Selected agtech startups will have access to on-farm testing network to test new sustainable solutions at scale
DENVER--(BUSINESS WIRE)--Today, the Wells Fargo Innovation Incubator (IN2), a technology incubator and platform funded by the Wells Fargo Foundation and co-administered by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL), announced a partnership with Farmers Business Network, a technology enabled, direct-to-farm commerce, community and sustainability platform helping Family Farmers maximize their farm’s profit potential. With support from the Donald Danforth Plant Science Center, agtech startups that are currently participating in the IN2 program or that will participate in the future now have the opportunity to access a network of on-farm sites to test products and solutions on real farms.
Sustainable agtech solutions, like the ones being developed by startups in the IN2 program, are aimed at improving agricultural outputs while reducing the industry’s environmental impact. Access to real-world data on the efficacy of a particular solution is critical to the commercial success of new innovations. Testing on real-world farms provides insight into performance under realistic conditions, and across a comprehensive range of environmental conditions, farming practices and other important parameters.
The IN2 startups that leverage the partnership will test out their technologies at scale, across up to hundreds of acres on farms within the broad FBN network. FBN will leverage its network and detailed agronomic and environmental datasets to curate ideal farms for trials that test each startup’s solution inthe right agronomic conditions. Robust datasets will be collected from each trial and rigorously analyzed to develop deep insights into product performance.
“The IN2 program already offers participating agtech companies access to Danforth Center and NREL’s leading lab resources and research and development expertise. Through this new partnership with FBN, we can now also connect our cohort companies with a massive farmer network of more than 30,000 farms and 75 million acres. Through real-world testing at scale, startups will have access to invaluable information on the performance of their solutions,” said Claire Kinlaw, director of innovation commercialization at Donald Danforth Plant Science Center.
“FBN is thrilled to partner with the Wells Fargo IN2 program and the Danforth Center to help accelerate the commercialization of new technologies that can simultaneously benefit farmers and the environment. The IN2 program has collected an impressive roster of some of the most promising agtech startups. FBN is eager to help generate high-quality data on how these technologies perform at scale on real-world farms, with the goal of speeding the delivery of new innovations to farmers,” said Matt Meisner, vice president of R&D and data science at FBN.
IN2 and FBN will select the first participants from the group of 16 agtech startups that are currently a part of the IN2 program. Reviews and selections will take place this Fall, with the first on-farm testing taking place during the 2022 crop season.
About the Wells Fargo Innovation Incubator (IN2)
The Wells Fargo Innovation Incubator (IN2) is a $50 million technology incubator and platform funded by the Wells Fargo Foundation. Co-administered by and housed at the National Renewable Energy Laboratory (NREL) in Golden, Colorado, IN2’s mission is to speed the path to market for early-stage, clean-technology entrepreneurs. Launched in 2014 with an initial focus on supporting scalable solutions to reduce the energy impact of commercial buildings, IN2 has since expanded its focus to advance technologies that address the sustainable production of agriculture and housing affordability. For more information, visit www.in2ecosystem.com.
About the Donald Danforth Plant Science Center
Founded in 1998, the Donald Danforth Plant Science Center is a not-for-profit research institute with a mission to improve the human condition through plant science. Research, education and outreach aim to have impact at the nexus of food security and the environment, and position the St. Louis region as a world center for plant science. The Center’s work is funded through competitive grants from many sources, including the National Institutes of Health, U.S. Department of Energy, National Science Foundation, and the Bill & Melinda Gates Foundation. Follow us on Twitter at @DanforthCenter.
About Farmers Business Network
Farmers Business Network, Inc. is an independent ag tech platform and farmer-to-farmer network with a mission to power the prosperity of family farmers around the world, while working towards a sustainable future. Its Farmers First® promise has attracted over 27,000 members to the network with a common goal of maximizing their farm’s profit potential. FBN has set out to redefine value and convenience for farmers by helping reduce the cost of production and maximize the value of their crops.
The FBN network has grown to cover more than 70 million acres of member farms in the U.S., Canada, and Australia. Blending the best of Midwestern agricultural roots and Silicon Valley technology, the company has over 600 personnel and offices in San Carlos, Calif., Chicago, Ill., Sioux Falls, S.D., a Canadian Headquarters in High River, Alberta, and an Australian Headquarters in Perth.
