DENVER--(BUSINESS WIRE)--Liberty Oilfield Services Inc. (NYSE: LBRT) (“Liberty” or the “Company”) announced today fourth quarter and full year 2021 financial and operational results.
Summary Results and Highlights
“2021 was a record year for Liberty work performed whether measured by revenues, frac stages or pounds of sand pumped. We also set many operational records during 2021. All of this was achieved in challenging times and executed with our best safety performance in Company history,” commented Chris Wright, Chief Executive Officer.
“In 2021, the focus was the integration of OneStim and its customers into Liberty. We acquired OneStim to strengthen our platform and technology portfolio during a downturn to position us for today’s rising tide and all future cycles. In our eleven-year history we have seen two deep downturns, 2015 to 2016 and the recent Covid-induced downturn, and we have executed transformative transactions during both. Investment decisions at Liberty are always made with a long-term time horizon,” continued Mr. Wright.
“Business integrations are always challenging, this time exacerbated by Covid-impacted supply chain and difficult labor challenges. However, the prize was large and our team worked in overdrive to bring nearly 2,000 new team members into Liberty while continuing to deliver superior service performance to all of our customers, both legacy and new. In the fourth quarter, we estimate integration and transition activities negatively impacted adjusted EBITDA by over $20 million. We were simply not willing to sacrifice customer service, employee satisfaction and safety, each of which is critical to long-term financial success, even though there was a financial cost to our 2021 financial results. Integration-related costs are still with us today, impacting our bottom-line results. However, January was a significant turning point in moving these cost pressures behind us,” continued Mr. Wright.
Outlook
The transformative work our team accomplished in 2021 positions us well as our industry begins an upcycle driven by rapidly tightening markets for oil & gas. Seven years of subdued global investment in upstream oil and gas production is now colliding with record global demand for natural gas and natural gas liquids today, and likely record global demand for oil later this year. Oil and gas are central to the global economy which is well along the way of recovering from the global pandemic. The severe energy crisis that has wracked Europe over the last several months demonstrates the danger of underinvestment in our industry.
E&P operators are responding to oil and gas price signals. The public operators are maintaining discipline and will show only modest production growth this year, while the private operators are reacting more robustly to strong commodity prices.
Within the frac market, two years of supply attrition and cannibalization plus constraints from labor shortages, and a secular shift towards next generation frac fleet technologies has led to tightness in the frac space. Liberty has focused on finding the right long-term partnerships for the coming years and has been very disciplined in holding our active frac fleet count steady until returns are strong.
“In the first quarter, we expect high single digit sequential revenue growth and strong improvement in our margins as integration costs start to fade away. We are benefiting from increased pricing in 2022, driven by a pass-through of inflationary costs and higher net service pricing. We expect continued modest rises in frac pricing in subsequent quarters. We also expect margin growth as our new strategic efforts begin to pay dividends in lowering our cost of operations and increasing efficiency,” commented Mr. Wright.
“We are excited for the opportunity ahead and are investing to build truly differential competitive advantages in frac fleet technology, digital systems, and logistics optimization bolstered by the PropX acquisition. We expect that our investments today will lead to strong returns in the coming years,” continued Mr. Wright.
2021 Full Year Results
For the year ended December 31, 2021, revenue increased 156% to $2.5 billion compared to $966 million in 2020.
Net loss before incomes taxes totaled $178 million for the year ended December 31, 2021 compared to $192 million for the year ended December 31, 2020. Net loss before income taxes for the year ended December 31, 2021 included non-recurring transaction, severance and other costs of $15.1 million compared to $21.1 million for the year ended December 31, 2020.
Net loss1 (after taxes) totaled $187 million for the year ended December 31, 2021 compared to net loss1 of $161 million for the year ended December 31, 2020.
Fully diluted loss per share was $1.03 for the year ended December 31, 2021 compared to a loss of $1.36 per share for the year ended December 31, 2020.
Fourth Quarter Results
For the fourth quarter of 2021, revenue increased 5% to $684 million from $654 million in the third quarter of 2021.
Net loss before income taxes totaled $57 million for the fourth quarter of 2021 compared to net loss before income taxes of $39 million for the third quarter of 2021. Net loss before income taxes for the fourth quarter of 2021 included non-recurring transaction, severance and other costs of $3.0 million compared to $1.6 million in the third quarter of 2021.
Net loss1 (after taxes) totaled $57 million for the fourth quarter of 2021 compared to net loss1 of $39 million in the third quarter of 2021.
Adjusted EBITDA2 decreased to $21 million from $32 million in the third quarter.
Fully diluted loss per share was $0.31 for the fourth quarter of 2021, a decrease from $0.22 for the third quarter of 2021.
Balance Sheet and Liquidity
As of December 31, 2021, Liberty had cash on hand of $20 million and total debt of $122 million, including $18 million drawn on the ABL credit facility, net of deferred financing costs and original issue discount. The term loan requires only a 1% annual amortization of principal, paid quarterly. Total liquidity, including availability under the credit facility, was $269 million.
Conference Call
Liberty will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Wednesday, February 9, 2022. Presenting Liberty’s results will be Chris Wright, Chief Executive Officer, Ron Gusek, President, and Michael Stock, Chief Financial Officer.
Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers (412) 902-6704. Participants should ask to join the Liberty Oilfield Services call. A live webcast will be available at http://investors.libertyfrac.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 6679552. The replay will be available until February 16, 2022.
About Liberty
Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..
1 |
Net loss attributable to controlling and non-controlling interests. |
|
2 |
“Adjusted EBITDA” is not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Please see the supplemental financial information in the table under “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” at the end of this earnings release for a reconciliation of the non-GAAP financial measure of Adjusted EBITDA to its most directly comparable GAAP financial measure. |
Non-GAAP Financial Measures
This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA and Pre-Tax Return on Capital Employed. We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. We define EBITDA as net income before interest, income taxes, and depreciation, depletion and amortization. We define Adjusted EBITDA as EBITDA adjusted to eliminate the effects of items such as non-cash stock based compensation, new fleet or new basin start-up costs, fleet lay-down costs, costs of asset acquisitions, gain or loss on the disposal of assets, bad debt reserves and non-recurring expenses that management does not consider in assessing ongoing performance.
Our board of directors, management, investors, and lenders use EBITDA and Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation, depletion and amortization) and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP. Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP measure.
Forward-Looking and Cautionary Statements
The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on February 24, 2021 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.
Liberty Oilfield Services Inc. Selected Financial Data (unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||||||
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Statement of Operations Data: |
|
(amounts in thousands, except for per share and fleet data) |
||||||||||||||||||
Revenue |
|
$ |
683,735 |
|
|
$ |
653,727 |
|
|
$ |
257,586 |
|
|
$ |
2,470,782 |
|
|
$ |
965,787 |
|
Costs of services, excluding depreciation and amortization shown separately |
|
|
635,352 |
|
|
|
593,683 |
|
|
|
236,510 |
|
|
|
2,249,926 |
|
|
|
857,981 |
|
General and administrative |
|
|
35,363 |
|
|
|
32,281 |
|
|
|
20,114 |
|
|
|
123,406 |
|
|
|
84,098 |
|
Transaction, severance and other costs |
|
|
2,965 |
|
|
|
1,556 |
|
|
|
9,395 |
|
|
|
15,138 |
|
|
|
21,061 |
|
Depreciation, depletion and amortization |
|
|
71,635 |
|
|
|
65,852 |
|
|
|
45,826 |
|
|
|
262,757 |
|
|
|
180,084 |
|
Loss (gain) on disposal of assets |
|
|
1,855 |
|
|
|
(79 |
) |
|
|
109 |
|
|
|
779 |
|
|
|
(411 |
) |
Total operating expenses |
|
|
747,170 |
|
|
|
693,293 |
|
|
|
311,954 |
|
|
|
2,652,006 |
|
|
|
1,142,813 |
|
Operating loss |
|
|
(63,435 |
) |
|
|
(39,566 |
) |
|
|
(54,368 |
) |
|
|
(181,224 |
) |
|
|
(177,026 |
) |
Gain on remeasurement of liability under tax receivable agreement (1) |
|
|
(10,787 |
) |
|
|
(4,947 |
) |
|
|
— |
|
|
|
(19,039 |
) |
|
|
— |
|
Interest expense, net |
|
|
