NEWBURY PARK, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQB: KGEIF), is pleased to announce that its indirect wholly-owned subsidiary BNK Petroleum (US) Inc. (“BNK US”) has successfully drilled and cased the Barnes 8-4H well (99.8% working interest) in its Tishomingo field in Oklahoma.
The completion operations for the Barnes 7-3H well (98.07% working interest), which the Company drilled and cased in January, are expected to commence on February 25th, with flow back and production anticipated in March.
Wolf Regener, President and CEO commented, “Our team once again did a great job drilling the Barnes 8-4H well safely and on budget. The well was drilled in about 15 days, which was 4 days faster than the Barnes 7-3H well was drilled. We are looking forward to completing these new wells, both of which are located in the heart of our field, where our best performing wells are located. The hydrocarbon shows recorded while drilling the laterals look comparable to our best wells.”
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.
Cautionary Statements
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward looking information”), including statements regarding the timing of and expected results from planned wells development. Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including that that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contract disputes or shortages of equipment or labor are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected adverse effects on the Company’s operations, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the price of oil will decline, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
For further information, contact:
Wolf E. Regener +1 (805) 484-3613
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Website: www.kolibrienergy.com
MELBOURNE, Fla.--(BUSINESS WIRE)--L3Harris Technologies (NYSE:LHX) Vice Chair and CEO Chris Kubasik and Senior Vice President and Chief Financial Officer Michelle Turner will present at the Barclays Industrial Select Conference on Wednesday, February 23, 2022.
The live event is scheduled to start at 8:00 a.m. ET and remarks will be streamed (listen-only) at L3Harris.com. A replay will be available through the company’s website for seven days following the event.
About L3Harris Technologies
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has approximately $17 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.
Rajeev Lalwani
Investor Relations
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321-727-9383
Jim Burke
Media Relations
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Industry-leading project designed to improve feeder-level system reliability and resiliency.
CHICAGO--(BUSINESS WIRE)--#DER--Sunverge Energy, the provider of an industry-leading distributed energy resource (DER) control, orchestration and aggregation platform, today announced that it has been selected by Commonwealth Edison (ComEd), an Exelon company and the largest electric utility in Illinois, to provide a battery energy storage solution to enhance feeder-level system reliability and resiliency, and reduce the duration and frequency of customer outages. The front-of-the-meter residential project provides ComEd with an alternative to traditional distribution-level grid hardening solutions.
"ComEd has distinguished itself as an innovator and is one of the most reliable electricity delivery companies in the nation, so we’re honored to partner with them on this initiative,” said Martin Milani, CEO of Sunverge Energy. “The Sunverge platform is designed to work with upstream and midstream utility grid management systems, which allows for the smooth integration of feeder-tied energy storage systems into core distribution grid planning and operations."
Unlike typical residential battery applications, this project focuses on an innovative new approach: locating the energy storage systems in front of the residential meter and integrating tightly with utility distribution SCADA. This application will result in a new technique where the systems are not installed on the customer premises and where traditional solutions are not a good economic, technical or locational fit. The front-of-the-meter application will showcase the versatility of the Sunverge platform in direct distribution grid management, confirming its value capture from consumer to grid operator. The learnings and standards developed from the project will be scaled for large-scale utility-owned front-of-the-meter assets to enhance residential feeder reliability and resiliency. The project is expected to be completed in 2022.
About Sunverge Energy
Sunverge Energy provides the leading open dynamic platform for Virtual Power Plants (VPP), a grid-aware and dynamic power source built from the aggregation of behind-the-meter DERs (distributed energy resources). The Sunverge real time DER control, orchestration and aggregation platform is unique in providing dynamic multi-objective optimization of services on both sides of the meter, helping customers with intelligent management of their own renewable energy generation and utilities with greater flexibility in managing their infrastructure investments, reducing generation costs, increasing system reliability, and meeting their renewable energy goals. Together with the Sunverge Infinity edge controller, the Sunverge VPP platform provides intelligent dynamic near real-time control over decentralized energy resources that is efficient, reliable, and responsive to utilities and their customers. For more information please visit http://www.sunverge.com/
Media
Jared Blanton, Antenna Group for Sunverge
415-712-1417
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Amazon tops the list for second straight year; four new companies enter the Top 10
WASHINGTON--(BUSINESS WIRE)--Today, the Clean Energy Buyers Association (CEBA), formerly the Renewable Energy Buyers Alliance (REBA), announced the release of its annual Deal Tracker Top 10 list, showcasing the leading energy customers that procured clean energy in the U.S. in 2021. Amazon leads the list for the second straight year with 2.85 gigawatts (GW) of announced projects. Energy customers continued to demonstrate their critical role in influencing the evolution of the energy market with more than 100 projects announced totaling 11.06 GW of contracted capacity in 2021.
“CEBA recently set an ambitious aspiration to achieve a 90% carbon-free U.S. electricity system by 2030 and a global community of energy customers driving clean energy. Energy customers have demonstrated a dedicated commitment to decarbonization over the last decade,” said CEBA CEO Miranda Ballentine. “The overall impact of companies that make up the 2021 Deal Tracker Top 10 showcases that our vision for customer-driven clean energy for is truly possible, and beyond that, within reach if we continue to advance market and policy solutions together.”
2021 CEBA Deal Tracker Top 10
Ranking |
Company | Volume (Gigawatts) |
1 |
Amazon |
2.85 |
2 |
Meta |
1.82 |
3 |
Verizon |
1.02 |
4 |
.600 |
|
5 |
Microsoft |
.550 |
6 |
Plug Power* |
.345 |
7 |
Pfizer* |
.310 |
8 |
Target |
.292 |
9 |
PepsiCo |
.257 |
10 |
McDonald’s |
.230 |
*company is not a CEBA member |
||
As the strategies used to transact in the energy market have evolved to reflect increasingly ambitious climate action goals, so too has the profile of what was once considered a typical energy customer company. The CEBA Deal Tracker Top 10 showcases that a variety of industries now play a critical role in decarbonization of the energy system and have established increasing bold climate action goals, including telecommunications services, consumer staples, and industrials.
“We’re proud of Amazon’s rapidly growing renewable energy portfolio, which is driven by a sense of urgency to reduce carbon emissions and curb the climate crisis. We believe investing in clean energy is the right thing to do for our business, our customers, and the planet,” said Kara Hurst, Vice President of Worldwide Sustainability at Amazon. “Amazon is on an accelerated path toward powering our operations with 100% renewable energy by 2025, five years ahead of our original 2030 target. We’re grateful for this recognition and welcome CEBA’s continued leadership in cultivating a global community of energy customers dedicated to securing clean energy access for all."
The energy customer mindset regarding the true impact of clean energy has shifted Beyond the Megawatt with a focus on optimizing carbon-reduction emissions, community engagement and environmental impacts. For example, Microsoft’s new vision integrates a commitment to invest clean energy generated revenue toward community impact initiatives. McDonald’s strategy integrates job creation in local communities while harnessing solar and wind energy through virtual power purchase agreements.
“We are proud of our renewable energy partnerships because they represent progress toward McDonald’s net zero climate ambition, while also creating jobs and driving local impact. These investments are another meaningful way McDonald’s is working toward a more sustainable future,” said Jenny McColloch, McDonald’s Chief Sustainability Officer.
In 2021, CEBA introduced a simple, yet powerful vision of customer-driven clean energy for all. The 2021 Deal Tracker Top 10 demonstrates the scale and influence of energy customers that have contracted nearly 47 gigawatts of clean energy – about 20% of all wind and solar capacity in the U.S. – over the last decade. As a business trade association, CEBA will continue to catalyze its community of nearly 300 members thorough foundational education, stakeholder collaboration and acceleration of advanced and innovative market strategies.
The CEBA Deal Tracker is a unique tracking mechanism that focuses on U.S.-based utility-scale corporate procurement. The annual CEBA Deal Tracker Top 10 list features the top companies, or energy customers, leading renewable energy procurement. You can download the full CEBA Deal Tracker here.
Marisa Long
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The latest technology upgrades will support more efficient and effective operations in Hong Kong and DaChan Bay Terminals
OAKLAND, Calif.--(BUSINESS WIRE)--Navis, the provider of operational technologies and services that unlock greater performance and efficiency for leading organizations throughout the global cargo supply chain, today announced that Modern Terminals Limited (MTL) has completed its upgrade of Navis’ N4 Terminal Operating System (TOS) in Hong Kong and DaChan Bay. One of the largest terminal operators in the region, MTL selected Navis N4 to optimize terminal operations in order to provide high quality services to customers and other users of the terminals.
Modern Terminals has been a pioneer in the container terminal industry in Hong Kong and mainland China since it opened Hong Kong’s first purpose-built container-handling facility in 1972. Today, it owns and operates container terminals at Kwai Tsing Container Port in Hong Kong and operates in DaChan Bay Terminals in the Pearl River Delta. The ports in Hong Kong and DaChan Bay have a total of 56 quay cranes and 209 RTGs, handling more than 6.5 million TEUs on an annual basis.
With an aggressive implementation timeline, MTL and Navis worked closely together to bring the terminal online with a modernized system to support its complex and vast operations. Due to international COVID travel restrictions, the go-lives were supported remotely by Navis’ Professional Services team which delivered a smooth and quick implementation, improving the terminal’s time to value.
“Our TOS is one of the keys to delivering high levels of productivity and efficiency in our operations,” said Michael Yip, Chief Innovation Officer of MTL. “With the updated system in place, we are well positioned to not only meet the needs of our shipping line customers today but also support our future plans to bring in more digital initiatives to our terminals in Hong Kong and DaChan Bay.”
“During a high stakes environment for the global supply chain industry, we are thrilled to work together with the MTL team to further advance its terminal operations and reach its business goals with the latest version of N4,” said David Houser, VP and GM of Asia-Pacific at Navis. “With our intelligent TOS connecting the dots throughout the terminal, MTL has all the data it needs at its fingertips to make real time business decisions; building its reputation as a reliable gateway to keep cargo flowing smoothly in the region.”
To learn more, visit www.navis.com
About Navis, LP
Navis is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com.
Jennifer Grinold
Navis, LP
T+1 510 267 5002
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Anna Patrick
Gregory FCA
T+1 212 398 9680
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OVO Energy, the U.K.’S 3RD Biggest Energy Supplier, Partners With World-Famous Venue Operated by ASM Global
OVO Energy Also Commits to Support ASM Global on Its Journey to Achieve ‘a Greener Arena’ Certification for OVO Arena Wembley
AEG Global Partnerships, Which Originally Brokered Naming-Rights Deal for the Venue in 2014, Supports OVO Energy With Sustainability-Focused Rebrand
Deal Supports OVO Energy’s Commitments to Become a Net-Zero Business by 2030 and Drive Progress Toward Zero-Carbon Living
LOS ANGELES--(BUSINESS WIRE)--#ASMGlobal--OVO Arena Wembley is the new name for one of the U.K.’s most coveted live entertainment venues, managed by ASM Global, the world’s leading venue management and services company.
Synonymous with some of the world’s biggest artists and shows for over 60 years, the iconic concert and events venue is expected to welcome around 1 million visitors in 2022.
Fans will be treated to an array of talent with international artists such as 50 Cent, Armin Van Buuren and Sigrid joining U.K. stars including KSI, The Cure and Anne-Marie.
