FRANKFURT, Germany--(BUSINESS WIRE)--The marked increase in political tensions between Russia and NATO member countries following Russia's invasion of Ukraine has raised energy security risks in Germany, rated AAA, Stable by DBRS Morningstar. These energy security risks emanate from Germany’s high dependence on natural gas supplies from Russia which accounted for a large 55% of total German gas imports in 2020. Although gas flows have so far not been affected by economic sanctions, DBRS Morningstar views a potential prolonged drop in Russian gas supplies as an important downside risk for Germany's energy security. Germany could cope with a temporary reduction of gas imports over the next few months. However, a sustained cutoff of Russian gas supplies extending into late 2022 or beyond could not be quickly replaced with gas supplies from other countries. Germany is connected to European pipeline networks and LNG terminals in some neighboring EU countries, but the limited capacity of these alternative sources can only partially meet Germany's demand for gas. Structural gas demand for household heating and industrial usage is likely to remain high over the next years.
Key Highlights
“DBRS Morningstar considers Germany’s leeway to step up gas imports from other countries to be constrained by tight global gas markets and the lack of infrastructure such as LNG terminals,” said Yesenn El-Radhi, Vice President of the Sovereign Group at DBRS Morningstar. “Current gas storage levels of 7.2bcm are a tiny fraction of the 56 bcm of Russian gas supplies in 2020, vastly insufficient by themselves to offset a prolonged cut off,” Mr El-Radhi continues.
“DBRS Morningstar views Germany’s strong public finances as an important mitigant against energy security risks,” notes Jason Graffam, Vice President of the Sovereign Group at DBRS Morningstar.
To view the full report, click here: https://www.dbrsmorningstar.com/research/393098/germany-little-alternative-to-russian-gas-raises-energy-security-risks
The DBRS Morningstar group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt, Germany)(EU CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(UK CRA, NRSRO affiliate, DRO affiliate). For more information on regulatory registrations, recognitions and approvals of the DBRS Morningstar group of companies, please see: https://www.dbrsmorningstar.com/research/225752/highlights.pdf. The DBRS Morningstar group of companies are wholly-owned subsidiaries of Morningstar, Inc. © 2021 DBRS Morningstar. All Rights Reserved. The information upon which DBRS Morningstar ratings and other types of credit opinions and reports are based is obtained by DBRS Morningstar from sources DBRS Morningstar believes to be reliable. DBRS Morningstar does not audit the information it receives in connection with the analytical process, and it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances. DBRS Morningstar ratings, other types of credit opinions, reports and any other information provided by DBRS Morningstar are provided “as is” and without representation or warranty of any kind. DBRS Morningstar hereby disclaims any representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose or non-infringement of any of such information. In no event shall DBRS Morningstar or its directors, officers, employees, independent contractors, agents and representatives (collectively, DBRS Morningstar Representatives) be liable (1) for any inaccuracy, delay, loss of data, interruption in service, error or omission or for any damages resulting therefrom, or (2) for any direct, indirect, incidental, special, compensatory or consequential damages arising from any use of ratings and rating reports or arising from any error (negligent or otherwise) or other circumstance or contingency within or outside the control of DBRS Morningstar or any DBRS Morningstar Representative, in connection with or related to obtaining, collecting, compiling, analyzing, interpreting, communicating, publishing or delivering any such information. No DBRS Morningstar entity is an investment advisor. DBRS Morningstar does not provide investment, financial or other advice. Ratings, other types of credit opinions, other analysis and research issued or published by DBRS Morningstar are, and must be construed solely as, statements of opinion and not statements of fact as to credit worthiness, investment, financial or other advice or recommendations to purchase, sell or hold any securities. A report with respect to a DBRS Morningstar rating or other credit opinion is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. DBRS Morningstar may receive compensation for its ratings and other credit opinions from, among others, issuers, insurers, guarantors and/or underwriters of debt securities. DBRS Morningstar is not responsible for the content or operation of third party websites accessed through hypertext or other computer links and DBRS Morningstar shall have no liability to any person or entity for the use of such third party websites. This publication may not be reproduced, retransmitted or distributed in any form without the prior written consent of DBRS Morningstar. ALL DBRS MORNINGSTAR RATINGS AND OTHER TYPES OF CREDIT OPINIONS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AT https://www.dbrsmorningstar.com/about/disclaimer. ADDITIONAL INFORMATION REGARDING DBRS MORNINGSTAR RATINGS AND OTHER TYPES OF CREDIT OPINIONS, INCLUDING DEFINITIONS, POLICIES AND METHODOLOGIES, ARE AVAILABLE ON https://www.dbrsmorningstar.com.
The English version of this press release prevails.
Dennis Ferreira
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DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology, today announced that members of its senior management team will present at the following investor conferences:
A live webcast of the presentations will be available on the Investor section of Wolfspeed’s website. To access the webcasts, please visit https://investor.wolfspeed.com/financial-events-presentations.
About Wolfspeed, Inc.
Wolfspeed leads the market in the worldwide adoption of Silicon Carbide and gallium nitride (GaN) technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide and GaN materials, power-switching devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation.
Wolfspeed® is a registered trademark of Wolfspeed, Inc.
Media Relations:
Joanne Latham
VP, Corporate Marketing
919-407-5750
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Investor Relations:
Tyler Gronbach
VP, Investor Relations
919-407-4820
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NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the fourth quarter and full year of 2021.
Highlights
Commenting on the year, Lois K. Zabrocky, International Seaways’ President and CEO, said, “2021 was a momentous year for Seaways, as we took deliberate steps to position the Company to create enduring value. We became one of the largest diversified tanker companies following the completion of our transformational merger, which we expect will realize more than $35 million in synergies. Despite significant growth, we maintained a healthy balance sheet, instituting a fleet optimization program to capitalize on firm asset values and diversified our capital structure. We also returned nearly $60 million to shareholders through regular quarterly dividends, a special dividend in connection with our merger and a share repurchase program.”
Ms. Zabrocky added, “As we look ahead, with inventories at the lowest levels since 2014, growing oil demand that we expect to surpass pre-pandemic levels and expectations of increased oil production, we remain optimistic for a stronger rate environment in the second half of 2022. We remain in a strong position to evaluate additional opportunities to create value for our shareholders.”
Jeff Pribor, the Company’s CFO, stated, “Our significant progress enhancing our capital structure and financial flexibility this year has further positioned the Company for long-term success. Complementing our ample cash position and low net loan to value, our diversified fleet of crude and product tankers provides us considerable operating leverage to a rising rate environment. We expect to continue to diversify our capital structure and remain committed to a balanced capital allocation program that maintains our strong balance sheet while returning capital to shareholders.”
Fourth Quarter 2021 Results
Net loss for the fourth quarter of 2021 was $34.0 million, or $0.68 per diluted share, compared to a net loss of $116.9 million, or $4.18 per diluted share, for the fourth quarter of 2020. The decrease in net loss in the fourth quarter of 2021 primarily reflects gain on disposal of vessels in the fourth quarter of 2021 compared to an $85.9 million loss on disposal of vessels and other property, net of impairments in the fourth quarter of 2020, partially offset by merger and integration related costs, costs aggregating $6.6 million associated with the extinguishment of debt, and increased interest expense, principally reflecting debt assumed in the merger.
In addition, equity in income of affiliated companies increased by $16.8 million to $5.3 million from a loss of $11.5 million in 2020. This increase was principally attributable to the recognition of a non-cash $16.4 million deferred tax provision recorded by the FSO Joint Venture in the fourth quarter of 2020 as a result of the execution of 10-year extensions on each of the joint venture’s existing service contracts in October 2020.
Consolidated TCE revenues(C) for the fourth quarter were $93.0 million, compared to $53.0 million for the fourth quarter of 2020. This increase in TCE revenues, which reflects a significantly larger post-merger fleet, only marginally exceeded the increase in vessel expenses resulting from the larger fleet. Shipping revenues for the fourth quarter were $94.7 million, compared to $56.7 million for the fourth quarter of 2020.