4,075 |
|
|
|
4,007 |
|
|
|
3,646 |
|
|
|
15,603 |
|
|
|
14,505 |
|
Net loss before taxes |
|
|
(56,723 |
) |
|
|
(38,626 |
) |
|
|
(58,014 |
) |
|
|
(177,788 |
) |
|
|
(191,531 |
) |
Income tax (benefit) expense |
|
|
(186 |
) |
|
|
753 |
|
|
|
(9,783 |
) |
|
|
9,216 |
|
|
|
(30,857 |
) |
Net loss |
|
|
(56,537 |
) |
|
|
(39,379 |
) |
|
|
(48,231 |
) |
|
|
(187,004 |
) |
|
|
(160,674 |
) |
Less: Net loss attributable to non-controlling interests |
|
|
(948 |
) |
|
|
(489 |
) |
|
|
(11,201 |
) |
|
|
(7,760 |
) |
|
|
(45,091 |
) |
Net loss attributable to Liberty Oilfield Services Inc. stockholders |
|
$ |
(55,589 |
) |
|
$ |
(38,890 |
) |
|
$ |
(37,030 |
) |
|
$ |
(179,244 |
) |
|
$ |
(115,583 |
) |
Net loss attributable to Liberty Oilfield Services Inc. stockholders per common share: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
$ |
(0.31 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.41 |
) |
|
$ |
(1.03 |
) |
|
$ |
(1.36 |
) |
Diluted |
|
$ |
(0.31 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.41 |
) |
|
$ |
(1.03 |
) |
|
$ |
(1.36 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
|
181,784 |
|
|
|
178,311 |
|
|
|
91,026 |
|
|
|
174,019 |
|
|
|
85,242 |
|
Diluted (2) |
|
|
181,784 |
|
|
|
178,311 |
|
|
|
91,026 |
|
|
|
174,019 |
|
|
|
85,242 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other Financial and Operational Data |
|
|
|
|
|
|
|
|
||||||||||||
Net capital expenditures (3) |
|
$ |
54,069 |
|
|
$ |
53,424 |
|
|
$ |
18,998 |
|
|
$ |
173,388 |
|
|
$ |
100,269 |
|
Adjusted EBITDA (4) |
|
$ |
20,626 |
|
|
$ |
32,008 |
|
|
$ |
7,124 |
|
|
$ |
120,892 |
|
|
$ |
57,899 |
|
| _______________ | ||
(1) |
During the second quarter of 2021, the Company entered into a three-year cumulative pre-tax book loss driven primarily by Covid-19 which, applying the interpretive guidance to Accounting Standards Codification Topic 740 - Income Taxes, required the Company to recognize a valuation allowance against certain of the Company’s deferred tax assets. The Company recorded a valuation allowance against certain deferred tax assets, generating additional income tax expense during the year ended December 31, 2021. In connection with the recognition of a valuation allowance, the Company was also required to remeasure the liability under the tax receivable agreement resulting in a gain. |
|
(2) |
In accordance with U.S. GAAP, diluted weighted average common shares outstanding for the three months ended December 31, and September 30, 2021, and December 31, 2020, exclude weighted average shares of Class B common stock (2,581, 1,860, and 21,970, respectively), restricted shares (0, 0, and 79, respectively) and restricted stock units (4,039, 3,256, and 2,507, respectively) outstanding during the period. For the year ended December 31, 2021, and 2020 diluted weighted average common shares outstanding excludes the weighted average shares of Class B common stock (7,052 and 27,427, respectively), restricted shares (0 and 207, respectively) and restricted stock units (3,589 and 2,460, respectively) outstanding during the period. (share counts presented in 000’s). |
|
(3) |
Net capital expenditures presented above include investing cash flows from purchase of property and equipment, excluding acquisition, net of proceeds from the sales of assets. |
|
(4) |
Adjusted EBITDA is a non-GAAP financial measure. See the tables entitled “Reconciliation and Calculation of Non-GAAP Financial and Operational Measures” below. |
|
Liberty Oilfield Services Inc. |
|||||||
Condensed Consolidated Balance Sheets |
|||||||
(unaudited, amounts in thousands) |
|||||||
|
December 31, |
|
December 31, |
||||
|
2021 |
|
2020 |
||||
Assets |
|
||||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
19,998 |
|
|
$ |
68,978 |
|
Accounts receivable and unbilled revenue |
|
407,454 |
|
|
|
313,949 |
|
Inventories |
|
134,593 |
|
|
|
118,568 |
|
Prepaids and other current assets |
|
68,332 |
|
|
|
65,638 |
|
Total current assets |
|
630,377 |
|
|
|
567,133 |
|
Property and equipment, net |
|
1,199,287 |
|
|
|
1,120,950 |
|
Operating and finance lease right-of-use assets |
|
128,100 |
|
|
|
114,611 |
|
Deferred tax asset |
|
607 |
|
|
|
5,360 |
|
Other assets |
|
82,289 |
|
|
|
81,888 |
|
Total assets |
$ |
2,040,660 |
|
|
$ |
1,889,942 |
|
Liabilities and Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued liabilities |
$ |
528,468 |
|
|
$ |
311,721 |
|
Current portion of operating and finance lease liabilities |
|
39,772 |
|
|
|
44,061 |
|
Current portion of long-term debt, net of discount |
|
1,007 |
|
|
|
364 |
|
Total current liabilities |
|
569,247 |
|
|
|
356,146 |
|
Long-term debt, net of discount |
|
121,445 |
|
|
|
105,411 |
|
Long-term operating and finance lease liabilities |
|
81,411 |
|
|
|
61,748 |
|
Deferred tax liability |
|
563 |
|
|
|
— |
|
Payable pursuant to tax receivable agreement |
|
37,555 |
|
|
|
56,594 |
|
Total liabilities |
|
810,221 |
|
|
|
579,899 |
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common Stock |
|
1,860 |
|
|
|
1,795 |
|
Additional paid in capital |
|
1,367,642 |
|
|
|
1,125,554 |
|
(Accumulated deficit) retained earnings |
|
(155,954 |
) |
|
|
23,288 |
|
Accumulated other comprehensive loss |
|
(306 |
) |
|
|
— |
|
Total stockholders’ equity |
|
1,213,242 |
|
|
|
1,150,637 |
|
Non-controlling interest |
|
17,197 |
|
|
|
159,406 |
|
Total Equity |
|
1,230,439 |
|
|
|
1,310,043 |
|
Total liabilities and equity |
$ |
2,040,660 |
|
|
$ |
1,889,942 |
|
Liberty Oilfield Services Inc. |
|||||||||||||||||||
Reconciliation and Calculation of Non-GAAP Financial and Operational Measures |
|||||||||||||||||||
(unaudited, amounts in thousands) |
|||||||||||||||||||
Reconciliation of Net Income to EBITDA and Adjusted EBITDA |
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||||||
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Net loss |
$ |
(56,537 |
) |
|
$ |
(39,379 |
) |
|
$ |
(48,231 |
) |
|
$ |
(187,004 |
) |
|
$ |
(160,674 |
) |
Depreciation, depletion and amortization |
|
71,635 |
|
|
|
65,852 |
|
|
|
45,826 |
|
|
|
262,757 |
|
|
|
180,084 |
|
Interest expense, net |
|
4,075 |
|
|
|
4,007 |
|
|
|
3,646 |
|
|
|
15,603 |
|
|
|
14,505 |
|
Income tax (benefit) expense |
|
(186 |
) |
|
|
753 |
|
|
|
(9,783 |
) |
|
|
9,216 |
|
|
|
(30,857 |
) |
EBITDA |
$ |
18,987 |
|
|
$ |
31,233 |
|
|
$ |
(8,542 |
) |
|
$ |
100,572 |
|
|
$ |
3,058 |
|
Stock based compensation expense |
|
4,855 |
|
|
|
4,245 |
|
|
|
4,245 |
|
|
|
19,946 |
|
|
|
17,139 |
|
Fleet start-up and lay-down costs |
|
2,751 |
|
|
|
— |
|
|
|
1,718 |
|
|
|
2,751 |
|
|
|
12,175 |
|
Transaction, severance and other costs |
|
2,965 |
|
|
|
1,556 |
|
|
|
9,395 |
|
|
|
15,138 |
|
|
|
21,061 |
|
Loss (gain) on disposal of assets |
|
1,855 |
|
|
|
(79 |
) |
|
|
109 |
|
|
|
779 |
|
|
|
(411 |
) |
Provision for credit losses |
|
— |
|
|
|
— |
|
|
|
199 |
|
|
|
745 |
|
|
|
4,877 |
|
Gain on remeasurement of liability under tax receivable agreement |
|
(10,787 |
) |
|
|
(4,947 |
) |
|
|
— |
|
|
|
(19,039 |
) |
|
|
— |
|
Adjusted EBITDA |
$ |
20,626 |
|
|
$ |
32,008 |
|
|
$ |
7,124 |
|
|
$ |
120,892 |
|
|
$ |
57,899 |
|
Calculation of Pre-Tax Return on Capital Employed |
|||||||
|
Twelve Months Ended |
||||||
|
December 31, |
||||||
|
2021 |
|
2020 |
||||
Net loss |
$ |
(187,004 |
) |
|
|
||
Add back: Income tax expense |
|
9,216 |
|
|
|
||
Pre-tax net loss |
$ |
(177,788 |
) |
|
|
||
Capital Employed |
|
|
|
||||
Total debt, net of discount |
$ |
122,452 |
|
|
$ |
105,775 |
|
Total equity |
|
1,230,439 |
|
|
|
1,310,043 |
|
Total Capital Employed |
$ |
1,352,891 |
|
|
$ |
1,415,818 |
|
|
|
|
|
||||
Average Capital Employed (1) |
$ |
1,384,355 |
|
|
|
||
Pre-Tax Return on Capital Employed (2) |
|
(13 |
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(1) |
Average Capital Employed is the simple average of Total Capital Employed as of December 31, 2021 and 2020. |
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Pre-tax Return on Capital Employed is the ratio of pre-tax net loss for the twelve months ended December 31, 2021 to Average Capital Employed. |
Michael Stock
Chief Financial Officer
303-515-2851
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DUBLIN--(BUSINESS WIRE)--The "Global Electric Vehicle Battery Reuse and Recycling Market 2021-2026" report has been added to ResearchAndMarkets.com's offering.
This report will cover all the commercially available methods for electric vehicle battery reuse and recycling that are actively being utilized and consumed by key end-user industries in the electric vehicle battery reuse and recycling market.
Its scope will also include all the applications in which electric vehicle battery reuse and recycling are used. Furthermore, the electric vehicle battery reuse and recycling industry will also be thoroughly analyzed at the regional and country level.
Batteries for electric vehicles are defined by their high power-to-weight ratio, specific energy and energy density. Smaller, lighter batteries are desirable because they reduce the electric vehicle's weight and thus improve its performance. In contrast to liquid fuels, extremely active battery technologies have a significantly lower specific energy, which often impacts the vehicle's maximum all-electric range.
Due to their high energy density in relation to their weight, lithium-ion and lithium polymer batteries are the most prevalent battery types in modern electric vehicles. Nickel-cadmium, nickel-metal hydride, lead-acid (and, less frequently, zinc-air and sodium nickel chloride) batteries are used in electric vehicles. The quantity of energy stored in batteries is expressed in ampere hours or coulombs, with the overall amount of energy frequently expressed in kilowatt-hours.