The venue will also continue to develop its sustainability credentials as part of a journey to achieve “Greener Arena Certification.” A Greener Festival’s rigorous, independent certification process provides external verification that carbon reduction and transition strategies are at the heart of all venue operations, from catering to materials used and circularity.
With a shared vision for a greener live events industry, OVO will support venue operator ASM Global’s goal to achieve this “Greener Arena Certification,” set to be implemented across all ASM Global venues. Through funding of specific carbon-reduction and environmental initiatives recommended as a result of the annual accreditation process, the certification will allow fans and artists to experience the joy of live entertainment at the iconic London venue, with the feel-good factor of minimizing their impact on the environment.
The development and implementation of these sustainable strategies at the OVO Arena Wembley will be backed and bolstered by social responsibility platform ASM Global Acts, which pledges the venue operator’s commitment to protecting the environment.
OVO’s head of sponsorship and partnerships, Colin Banks, said:
“At OVO we’re committed to establishing purposeful partnerships that reflect our commitment to make zero-carbon living a reality—not just in the home, but in the things we love doing, too, whether that is going to a gig or comedy show.
“That’s why we share in the OVO Arena Wembley’s ambition to help live entertainment in becoming more sustainable. It’ll take time, but together we want to identify meaningful ways through which to make lower-impact live events a headline act in their own right; and working with A Greener Festival represents a very positive step in that journey.
“But we know that’s just the beginning, and we want to continue to support the venue in identifying practical ways in which we can help to further reduce its environmental impact, without detracting from OVO Arena Wembley’s first-class visitor experience. We look forward to releasing more details around some of the initiatives already being considered in the very near future.”
John Drury, vice president and general manager at OVO Arena Wembley, added:
“ASM Global is delighted to support OVO Energy on the renaming of OVO Arena Wembley. The live entertainment industry has endured a challenging couple of years, but ASM Global is now looking forward to a bumper schedule of events across 2022.
“As we look to welcome more fans than ever before, we’re working hard to manage the environmental footprint of our operation—one show at a time. This partnership between OVO Energy and ASM Global means that our brilliant events will be aligned with our shared desire for a carbon-free future.”
Chris Bray, executive vice president Europe, ASM Global, added:
“ASM Global is committed to providing sustainable solutions and initiatives across our portfolio of venues around the world. Our social responsibility platform, ASM Global Acts, pledges our longstanding commitment to protecting the environment as we work toward “Greener Arena Certification” in all ASM Global venues. We are pleased, therefore, to continue our relationship with OVO Energy, a brand which shares our vision for greener strategies in the live events industry.
“Alongside the OVO Energy team at Wembley, we are excited to see how we can continue to work together to develop and collaborate on our ongoing sustainability strategies. Together we aim to continue to ensure this iconic London concert and events venue remains a world-class experience whilst developing it into one of the most sustainable arenas in the world.”
Georgina Iceton, vice president activations at AEG Global Partnerships, added:
“We’re thrilled to support our partner, OVO Energy, on their renaming of such a legendary venue in London. As part of the rebrand, it was important for AEG, ASM Global and OVO that we had a zero-waste-to-landfill policy, so our priority from the offset was to source from new suppliers who would deliver the most sustainable materials in the market.”
“The initiatives, through all aspects of this progressive project, were underpinned by AEG’s drive for meaningful partnerships that support goals of both the venue and partner. Through the work we establish with A Greener Festival, we will be able to implement new solutions for this legendary building, which will see even greater energy efficiencies across the venue.”
OVO Arena Wembley will host its next event when KSI headlines the venue on Friday, Feb. 25, 2022. Tickets are available at ovoarena.co.uk.
Follow OVO Arena Wembley on social media @ovoarena.
About OVO Arena Wembley
OVO Arena Wembley is one of the U.K.’s most legendary concert and events venues. For over 60 years, the 12,500-capacity arena has seen some of the biggest names in music walk through its doors from Queen, The Rolling Stones and The Beatles to David Bowie, Cher, Michael Jackson, Madonna and ABBA.
Hosting over 100 shows a year, the venue welcomes around 1 million fans every year. As well as delivering world-class live entertainment, OVO Arena Wembley is committed to reducing the environmental impact of its operations and events.
Working collaboratively with title partner OVO Energy and other partners, the venue has and will continue to identify opportunities to help make OVO Arena Wembley more sustainable, delivering lower-impact events that are a headline act of their own.
About OVO Energy
OVO Energy was founded in 2009 and redesigned the energy experience to be fair, effortless, green and simple for all customers. The company has spent the last decade investing in the market leading technology, customer service operations and digital products to help members cut their carbon emissions. OVO is on a mission through its sustainability strategy Plan Zero to tackle the most important issue of our time, the climate crisis, by bringing our customers with us on the journey toward zero-carbon living. OVO Energy has committed to being a net-zero-carbon business and achieve bold science-based carbon reduction targets by 2030, while helping members halve their carbon footprint at the same time.
Through its venue partnerships, OVO hopes to inspire people to become part of a movement toward a brighter, lower carbon future—one gig at a time.
About AEG Global Partnerships
AEG Global Partnerships oversees the worldwide sales and servicing of sponsorships for AEG’s entire portfolio of assets. Creating customized and innovative marketing programs for established and emerging brands, it has created some of the most iconic brand partnerships in the entertainment industry, including Crypto.com Arena in L.A., The O2 in London and Coachella Music Festival. Overall, the division manages naming-rights deals, premium seating and other strategic partnerships. Through its worldwide network of venues, portfolio of powerful sports and music brands and its integrated entertainment districts, AEG entertains more than 100 million guests annually. More information about AEG can be found at aegworldwide.com.
About ASM Global
ASM Global is the world’s leading producer of entertainment experiences. It is the global leader in venue and event strategy and management—delivering locally tailored solutions and cutting-edge technologies to achieve maximum results for venue owners. The company’s elite venue network spans five continents, with a portfolio of more than 325 of the world’s most prestigious arenas, stadiums, convention and exhibition centres, and performing arts venues.
Follow us on Facebook, Instagram and Twitter or visit asmglobal.com.
About A Greener Festival
A Greener Festival (AGF) is a not-for-profit organization committed to helping events, festivals and venues around the world to become more sustainable and to reduce environmental impacts.
A Greener Arena (AGA) was launched in 2020 by AGF to help venues to become more sustainable.
Since 2007, the AGF Award Scheme has assessed and certified hundreds of events and festivals worldwide, providing independent audit and external verification. AGF will look at all areas of the business, from power usage, food and beverage, material use and circularity to health and well-being and local community and ecological impacts.
Current clients include AEG Presents, Glastonbury Festival, The Royal Parks and RHS Chelsea Flower Show.
For more information on OVO, please contact:
Alasdair Wallace – Material
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ASM Global Press Contact:
Jim Yeager (breakwhitelight for ASM Global)
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1-818-264-6812
WINDSOR, Conn.--(BUSINESS WIRE)--ZoneFlow Reactor Technologies, LLC (ZFRT) today announced that it has been granted a U.S. patent for its ZoneFlowTM Bayonet Reactor. The reactor's innovative design promises to drive down the cost of hydrogen production significantly, further strengthening the resource's viability as an alternative for fossil fuel use.
The ZoneFlowTM Bayonet Reactor addresses the challenges posed by traditional reactors containing single-pass tubes by using some of the excess heat in syngas (a mixture of heated hydrogen and other byproducts) in order to create more hydrogen. Recirculating syngas through the Bayonet Reactor transfers the heat in the syngas to the cooler reactant gases entering the reactor, contributing 15% - 20% of the heat required for hydrogen production. This results in a corresponding reduction in the demand on, and the expense of, the furnace and its fuel.
“Securing this U.S. patent is a milestone achievement as we work toward commercializing new technologies that make cleaner, more efficient hydrogen production a reality,” said Bruce Boisture, President of ZoneFlow. “We are pleased about the Bayonet Reactor’s potential to enable energy producers to increase hydrogen production with an unprecedented level of efficiency.”
ZoneFlow expects to test the commercial version of the Bayonet Reactor in 2022 in connection with its recently announced joint development project with Honeywell UOP.
ZoneFlow Reactor Technologies, LLC (www.zoneflowtech.com), a privately held company, is a developer of innovative reactor and process technology for the steam methane reforming industry.
ZFRT media:
860-508-1505
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Investments have helped prevent more than 17 million customer outages since 2011
CHICAGO--(BUSINESS WIRE)--ComEd in 2021 delivered some of its highest levels of year-over-year reliability as a result of power grid investments such as smart switches that reroute power around potential problem areas, new storm hardening and vegetation management solutions, and cable replacement. Since grid improvements began in 2011, overall reliability has improved 68 percent. ComEd has avoided more than 17 million outages for customers, saving more than $3 billion in outage costs.
Utilities must continue to invest in the power grid to address severe weather and rapid increases in renewable energy and electric vehicles. ComEd has proven itself as a national leader in the use of advanced technologies to benefit its customers and communities and ensure the region remains competitive.
“To meet the needs of our customers, ComEd continues to modernize the grid to deliver the reliable power that our customers and communities need to live, work and succeed in a 21st century economy,” said Terence Donnelly, president and chief operating officer of ComEd. “In the face of increasing and more intense weather events, our investments have enabled ComEd to reach new heights of reliability while laying the foundation for future technologies that expand renewables and support Illinois customers and communities as we transition to a clean energy economy.”
Grid investments have provided customers reliable power but have also paved the way for ComEd customers to realize the full potential of digital grid technology, providing access to more clean energy options like solar, wind and more. At the same time, ComEd’s rates today are among the most competitive in the nation: Average residential rates are 17 percent lower than the 10 top U.S. metro areas, and average commercial rates are 18 percent lower than the top 20 U.S. metro areas. As a percentage of residents’ median income, ComEd’s residential electricity cost is nearly the lowest in the country.
“Investments we’re making in the grid are already helping us reduce the number and duration of customer interruptions,” said Donnelly. “As we invest in technology that brings more renewable energy to the grid, we can both reduce emissions while improving the resiliency of the system.”
In August 2021, the Intergovernmental Panel on Climate Change (IPCC) released a report that outlined the widespread, rapid and intensifying impacts of the climate crisis due to fossil-fuel emissions. The report called out the need for the electric grid to be more resilient because it is often the last line of defense for residents and businesses.
In addition to producing strong power reliability, Illinois’ competitive electricity supply market helped to attract significant business expansion across ComEd’s northern Illinois service territory. In 2021 alone, ComEd’s Economic Development Team helped support the launch of 16 new industrial projects representing 548 MW of new committed capacity-enough to power 155,000 homes. These new projects will collectively support 4,700 new jobs and $3 billion in investment for the region.
“Reliable and clean energy are great assets to Illinois and top priorities for companies making location decisions,” said Intersect Illinois CEO Dan Seals. “ComEd’s investment in infrastructure is key to bringing business to the state.”
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube
ComEd Media Relations
312-394-3500
ST. JOHNS, Newfoundland and Labrador--(BUSINESS WIRE)--Duxion Motors today announced that its Board of Directors has appointed Jon Baksht as an independent director on the Board.