Adjusted EBITDA for the fourth quarter was $11.9 million, compared to a loss of $5.0 million for the fourth quarter of 2020.
Crude Tankers
TCE revenues for the Crude Tankers segment were $42.4 million for the fourth quarter, compared to $44.0 million for the fourth quarter of 2020. This decrease primarily resulted from a decline in fixed time charter activity, particularly from the VLCC sector and lower spot earnings of VLCCs, which averaged $14,326 per day partially offset by an increase of 639 revenue days as a result of the merger and spot earnings from the Suezmax, Aframax and Panamax sectors, with average spot earnings increasing to approximately $13,000, $11,500, and $15,000 per day, respectively. Shipping revenues for the Crude Tankers segment were $44.5 million for the fourth quarter of 2021, compared to $47.0 million for the fourth quarter of 2020.
Product Carriers
TCE revenues for the Product Carriers segment were $50.5 million for the fourth quarter, compared to $8.9 million for the fourth quarter of 2020. This increase is attributable to an increase of 3,373 revenue days as a result of the merger and higher average rates earned by the LR1 and MR fleets, with average spot rates increasing to approximately $17,400 and $11,300 per day, respectively. Shipping revenues for the Product Carriers segment were $50.2 million for the fourth quarter, compared to $9.7 million for the fourth quarter of 2020.
Full Year 2021 Results
Net loss for the full year ended December 31, 2021, was $133.5 million, or $3.48 per diluted share, compared with a net loss of $5.5 million, or $0.20 per diluted share, for the full year ended December 31, 2020. During 2021, the Company incurred $50.7 million of one-time merger and integration related costs due to the Company’s merger with Diamond S, and increased vessel expenses, which were not sufficiently covered with a corresponding increase in TCE revenues despite having a larger post-merger fleet. These costs and expenses were offset by a net gain on disposal of vessels of $9.8 million in 2021 compared with a loss of $100.1 million in 2020.
Equity in income of affiliated companies increased by $17.7 million to $21.8 million from $4.1 million in 2020. This increase was principally attributable to the recognition of a non-cash $16.4 million deferred tax provision recorded by the FSO Joint Venture in the fourth quarter of 2020.
Consolidated TCE revenues for the full year ended December 31, 2021, were $255.9 million, compared to $402.0 million for the full year ended December 31, 2020. Shipping revenues for the full year ended December 31, 2021 were $272.5 million, compared to $421.6 million for the full year ended December 31, 2020.
Adjusted EBITDA for the full year ended December 31, 2021 was $40.4 million, compared to $220.1 million for the full year ended December 31, 2020.
Crude Tankers
TCE revenues for the Crude Tankers segment were $144.3 million for the full year ended December 31, 2021, compared to $318.6 million for the full year ended December 31, 2020.
The decline of $174.3 million was primarily due to the impact of significantly lower average rates in the VLCC, Suezmax, Aframax and Panamax sectors, with average spot rates decreasing to approximately $13,600, $12,600, $10,800 and $13,300 per day, respectively, aggregating approximately $186.8 million. Also contributing to the decrease was a 1,065-day decrease in VLCC, Panamax and Aframax revenue days, primarily driven by vessel sales, which had the effect of decreasing TCE revenues by $42.2 million. The declines were partially offset by a $59.8 million days-based increase in the Suezmax fleet, reflecting the Company’s acquisition of 13 Suezmaxes as part of the merger.
Shipping revenues for the Crude Tankers segment were $156.3 million for the full year ended December 31, 2021, compared to $334.8 million for the full year ended December 31, 2020.
Product Carriers
TCE revenues for the Product Carriers segment were $111.6 million for the full year ended December 31, 2021, compared to $83.4 million for the full year ended December 31, 2020.
The increase of $28.2 million was primarily the result of a net 5,431-day increase in MR revenue days, aggregating $85.1 million, as the Company acquired 44 MRs in conjunction with the merger, seven of which were sold during the third quarter of 2021. Additionally, there was a $5.0 million days-based increase in the LR1 fleet, which reflected (i) the purchase of a 2009-built LR1 that was delivered to the Company in February 2020, (ii) the delivery of two time chartered-in 2008-built LR1s to the Company between August and October 2021, and (iii) 109 fewer off-hire days in the current year, partially offset by (iv) the redelivery of a 2006-built LR1 to its owners at the expiry of its two-year charter in August 2021. Partially offsetting the days-based increase in TCE revenues were lower period-over-period average daily blended rates earned by the LR1 and MR fleets, which accounted for a decrease in TCE revenues of approximately $67.1 million. Average spot rates fell during 2021 to approximately $14,800 and $10,500 per day for the LR1 and MR fleets, respectively.
Shipping revenues for the Product Carriers segment were $116.3 million for the full year ended December 31, 2021, compared to $86.9 million for the full year ended December 31, 2020.
Share Repurchases
During the fourth quarter of 2021, the Company repurchased and retired 1,077,070 shares of its common stock in open-market purchases at an average price of $15.44 per share, for a total cost of $16.7 million.
Completed Liquidity Enhancing Financing
The Company executed a number of liquidity enhancing and financial diversification initiatives during the fourth quarter and subsequent to year end:
Vessel Sales & Recycling
During the fourth quarter of 2021, the Company sold two Handysize product carriers built between 2006 and 2007, three 2002-built Panamaxes, and a 2006-built Suezmax. Two of the three Panamaxes sold in the fourth quarter were sold to be recycled in compliance with the Hong Kong Convention, adding to a total of four vessels recycled during 2021 by the Company.
In January 2022, the Company entered into memoranda of agreements for the sale of a 2010-built MR and the purchase of a 2011-built LR1 with the same counterparty. The LR1 is expected to replace the MR as collateral in the respective debt facility and the net cost to the Company is expected to be approximately $3 million. The transaction is expected to be completed by March 2022.
In February 2022, the Company agreed to sell a 2004-built Panamax, expected to deliver to the buyer for recycling compliant with the Hong Kong Convention in the second quarter of 2022.
Payment of Regular Cash Dividend
The Company’s Board of Directors declared a regular quarterly dividend of $0.06 per share of common stock on February 28, 2022. The dividend will be paid on March 28, 2022 to shareholders of record at the close of business on March 14, 2022.
Conference Call
The Company will host a conference call to discuss its fourth quarter and full year 2021 results at 9:00 a.m. Eastern Time (“ET”) on Wednesday, March 2, 2022. To access the call, participants should dial (844) 200-6205 for domestic callers and (929) 526-1599 for international callers. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com.
An audio replay of the conference call will be available until March 9, 2022 by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 027713.
About International Seaways, Inc.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 86 vessels, including 13 VLCCs (including three newbuildings), 13 Suezmaxes, five Aframaxes/LR2s, eight Panamaxes/LR1s, 41 MR tankers and four Handysize tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the consequences of the Company’s merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2021 for the Company and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.