Innovations in lithium-ion battery equipment have been driven by consumer electronics, laptop computers, mobile phones and power tools. The BEV and HEV markets have benefited from these advancements in terms of performance and energy density. Unlike previous battery chemistries, particularly that of nickel-cadmium, the chemistry of lithium-ion batteries enables them to be discharged and recharged on a regular basis and at any level of charge.
Regional and country-level markets will be segmented and analyzed by battery type, EV type and end-use. The impact of the COVID-19 pandemic is also covered. The market size and estimations are provided in terms of revenue, with 2020 serving as the base year; and market forecasts will be given for the period from 2021 to 2026.
In terms of battery type, the electric vehicle battery reuse and recycling market is segmented into lithium-ion batteries, nickel-metal hydride batteries and lead-acid batteries.
In terms of EV type, the electric vehicle battery reuse and recycling market is segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV) and fuel cell electric vehicle (FCEV).
In terms of end-use, the electric vehicle battery reuse and recycling market is segmented into passenger cars, commercial vehicles, energy storage and consumer electronics.
The Report Includes
Key Topics Covered:
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Market Overview
Chapter 4 Impact of COVID-19
Chapter 5 Value/Supply Chain Analysis
Chapter 6 Global Market for Electric Vehicle Battery Reuse and Recycling by Battery Type
Chapter 7 Global Market for Electric Vehicle Battery Reuse and Recycling by EV Type
Chapter 8 Global Market for EV Battery Reuse and Recycling by End Use
Chapter 9 Global Market for EV Battery Reuse and Recycling by Region
Chapter 10 Competitive Market Analysis
Chapter 11 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/6unz6c
ResearchAndMarkets.com
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PARIS--(BUSINESS WIRE)--Regulatory News:
Technip Energies (PARIS:TE), a leading engineering and technology company for the energy transition, today announces that it has acquired a 16.3% stake in X1 Wind, a renewable energy startup that has designed an innovative and disruptive offshore wind turbine floater with major environmental and operational benefits.
Technip Energies is the lead investor in this funding round, which also counts with the participation of the European Commission-owned European Innovation Council (EIC) Fund, advised by the European Investment Bank (EIB), and some of X1 Wind’s previous shareholders. Under the terms of the agreement, Technip Energies will hold two of the nine seats on X1 Wind’s Board of Directors.
This strategic investment is supplemented by an operational agreement whereby Technip Energies will support X1 Wind’s management through its participation in joint technical and commercialization committees and bring its engineering capabilities, offshore project execution and industrialization know-how to carry the X1 Wind concept to commercial application, with the aim to include the pioneering technology in Technip Energies’ floating offshore wind (FOW) offering.
The X1 Wind FOW concept is based on a Tension Leg Platform (TLP) mooring, with a weathervaning system and a downwind turbine. The design allows for a lighter floater design with a significantly reduced steel requirement and for a more efficient and restricted mooring system minimizing the impact on seabed. It is scalable for turbines of 15+ MW, facilitating cost-effective deployment for large-scale offshore wind farms. Technip Energies and X1 Wind will collaborate on the development of the first commercial-scale demonstrator, as well as the related industrialization and commercialization plans of the technology.
Willy Gauttier, Technip Energies Vice President for Floating Offshore Wind, commented: “With this investment and collaboration, Technip Energies demonstrates that it is not only addressing today’s floating offshore wind market with its current semi-submersible technology, it is also preparing the future with this promising design to become the leader of the next generation of floaters. Thanks to our offshore project execution and experience in developing technical concepts all the way to commercialization, we are confident that X1 Wind will be a great addition to Technip Energies’ portfolio of technology solutions in the near future.”
Alex Raventos, Co-founder and CEO of X1 Wind, said: “Our innovation capacity and disruptive light-weight technology, coupled with Technip Energies’ decades of experience in the offshore sector and proven track-record implementing the first floating wind projects, brings a perfect alliance to develop the next generation of floating wind technology, necessary to lower the costs of the floating wind sector to meet the ambitious targets and contribute to a carbon neutral but competitive energy mix.”
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.
For further information: www.technipenergies.com.
About X1 Wind
X1 Wind is a disruptive floating wind technology developer. Based in Barcelona, Spain, the firm’s mission is to provide highly scalable solutions which deliver clean, affordable energy while reducing carbon emissions across the globe. The company’s unique floating wind concept was initially developed by Carlos Casanovas in 2012 while studying at Massachusetts Institute of Technology (MIT), before progressing the patented technology for almost a decade. In recent years, X1 Wind has rapidly progressed its technology, having successfully executed several tank testing campaigns and completed the design, assembly and load-out of a full-featured part-scale demonstrator in the Canary Islands. It has recently been awarded the European Innovation Council (EIC) Accelerator programme to develop and scale up its ground-breaking innovations and to fast-track commercial operations. The company has steadily been building a world-class team of experts in the offshore wind industry and related sectors.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.
For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
Technip Energies
Investor relations
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Nation’s Largest Public Fast Charging Network to Support Drivers of the All-New 2023 Subaru Solterra, their first all-electric SUV
LOS ANGELES--(BUSINESS WIRE)--Today, EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, announced the company has been selected as the preferred EV charging partner of Subaru of America, Inc. This news comes on the heels of Subaru unveiling its first ever zero-emissions vehicle, the all-new 2023 Solterra EV SUV, at the LA Auto Show in November and opening reservations this month. Subaru drivers will have access to all the benefits of EVgo’s industry-leading network, with its proven reliability, broad geographic reach and 24/7 customer support.
With EVgo’s network powered by 100% renewable electricity, Subaru drivers can enjoy a zero-emission driving experience, as well as the convenience of charging at more than 800 public fast charging locations and 1,200+ L2 charging stalls spanning 68 metropolitan areas and 35 states. In addition, drivers can access more than 46,000 L2 and DC fast charge public chargers through EVgo’s roaming partners across the country. EVgo continues to build out its fast charging network, and is currently planning to have approximately 16,000 charging stalls deployed by 2027.
All Subaru EVgo account holders can also count on the 24/7 customer support of the EVgo Charging Crew for assistance. All Subaru drivers will have access to EVgo’s mobile app for finding fast chargers, initiating, and monitoring charging sessions, and earning and tracking EVgo Rewards™ points towards free charging credits.
The 2023 Subaru Solterra is the automaker’s first all-electric SUV and its first battery-electric vehicle to be released globally. Slated to begin sales in mid-2022, the new Solterra features standard Subaru Symmetrical All-Wheel Drive, active safety technology and estimated range of over 220 miles.
“Subaru and EVgo share a commitment to performance, reliability, and being good stewards of the environment, which is why we’re excited to partner up to deliver convenient charging for Solterra drivers,” said David Sullivan, Product Marketing Launch Manager at Subaru. “We know that access to convenient and affordable charging is key to accelerating EV adoption, and the Subaru EVgo partnership will deliver just that for our first fully electric drivers.”
“EVgo has a long history of working with automakers leading the charge on EVs, and we are delighted to partner with Subaru to make sure Solterra drivers have convenient and reliable charging options,” said Cathy Zoi, Chief Executive Officer at EVgo. “We are looking forward to welcoming Subaru drivers to the EVgo network and supporting Subaru drivers on their urban and outdoor adventures.”
Today, more than 130 million people in the U.S. live within a 10-mile drive of an EVgo fast charger. EVgo maintains industry leading network reliability and focuses on building stations in convenient locations at grocery, retail and entertainment centers. EVgo stations feature charging stalls that range from 50 kW to high power 350 kW, charging vehicles up to 80% in 15-45 minutes.1
For more information around the locations of fast chargers within EVgo’s charging network, visit www.evgo.com
About Subaru of America, Inc.
Subaru of America, Inc. (SOA) is a wholly owned subsidiary of Subaru Corporation of Japan. Headquartered at a zero-landfill office in Camden, N.J., the company markets and distributes Subaru vehicles, parts and accessories through a network of more than 630 retailers across the United States. All Subaru products are manufactured in zero-landfill plants and Subaru of Indiana Automotive, Inc. is the only U.S. automobile manufacturing plant to be designated a backyard wildlife habitat by the National Wildlife Federation. SOA is guided by the Subaru Love Promise, which is the company’s vision to show love and respect to everyone, and to support its communities and customers nationwide. Over the past 20 years, SOA has donated more than $200 million to causes the Subaru family cares about, and its employees have logged more than 63,000 volunteer hours. As a company, Subaru believes it is important to do its part in making a positive impact in the world because it is the right thing to do. For additional information visit media.subaru.com. Follow us on Facebook, Twitter, and Instagram.
About EVgo
EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 310,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.
1 Actual charging speeds depend on the capability of the vehicle
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310-954-2943
DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE/LSE: KOS) announced today the following schedule for its fourth quarter 2021 results:
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Webcast:
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About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in our Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Investor Relations
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STAMFORD, Conn. & NORWOOD, Mass.--(BUSINESS WIRE)--GZA GeoEnvironmental Inc. (GZA), a leading multi-disciplinary firm providing geotechnical, environmental, ecological, water, and construction management services, congratulates The Village on achieving full lease-out of its premium indoor/outdoor waterfront campus in Stamford’s South End.
Designed to serve the needs of entrepreneurs and creators in realms like art, entertainment, tech, music, health, fitness, food, finance, the digital/influencer worlds, and more, The Village includes 133,000 square feet of work/play space, unique private event venues and a rooftop garden with world-class food and beverage offerings, and nearly 1,000 feet of walkable marina. In recognition of its superior energy efficiency, The Village has won one of Connecticut’s first LEED v4 certifications.
GZA performed a range of services for The Village in redeveloping and expanding a 1920s-era manufacturing building and preparing the site, including environmental due diligence, bulkhead and marina condition assessment, pre-construction planning, and management of materials during construction.