To learn more, visit: www.fbn.com
IN2 Media
Liz Crumpacker, 646-494-7482
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Donald Danforth Plant Science Center Media
Karla Roeber, 314-406-4287
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NORMAN, Okla.--(BUSINESS WIRE)--#SEEM--PCI, the leading provider of secure and reliable enterprise software for energy companies, announced today that Georgia System Operations Corporation (GSOC) has selected the PCI enterprise cloud platform for optimizing its power scheduling operations.
GSOC has been generating value for its customers by leveraging PCI’s portfolio optimization solution. As part of a strategic initiative to upgrade its power scheduling operations, GSOC performed extensive vendor evaluation and selected PCI to be its trusted provider.
By extending the PCI Platform, GSOC plans to address several business functions including real-time balancing and scheduling, day-ahead/week-ahead workflows, post analytics, and outage management to support operations in the Southeastern United States. Key functionality in GSOC’s implementation of the PCI Platform includes:
“We are happy to be teaming up with PCI to expand on our term planning and operational support applications. We’ve been a long-term user of the PCI GenTrader® solution and with the addition of new modules, GSOC will have an integrated platform to efficiently manage the grid’s evolution and provide our members with enhanced services,” said David Danilchuk, GSOC Power Delivery Engineering.
“GSOC is PCI’s long-term strategic customer, and we appreciate the trust they have placed in us by extending our platform for mission-critical operations,” said Bryan Kelly, PCI Vice President. “With the evolution of wholesale energy markets in the Southeast, our collaboration with GSOC will help serve similar regional entities for potential participation in the Southeast Energy Exchange Market (SEEM).”
About Georgia System Operations Corporation (GSOC)
Georgia System Operations Corporation (GSOC) is an independent, not-for-profit system operations company owned by our Members: 38 of Georgia’s distribution electric membership corporations (the Member Systems), Oglethorpe Power Corporation, and Georgia Transmission Corporation. As the system operator, GSOC ensures reliable, independent system operations by controlling and monitoring electric generation, transmission, and distribution assets owned by Oglethorpe Power Corporation, Georgia Transmission Corporation, Smarr EMC, the Member Systems, and their power supply partners. The company enables its Members’ participation in the energy market in Georgia and the Southeast by providing a range of operations services that allow our Members to transact, optimize and account for their business in the wholesale energy market. Visit https://www.gasoc.com for more information.
About Power Costs, Inc. (PCI)
PCI is the leading provider of energy trading software, superior customer support, and value-added services for energy companies worldwide. Founded in 1992, PCI continues to refine and develop new solutions that meet the ever-evolving needs of its clients, including investor-owned, municipal, and cooperative utilities, renewable energy companies, energy marketers and traders, and independent power producers. PCI optimizes more than half the power generated in North America, and more than 70% of Fortune 500 Utilities in the U.S. are PCI customers. The firm is privately held and based in Norman (OK), with regional offices in Houston (TX), Raleigh (NC), and Mexico City, and Sydney (AUS). To learn more, please visit https://www.powercosts.com.
Stuart Wright
Power Costs, Inc. (PCI)
303-917-3565
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Distributed energy industry leaders join forces to deliver value to the grid and businesses
RESTON, Va. & SAN FRANCISCO--(BUSINESS WIRE)--#demandresponse--Intelligent energy network provider GridPoint today announced its partnership with Leap, an energy marketplace provider, with the two companies collaborating on the development of virtual power plants (VPPs) to provide flexible electricity capacity and energy efficiency savings in times of peak demand and when grid emergencies occur, enabling a more resilient and reliable energy grid.
According to the Washington Post, nearly one in three Americans experienced a weather disaster this summer. As extreme weather events add stress to aging energy infrastructure, Americans are becoming increasingly vulnerable to widespread, multi-day power outages. To improve grid resiliency and reliability, underutilized energy capacity assets, including small to midsize buildings with smart grid-connected technologies, can respond to real-time energy price, demand, supply, or public safety signals to provide immediate capacity and enable automatic load reductions.
