’s Supply Portfolio Management business. “We’re looking forward to servicing Kiva’s wholesale customers, and achieving anticipated cost savings through our expanded wholesale platform in the western region of the U.S.”
Overview of Kamps Propane and Kiva Energy:
On a normalized basis, including the achievement of expected synergies and weather consistent with the five-year average, Superior expects Kamps Propane and Kiva Energy to generate approximately US $34 million (CDN $42 million) in Adjusted EBITDA on a run-rate basis in the next 24 months.
About the Corporation
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing approximately 890,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Capital Markets, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, “expects”, and similar expressions. In particular, this news release contains forward-looking statements with respect to, among other things, expected benefits of the Transaction, estimated run-rate Adjusted EBITDA of Kamps Propane and Kiva Energy twenty-four months after closing and the anticipated run-rate synergies.
Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks relating to the operating and financial performance of the Energy Distribution business which are described in Superior’s management’s discussion and analysis for the year ended December 31, 2021 and in Superior’s annual information form for the year ended December 31, 2021. Key assumptions or risk factors to the forward-looking information include, but are not limited to, financial market conditions, Superior’s future debt levels, Superior’s ability to generate sufficient cash flows from operations to meet its current and future obligations, access to, and terms of, future sources of funding for Superior’s capital expenditures and acquisitions, no investigation or other actions are taken by any competition authority relating to the Transaction, the integration of businesses into Superior’s operations, competitive action by other companies, availability and timing of acquisition targets, actions by governmental authorities including increases in taxes and changes in environmental and other regulations, general economic, market and business conditions, accuracy of and ability to realize estimated synergies, timing to achieve synergies and the regulatory framework that governs the operations of Superior’s business and industry capacity. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior’s actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. We caution readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable law.
Non-GAAP Financial Measures
______________________________________________________________________________________________________________________________________________________________________________________
In this press release, Superior has used the following terms (“Non-GAAP Financial Measures”) that are not defined by International Financial Reporting Standards (“IFRS”) but are used by management to evaluate the performance of Superior and its business: Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). This measure may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance. Non-GAAP Financial Measures do not have standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-GAAP Financial Measures are clearly defined, qualified and reconciled to their most comparable IFRS financial measures. Except as otherwise indicated, this Non-GAAP Financial Measure is calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See “Non-GAAP Financial Measures” in Superior’s most recent Management’s Discussion and Analysis (“MD&A”) for a discussion of Non-GAAP Financial Measures used by Superior and certain reconciliations to IFRS financial measures.
The intent of Non-GAAP Financial Measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-GAAP Financial Measures differently. Investors should be cautioned that Adjusted EBITDA should not be construed as an alternative to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with IFRS as an indicator of Superior’s performance. Non-GAAP Financial Measures are identified and defined as follows:
Adjusted EBITDA
Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments. Adjusted EBITDA is used by Superior and investors to assess its consolidated results and ability to service debt. Adjusted EBITDA is reconciled to net earnings before income taxes.
Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015,
or
Rob Dorran, Vice President, Capital Markets
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587).
Study to deliver comprehensive subsurface review for suitability of Carbon Capture Storage
HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced Energean, an independent E&P company focused on developing resources in the Mediterranean and the North Sea, awarded it a study to assess carbon storage potential of the Prinos basin in Greece.
Halliburton carbon capture, utilization and storage (CCUS) experts will collaborate with Energean to evaluate the Prinos area’s carbon dioxide (CO2) storage complex. The scope of work will include long-term plume modeling, characterizing the storage complex, and a conceptual development plan with performance modelling. Additionally, Halliburton will deploy a fully integrated CO2 storage workflow leveraging DecisionSpace 365® cloud applications including Permedia® CO2 software, the World Petroleum Congress excellence award winner.
“We are excited to build on our strong relationship with Energean and to collaborate on this exciting carbon storage subsurface study where we will utilize Energean’s deep local understanding of the Prinos areas and Halliburton’s comprehensive carbon storage knowledge,” said Martin White, vice president of Halliburton Europe, Eurasia and Sub-Saharan Africa. “This project will be the first end-to-end CCS subsurface evaluation collaboration between an operator and energy services provider in Europe, and we look forward to supporting Energean’s energy transition journey.”
“We are excited to collaborate in this landmark project with Halliburton,” said Katerina Sardi, Energean Managing Director and Country Manager in Greece. “Prinos has been identified as an ideal location to host a CO2 Storage plant with a potential storage capacity adequate to store about 100% of the emissions of the Greek manufacturing sector for a period of 10 years, starting from 2025. Halliburton’s unique know-how and acquaintance with Prinos ensures strong project collaboration and provides the basis for the successful implementation of a project that is core to Energean’s path to net zero.”
The work on the Prinos carbon storage subsurface study began in early March.
ABOUT HALLIBURTON
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the Company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
ABOUT ENERGEAN
Established in 2007, Energean is a London Premium Listed FTSE 250 and Tel Aviv Listed E&P company with operations in eight countries across the Mediterranean and UK North Sea. Since IPO, Energean has grown to become the leading independent, gas-focused E&P company in the Eastern Mediterranean, with a strong production and development growth profile. The Company explores and invests in new ideas, concepts and solutions to produce and develop energy efficiently, at low cost and with a low carbon footprint.
Halliburton
For Investors:
David Coleman
Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
281-871-2688
For News Media:
Emily Mir
External Affairs
This email address is being protected from spambots. You need JavaScript enabled to view it.
281-871-2601
Energean
Paddy Blewer
Head of Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
+44 7765 250 857
Sotiris Chiotakis
Media & Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
+30 6932663877
ATLANTA--(BUSINESS WIRE)--PIC Group, today announced the appointment of Michael Cox as Vice President to lead the Operations and Maintenance Business Development Group.
Mr. Cox joins PIC Group from Worley, where he was most recently General Manager Operations and Maintenance (O&M) Services. In this role, he maintained P&L responsibility for a growing and diverse global business unit supporting projects in the global fleet and leading project development. Michael brings over 35 years of power generation and power industry commercial experience with his power generating experience spanning over 30 years of increasing levels of responsibilities. Michael brings expertise in understanding the solutions and services customers want as well as a successful track record of developing strong customer relationships and exceeding year-over-year strategic growth targets.
“We are harnessing our core strengths as an advantage to continue to grow in our traditional markets and accelerate our entry into new ones. I’m confident Michael is the right leader to take on this critical role and move us into the next level of our expansion,” said Frank Avery, PIC Group CEO and President.
In his new role, Cox will oversee PIC Group’s global O&M sales and commercial teams, leading the company’s efforts to foster innovative sales approaches that broaden PIC Group’s business opportunities and deepen customer relationships worldwide.
About PIC Group
Founded in 1988, PIC Group, Inc. is dedicated to delivering value by providing global energy services to facilities across four continents – North America, South America, Asia, and Africa. PIC provides O&M Services (Care, Custody and Control), Commissioning and Startup, Documentation & Training and Staffing services and serves the power generation, oil and gas, petrochemical, pulp and paper and manufacturing industries.
PIC Group, Inc. is a wholly owned subsidiary of Marubeni Corporation, a Fortune Global 500 Company. Marubeni is a major Japanese sogo shosha (international trading company) and the third largest global independent power producer (IPP).
About Marubeni
Marubeni Corporation and its consolidated subsidiaries use their broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business including consumer products, food, agriculture, chemicals, energy and metals and power business machinery and infrastructure.
For press inquiries, contact:
Douglas Shuda, Marketing Director
678-627-4142
This email address is being protected from spambots. You need JavaScript enabled to view it.
CLEVELAND--(BUSINESS WIRE)--GE Current, a Daintree company has today added a new category to its broad Arize® range of horticultural LED solutions, with the launch of the Arize® Integral intra-canopy lighting (ICL) fixture. Offering best-in-class lighting output of up to 346 µmol/s and efficiency of 3.5 µmol/J, the Integral is designed to help growers maximize yields of high-wire crops such as tomatoes, cucumber and peppers through more strategic deployment of light, deep within the plant canopy.
Designed for use in combination with Current’s Arize® Element L1000 top light, the Integral disperses a tailored light spectrum across a wide, 120-degree angle from both sides of the fixture, to provide the mature leaves lower in the canopy with higher photosynthetic capacity. This allows the plant to make more effective use of the available light energy to drive plant growth and fruit development, without increasing overall energy usage and associated operational costs.
A recent study conducted with Wageningen University & Research and using Integral, has revealed a 14% increase in tomato yields, with no impact on quality or taste, when the supplemental light energy was delivered through a 66:34 ratio of top lighting to ICL vs 100% top lighting. Dr. Leo Marcelis, Professor of Horticulture & Product Physiology at Wageningen University & Research commented, “We were expecting higher yields from the 34% ICL treatment but we were shocked by the scale of the increase in output.”
Bruno D’Amico, Global Product Manager for Horticulture Lighting at Current said, ”By including an intra-canopy lighting solution within our toolkit, we’re able to offer growers even more flexibility when designing a lighting strategy that will maximize the productivity of every harvest. WUR’s research has clearly shown the value of considering ICL within a greenhouse environment and we’re currently working with a number of growers to demonstrate the impact of the Arize Integral as part of their supplemental lighting plans.”
For added peace of mind, the Integral’s lifespan exceeds 54,000 hours at L90 and is covered by Current’s market-leading, five year warranty. For more information on the full Arize portfolio, as well as Current’s complete range of horticultural lighting solutions, from HPS to LED, please visit https://www.gecurrent.com/
About GE Current, a Daintree company:
Current enhances commercial and industrial facilities, cities, greenhouses and all specialty applications in between with advanced lighting and intelligent controls. Working with our partners, we deliver the best possible outcomes for our customers. Current harnesses the power of light to enable never-before-possible methods of farming, ushering in a new era of agriculture. We aim to build a world where growers can produce higher yields, cultivate with greater precision, and grow sustainably, locally and year-round to fuel a brighter future. See why Current is always on at www.gecurrent.com.
Media:
Jim Benson
This email address is being protected from spambots. You need JavaScript enabled to view it.
216-534-4155
- Announces 2024 Adjusted EBITDA Target of $300 Million, Double 2021 Levels –
- Articulates Expanding and Rapidly Growing Addressable Markets -
- Provides Details on Expected/Targeted RNG Asset Build Schedule -
- Provides Updates on SCE BESS Project -
FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, hosted its previously announced 2022 Investor Day in NYC today. Members of the leadership team discussed key growth opportunities highlighting the Company’s portfolio of innovative solutions which makes Ameresco a preferred partner for complex and comprehensive advanced energy projects highlighting Ameresco’s integrated business model and long-term growth opportunities at the nexus of cost savings, energy resiliency and carbon footprint reduction. A copy of the investor day presentation will also be available in the “Investor Relations” section of the Company’s website along with a replay of the day’s presentations.
“In conjunction with our first investor day we were pleased to set a 2024 target of $300 million in Adjusted EBITDA, or double our recently reported 2021 Adjusted EBITDA results. Ameresco’s expanding addressable markets along with the continued rapid growth of our Energy Asset business gives us confidence in setting this goal,” said George P. Sakellaris, President and Chief Executive Officer. “Our management team and board are fully aligned on executing this impressive profit growth goal.”
Increased corporate and macro drivers, along with a favorable policy environment, has continued to expand Ameresco’s addressable markets at a rapid rate. Our strong market share position in the ESCO market as well as our reputation for executing on complex projects put us in a strong position to benefit from a total addressable market which is projected to grow from approximately $80B in 2022 to over $100B in 2026.
Ameresco provided more color to the roadmap previously outlined for the growth plan in its green gas business, including reaching mechanical completion of RNG assets by the end of 2024 that could result in a four-fold cumulative MMBtu output compared to 2021 levels when the plants are placed in service, with the company’s RNG Assets in Development as of the end of 2021 already in the permitting or construction phase. As noted previously, the company recently doubled its engineering and construction team to execute this aggressive RNG development strategy.
In addition, Ameresco provided an update on its transformational utility scale battery energy storage systems (BESS) at three sites for Southern California Edison (SCE). The company is pleased to report that it has placed purchase orders for all major equipment, has executed subcontracts for all major civil, electrical and mechanical work and that all sites have been mobilized in preparation for equipment deliveries. Ameresco is actively managing global supply chain challenges and continues to expect timely completion of the project.