GZA CEO Patrick Sheehan said: “The Village is one of the most exciting and innovative waterfront redevelopment projects GZA has had the privilege to support. All of us at GZA congratulate Brent and Courtney Montgomery and The Village team on completing and fully leasing up this transformational development.’’
About GZA
GZA is a multi-disciplinary, employee-owned firm providing Geotechnical, Environmental, Ecological, Water and Construction Management services. GZA’s more than 700 professionals are based in 30 offices in New England, the Mid-Atlantic, and the Great Lakes States. Our corporate headquarters is at 249 Vanderbilt Avenue, Norwood, MA 02062.
Media Contact:
Angela Cincotta
GZA Chief of Marketing and Communications
781-278-5777
New Venture, Egg, will Primarily Focus on Providing Electric Vehicle Charging on a Subscription Basis
Customers Will Be Charged a Monthly Fee for Ongoing Maintenance and Technical Support – with No Up-Front Payments
LONDON, United Kingdom--(BUSINESS WIRE)--Liberty Global Ventures, the investment arm of Liberty Global plc (“Liberty Global”) (NASDAQ: LBTYA, LBTYB and LBTYK), has launched a renewable energy brand, Egg, offering a range of clean technology solutions, including electric vehicle charging on a subscription basis.
Last year more electric vehicles were sold in the UK than the previous five years combined. As electric cars continue to grow in popularity, Egg’s subscription charging service ensures that its customers have a reliable, sustainable and cost-effective energy solution for their vehicle. The innovative subscription model - which hasn’t previously been available in the UK - means that customers benefit from ongoing maintenance and technical support, all included in a monthly £30 fee and without any up-front fees.
Egg’s launch comes ahead of the UK government ending the Electric Vehicle Homecharge Scheme (EVHS) at the end of March. This means that new electric vehicle owners are no longer able to access a grant of up to £350 for hardware installation. Egg’s monthly subscription model will help ensure that electric vehicle charging remains accessible and affordable for consumers despite the removal of the grant.
The subscription model also leverages the extensive expertise Liberty Global has in delivering subscription products and related support. Previously, home-based electric vehicle charging facilities have typically been installed by the sellers of the equipment without any access to ongoing maintenance and support services. As well as providing electric vehicle charging, Egg will also offer solar panels and battery storage facilities. This means that customers are able to store excess energy created by Egg solar panels to use at home, whether that’s to charge their electric car or for other uses.
The launch of Egg follows Liberty Global Ventures’ acquisition of The Phoenix Works, a specialist sustainable energy solutions provider, in 2020. Egg becomes the second company in the renewable energy sector to be launched by Liberty Global. Also in 2020, Liberty Global Ventures and Zouk Capital – an infrastructure investment fund established by the UK government and backed by HM Treasury – launched a joint venture, Liberty Charge, rolling out on-street residential electric vehicle charging points in the UK.
Robert Dunn, MD, Liberty Global Ventures, comments: “The renewable energy sector represents an exciting value creation opportunity for Liberty Global Ventures as demand for sustainable energy solutions and electric vehicle charging continue to grow exponentially. As one of the world’s leading connectivity providers, we’re exceptionally well placed to capitalise on this opportunity: we’re a trusted home installer and have long-standing expertise in sustaining subscription relationships, as well as extensive experience in providing consumers with financed assets such as mobile handsets, for example. While we’ll take a measured approach in our first few months to keep up with consumer demand, we look forward to rapidly scaling the business as the market for electric vehicle charging and renewable energy solutions continues to grow at pace.”
Thomas Newby, Chief Executive Officer, Egg, adds: “As electric vehicles become more and more popular, Egg provides a convenient, cost-effective and reliable home charging solution. Egg’s subscription model helps ensure that electric vehicle users are safe in the knowledge that their car is fully charged when they need it to be, reducing the risk and uncertainty for consumers when making the switch to an electric car. This peace of mind is underpinned by the technical support and maintenance services offered by our in-house experts, all included in a monthly subscription.”
Egg’s website is now live at crackingenergy.com
ABOUT LIBERTY GLOBAL
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is a world leader in converged broadband, video and mobile communications services. We deliver next-generation products through advanced fiber and 5G networks that connect over 85 million subscribers across Europe and the United Kingdom. Our businesses operate under some of the best-known consumer brands, including Virgin Media-O2 in the UK, VodafoneZiggo in the Netherlands, Telenet in Belgium, Sunrise UPC in Switzerland, Virgin Media in Ireland and UPC in Eastern Europe. Through our substantial scale and commitment to innovation, we are building Tomorrow’s Connections Today, investing in the infrastructure and platforms that empower our customers to make the most of the digital revolution, while deploying the advanced technologies that nations and economies need to thrive.
Our consolidated businesses generate annual revenue of more than $7 billion, while our joint-ventures in the UK and the Netherlands generate combined annual revenue of more than $17 billion.
Liberty Global Ventures, our global investment arm, has a portfolio of more than 75 companies and funds across content, technology and infrastructure, including strategic stakes in companies like Plume, ITV, Lions Gate, Univision and the Formula E racing series.
Revenue figures above are provided based upon 2020 results and on a combined Virgin Media and O2 UK basis. For more information, please visit www.libertyglobal.com.
Liberty Global
Investor Relations
Michael Bishop +44 20 8483 6246
Corporate Communications
Matt Beake +44 20 8483 6428
RALEIGH, N.C.--(BUSINESS WIRE)--Vontier Corporation (“Vontier”) (NYSE: VNT) announced today its multi-year investment commitment to lead in the global low-carbon energy transition. Inclusive to the strategic pledge, Vontier also announced its first energy transition capital deployment with the acquisition of Driivz, a leading provider of EV charging and energy management software. No further transaction details were announced.
Mark Morelli, President and Chief Executive Officer of Vontier, stated, “As has been widely reported, the energy landscape will change more in the next 10 years than in the previous hundred and today’s announcement underscores our Net Zero goals and advances our plan to deliver solutions to help address the global emissions challenges. We are committed to tackling the energy transition in transformative ways with our commitment to invest more than $500 million over the next 5 years to lead in the energy transition.
"The acquisition of Driivz accelerates our portfolio diversification and e-mobility strategies toward long-term secular growth drivers and positions us well to capitalize on the global EVCI market opportunities. Driivz provides us with market leading technologies within the highest growth, most profitable network management software market segment. We are excited to offer our customers with best-in-class software that is hardware agnostic and the ability to continue to own the consumer experience.”
Driivz is an intelligent cloud-based subscription software platform supporting EVCI providers with operations management, energy optimization, billing and roaming capabilities, as well as driver self-service apps. The Tel Aviv, Israel-based company currently provides solutions to a broad range of customers participating in the global buildout of EVCI, including utilities, charge point operators, fleets, OEMs, EMSPs (e-mobility service providers), and oil & gas companies. Driivz’s highly scalable software supports over 500 different charger types providing its customers with access to over 100,000 charging points worldwide. Driivz’s advanced features and architecture will enable current and new customers to rapidly scale their charging networks to meet growing global demand.
Vontier’s relationship with Driivz began in early 2020 with a minority investment. “We are delighted to become part of the Vontier family of companies,” said Doron Frenkel, CEO of Driivz. “This acquisition will advance our vision and mission to transform the EV charging energy challenge into a solution to a bigger problem - creating a greener world for future generations. Together we can drive broader and deeper impact at a global scale and decarbonize our customers’ energy footprint.”
ABOUT VONTIER
Vontier is a global industrial technology company focused on transportation and mobility solutions. The company’s portfolio of trusted brands includes market-leading expertise in mobility technologies, retail and commercial fueling, fleet management, telematics, vehicle diagnostics and repair, and smart cities end-markets. Vontier’s innovative products, services, and software advance efficiency, safety, security, and environmental compliance worldwide.
Guided by the proven Vontier Business System and an unwavering commitment to continuous improvement and customer success, Vontier keeps traffic flowing through more than 90,000 intersections, serves more than 260,000 customer fueling sites, monitors more than 480,000 commercial vehicles, and equips over 600,000 auto technicians worldwide. Vontier’s history of innovation, margin profile, and cash flow characteristics are expected to support continued investment across a spectrum of compelling organic and capital deployment growth opportunities. Vontier is mobilizing the future to create a better world.
ABOUT DRIIVZ
Driivz is the leading global software supplier to EV operators and service providers, accelerating the plug-in EV industry's dynamic and continuous transformation. The company's intelligent, cloud-based platform spans EV charging operations, energy management, advanced billing capabilities and driver self-service tools. Based in Tel Aviv, Israel, Driivz's team of EV experts serve customers in more than 20 countries, including global industry players such as Volvo Group, EVgo, Gilbarco Veeder-Root, ElaadNL, ESB, Mer and eMobility Power. Driivz's platform manages tens of thousands of EV chargers in North America, Europe, and APAC, used by almost 1 million EV drivers. For more information, please visit http://www.driivz.com.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical, including statements regarding future product solutions, the anticipated prospects of Vontier, Driivz or the industry, future growth opportunities and any other statements regarding events or developments that Vontier expects or anticipates will or may occur in the future, are “forward-looking” statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements regarding our business and acquisition opportunities and anticipated earnings, and any other statements identified by their use of words like “anticipate,” “expect,” “believe,” “outlook,” “guidance,” or “will” or other words of similar meaning. There are a number of important risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements.