GridPoint’s hardware-enabled subscription automates energy and operational efficiency for businesses in accordance with real-time electricity supply and costs, and provides utilities and grid operators with on-demand flexibility. By partnering with Leap, GridPoint and its customers can now capture the full value of automated energy consumption reductions, linking any grid-connected load to global energy markets with Leap’s simple API. Together, GridPoint and Leap are enabling asset owners to contribute to grid resiliency efforts and receive the best value for their reduced loads in a simple, flexible manner. The two companies will continue to grow their networks of grid-interactive buildings and smart technologies to maximize the application of their combined on-demand flexible capacity, all the while creating new revenue streams for partners and customers by supporting Demand Response (DR) program participation.
“GridPoint’s mission is to enable the world’s transition to an efficient and sustainable future through smart, grid-connected buildings. As extreme weather events become more frequent and more disastrous as a result of climate change, we are excited to have Leap join us in this mission. Our team at GridPoint has already seen success in helping to mitigate blackouts during California’s deadly 2020 fire season by providing instantaneous, voluntary capacity to the state’s power grid during the emergency in August through our Open Automated DR certified technology. We look forward to expanding our impact as a result of this partnership,” said GridPoint CEO Mark Danzenbaker.
“At Leap, we are democratizing access to wholesale energy markets for both our partners and their end customers. We enable VPPs in place of massive and expensive infrastructure build outs, aggregating the value of existing smart technologies so that they can become more valuable to their owners and to the grid today. By forming partnerships with innovative, grid-edge companies like GridPoint, we’re empowering asset owners to combat the causes and effects of climate change, while also maximizing their financial benefits,” said Jason Michaels, Chief Commercial Officer at Leap.
About GridPoint
GridPoint’s mission is to accelerate the world’s transition to a sustainable energy future by creating a network of grid-interactive buildings. By transforming the way commercial businesses use energy through hardware and AI software, GridPoint unlocks the decarbonization, sustainability, and grid resiliency required for a cleaner, more efficient tomorrow. The technology platform harnesses power and potential within a building to deliver energy, operational, and resiliency benefits. Networked together, these buildings provide reliable, precise, and instantaneous capacity for utilities and grid operators. GridPoint’s network includes Fortune 500 enterprises, utilities, government organizations and industrial complexes.
About Leap
Leap is the leading global platform for integrating flexible energy resources into global electricity markets. Leap supplies the grid with zero carbon, price competitive alternatives to fossil-fueled power plants by creating virtual power plants (VPPs) from its partners’ batteries, electric vehicles, smart thermostats, HVAC systems and industrial facilities. Leap performs all the heavy lifting to operate and stay compliant across wholesale energy markets, enabling partners to unlock hidden revenue, increase customer engagement, and achieve sustainability goals. Leap is a privately held company with offices in San Francisco and the Netherlands.
GridPoint Contact:
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ATLANTA--(BUSINESS WIRE)--EspriGas, a technology and data-driven gas management company, announces today its expanded partnership with Panda Express®, the largest family-owned and operated Asian dining concept in the U.S., to include nearly 2,000 locations. As the exclusive supplier of beverage grade CO2 for Panda restaurants, EspriGas facilitates the management and delivery of both cylinders and bulk CO2 through its extensive and experienced network of local gas suppliers.
EspriGas began working with Panda in 2019 as a supplier for 300 of its locations. After experiencing a better model to supply CO2 used to carbonate Coca-Cola products from the beverage fountains, Panda expanded the relationship to include additional restaurant sites.
“The level of service EspriGas provides is above and beyond what we expect from a partner,” said Kwan Kim, Purchasing Manager at Panda. “We require a high level of service from our providers that mirrors the intensity of our operations. EspriGas has been a great partner thus far, and we look forward to continuing our partnership.”
Understanding the complex network of franchise locations, supply-demand and delivery logistics is key to EspriGas’s success in ensuring customers have a predictable and steady supply of CO2. The company provides consistent pricing across Panda’s locations, ensures safety and quality, and increases visibility into the gas storage system, making management easier for employees.
“We are excited to further our partnership with Panda and provide CO2 to all of its locations,” said Alan Weiner, Vice-President of Sales Foodservice and Beverage at EspriGas. “Panda was very specific in what they were looking for from a CO2 supplier. We are ecstatic to deliver a solution that truly meets their needs. It is particularly important for us to understand and satisfy our customers so, in turn, they can serve a fountain drink to their customers without interruptions.”
Outside of Panda Express, the EspriGas customer base includes other Fortune 1000 companies across various industries. Through technology integration and quality standard requirements with supply partners, EspriGas provides superior gas service for local and national customer coverage.