Category: Earnings
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Consolidated Statements of Operations |
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($ in thousands, except per share amounts) |
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Three Months Ended |
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Fiscal Year Ended |
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December 31, |
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December 31, |
||||||
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2021 |
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2020 |
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2021 |
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2020 |
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(Unaudited) |
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(Unaudited) |
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Shipping Revenues: |
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|
|
|
|
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Pool revenues |
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$ |
74,340 |
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$ |
22,495 |
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$ |
175,997 |
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$ |
272,980 |
Time and bareboat charter revenues |
|
|
10,018 |
|
|
22,166 |
|
|
50,094 |
|
|
88,719 |
Voyage charter revenues |
|
|
10,312 |
|
|
12,042 |
|
|
46,455 |
|
|
59,949 |
Total Shipping Revenues |
|
|
94,670 |
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|
56,703 |
|
|
272,546 |
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|
421,648 |
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Operating Expenses: |
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Voyage expenses |
|
|
1,665 |
|
|
3,750 |
|
|
16,686 |
|
|
19,643 |
Vessel expenses |
|
|
70,679 |
|
|
33,634 |
|
|
183,057 |
|
|
128,373 |
Charter hire expenses |
|
|
6,651 |
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|
5,901 |
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|
23,934 |
|
|
30,114 |
Depreciation and amortization |
|
|
27,035 |
|
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18,182 |
|
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86,674 |
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|
74,343 |
General and administrative |
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|
10,096 |
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7,497 |
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33,256 |
|
|
29,047 |
(Reversal of)/provision for expected credit losses |
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(2) |
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9 |
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(21) |
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(71) |
Third-party debt modification fees |
|
|
84 |
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|
— |
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|
110 |
|
|
232 |
Merger and integration related costs |
|
|
3,180 |
|
|
— |
|
|
50,740 |
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— |
(Gain)/loss on disposal of vessels and other property, net of impairments |
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(4,665) |
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85,923 |
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(9,753) |
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100,087 |
Total operating expenses |
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114,723 |
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154,896 |
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384,683 |
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381,768 |
(Loss)/income from vessel operations |
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(20,053) |
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(98,193) |
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(112,137) |
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39,880 |
Equity in income/(loss) of affiliated companies |
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5,265 |
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(11,553) |
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21,838 |
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4,119 |
Operating (loss)/income |
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(14,788) |
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(109,746) |
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(90,299) |
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43,999 |
Other (expense)/income |
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(6,393) |
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680 |
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(5,947) |
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(12,817) |
(Loss)/income before interest expense and income taxes |
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(21,181) |
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(109,066) |
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(96,246) |
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31,182 |
Interest expense |
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(11,871) |
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(7,823) |
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(36,796) |
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(36,712) |
Loss before income taxes |
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(33,052) |
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(116,889) |
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(133,042) |
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(5,530) |
Income tax provision |
|
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(1,582) |
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— |
|
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(1,618) |
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(1) |
Net loss |
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(34,634) |
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(116,889) |
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(134,660) |
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(5,531) |
Less: Net loss attributable to noncontrolling interests |
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(642) |
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— |
|
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(1,168) |
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— |
Net loss attributable to the Company |
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$ |
(33,992) |
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$ |
(116,889) |
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$ |
(133,492) |
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$ |
(5,531) |
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Weighted Average Number of Common Shares Outstanding: |
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Basic and diluted |
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50,310,043 |
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27,941,519 |
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38,407,007 |
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28,372,375 |
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Per Share Amounts: |
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Basic and diluted net loss per share |
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$ |
(0.68) |
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$ |
(4.18) |
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$ |
(3.48) |
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$ |
(0.20) |
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Consolidated Balance Sheets |
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($ in thousands) |
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December 31, |
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December 31, |
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2021 |
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2020 |
ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
97,883 |
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$ |
199,390 |
Voyage receivables |
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107,096 |
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43,362 |
Other receivables |
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5,651 |
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4,479 |
Inventories |
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2,110 |
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|
3,601 |
Prepaid expenses and other current assets |
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|
11,759 |
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|
6,002 |
Total Current Assets |
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|
224,499 |
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|
256,834 |
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Restricted Cash |
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1,050 |
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16,287 |
Vessels and other property, less accumulated depreciation |
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1,802,850 |
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1,108,214 |
Vessels construction in progress |
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49,291 |
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— |
Deferred drydock expenditures, net |
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55,753 |
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36,334 |
Operating lease right-of-use assets |
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23,168 |
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21,588 |
Investments in and advances to affiliated companies |
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|
180,331 |
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141,924 |
Long-term derivative assets |
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|
1,296 |
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2,129 |
Time charter contracts acquired, net |
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|
842 |
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— |
Other assets |
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|
7,700 |
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|
3,229 |
Total Assets |
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$ |
2,346,780 |
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$ |
1,586,539 |
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LIABILITIES AND EQUITY |
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Current Liabilities: |
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Accounts payable, accrued expenses and other current liabilities |
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$ |
44,964 |
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$ |
34,425 |
Current portion of operating lease liabilities |
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|
8,393 |
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|
8,867 |
Current installments of long-term debt |
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|
178,715 |
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|
61,483 |
Current portion of derivative liabilities |
|
|
2,539 |
|
|
4,121 |
Total Current Liabilities |
|
|
234,611 |
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|
108,896 |
Long-term operating lease liabilities |
|
|
12,522 |
|
|
10,253 |
Long-term debt |
|
|
926,270 |
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|
474,332 |
Long-term portion of derivative liabilities |
|
|
757 |
|
|
6,155 |
Other liabilities |
|
|
2,288 |
|
|
14,861 |
Total Liabilities |
|
|
1,176,448 |
|
|
614,497 |
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|
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|
|
|
|
Equity: |
|
|
|
|
|
|
Total Equity |
|
|
1,170,332 |
|
|
972,042 |
Total Liabilities and Equity |
|
$ |
2,346,780 |
|
$ |
1,586,539 |
Investor Relations & Media:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
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VISTA, Calif.--(BUSINESS WIRE)--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of industrial and commercial equipment, has been invited to attend the 34th Annual ROTH Conference March 13-15, 2022 at The Ritz Carlton, Laguna Niguel located in Dana Point, California.
Flux Power Chief Executive Officer Ron Dutt, and Chief Financial Officer Chuck Scheiwe will attend the event in-person where they will participate in one-on-one meetings to discuss the Company’s recently released results for the fiscal second quarter of 2022 ended December 31, 2021, its strategic initiatives and upcoming milestones.
34th Annual ROTH Conference
Date: March 13-15, 2022
Format: In-person one-on-one meetings
Attendees: Chief Executive Officer Ron Dutt, Chief Financial Officer Chuck Scheiwe
Conference Website: Click here
For more information on 34th Annual ROTH Conference, please contact your ROTH representative or you may also email your request to This email address is being protected from spambots. You need JavaScript enabled to view it. or call Chris Tyson at (949) 491-8235.
About Flux Power Holdings, Inc.
Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage electrification solutions for a range of industrial and commercial equipment including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.
Forward-Looking Statements
This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, deferral of shipments, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of operations, financial condition and performance will not differ materially from the results of operations, financial condition and performance reflected or implied by these forward-looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.
Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.
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Media & Investor Relations:
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External Investor Relations:
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MZ Group - MZ North America
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www.mzgroup.us
DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today announced it has been awarded a sole-source indefinite delivery, indefinite quantity (IDIQ) contract to provide master planning, architecture, and engineering services to the United States Air Force Academy (USAFA). In this role, AECOM will deliver multi-disciplined planning and conceptual designs in support of USAFA’s efforts to approach the campus through a consistent and efficient manner, including new buildings and systems that integrate sustainable best practices and conservation of natural resources.
“For more than two decades, we’ve proudly partnered with USAFA to provide solutions to some of its most challenging architectural and engineering projects, touching every building on campus,” said Lara Poloni, AECOM’s president. “As the U.S. embarks on a historic period of infrastructure investment, we’re pleased to further our enduring relationship with the federal government and offer USAFA the strength and capacity of our local technical team combined with our global network of professionals to deliver comprehensive integrated services that will help the Academy further its mission in education, athletics, and training.”
With an emphasis on USAFA’s strategic plan, AECOM will leverage its experience in higher education, historic preservation, and facility and supporting infrastructure design to create a master plan for future development of the campus. AECOM’s scope includes community, agency, and constituency outreach and collaboration; data and spatial analysis; visualization of planning efforts; creation of district and sustainability component plans; environmental services; historic preservation recommendations; and conceptual cost estimating.
“As USAFA commences this major campus development, we’re honored to provide our depth and breadth of expertise to help plan the Academy’s campus of the future,” said Sean Chiao, chief executive of AECOM’s global Buildings + Places business. “We understand the important historical context necessary to develop modern designs that respect and complement the campus’ heritage. We’re excited to support USAFA in delivering a visually compatible, functional, and flexible campus with a focus on innovation, sustainability, and technological best practices – helping to continue its legacy of leadership and service for generations to come.”
AECOM’s portfolio of work at USAFA includes master planning, facility assessments, building renovations, environmental services, and airfield designs, including the iconic and historic Cadet Chapel, Sijan Hall, Kettle Creek Dam, and the new Madera Cyber Innovation Center.