“We are excited for the vast opportunity ahead of Ameresco. Our addressable markets continue to expand as customers continue to seek out Ameresco to solve their complex energy and environmental challenges. The breadth and depth of our technological expertise along with our proven track record across all our markets positions Ameresco well to benefit from the rapidly growing number of opportunities in front of us,” Mr. Sakellaris concluded.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net-Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. 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 1,200 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.
Forward Looking Statements
Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline and backlog, as well as expectation on estimated future financial results, statements about our long term outlook and our expected timeline of SCE Project, and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis, including the ability to perform under recently signed contracts without delay; demand for our energy efficiency and renewable energy solutions; our ability to arrange financing to fund our operations and projects and to comply with covenants in our existing debt agreements; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy and the fiscal health of the government; the ability of customers to cancel or defer contracts included in our backlog; the effects of our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; availability and costs of labor and equipment particularly given global supply chain challenges; our reliance on third parties for our construction and installation work; the addition of new customers or the loss of existing customers including our reliance on the agreement with SCE for a significant portion of our revenues in 2022; the impact from Covid-19 on our business; market price of the Company's stock prevailing from time to time; the nature of other investment opportunities presented to the Company from time to time; the Company's cash flows from operations; cybersecurity incidents and breaches; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (SEC) on March 1, 2022. The forward-looking statements included herein represent our views as of the date hereof. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.
Use of Non-GAAP Financial Measures
This press release includes references to adjusted EBITDA, which is a Non-GAAP financial measure. For a description of this Non-GAAP financial measure, the reasons management uses this measure, and a reconciliation of this Non-GAAP financial measure to the most directly comparable financial measures prepared in accordance with GAAP, please see the section titled “Non-GAAP Financial Measures” at the end of the supplemental earnings presentation for the fiscal year ended December 31, 2021 filed with the SEC on February 28, 2022 which is also available at Ameresco’s Investor Relations website at https://ir.ameresco.com/financial-results. Ameresco does not provide a reconciliation of non-GAAP measures that it discusses as part of its long-term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all.
Media Relations
Leila Dillon, 508.661.2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
Eric Prouty, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Lynn Morgen, AdvisIRy Partners, 212.750.5800, This email address is being protected from spambots. You need JavaScript enabled to view it.
Uber and Cruise supported the applications and grants to fund development of 72 new charging stalls in California, enhancing infrastructure access and increasing EVgo network utilization amongst rideshare drivers
LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO), a first mover in fleet electrification and owner and operator of first electric vehicle (EV) network powered by 100% renewable electricity, today announced that the company was selected for proposed awards for two California Energy Commission (CEC) Charging Access for Reliable On-Demand Transportation Services (CARTS) grants to directly support its partnership with Uber. Using the proposed award funds of over $3.6M, EVgo will develop twin public fast charging hub sites featuring 72 charging stalls -- including 38 designated for public use -- within Los Angeles and the Bay Area. As part of this program, all four of the new charging sites will feature fast charging up to 350 kW, ultimately aiding EVgo and Uber in their shared mission to electrify the rideshare industry and provide enhanced access to public EV fast charging infrastructure in rideshare-dense regions within California and beyond.
In August 2021, the California Energy Commission (CEC) released a grant solicitation and application package entitled “Charging Access for Reliable On-Demand Transportation Services (CARTS)” under the Clean Transportation Program, designed to provide funding for projects that support EV charging infrastructure for on-demand transportation services including those such as ride-hailing, taxis, and more. The proposed awarding of two CARTS grants builds upon EVgo’s previously announced partnership with Uber, which is designed to support the adoption of EVs in the rideshare industry by decreasing their total cost of ownership through increasing access to public fast charging infrastructure. With the proposed funds from the CEC, EVgo will build 72 new fast charging stalls in rideshare-dense and ethnically diverse areas within Los Angeles, San Francisco and San Leandro. 38 of the new fast charging stalls will be open for public use in high-mobility demand zones and the balance will be dedicated to fleet vehicles, helping support more equitable access to charging infrastructure and reducing local pollution from high mileage vehicles.
“EVgo has long been a leader in fleet electrification through partnership, and in partnership with the CEC, Uber, and fleets, EVgo looks forward to continuing to build on our commitment to delivering EV fast chargers that benefits different drivers and communities across the country,” said Jonathan Levy, Chief Commercial Officer at EVgo. “This direct support from the California Energy Commission will help accelerate the deployment of fast charging that benefits fleets and retail drivers alike, making going electric a no brainer whether you’re operating a commercial fleet or don’t even have a car!”
“Climate is a team sport, and these projects between EVgo, the California Energy Commission, and Uber are a win-win-win,” said Adam Gromis, Uber’s Head of Sustainability Policy. “Together, we’ll increase access to more affordable urban fast-charging solutions in the areas where drivers most need them, increase passengers’ exposure to EV technology via more all-electric rides on Uber, and drive real emissions savings for Californians.”
As part of the company’s grant application for CARTS, EVgo garnered letters of support from industry partners including Uber and Cruise, an autonomous vehicle (AV) company with operations in California. By prioritizing the electrification of rideshare vehicles alongside access to affordable charging, EVgo, with Uber’s support, plans to use the funds to decarbonize higher-utilization drivers while providing greater exposure to EVs for riders. This comes as California begins implementation of the Clean Miles Standard, which aims for 90% of ride-hail vehicle miles traveled be zero emissions by 2030. On EVgo’s network, high utilization drivers inherit the benefit of 100% renewable energy powering every mile charged, further accelerating the decarbonization of the transportation sector. In addition, as Uber is committed to building a zero-emissions rideshare platform in all regions of operation by 2040, the development of new EV charging infrastructure supports its shared mission with EVgo to further incentivize EV purchases, increase access to EV charging infrastructure and expedite the electrification of the rideshare industry at scale.
For more information around the locations of fast chargers within EVgo’s charging network, visit www.evgo.com.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 340,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
For Investors:
Ted Brooks, VP of Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
310-954-2943
For Media:
This email address is being protected from spambots. You need JavaScript enabled to view it.
PARIS & ARNHEM, the Netherlands & NEW YORK--(BUSINESS WIRE)--Allego Holding B.V. (NYSE: ALLG) (“Allego” or “the Company”), a leading pan-European electric vehicle public charging network, announced today that the Company’s CEO, Mathieu Bonnet, will participate in the Electrification of Europe and the Future of EV Charging panel at the JP Morgan Global ESG Conference held in London on Thursday, March 24, 2022, at 7:00 am ET. The panel will include an audience Q&A at the end. Interested institutional investors that are clients of JP Morgan should contact their respective sales representatives directly.
About Allego
Allego delivers charging solutions for electric cars, motors, buses, and trucks, for consumers, businesses, and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network comprised of approximately 28,000 public charging ports operational throughout the pan-European market – and proliferating. Our charging solutions are connected to our proprietary platform, EV-Cloud, which gives our customers and us a full portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable, and safe charging solutions, agnostic of vehicle model or network affiliation. At Allego, we strive every day to make EV charging easier, more convenient, and more enjoyable for all.
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release (“Press Release”) are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of Allego’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of Allego. These forward-looking statements are subject to a number of risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political, and legal conditions; (ii) risks related to the rollout of Allego’s business strategy and the timing of expected business milestones; (iii) risks related to the consummation of the proposed business combination with Spartan Acquisition Corp. III being delayed or not occurring at all; (iv) risks related to political and macroeconomic uncertainty; (v) the risk that the installation of the charging solutions at Nissan locations is delayed or does not occur at all; (vi) the risk that the benefits to Allego of the Nissan partnership are delayed, are less than anticipated or do not occur at all; and (vii) the impact of the global COVID-19 pandemic, including its impact on any of the foregoing risks. If any of these risks materialize or Allego’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Allego does not presently know or that Allego currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Allego’s expectations, plans or forecasts of future events and views as of the date of this Press Release. Allego anticipates that subsequent events and developments will cause Allego’s assessments to change. However, while Allego may elect to update these forward-looking statements at some point in the future, Allego specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Allego’s assessments as of any date subsequent to the date of this Press Release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
For Allego
Investors
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media
This email address is being protected from spambots. You need JavaScript enabled to view it.
The project will contribute to the economic and energy resilience of Puerto Rico’s central highlands and provide multiple investment strategies for maximizing energy savings and generating revenue.
SAN DIEGO--(BUSINESS WIRE)--#distributedenergy--XENDEE Corporation, a leader in microgrid design and decision support software, and Idaho National Laboratory’s (INL) Net-Zero Microgrid Program support the Cooperativa Hidroeléctrica de la Montaña to develop and implement an environmentally and financially sustainable zero-carbon microgrid in Puerto Rico.
“Increasingly dangerous climate events have been devastating to Puerto Rico’s local economy and energy infrastructure. By using this new resilient energy system, Puerto Rico’s mountain regions can offer greater stability for businesses and the community while also mitigating the consequences of the next major climate event including regional economic paralysis and the mass exodus of residents during recovery periods,” said C. P. Smith, Executive Director of the Cooperativa Hidroeléctrica de La Montaña. “This added level of security and local control can immediately impact resilience and sustainability in the region while also enticing investment from both the public and private sector with reliable clean energy at attractive rates.”
The community microgrid is organized and governed by the Cooperativa Hidroeléctrica de la Montaña, the first electric power cooperative in Puerto Rico. The modeling and analysis for the microgrid planning and design is funded by the Department of Energy’s Office of Electricity Microgrid Program. Idaho National Laboratory identified and validated the input data for the microgrid including loads, distribution cables, substation capabilities and existing generation assets. Together with XENDEE’s team, this data was then populated within XENDEE’s microgrid design platform to model the energy system and create a series of investment strategies based on different organizational goals (cost savings, CO2 emissions, resiliency).
Based on these strategies, Microrred de la Montaña (Microgrid of the Mountain) will be capable of cutting existing energy costs for the community by at least 20% using solar photovoltaic cells and batteries. By incorporating existing hydroelectric technologies these cost savings could be further increased to as much as 60%. Finally, with capital expenditure to further enhance the hydroelectric capacity, the Cooperativa Hidroeléctrica de la Montaña would have an option to sell energy to the rest of the island, creating the opportunity for an even higher return on investment when amortized over the lifetime of the project. Using this model, the cooperative would not only meet the needs of the existing community with resilient technologies, but be able to sell sustainable, reliable, and affordable power back to the Puerto Rican power grid for revenue and act as a template for future microgrid developments in financially disadvantaged communities.
“This project location and mix of technologies is ideal for showcasing XENDEE’s ability to optimize microgrid designs based on organizational goals,” said Michael Stadler, CTO and co-founder of XENDEE. “This has provided the cooperative with a series of reliable, financially viable investment strategies that can be used to easily compare major design decisions like making hydroelectric upgrades or distributing technologies across different communities. The XENDEE platform also includes integrated power flow simulation, enabling our team to properly place and size technologies in each of the investment strategies and verify the technologies and distribution system can operate under peak usage conditions.”
At this time, the project team has provided eight separate investment strategies for the island featuring a blend of technologies as well as an upgrade to the hydroelectric power plants that could increase the total output of the microgrid from an intermittent 6 megawatts to 50 megawatts. The Microgrid of the Mountain will also be the first intermunicipal microgrid in Puerto Rico to provide power to multiple towns and the 90,000 residents of Adjuntas, Jayuya, Lares, and Utuado collectively.
“Microrred de la Montaña is not only the first intermunicipal microgrid in Puerto Rico, but also an exemplar Net-zero Carbon Microgrid for communities on the front lines of climate change,” said Timothy McJunkin, Technical Director of the NZM Program at INL. “This project stands out as a unique opportunity to showcase the integration of multiple non-greenhouse emitting energy sources to increase reliability and resilience and show how NZMs can be the source of economic development and prosperity for Puerto Rico and other disadvantaged communities across the U.S.”
To learn more about XENDEE, please visit https://xendee.com/.
To learn more about Idaho National Laboratory, please visit https://inl.gov/.
For more information on Cooperativa Hidroeléctrica de La Montaña and to learn more about their resiliency initiatives and investments in local power security please visit https://cooperativahidroelectrica.coop/.
About XENDEE
XENDEE develops world-class Microgrid decision support software that helps designers and investors optimize and certify the Fight-Through™ resilience and financial performance of projects with confidence. The XENDEE Microgrid platform enables a broad audience; from business decision makers to scientists, with the objective of supporting investments in Microgrids and maintaining electric power reliability when integrating sources of renewable generation. Learn more at https://xendee.com/.