EspriGas’s network of more than 4,000 suppliers nationwide plays a pivotal role in streamlining the often-tedious process of gas supply management for its customers. As Mike Walsh, CEO of EspriGas, noted, “We are proud to be working with the very best suppliers in the country to ensure that every customer location has exceptional service.”
About EspriGas
EspriGas is a technology and data-driven beverage, medical, and industrial gas supply management company. It brings a modern approach to the gas industry by utilizing a network business model to deliver products nationally. The company leverages its unique service and technology capabilities to handle the complex logistical needs of large, multi-site companies through a national network of gas supply partners. EspriGas has been servicing customers with numerous locations dispersed through the country for over 25 years. www.EspriGas.com
Katie Huff
Trevelino/Keller
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Satellite will launch directly to geostationary orbit, meaning broadband internet service will come online months faster for underserved areas of Alaska
SAN FRANCISCO--(BUSINESS WIRE)--Astranis announced today that its first commercial communications satellite, set to provide service for Alaska from geostationary orbit, will now launch as a secondary payload on a SpaceX Falcon Heavy rocket on a direct-inject mission set for Spring 2022. The mission profile will allow the spacecraft to arrive at its orbital slot within days of launch and removes the need for a multiple-month orbit raise from a highly-elliptical geostationary transfer orbit (GTO).
Astranis CEO John Gedmark said, “Launching on Falcon Heavy will get us on-orbit months faster, allowing us to serve customers in Alaska that much sooner. This is a huge win for our customers in Alaska.”
The change of launch vehicle from SpaceX’s Falcon 9 follows the successful launch of a subscale demonstration satellite to orbit, the successful completion of thermal-vacuum testing of a qualification vehicle, and the successful completion of their Critical Design Review. Astranis recently announced that the satellite is in its final stage of assembly after a successful end-to-end payload demonstration that showed results above spec.
Astranis’s small communications satellite is bound for geostationary orbit to serve Alaska, a state that has long faced one of the sharpest digital divides in the United States. According to Broadband Now, 39% of Alaskans are underserved when it comes to internet access — the highest rate of any state. The Astranis satellite will roughly triple the currently available satellite capacity in Alaska while also bringing costs down to one third of current pricing for both residential and wholesale customers.
Pacific Dataport CEO Chuck Schumann stated, “Working with the entire Astranis team has been a wonderful experience and we’re excited to see our satellite readied for launch. There are more than 100,000 rural Alaskans who are ready for an affordable broadband connection and Astranis is helping us bring them modern connectivity. This is a really big deal for Alaska.”
About Astranis
Astranis is building small, low-cost telecommunications satellites to connect the four billion people who currently do not have access to the internet. Each spacecraft operates from geostationary orbit (GEO) with a next-generation design of only 400 kg, utilizing a proprietary software-defined radio payload. This unique digital payload technology allows frequency and coverage flexibility, as well as maximum use of valuable spectrum. By owning and operating its satellites and offering them to customers as a turnkey solution, Astranis is able to provide bandwidth-as-a-service and unlock previously unreachable markets. This allows Astranis to launch small, dedicated satellites for small and medium-sized countries, Fortune 500 companies, existing satellite operators, and other customers.
Astranis has successfully launched a test satellite into orbit and is now underway with its first commercial program—a satellite to provide broadband internet for Alaska that will more than triple the available bandwidth across the state. This satellite is now in final assembly and set for a launch in 2022. The company is headquartered in San Francisco with a team of over 175, including world-class engineers from SpaceX, Boeing, Skybox, Qualcomm, Apple, and Google. Astranis has raised over $350M from top Silicon Valley and growth investors, including Andreessen Horowitz, Venrock, and BlackRock.
For more information, follow along at astranis.com, or on Twitter at @astranis_space.
About Pacific Dataport Inc.
Pacific Dataport Inc. (PDI) is a satellite middle mile provider headquartered in Anchorage, Alaska. PDI was founded “by Alaskans, for Alaskans” to enable Internet access for everyone, everywhere in Alaska. PDI is focused on providing affordable middle mile and last mile broadband using the newest satellite technology from the Aurora and OneWeb Networks. PDI clients include telecoms (wired & wireless), non-profits, hospitals, health clinics, schools, libraries, governments (Tribal, local, state & federal) and Alaska Native Corporations, Villages and Tribes.