About AECOM
AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy, and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
Forward-Looking Statements
All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; ability to continue payment of dividends; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of various dispositions such as the sale of our Management Services, self-perform at-risk civil infrastructure and power construction, and oil & gas maintenance and turnaround businesses, including the risk that purchase price adjustments, if any, from those transactions could be unfavorable and any future proceeds owed to us as part of those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
Media Contact:
Brendan Ranson-Walsh
Senior Vice President, Global Communications
1.213.996.2367
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Investor Contact:
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Chief Administrative Officer Cas Purdy and Controller Leo Anzaldua Lead Administration and Finance at Renewable Energy Development Company
DALLAS--(BUSINESS WIRE)--Amshore, a leading renewable energy developer, today announced promotion of Cas Purdy to Chief Administrative Officer (CAO) and the appointment of Leo Anzaldua as Controller.
“Both Cas and Leo are seasoned business executives responsible for maximizing our company’s operating performance and helping achieve corporate objectives,” said Deana Strunk, Owner at Amshore. “By promoting Cas, bringing Leo on board, and our investments in development, we are building out our management team with the talent we need to take our renewable energy development business to the next level. Our focus on delivering exceptional services to our clients will be enhanced by our ability to provide more corporate-level support to our development team—freeing them to focus on revenue-generating clean energy projects.”
As Chief Administrative Officer, Cas has a broad range of responsibilities including strategic planning, finance, legal, human resources, information technology, marketing, communications and more. He was previously Executive Vice President at Amshore. Cas has more than 20 years of experience in business leadership. Prior to Amshore, he was Vice President and Head of Marketing at cybersecurity company Trustwave. He also held leadership roles at IBM, Websense (now Forcepoint) and Guidance Software (now part of OpenText). Cas received his bachelor’s degree in Public Relations from the University of Texas at Austin, and he studied French at the University of Paris (La Sorbonne).
As Controller, Leo leads and directs the accounting and finance functions at Amshore. He has more than 30 years of financial experience. For more than a decade, Leo was Controller/Vice President of Finance at ClimbTech. Before ClimbTech, he was Director of Accounting at Personal Administrators. Leo studied business administration at The Tecnológico de Monterrey in Mexico.
According to the U.S. Energy Information Administration, 2020 saw consumption of renewable energy in the United States grow for the fifth year in a row, reaching 12 percent of total U.S. energy consumption. Renewable energy was the only source of U.S. energy consumption that increased in 2020 from 2019.1
Over the last 20 years, Amshore has originated and developed solar and wind energy facilities generating 2.9 gigawatts of power covering over a half a million acres. Recently, Amshore promoted former senior project developer Aaron Young to Vice President, Development.
About Amshore
Amshore® Renewable Energy develops sustainable energy solutions for utility companies and independent power producers looking to expand their renewable energy projects throughout North America. Amshore has originated and developed solar and wind energy facilities generating 2.9 gigawatts of power covering over a half a million acres, and the company offers advanced energy management control and novel energy storage systems. Established in 2002, Amshore is based in the Dallas, Texas, area. For more information about Amshore, visit www.amshore.com.
Amshore® is a registered trademark of Amshore US Wind LLC dba Amshore Renewable Energy.
_______________
1 Source: U.S. Energy Information Administration. Accessed February 28, 2022.
https://www.eia.gov/todayinenergy/detail.php?id=48396
Cas Purdy
Amshore
+1 214-347-9428
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The new partnership will help drive sustainable transportation innovation and have a transformative impact on the communications, mobility, freight and tourism sectors
LONDON--(BUSINESS WIRE)--AECOM, the world’s trusted infrastructure consulting firm, today announced it has partnered with Hybrid Air Vehicles (HAV) to provide infrastructure services for its pioneering hybrid aircraft, Airlander. The partnership will draw on AECOM’s consulting and advisory services for cost and carbon benchmarking, sustainability development, master planning, construction program management and scheme delivery. This work will include advice on hydrogen supply infrastructure and transit interchange design.
“We are excited to work with Hybrid Air Vehicles to develop infrastructure which will enable the transition to net zero aviation. Through our Sustainable Legacies strategy, AECOM is committed to ambitious environmental, social and governance targets. In practice this means advising and enabling our clients to realize and implement innovative technology which will cut carbon emissions,” said Colin Wood, AECOM’s chief executive of Europe and India. “Just a few months ago, speakers at COP26 called on industry to develop the solutions so desperately needed to limit global warming. Whilst there is no room for complacency, I’m proud of the work AECOM is doing to tackle this challenge head on by taking bold steps to advance new and emerging sectors which will help us achieve net zero.”
“The relationship between AECOM and Hybrid Air Vehicles is centered in our shared commitment to delivering net zero,” said Tom Grundy, Hybrid Air Vehicles’ chief executive officer. “This partnership matches AECOM’s world-leading experience and vision for the future of infrastructure with our ambition to deliver decarbonised air services through the game-changing Airlander aircraft. We urgently need to reduce emissions in aviation, so we will work with AECOM and Airlander operators to make zero emission flight for 100 passengers or ten tons of cargo a reality within the decade.”
The partnership sees AECOM and Hybrid Air Vehicles sign a memorandum of understanding which sets out the basis and scope of a long-term infrastructure partnership. AECOM will provide end-to-end infrastructure partner services to facilitate the operation of the aircraft, which will deliver 90% fewer emissions than other aircraft when it enters service in 2026 and will run entirely on hydrogen by 2030 through fuel cell technology. HAV and AECOM will work together with HAV’s customers to develop the infrastructure to operate Airlander, including preparing for hydrogen on site for the hybrid-electric and all-electric Airlander 10 aircraft. In addition, AECOM will work with HAV to develop the Airlander 10 manufacturing facility. Additional joint work on the larger Airlander 50 and other projects is expected.
About AECOM
AECOM is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
Media:
Emily Ashwell
Communications Manager
+44 7884 338518
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Black & Veatch’s newest report identifies four ‘Megatrends’ that are driving the repowering of the U.S. power industry
OVERLAND PARK, Kan.--(BUSINESS WIRE)--U.S. electric utilities are under growing pressure to reduce reliance on fossil fuels and integrate cleaner, more sustainable energy sources in a bid to meet aggressive net-zero energy targets, reaffirms the 2022 Megatrends in Power report from Black & Veatch and Clarion Energy.
Based on a survey of more than 200 power industry professionals, the 2022 Megatrends in Power report identifies four major trends – decarbonization, electrification, climate adaptation and energy transformation – that continue to drive decision-making for 2022 and beyond, helping the power industry position for a pending net-zero future.
“U.S. electric utilities face enormous pressure to accelerate the energy transition by investing in new transmission to support renewable growth as well as the critical gird modernization assets that will help the industry meet its aggressive net-zero energy targets,” said Mario Azar, president of Black & Veatch’s Energy and Process Industries business.
Available as a free download, 2022 Megatrends in Power is the third report in the company’s Megatrends report series, which pair primary research with deep market insight and expertise to inform the American energy landscape. The 2022 report was developed in conjunction with Clarion Energy, a media leader covering power generation, transmission and distribution.
The new report examines four megatrends that are setting the stage for the next decade of a rapidly evolving energy ecosystem:
“Sustainability is the overarching trend that is driving the transition to a cleaner energy landscape, reshaping the power industry for decades to come,” said Kevin Clark, content director with Clarion Energy. “This report provides industry-leading data and insight to stakeholders as they diligently work to shift from discussion to action.”
“These megatrends are driving electric utilities and stakeholders to make operational decisions that leverage innovation, technology and data as they work to embrace a more diverse generation portfolio and execute net-zero plans,” added Azar.
Editor’s Notes:
About Black & Veatch
Black & Veatch is an employee-owned engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on www.bv.com and on social media.
About Clarion Energy
Clarion Energy is part of the Clarion Events Group, one of the world’s largest events companies with over 200 events and 2500 employees located in 15 offices across the world. Clarion Energy runs over 40 events that cover the Oil, Gas, Power and Energy sectors.