About Idaho National Laboratory
Battelle Energy Alliance manages INL for the U.S. Department of Energy’s Office of Nuclear Energy. INL is the nation’s center for nuclear energy research and development, and also performs research in each of DOE’s strategic goal areas: energy, national security, science and the environment. For more information, visit www.inl.gov
About Cooperativa Hidroeléctrica de la Montaña
Hydroelectric Cooperative of the Mountain is the first electric power cooperative in Puerto Rico. The Cooperativa Hidroeléctrica de la Montaña’s mission is to provide cost-effective and resilient energy from renewable sources for its Owner-Partners in the municipalities of Adjuntas, Jayuya, Lares and Utuado. The efforts of the Cooperativa Hidroeléctrica de la Montaña are aimed at strengthening the communities in the Central Mountain Range so that its residents do not go through the challenges, risks and vicissitudes to their health and economy due to the lack of reliable and resilient electrical energy.
Press Contacts
Xendee - Jay Gadbois - This email address is being protected from spambots. You need JavaScript enabled to view it.
Idaho National Laboratory - Tim McJunkin - This email address is being protected from spambots. You need JavaScript enabled to view it.
Cooperativa Hidroeléctrica de la Montaña - This email address is being protected from spambots. You need JavaScript enabled to view it.
VANCOUVER, British Columbia--(BUSINESS WIRE)--$LPEN--Loop Energy™ (TSX: LPEN) today reported consolidated financial results for the fourth quarter and full year ending December 31, 2021.
Ben Nyland, President and CEO said: "Over the course of 2021, Loop delivered on its stated objectives and has already made strong progress towards delivering upon our 2022 objectives. We are very pleased with our 22 purchase orders received to start the year, as this builds a solid foundation for further growth and diversification of our customer base.”
Q4 and Full year 2021 Financial Highlights
2022 Outlook
The Company will host a conference call and webcast at 11:00 am ET (8:00 am PT) on Thursday, March 24 for a more detailed discussion of Loop Energy Inc. Q4 and Full Year 2021 results.
Please dial-in by phone 5-10 minutes prior to the start time and ask to join the Loop Energy call:
The Company's financial statements and management's discussion & analysis are available at investors.loopenergy.com, and www.sedar.com.
About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop’s products feature the Company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. eFlow™ is designed to enable commercial customers to achieve performance maximization and cost minimization. Loop works with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information about how Loop is driving towards a zero-emissions future, visit www.loopenergy.com.
Forward Looking Information
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations and projections regarding future events. Particularly, statements regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information, including without limitation, our ability to grow and diversify our customer base; our ability to meet our 2022 targets for purchase orders, accumulated mileage in customer vehicles, and increased viewership at trade shows; the expected roll-out and timing of the introduction of our next-generation 120 kW module; expected cost reductions across our product range; our ability to expand our total addressable market (TAM) while reducing average cost per kW produced; the expected operational date for our new Shanghai production facility; our ability to eventually triple production at our Shanghai production facility, and our ability to grow our engineering capability and production capacity and produce 200 fuel cell units per annum at our Burnaby facility on a single-shift basis by the end of 2022. Forward-looking information is based on a number of assumptions (including without limitation assumptions with respect the current and future performance of the Company's products, growth in demand for the Company's products, the Company’s ability to execute on its strategy, achieve its targets and progress existing and future customers through the Customer Adoption Cycle in a timely way) and is subject to a number of risks and uncertainties, many of which are beyond the Company's control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward‐looking information. Such risks and uncertainties include, but are not limited to, the realization of electrification of transportation, the elimination of diesel fuel and ongoing government support of such developments, the expected growth in demand for fuel cells for the commercial transportation market, our ability to obtain future patent grants for our proprietary technology and the effectiveness of current and future patents in protecting our technology and the factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 22, 2022. Loop disclaims any obligation to update these forward-looking statements.
Investor Inquiries:
Bill Zhang | Tel: +1 604.222.3400 Ext. 299 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Laine Yonker | Tel: +1 646.653.7035 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Inquiries:
Lucas Schmidt | Tel: +1.604.222.3400 Ext. 603 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Source: Loop Energy Inc.
CHARLOTTE, N.C.--(BUSINESS WIRE)--DoubleRadius announced it has signed a channel partner agreement with Nokia.
As a result of this relationship, DoubleRadius will market, distribute and service the Nokia Digital Automation Cloud (DAC) application platform with edge computing and end-to-end private wireless connectivity capabilities.
DoubleRadius is a distributor of microwave broadband equipment in unlicensed, lightly licensed, and licensed bands. It recently celebrated its 20th year in business. With three warehouses in North America, the value-added distributor serves as a leading distributor within the service provider, utility, enterprise, and hospitality sectors. DoubleRadius helps design, improve, and expand operators' networks while continuing to add new and emerging technologies to benefit its customers. "We are thrilled to add Nokia to our portfolio of wireless partners," said DoubleRadius President & COO Gerry Ford. "The Nokia product line gives us a significant boost in building our catalog of wireless partners to better support service providers and small to medium enterprise organizations.”
Vikas Trehan, VP of North America Channel Sales, Nokia, said: “Through the Nokia Global Partner Program we can extend Nokia solutions to meet the needs of many more enterprises enabling their Industry 4.0 journey. As such, we are pleased to welcome DoubleRadius to the program as it leverages the Nokia DAC to support the digital transformation of its customers.”
About DoubleRadius
Founded in 2001, DoubleRadius has been helping companies build better wireless and Wi-Fi networks across North and South America. They rely on strong partnerships with leading wireless manufacturers to support service providers and enterprise business customers. Offering design, engineering, and technical support services, it is a leading value-added distributor. They equally provide solutions to both industry customers and experienced resellers. DoubleRadius' customer base includes companies spanning the telecommunications, energy, hospitality, education, Federal/State, municipal, and residential ISP verticals.
For more information, visit: www.DoubleRadius.com
Daun Holdenrid
This email address is being protected from spambots. You need JavaScript enabled to view it.
(866) 891-3602
If you have any questions, please contact This email address is being protected from spambots. You need JavaScript enabled to view it..
KORE Solutions will lead the energy storage industry as America’s first fully integrated energy storage manufacturer, combining NRI’s decades of experience creating storage solutions and KORE Power’s scale and cell manufacturing capabilities
COEUR D’ALENE, Idaho & WATERBURY, Vt.--(BUSINESS WIRE)--KORE Power, Inc. has acquired Northern Reliability (NRI) and launched KORE Solutions, a full-service storage integrator that will operate as a division of the U.S.-based battery manufacturer, allowing KORE Power to become a vertically integrated energy solutions provider.
KORE Solutions combines the manufacturing capabilities of KORE Power with NRI’s nearly 50 years of experience advancing energy storage solutions to offer customers end-to-end capabilities and service. The acquisition positions the company to take advantage of the rapidly expanding energy storage solution space, as KORE Solutions brings on NRI’s robust, U.S.-made project pipeline. The company announced it will immediately add 25 positions to its Waterbury, Vermont location.
“Building upon NRI’s five decades of storage engineering and project development expertise, we’re adding KORE Power’s battery cells to create KORE Solutions – creating the market’s first all-in-one source for energy storage solutions here in the U.S.,” said Lindsay Gorrill, Founder and CEO of KORE Power. “KORE Solutions was formed to tackle global challenges, and with Northern Reliability’s engineering and problem-solving capacity, we’ll develop better products and services across the energy storage sector.”
Gorrill touted NRI’s experience successfully deploying more than 1,000 energy storage projects to some of the most inhospitable locations on the planet – from remote islands to Antarctica.
“KORE Solutions brings the full weight of NRI’s expertise and support to optimize our storage technology offerings,” he said. “Full integration of our product line allows us to provide better service, superior performance and safety.”
Jay Bellows, formerly President and CEO of NRI, now becomes President of KORE Power.
“When you partner with KORE Solutions, you partner with an integrated team that is responsible for the supply, manufacturing, deployment, software, system monitoring, operational excellence, and maintenance of complete energy storage systems,” Bellows said. “We bring the supply chain closer to home and make it easy for our customers to deliver on their energy storage targets.” Both KORE Power and Northern Reliability customers will benefit from the acquisition.
KORE Power and NRI started working together about two years ago on the Nomad Transportable Power project. Gorrill said that project showed the potential of bringing together the manufacturer and the integrator. “Our teams push each other towards innovations that will benefit the entire industry,” he said.
Gorrill said KORE Solutions will operate as a new division within the company. The existing KORE Power team will remain focused on delivering high-quality products to customers in the energy storage and electric transportation sectors.
NRI’s history began in 1974, with the creation of Northern Power Systems, one of the nation’s earliest renewable energy developers.
“We bring an almost 50-year track record of safety and success in the U.S. and around the globe,” Bellows said. “Our team has deployed over 1,000 storage projects, many of which have been operating longer than our competitors have been in business.”
KORE Power last year announced plans to build the KOREPlex, a one million square foot manufacturing facility in Buckeye, Arizona, the starting point to support up to 12 gigawatt hours (GWh) of battery cell production and ensure a reliable and independent U.S. supply chain for lithium-ion battery cells. That project is on track to break ground in the coming months.
Terms of the acquisition were not released.
ABOUT KORE Power
KORE Power, Inc., is a leading U.S.-based developer of battery cell technology for the clean energy industry, serving energy storage, e-mobility, utility, industrial and mission-critical markets across the globe. KORE Power designs and manufactures its proprietary NMC and LFP cells, VDA modules and packs, optimized by the battery management system. Through its global partnerships, KORE designs and manufactures top-tier energy storage systems (ESS).
KORE Power’s differentiated approach provides customers with direct access, unparalleled service, superior technology, and Tier 1 product availability. We care about building sustainable communities, clean energy jobs and green economic expansion. KORE Power is proud to offer a functional solution to real-world problems that fulfill growing market demand and contribute to a zero-carbon future. For more information, visit www.korepower.com.
Cautionary Statement
Certain statements contained herein constitute forward-looking statements, including but not limited to statements about the plans, objectives and expectations. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. KORE Power, Inc. believes the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this news release should not be unduly relied upon. Forward-looking statements included in this news release are made as of the date of this news release and KORE Power disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
David Jakubiak
This email address is being protected from spambots. You need JavaScript enabled to view it.
(312) 285-9622
Aleysha Newton
This email address is being protected from spambots. You need JavaScript enabled to view it.
(208) 758-9392
DUBLIN--(BUSINESS WIRE)--The "Oilfield Chemicals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The oilfield chemicals market is expected to register a CAGR of over 4% during 2022-2027
This market is driven by a number of factors, such as increasing shale gas exploration and production. The opening of new horizons, due to deep-water drilling operations, is likely to act as key major opportunities for the oilfield chemicals market.
Key Highlights
Key Market Trends
Drilling & Cementing Application to Dominate the Market
North America to Dominate the Market
Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/n7qelw
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
LONDON--(BUSINESS WIRE)--Future Planet Capital, the international venture capital and impact investor, is pleased to announce the close of a new €20m Blue Ocean mandate aimed at tackling key issues affecting the world’s oceans.
The mandate, which Barclays Private Bank helped implement, will be partnered with the Prince Albert II of Monaco Foundation and the Monaco Government in the context of the Monaco Blue Initiative (MBI) and in the framework of the Monaco Ocean Week, at the end of March.
Managed by Future Planet Capital’s experienced investment team, including Ed Phillips, Partner and Head of Origination, and Lyle Pentith, Portfolio Manager, the Blue Ocean mandate will aim to invest in a portfolio of ten to fifteen high-growth and high-impact companies that are profitably tackling key issues within the Blue Economy.
This targeted investment strategy will focus on three areas within the Blue Economy: preventing pollution, preservation of marine environments and ecosystems and sustainable marine productivity. The vehicle will make investments predominantly at the Series A and B stage in companies creating scalable solutions to challenges such as overfishing, biodiversity loss and pollution, in addition to opportunities within clean energy, green protein, shipping and carbon capture. These companies will be carefully selected from the world’s leading innovation ecosystems and partner venture funds with whom Future Planet Capital has a connection.