For more information on PDI please look to pacificdataport.com.
Astranis media contact
Christian Keil, This email address is being protected from spambots. You need JavaScript enabled to view it.
Pacific Dataport Inc. media contact
Alexander Schumann, This email address is being protected from spambots. You need JavaScript enabled to view it.
Miranda will lead the growth of the onshore renewables business reporting to President and CEO of Avangrid Renewables Alejandro de Hoz
ORANGE, Conn.--(BUSINESS WIRE)--Avangrid Renewables LLC, a subsidiary of AVANGRID, Inc. (NYSE: AGR), announced today the appointment of Jose Antonio Miranda as President Onshore. In this role, he will oversee the growth of the company’s onshore wind and solar business.
“With the approval of our offshore wind joint venture project, Vineyard Wind, and our ambition to grow both onshore and offshore renewables, bringing Jose Antonio on in this newly created role ensures we have a strong leadership team in place to achieve our goals,” said President & CEO of Avangrid Renewables, Alejandro de Hoz. “This is a transformational year for Avangrid Renewables and we are off to a great start. We have an ambitious pipeline for onshore renewables development and I’m very excited that we will have Jose Antonio’s experience and leadership focused on the growth of our onshore business.”
Miranda brings with him extensive renewables leadership experience and was previously CEO of Onshore in the Americas region for Siemens Gamesa and Chairman of its Boards in US, Mexico and Brazil. Prior to his decade-long tenure at Siemens Gamesa where he held roles in Europe, Asia and the Americas, he held a variety of roles over a ten-year period at the multinational engineering firm, ABB.
“I’m thrilled to be joining the AVANGRID team,” said Miranda. “This is a pivotal time for renewables development in the U.S. and I’m looking forward to growing our business and building our onshore solar and wind pipeline in this country.”
Miranda holds a Master of Business Administration from ICADE (Universidad Pontificia de Comillas, Madrid, Spain) and a degree in Industrial Engineering from the Superior Technical Institute of Industrial Engineers of Gijón (Oviedo University, Spain).
Miranda will be splitting his time between Portland, Oregon and New England.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 JUST 100 companies – a list of America’s best corporate citizens – and was ranked number one within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.
Media:
Morgan Pitts, 503-933-8907 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Investors:
Patricia Cosgel, 203-499-2624 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Purchase of solar originator and developer adds in-depth knowledge, expertise, and mature pipeline of solar and storage projects
BOULDER, Colo.--(BUSINESS WIRE)--Catalyze, a commercial and industrial-focused national independent power producer that develops, constructs, owns and operates renewable distributed generation and storage projects, announced the acquisition of Sol Alliance, a Northeast solar sales and development firm whose team has a 15-year track record and completed over 3,000 projects. In addition to bringing a deal pipeline exceeding 80 megawatts (MW) of projects in development, the acquisition provides Catalyze with greater origination resources and deeper solar development capabilities in key markets, especially New York and New Jersey.
The Sol Alliance leadership team has more than 40 years of combined engineering, procurement, construction and solar development experience, adding up to over 275 MW of residential, commercial, industrial and utility scale experience, with expertise in the Midwest, Northeast, Mid-Atlantic, Southeast and Puerto Rico. Sol Alliance partners Stephen Owen and Jared Haines, along with Vice President of Operations Matthew Effler, will join the Catalyze team. The three are pioneers in the field, with Haines’ and Owen’s former company installing the first commercial net-metered installation in Con Edison territory in 2005 and one of the first combined solar-battery systems to leverage the Solar Investment Tax Credit in 2018.
“We’ve been successfully partnering with Sol Alliance for over a year on project development and acquisition and have experienced firsthand the team’s ability to deliver projects from conception to installation with speed and certainty, while maintaining the highest quality standards,” said Catalyze Chief Executive Officer Steve Luker. “As with the consolidation of California-based developer PermaCity earlier this year, the Sol Alliance transaction builds on our previously announced plan to grow our national presence by acquiring leading regional distributed solar development firms that bring a wealth of in-depth knowledge of the local landscapes and introduce synergies to a highly fragmented industry.”