MELINA VISSAT | +1 303-256-4065 P | +1 617-595-8009 M | This email address is being protected from spambots. You need JavaScript enabled to view it.
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HOUSTON--(BUSINESS WIRE)--UTEX Industries Inc. announces the sale of some of its well service assets including plungers, fluid ends, and valves & seats to Vulcan Industrial Holdings LLC. UTEX will retain its Largebore Frac Systems as well as the Iron and Inspection Services.
About UTEX
UTEX is a market-leading manufacturing business headquartered in Houston, Texas. UTEX operates manufacturing, distribution, and technical sales facilities in the United States and abroad and has approximately 650 employees. UTEX’s innovative and custom-engineered products support a diverse customer base, including oil and gas, industrial, mining, and water end markets.
Jennifer Lyons
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281.615.2223
LOS ANGELES--(BUSINESS WIRE)--Global Clean Energy Holdings, Inc. (OTCQX: GCEH), a vertically integrated renewable fuels company, announced that it has completed a $145,000,000 financing led by ExxonMobil through the issuance of a newly created non-convertible Series C Preferred Stock. The net proceeds will be used to complete the conversion of the Company’s Bakersfield, California, biorefinery project and to advance the development of its proprietary camelina feedstock production business. The Company also announced that it has added Ms. Amy K. Woods and Mr. E. Nicholas Jones to its Board of Directors.
“The funding accomplishes several key goals,” said Richard Palmer, CEO and President. “It provides additional capital to complete and enhance our Bakersfield biorefinery, restructures the existing mezzanine debt in a manner that will allow our Company to realize significant future cash flows and accelerates our upstream camelina feedstock deployment. We are also pleased to welcome Amy Woods and Nick Jones to the Company’s Board of Directors.”
Ms. Woods is currently the Americas Feed & Product Manager for Fuels and Lubricants Division of Exxon Mobil Corporation and is responsible for supply chain optimization for Americas crude and products and bio-fuels business development. She joined ExxonMobil in 1994 and has served in various roles including refinery process design, logistics optimizations, strategic advisor positions and team development for renewable business initiatives. She has a Master's degree in Chemical Engineering from the University of Louisville.
Mr. Jones has been the Process Engineering Division Manager for ExxonMobil Research & Engineering Company since 2019. He is responsible for technology deployment and technical support to ExxonMobil's global manufacturing sites for refining technologies, process safety and environmental activities. Mr. Jones joined ExxonMobil in 2001 after completing his Ph.D. in Chemical engineering from Purdue University.
“We are excited to welcome Amy and Nick to our Board of Directors and look forward to the contributions that their technical and industry expertise, business perspectives and global insights will make to the ongoing success of Global Clean Energy Holdings,” said David Walker, the Company’s Chairman of the Board.
About Global Clean Energy
Global Clean Energy Holdings, Inc. (“GCEH”) is a vertically integrated renewable fuels company specializing in nonfood-based feedstocks used for the production of advanced biofuels and biomaterials. With a footprint that stretches from the laboratory to the farm gate through to biorefinery production, GCEH’s farm-to-fuels value chain integration provides unrivaled access to reliable, ultra-low carbon feedstocks. When online, the Bakersfield Biorefinery will be the only facility of its type, processing both traditional bio feedstocks as well as domestically grown camelina oil into sustainable, ultra-low carbon fuels in California. To learn more, visit gceholdings.com and susoils.com.
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Forward-Looking Statements
Certain matters discussed in this press release are forward-looking statements of Global Clean Energy Holdings, Inc. Investors are cautioned that statements in this press release which are not strictly historical statements are forward-looking statements and are subject to a number of risks and uncertainties. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Global Clean Energy Holdings, Inc.
Natalie Findlay
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(424) 318-3518
DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced the launch of its new Energy Advantage program – a holistic flow control approach aimed at helping customers reach their carbon reduction goals and lower total cost of ownership.
Energy Advantage provides customers with Flowserve engineering expertise, a systematic data-driven evaluation process and a complete offering of products and services that can drive increased energy efficiency through optimization of pump and valve power consumption. From pump and control valve re-rating and replacement to our enhanced monitoring and predictive analytic services with RedRaven, Flowserve‘s offerings through the Energy Advantage program can also reduce customers’ carbon emissions, improve plant productivity and reliability and provide operational savings.
“At Flowserve, we are driven by our purpose to provide flow control solutions that make the world better for everyone. As the world transitions to cleaner forms of energy and focuses on lowering carbon emissions, we too are focused on making a more sustainable future for our planet,” said president and chief executive officer, Scott Rowe. “Our Energy Advantage program provides a tangible way we can help our customers increase their energy efficiency, reduce carbon emissions and drive long-term sustainability.”
Rob Vitello, vice president, Energy Advantage added that, “Recently, four of our pumps included in the Energy Advantage program were installed to support a customer’s conversion of a refinery to a renewable fuels facility, which will yield 34% improved energy consumption, saving the customer 7,600 tons of CO2 per year. These tangible results are at the core of this new offering, and we look forward to working with our customers to find the best fit for their needs.”
Energy Advantage is just one way in which we’re supporting existing and new customers during the energy transition and we look forward to additional future opportunities.
To learn more, visit https://www.flowserve.com/en/sustainability/energy-transition-in-motion/.
About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.
Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic manufacturing optimization and realignment initiatives; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; expectations regarding acquisitions and the integration of acquired businesses; our ability to anticipate and manage cybersecurity risk, including the risk of potential business disruptions or financial losses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636
Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644
The virtual event on March 8th will bring together federal lawmakers, leaders from Morehouse College and the Propel Center, and Georgia Power’s Chairman, President and CEO Chris Womack, to discuss diversity and equity in the energy sector
WASHINGTON--(BUSINESS WIRE)--On Tuesday, March 8th at 12:00 pm EST, Southern Company and Black Enterprise will partner to present Investing in Tomorrow, Today, a virtual event bringing together Georgia’s Senator Raphael Warnock; Georgia Power’s Chairman, President, and CEO Chris Womack; Dr. David A. Thomas, President of Morehouse College; Rep. Terri Sewell of Alabama’s 7th congressional district and the Bipartisan HBCU Caucus; and Anthony Oni, Managing Partner of Elevate Future Fund and Chair of the Propel Center, for a conversation on the importance of inclusive innovation in the energy sector.
Moderated by Black Enterprise’s Chief Content Officer Derek Dingle, Investing in Tomorrow, Today will focus on the business case for investing in a diverse talent pipeline and how HBCUs can provide opportunities for innovation across the country. U.S. Senator Raphael Warnock will kick off the event with opening remarks.
The event will feature fireside chats with Chris Womack of Georgia Power and Dr. David A. Thomas of Morehouse College on the role that companies and educational institutions play in creating an inclusive workforce for tomorrow’s energy leaders. Rep. Terri Sewell and Anthony Oni of Elevate Future Fund will then close the event with a moderated discussion about striving towards a clean and equitable energy economy.
Investing in Tomorrow, Today will air live on March 8 at 12:00 pm EST. RSVP for free here.
About Southern Company
Southern Company (NYSE: SO) is a leading energy company serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company serving wholesale customers across America, a leading distributed energy infrastructure company, a fiber optics network and telecommunications services. Southern Company brands are known for excellent customer service, high reliability and affordable prices below the national average. For more than a century, we have been building the future of energy and developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Through an industry-leading commitment to innovation and a low-carbon future, Southern Company and its subsidiaries develop the customized energy solutions our customers and communities require to drive growth and prosperity. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and govern our business to the benefit of our world. Our corporate culture and hiring practices have been recognized nationally by the U.S. Department of Defense, G.I. Jobs magazine, DiversityInc, Black Enterprise, Forbes and the Women's Choice Award. To learn more, visit www.southerncompany.com.