These risks and uncertainties include, among other things, the duration and impact of the COVID-19 pandemic, deterioration of or instability in the economy, the markets we serve, international trade policies and the financial markets, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental regulations that may adversely impact demand for our products or our costs, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions and successfully complete divestitures and other dispositions, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, impact of divestitures, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to international economic, political, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, security breaches or other disruptions of our information technology systems, adverse effects of restructuring activities, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2020. These forward-looking statements represent Vontier’s beliefs and assumptions only as of the date of this release and Vontier does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
Lisa Curran
Vice President, Investor Relations
Vontier Corporation
5438 Wade Park Boulevard, Suite 600
Raleigh, NC, 27607
Telephone: (984) 275-6000
DUBLIN--(BUSINESS WIRE)--The "Global Tugboat Charter Services Market, By Vessel Type, By Power, By End User, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global tugboat charter services market held a market value of USD 9,001.0 Million in 2020 and is estimated to reach USD 18,924.1 Million by the year 2027. The market is anticipated to register a CAGR of 11.5% during the forecast period.
Companies Mentioned
A tugboat is a marine vessel that maneuvers other vessels by pulling or pushing them. This is done with direct contact or a tow line. Some of these vessels are icebreakers, salvage tugs, or ocean-going. The market is anticipated to be driven owing to the growing maritime trade across the globe coupled with the growth of the oil & gas industry. Moreover, the development and expansion of seaports are also estimated to fuel the market growth. However, the international marine fuel regulations and high fuel costs are expected to restrain the market growth.
Growth Influencers:
Growing maritime trade across the globe
Maritime trade is the shipment or trading of goods through the sea or other waterways. Maritime trade is expanding across the world owing to the growing shipping industry globally. According to the UNCTAD, the volume of maritime trade globally increased to 11,076 million tons in 2019 from 9,816 in 2014. Therefore, such fast growth in the volume of maritime trade is anticipated to boost the market growth.
Development and expansion of seaport
Activities on seaport constitute a vital economic activity in terms of integration and development of the global economic market. Seaport constitutes one of the principal elements of the maritime sector. It is also feasible for terminal activities, in which loading and off-loading of vessels, water vehicles, ferries, ships, and other such activities for ensuring the thorough checking of goods that come in and go out in compliance with international and national regulations. Hence, the rapid development and expansion of seaports are estimated to fuel the market growth.
Segments Overview:
The global tugboat charter services market is segmented based on vessel type, power, and end-user.
By Vessel Type
The harbor (ship-assist) tugs are expected to hold the largest market share of around 21% owing to their high usage for assisting the vessels in docking and undocking maneuvers. The river tugs segment is anticipated to grow at a CAGR of 9.6% during the forecast period.
By Power
The 2001-4000 bhp segment is estimated to witness the fastest growth rate of 11.2% owing to their increasing demand. The 4001-6000 bhp segment held a market share of about 30%.
By End-User
The shipping companies segment held the largest market share owing to the high number of shipping companies globally. The port operators segment is anticipated to grow at the fastest growth rate over the projected period.
Regional Overview
On a regional basis, the global Tugboat Charter Services market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The Asia Pacific region held the largest market share of around 40% owing to the growing capital expenditure in the oil and gas industry in the region. Also, many countries in the region are deploying tugboats for the improvement of their inland waterway infrastructure facilities. The European region is estimated to hold the second-largest market share owing to the large sea area surrounding the region.
For more information about this report visit https://www.researchandmarkets.com/r/kje4ye
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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New funding will accelerate Quaise’s ability to demonstrate its novel drilling technology in the field and tap into hotter and denser sources of renewable geothermal energy
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Quaise Energy, the company unlocking terawatt-scale geothermal, announced today the closing of a $40M Series A financing round led by Safar Partners with participation from Prelude Ventures, Fine Structure Ventures, The Engine, Collaborative Fund, Nabors Energy Transition Ventures, and others. Safar Partners’ Arunas Chesonis and Mark Cupta from Prelude Ventures have joined Quaise Energy's Board of Directors as part of the financing.
Geothermal is the only renewable, clean source of energy capable of providing baseload power at the scale of the energy transition.
Quaise Energy plans to harness deep geothermal by introducing millimeter wave drilling systems capable of reaching depths between 10-20 km. At these depths, geothermal energy is power-dense, virtually unlimited, and available everywhere on the planet.
“A rapid transition to clean energy is one of the biggest challenges faced by humanity,” said Arunas Chesonis, Managing Partner of Safar Partners. “Geothermal energy can provide a lot more power using fewer resources. We have to approach the clean energy transition from both of those angles. Quaise's solution makes us optimistic for a future where clean, renewable energy will secure the future of our planet.”
The funding will be used to accelerate product development. The company will build field-deployable drilling machines to demonstrate the capabilities of this novel drilling technology in the field by 2024. It will also expand its multi-disciplinary teams based in Boston, Houston, and Cambridge, UK, doubling its number of engineers and creating new roles to refine and execute its commercialization strategy.
"This funding round brings us closer to providing clean, renewable baseload energy," said Carlos Araque, CEO and co-founder of Quaise Energy. "Our technology allows us to access energy anywhere in the world, at a scale far greater than wind and solar, enabling future generations to thrive in a world powered with abundant clean energy."
The company plans to use its novel drilling technology to repower traditional power plants, saving infrastructure costs and utilizing the current oil and gas industry’s workforce to accelerate the shift towards a sustainable energy industry.
"We need a massive amount of carbon-free energy in the coming decades," said Mark Cupta, Managing Director at Prelude Ventures. "Quaise Energy offers one of the most resource-efficient and nearly infinitely scalable solutions to power our planet. It is the perfect complement to our current renewable solutions, allowing us to reach baseload sustainable power in a not so distant future."
“The ubiquity and constancy of deep geothermal energy is tantalizing but economically inaccessible with conventional drilling technologies,” said Allison Hinckley, Senior Associate at Fine Structure Ventures. “Quaise’s radically different drilling technology offers a path to access this resource at a global scale with commensurate reductions in carbon emissions.”
Quaise Energy spun out of the MIT Plasma Science and Fusion Center in 2018. The company has raised $63M to date, including $18M in seed funds and $5M in grant money.
To learn more about Quaise, please visit: www.quaise.energy.
ABOUT QUAISE
Quaise Energy is terawatt-scale geothermal. We’re opening access to renewable, baseload power from anywhere on planet Earth. Deep geothermal uses less than 1% of the land and materials of other renewables, making it the only option for a sustainable clean energy transition.
Our approach to deep geothermal is unique in being geography agnostic: by outfitting existing drilling rigs with millimeter wave technology, we’re opening the way for power-dense, deep geothermal energy on a global scale. The path to terawatt-scale clean energy doesn’t require building global infrastructure. Quaise Energy is accelerating the clean-energy transition by repowering the fossil-fired infrastructure of today’s energy industry with clean geothermal steam.
Learn more at www.quaise.energy.
ABOUT SAFAR PARTNERS
Safar Partners is a seed- to growth-stage venture fund investing primarily in technology companies out of MIT, Harvard, and the University of Rochester. Safar takes advantage of the principles of private equity to create value as our companies scale beyond initial prototypes. We accelerate the scaling of our portfolio companies through the formation of spinouts or joint ventures to address additional markets, industries, or geographies. For more about Safar Partners, visit www.safar.partners.
ABOUT PRELUDE VENTURES
Prelude Ventures is a venture capital firm dedicated to advancing the low-carbon economy. The firm invests in exceptional entrepreneurs across a range of sectors including advanced energy, food & agriculture, transportation and logistics, advanced materials and manufacturing, and advanced computing. Prelude Ventures was founded in 2013 and is based in San Francisco. Learn more at www.preludeventures.com.
ABOUT FINE STRUCTURE VENTURES
Fine Structure Ventures is a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments. We focus on early-stage investments in companies leveraging disruptive scientific and technological innovation.
Tony Fassi
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-- A significant expansion of EV battery build capabilities
IRVINE, Calif.--(BUSINESS WIRE)--Enevate, a pioneering battery innovation company featuring extreme fast charge and high energy density battery technologies for electric vehicles (EVs) and other markets, announced that it has signed a lease for over 125,000 square feet in Irvine, California, providing room for expansion for its Electric Vehicle (EV) battery pre-production line and corporate offices.
The new facility represents a substantial growth in space from the company's existing space of 20,000 square feet at UCI Research Park.
“With Enevate’s expanding customer base, increased number of projects, and more employees we simply ran out of room at our current facility,” said Enevate CEO Robert A. Rango. “This is a major milestone for the company during a very exciting time in mobility as the world transitions to electric vehicles.”
Enevate will utilize the new facility to greatly increase its battery pre-production line, which will serve as a demonstration facility for automakers and battery manufacturers seeking to produce batteries in industrial-scale battery factories, including large gigafactories. The expanded pre-production line will enable the manufacture of industry-standard size 21700 cylindrical cells, as well as large EV pouch cells for research and customer sampling.
The expanded facility at 34 Parker Drive in Irvine is in the heart of the Southern California EV hub. This facility expansion will also accommodate Enevate’s growing staff as the company continues to hire, especially scientists and engineers.
The company expects to complete its move into the new facility before the end of this year.
ABOUT ENEVATE (www.enevate.com)
Enevate develops and licenses advanced battery technology for electric vehicles (EVs), with a vision of EVs charging as fast as refueling gas cars, accessible and affordable to everyone, and accelerating EVs' mass adoption. With a portfolio of more than 500 patents issued and in process, Enevate's pioneering advancements (leveraging accelerated battery testing and machine learning) in silicon-dominant anodes and cells have resulted in battery technology that features five-minute extreme fast charging with high energy density, low-temperature operation for cold climates, low cost and safety advantages over conventional batteries.
Enevate's vision is to develop and propagate EV battery technology that contributes to a clean and sustainable environment. The Irvine, California-based company's investors include Renault-Nissan-Mitsubishi (Alliance Ventures), LG Chem, Samsung Venture Investment Corp, Fidelity Management & Research Company, Mission Ventures, Draper Fisher Jurvetson, Tsing Capital, Infinite Potential Technologies, Presidio Ventures – a Sumitomo Corporation company, Lenovo, CEC Capital, and Bangchak. Enevate®, the Enevate logo, HD-Energy®, and eBoost® are registered trademarks of Enevate Corporation.