Mr. Baksht is a seasoned Chief Financial Officer with global management experience as CFO of an industry leading S&P 500 corporation. His strong strategic focus and capital markets background has resulted in raising over $25 billion of capital and over $50 billion of strategic transactions being closed. In his most recent position as EVP and CFO of Valaris, the world’s largest offshore drilling contractor, Mr. Baksht led multi-year strategic initiatives to high-grade assets, position the company into key markets, streamline operations and strengthen the balance sheet. Earlier in his career, he worked in investment banking at Goldman Sachs and in management consulting at Accenture. He is an experienced Corporate Director, having served on the Board of ARO Drilling as a committee member and Chairman of the Audit Committee.
Mr. Baksht is a graduate of the Kellogg School of Management at Northwestern University where he earned a Master of Business Administration. He received his undergraduate degree from the University of Texas at Austin, earning a Bachelor of Science with High Honors in Electrical Engineering.
“We are extremely pleased to add Jon to the Board as we continue to grow the company. With the recent patent award for our eJet engine technology and rapid plans for commercialization, Jon’s depth of experience will enhance our strategic decision making and be key for financing our ambitious growth plans,” said Rick Pilgrim, Chairman and Chief Executive Officer of Duxion. “We believe Jon’s uniquely diverse skill set and experiences will advance our position as a market disrupter in the $80 billion aerospace engine market. With over 30,000 jet-powered aircraft that rely solely on fossil fuels, the time to act is now.”
About Duxion
Founded in 2017, Duxion Motors Inc. is an advanced motor design and manufacturing company developing high power density electric propulsion systems for aviation and marine industries. Our engineers have developed powerful scalable electric drives that accelerate the transition to emission free electric transportation. Our patented eJet motor enables jet owners and OEMs to hybridize or fully electrify their existing fleets more quickly and economically.
Rick Pilgrim
(709) 290-0737
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Industry veterans will lead the drilling, completions, facilities, and production for Point Energy as the company focuses on growing and diversifying its operations
FORT WORTH, Texas--(BUSINESS WIRE)--Point Energy Partners (“Point Energy”), a Fort Worth, Texas-based private oil and gas exploration company, today announced the promotion of Jay Brenner to Senior Vice President of Operations. The company also announced the additions of Joel Acosta as Senior Vice President of Operations, and Cameron Boyd as Vice President of Operations.
Founded in 2017 by Bryan Moody, Chief Executive Officer, and John Sabia, Chief Financial Officer, Point Energy is focused in the Delaware Basin with an active drilling program and has assembled more than 15,000 gross operated acres in Loving and Ward counties. The company continues to explore growth opportunities including bolt-on acquisitions surrounding their existing acreage in the core of the Delaware Basin.
“I am delighted to have these three engineering experts with Point Energy and am confident they will help optimize and accelerate the ‘full stack’ development on our core Texas Delaware Basin leases and minerals,” said Point Energy CEO, Bryan Moody. “With Joel Acosta leading our drilling and construction, Jay Brenner leading our completions and production optimization and Cameron Boyd leading our facilities and field operations, there is no other team I would rather have in the Delaware Basin.”
Joel Acosta, Senior Vice President of Operations
Mr. Acosta joins Point Energy with more than 16 years of drilling and operations experience in the Delaware Basin. Most recently, he was Vice President of Operations for Crescent Consulting, where he teamed with other operators to design, drill and operate wells throughout the country with a focus on Texas, Oklahoma, and New Mexico. Prior to Crescent Consulting, Mr. Acosta worked at SandRidge Energy, RKI Exploration & Production and WPX Energy where he managed their respective drilling programs, running as many as 26 rigs and leading teams of engineers and superintendents. Mr. Acosta is particularly adept at managing large capex budgets while striving to control and lower development costs.
Jay Brenner, Senior Vice President of Operation
Mr. Brenner joined Point Energy in 2021 as Vice President of Operations, where he leads the company’s completions, water recycling and production operations efforts. Mr. Brenner’s 10 years of experience has been almost completely focused on the Delaware Basin, where he led the completions teams for RKI Exploration & Production, WPX Energy and Devon Energy. Additionally, he has led field superintendents, water recycling, and reservoir engineering, all of which contribute to the breadth of experiences needed to lead Point Energy as SVP of Operations.
Cameron Boyd, Vice President of Operations
Mr. Boyd joins Point Energy with over 18 years of experience in engineering roles focused on facilities, process engineering, material science and technical safety engineering. Mr. Boyd has more than 10 years of experience with Petrofac Facilities Management where he most recently served as Director of Engineering, focused on designing, building, and managing facilities in the Permian Basin. He brings additional experience leading offshore platform facilities modifications, decommissioning and technical safety programs.
About Point Energy Partners
Point Energy Partners is a private exploration and production company based in Fort Worth and backed by an equity commitment from Vortus Investments. Founded in 2017 by Bryan Moody and John Sabia, Point Energy has focused on building a position in the core of Texas’ Delaware Basin with a strategic business plan to operate a consolidated footprint and develop the prospective stacked pay provided by core Delaware reservoir rock. For more information visit Point Energy Partners Company at pointep.com.
About Vortus Investment Advisors
Vortus Investment Advisors, LLC is a Fort Worth-based private equity firm focused on the lower middle market upstream energy industry in North America. Vortus has an asset-based investment strategy, targeting privately negotiated transactions in the lower to middle market requiring approximately $25 million to $100 million of equity capital in partnership with successful owner/operators. For additional information, please visit vortus.com.
Point Energy
John Sabia, Chief Financial Officer
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Vortus Investment Advisors
Meggan Morrison
Redbird Communications Group
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REC Supports the Companies’ Commitment to Significantly Reducing CO2 Emissions
ARLINGTON, Texas--(BUSINESS WIRE)--Priority Power Management, LLC (“Priority Power”), an independent energy services provider offering smart energy solutions and streamlined transitions to carbon neutrality, advised and represented Texas Brine Company, LLC (“Texas Brine”) and Pure Salt Baytown, LLC (“Pure Salt Baytown”) on a 100 percent renewable energy contract signed with TXU Energy to power their four facilities along the Texas Gulf Coast. Texas Brine and Pure Salt Baytown together, are the largest independent brine producers in the United States and engage in brine production, treatment, and transportation, as well as underground storage of crude oil, natural gas and natural gas liquids at two Texas Brine locations in Texas.
Texas Brine and Pure Salt Baytown will secure certified renewable Texas wind and solar resources from TXU Energy to cover their energy usage at four Gulf Coast locations. Over the life of the contracts, approximately 60 million kilowatt hours of certified clean, renewable energy will be supplied to Texas Brine and Pure Salt Baytown, equivalent to the reduction of approximately 26,000 metric tons in CO2 emissions, or the annual electricity consumption of 4,670 homes, according to the Environmental Protection Agency (EPA).
“As part of our participation in the Responsible Care© global initiative for environmental stewardship in the chemicals industry, we’ve made sustainability one of our guiding principles,” said Texas Brine President Ted Grabowski. Brian Rapp, President of Pure Salt Baytown added “that powering our energy-intensive operations with renewable electricity naturally dovetails with our mission to use chemistry to make the lives of people in our communities safer, healthier, and better.”
"The energy transition is a challenging undertaking, but it's also an exciting time of seeing age-old industries like salt production move into the next era of energy,” said John Bick, Chief Commercial Officer of Priority Power. “Working with companies like Texas Brine and Pure Salt Baytown that are leading the way motivates us to continue helping businesses of all kinds achieve smart, sustainable solutions that will pay real economic and environmental dividends in both the short and long term.”
Gabe Castro, TXU Energy’s Senior Vice President of Business Markets, said, “We applaud Texas Brine and Pure Salt Baytown for being trail-blazers in the solution mining and salt production industries and taking this important step on behalf of the environment and their fellow Texans. We have no doubt this deal will be a building block for continued growth and success in both their sustainability initiatives and their overall business.”
About Priority Power
Priority Power is an independent energy solutions provider focused on energy infrastructure, energy transition program management, market intelligence operations, and energy structuring. Priority Power serves over 6,700 clients, totaling $2.7 billion in energy spend and 94 TWh of electricity managed across 31 states. The Company prioritizes energy efficiency and seeks to leverage its engineering, procurement, construction, and market expertise to aid in decarbonization of the industrial economy. For more information on Priority Power, please visit www.prioritypower.com.
About Texas Brine Company and Pure Salt Baytown
Texas Brine Company, LLC, its wholly-owned subsidiaries, and related entity Pure Salt Baytown, LLC, are leading brine producers in the United States. Together, they supply over 30% of the brine requirements of the U.S. chlor-alkali industry. They are family-owned companies based in Houston, with a proud heritage in salt-related businesses since 1946. Please visit us online at www.texasbrine.com and www.puresalt.com.
About TXU Energy
More Texans trust TXU Energy to power their homes and businesses than any other electricity provider. They’re passionate about creating experiences and solutions tailored to fit the needs of their customers, including electricity plans, online tools to help save, renewable energy options and more. TXU Energy is also committed to cultivating a dynamic and enjoyable workplace where all our people can succeed. Visit www.txu.com for more. TXU Energy is a subsidiary of Vistra (NYSE: VST). REP #10004
Priority Power Contact:
Katherine Tappan
Investor Relations
501-951-5282
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Texas Brine and Pure Salt Contact:
Laure Felix
Corporate Communications
713-986-2610
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Jenny Lyon
214-875-8004
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Cenntro to Showcase its Urban and Freight Delivery Logistar 400
FREEHOLD, N.J.--(BUSINESS WIRE)--Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the Company”), a leading designer and manufacturer of electric light and medium-duty commercial vehicles, today announced that it will participate in the upcoming Work Truck Show to be held March 8-11, 2022 at the Indiana Convention Center in Indianapolis, IN.
Cenntro is also a sponsor of the pre-event Green Truck Summit, an educational series that brings together government, fleets, and innovators to provide insights on the industry’s path to zero emissions at the JW Marriott Indianapolis. Cenntro will host a 20-minute breakout session beginning at 3:00 p.m. EST on Tuesday, March 8, where attendees can hear about Cenntro’s latest green product updates.
Learn more at worktruckweek.com/greentrucksummit.
Attendees can visit Cenntro at Booth 4082 in the Work Truck Show exhibit hall at the Indiana Convention Center where Cenntro will showcase its new EV models including the all-electric Class 4 Logistar 400 (LS 400). The LS 400 is purpose-built for robust duty cycles and can support a wide range of applications including last mile delivery for packages, food, and beverage as well as municipal functions such as waste management. The LS 400 offers a robust payload of 5,600 pounds and a range of up to 124 miles on a single charge.
"The Work Truck Show is the NTEA’s largest and most comprehensive work truck and fleet event, and we look forward to exhibiting our latest products,” stated Peter Wang, Cenntro's Chairman and Chief Executive Officer. “Our mission is to help transform the commercial fleet industry to zero-emissions vehicles and we stand ready to help our customers meet their unique commercial electric vehicle needs."
Members of Cenntro’s executive team will attend Work Truck Week 2022 and fleet manager and industry members can schedule a meeting with Cenntro to learn more about the Company and its products at booth 4802 in the Indianapolis Convention Center from March 8-11, 2022.