Rachael Payton
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EPIC’s Cutting Edge Environmental and Safety Protections Are Possible Through Using Fiber Optics to Monitor Over 1,600 Miles of Its Crude and NGL Pipelines
HOUSTON--(BUSINESS WIRE)--EPIC Midstream Holdings, LP (“EPIC” or “the Company”), through next-generation fiber optic technology, looks to lead the midstream industry in providing safe and reliable pipeline transfer for crude oil and natural gas liquids customers. The fiber optics, which were installed during original build, run the length of each of its pipelines. The technology provides EPIC with real time information, greatly increasing capabilities for:
EPIC’s fiber optic-based supervisory control and data acquisition (SCADA) and communications combined with distributed acoustic systems (DAS) intrusion and leak detection technology will enhance pipeline safety and efficient operations throughout the life of EPIC’s pipeline systems. Fiber optics technology enables quick delivery of data for operational decision-making and helps prevent or dramatically reduce the effects of a pipeline incident by transmitting key information in real time. Data is monitored around the clock by a team of Pipeline and Hazardous Materials Safety Administration (PHMSA) qualified technicians working in the EPIC Pipeline Control Center located in San Antonio, Texas. EPIC’s advanced pipeline technology also enhances monitoring ability through advanced processing and algorithms, reliable alarms, and smart zones.
Jason Blevins, Chief Operating Officer at EPIC, sees the technology as a great advantage. “Safely operating our pipelines is priority number one for EPIC. Our fiber optics technology makes us an industry leader in damage prevention, one of the most critical aspects of pipeline safety. By installing fiber, we have increased our capabilities significantly beyond regulatory requirements. Our fiber allows us to know, by the second, when there is activity on or near our pipeline right of ways. That helps us protect the environment and communities where we operate at much higher level than industry standard. Investing in fiber optic technology demonstrates EPIC’s intent to be an industry leader, not only in meeting customer expectations, but also in safety and environmental protection.”
The responsibility for continued improvement of the safety and reliability of pipelines is of growing importance to oil and gas stakeholders. The fiber optic technology EPIC deployed is quickly proving itself to be the best way to ensure pipeline integrity and leak detection/spill prevention.
About EPIC Midstream Holdings, LP
EPIC was formed in 2017 to build, own and operate midstream infrastructure in the Delaware, Midland and Eagle Ford basins. EPIC's Crude Oil Pipeline and NGL Pipeline each span approximately 700 miles and transport crude and natural gas liquids for delivery from the Permian and Eagle Ford basins into the Corpus Christi market. The Crude Oil Pipeline connects to EPIC’s Robstown terminal for redeliveries to the EPIC Marine Terminal, third-party export terminals and local refineries. EPIC’s NGL Pipeline has connectivity to EPIC’s 170,000 barrel per day fractionation complex in Robstown, Texas with pipelines for delivery of purity products to Gulf Coast refiners, petrochemical companies, and export markets. For more information, visit www.epicmid.com.
EPIC Midstream Holdings, LP
David McArthur
Corporate Communications Director
(210) 446-1059
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Privately Funded Advanced Fuel Manufacturing Facility to Open in Summer 2022
OAK RIDGE, Tenn.--(BUSINESS WIRE)--Ultra Safe Nuclear Corporation (USNC) announces the siting of its Pilot Fuel Manufacturing (PFM) operation in Oak Ridge, Tenn. The facility is located on the East Tennessee Technology Park (ETTP), site of Manhattan Project’s K-25 gaseous diffusion plant. USNC purchased the 8.7-acre site with a pre-existing industrial building from Heritage Center LLC in 2021. The new facility is in proximity to the Department of Energy’s (DOE’s) Oak Ridge National Laboratory (ORNL) and the DOE National Nuclear Security Administration’s Y-12 National Security Complex, and will leverage the region’s specialized workforce and its unique collection of organizations working on advanced nuclear-fuel solutions.
USNC plans to commission and operate the production-scale modules involved in manufacturing of TRISO coated fuel particles and its proprietary Fully Ceramic Micro-encapsulated (FCM®) fuel. The PFM facility is targeted to initiate operations in the summer of 2022, upon receipt of state and local permits. The PFM facility will be able to process feedstock uranium powder into TRISO fuel particles and subsequently produce FCM fuel in multiple kilogram quantities.
This PFM facility will codify and demonstrate its manufacturing modules, enabling USNC’s advanced fuel factory licensing and scalable deployment of its fuel-production capability. The individual manufacturing modules, once fully codified and demonstrated, will be deployed into new production facilities to meet the demand for fueling USNC’s Micro Modular Reactor (MMRTM) and other advanced terrestrial and space energy systems.
“Proximity to ORNL and Y-12, as well as access to east Tennessee’s highly skilled and motivated nuclear workforce, was a key consideration in our site selection,” said Kurt Terrani, executive vice president of USNC’s Core Division. “The excellent support we received from Tennessee Department of Community & Economic Development as well as Tennessee Valley Authority made the decision that much easier to site our PFM facility in Oak Ridge.”
The manufacturing modules and technologies that USNC is deploying at the PFM facility are based on smaller scale systems and processes originally developed under various DOE programs, especially at ORNL. One of these technologies, a 3D-printing process for manufacturing refractory ceramic carbides, was recently licensed by USNC from ORNL. The proximity to and strong cooperation with ORNL continue to be highly instrumental in USNC’s efforts to commercialize these technologies and establish a cost-effective advanced nuclear fuel supply chain. Adjacent to the pilot facility is the Y-12 National Security Complex, offering key resources and expertise that will be essential in facilitating uranium processing operations at USNC.
“As a national leader in clean, reliable nuclear energy, Tennessee plays a significant role in powering America and fueling our economy,” said Tennessee Governor, Bill Lee. “Our highly skilled workforce, strong business climate and local advantages make Oak Ridge the premier location for Ultra Safe Nuclear Corporation, and I commend their decision to expand in Tennessee.”
“USNC was precisely the type of company we wanted to occupy this facility when CROET built it as a speculative building on property formerly owned by the U.S. DOE,” explained Teresa Frady, President and CEO of Community Reuse Organization of East Tennessee (CROET). “USNC’s cutting-edge technologies are a perfect fit for the Heritage Center, and the company will be a powerful job-generator for the community.”
"It's great to see companies like USNC co-locating near the laboratory to further collaborations on nuclear fuel R&D efforts that benefit our community and are key to net-zero goals," said Kathy McCarthy, Associate Laboratory Director for Fusion and Fission Energy and Science at Oak Ridge National Laboratory.
Siting USNC’s pilot fuel manufacturing facility at the ETTP site highlights the success of the re-industrialization program that was launched in the 1990s by the DOE and the Oak Ridge community. These efforts to clean-up and reuse former Manhattan Project sites and facilities have made available ideal brownfield industrial sites that USNC is now able to productively utilize as it works to deliver and fuel its advanced nuclear energy modules.
Privately funded, American-owned and controlled USNC has invested more than $12M to date into the PFM facility with more to follow. USNC’s growing presence in Oak Ridge will create more than 30 highly skilled jobs within the first two years of operation. The company’s expansion in Oak Ridge highlights USNC’s commitment to rapid and efficient development of its advanced technologies and a focus on delivering tangible products to an energy market that needs nuclear power to shed carbon emissions.
“The investment of USNC in the PFM facility and other advanced manufacture facilities in the U.S. indicates that the commercialization of our micro modular reactor is imminent,” stated USNC’s CEO, Francesco Venneri. “We’re reaching a key point in the evolution of the MMR, with a well-developed technology, the responsive engagement with regulators, and the demand from customers in multiple regions, where a firm commitment to establish a strong manufacturing base is warranted. The PFM facility is one extremely important step we are taking in this direction.”
About Ultra Safe Nuclear Corporation
Ultra Safe Nuclear Corporation (USNC), a wholly U.S.-controlled corporation headquartered in Seattle, is a global leader in the deployment of micro reactors, and a strong vertical integrator of nuclear power technologies. The company is committed to bringing safe, commercially competitive, clean and reliable nuclear energy to power markets throughout the world. USNC is demonstrating MMR Energy Systems at the Canadian Nuclear Laboratories in partnership with Ontario Power Generation and at the University of Illinois, and has started new projects to further deploy its technology in the United States, Canada, and Europe. The company adheres to strict inherent and intrinsic safety principles through technological innovation in fuels, materials, and design. USNC is Reliable Energy. Anywhere.