Bill Blanning
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TEL AVIV, Israel--(BUSINESS WIRE)--#EV--Driivz, the leading end-to-end EV charging and smart energy management software platform, today announced its acquisition by Vontier Corporation (“Vontier”), a global industrial technology company focused on transportation and mobility solutions.
The acquisition accelerates Vontier’s strategy to provide smart, sustainable mobility solutions. Driivz’s white-label solutions allow utilities, gas and oil companies, automakers, and EV charging service providers to deliver a set of advanced, yet easy-to-use solutions to players in the ecosystem such as fleets, hosts, municipalities, commercial and industrial buildings and MDUs.
Driivz will continue to be led by Doron Frenkel and will be run as an independent company, a wholly owned subsidiary of Vontier.
“Vontier believes the next decade could bring the most significant changes to global mobility since the invention of the automobile. Clean, efficient fueling technology is no longer optional,” said Mark Morelli, President and CEO of Vontier. “The acquisition of Driivz accelerates our portfolio diversification and e-mobility strategies toward long-term secular growth drivers and positions us well to capitalize on the global EV Charging Infrastructure (EVCI) market opportunities. Driivz provides us with market leading technologies within the highest growth, most profitable network management software market segment. We are excited to offer our customers best-in-class software that is hardware agnostic and the ability to continue to own the consumer experience.”
“This acquisition will accelerate our market leadership in EV charging and smart energy management,'' said Doron Frenkel, Driivz founder and CEO. “With the most scalable platform, innovative technology and flexible business models, we can drive broader and deeper impact at a global scale. Our commitment is to our customers and to our motivated team of experts, who we will continuously cater for customers’ current and future needs.”
About Driivz
Driivz is the leading global software supplier to EV operators and service providers, accelerating the plug-in EV industry's dynamic and continuous transformation. The company's intelligent, cloud-based platform spans EV charging operations, energy management, advanced billing capabilities and driver self-service tools. Based in Tel Aviv, Israel, Driivz's team of EV experts serve customers in more than 20 countries, including global industry players such as Volvo Group, EVgo, Gilbarco Veeder-Root, Centrica, ElaadNL, ESB, Mer and eMobility Power. Driivz's platform manages tens of thousands of EV chargers in North America, Europe, and APAC, used by almost 1 million EV drivers. For more information, please visit http://www.driivz.com.
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Canada’s GuildOne has joined non-profit rewilding organization Project Forest as a Gold Plus Partner to leverage blockchain technology for climate action financing.
CALGARY, Alberta--(BUSINESS WIRE)--#Cardano--Blockchain technology firm GuildOne Inc. (GuildOne) is pleased to announce that the company has joined sustainability non-profit Project Forest as a Gold Plus Forestry Partner through its support for the Project Forest – Swan River Ecological Reconciliation project located within the territory of Swan River First Nation in northern Alberta.
Uniting Project Forest’s expertise in restoring natural biodiversity and the Swan River community’s deep knowledge of traditional horticulture, the project was created to bring the nation’s land along the river back to its original, pre-agricultural state.
Through its ESG1 sustainability division, GuildOne is building verified tokens for the seedlings it supported planting at the Swan River project on the Cardano blockchain network. Representing the value of natural assets as tokens encodes immutable data on its provenance and environmental benefits, such as for a tree or acre of land.
The company is developing multiple paths to value for its natural asset tokens, including digital exchange trading, incorporation into traditional market products such as green funds, and the use of tokens as a financing mechanism for projects conducted by Natural Asset Companies (NACs).
GuildOne CEO James Graham said that digital natural assets are a key source of financing for climate-positive projects, especially for Indigenous groups seeking to undertake large-scale habitat protection and restoration.
“We have deep respect for the work Project Forest does in collaboration with Indigenous communities to restore these important ecosystems, and with verified natural asset tokens, there’s an ability to greatly increase opportunities for financing the protection of valuable habitats,” he said.
Mike Toffan, Project Forest founder and Executive Director, said that collaborating with GuildOne on blockchain solutions shows how innovation can create opportunities for funding and scaling climate-positive projects.
“It is only with the support of companies like GuildOne that this important work is possible. When companies come together to fund the restoration and protection of these spaces, the end result is not only Natural Capital but direct positive impact to the community members who call these areas home,” he said.
Dustin Twin, a Swan River First Nation Councillor, said that he sees the potential for other high impact uses for GuildOne’s technologies. “We are constantly working on projects to restore the ability of our territory to provide for our way of life. We are always in need of the type of services that GuildOne provides to make the best land management decisions possible.”
About GuildOne Inc.
GuildOne leverages the power of advanced blockchain infrastructure and applications to build innovative digital assets and ESG solutions. Working with industry and technology partners including R3 and AWS, the company's smart contract technologies and secure networks transform how business transacts, shares data and creates value. Through ESG1, GuildOne is developing the automated foundation for the next generation of verified green assets.
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Pamela Balkwill
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Investment from Breakthrough Energy Ventures and Energy Impact Partners enables Rondo Energy to deploy its zero-carbon Heat Batteries to cost-effectively slash industrial emissions
OAKLAND, Calif.--(BUSINESS WIRE)--Rondo Energy, the company unlocking profitable industrial decarbonization, today announced that it has closed a $22 million Series A funding round led by two of the world’s leading investment firms in deep decarbonization and electrification: Breakthrough Energy Ventures and Energy Impact Partners. This funding enables Rondo Energy to build projects that deliver low-cost, high-temperature and zero-carbon heat across a variety of industries. Rondo plans to begin manufacturing and deliver customer systems later this year.
Heavy industry accounts for about one third of global greenhouse emissions — most of which is associated with the generation of high-temperature heat. The Rondo Heat Battery offers a simple, low-cost, zero emissions source of this heat by taking wind and solar electricity and converting it to thermal energy that is stored at temperatures over 1200°C.
“We believe the Rondo Heat Battery will prove critical to closing stubborn emissions gaps,” said Carmichael Roberts, Breakthrough Energy Ventures. “The cost of renewable energy has been steadily falling, but it hasn’t been an option for industries that require high temperature process heat since there was no way to efficiently convert renewable electricity to high temperature thermal energy. Rondo enables companies in industries such as cement, fuels, food and water desalination to reduce their emissions while also leveraging the falling costs of renewables.”
“Decarbonizing industry is the next frontier and is a huge challenge,” said Shayle Kann, partner at Energy Impact Partners. “Rondo’s breakthrough innovation opens a surprisingly simple path: converting electricity directly to heat and storing it. This technology, coupled with the plunging price of wind and solar, means the industrial sector can profitably decarbonize many processes, at large scale, now. This is great news, because the world can’t wait.”
“Industrial heat produces our commodities and powers our economies. But today’s industrial heat sources generate massive emissions around the world,” said John O’Donnell, CEO of Rondo Energy. “We’ve developed a technology to change that. Large-scale heat decarbonization can be profitable, and can become an economic boon instead of a social burden. Working with leaders in cement production, mining, biofuels and more, we are building systems that reduce production costs and drive deep emissions reductions. We’re thrilled to be working with Breakthrough Energy Ventures and Energy Impact Partners, two of the world leaders driving decarbonization, to tackle the world’s toughest energy challenge — not 10 years from now, but today.”
“The industrial sector feels the same pressure to switch to clean energy as other sectors, but the barriers to decarbonization have historically been steeper,” said Pavel Molchanov, an energy analyst at Raymond James. “Rondo’s technology is differentiated because it addresses the underserved industrial heat market and can be implemented everywhere there is renewable power available.”
To learn more about Rondo, visit www.rondo.energy.
About Rondo Energy
Rondo Energy makes industrial decarbonization possible — and profitable — today. The Rondo Heat Battery captures low-cost renewable electricity and delivers continuous high-temperature heat, enabling customers to power their operations with zero-carbon energy. Learn more at rondo.energy.
About Breakthrough Energy Ventures
Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise. BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.
About Energy Impact Partners
Energy Impact Partners, LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $2 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of nearly 60 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information about Energy Impact Partners, please visit www.energyimpactpartners.com.
Katie Morales
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The 15 second commercial for the Company’s electric vehicle (EV) charger features a lightning strike survivor who is afraid of electricity, except when using his Wallbox
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, is asking the world to embrace electricity. Today, the brand unveils its first-ever television commercial airing in the U.S. nationally during the second quarter of Super Bowl LVI on Sunday, February 13.
The commercial takes us on a journey as we watch Seth Thomas, a lightning strike survivor from Durham, North Carolina, overcome his fears and embrace electricity thanks to Wallbox.
We can see Seth, who despite his struggle with his electricity experience, uses Wallbox to charge his electric vehicle based on its safety record, ease of use, and environmental friendliness.
“There is no better time to release our first U.S. commercial than during one of the most watched sporting events of the year – the Super Bowl,” says Barbara Calixto, Chief Marketing Officer of Wallbox. “Our spot calls upon viewers to embrace electricity by watching Seth demonstrate how easy it is to use a Wallbox charger, a climate-friendly alternative, to charge his electric vehicle. As we say, if Seth can do it, so can you.”
The 15-second Super Bowl commercial entitled #SuperchargedSeth is part of Wallbox’s extensive marketing campaign created by DAVID Madrid and DAVID Buenos Aires. The 15” spot is expected to air during the second quarter of Super Bowl LVI on February 13, 2022.
Wallbox #SuperchargedSeth can be viewed here.
About Wallbox
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users' relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 80 countries. Founded in 2015 and headquartered in Barcelona, the company now employs over 700 people in its offices in Europe, Asia, and the Americas. For additional information, please visit www.wallbox.com.