Please contact This email address is being protected from spambots. You need JavaScript enabled to view it. to schedule a meeting with Cenntro at the Work Truck Show 2022.
About Cenntro Electric Group
Cenntro Electric Group (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of electric light and medium-duty commercial vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery and other commercial applications, and plans to lead the transformation in the automotive industry through scalable, decentralized production, and fully digitalized autonomous driving solutions empowered by the Cenntro iChassis. As of November 30, 2021, Cenntro’s first ECV model Metro® has been sold or put into service more than 3,600 units in over 16 countries across North America, Europe and Asia. For more information, please visit Cenntro’s website at www.cenntroauto.com.
Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may,'' "believe,'' "anticipate,'' "could,'' "should,'' "intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,'' "expect(s),'' "estimate(s),'' "project(s),'' "forecast(s)'', "positioned,'' "approximately,'' "potential,'' "goal,'' "strategy,'' "outlook'' and similar expressions. Examples of forward-looking statements include, among other things, statements regarding decentralized production and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro's public filings with the SEC, including the "Risk Factors" in Cenntro's Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission on January 5, 2022 and which may be viewed at www.sec.gov.
Investor Relations Contact:
Chris Tyson
MZ North America
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Delivering 25 years of collaboration, exceptional performance, protection in extreme conditions and outstanding driving experiences, Mobil 1 and Porsche will remain long-term partners.
SPRING, Texas--(BUSINESS WIRE)--Mobil 1 and Porsche today announced the extension of their long-term relationship ensuring Mobil 1 motor oil remains the factory- and recommended-service-fill motor oil for Porsche vehicles through 2026.
For 25 years, Mobil 1 brand and Porsche have collaborated to bring about a great driving experience for consumers and motorsports drivers. The two iconic brands share the same commitment to research and advanced technology and a passion for maximizing engine efficiency and protection.
“Mobil 1 helps Porsche drivers unlock their passion and the performance of their vehicle, offering an optimum balance of performance, protection, durability and efficiency that Porsche’s high-performance cars require,” said Mike Smith, Director of strategic global alliances at ExxonMobil Fuels & Lubricants. “Since 1996, we have built a strong partnership that embodies what our consumers and team drivers want, need and expect from our world class brands and performance-driven industry leaders. Those who came before us, and our leaders today, are committed to advancing both performance and reliability, together we look forward to pushing the evolving technological boundaries of all Porsche vehicles over the next 25 years and beyond.”
Forward thinking has long been the foundation of the automotive industry. For electric vehicles, Mobil 1 provides electric powertrain fluids to Porsche, developed specifically to meet specialized demands. Mobil EV™ brings outstanding efficiency without losing vehicle power, dynamics, or safety. At the same time, the wider Porsche Formula E and Mobil EV partnership provides the ultimate automotive track-to-road proving ground with the continuation of development in high-performance lubricants and fluids.
“For two and a half decades, our teams have collaborated closely on developing engines that power some of the most desirable and technically-advanced performance cars ever seen,” said Dr. Michael Steiner, Porsche’s Member of the Executive Board - Research and Development. “As Porsche competes and demonstrates the capabilities of its electric vehicle technology, ExxonMobil continues to engineer a full suite of Mobil-branded lubricants to help the Porsche Formula E team build on its racing legacy. A legacy that’s steeped in a rich tradition of ExxonMobil products, and further exemplified with Mobil EV. This milestone and contract extension not only celebrates the Porsche and ExxonMobil partnership today, but it brings additional opportunities to expand our brand portfolio with new product technologies, and will continue to do so for years to come.”
Key Milestones for the Mobil 1 brand and Porsche relationship:
About Mobil 1
Mobil 1, the world’s leading synthetic motor oil brand, is factory fill in many of the world’s most powerful production vehicles. In fact, more than 1,500,000 Porsche engines have left the factory with Mobil 1. Mobil 1 advanced synthetic features anti-wear technology that provides performance beyond conventional motor oils. This technology allows Mobil 1 advanced synthetic to meet or exceed the toughest standards of vehicle manufacturers like Porsche and Bentley, and to provide exceptional protection against engine wear under normal or even some of the most extreme conditions.
For more information, visit mobil.com and follow @Mobil1 on Facebook, Instagram and Twitter.
ExxonMobil Media Relations, 972-940-6007
MINNETONKA, Minn.--(BUSINESS WIRE)--Communications Systems, Inc. (Nasdaq: JCS) (“CSI” or the “Company”) today highlighted steps to enhance the composition of its board of directors following the closing of the proposed merger with Pineapple Energy LLC (“Pineapple”). Following the completion of the proposed merger with Pineapple, CSI will be renamed “Pineapple Holdings, Inc.” (“Pineapple Holdings”), will trade under the new Nasdaq ticker symbol “PEGY,” and will be focused on the growing home solar industry, primarily operating through its Hawaii Energy Connection and E-Gear subsidiary businesses.
The CSI post-merger board of directors will be comprised of seven members, four of whom will be independent directors. To enhance the post-merger board, Pineapple and CSI have agreed on the addition of Marilyn Adler and Tom Holland to the board concurrently with the closing of the merger.
Roger Lacey, CSI’s Executive Chair and Interim CEO stated, “Ms. Adler and Mr. Holland bring more than 60 years of combined experience in finance and the residential solar industry. We are excited to be adding their talents to the post-closing board and we look forward to leveraging their deep business, management and industry experience. The identification of Ms. Adler and Mr. Holland for the post-closing board is just one of the steps CSI and Pineapple have taken to position the post-closing company for success. The post-closing board and management team will implement Pineapple’s strategy to capitalize on the growing demand for consumer energy solutions by providing homeowners with an end-to-end portfolio of product offerings spanning energy secure solar, battery storage, electric vehicle connections, and managed grid services via organic growth and strategic acquisitions.”
Kyle Udseth, Co-Founder and CEO of Pineapple noted, “As we prepare to ‘hit the ground running’ after the proposed merger closes, the highly experienced management team and diverse board of directors post-closing will help us pursue our objective of transforming Pineapple Holdings into one of the largest rooftop solar and storage companies in the U.S.”
A special meeting of CSI shareholders has been scheduled for Wednesday, March 16, 2022, at 10:00 a.m. Central Time to vote on the proposed Pineapple merger transaction, among other things. Beginning on February 4, 2022, the notice of the special meeting and a proxy statement/prospectus was sent to CSI shareholders as of the January 27, 2022 record date.
Post-Closing Board of CSI (Pineapple Holdings)
Kyle Udseth, Co-Founder and Chief Executive Officer of Pineapple, who previously served in multiple executive roles at leading national residential solar companies SunRun and Sunnova.
Roger Lacey, Executive Chairman of the CSI board of directors, who also served as CSI’s chief executive officer or acting chief executive officer from February 2015 through November 30, 2020 and from August 2, 2021 until the present. Mr. Lacey has served as a CSI director since 2008. Previously he served in executive positions at 3M Company, a multinational industrial and consumer products company.
Scott Honour, Managing Partner of Northern Pacific Group, a Wayzata, Minnesota based private equity firm, where he has served since 2012. Northern Pacific is a significant investor in Pineapple Energy. Previously, he was a Senior Managing Director of The Gores Group, a Los Angeles based private equity firm, and before that was an investment banker at UBS Warburg and Donaldson, Lufkin & Jenrette.
Marilyn Adler (independent director), founder of Mizzen Capital, a private credit fund, and has been a Managing Partner there since March 2019. Prior to launching Mizzen, Ms. Adler held senior management roles with several Small Business Investment Company funds. Prior to that, she worked in the fixed income group at Teachers Insurance and Annuity Association, a Fortune 100 financial services organization, and before that was an investment banker at Donaldson, Lufkin & Jenrette. Ms. Adler earned an MBA from The Wharton School of the University of Pennsylvania in 1991 and a BS with distinction from Cornell University in 1987.
Tom Holland (independent director), Chief Operating Officer of Homebound Inc., a California-based housing company. Previously, he had two stints as a partner with management consultant Bain & Company, from 2018 to 2021 and 1989 to 2013. Holland also has significant operating experience: he was the CEO of Century Snacks, LLC, a California-based food manufacturing company, and was COO and later President of SunRun Inc., an industry leading provider of residential solar panels and home batteries. Mr. Holland holds a B.S. in Civil Engineering from the University of California, Berkeley and an M.B.A. from the Stanford Graduate School of Business.
Randall Sampson (independent director), CSI director since 1999 and lead independent director since December 2018. Since 1994, Mr. Sampson has been the president, chief executive officer, and a board member of Canterbury Park Holding Corporation (Nasdaq: CPHC), which owns and operates Canterbury Park Racetrack and Card Casino in Shakopee, Minnesota.
Michael Zapata (independent director), director of CSI since June 2020. Mr. Zapata has led Schmitt Industries, Inc. (Nasdaq: SMIT) since December 2018. Mr. Zapata is also the founder and Managing Member of Sententia Capital Management, LLC, an investment management firm. Prior to Sententia, Mr. Zapata served nearly 10 years in the U.S. Navy.
About Communications Systems, Inc.
Communications Systems, Inc. (Nasdaq: JCS), has operated as an IoT intelligent edge products and services company. For more information regarding CSI, please see www.commsystems.com.
No Offer or Solicitation
This press release is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Additional Information and Where to Find It; Participants in the Solicitation
In connection with the proposed merger transaction with Pineapple, CSI filed a registration statement on Form S-4 (File No. 333-260999) with the Securities and Exchange Commission (SEC) on November 12, 2021 (as amended, the “Registration Statement”). The Registration Statement includes a proxy statement/prospectus, and was declared effective by the SEC on February 3, 2022. Beginning February 4, 2022, a copy of the proxy statement/prospectus dated February 3, 2022 was sent to CSI shareholders as of the close of business on January 27, 2022, the record date established for the special meeting of CSI shareholders.
CSI URGES INVESTORS, SHAREHOLDERS AND OTHER INTERESTED PERSONS TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS, AND ANY AMENDMENTS OR SUPPLEMENTS THERETO, AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
The Registration Statement, preliminary and definitive proxy statement/prospectus, any other relevant documents, and all other documents and reports CSI filed with or furnishes to the SEC are (or, when filed, will be) available free of charge under the "Financial Reports" tab of the Investors Relations section of our website at www.commsystems.com or by directing a request to: Communications Systems, Inc., 10900 Red Circle Drive, Minnetonka, MN 55343. The contents of the CSI website is not deemed to be incorporated by reference into this press release, the Registration Statement or the proxy statement/prospectus. The documents reports that CSI files with or furnishes to the SEC are (or, when filed, will be) available free of charge through the website maintained by the SEC at http://www.sec.gov.
CSI and its directors and executive officers may be considered participants in the solicitation of proxies by CSI in connection with approval of the proposed merger and other proposals to be presented at the special meeting. Information regarding the names of these persons and their respective interests in the transaction, by securities holdings or otherwise, are set forth in the proxy statement/prospectus dated February 3, 2022. To the extent the Company's directors and executive officers or their holdings of the Company's securities have changed from the amounts disclosed in such filing, to the Company's knowledge, these changes have been reflected on statements of change in ownership on Form 4 on file with the SEC. You may obtain these documents (when they become available, as applicable) free of charge through the sources indicated above.
Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Communications Systems’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. There can be no guarantee that the proposed transactions described in this document will be completed, or that they will be completed as currently proposed, or at any particular time. Actual results may vary materially from those expressed or implied by the statements here due to changes in economic, business, competitive or regulatory factors, and other risks and uncertainties affecting the operation of Communications Systems’ business. These risks, uncertainties and contingencies are presented in the Company’s Annual Report on Form 10-K and, from time to time, in the Company’s other filings with the Securities and Exchange Commission. The information set forth herein should be read considering such risks. Further, investors should keep in mind that the Company’s financial results in any period may not be indicative of future results. Communications Systems is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether because of new information, future events, changes in assumptions or otherwise. In addition to these factors, there are several additional factors, including:
For Communications Systems, Inc.
Roger H. D. Lacey
Executive Chair and Interim Chief Executive Officer
+1 (952) 996-1674
Mark D. Fandrich
Chief Financial Officer
+1 (952) 582-6416
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The Equity Group Inc.
Lena Cati
Senior Vice President
+1 (212) 836-9611
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Breakthrough Energy Ventures and Lowercarbon Capital co-led Antora’s recent round to zero out emissions in the hardest-to-decarbonize industries on earth
SUNNYVALE, Calif.--(BUSINESS WIRE)--Antora Energy has unlocked a solution to deliver zero-emissions heat and electricity to heavy industry that is more reliable than fossil fuels, and just as cheap, according to Antora Energy CEO Andrew Ponec. “The manufacturing sector—including notoriously hard-to-decarbonize industries like cement, steel, and petrochemicals—accounts for a staggering 30% of global greenhouse gas emissions. Today, there aren’t scalable solutions to clean up the major drivers of these emissions—heat and power from combusting coal and gas,” Ponec says. “Partnering with Breakthrough Energy Ventures, Lowercarbon Capital, and our strong syndicate of other investors brings the resources and know-how to scale up our business and wipe out billions of tons of CO2 emissions per year.”
Additional investors include Shell Ventures, BHP Ventures, Grok Ventures, Trust Ventures, Overture VC, Impact Science Ventures, and existing investor Fifty Years VC.
Antora’s thermal energy storage system soaks up inexpensive renewable electricity and stores it as high-temperature heat. This stored thermal energy can then be used directly to provide process heat up to 1500°C or converted back to electricity. In other words, Antora turns wind and solar into 24/7 power and heat and sets industry on a course to cheap, clean, around-the-clock energy.
Antora Energy has been developing their technology since being founded in 2018 with support from the Department of Energy, the California Energy Commission, the National Science Foundation, the Activate Fellowship, and private investors. With a recent Series A and previous funding under their belts, Antora will build out their first customer-sited projects and speed up hiring. “We are building a diverse team of compassionate people who find joy in their work and are driven to stop climate change,” says Ponec.
“Clean energy storage for industrial heat and power will be a key enabler of tomorrow’s zero carbon world. Antora Energy will have a major impact on lowering carbon emissions stemming from the manufacturing industry. We look forward to our partnership with Antora to help bring their critical new product to market,” said Carmichael Roberts, Breakthrough Energy Ventures.
Chris Sacca, Chairman at Lowercarbon Capital, said, “Antora makes heat and electricity from solar panels cheaper than burning gas. That’s lights out for fossil fuels.”
About Breakthrough Energy Ventures
Backed by many of the world’s top business leaders, Breakthrough Energy Ventures (BEV) invests in cutting-edge companies that will lead the world to net-zero emissions. BEV has more than $2 billion in committed capital to support bold entrepreneurs building companies that can significantly reduce emissions from buildings, agriculture, transportation, electricity, and manufacturing. BEV’s strategy links cutting-edge ideas with patient, risk-tolerant capital to bring transformative clean energy innovations to market as quickly as possible.
The first fund was created in 2016 as part of the Breakthrough Energy network of initiatives and entities, which include investment funds, nonprofit and philanthropic programs, and policy efforts linked by a shared commitment to scale the technologies needed to address climate change and achieve a path to net zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.
About Lowercarbon Capital
Lowercarbon Capital backs kickass companies that make real money slashing CO2 emissions, sucking carbon out of the sky, and buying us time to heal the planet. For more information, visit: https://lowercarboncapital.com/.
About Antora Energy
Antora Energy is electrifying heavy industry with energy storage for clean heat and power. We make it possible and profitable to fully rely on renewable energy for industrial processes. Our technology eliminates the need to burn fossil fuels for heat and power, the biggest source of greenhouse gas emissions. We are growing our company with people who put team & mission first, value connection through laughter & joy, and build with humility & openness. Join our team and do the most fulfilling and impactful work of your life on climate change. Visit www.antoraenergy.com for more information.
Haley Gilbert, This email address is being protected from spambots. You need JavaScript enabled to view it.
MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the fourth quarter and full year ended December 31, 2021.
Fourth Quarter 2021 Highlights
Full Year 2021 Highlights
“We are ending 2021 with record revenues for the quarter and for the year,” said Zvi Lando, Chief Executive Officer of SolarEdge. “The global demand for solar energy across all segments and geographies is extremely strong and generating unprecedented demand for our products. In particular, we are excited about the strong momentum of the commercial market and the increasing rate of adoption of our innovative technology within this segment. Our focus is to ensure customers have the products they need to execute their projects and we are enabling this by ramping production in multiple sites and navigating supply chain and logistic challenges.”
Fourth Quarter 2021 Summary
The Company reported revenues of $551.9 million, up 5% from $526.4 million in the prior quarter and up 54% from $358.1 million in the same quarter last year.
Revenues from the solar segment were $502.7 million, up 5% from $476.8 million in the prior quarter and up 54% from $327.1 million in the same quarter last year.
GAAP gross margin was 29.1%, down from 32.8% in the prior quarter and down from 30.8% in the same quarter last year.
Non-GAAP gross margin was 30.3%, down from 34.0% in the prior quarter and down from 32.5% in the same quarter last year.
Gross margin from the solar segment was 32.8%, down from 36.6% in the prior quarter and down from 36.2% in the same quarter last year.
GAAP operating expenses were $119.5 million, up 13% from $106.1 million in the prior quarter and up 25% from $95.9 million in the same quarter last year.
Non-GAAP operating expenses were $94.1 million, up 12% from $83.8 million in the prior quarter and up 29% from $72.9 million in the same quarter last year.
GAAP operating income was $41.0 million, down 38% from $66.4 million in the prior quarter and up 184% from $14.4 million in the same quarter last year.
Non-GAAP operating income was $72.9 million, down 23% from $95.2 million in the prior quarter and up 68% from $43.5 million in the same quarter last year.
GAAP net income was $41.0 million, down 23% from $53.0 million in the prior quarter and up 132% from $17.7 million in the same quarter last year.
Non-GAAP net income was $62.8 million, down 24% from $82.1 million in the prior quarter and up 13% from $55.7 million in the same quarter last year.
GAAP net diluted EPS was $0.74, down from $0.96 in the prior quarter and up from $0.33 in the same quarter last year.
Non-GAAP net diluted EPS was $1.10, down from $1.45 in the prior quarter and up from $0.98 in the same quarter last year.
Cash flow from operating activities was $89.6 million, up from $61.8 million in the prior quarter and up from $27.2 million in the same quarter last year.
As of December 31, 2021, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $548.0 million, net of debt, compared to $524.1 million on September 30, 2021.
Full Year 2021 Summary
Total revenues of $1.96 billion, up 34.6% from $1.46 billion in the prior year.
GAAP gross margin was 32.0%, up from 31.6% in the prior year.
Non-GAAP gross margin was 33.5%, up from 33.0% in the prior year.
GAAP operating income was $207.1 million, up 45% from $142.6 million in the prior year.
Non-GAAP operating income was $321.4 million, up 47% from $218.8 million in the prior year.
GAAP net income was $169.2 million, up 21% from $140.3 million in the prior year.
Non-GAAP net income was $272.9 million, up 22% from $224.4 million in the prior year.
GAAP net diluted EPS was $3.06, up from $2.66 in the prior year.
Non-GAAP net diluted EPS was $4.81, up from $4.11 in the prior year.
Cash flow from operating activities of $214.1 million, down from $222.7 million in the prior year.
Outlook for the First Quarter 2022
The Company also provides guidance for the first quarter ending March 31, 2022 as follows:
Conference Call
The Company will host a conference call to discuss these results at 4:30 p.m. ET on Tuesday, February 15, 2022. The call will be available, live, to interested parties by dialing 888-300-0211. For international callers, please dial +1 773-377-9384. The Conference ID number is 5805953. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com.
A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.
About SolarEdge
SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions. SolarEdge is online at www.solaredge.com
Use of Non-GAAP Financial Measures
The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.
Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K/A for the year ended December 31, 2020, filed on February 19, 2021 and our quarterly reports filed on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of February 15, 2022. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data) |
||||||||||||||||
|
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
||||
|
|
Unaudited |
|
|
|
|
||||||||||
Revenues |
|
$ |
551,915 |
|
|
$ |
358,107 |
|
|
$ |
1,963,865 |
|
|
$ |
1,459,271 |
|
Cost of revenues |
|
|
391,424 |
|
|
|
247,782 |
|
|
|
1,334,547 |
|
|
|
997,912 |
|
Gross profit |
|
|
160,491 |
|
|
|
110,325 |
|
|
|
629,318 |
|
|
|
461,359 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
64,326 |
|
|
|
47,513 |
|
|
|
219,633 |
|
|
|
163,123 |
|
Sales and marketing |
|
|
33,248 |
|
|
|
28,872 |
|
|
|
119,000 |
|
|
|
95,985 |
|
General and administrative |
|
|
21,879 |
|
|
|
18,042 |
|
|
|
82,196 |
|
|
|
63,119 |
|
Other operating expense (income), net |
|
|
---- |
|
|
|
1,471 |
|
|
|
1,350 |
|
|
|
(3,429 |
) |
Total operating expenses |
|
|
119,453 |
|
|
|
95,898 |
|
|
|
422,179 |
|
|
|
318,798 |
|
Operating income |
|
|
41,038 |
|
|
|
14,427 |
|
|
|
207,139 |
|
|
|
142,561 |
|
Financial income (expense), net |
|
|
(6,324 |
) |
|
|
10,380 |
|
|
|
(19,915 |
) |
|
|
21,105 |
|
Income before income taxes |
|
|
34,714 |
|
|
|
24,807 |
|
|
|
187,224 |
|
|
|
163,666 |
|
Income tax benefit (expense) |
|
|
6,240 |
|
|
|
(7,152 |
) |
|
|
(18,054 |
) |
|
|
(23,344 |
) |
Net income |
|
$ |
40,954 |
|
|
$ |
17,655 |
|
|
$ |
169,170 |
|
|
$ |
140,322 |
|
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) |
||||||
|
|
December 31, |
||||
|
|
2021 |
|
2020 |
||
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
530,089 |
|
$ |
827,146 |
Marketable securities |
|
|
167,728 |
|
|
143,687 |
Trade receivables, net of allowances of $2,626 and $2,886, respectively |
|
|
456,339 |
|
|
218,706 |
Inventories, net |
|
|
380,143 |
|
|
331,696 |
Prepaid expenses and other current assets |
|
|
176,992 |
|
|
198,106 |
Total current assets |
|
|
1,711,291 |
|
|
1,719,341 |
LONG-TERM ASSETS: |
|
|
|
|
|
|
Marketable securities |
|
|
482,228 |
|
|
147,434 |
Deferred tax assets, net |
|
|
27,572 |
|
|
11,676 |
Property, plant and equipment, net |
|
|
410,379 |
|
|
303,408 |
Operating lease right-of-use assets, net |
|
|
47,137 |
|
|
41,600 |
Intangible assets, net |
|
|
58,861 |
|
|
67,818 |
Goodwill |
|
|
129,629 |
|
|
140,479 |
Other long-term assets |
|
|
24,963 |
|
|
5,353 |
Total long-term assets |
|
|
1,180,769 |
|
|
717,768 |
Total assets |
|
$ |
2,892,060 |
|
$ |
2,437,109 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||
CURRENT LIABILITIES: |
|
|
|
|
|
|
Trade payables, net |
|
$ |
252,068 |
|
$ |
162,051 |
Employees and payroll accruals |
|
|
74,465 |
|
|
63,738 |
Warranty obligations |
|
|
71,480 |
|
|
62,614 |
Deferred revenues and customers advances |
|
|
17,789 |
|
|
24,648 |
Accrued expenses and other current liabilities |
|
|
109,379 |
|
|
123,048 |
Total current liabilities |
|
|
525,181 |
|
|
436,099 |
LONG-TERM LIABILITIES: |
|
|
|
|
|
|
Convertible senior notes, net |
|
|
621,535 |
|
|
573,350 |
Warranty obligations |
|
|
193,680 |
|
|
142,380 |
Deferred revenues |
|
|
151,556 |
|
|
115,372 |
Finance lease liabilities |
|
|
40,508 |
|
|
26,173 |
Operating lease liabilities |
|
|
38,912 |
|
|
35,194 |
Other long-term liabilities |
|
|
10,649 |
|
|
22,784 |
Total long-term liabilities |
|
|
1,056,840 |
|
|
915,253 |
COMMITMENTS AND CONTINGENT LIABILITIES |
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY: |
|
|
|
|
|
|
Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of December 31, 2021 and December 31, 2020; issued and outstanding: 52,815,395 and 51,560,936 shares as of December 31, 2021 and December 31, 2020, respectively |
|
|
5 |
|
|
5 |
Additional paid-in capital |
|
|
687,295 |
|
|
603,891 |
Accumulated other comprehensive income (loss) |
|
|
(27,319 |
) |
|
3,857 |
Retained earnings |
|
|
650,058 |
|
|
478,004 |
Total stockholders’ equity |
|
|
1,310,039 |
|
|
1,085,757 |
Total liabilities and stockholders’ equity |
|
$ |
2,892,060 |
|
$ |
2,437,109 |
SOLAREDGE TECHNOLOGIES INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except per share data) |
||||||||
Year ended |
||||||||
December 31, |
||||||||
2021 |
|
|
2020 |
|
||||
| Cash flows provided by operating activities: | ||||||||
| Net income | $ | 169,170 |
|
$ | 140,322 |
|
||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation of property, plant and equipment | 29,359 |
|
22,355 |
|
||||
| Amortization of intangible assets | 10,176 |
|
9,479 |
|
||||
| Amortization of debt discount and debt issuance costs | 2,903 |
|
3,185 |
|
||||
| Amortization of premium and accretion of discount on available-for-sale marketable securities, net | 9,462 |
|
1,168 |
|
||||
| Stock-based compensation expenses | 102,593 |
|
67,309 |
|
||||
| Deferred income taxes, net | (12,045 |
) |
(2,738 |
) |
||||
| Exchange rate fluctuations and other items, net | 20,697 |
|
3,860 |
|
||||
| Changes in assets and liabilities: | ||||||||
| Inventories, net | (43,051 |
) |
(149,661 |
) |
||||
| Prepaid expenses and other assets | (39,444 |
) |
(3,276 |
) |
||||
| Trade receivables, net | (247,723 |
) |
86,538 |
|
||||
| Trade payables, net | 91,709 |
|
3,333 |
|
||||
| Employees and payroll accruals | 26,519 |
|
18,315 |
|
||||
| Warranty obligations | 60,524 |
|
32,274 |
|
||||
| Deferred revenues and customers advances | 29,936 |
|
(21,438 |
) |
||||
| Other liabilities, net | 3,344 |
|
11,630 |
|
||||
| Net cash provided by operating activities | 214,129 |
|
222,655 |
|
||||
| Cash flows from investing activities: | ||||||||
| Investment in available-for-sale marketable securities | (579,377 |
) |
(223,705 |
) |
||||
| Proceeds from sales and maturities of available-for-sale marketable securities | 202,188 |
|
141,839 |
|
||||
| Investment in privately-held company | (16,643 |
) |
---- | |||||
| Purchase of property, plant and equipment | (149,251 |
) |
(126,790 |
) |
||||
| Withdrawal from (investment in) bank deposits, net | 60,096 |
|
(54,752 |
) |
||||
| Withdrawal from restricted bank deposits | 798 |
|
25,267 |
|
||||
| Other investing activities | (2,022 |
) |
1,504 |
|
||||
| Net cash used in investing activities | $ | (484,211 |
) |
$ | (236,637 |
) |
||
| Cash flows from financing activities: | ||||||||
| Repayment of bank loans | $ | (16,073 |
) |
$ | (15,595 |
) |
||
| Proceeds from exercise of stock-based awards and payment of withholding taxes | 2,203 |
|
21,500 |
|
||||
| Proceeds from issuance of convertible senior notes, net | ---- |
|
617,869 |
|
||||
| Proceeds from bank loans | ---- |
|
16,944 |
|
||||
| Other financing activities | (1,308 |
) |
(234 |
) |
||||
| Net cash provided by (used in) financing activities | (15,178 |
) |
640,484 |
|
||||
| Increase (decrease) in cash and cash equivalents | (285,260 |
) |
626,502 |
|
||||
| Cash and cash equivalents at the beginning of the period | 827,146 |
|
223,901 |
|
||||
| Effect of exchange rate differences on cash and cash equivalents | (11,797 |
) |
(23,257 |
) |
||||
| Cash and cash equivalents at the end of the period | $ | 530,089 |
|
$ | 827,146 |
|
||
SOLAREDGE TECHNOLOGIES INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited) (in thousands, except per share data and percentages) |
||||||||||||||
| Reconciliation of GAAP to Non-GAAP | ||||||||||||||
| Three months ended | Year ended | |||||||||||||
| December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||
| Gross profit (GAAP) | 160,491 |
|
172,561 |
|
110,325 |
|
629,318 |
|
461,359 |
|
||||
| Revenues from finance component | (122 |
) |
(111 |
) |
---- |
(418 |
) |
---- |
||||||
| Stock-based compensation | 4,373 |
|
4,289 |
|
3,720 |
|
18,743 |
|
11,082 |
|
||||
| Cost of product adjustment | ---- |
---- |
---- |
---- |
313 |
|
||||||||
| Amortization and depreciation of acquired assets | 2,272 |
|
2,341 |
|
2,374 |
|
9,326 |
|
9,484 |
|
||||
| Gross profit (Non-GAAP) | 167,014 |
|
179,080 |
|
116,419 |
|
656,969 |
|
482,238 |
|
||||
| Gross margin (GAAP) | 29.1 |
% |
32.8 |
% |
30.8 |
% |
32.0 |
% |
31.6 |
% |
||||
| Revenues from finance component | 0.0 |
% |
0.0 |
% |
---- |
0.0 |
% |
---- |
||||||
| Stock-based compensation | 0.8 |
% |
0.8 |
% |
1.0 |
% |
1.0 |
% |
0.8 |
% |
||||
| Cost of product adjustment | ---- |
---- |
---- |
---- |
0.0 |
% |
||||||||
| Amortization and depreciation of acquired assets | 0.4 |
% |
0.4 |
% |
0.7 |
% |
0.5 |
% |
0.6 |
% |
||||
| Gross margin (Non-GAAP) | 30.3 |
% |
34.0 |
% |
32.5 |
% |
33.5 |
% |
33.0 |
% |
||||
| Operating expenses (GAAP) | 119,453 |
|
106,147 |
|
95,898 |
|
422,179 |
|
318,798 |
|
||||
| Stock-based compensation - R&D | (14,872 |
) |
(11,949 |
) |
(8,919 |
) |
(45,424 |
) |
(27,048 |
) |
||||
| Stock-based compensation - S&M | (5,882 |
) |
(5,737 |
) |
(8,710 |
) |
(22,834 |
) |
(19,413 |
) |
||||
| Stock-based compensation - G&A | (4,076 |
) |
(4,210 |
) |
(2,967 |
) |
(15,592 |
) |
(9,766 |
) |
||||
| Amortization and depreciation of acquired assets - R&D | (302 |
) |
(207 |
) |
(14 |
) |
(530 |
) |
(91 |
) |
||||
| Amortization and depreciation of acquired assets - S&M | (225 |
) |
(229 |
) |
(230 |
) |
(927 |
) |
(1,187 |
) |
||||
| Amortization and depreciation of acquired assets - G&A | (6 |
) |
(8 |
) |
(8 |
) |
(29 |
) |
(33 |
) |
||||
| Assets sale (disposal) | 18 |
|
37 |
|
(649 |
) |
117 |
|
(1,207 |
) |
||||
| Other operating income (expenses) | ---- |
---- |
(1,471 |
) |
(1,350 |
) |
3,429 |
|
||||||
| Operating expenses (Non-GAAP) | 94,108 |
|
83,844 |
|
72,930 |
|
335,610 |
|
263,482 |
|
||||
| Operating income (GAAP) | 41,038 |
|
66,414 |
|
14,427 |
|
207,139 |
|
142,561 |
|
||||
| Revenues from finance component | (122 |
) |
(111 |
) |
---- |
(418 |
) |
---- |
||||||
| Cost of product adjustment | ---- |
---- |
---- |
---- |
313 |
|
||||||||
| Stock-based compensation | 29,203 |
|
26,185 |
|
24,316 |
|
102,593 |
|
67,309 |
|
||||
| Amortization and depreciation of acquired assets | 2,805 |
|
2,785 |
|
2,626 |
|
10,812 |
|
10,795 |
|
||||
| Assets (sale) disposal | (18 |
) |
(37 |
) |
649 |
|
(117 |
) |
1,207 |
|
||||
| Other operating (income) expenses | ---- |
---- |
1,471 |
|
1,350 |
|
(3,429 |
) |
||||||
| Operating income (Non-GAAP) | 72,906 |
|
95,236 |
|
43,489 |
|
321,359 |
|
218,756 |
|
||||