USNC media contact:
Ray Vincenzo
206.290.4431
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CHICAGO--(BUSINESS WIRE)--PNE USA, Inc., a subsidiary of PNE AG, a publicly traded renewable energy company based in Cuxhaven, Germany, announced it has sold a 199 MWp solar project to a top tier USA operator. When complete, the 2-phase development will have a capacity of up to 398 MWp, making it one of the largest installations in the state of Utah.
PNE AG has built its reputation with more than 25 years of success in onshore and offshore wind. This sale, its second utility scale solar transaction in the United States, exemplifies the company’s commitment and expertise in the industry. In the US, PNE has now developed and sold more than 800 MW of utility scale wind and solar energy projects.
Karl Dahlstrom, CEO of PNE USA remarked, “We are pleased to have finalized this transaction with a top tier sponsor. This project will meaningfully contribute to Utah’s Renewable Portfolio Goal of 20% renewables by 2025. With our expanding team and growing portfolio we anticipate more successful developments in the near future.”
About PNE USA
PNE USA is a leading renewable energy company with projects in development and operating throughout the United States. As a subsidiary of the PNE AG Group, headquartered in Germany, our experienced team is committed to successfully developing, financing, constructing, and operating utility scale wind, photovoltaic solar, and energy storage projects. We are driven by the belief that a better future will be built on better energy choices. With this belief we are dedicated to making that better future happen.
About PNE AG
PNE Group is a German wind power pioneer operating globally as one of the most experienced project developers of onshore and offshore wind farms. Based on this success, our team of around 500 best-in-class employees has grown to become a full-service clean energy solutions provider. PNE Group boasts a development pipeline in wind energy and photovoltaic of more than 7,600 megawatts, which is in part due to the Company’s diversification into these additional business segments and its geographic expansion into growing markets such as Latin America, Africa, the Middle East and Asia.
Naomi Lovinger
PNE USA, Inc.
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+1 (312) 604-5750
Experienced Appointments Position Industrial Sun for Immediate Deployment
AUSTIN, Texas--(BUSINESS WIRE)--Industrial Sun, an Austin-based utility-scale renewable energy developer, has hired four renewable energy industry veterans with a distinguished track record of success.
Together, the team has developed gigawatts of energy projects throughout the United States that are either in operation or currently under construction – representing billions of dollars of power generation investment. The new team members, reporting directly to Industrial Sun managing directors Wade Gungoll and Dan Seif, include:
“We moved quickly to enable immediate, top-quality operation via the acquisition of exceptional talent. Best-in-class development capabilities and a strong customer-centric focus are necessary for us to succeed in the competitive industrial-solutions power market. These new team members provide the necessary firepower,” said Dan Seif, Managing Director and Co-Founder of Industrial Sun.
About Industrial Sun
Industrial Sun is a renewable energy and storage developer, purpose-built to serve industrial and high energy demand customers, including refineries, pumping and compression stations, manufacturing and/or processing plants, terminals, and data centers. Our development team works with project landowners and surrounding communities to responsibly develop power projects that support the success of local communities for generations to come. Industrial Sun’s senior team shares more than 70 years of collective renewable energy experience and gigawatts of power project development, power sale, and financing experience. Industrial Sun is a Modern Energy company. For more information, visit www.industrialsun.com.
Lauren Scolnic
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ROSWELL, Ga.--(BUSINESS WIRE)--GS Yuasa Lithium Power (GYLP) announced today that GS Yuasa Technology LTD (GYT) has successfully completed qualification testing of the new LSE12x lithium-ion (Li-ion) cell. The LSE12x cell (12Ah, 3.75V, 45Wh) is the smallest space qualified Li-ion cell manufactured by GS Yuasa and is intended to align with the market's expansion toward smaller spacecraft, including those with high power requirements, as well as human rated missions.
The LSE12x cell form factor is inspired by GS Yuasa’s mature commercial aviation and automotive cell designs. From this heritage foundation, the cell’s structure was enhanced to tolerate launch and space environments enabling the LSE12x cell to meet strict performance, reliability and cost objectives.
GS Yuasa's leadership position in Li-ion on a total spacecraft energy storage capacity basis was won through addressing a variety of use cases and power classes. Still, much of that success has been in support of medium to large satellites. By combining GYT’s space qualified Generation IV lithium cobalt dioxide chemistry in a smaller form factor, the LSE12x will now allow manufacturers of launch vehicles and small to medium power class spacecraft access to this industry leading Li-ion chemistry for space applications.
Attributes existing customers have grown to expect from GS Yuasa's solutions remain intact including ultra-high reliability, competitive value, outstanding capacity retention through time and cycling, extremely low internal resistance and low resistance growth throughout life. The Generation IV life and performance modeling capability and the 12Ah nominal capacity allow users to configure and optimize battery systems tailored to unique mission profile and requirements.
The LSE12x helps to address a gap in the aerospace energy storage market. At present, many manufacturers of smaller spacecraft source mass produced Li-ion cells intended for commercial terrestrial applications. These commercial cells are relatively inexpensive; however, certification of these cells for space applications requires significant testing expense. This expense is compounded due to the risk that commercial cell manufacturers are not obligated to hold design configurations or disclose changes to parts, material or processes. Certification testing must be repeated again and again for each unique cell lot procured to verify cell performance has not changed.
The LSE12x mitigates this significant program risk by offering a small form factor cell that maintains full configuration control and is built to AS9100 Aerospace quality standards with an auditable manufacturing and change record.
Battery: GYLP is currently engaged in the design of a scalable battery based on the LSE12x cell building block. Battery configurations will offer capacities ranging from 360Wh to 4320Wh. The design has just completed its Preliminary Design Review and full battery qualification is anticipated to be complete by Q2 2023.
Tom Pusateri – Dir. Business Development
GS Yuasa Lithium Power, Inc.
1150 Northmeadow PKWY Suite 118
Roswell, GA 30076 USA
888.GSYUASA (888.479.8272)
678.892.7501 (Fax)
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http://www.gsyuasa-lp.com
DUBLIN--(BUSINESS WIRE)--The "Lubricants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Base Oil (Mineral Oil, Synthetic, Bio-Based Lubricants, and Others), Product Type (Engine Oil, Hydraulic Oil, Gear Oil, Grease, Compressor Oil, and Others), and End Use" report has been added to ResearchAndMarkets.com's offering.
The global lubricants market was valued at US$ 148.18 billion in 2020 and is projected to reach US$ 190.64 billion by 2028; it is expected to grow at a CAGR of 2.7% from 2021 to 2028.
Lubricant is a friction-reducing film between moving objects and helps in reducing the heat generated. Lubricant performs functions such as transmitting forces, transporting foreign particles, and heating and cooling surfaces. Depending on the nature of lubricants, they are used to eliminate heat and wear debris, supply additives into the contact, transmit power, protect, and seal.
Based on end use, the global lubricants market is segmented into oil and gas, industrial, chemical, automotive, marine, and others. In 2020, the automotive segment accounted for the largest share in the lubricants market. The high demand for lubricants from the automotive industry is due to increased sales of consumer automotive, such as trucks, buses, and other forms of passenger transport.
The economic growth in developing and emerging countries, such as China, India, and Brazil, has led to the betterment of public transportation. This trend is expected to strengthen commercial automotive oil demand, thereby supporting segment growth of the lubricant market.
In 2020, Asia Pacific dominated the global lubricants market and is expected to continue its dominance during the forecast period. One of the factors driving the lubricant market is the increasing population in the region, which is accompanied by rising need of automobiles in countries such as China, India, and Indonesia, creating various growth opportunities for the lubricants industry.
Many industries, such as the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties under COVID-19 safety protocols resulted in the contraction of packaging product sales during the initial months of the pandemic.
Along with this, the lockdown impacted the transportation sector, resulting in the low movement of commercial and passenger vehicles across the globe. In China, according to the International Council on Clean Transportation, there was a 23% decrease in the sales volume of new passenger cars in 2020 as compared to the first half of 2019.