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox’s televised advertisement at the Super Bowl and Wallbox’s product features. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to the factors discussed under the caption "Risk Factors" in Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC on November 12, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com.
These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
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ALISON BROD MARKETING + COMMUNICATIONS
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Lacuna Sustainable Investments leads Series B round to accelerate kWh Analytics’ growth and build on its leadership in developing insurance solutions that prevent climate change.
SAN FRANCISCO--(BUSINESS WIRE)--kWh Analytics, the leader in Climate Insurance, announced today that it raised $20 million to continue the organization’s expansion.
The capital raise reflects the increasing focus on Environmental, Social, and Governance (ESG) issues, particularly within the insurance industry. While many insurance companies are addressing ESG by divesting from fossil fuels, kWh Analytics has taken a proactive approach by developing data-driven insurance specifically for zero-carbon assets.
“The most recent 2021 Intergovernmental Panel on Climate Change (IPCC) report was clear: it’s a ‘code red’ for humanity,” stated Richard Matsui, CEO of kWh Analytics. “The world needs more renewable energy to mitigate climate change, and insurance is key to ensuring these projects get built. This new category of 'Climate Insurance' is a massive, once-in-a-generation market opportunity; kWh Analytics is proud to be a market leader in this space.”
Matthias Weber, the former Chief Underwriting Officer of Swiss Re, noted, “kWh Analytics has filled a critical gap in renewable energy insurance, using an innovative, data-first approach. This fundraise underscores their position as the leader in this space.”
As the custodian of the world’s largest database of renewable energy asset performance, kWh Analytics has emerged as the leading provider of Climate Insurance by leveraging its real-world data to power its underwriting. This innovative model has been widely successful: the company’s first product, the Solar Revenue Put, now protects over $3 billion of solar power plants, while delivering a best-in-class loss ratio. Now, kWh Analytics is proud to announce the launch of its highly anticipated Property Product, which provides all-risk coverage against physical damage for solar, storage, and wind projects. Learn more at https://www.kwhanalytics.com/property.
“As an investor in renewable energy power plants, we understand firsthand the challenges that investors face in procuring cost competitive insurance,” said Brad Bauer, Partner at Lacuna Sustainable Investments. “On top of that, today’s standard insurance offerings miss important nuances specific to renewable energy equipment, like the impact of microcracks and hotspots on performance. That’s what makes this fundraise and product launch so important -- not only is kWh Analytics supplying more insurance, but they are innovating on the existing products by using their proprietary data.”
With the new funding, kWh Analytics plans to develop additional solutions to support solar, wind, and storage asset owners and investors. The company will also bring these solutions to new international markets. These new offerings will continue to revolutionize underwriting and pricing within the renewable energy insurance space by leveraging real-world data. Notably, this investment follows ongoing collaboration with leading global re/insurers, including Swiss Re.
For more information, please contact Taryn Nakamura at This email address is being protected from spambots. You need JavaScript enabled to view it..
About kWh Analytics
kWh Analytics is the leading provider of Climate Insurance by using our proprietary database of renewable energy project performance of over 300,000 operating assets -- the world's largest database -- to underwrite insurance policies for renewable energy, backed by the world’s most trusted insurers. To date, we have insured over $3 billion of American solar power plants with our first insurance product, the Solar Revenue Put. kWh Analytics is funded by venture capital and the US Department of Energy. To learn more, please visit www.kwhanalytics.com, connect with us on LinkedIn, or follow @kWhAnalytics on Twitter.
Taryn Nakamura
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ZURICH--(BUSINESS WIRE)--ABB today released the findings of a new global study1 of international business and technology leaders on industrial transformation, looking at the intersection of digitalization and sustainability. The study, “Billions of better decisions: industrial transformation’s new imperative,” examines the current take-up of the Industrial Internet of Things (IoT) and its potential for improving energy efficiency, lowering greenhouse gas emissions and driving change. The goal of the new ABB research is to spur discussion within industry regarding opportunities to leverage the Industrial IoT and empower companies and workers to make better decisions that can benefit both sustainability and the bottom line.
“Sustainability goals more and more are a crucial driver of business value and company reputation, and Industrial IoT solutions are playing an increasingly important role in helping enterprises achieve safe, smart and sustainable operations,” said Peter Terwiesch, President of ABB’s Process Automation business area. “Unlocking insights hidden in operational data holds the key to enabling literally billions of better decisions throughout industry and acting upon them, with significant gains in productivity, reduced energy consumption and lower environmental impact.”
The study, commissioned by ABB, found that an organization’s “future competitiveness” is the single greatest factor – cited by 46 percent of respondents – in industrial companies’ increased focus on sustainability. Yet while 96 percent of global decision-makers view digitalization as “essential to sustainability,” only 35 percent of surveyed firms have implemented Industrial IoT solutions at scale. This gap shows that while many of today’s industrial leaders recognize the important relationship between digitalization and sustainability, the adoption of relevant digital solutions to enable better decisions and achieve sustainability goals needs to accelerate in sectors like manufacturing, energy, buildings and transport.
Further key learnings from the study
Win-win scenarios with the Industrial IoT
With 63 percent of executives surveyed strongly agreeing that sustainability is good for their company’s bottom line, and 58 percent also strongly agreeing it delivers immediate business value, it’s clear that sustainability and traditional priorities of Industry 4.0 efforts – speed, innovation, productivity, efficiency, customer-centricity – are increasingly intertwined, opening up win-win scenarios for companies looking to drive efficiency and productivity while making strides on climate change.
“The International Energy Agency2 estimates that industry accounts for more than 40 percent of global greenhouse gas emissions today,” said Terwiesch. “If we are to reach climate objectives such as the UN’s Sustainable Development Goals and the Paris Agreement, industrial organizations need to implement digital solutions as part of their sustainability strategies. Embracing these technologies at all levels – from the boardroom to the facility floor – is key, as every member of the industrial workforce can become a better decision-maker when it comes to sustainability.”
ABB innovations for sustainability
ABB is committed to leading with technology to enable a low-carbon society and a more sustainable world. Over the past two years, ABB has reduced greenhouse gas emissions from its own operations by more than 25 percent. As part of its Sustainability strategy 2030, ABB expects to be fully carbon neutral by decade’s end and to support its global customers in reducing their annual CO2 emissions by at least 100 megatons by 2030, the equivalent of removing 30 million combustion cars from the roads each year.
ABB’s investments in digital capabilities are core to this commitment. With more than 70 percent of ABB’s R&D resources dedicated to digital and software innovations, and a robust ecosystem of digital partners, including Microsoft, IBM and Ericsson, the company has established a leading presence in Industrial IoT.
The ABB AbilityTM portfolio of digital solutions enables a host of industrial use cases to power improvements in energy efficiency, resource conservation and circularity, including condition monitoring, asset health and management, predictive maintenance, energy management, simulation and virtual commissioning, remote support and collaborative operations. Examples of ABB’s more than 170 Industrial IoT solutions include ABB AbilityTM Genix industrial analytics and AI suite; ABB AbilityTM Energy and Asset Manager; ABB AbilityTM Condition Monitoring for Powertrains; and ABB AbilityTM Connected Services for industrial robots. To learn more about ABB Ability, visit: https://global.abb/topic/ability/en
To continue the conversation on this important topic, ABB will host an industry webinar on Wednesday, March 2, focused on the convergence of digitalization and sustainability, and how the Industrial IoT and related technologies can help save energy, conserve resources, and improve safety for personnel and communities. Leading technology journalist and climate investor Molly Wood will moderate this virtual panel discussion featuring senior executives, best-selling authors and other thought leaders to explore this convergence and how industrial organizations can empower better, more sustainable decision-making throughout the enterprise.
ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. www.abb.com
1 ABB “Billions of Better Decisions” survey, August 2021. Conducted by California-based market research firm IntelliSurvey, the survey of 765 decision-makers in large and medium-sized businesses was fielded online in local languages in China, Italy, Germany, Sweden, Switzerland, the United Kingdom and the United States. Respondents were drawn from 12 industrial segments, including energy, manufacturing and transportation. The survey data collected was supplemented by in-depth qualitative interviews with subject matter experts in digital transformation and sustainability.
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DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) (“Whiting” or the “Company”) today announced that it has entered into two separate definitive agreements to acquire non-operated oil and gas assets in the Williston Basin of North Dakota. The Company also announced its 2022 capital, operating costs and production guidance, reflecting an operating plan focused on delivering sustainable free cash flow. The board of directors declared a quarterly cash dividend of $0.25 per share of common stock to shareholders of record as of February 21, 2022.
Acquisitions
The assets are being acquired from two private companies for total cash consideration of $273 million, before typical closing adjustments. The assets are located in Mountrail County, North Dakota and increase the average operated working interest from 61% to 74% throughout Whiting’s Sanish field, impacting many of the drilling units included in the Company’s current 2022 development program. The assets include 14,563 net acres, 4 gross / 0.2 net drilled and uncompleted well interests, and 277 gross / 32 net undrilled locations. The Company expects to develop the undeveloped locations near term. The assets should contribute approximately 4,500 barrels of oil equivalent per day (BOE/d) (67% oil) at closing. The smaller transaction closed in the fourth quarter of 2021, and the larger acquisition is scheduled to close in the first quarter of 2022.
Lynn A. Peterson, President and CEO of Whiting commented, “These transactions continue the strategy we put forth beginning in late 2020. By increasing our working interest, we are immediately recognizing substantial cash flow that is accretive for shareholders. We know and understand the Sanish field extremely well and are very comfortable with the rate of return we are achieving.”
Outlook for Full-Year 2022
Whiting has set out a capital plan that includes operating two drilling rigs and one completion crew in the Williston Basin for the majority of 2022. The 2022 budget was designed with higher working interests and slightly greater activity. The Company encountered a delay on a five-well pad in January that will impact the timing of production until later in the year. While Whiting has shifted operations to the Sanish field, the Company’s continued focus on sustainability through increasing its high gas capture percentage will result in production volumes not entirely replacing those lost by the delay. The 2022 plan is to reinvest approximately 40% of the expected EBITDA for the period, which is consistent with the prior year. Low double-digit inflation has also been built into the projections.