Douglas Hansen-Luke, Executive Chairman at Future Planet Capital, said: “I am excited to announce the launch of the Future Planet Blue Ocean mandate and we are delighted to partner with the Prince Albert II of Monaco Foundation, which has a deep commitment to protection of the world’s oceans. This is a critical task if we are to mitigate the increasing challenge the planet faces today including the climate crisis and biodiversity loss. Future Planet Capital was an early mover in the impact investing space and with our track record of challenging global issues we look forward to seeing the impact of the Future Planet Blue Ocean.”
About Future Planet Capital
Future Planet is the impact-led venture capital firm built to back growth companies from the world's top universities and research ecosystems. Headquartered in London, but investing globally, the firm manages over $300M for institutional investors having backed over 180 companies across geographies and stages. Future Planet Capital’s goal is to profitably solve the world's greatest challenges in climate change, education, health, sustainable growth & security.
Maitland/AMO
Jonathan Cook, This email address is being protected from spambots. You need JavaScript enabled to view it.
Kate Pledger, This email address is being protected from spambots. You need JavaScript enabled to view it.
T: 020 7379 5151
Global energy community to gather from April 12-14 at the MGM Grand in Las Vegas
HOUSTON--(BUSINESS WIRE)--Quorum Software (Quorum), the global software leader dedicated to the energy industry, will unveil its expanded global vision at Qnections22 from April 12-14 at the MGM Grand in Las Vegas. This annual conference will bring together Quorum’s global energy community for the first time since the merger with Aucerna and acquisition of TietoEVRY’s Oil and Gas software business.
“Qnections is back for 2022 and it’s going to be better than ever. This is no ordinary Qnections as, for the first time, we’re welcoming all of our customers from around the world,” said Kyle Priest, Executive Vice President & Chief Marketing Officer of Quorum Software. “During the event, we’ll showcase our exciting, expanded vision as One Quorum, share our direction for the future, and describe how this delivers technology, innovation, and service value to every customer.”
Focused on the theme of Delivering Digital Advantage, the event will offer content dedicated to the full energy ecosystem – from planning, reserves, and economics, to hydrocarbon management, upstream operations for land accounting, production, midstream, marketing, pipeline and LNG, and of course measurement.
Attendees will have more than 100 sessions to choose from, including panel discussions on topics like ESG and the energy transition, case studies, keynotes, and best practices. During the main stage keynote address, Maynard Holt, industry thought leader and Founder & CEO of Veriten, will answer the question: “What does the energy world look like in ten years?” Product experts will also be available to answer users’ questions and help to discover new solutions across Quorum’s suite of products.
During Qnections22, Quorum’s Customer Advisory Board of trusted advisors will gather for the first time in-person. Together, they’ll help to shape the future of Quorum.
Additionally, the Qnections Technology Expo will feature Quorum’s energy partners, including EAG Services, Opportune, Magnum Forge, PwC, Capco, Capitalize, Enverus, Tory-Tech, Boxley Group, Autosol, Capgemini, Funk Futures, Whitley Penn, Novus Consulting, and Lighthouse Midstream Services.
Quorum is offering Qnections22 as a hybrid event where attendees can join in-person or virtually through an event live stream. To register for Qnections22, visit https://bit.ly/3FUrW0H.
About Quorum Software
Quorum Software is the largest fully-dedicated energy industry software provider in the world, serving more than 1,800 customers across the entire energy value chain in 55 countries. Quorum’s solutions power growth and profitability for energy businesses by connecting people, workflows, and systems with decision-ready data. Twenty years ago we delivered the industry’s first software for gas plant accountants, and today our solutions streamline business operations with industry forward data standards and integrations. The global energy industry trusts Quorum’s experts and applications to successfully navigate the energy transition while delivering value today and into the future. For more information, visit quorumsoftware.com.
Media
Adam Cormier
PAN Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the fourth quarter and full-year 2021 ending December 31, 2021. The Company generated continued growth in revenue, network throughput and customer accounts. EV adoption has accelerated with approximately 142,000 EVs sold in the U.S. during the fourth quarter of 2021 and 475,000 in full year 2021, illustrating the continued expansion of the EV sector and bringing more drivers onto the EVgo network.
Revenue increased to $7.1 million for the fourth quarter of 2021, compared to $4.2 million in the fourth quarter of 2020, exhibiting 70% year-over-year growth, and compared to $6.2 million for the third quarter of 2021, exhibiting 15% quarter-over-quarter growth. For full-year 2021, revenue increased to $22.2 million, compared to $14.6 million for full-year 2020, reflecting an increase of 52% year-over-year.
Network throughput increased to 8.2 GWh for the fourth quarter of 2021, compared to 4.2 GWh in the fourth quarter of 2020, exhibiting 95% year-over-year growth. For full-year 2021, network throughput reached 26.4 GWh, reflecting growth of 68% year-over-year. Total customer accounts grew to approximately 340,000 as of December 31, 2021, an increase of 47% over the prior-year period.
“EVgo finished 2021 strong, with momentum in revenue growth, customer acquisition and station development,” Cathy Zoi, EVgo’s CEO, stated. “Our expanding suite of charging partnerships with blue chip partners demonstrates not only the acceleration toward an electrified transportation future, but also the strength and differentiation of EVgo’s model. Our 12-year history as a pioneer in the fast-charging space, our commitment to technology-enabled innovation to enhance the EV charging experience for EV drivers, automakers, fleets and retailers, and EVgo’s leadership in ESG are positioning EVgo to continue to deepen and expand our business into a plethora of lucrative opportunities in the rapidly growing space.”
Business Highlights
Financial & Operational Highlights
The below represent summary financial and operational figures for the fourth quarter of 2021.
The below represent summary financial and operational figures for full-year 2021.
| ($ in 000s) | Q4'21 |
Q3'21 |
FY 2021 |
FY 2020 |
||||
| Network Throughput (GWh) | 8.2 |
|
8.0 |
|
26.4 |
|
15.7 |
|
| Revenue | $7,120 |
|
$6,181 |
|
$22,214 |
|
$14,575 |
|
| GAAP Gross Profit / (Loss) | ($1,824 |
) |
($1,653 |
) |
($6,830 |
) |
($9,045 |
) |
| GAAP Net Income/(Loss) | ($46,322 |
) |
$23,591 |
|
($57,762 |
) |
($48,211 |
) |
| Adj. Gross Profit/(Loss)1 | $1,997 |
|
$1,370 |
|
$5,154 |
|
$451 |
|
| Adj. Gross Margin1 | 28.0 |
% |
22.2 |
% |
23.2 |
% |
3.1 |
% |
| Adj. EBITDA1 | ($16,310 |
) |
($14,272 |
) |
($51,370 |
) |
($23,957 |
) |
| Q4'21 | Q3'21 | FY 2021 | FY 2020 | |||||
| Cash flow from operations | ($11,806 |
) |
($16,440 |
) |
($29,603 |
) |
($20,421 |
) |
| Capital expenditures2 | ($25,324 |
) |
($16,338 |
) |
($65,003 |
) |
($19,510 |
) |
1. Adjusted Gross Profit / (Loss), Adjusted Gross Margin, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures and have not been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definition of non-GAAP Financial Measures” and “Reconciliation of non-GAAP Measures” included elsewhere in this release.
2. Excludes acquisition cost of Recargo/PlugShare.
2022 Financial & Operating Guidance
EVgo is introducing full-year 2022 guidance as follows:
Additionally, EVgo is initiating stall target guidance: at the year-end of 2022, EVgo expects to have a total of 3,000 – 3,300 DC fast charging stalls operational or under construction.
“As demonstrated by our recent partnership announcements, we continue to see substantial interest in EVgo’s market-leading solutions and are prioritizing the rapid expansion of our best-in-class charging network and services,” said Olga Shevorenkova, EVgo’s CFO. “Such a market opportunity necessitates the investments we are making both into SG&A and capex, with a continued focus on prudent capital allocation practices and long-term value creation of the business. We believe the investments we are making will deliver substantial returns as EV adoption accelerates throughout the decade.”
Conference Call Information
A live audio webcast and conference call for our fourth quarter and year-end 2021 earnings release will be held at 11:00 AM ET / 8:00 AM PT on March 23, 2022. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:
Toll Free: 877-407-4018
Toll/International: 201-689-8471
Conference ID: 13726739
This press release, along with other investor materials, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. As of year-end 2021, with more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 340,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on management’s current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, express or implied statements regarding EVgo’s future financial performance, revenues and capital expenditures, EVgo’s expectation of acceleration in our business due to factors including a re-opening economy and increased EV adoption; and the Company’s strong liquidity position enabling effective deployment of chargers. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of EVgo’s management and are not predictions of actual performance. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: changes or developments in the broader general market; ongoing impact from COVID-19 on our business, customers, and suppliers; macro political, economic, and business conditions; our limited operating history as a public company; our dependence on widespread adoption of EVs and increased installation of charging station; mechanisms surrounding energy and non-energy costs for our charging stations; the impact of governmental support and mandates that could reduce, modify, or eliminate financial incentives, rebates, and tax credits; supply chain interruptions; impediments to our expansion plans; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property; and risks that our technology could have undetected defects or errors. 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 of EVgo” in EVgo’s registration statement on Form S-1 originally filed with the Securities and Exchange Commission (the “SEC”) on July 20, 2021, as well as its other filings with the SEC, copies of which are available on EVgo’s website at investors.evgo.com, and on the SEC’s website at www.sec.gov. 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.
Use of Non-GAAP Financial Measures
To supplement EVgo’s financial information, which is prepared and presented in accordance with GAAP, EVgo uses certain non-GAAP financial measures. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EVgo uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. EVgo believes that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s performance by excluding certain items that may not be indicative of EVgo’s recurring core business operating results.
EVgo believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing EVgo’s performance. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. EVgo believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by EVgo’s institutional investors and the analyst community to help them analyze the health of EVgo’s business.
For more information on these non-GAAP financial measures, including reconciliations to the most comparable GAAP measures, please see the sections titled “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included at the end of this release.
Definitions of Non-GAAP Financial Measures
This press release includes the non-GAAP financial measures: “Adjusted COGS,” “Adjusted Gross Profit (Loss),” “Adjusted Gross Margin,” “EBITDA,” “Adjusted EBITDA,” and “Adjusted EBITDA Margin.” EVgo believes these measures are useful to investors in evaluating EVgo’s financial performance. In addition, EVgo uses these measures internally to establish forecasts, budgets, and operational goals to manage and monitor its business. EVgo believes that these non-GAAP financial measures help to depict a more realistic representation of the performance of the underlying business, enabling EVgo to evaluate and plan more effectively for the future. EVgo believes that investors should have access to the same set of tools that its management uses in analyzing operating results.
Adjusted Cost of Sales, Adjusted Gross Profit (Loss), Adjusted Gross Margin, EBITDA and Adjusted EBITDA. EVgo defines Adjusted Cost of Sales as cost of sales before: (i) depreciation and amortization, (ii) share-based compensation, and (iii) O&M reimbursement. Adjusted Gross Profit (Loss) is defined as revenues less Adjusted Cost of Sales. Adjusted Gross Margin is defined as Adjusted Gross Profit (Loss) as a percentage of revenues. EVgo defines EBITDA as net income (loss) before (i) interest expense, (ii) income taxes and (iii) depreciation and amortization. EVgo defines Adjusted EBITDA as EBITDA plus (i) stock-based compensation expense, (ii) loss on disposal of assets and (iii) other unusual or nonrecurring income (expenses) such as bad debt expense. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue. Adjusted Cost of Sales, Adjusted Gross Profit (Loss), Adjusted Gross Margin, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin are not prepared in accordance with GAAP and that may be different from non-GAAP financial measures used by other companies. These measures should not be considered as measures of financial performance under GAAP, and the items excluded from or included in these metrics are significant components in understanding and assessing EVgo’s financial performance. These metrics should not be considered as alternatives to net income (loss) or any other performance measures derived in accordance with GAAP.