All these factors negatively impacted the lubricants market during the COVID-19 pandemic. As the industries have started recovering, the demand for lubricants is likely to increase in the coming years. The recovering automotive, marine, chemical, and oil & gas industries will have a positive impact on the lubricants market.
Royal Dutch Shell, Exxon Mobil Corp, Chevron Corp, BP plc, Total, Lukoil, Sinopec Lubricant Company, Fuchs, Indian Oil Corp, and Valvoline are among the key players operating in the lubricants market.
Major market players adopt strategies such as mergers & acquisitions and product launches to expand their geographic presence and consumer base.
The overall global lubricants market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers - along with external consultants such as valuation experts, research analysts, and key opinion leaders - specializing in the global lubricants market.
Reasons to Buy
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Lubricants Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.3 Expert Opinion
4.4 Ecosystem Analysis
4.4.1 Raw Material
4.4.2 Manufacturing/Processing
4.4.3 Distributors
4.4.4 End Use Industry
5. Lubricants Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Automobile Sector
5.1.2 Rapid Industrial Growth
5.2 Restraints
5.2.1 Constant Change in Lubricant Specification
5.3 Market Opportunities
5.3.1 Increasing Demand for Lubricants from Wind Energy Sector
5.4 Future Trend
5.4.1 Growing Demand for Synthetic Lubricants
5.5 Impact Analysis of Drivers and Restraints
6. Lubricants - Global Market Analysis
6.1 Lubricants Market Overview
6.2 Lubricants Market -Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning - Lubricants Market Players
7. Lubricants Market Analysis - By Base Oil
7.1 Overview
7.2 Lubricants Market, By Base Oil (2020 and 2028)
7.3 Mineral Oil
7.3.1 Overview
7.3.2 Mineral Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Mn)
7.4 Synthetic Oil
7.5 Bio Based Oil
8. Lubricants Market Analysis - By Product Type
8.1 Overview
8.2 Lubricants Market, By Product Type (2020 and 2028)
8.3 Engine Oil
8.3.1 Overview
8.3.2 Engine Oil: Lubricants Market - Revenue and Forecast to 2028 (US$ Mn)
8.4 Hydraulic Oil
8.5 Gear Oil
8.6 Grease
8.7 Compressor Oil
9. Lubricants Market Analysis - By End Use Industry
9.1 Overview
9.2 Lubricants Market, By End Use Industry (2020 and 2028)
9.3 Oil & Gas
9.3.1 Overview
9.3.2 Oil & Gas: Lubricants Market - Revenue and Forecast to 2028 (US$ Mn)
9.4 Industrial
9.5 Chemical
9.6 Automotive
9.7 Marine
10. Lubricants Market - Geographic Analysis
10.1 Overview
11. Impact of COVID-19 Pandemic on Global Diamond like Carbon Market
11.1 Overview
12. Industry Landscape
12.1 Product & Service Launch
12.2 Business Planning and Strategy
13. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ge3lzl.
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Laura Wood, Senior Press Manager
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FORT WORTH, Texas--(BUSINESS WIRE)--Smarter energy company Linear Labs has launched production of its new High Torque and Ultra High Efficiency electric motor and new intelligence drive system, called the HET Light, aimed at meeting the increased demand of the Light Electric Vehicle (LEV) industry. The LEV market is one of the fastest growing markets in electrification and expected to reach 125 million units globally by 2025. The LEV industry includes smaller mobility vehicles like neighborhood electric vehicles, small utility vehicles, golf carts, material handling vehicles, recreational vehicles, light electric motorcycles, e-bikes and mopeds.
The production launch includes two models – the market leading HET Light 30 and HET Light 45 Series. The patented electrification system out performs all LEV motors with twice the torque and higher efficiency. The 45 Series motor system produces 250 Nm peak torque and 94 percent peak efficiency and weighs 9.7kg. The 30 Series motor system produces 150 Nm peak torque and 94 percent peak efficiency and weighs 6.9kg. The HET Light Series higher torque and efficiency increases vehicle performance, extends range, reduces vehicle weight, provides significant volume space savings and eliminates gear reduction.
“U.S. built motors have become a national strategic imperative. We are bringing high torque and high efficiency motor manufacturing back to the U.S.,” said Brad Hunstable, founder and CEO of Linear Labs. “As we enter the next wave of electrification, Linear Labs is driving global impact through smarter energy systems starting with the HET Light Motor System.”
Linear Labs patented High Efficiency Torque (HET) motor and Intelligent Control Drive, produces up to twice the torque of competitor motors – or the same torque in half the size – and can be made using rare-earth or ferrite magnets. The design is based upon a breakthrough design and AI (artificial intelligence) Driving software control system creating the most powerful and AI motor system in the market.
Recognizing the potential global impact and the national security strategic imperative of US electrification manufacturing, in 2021 the city of Fort Worth and Linear Labs finalized a $68.9 million economic incentive package to further solidify the city as the next tech innovation hub. Linear Labs projects thousands of new skilled jobs over the next 10 years at its research and production center which manufactures electronification drive systems for electric vehicles and industrial applications.
“Fort Worth has become a growing technology hub that is ripe to bring some of the best and brightest technology and smart energy talent to the city, “ said Fort Worth Mayor Mattie Parker. “We are open for business and welcome the opportunity to support Linear Labs and businesses like it who are moving us into the next generation of smart energy technology.”
Linear Labs recently closed its Series A funding of $17 million to further support manufacturing capabilities that include expanded manufacturing expertise, supply chain infrastructure and logistics, advanced automation and robotics engineering and adding additional engineering talent to its team. The round was led by THRC Investments, and Folsom Point Equity, with existing investors Lowercarbon Capital, Kindred Ventures, Saltwater Capital, Champion Hill Ventures, OzoneX Ventures and Capital Factory.
For more information about the technology visit linearlabsinc.com.
About Linear Labs, Inc.
Linear Labs, a U.S.-based smarter energy company, with the highest torque and efficiency electric motor system available, is redefining mobility and industrial applications, ushering a new era of smarter energy utilization. Linear Labs motors are designed to deliver ultra-high efficiency with patented breakthroughs leading to double the torque of competitive motors, increased range, and significantly lowered power consumption.
The company’s smart electric motors are IoT connected with machine learning intelligence software and feature the world's first electric transmission able to adjust for changing conditions in real time, compounding efficiencies as motor settings are customized to application and usage needs.
Susan K. Medina
SKM Communication Strategies, LLC
817-707-1306
DUBLIN--(BUSINESS WIRE)--The "Industrial Valve Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Material Type; Valve Type; Industry" report has been added to ResearchAndMarkets.com's offering.
The industrial valve market is expected to reach US$ 125.59 billion by 2028 from US$ 78.18 billion in 2021; it is estimated to grow at a CAGR of 7.0% from 2021 to 2028.
APAC constitutes a large population and high per capita income, along with vast industrialization and increasing urbanization. Further, highly industrialized countries such as China, India, Japan, and South Korea are increasingly emphasizing the development of wastewater treatment facilities to tackle the issue of environment conservation. The region is also the largest consumer of crude oil and gas, which is another factor boosting the adoption of industrial valves.
The industrial valve market is segmented on the basis of material type, valve type, and industry. Based on material type, the market is segmented into cast iron, steel, cryogenic, alloy-based and others. Based on valve type, the industrial valve market is segmented into ball valve, butterfly valve, diaphragm valve, safety valve, and piston ram valve. On the basis of industry, the industrial valve market is segmented into oil & gas, water treatment, power & energy, chemical & petrochemical, food & beverage, healthcare & pharmaceutical, and others.
Valen Inc., Crane Co., Circor International, Emerson Electric Co., Flowserve Corporation, Kitz Corporation, Neway Valve (Suzhou) Co. Ltd., Spiral Sarco, Schlumberger Limited, and IMI PLC are among the key players operating in the global industrial valve market.
Reasons to Buy
Key Market Dynamics
Market Drivers
Key Market Restraints
Key Market Opportunities
Future Trends
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/l64ro6.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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