| Reconciliation of GAAP to non-GAAP | ||||||||||||||
| Three months ended | Year ended | |||||||||||||
December 31, 2021 |
|
September 30, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
||||||
| Financial income (expense), net (GAAP) | (6,324 |
) |
(5,751 |
) |
10,380 |
|
(19,915 |
) |
21,105 |
|
||||
| Notes due 2025 | 727 |
|
726 |
|
3,017 |
|
2,903 |
|
3,185 |
|
||||
| Non cash interest | 1,527 |
|
1,469 |
|
1,305 |
|
5,771 |
|
4,887 |
|
||||
| Unrealized gains/losses | (541 |
) |
---- |
---- |
(541 |
) |
---- |
|||||||
| Currency fluctuation related to lease standard | 2,422 |
|
574 |
|
2,172 |
|
2,007 |
|
2,274 |
|
||||
| Amortization and depreciation of acquired assets | ---- |
---- |
---- |
---- |
982 |
|
||||||||
| Financial income (expense), net (non-GAAP) | (2,189 |
) |
(2,982 |
) |
16,874 |
|
(9,775 |
) |
32,433 |
|
||||
| Income tax benefit (expense) (GAAP) | 6,240 |
|
(7,615 |
) |
(7,152 |
) |
(18,054 |
) |
(23,334 |
) |
||||
| Uncertain tax positions | (9,007 |
) |
---- |
---- |
(9,007 |
) |
---- |
|||||||
| Deferred taxes | (5,181 |
) |
(2,528 |
) |
2,522 |
|
(11,639 |
) |
(3,434 |
) |
||||
| Income tax benefit (expense) (Non-GAAP) | (7,948 |
) |
(10,143 |
) |
(4,630 |
) |
(38,700 |
) |
(26,768 |
) |
||||
| Net income (GAAP) | 40,954 |
|
53,048 |
|
17,655 |
|
169,170 |
|
140,322 |
|
||||
| Revenues from finance component | (122 |
) |
(111 |
) |
---- |
(418 |
) |
---- |
||||||
| Cost of product adjustment | ---- |
---- |
---- |
---- |
313 |
|
||||||||
| Stock-based compensation | 29,203 |
|
26,185 |
|
24,316 |
|
102,593 |
|
67,309 |
|
||||
| Amortization and depreciation of acquired assets | 2,805 |
|
2,785 |
|
2,626 |
|
10,812 |
|
11,777 |
|
||||
| Gain (loss) from assets sales and disposal | (18 |
) |
(37 |
) |
649 |
|
(117 |
) |
1,207 |
|
||||
| Other operating (income) expenses | ---- |
---- |
1,471 |
|
1,350 |
|
(3,429 |
) |
||||||
| Notes due 2025 | 727 |
|
726 |
|
3,017 |
|
2,903 |
|
3,185 |
|
||||
| Non cash interest | 1,527 |
|
1,469 |
|
1,305 |
|
5,771 |
|
4,887 |
|
||||
| Unrealized gains (losses) | (541 |
) |
---- |
---- |
(541 |
) |
---- |
|||||||
| Currency fluctuation related to lease standard | 2,422 |
|
574 |
|
2,172 |
|
2,007 |
|
2,274 |
|
||||
| Uncertain tax positions | (9,007 |
) |
---- |
---- |
(9,007 |
) |
---- |
|||||||
| Deferred taxes | (5,181 |
) |
(2,528 |
) |
2,522 |
|
(11,639 |
) |
(3,434 |
) |
||||
| Net income (Non-GAAP) | 62,769 |
|
82,111 |
|
55,733 |
|
272,884 |
|
224,411 |
|
||||
| Reconciliation of GAAP to non-GAAP | ||||||||||||||
| Three months ended | Year ended | |||||||||||||
| December 31, 2021 | September 30, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||||||||
| Net basic earnings per share (GAAP) | 0.78 |
|
1.01 |
|
0.34 |
|
3.24 |
|
2.79 |
|
||||
| Revenues from finance component | 0.00 |
|
0.00 |
|
---- |
(0.01 |
) |
---- |
||||||
| Cost of product adjustment | ---- |
---- |
---- |
---- |
0.01 |
|
||||||||
| Stock-based compensation | 0.55 |
|
0.50 |
|
0.48 |
|
1.97 |
|
1.34 |
|
||||
| Amortization and depreciation of acquired assets | 0.05 |
|
0.05 |
|
0.05 |
|
0.21 |
|
0.24 |
|
||||
| Gain (loss) from assets sales and disposal | 0.00 |
|
0.00 |
|
0.01 |
|
(0.01 |
) |
0.02 |
|
||||
| Other operating (income) expenses | ---- |
---- |
0.03 |
|
0.03 |
|
(0.07 |
) |
||||||
| Notes due 2025 | 0.02 |
|
0.02 |
|
0.06 |
|
0.05 |
|
0.06 |
|
||||
| Non cash interest | 0.03 |
|
0.03 |
|
0.02 |
|
0.11 |
|
0.10 |
|
||||
| Unrealized gains (losses) | (0.01 |
) |
---- |
---- |
(0.01 |
) |
---- |
|||||||
| Currency fluctuation related to lease standard | 0.04 |
|
0.01 |
|
0.05 |
|
0.04 |
|
0.05 |
|
||||
| Uncertain tax positions | (0.17 |
) |
---- |
---- |
(0.17 |
) |
---- |
|||||||
| Deferred taxes | (0.10 |
) |
(0.05 |
) |
0.05 |
|
(0.22 |
) |
(0.07 |
) |
||||
| Net basic earnings per share (Non-GAAP) | 1.19 |
|
1.57 |
|
1.09 |
|
5.23 |
|
4.47 |
|
||||
| Net diluted earnings per share (GAAP) | 0.74 |
|
0.96 |
|
0.33 |
|
3.06 |
|
2.66 |
|
||||
| Revenues from finance component | 0.00 |
|
0.00 |
|
---- |
(0.01 |
) |
---- |
||||||
| Cost of product adjustment | ---- |
---- |
---- |
---- |
---- |
|||||||||
| Stock-based compensation | 0.50 |
|
0.45 |
|
0.44 |
|
1.77 |
|
1.20 |
|
||||
| Amortization and depreciation of acquired assets | 0.05 |
|
0.05 |
|
0.05 |
|
0.19 |
|
0.21 |
|
||||
| Gain (loss) from assets sales and disposal | 0.00 |
|
0.00 |
|
0.01 |
|
0.00 |
|
0.03 |
|
||||
| Other operating (income) expenses | ---- |
---- |
0.03 |
|
0.02 |
|
(0.07 |
) |
||||||
| Notes due 2025 | 0.00 |
|
0.00 |
|
0.02 |
|
0.02 |
|
0.02 |
|
||||
| Non cash interest | 0.03 |
|
0.03 |
|
0.02 |
|
0.10 |
|
0.08 |
|
||||
| Unrealized gains (losses) | (0.01 |
) |
---- |
---- |
(0.01 |
) |
---- |
|||||||
| Currency fluctuation related to lease standard | 0.04 |
|
0.01 |
|
0.04 |
|
0.03 |
|
0.05 |
|
||||
| Uncertain tax positions | (0.16 |
) |
---- |
---- |
(0.16 |
) |
---- |
|||||||
| Deferred taxes | (0.09 |
) |
(0.05 |
) |
0.04 |
|
(0.20 |
) |
(0.07 |
) |
||||
| Net diluted earnings per share (Non-GAAP) | 1.10 |
|
1.45 |
|
0.98 |
|
4.81 |
|
4.11 |
|
||||
| Number of shares used in computing net diluted earnings per share (GAAP) | 56,011,040 |
|
55,929,000 |
|
53,496,384 |
|
55,971,030 |
|
52,795,475 |
|
||||
| Stock-based compensation | 894,079 |
|
653,967 |
|
865,179 |
|
773,636 |
|
1,138,517 |
|
||||
| Notes due 2025 | ---- |
---- |
2,276,818 |
|
---- |
618,701 |
|
|||||||
| Number of shares used in computing net diluted earnings per share (Non-GAAP) | 56,905,119 |
|
56,582,967 |
|
56,638,381 |
|
56,744,666 |
|
54,552,693 |
|
||||
Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
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Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1 617-542-6180
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$250,000 ComEd Future of Energy program seeks to build a diverse, inclusive future energy workforce by increasing the number of women, minorities in STEM fields
CHICAGO--(BUSINESS WIRE)--ComEd today launched its Future of Energy program, which will provide up to $250,000 in scholarships for women and minorities pursuing STEM degrees in college. Today through March 28, 2022, students in Illinois can apply for the scholarship program, which will provide financial assistance awards of up to $10,000 and a chance to intern with ComEd.
“A diverse and inclusive workforce is critical to our mission of strengthening the communities we serve, which is why ComEd is making investments today to remove barriers and to build an industry more inclusive with those who have traditionally been left out,” said Diana Sharpe, vice president of large customer operations and interim vice president of economic and workforce development with ComEd. “The ComEd Future of Energy scholarship empowers young leaders and works to see that more people of color and women are prepared to enter careers in the fast-growing energy industry.”
The Future of Energy program will provide students with scholarship awards ranging from $2,500 to $10,000, which may be used to cover college tuition and related expenses, in addition to the chance to pursue a ComEd internship where students gain direct career experience in the energy industry. As part of the launch of this program, ComEd has awarded five students who recently interned with the company scholarships for this spring.
The new Future of Energy Scholars are either currently enrolled in college or are college-bound this fall. This diverse cohort includes:
“The Future of Energy Scholarship will help me realize my dream of becoming a civil engineer,” said Saul Garcia, a senior at De La Salle Institute and resident of Chicago South. “The firsthand experience I’ve had at ComEd through my internships and after school programs has been just as valuable as the financial assistance the scholarship will provide for college.”
To be eligible for a scholarship, students must be accepted into an eligible four-year college degree program, have a minimum 2.8 GPA, and submit an application. Priority consideration will be given to people of color and women; Illinois residents enrolled in an Illinois university or college or Historically Black Colleges and Universities (HBCUs) across the country; and those demonstrating financial need. ComEd is partnering with the National Energy Education Development (NEED) Project to administer the new scholarship fund.
“Our team at The NEED Project is proud to partner with ComEd and Exelon to expand education and workforce development opportunities to help more women and minorities enter into STEM professions,” said Mary Spruill, Executive Director of The NEED Project. “The ComEd Future of Energy Scholarship program represents the latest in a series of investments that are being made to increase pathways to jobs of the future – which will in turn strengthen the industry and help ComEd continue to attract high quality talent to power our communities.”
The Future of Energy program builds on ComEd’s continued investments in training and education to develop a diverse, local talent pipeline. In addition to the Future of Energy program, ComEd supports an array of initiatives that inspire students to pursue STEM careers, including the DePaul College Prep Scholars Program, Chicago BUILDS, and more. As a result of these investments, over 1,700 participants were served by ComEd-sponsored workforce and education programs last year alone.
For more information or to apply for the ComEd Future of Energy STEM scholarship, visit: https://need.force.com/ComEd/s/scholarship-information.
For more information on ComEd’s STEM scholarship opportunities, contact This email address is being protected from spambots. You need JavaScript enabled to view it..
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube
ComEd Media Relations
312-394-3500
AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 with the U.S. Securities and Exchange Commission (“SEC”). USA Compression’s Annual Report on Form 10-K is available through its website at www.usacompression.com in the Investor Relations section under SEC Filings, as well as on the SEC’s website at sec.gov. Interested investors may obtain a hard copy of the Annual Report on Form 10-K, including USA Compression's financial statements, free of charge by writing Investor Relations, USA Compression Partners, LP, 111 Congress Avenue, Suite 2400, Austin, TX 78701.