The rigs will operate in Mountrail, McKenzie and Williams Counties, North Dakota. While the Company has had success with three-mile laterals in its Sanish field, Whiting plans to drill additional three-mile laterals further west in McKenzie County, North Dakota during the year which will help improve economics on additional inventory. As oil prices have rebounded, the Company is seeing increased non-operated activity from other operators and expects this trend to continue.
The following table provides guidance for the full-year 2022 based on current forecasts and includes the announced acquisitions.
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|
|
||||||
|
|
|
||||||
|
|
Full-Year Guidance 2022 |
||||||
Production (MBOE per day) |
|
|
91.0 |
|
- |
|
95.0 |
|
Oil production (MBO per day) |
|
|
52.0 |
|
- |
|
55.0 |
|
Capital expenditures (MM) |
|
$ |
360 |
|
- | $ |
400 |
|
Lease operating expense (MM)(1) |
|
$ |
275 |
|
- | $ |
300 |
|
General and administrative cash expense (MM) (2) |
|
$ |
40 |
|
- | $ |
50 |
|
Oil price wellhead differential to NYMEX per Bbl (3) |
|
$ |
(3.00 |
) |
- | $ |
(4.00 |
) |
1) |
Includes the Whiting USA Trust II assets that reverted to Whiting 12/31/2021 |
2) |
Net of allocations to LOE and reimbursable costs and excludes non-cash equity compensation expense |
3) |
Includes gathering, transportation and compression |
As a result of this updated guidance, and an assumed WTI oil price of $70 per barrel, the Company now expects to generate over $900 million of EBITDA and over $500 million of adjusted free cash flow in 2022.
Initiating Dividend
Whiting declared a $0.25 per share dividend for the first quarter of 2022 ($1.00/share annualized) for shareholders of record as of February 21, 2022, payable on March 15, 2022.
Peterson continued, “We executed on our strategy last year of paying down the revolving credit facility. With the expected sizable cash flow generation and the strength of the balance sheet, we believe this dividend payment is sustainable under significant commodity changes. Along with our acquisition of non-operated interests, the initiation of the dividend is the latest commitment to realize value and shareholder return. The capital plan this year leverages our low base decline and assets across the basin to continue delivering peer leading sustainable cash flow back to our shareholders.”
Fourth Quarter 2021 Conference Call
Whiting will host a conference call on Thursday, February 24, 2022 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss the fourth quarter 2021 results. The call will be conducted by President and Chief Executive Officer Lynn A. Peterson, Executive Vice President Finance and Chief Financial Officer James P. Henderson, Executive Vice President Operations and Chief Operating Officer Charles J. Rimer and Investor Relations Manager Brandon Day. A question and answer session will immediately follow the discussion of the results for the quarter.
To participate in this call please dial:
Domestic Dial-in Number: (877) 328-5506
International Dial-in Number: (412) 317-5422
Webcast URL: https://event.choruscall.com/mediaframe/webcast.html?webcastid=9BD9bizF
Replay Information:
Conference ID #: 4561404
Replay Dial-In (Toll Free U.S. & Canada): (877) 344-7529 (U.S.), (855) 669-9658 (Canada)
Replay Dial-In (International): (412) 317-0088
Expiration Date: March 03, 2022
About Whiting Petroleum Corporation
Whiting Petroleum Corporation, a Delaware corporation, is an independent oil and gas company engaged in the development, production and acquisition of crude oil, NGLs and natural gas primarily in the Rocky Mountains region of the United States. The Company’s largest projects are in the Bakken and Three Forks plays in North Dakota and Montana. The Company trades publicly under the symbol WLL on the New York Stock Exchange. For further information, please visit http://www.whiting.com.
Forward-Looking Statements
This news release contains statements that we believe to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts, including, without limitation, statements regarding our projected production, cash flows, revenues, costs, capital expenditures and dividends, the effect of acquisitions and plans and objectives of management for future operations, are forward-looking statements. When used in this news release, words such as “guidance,” or “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe” or “should” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. The section “Outlook for Full Year 2022” in particular contains numerous forward-looking statements, but such statements occur in other sections of this news release as well. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements.
These risks and uncertainties include, but are not limited to, risks associated with:
There can be no guarantee that we will pay additional dividends in the future. The board of directors’ decisions regarding future dividends will be based on legal, economic and other considerations the board considers relevant at the time such decisions are made. We assume no obligation, and disclaim any duty, to update the forward-looking statements in this news release.
Brandon Day
Investor Relations Manager
303‑837‑1661
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DUBLIN--(BUSINESS WIRE)--The "Growth Opportunities for Carbon Neutrality Strategies" report has been added to ResearchAndMarkets.com's offering.
This study explores the different steps toward achieving carbon neutrality, key drivers influencing the rising adopting of carbon neutrality initiatives, challenges that lie ahead, and major technologies that will drive innovation in this space.
The convergence of transformational Mega Trends and disruptive technologies will result in new growth opportunities, including satellite imagery technology for climate impact identification, carbon capture and reuse technology for turning CO2 into new products and materials, and carbon footprint transparency to influence decision-making processes.
During the 2021 United Nations Climate Change Conference (COP26), the European Union and the United States announced their commitments to become carbon neutral by 2050, while China and India, the first- and third-largest emitters, plan to become carbon neutral by 2060 and 2070, respectively.
Low-income countries will struggle to reduce their carbon footprint and meet their decarbonization goals because of the lack of regulatory frameworks, public and private investments, and technological advances. To meet their commitments to reduce greenhouse gas (GHG) emissions, most governments are taking stricter measures to reduce carbon emissions, with some introducing regulations, such as a carbon tax, that encourage companies to transform their supply chain to reduce their impact.
As renewable energy sources mature, global fossil fuel prices are rising. Renewable energy sources have a lower climate impact and are becoming cheaper, encouraging companies to choose green energy over traditional fossil fuels. Heavy industry players use energy-intensive manufacturing processes that generate high emissions. Carbon capture and reuse technology is a cost-effective solution to limit emissions by converting carbon dioxide (CO2) into more environment-friendly and cost-effective materials.
Among customers, environmental and climate concerns are more important than ever, and sustainability now competes with conventional factors, such as price and brand. Companies must transparently communicate their climate footprint and carbon reduction achievements to satisfy customers.
Looking ahead, deployment of emerging technologies such as satellite imagery will help corporations to better identify scope 3 emissions. Identifying scope 3 emissions is the biggest challenge for corporations as they do not control the activities that release carbon emissions. To gain a competitive advantage, corporations must transform carbon emissions into profits. Carbon capture and reuse technology emerges as a key cost-effective solution to transform CO2 into greener, cost-effective materials.
Key Issues Addressed
Key Topics Covered:
1. Trends Strategic Imperative
2. Executive Dashboard
3. Trend Opportunity Analysis
4. Growth Opportunity Analysis
5. Next Steps
6. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/9h6bo9
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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SUGAR LAND, Texas & CALGARY, Alberta--(BUSINESS WIRE)--Rangeland Midstream Canada, Ltd., (”Rangeland Canada”), a wholly owned subsidiary of Rangeland Energy III LLC, today announced its Headwater Pump Station was commissioned in January 2022. The new pump station, part of the Marten Hills Pipeline System in northern Alberta, is needed specifically to service the increasing volumes of crude oil from Headwater Exploration Inc. (TSX: HWX).
Rangeland Canada built and commissioned the new Headwater Pump Station to transport Headwater’s growing oil production volumes in the Marten Hills region. Headwater recently reported a successful exploration program targeting the Clearwater formation in Marten Hills, and its board of directors approved a capital budget increase to $145 million to allow for the drilling of new exploration prospects in 2022.
“In total, 120 new wells were drilled in the Marten Hills 450,000-acre area of mutual interest (“AMI”) in 2021,” said Rangeland Canada Vice President of Business Development Briton Speer. “Oil production continues to grow across the Marten Hills region. We stand ready to make additional capital investments in our pipeline system to support the growth of area producers in 2022 and beyond.”
The Marten Hills Pipeline System throughput has doubled since startup in July 2020, and the system is now operating at 80 percent of capacity. The Marten Hills Pipeline System spans approximately 85 kilometres (52.8 miles) across northern Alberta, terminating at an interconnect with Plains Midstream Canada’s Rainbow Pipeline System, which serves the Edmonton, Alberta, hub and refining market (system map here).
Rangeland Canada has long-term transportation agreements in place with three of the region’s largest crude oil producers. The agreements span a 450,000-acre AMI dedicated to the Marten Hills system.
The Marten Hills Pipeline System has been in service since mid-2020 with a perfect safety record.
About Rangeland Energy and Rangeland Midstream Canada
Headquartered in Sugar Land, Texas, Rangeland Energy was formed in 2009 to focus on developing, acquiring, owning and operating midstream infrastructure for crude oil, natural gas, natural gas liquids and other petroleum products. The company is focused on emerging hydrocarbon production areas across North America, with a current emphasis on the Gulf Coast and Canada. Rangeland Midstream Canada, Ltd., a subsidiary headquartered in Calgary, was formed in 2016 to serve oil and gas producers in western Canada with a full suite of midstream services including oil and gas gathering, processing, terminaling and transportation. The Rangeland Canada team has significant expertise in designing, constructing and operating midstream assets in the Western Canadian Sedimentary Basin. The Rangeland team represents more than 200 years of combined midstream experience and is backed by growth capital commitments from EnCap Flatrock Midstream. For more information, please visit www.rangelandenergy.com.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund. For more information please visit www.efmidstream.com.
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