Reconciliations of Non-GAAP Measures ($ in 000s)
Q4 2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
YTD 2020 |
YTD 2021 |
||||||||||
| GAAP Gross Profit / (Loss) | ($2,852 |
) |
($1,678 |
) |
($1,675 |
) |
($1,653 |
) |
($1,824 |
) |
($9,045 |
) |
($6,830 |
) |
||
| Less: | ||||||||||||||||
| Site Depreciation & ARO Accretion | $2,528 |
|
$2,447 |
|
$2,705 |
|
$3,020 |
|
$3,814 |
|
$9,529 |
|
$11,986 |
|
||
| Stock Option Expense and Other | (10 |
) |
(6 |
) |
(6 |
) |
3 |
|
7 |
|
(33 |
) |
(2 |
) |
||
| Adjusted Gross Profit / (Loss) | ($334 |
) |
$763 |
|
$1,024 |
|
$1,370 |
|
$1,997 |
|
$451 |
|
$5,154 |
|
||
Q4 2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
YTD 2020 |
YTD 2021 |
||||||||||
| GAAP Cost of Sales | $7,045 |
|
$5,808 |
|
$6,458 |
|
$7,834 |
|
$8,944 |
|
$23,620 |
|
$29,044 |
|
||
| Less: | ||||||||||||||||
| Site Depreciation & ARO Accretion | $2,528 |
|
$2,447 |
|
$2,705 |
|
$3,020 |
|
$3,814 |
|
$9,529 |
|
$11,986 |
|
||
| Stock Option Expense and Other | (10 |
) |
(6 |
) |
(6 |
) |
3 |
|
7 |
|
(33 |
) |
(2 |
) |
||
| Adjusted Cost of Sales | $4,527 |
|
$3,367 |
|
$3,759 |
|
$4,811 |
|
$5,123 |
|
$14,124 |
|
$17,060 |
|
||
Q4 2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
YTD 2020 |
YTD 2021 |
||||||||||
| Net Income | ($15,519 |
) |
($16,610 |
) |
($18,421 |
) |
$23,591 |
|
($46,322 |
) |
($48,211 |
) |
($57,762 |
) |
||
| + Taxes | 6 |
|
(1 |
) |
1 |
|
– |
|
– |
|
2 |
|
1 |
|
||
| + Depreciation, ARO Accretion, Amortization | 5,000 |
|
4,957 |
|
5,250 |
|
6,414 |
|
7,280 |
|
19,033 |
|
23,901 |
|
||
| + Interest Income / Expense | 602 |
|
876 |
|
1,038 |
|
(22 |
) |
(35 |
) |
1,414 |
|
1,857 |
|
||
| EBITDA | ($9,911 |
) |
($10,778 |
) |
($12,132 |
) |
$29,983 |
|
($39,077 |
) |
($27,762 |
) |
($32,004 |
) |
||
| + Bad Debt, Non-Recurring Costs, Other Adj. | $1,089 |
|
$999 |
|
$1,123 |
|
($44,255 |
) |
$22,767 |
|
$3,805 |
|
($19,366 |
) |
||
| Adj. EBITDA | ($8,822 |
) |
($9,779 |
) |
($11,009 |
) |
($14,272 |
) |
($16,310 |
) |
($23,957 |
) |
($51,370 |
) |
||
Q4 2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 |
Q4 2021 |
YTD 2020 |
YTD 2021 |
||||||||||
| Adjusted Gross Profit / (Loss) - As Previously Reported * | ($1,205 |
) |
($162 |
) |
($61 |
) |
$217 |
|
$669 |
|
($3,092 |
) |
$663 |
|
||
| Adjusted Cost of Sales Reclassification to G&A | 871 |
|
925 |
|
1,085 |
|
1,153 |
|
1,328 |
|
3,543 |
|
4,491 |
|
||
| Adjusted Gross Profit / (Loss) | ($334 |
) |
$763 |
|
$1,024 |
|
$1,370 |
|
$1,997 |
|
$451 |
|
$5,154 |
|
||
| * Q3 2021 and Q4 2021 computed under the original method. | ||||||||||||||||
Note: Figures may not sum due to rounding.
Financial Statements
EVgo Inc. (Successor) |
||||||
Consolidated Balance Sheets |
||||||
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
||
(in thousands) |
|
2021 |
|
2020 |
||
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and restricted cash |
|
$ |
484,881 |
|
$ |
7,914 |
Accounts receivable, net |
|
|
2,559 |
|
|
2,164 |
Accounts receivable, capital build |
|
|
9,621 |
|
|
3,259 |
Receivable from related party |
|
|
1,500 |
|
|
— |
Prepaid expenses |
|
|
6,395 |
|
|
4,598 |
Other current assets |
|
|
1,389 |
|
|
2,037 |
Total current assets |
|
|
506,345 |
|
|
19,972 |
Property, equipment and software, net |
|
|
133,282 |
|
|
71,266 |
Intangible assets, net |
|
|
72,227 |
|
|
67,956 |
Goodwill |
|
|
31,052 |
|
|
22,111 |
Restricted cash |
|
|
300 |
|
|
— |
Other assets |
|
|
3,115 |
|
|
836 |
Total assets |
|
$ |
746,321 |
|
$ |
182,141 |
|
|
|
|
|
|
|
Liabilities, redeemable noncontrolling interest and stockholders’/member’s (deficit) equity |
||||||
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
2,946 |
|
$ |
2,998 |
Payables to related parties |
|
|
— |
|
|
135 |
Accrued liabilities |
|
|
27,078 |
|
|
10,945 |
Deferred revenue, current |
|
|
5,144 |
|
|
1,653 |
Customer deposits |
|
|
11,592 |
|
|
7,660 |
Note payable, related party |
|
|
— |
|
|
39,164 |
Capital-build, buyout liability |
|
|
— |
|
|
628 |
Other current liabilities |
|
|
111 |
|
|
398 |
Total current liabilities |
|
|
46,871 |
|
|
63,581 |
Earnout liability, at fair value |
|
|
5,211 |
|
|
— |
Asset retirement obligations |
|
|
12,833 |
|
|
8,802 |
Capital-build liability, excluding buyout liability |
|
|
23,169 |
|
|
17,388 |
Deferred revenue, noncurrent |
|
|
21,709 |
|
|
2,732 |
Warrant liability, at fair value |
|
|
48,461 |
|
|
— |
Other liabilities |
|
|
146 |
|
|
151 |
Total liabilities |
|
|
158,400 |
|
|
92,654 |
EVgo Inc. (Successor) |
||||||||
Consolidated Balance Sheets (continued) |
||||||||
|
|
|
|
|
|
|
||
|
|
December 31, |
|
December 31, |
||||
(in thousands, except share data) |
|
2021 |
|
2020 |
||||
Redeemable noncontrolling interest |
|
|
1,946,252 |
|
|
|
— |
|
Stockholders’/member’s (deficit) equity |
|
|
|
|
|
|
||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2021; none issued and outstanding |
|
|
— |
|
|
|
— |
|
Class A common stock, $0.0001 par value; 1,200,000,000 shares authorized as of December 31, 2021; 68,020,630 shares issued and outstanding (excluding 718,750 shares subject to possible forfeiture) as of December 31, 2021 |
|
|
7 |
|
|
|
— |
|
Class B common stock, $0.0001 par value; 400,000,000 shares authorized as of December 31, 2021; 195,800,000 shares issued and outstanding as of December 31, 2021 |
|
|
20 |
|
|
|
— |
|
LLC interests |
|
|
— |
|
|
|
136,348 |
|
Additional paid-in capital |
|
|
— |
|
|
|
929 |
|
Accumulated deficit |
|
|
(1,358,358 |
) |
|
|
(47,790 |
) |
Total stockholders’/member’s (deficit) equity |
|
|
(1,358,331 |
) |
|
|
89,487 |
|
Total liabilities, redeemable noncontrolling interest and stockholders’/member’s (deficit) equity |
|
$ |
746,321 |
|
|
$ |
182,141 |
|
EVgo Inc. (Successor) and EVgo Services LLC (Predecessor) |
|||||||||||||
Consolidated Statements of Operations |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Successor |
|
|
Predecessor |
||||||||
|
|
|
|
January 16, |
|
|
January 1, |
||||||
|
|
|
|
2020 |
|
|
2020 |
||||||
|
|
Year Ended |
|
Through |
|
|
Through |
||||||
|
|
December 31, |
|
December 31, |
|
|
January 15, |
||||||
(in thousands, except per share data) |
|
2021 |
|
2020 |
|
|
2020 |
||||||
Revenue |
|
$ |
21,652 |
|
|
$ |
11,759 |
|
|
|
$ |
1,461 |
|
Revenue from related parties |
|
|
562 |
|
|
|
1,290 |
|
|
|
|
65 |
|
Total revenue |
|
|
22,214 |
|
|
|
13,049 |
|
|
|
|
1,526 |
|
Cost of revenue (exclusive of depreciation and amortization shown separately below) |
|
|
17,058 |
|
|
|
13,416 |
|
|
|
|
675 |
|
Depreciation and amortization |
|
|
11,986 |
|
|
|
9,231 |
|
|
|
|
298 |
|
Cost of sales |
|
|
29,044 |
|
|
|
22,647 |
|
|
|
|
973 |
|
Gross (loss) profit |
|
|
(6,830 |
) |
|
|
(9,598 |
) |
|
|
|
553 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
General and administrative |
|
|
71,086 |
|
|
|
34,088 |
|
|
|
|
1,247 |
|
Transaction bonus |
|
|
— |
|
|
|
5,316 |
|
|
|
|
— |
|
Depreciation, amortization and accretion |
|
|
11,915 |
|
|
|
9,435 |
|
|
|
|
69 |
|
Total operating expenses |
|
|
83,001 |
|
|
|
48,839 |
|
|
|
|
1,316 |
|
Operating loss |
|
|
(89,831 |
) |
|
|
(58,437 |
) |
|
|
|
(763 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||
Interest expense, related party |
|
|
1,926 |
|
|
|
1,414 |
|
|
|
|
— |
|
Interest income |
|
|
(69 |
) |
|
|
— |
|
|
|
|
— |
|
Other income, related parties |
|
|
— |
|
|
|
— |
|
|
|
|
(342 |
) |
Other income, net |
|
|
(607 |
) |
|
|
(12,061 |
) |
|
|
|
— |
|
Change in fair value of earnout liability |
|
|
(2,214 |
) |
|
|
— |
|
|
|
|
— |
|
Change in fair value of warrant liability |
|
|
(31,105 |
) |
|
|
— |
|
|
|
|
— |
|
Total other income, net |
|
|
(32,069 |
) |
|
|
(10,647 |
) |
|
|
|
(342 |
) |
Net loss |
|
|
(57,762 |
) |
|
|
(47,790 |
) |
|
|
|
(421 |
) |
Less: net loss attributable to redeemable noncontrolling interest |
|
|
(51,856 |
) |
|
|
(47,790 |
) |
|
|
|
(421 |
) |
Net loss attributable to Class A common stockholders |
|
$ |
(5,906 |
) |
|
$ |
— |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net loss per share to Class A common stockholders, basic and diluted |
|
$ |
(0.09 |
) |
|
|
N/A |
|
|
|
|
N/A |
|
Weighted-average basic and diluted shares used in computation of earnings per share |
|
|
68,015 |
|
|
|
N/A |
|
|
|
|
N/A |
|
EVgo Inc. (Successor) and EVgo Services LLC (Predecessor) |
|||||||||||||
Consolidated Statements of Cash Flows |
|||||||||||||
|
|
Successor |
|
|
Predecessor |
||||||||
|
|
|
|
January 16, |
|
|
January 1, |
||||||
|
|
|
|
2020 |
|
|
2020 |
||||||
|
|
Year Ended |
|
Through |
|
|
Through |
||||||
|
|
December 31, |
|
December 31, |
|
|
January 15, |
||||||
(in thousands) |
|
2021 |
|
2020 |
|
|
2020 |
||||||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
$ |
(57,762 |
) |
|
$ |
(47,790 |
) |
|
|
$ |
(421 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
— |
|
|
|
|
|
||
Depreciation, amortization and accretion |
|
|
23,901 |
|
|
|
18,665 |
|
|
|
|
368 |
|
Net loss on disposal of property and equipment |
|
|
1,311 |
|
|
|
1,301 |
|
|
|
|
— |
|
Share-based compensation |
|
|
10,942 |
|
|
|
929 |
|
|
|
|
13 |
|
Relief of contingent consideration |
|
|
— |
|
|
|
(3,978 |
) |
|
|
|
— |
|
Interest expense, related party |
|
|
1,926 |
|
|
|
1,414 |
|
|
|
|
— |
|
Change in fair value of earnout liability |
|
|
(2,214 |
) |
|
|
— |
|
|
|
|
— |
|
Change in fair value of warrant liability |
|
|
(31,105 |
) |
|
|
— |
|
|
|
|
— |
|
Other |
|
|
761 |
|
|
|
— |
|
|
|
|
— |
|
Changes in operating assets and liabilities |
|
|
|
|
|
— |
|
|
|
|
|
||
Accounts receivable, net |
|
|
(195 |
) |
|
|
50 |
|
|
|
|
33 |
|
Receivables from related parties |
|
|
(1,425 |
) |
|
|
— |
|
|
|
|
(333 |
) |
Prepaid expenses and other current and noncurrent assets |
|
|
(5,691 |
) |
|
|
1,059 |
|
|
|
|
(46 |
) |
Accounts payable |
|
|
(1,294 |
) |
|
|
519 |
|
|
|
|
315 |
|
Payables to related parties |
|
|
(904 |
) |
|
|
135 |
|
|
|
|
(1 |
) |
Accrued liabilities |
|
|
7,027 |
|
|
|
4,331 |
|
|
|
|
(248 |
) |
Deferred revenue |
|
|
21,925 |
|
|
|
(591 |
) |
|
|
|
(37 |
) |
Customer deposits |
|
|
3,931 |
|
|
|
3,591 |
|
|
|
|
13 |
|
Other current and noncurrent liabilities |
|
|
(737 |
) |
|
|
288 |
|
|
|
|
— |
|
Net cash used in operating activities |
|
|
(29,603 |
) |
|
|
(20,077 |
) |
|
|
|
(344 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|||
Purchases of property, equipment and software |
|
|
(65,003 |
) |
|
|
(19,344 |
) |
|
|
|
(166 |
) |
Acquisition of business, net of cash received |
|
|
(22,762 |
) |
|
|
— |
|
|
|
|
— |
|
Net cash used in investing activities |
|
|
(87,765 |
) |
|
|
(19,344 |
) |
|
|
|
(166 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from CRIS Business Combination |
|
|
601,579 |
|
|
|
— |
|
|
|
|
— |
|
Proceeds from note payable, related party |
|
|
24,000 |
|
|
|
37,750 |
|
|
|
|
— |
|
Payments on note payable, related party |
|
|
(5,500 |
) |
|
|
— |
|
|
|
|
— |
|
Proceeds from exercise of warrants |
|
|
30 |
|
|
|
— |
|
|
|
|
— |
|
Capital-build funding, net |
|
|
2,909 |
|
|
|
7,083 |
|
|
|
|
— |
|
Payment of transaction costs for CRIS Business Combination |
|
|
(28,383 |
) |
|
|
(3,071 |
) |
|
|
|
— |
|
Contributions |
|
|
— |
|
|
|
5,316 |
|
|
|
|
— |
|
Net cash provided by financing activities |
|
|
594,635 |
|
|
|
47,078 |
|
|
|
|
— |
|
Net increase (decrease) in cash and restricted cash |
|
|
477,267 |
|
|
|
7,657 |
|
|
|
|
(510 |
) |
Cash and restricted cash, beginning of period |
|
|
7,914 |
|
|
|
257 |
|
|
|
|
1,403 |
|
Cash and restricted cash, end of period1 |
|
$ |
485,181 |
|
|
$ |
7,914 |
|
|
|
$ |
893 |
|
| _________________________ | |||||||||||||
1 As of January 15, 2020, $0.6 million of cash included in the Predecessor’s balance sheet was not transferred to the Successor in accordance with the Holdco Merger Agreement (defined below) and was excluded from the Successor’s opening balance sheet. |
|||||||||||||
For investors:
Ted Brooks, VP of Investor Relations
investors.evgo.com
310-954-2943
For Media:
This email address is being protected from spambots. You need JavaScript enabled to view it.