About USA Compression Partners, LP
USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.
USA Compression Partners, LP
Matthew Liuzzi, CFO
(512) 369-1624
This email address is being protected from spambots. You need JavaScript enabled to view it.
SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today the pricing terms of its previously announced cash tender offers (the “Tender Offers”) to purchase its outstanding 3.650% Senior Notes due 2025 (the “3.650% 2025 Notes”), its outstanding 2.850% Senior Notes due 2025 (the “2.850% 2025 Notes”), the outstanding 4.375% Senior Notes due 2026 issued by Valero Energy Partners LP and guaranteed by Valero (the “4.375% 2026 Notes”), its outstanding 3.400% Senior Notes due 2026 (the “3.400% 2026 Notes”), its outstanding 2.150% Senior Notes due 2027 (the “2027 Notes”), its outstanding 4.350% Senior Notes due 2028 (the “4.350% 2028 Notes”) and the outstanding 4.500% Senior Notes due 2028 issued by Valero Energy Partners LP and guaranteed by Valero (the “4.500% 2028 Notes” and, collectively with the 3.650% 2025 Notes, the 2.850% 2025 Notes, the 4.375% 2026 Notes, the 3.400% 2026 Notes, the 2027 Notes and the 4.350% 2028 Notes, the “Notes”), for up to an increased maximum aggregate purchase price which, after giving effect to the increase of the Series Tender Cap (as defined in the Offer to Purchase dated February 2, 2022 (the “Offer to Purchase”)) for the 3.650% 2025 Notes and 2.850% 2025 Notes to a maximum aggregate principal amount of $579,319,000, is sufficient to purchase all of the 3.400% 2026 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date (as defined below) (such increased maximum aggregate purchase price, the “Maximum Aggregate Purchase Price”). The terms and conditions of the Tender Offers are described in the Offer to Purchase.
The following table lists the Tender Offers that had been validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on February 15, 2022 (the “Early Tender Date”), as reported by D.F. King & Co., Inc., the tender and information agent. The applicable Reference Yield, Repurchase Yield, Early Tender Payment and Total Consideration (each as defined more fully in the Offer to Purchase) with respect to the Notes accepted for purchase are detailed in the table below.
Title of
|
CUSIP / ISIN |
Initial
|
Acceptance
|
U.S. Treasury
|
Reference
|
Fixed
|
Repurchase
|
Early Tender Payment (1)(2) |
Total Consideration (1)(2) |
3.650% Senior Notes due 2025 |
91913YAS9 /
|
$324,259,000 |
1 |
1.125% UST due
|
1.772% |
+60 bps |
2.372% |
$30 |
$1,037.70 |
2.850% Senior Notes due 2025 |
91913YAY6 /
|
$1,050,000,000 |
2 |
1.125% UST due
|
1.772% |
+60 bps |
2.372% |
$30 |
$1,014.10 |
4.375% Senior Notes due 2026(3) |
91914JAA0 /
|
$375,764,000 |
3 |
1.50% UST due
|
1.917% |
+65 bps |
2.567% |
$30 |
$1,077.62 |
3.400% Senior Notes due 2026 |
91913YAU4 /
|
$1,250,000,000 |
4 |
1.50% UST due
|
1.917% |
+55 bps |
2.467% |
$30 |
$1,038.09 |
| (1) | Per $1,000 principal amount. |
|
(2) |
The Total Consideration for each series of Notes validly tendered prior to or at the Early Tender Date and accepted for purchase is calculated using the applicable fixed spread shown in the table above and is inclusive of the Early Tender Payment for such series of Notes. |
|
(3) |
Issued by Valero Energy Partners LP and guaranteed by Valero. |
Because the aggregate principal amount of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date has an aggregate purchase price that exceeds the Maximum Aggregate Purchase Price, Valero does not expect to accept for purchase all Notes that have been validly tendered and not validly withdrawn at or prior to the Early Tender Date. Rather, subject to the Maximum Aggregate Purchase Price, the Series Tender Cap (as defined in the Offer to Purchase) applicable to the 3.650% 2025 Notes and 2.850% 2025 Notes and the acceptance priority levels set forth in the table above, in each case as further described in the Offer to Purchase, Valero will accept for purchase 3.650% 2025 Notes, 2.850% 2025 Notes, 4.375% 2026 Notes and 3.400% 2026 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and does not expect to accept for purchase any 2027 Notes, 4.350% 2028 Notes or 4.500% 2028 Notes. Valero expects to accept for purchase 2.85% 2025 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date on a prorated basis. As a result, a holder who validly tenders and does not validly withdraw Notes pursuant to the Tender Offers may have all or a portion of its Notes returned to it.
On the Early Settlement Date (as defined below), Valero will pay the Total Consideration (as shown in the table above) for each $1,000 principal amount of each of the 3.650% 2025 Notes, 2.850% 2025 Notes, 4.375% 2026 Notes and 3.400% 2026 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase. The Total Consideration was calculated in the manner described in the Offer to Purchase by reference to the applicable fixed spread specified in the table above plus the applicable yield to maturity based on the bid-side price of the applicable U.S. Treasury Reference Security specified in the table above at 10:00 a.m., New York City time, on February 16, 2022. The Total Consideration also includes the Early Tender Payment (as shown in the table above) for each $1,000 principal amount of each of the 3.650% 2025 Notes, 2.850% 2025 Notes, 4.375% 2026 Notes and 3.400% 2026 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase. Payments for the 3.650% 2025 Notes, 2.850% 2025 Notes, 4.375% 2026 Notes and 3.400% 2026 Notes accepted for purchase will include accrued and unpaid interest from the last interest payment date applicable to the relevant series of Notes up to, but excluding, the settlement date for Notes that are validly tendered and not validly withdrawn at or prior to or at the Early Tender Date and accepted for purchase (the “Early Settlement Date”). It is anticipated that the Early Settlement Date will be February 17, 2022, the second business day after the Early Tender Date.
The Tender Offers will expire at midnight, New York City time, at the end of March 2, 2022, unless extended or earlier terminated. Because the Tender Offers have been fully subscribed as of the Early Tender Date, holders who tender Notes after the Early Tender Date will not have any of their Notes accepted for purchase, unless Valero elects to increase or eliminate the Maximum Aggregate Purchase Price. Any Notes tendered after the Early Tender Date, together with any Notes tendered at or prior to the Early Tender Date but not accepted for purchase by Valero, will be returned to the holders thereof as described in the Offer to Purchase, unless Valero elects to increase or eliminate the Maximum Aggregate Purchase Price.
The withdrawal deadline for the Tender Offers was 5:00 p.m., New York City time, on February 15, 2022 and has not been extended. Accordingly, previously tendered Notes and Notes tendered after such withdrawal deadline may not be withdrawn, subject to applicable law.
Valero’s obligation to accept for payment and to pay for the Notes validly tendered and not validly withdrawn in the Tender Offers is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase. The Tender Offers may be terminated or withdrawn in whole or terminated or withdrawn with respect to any series of the Notes, subject to applicable law. Valero reserves the right, subject to applicable law, to (1) waive any and all conditions to any of the Tender Offers, (2) extend or terminate any of the Tender Offers, (3) increase, decrease or eliminate the Maximum Aggregate Purchase Price with respect to a particular series and/or the Series Tender Cap or (4) otherwise amend any of the Tender Offers in any respect.
Valero has retained SMBC Nikko Securities America, Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC as lead dealer managers, and Citigroup Global Markets Inc. and MUFG Securities Americas Inc. as co-dealer managers (together with the lead dealer managers, the “Dealer Managers”) for the Tender Offers. Valero has retained D.F. King & Co., Inc. as the tender and information agent for the Tender Offers. For additional information regarding the terms of the Tender Offers, please contact: SMBC Nikko Securities America, Inc. at (888) 284-9760 (toll free) or (212) 224-5328 (collect); J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3424 (collect); or Mizuho Securities USA LLC at (866) 271-7403 (toll free) or (212) 205-7736 (collect). Requests for documents and questions regarding the tendering of securities may be directed to D.F. King & Co., Inc. by telephone at (212) 269-5550 (for banks and brokers only) or (800) 334-0384 (for all others, toll-free), by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or to the Dealer Managers at their respective telephone numbers.
This announcement is for information purposes only and does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. None of Valero, the tender and information agent, the Dealer Managers or the trustee with respect to the Notes, nor any of their affiliates, makes any recommendation as to whether holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offers.
Safe-Harbor Statement
Statements contained in this press release that state Valero’s or its management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “anticipate,” “believe,” “expect,” “plan,” “intend,” “scheduled,” “estimate,” “project,” “projection,” “predict,” “budget,” “forecast,” “goal,” “guidance,” “target,” “could,” “would,” “should,” “may,” “strive,” “seek,” “potential,” “opportunity,” “aimed,” “considering,” “continue,” and similar expressions identify forward-looking statements. Forward-looking statements in this press release include those relating to the expiration date and the settlement date for the Tender Offers. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting our operations or the demand for our products. These factors also include, but are not limited to, the uncertainties that remain with respect to the COVID-19 pandemic, variants of the virus, governmental and societal responses thereto, including requirements and mandates with respect to vaccines, vaccine distribution and administration levels, and the adverse effects the foregoing may have on our business or economic conditions generally. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, the “Risk Factors” section included in the Offer to Purchase, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which owns a renewable diesel plant in Norco, Louisiana with a production capacity of 700 million gallons per year, and Valero owns 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit www.investorvalero.com for more information.
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it has been awarded a field decommissioning contract by Trident Energy do Brasil Ltda. (Trident Energy). The project, located offshore Brazil in the Pampo and Enchova Clusters in the Campos Basin, is expected to commence in late 2022 for a firm period of 12 months with multiple customer options to extend.
Helix will provide a riser-based well intervention vessel either the Siem Helix 1 or Siem Helix 2, a 10k Intervention Riser System, project management and engineering services and, in conjunction with Helix’s Subsea Services Alliance partner Schlumberger, fully integrated plug and abandonment well services.
Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, stated, “We are pleased that Helix has been awarded this major decommissioning contract. This is another step forward in the execution of our strategic objectives which include diversifying our client base in the region while continuing to provide best-in-class and global leading decommissioning services. We look forward to developing our relationship with Trident Energy.”
“Our rigless well intervention services offer a lower cost and lower greenhouse gas intensive solution for decommissioning offshore wells compared to rig alternatives,” stated Daniel Stuart, Helix do Brasil’s Director of Operations. “We believe that delivering this milestone field decommissioning project will support future growth in the region and lead to additional opportunities.”
Trident Energy owns and operates four platforms in the Campos Basin, and its Brazil operations are part of a global organization backed by Warburg Pincus with a stated focus on operating and redeveloping mid-life oil and gas assets.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix, please visit our website at www.HelixESG.com. For more information about the Subsea Services Alliance, please visit our website at www.subseaservicesalliance.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by applicable securities laws.
Social Media
From time to time we provide information about Helix on Twitter (@Helix_ESG), LinkedIn (www.linkedin.com/company/helix-energy-solutions-group), Facebook (www.facebook.com/HelixEnergySolutionsGroup) and Instagram (www.instagram.com/helixenergysolutions).
Erik Staffeldt, Executive Vice President and CFO
email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Ph: 281-618-0465
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