DENVER--(BUSINESS WIRE)--The Western Markets Exploratory Group (WMEG) today announced the hiring of Utilicast, an energy consulting company, to evaluate regional market structures to improve affordability, reliability, and decarbonization opportunities across the West.
The WMEG, which is made up of 14 western utilities, plans to explore the potential for a staged approach to new market services including day-ahead energy sales, transmission system expansion, power supply and grid solutions, and existing and emerging public policies.
“Utilicast is excited to continue supporting our clients in this ambitious project to create a roadmap for greater regional market solutions in the West,” said Brian Holmes, Utilicast Director of Western Markets. “Having worked extensively in support of the evolution of independent system operator and regional transmission organization markets throughout North America, we look forward to helping the WMEG decide which path forward best meets their needs.”
The group also hopes to identify market solutions that can help achieve carbon reduction goals while supporting reliable, cost-effective service for customers. WMEG anticipates Utilicast will develop this roadmap before the end of summer 2022.
WMEG participants include Xcel Energy-Colorado, Arizona Public Service, Black Hills Energy, Idaho Power, NV Energy, Inc., PacifiCorp, Platte River Power Authority, Portland General Electric, Puget Sound Energy, Salt River Project, Seattle City Light, and Tucson Electric Power.
With the recent addition of Los Angeles Department of Water and Power and Public Service New Mexico, the WMEG now consists of 14 entities representing nearly 70,000 MW of load and 13 million customers across the Mountain West, Desert Southwest, and Pacific Northwestern part of the Western Interconnection.
Many of the organizations in the group are currently participating in, or preparing to join the California Independent System Operator’s Western Energy Imbalance Market or Southwest Power Pool’s Western Energy Imbalance Service Market. WMEG’s discussions will not impact participation in or evaluation of those markets, as the group is focused on long-term market solutions.
About Arizona Public Service
APS serves more than 1.3 million homes and businesses in 11 of Arizona’s 15 counties, and is a leader in delivering affordable, clean, and reliable energy in the Southwest. The company is committed to serving customers with 100% clean power by 2050. As owner and operator of Palo Verde Generating Station, the nation’s largest producer of carbon-free electricity, and with one of the country’s most substantial renewable energy portfolios, APS’s current energy mix is 50% clean. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW)
About Black Hills Corp.
Black Hills Corp. (NYSE: BKH) is a customer focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves over 1.3 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.
About Idaho Power
Idaho Power, headquartered in vibrant and fast-growing Boise, Idaho, has been a locally operated energy company since 1916. Today, it serves a 24,000-square-mile area in Idaho and Oregon. The company’s goal to provide 100% clean energy by 2045 builds on its long history as a clean-energy leader that provides reliable service at affordable prices. With 17 low-cost hydroelectric projects at the core of its diverse energy mix, Idaho Power’s residential, business and agricultural customers pay among the nation’s lowest prices for electricity. Its 2,000 employees proudly serve more than 600,000 customers with a culture of safety first, integrity always and respect for all.
IDACORP Inc. (NYSE: IDA), Idaho Power’s independent publicly traded parent company, is also headquartered in Boise, Idaho. To learn more, visit idahopower.com or idacorpinc.com.
About Los Angeles Department of Water and Power
The Los Angeles Department of Water and Power (LADWP) is the nation’s largest municipal utility, with 8,019 megawatts (MW) of electric capacity and serving an average of 435 million gallons of water per day to the more than 4 million residents of Los Angeles, its businesses and visitors. For more than 100 years, LADWP has provided the city with reliable water and power service in a cost effective and environmentally responsible manner
About NV Energy
NV Energy provides a wide range of energy services to more than 1.5 million customers throughout Nevada and a typical tourist population of 54 million annually. NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, do business as NV Energy. NV Energy is headquartered in Las Vegas, Nevada. Information about NV Energy is available on the company's website, Twitter, Facebook and YouTube pages, which can be accessed via nvenergy.com.
About PacifiCorp
Innovating to power a better future for the West, PacifiCorp operates the largest grid in the western United States, serving the growing energy needs of 2 million customers through 17,645 miles of transmission lines over a service area of 141,503 square miles. Our operating divisions are leaders in providing safe, reliable and sustainable low-cost power. Pacific Power serves 800,000 customers in Oregon, Washington and California. Rocky Mountain Power serves 1.2 million customers in Utah, Idaho and Wyoming.
About Platte River Power Authority
Platte River Power Authority is a not-for-profit, community-owned public power utility that generates and delivers safe, reliable, environmentally responsible and financially sustainable energy and services to Estes Park, Fort Collins, Longmont and Loveland, Colorado, for delivery to their utility customers. For more information, visit prpa.org.
About Portland General Electric
Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE owns 16 generation plants across Oregon and other Northwestern states and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2020, PGE, employees, retirees and the PGE Foundation donated $5.6 million and volunteered 18,200 hours with more than 400 nonprofits across Oregon. For more information visit www.PortlandGeneral.com/news.
About Public Service New Mexico
With headquarters in Albuquerque, PNM is the largest electricity provider in New Mexico, serving more than 530,000 customers in dozens of communities across the state. PNM is a subsidiary of PNM Resources, an energy holding company also headquartered in Albuquerque. For more information, visit PNM.com
About Puget Sound Energy (PSE)
Puget Sound Energy is proud to serve its neighbors and communities in 10 Washington counties. PSE is the state’s largest utility, supporting 1.2 million electric customers and nearly 900,000 natural gas customers. The company aspires to be a beyond net zero carbon energy company by 2045. For more about PSE, visit pse.com or follow on Facebook and Twitter.
About Salt River Project (SRP)
SRP is a community-based, not-for-profit public power utility and the largest provider of electricity in the greater Phoenix metropolitan area, serving more than 1 million customers. SRP is also the metropolitan area’s largest supplier of water, delivering about 750,000 acre-feet annually to municipal, urban and agricultural water users.
About Seattle City Light
Seattle City Light, one of the nation’s largest publicly owned utilities, generates and delivers affordable, reliable and environmentally responsible power to the homes, businesses, and communities we serve. We provide carbon-neutral electricity, generated primarily from carbon-free hydropower, to over 900,000 residents in Seattle and the surrounding areas.
About Tucson Electric Power
TEP provides safe, reliable electric service to more than 438,000 customers in Southern Arizona. For more information, visit tep.com. TEP and its parent company, UNS Energy, are subsidiaries of Fortis Inc. (TSX/NYSE: FTS), which owns utilities that serve more than 3 million customers across Canada and in the United States and the Caribbean. For more information, visit fortisinc.com.
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
Arizona Public Service
Yessica del Rincon, This email address is being protected from spambots. You need JavaScript enabled to view it., 480-209-8513
Black Hills Corp.
Theresa Donnelly, This email address is being protected from spambots. You need JavaScript enabled to view it., 303-566-3496
Idaho Power
Brad Bowlin, This email address is being protected from spambots. You need JavaScript enabled to view it., 208-388-2803
Los Angeles Department of Water and Power
Ellen Cheng, This email address is being protected from spambots. You need JavaScript enabled to view it.
NV Energy
Jennifer Schuricht, This email address is being protected from spambots. You need JavaScript enabled to view it., 702-402-5241
PacifiCorp
Tom Gauntt, This email address is being protected from spambots. You need JavaScript enabled to view it., 503-813-6018
Platte River Power Authority
Steve Roalstad, This email address is being protected from spambots. You need JavaScript enabled to view it., 970-229-5311
Portland General Electric
Brianne Hyder, This email address is being protected from spambots. You need JavaScript enabled to view it., 503-464-2067
Public Service New Mexico
Ray Sandoval, This email address is being protected from spambots. You need JavaScript enabled to view it.
Puget Sound Energy (PSE)
Melanie Coon, This email address is being protected from spambots. You need JavaScript enabled to view it.
Salt River Project (SRP)
Patty Garcia-Likens, This email address is being protected from spambots. You need JavaScript enabled to view it., (602) 245-0047
Seattle City Light
Jenn Strang, This email address is being protected from spambots. You need JavaScript enabled to view it., 206-677-6295
Tucson Electric Power
Joe Salkowski, This email address is being protected from spambots. You need JavaScript enabled to view it., 520-404-3164
Xcel Energy
This email address is being protected from spambots. You need JavaScript enabled to view it., 720-253-8162
DAYTON, Ohio--(BUSINESS WIRE)--REX American Resources Corporation (NYSE: REX) (“REX” or “the Company”) today reported financial results for its fiscal 2021 fourth quarter (“Q4 ‘21”) ended January 31, 2022. REX management will host a conference call and webcast today at 11:00 a.m. ET.
Conference Call: |
212/231-2936 |
Webcast / Replay URL: |
The webcast will be available for replay for 30 days. |
REX American Resources’ Q4 ‘21 results principally reflect its interests in six ethanol production facilities and its refined coal operation. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, while the four other ethanol plants are reported as equity in income of unconsolidated ethanol affiliates. The Company reports results for its ethanol and by-products component as continuing operations and beginning in the third quarter of fiscal 2021 its refined coal component as discontinued operations as operations have now ceased.
REX’s Q4 ‘21 net sales and revenue were $212.0 million, compared with $126.0 million in Q4 ‘20. The year-over-year net sales and revenue increase was primarily due to higher pricing of ethanol, dried distillers grains and modified distillers grains. This was partially offset by an increase in corn and natural gas prices. Primarily reflecting these factors, Q4 ‘21 gross profit for the Company’s continuing operations increased to $38.8 million, compared with $8.3 million in Q4 ‘20. As a result, the Company reported Q4 ‘21 income before income taxes and non-controlling interests of $36.6 million, compared with income before income taxes and non-controlling interests of $4.8 million in the comparable year ago period.
Net income attributable to REX shareholders in Q4 ‘21 was $21.4 million, compared to net income of $3.5 million in Q4 ‘20. Q4 ‘21 basic and diluted net income per share attributable to REX common shareholders was $3.61, compared to net income per share of $0.59 in Q4 ‘20. Per share results in Q4 ‘21 and Q4 ‘20 are based on 5,939,000 and 6,008,000 diluted weighted average shares outstanding, respectively.
REX American Resources’ Chief Executive Officer, Zafar Rizvi, commented, “We are pleased with our strong performance in the fourth quarter and through-out fiscal 2021, including earnings per share of $3.61 and $8.75, respectively. These results reflect the continued success of our strategy, operational efficiency, effectiveness of our plants and operational team. I’m proud of our team and grateful for their efforts.”
“Looking ahead, we remain confident in our strategy and believe that we can leverage our balance sheet to take advantage of opportunities ahead of us and create additional value for our shareholders.”
Balance Sheet
At January 31, 2022, REX had cash and cash equivalents and short-term investments of $255.7 million, $42.9 million of which was at the parent company, and $212.8 million of which was at its consolidated production facilities. This compares with cash, cash equivalents and short-term investments at January 31, 2021, of $180.7 million, $48.2 million of which was at the parent company, and $132.5 million of which was at its consolidated ethanol production facilities.
The following table summarizes select data related to REX’s |
|||||||||||
consolidated alternative energy interests: |
|||||||||||
|
Three Months
|
Twelve Months
|
|||||||||
|
January 31, |
January 31, |
|||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||
Average selling price per gallon of ethanol |
$ |
2.36 |
$ |
1.36 |
$ |
2.21 |
$ |
1.30 |
|||
Average selling price per ton of dried distillers grains |
$ |
192.20 |
$ |
161.42 |
$ |
197.86 |
$ |
144.73 |
|||
Average selling price per pound of non-food grade corn oil |
$ |
0.60 |
$ |
0.27 |
$ |
0.50 |
$ |
0.26 |
|||
Average selling price per ton of modified distillers grains |
$ |
89.99 |
$ |
81.76 |
$ |
85.19 |
$ |
64.80 |
|||
Average cost per bushel of grain |
$ |
5.83 |
$ |
4.04 |
$ |
5.99 |
$ |
3.73 |
|||
Average cost of natural gas (per MmBtu) |
$ |
5.85 |
$ |
3.25 |
$ |
4.27 |
$ |
3.00 |
|||
Fourth Quarter Conference Call
REX will host a conference call at 11:00 a.m. ET today. Senior management will discuss the quarterly financial results and host a question and answer session. The dial in number for the audio conference call is 212/231-2936 (domestic and international callers).
Participants can also listen to a live webcast of the call on the Company’s website, www.rexamerican.com. A webcast replay will be available for 30 days following the live event.
About REX American Resources Corporation
REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 699 million gallons of ethanol over the twelve-month period ended January 31, 2022. REX’s effective ownership of the trailing twelve-month gallons shipped (for the twelve months ended January 31, 2022) by the ethanol production facilities in which it has ownership interests was approximately 282 million gallons. Further information about REX is available at www.rexamerican.com.
This news announcement contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the effect of pandemics such as COVID-19 on the Company’s business operations, including impacts on supplies, demand, personnel and other factors, the impact of legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, non-food grade corn oil, commodity market risk, gasoline and natural gas, ethanol plants operating efficiently and according to forecasts and projections, logistical interruptions, changes in the international, national or regional economies, the impact of inflation, the ability to attract employees, weather, results of income tax audits, changes in income tax laws or regulations, the impact of U.S. foreign trade policy, changes in foreign currency exchange rates and the effects of terrorism or acts of war. The Company does not intend to update publicly any forward-looking statements except as required by law.
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES |
||||||||||||
Consolidated Statements of Operations |
||||||||||||
(in thousands, except per share amounts) |
||||||||||||
Unaudited |
||||||||||||
|
Three Months
|
Twelve Months
|
||||||||||
|
January 31, |
January 31, |
||||||||||
|
2022 |
2021 |
2022 |
2021 |
||||||||
Net sales and revenue |
$ |
212,016 |
$ |
125,970 |
$ |
774,802 |
$ |
372,664 |
||||
Cost of sales |
|
173,239 |
|
117,696 |
|
677,242 |
|
353,131 |
||||
Gross profit |
|
38,777 |
|
8,274 |
|
97,560 |
|
19,533 |
||||
Selling, general and administrative expenses |
|
(6,032) |
|
(4,232) |
|
(28,476) |
|
(17,639) |
||||
Equity in income of unconsolidated ethanol affiliates |
|
3,861 |
|
332 |
|
6,624 |
|
500 |
||||
Interest and other income, net |
|
13 |
|
415 |
|
130 |
|
1,818 |
||||
Income before income taxes and non-controlling interests |
|
36,619 |
|
4,789 |
|
75,838 |
|
4,212 |
||||
(Provision) benefit for income taxes |
|
(10,702) |
|
102 |
|
(19,031) |
|
546 |
||||
Net income from continuing operations including non-controlling interests |
|
25,917 |
|
4,891 |
|
56,807 |
|
4,758 |
||||
Net income attributable to non-controlling interests (continuing operations) |
|
(4,650) |
|
(1,547) |
|
(9,235) |
|
(2,878) |
||||
Net income attributable to REX common shareholders (continuing operations) |
|
21,267 |
|
3,344 |
|
47,572 |
|
1,880 |
||||
|
|
|
|
|
||||||||
Net income from discontinued operations, net of tax |
|
132 |
|
131 |
|
4,395 |
|
860 |
||||
Net income attributable to noncontrolling interests (discontinued operations) |
|
27 |
|
68 |
|
397 |
|
261 |
||||
Net income attributable to REX common shareholders (discontinued operations) |
|
159 |
|
199 |
|
4,792 |
|
1,121 |
||||
|
|
|
|
|
||||||||
Net income attributable to REX common shareholders |
$ |
21,426 |
$ |
3,543 |
$ |
52,364 |
$ |
3,001 |
||||
|
|
|
|
|
||||||||
Weighted average shares outstanding – basic and diluted |
|
5,939 |
|
6,008 |
|
5,982 |
|
6,167 |
||||
|
|
|
|
|
||||||||
Basic and diluted net income per share from continuing operations attributable to REX common shareholders |
$ |
3.58 |
$ |
0.56 |
$ |
7.95 |
$ |
0.31 |
||||
Basic and diluted net income per share from discontinued operations attributable to REX common shareholders |
|
0.03 |
|
0.03 |
|
0.80 |
|
0.18 |
||||
Basic and diluted net income per share attributable to REX common shareholders |
$ |
3.61 |
$ |
0.59 |
$ |
8.75 |
$ |
0.49 |
||||
|
|
|
|
|
||||||||
- balance sheets follow -
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES |
||||||
Consolidated Balance Sheets |
||||||
(in thousands) |
||||||
Unaudited |
||||||
|
January 31, |
January 31, |
||||
ASSETS |
2022 |
2021 |
||||
CURRENT ASSETS: |
|
|
||||
Cash and cash equivalents |
$ |
229,846 |
$ |
144,501 |
||
Short-term investments |
|
25,877 |
|
36,194 |
||
Restricted cash |
|
2,222 |
|
1,657 |
||
Accounts receivable |
|
25,821 |
|
19,713 |
||
Inventory |
|
42,225 |
|
37,426 |
||
Refundable income taxes |
|
6,677 |
|
6,020 |
||
Prepaid expenses and other |
|
12,499 |
|
12,751 |
||
Current assets held for sale |
|
- |
|
488 |
||
Total current assets |
|
345,167 |
|
258,750 |
||
Property and equipment-net |
|
137,554 |
|
150,861 |
||
Operating lease right-of-use assets |
|
11,221 |
|
12,678 |
||
Deferred taxes and other assets |
|
25,853 |
|
25,275 |
||
Equity method investment |
|
30,566 |
|
29,456 |
||
Assets held for sale |
|
- |
|
2,325 |
||
TOTAL ASSETS |
$ |
550,361 |
$ |
479,345 |
||
LIABILITIES AND EQUITY |
|
|
||||
CURRENT LIABILITIES: |
|
|
||||
Accounts payable – trade |
$ |
32,266 |
$ |
16,573 |
||
Current operating lease liabilities |
|
4,600 |
|
4,875 |
||
Accrued expenses and other current liabilities |
|
13,617 |
|
8,754 |
||
Current liabilities held for sale |
|
- |
|
535 |
||
Total current liabilities |
|
50,483 |
|
30,737 |
||
LONG TERM LIABILITIES: |
|
|
||||
Deferred taxes |
|
3,132 |
|
3,713 |
||
Long-term operating lease liabilities |
|
6,390 |
|
7,439 |
||
Other long-term liabilities |
|
2,794 |
|
273 |
||
Total long-term liabilities |
|
12,316 |
|
11,425 |
||
COMMITMENTS AND CONTINGENCIES |
|
|
||||
EQUITY: |
|
|
||||
REX shareholders’ equity: |
|
|
||||
Common stock, 45,000 shares authorized, 29,853 shares issued at par |
|
299 |
|
299 |
||
Paid in capital |
|
149,334 |
|
149,110 |
||
Retained earnings |
|
642,350 |
|
589,986 |
||
Treasury stock, 23,933 shares and 23,861 shares, respectively |
|
(361,191) |
|
(354,612) |
||
Total REX shareholders’ equity |
|
430,792 |
|
384,783 |
||
Non-controlling interests |
|
56,770 |
|
52,400 |
||
Total equity |
|
487,562 |
|
437,183 |
||
TOTAL LIABILITIES AND EQUITY |
$ |
550,361 |
$ |
479,345 |
||
- statements of cash flows follow -
REX AMERICAN RESOURCES CORPORATION AND SUBSIDIARIES |
||||||
Consolidated Statements of Cash Flows |
||||||
(in thousands) |
||||||
Unaudited |
||||||
|
Twelve Months Ended |
|||||
|
January 31, |
|||||
|
2022 |
2021 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
||||
Net income |
$ |
61,202 |
$ |
5,618 |
||
Net income from discontinued operations, net of tax |
|
4,395 |
|
860 |
||
Net income from continuing operations |
|
56,807 |
|
4,758 |
||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
||||
Depreciation |
|
18,031 |
|
18,116 |
||
Amortization of operating lease right-of-use assets |
|
5,560 |
|
5,358 |
||
Stock based compensation expense |
|
1,753 |
|
264 |
||
Income from equity method investments |
|
(6,624) |
|
(500) |
||
Dividends received from equity method investments |
|
5,514 |
|
3,508 |
||
Interest income from investments |
|
(43) |
|
(216) |
||
Deferred income tax |
|
12,730 |
|
(1,110) |
||
Loss (gain) on disposal of property and equipment |
|
30 |
|
(58) |
||
Changes in assets and liabilities: |
|
|
||||
Accounts receivable |
|
(6,108) |
|
(6,744) |
||
Inventory |
|
(4,799) |
|
(2,307) |
||
Refundable income taxes |
|
(1,103) |
|
(276) |
||
Prepaid expenses and other assets |
|
199 |
|
(3,243) |
||
Accounts payable-trade |
|
16,005 |
|
(2,618) |
||
Other liabilities |
|
475 |
|
(3,523) |
||
Net cash provided by operating activities from continuing operations |
|
98,427 |
|
11,409 |
||
Net cash used in operating activities from discontinued operations |
|
(6,716) |
|
(2,786) |
||
Net cash provided by operating activities |
|
91,711 |
|
8,623 |
||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
||||
Capital expenditures |
|
(5,126) |
|
(10,412) |
||
Purchases of short-term investments |
|
(88,949) |
|
(96,233) |
||
Sales of short-term investments |
|
99,309 |
|
86,328 |
||
Other |
|
60 |
|
(474) |
||
Net cash provided by (used in) investing activities |
|
5,294 |
|
(20,791) |
||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
||||
Treasury stock acquired |
|
(6,627) |
|
(19,629) |
||
Payments to noncontrolling interests holders |
|
(4,772) |
|
(2,928) |
||
Net cash used in financing activities from continuing operations |
|
(11,399) |
|
(22,557) |
||
Net cash provided by financing activities from discontinued operations |
|
304 |
|
112 |
||
Net cash used in financing activities |
|
(11,095) |
|
(22,445) |
||
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
85,910 |
|
(34,613) |
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-Beginning of period |
|
146,158 |
|
180,771 |
||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH-End of period |
$ |
232,068 |
$ |
146,158 |
||
Non-cash financing activities – Stock awards issued |
$ |
100 |
$ |
241 |
||
Non-cash financing activities – Stock awards accrued |
$ |
1,580 |
$ |
99 |
||
Non-cash investing activities – Accrued capital expenditures |
$ |
78 |
$ |
390 |
||
Right-of use assets acquired and liabilities incurred upon lease execution |
$ |
4,103 |
$ |
1,863 |
||
Douglas Bruggeman
Chief Financial Officer
(937) 276-3931
Joseph Jaffoni, Norberto Aja
JCIR
(212) 835-8500 / This email address is being protected from spambots. You need JavaScript enabled to view it.
The renewable energy retailer’s new product automates energy usage and financially rewards consumers for conserving energy in times of peak demand
HOUSTON--(BUSINESS WIRE)--Renewable energy retailer Octopus Energy today announced the launch of Intelligent Octopus, its first-ever integrated demand response, fixed-rate plan that rewards customers with a specialized rate for helping to balance the grid when demand for energy is high. By enrolling in Intelligent Octopus, customers are able to benefit from the power of demand response, which reduces energy usage during peak demand to avoid system failures. Specifically, Intelligent Octopus allows customers to automate energy usage and save money when prioritizing energy efficiency and grid resilience.
Intelligent Octopus will pair directly with smart home devices. With today’s beta launch, Intelligent Octopus customers can connect their smart thermostats to Octopus Energy’s system that monitors grid activity. When demand on the grid increases, Octopus Energy adjusts enrolled customers’ thermostats for 5- to 15-minute increments to decrease energy usage, afterwhich customers’ smart home products are adjusted back to their original settings. This helps to decrease demand on the grid when it nears its peak and rewards customers for helping to balance the grid through a lower rate product.
Intelligent Octopus is powered by Octopus Energy’s proprietary Kraken technology that uses advanced data and machine learning to automate a majority of the energy supply chain. This capability allows customers to access power when it is cheaper and greener, while helping to balance the overall stability of the grid. Intelligent Octopus will also expand to additional smart home devices and providers in the months to come.
“Too often the energy industry focuses only on supply side solutions, such as building more power plants or transmission lines,” said Michael Lee, CEO of Octopus Energy U.S. “This strategy isn’t just inefficient, but it’s also extremely costly. Energy retailers who lead the future of the industry will focus on the ability of consumers to strengthen our energy systems and build new, innovative products that enable a balanced grid through more intelligent demand. With Intelligent Octopus, we’re making it easier than ever for consumers to engage with their energy use while rewarding them for taking positive actions to maintain the grid for themselves and their neighbors.”
Today, less than 2 percent of customers participate in demand response programs in Texas. This is because consumers are left with a status quo where most energy providers prioritize profit over quality service. Traditional energy providers take an approach that leaves consumers with unexpected price hikes, confusing bills and limited communication channels despite energy powering our everyday lives. These energy players have also been resistant to modern technology innovations that can vastly improve customer experiences, increase energy efficiency and enable a stronger grid. Unlike these players, Octopus Energy is built on an AI and machine learning platform that streamlines energy services and empowers its consumers with transparency around their energy bills and usage. Intelligent Octopus further expands Octopus’ offerings and is one of the first-ever demand response plans in Texas that rewards enrolled customers for helping to balance the grid.
About Octopus Energy
Octopus Energy Group is a technology-driven, renewable energy retailer, directly supplying over 3.2 million customers globally with 100% green electricity at a cheaper price and with a focus on incredible customer service. Founded six years ago as a global energy retailer, Octopus Energy entered the U.S. market in 2020, forming Octopus Energy U.S. and fueling the company’s global expansion. Octopus Energy is valued at nearly $5 billion and is one of energy-tech’s fastest-growing private companies. To learn more, visit: www.octopusenergy.com.
Pakelody Cheam
This email address is being protected from spambots. You need JavaScript enabled to view it.
LIVONIA, Mich. & PHOENIX--(BUSINESS WIRE)--$ALTG--Alta Equipment Group Inc. (NYSE: ALTG) (“Alta”), a leading provider of construction and material handling equipment, today announced that it has been awarded the Arizona sales and service territory for Nikola Corporation (NASDAQ: NKLA) (“Nikola”), a global leader in zero-emissions transportation and energy infrastructure solutions.
This agreement further expands Alta’s dealer territory with Nikola beyond the NY, NJ, eastern PA and New England markets, as announced in August of 2021, and will replace Empire Transport in Arizona.
With over 37 years of experience, Alta is well-established in the midwest and the northeast with over 60 dealership locations supporting other OEMs. With a proven track record of successful growth, Alta has a clear vision for the potential of the Nikola products (i.e., battery-electric and hydrogen fuel cell electric vehicles, mobile charging trailers, hydrogen fueling infrastructure, etc.), to grow their eMobility vertical by fulfilling its commitment to clean technologies.
“We are excited to be granted this new territory as it gives us the opportunity to deepen our relationship with Nikola, especially given their headquarters and US manufacturing facility is in Arizona,” said Ryan Greenawalt, Chief Executive Officer of Alta. “It is also significant because we believe Arizona is a market prime for electric vehicle growth.”
The first Nikola product Alta will sell is the Tre battery-electric vehicle (BEV). With an expected range of up to 350 miles, the Tre BEV has a cabover design ideal for metro-regional applications because of improved visibility and maneuverability.
“As Nikola expands its BEV production in 2022 from our Coolidge, Arizona manufacturing facility, a great hometown dealer to sell and service our products is incredibly valuable,” said Pablo Koziner, President of Nikola Energy and Commercial. “Alta continues to be committed to our shared vision and is driven to grow this territory as yet another step towards a zero-emissions future. We are grateful for Alta’s enthusiasm and passion for our products and our partnership.”
About Alta Equipment Group Inc.
Alta owns and operates one of the largest integrated equipment dealership platforms in the U.S. Through its branch network, the Company sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks and aerial work platforms, cranes, earthmoving equipment and other material handling and construction equipment. Alta has operated as an equipment dealership for 37 years and has developed a branch network that includes over 60 total locations across Michigan, Illinois, Indiana, New England, New York, Ohio, Virginia and Florida. Alta offers its customers a one-stop-shop for most of their equipment needs by providing sales, parts, service, and rental functions under one roof. More information can be found at www.altg.com.
About Nikola Corporation
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.
Forward Looking Statements
This presentation includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about: our future financial performance; our plans for expansion and acquisitions; and changes in our strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this presentation, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the parties’ views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against us relating to the business combination and related transactions; (2) the ability to maintain our listing of shares of common stock on the New York Stock Exchange; (3) the risk that integrating our acquisitions disrupts our current plans and operations; (4) the ability to recognize the anticipated benefits of our business combination and acquisitions, which may be affected by, among other things, competition, our ability to grow and manage growth profitably, our ability to maintain relationships with customers and suppliers and retain our management and key employees; (5) changes in applicable laws or regulations; (6) the possibility that we may be adversely affected by other economic, business, and/or competitive factors; (7) disruptions in the political, regulatory, economic and social conditions domestically or internationally; (8) major public health issues, such as an outbreak of a pandemic or epidemic (such as the novel coronavirus COVID-19), which could cause disruptions in our operations, supply chain, or workforce; and (9) and other risks and uncertainties identified in this presentation or indicated from time to time in the section entitled “Risk Factors” in our annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission (the “SEC”). The company cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Alta Contacts:
Investors:
Bob Jones / Taylor Krafchik
Ellipsis
This email address is being protected from spambots. You need JavaScript enabled to view it.
(646) 776-0886
Media:
Glenn Moore
Alta Equipment Group
This email address is being protected from spambots. You need JavaScript enabled to view it.
(248) 305-2134
Nikola Media Contacts:
Nicole Rose
This email address is being protected from spambots. You need JavaScript enabled to view it.
480-660-6893
Colleen Robar
This email address is being protected from spambots. You need JavaScript enabled to view it.
313-207-5960
DUBLIN--(BUSINESS WIRE)--The "Global Stationary Lithium-ion Battery Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.
Stationary lithium-ion systems are key components of the energy storage architecture, which fulfill energy storage requirements for utilities, residential, and commercial customers. The global growth of renewable energy installations has increased intermittent energy production, creating an unbalanced grid.
Companies Mentioned
This has led to a demand for energy storage solutions to balance the grid during lean times and feed back into the grid during high requirement times. Lead-acid batteries and pumped hydro storage traditionally dominated the market. However, in the past decade, the growing production of Li-ion batteries for the automobile sector has pushed down battery system prices, enabling their deployment in utility-scale, residential, and commercial storage systems.
The focus on zero carbon emissions and need to move away from fossil fuels, namely coal, for power production prompt more governments to incentivize solar and wind power installations. These installations lend themselves to battery storage systems that store excess power generated. Government incentives to incentivize Li-ion battery installations also drive deployments across developing economies. Harsh weather conditions also strain existing transmission and distribution infrastructure, leading to extended blackouts and increased demand for energy storage solutions to reduce grid dependence. However, diesel gensets and lead-acid batteries pose major competition to the development of stationary Li-ion battery systems.
Utility sector installations are key drivers for battery energy storage systems (BESS). This segment is expected to grow from $2.25 billion in 2021 to $5.99 billion in 2030 at a CAGR of 11.5%. Lead-acid batteries dominate the utility equipment segment by revenue, though Li-ion batteries show a higher 34.4% CAGR due to their low growth base. Residential and commercial energy storage segments are other areas with large market potential of $5.51 billion in 2030, from $1.68 billion in 2021. The industrial sector continues its march toward zero carbon emissions, with companies making net-zero pledges in the next two decades. Telecom and data center companies are at the forefront of reducing carbon emissions with an increased focus on renewable energy power sources. These are key growth areas for Li-ion batteries as companies find ways to ensure reliable backup and grid balancing.
Asia-Pacific will be the largest stationary lithium-ion battery market by 2030, driven by utilities and industries. It will overtake North America and Europe with a market of $7.07 billion in 2030, growing from $1.24 billion in 2021 at a CAGR of 21.3%. North America and Europe will be the next largest markets due to their goals to decarbonize their economies and grid over the next two decades. LATAM will see the highest growth rate at a CAGR of 21.4% because of its smaller size and low base.
Market trends are analyzed for the 2020-2030 period, with the base year as 2021. The market is expected to grow from $5.42 billion in 2021 to $16.36 billion in 2030 at a CAGR of 13.1%. The study covers North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa regions. The study assesses the latest trends across the globe and discusses market growth till 2030. Fierce competition is expected to come from industry participants in Japan, China, and the United States, competing with quality products. Some companies considered in this study are Tesla, LG Chem, Panasonic, Samsung SDI, BYD, and CATL.
Key Issues Addressed:
Key Topics Covered:
1. Strategic Imperatives
2. Growth Environment
3. Growth Opportunity Analysis
4. Growth Opportunity Analysis - North America
5. Growth Opportunity Analysis - Europe
6. Growth Opportunity Analysis - Asia-Pacific
7. Growth Opportunity Analysis - Latin America
8. Growth Opportunity Analysis - Middle East and Africa
9. Growth Opportunity Universe
10. Next Steps
For more information about this report visit https://www.researchandmarkets.com/r/d6ojxh
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.