As part of the transaction Sol Alliance will gain access to Catalyze’s origination-to-operations software integration platform, REenergyze™, and proprietary rooftop solar panel mounting technology, SolarStrap®, along with battery storage and integration expertise, supply chain, committed project capital, tax equity partners, and shared services.
“We are excited for this next chapter of growth and development with the Catalyze team and are firm believers in the power of the REenergyze™ platform,” said Sol Alliance Partner Stephen Owen. “Throughout our relationship, Catalyze has been a strong resource, allowing us to increase our effectiveness and efficiency. With our respective customer success strategies aligned and a shared priority on cutting-edge technology, we are confident that we will have even greater joint successes during this pivotal time in the world’s energy transition.”
As part of its market consolidation strategy, Catalyze recently integrated award-winning solar developer and installer PermaCity, and integrated battery storage provider Prisma Energy Solutions earlier this year. Catalyze, is backed by leading energy investors EnCap Investments L.P., Yorktown Partners LLC and Mercuria Energy.
About Catalyze
Catalyze is a leading national independent power producer (IPP) that develops, constructs, owns, and operates integrated renewable assets, and combines its proprietary technology, financial strength, and battery and electric vehicle savvy to deliver standardized, yet configurable systems that meet their partners’ unique needs. These offerings enable commercial and industrial property owners, operating companies, and their customers to extract greater value from their assets, take increased responsibility and ownership of their energy profile, and ultimately become part of the clean energy transition. Catalyze owns two proprietary technologies – REenergyze™, an origination-to-operations software integration platform that helps accelerate and scale the nationwide adoption of commercial and industrial solar and storage, and SolarStrap®, a proprietary mounting technology to install rooftop panels.
Catalyze is headquartered in Boulder, Colorado with offices in California, Massachusetts, and Texas, and is backed by leading energy investors EnCap Investments L.P., Yorktown Partners LLC and Mercuria Energy. For more information, visit https://catalyze.energy/
About EnCap Investments L.P.
Since 1988, EnCap Investments has been the leading provider of venture capital to the independent sector of the US energy industry. The firm has raised 21 institutional investment funds totaling approximately $37 billion and currently manages capital on behalf of more than 350 U.S. and international investors. For more information, please visit www.encapinvestments.com.
About Yorktown Partners LLC
Yorktown Partners LLC is an energy-focused private equity firm that has raised $9 billion of capital commitments across thirteen partnerships since 1991. The firm has provided financing and leadership to over 90 companies in the energy industry. Yorktown’s principals are significant investors in their partnerships. Yorktown's limited partners include endowments, foundations, families, insurance companies, and other institutional investors. To learn more about Yorktown, see www.yorktownenergy.com.
Media Contacts:
For Catalyze
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HOUSTON, Texas--(BUSINESS WIRE)--Tellurian Inc. (Tellurian) (NASDAQ: TELL) today named energy and financial industry veteran James D. Bennett as a new independent Board member. Mr. Bennett is the former President and CEO of SandRidge Energy, Inc. (NYSE: SD) and previously served as a Managing Director first at GSO Capital Partners and then at White Deer Energy. He is a current board member and Executive Chairman of Tapstone Energy Inc.
Executive Chairman Charif Souki said, “Tellurian adds both upstream and investment bench strength to our already robust Board with the addition of James. He brings over 30 years of experience which will be invaluable as we focus on enhancing our Haynesville upstream position.”
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL”.
For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, the capacity, timing, and other aspects of the Driftwood project and the development of Tellurian’s upstream position. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2020 filed by Tellurian with the Securities and Exchange Commission (the SEC) on February 24, 2021, and other Tellurian filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
Media:
Joi Lecznar
EVP Public and Government Affairs
Phone +1.832.962.4044
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Agreement between U.S.-based manufacturers includes battery cell supply and joint EV technology development
PHOENIX--(BUSINESS WIRE)--KORE Power, Inc. (KORE) and Zero Electric Vehicles, Inc. (ZEV) have signed a joint development agreement to bring together two leading U.S. clean energy innovators to design, develop and manufacture low-cost, highly configurable electric vehicle solutions that accelerate electrification of the transportation sector.
KORE is a U.S.-based manufacturer of high-energy-density lithium-ion pouch cells and module configurations for the electric vehicle and energy sector applications. ZEV is also a U.S.-based manufacturer of electric powertrain solutions for fleet customers with a commercially available low-cost, fast-turnaround configuration for light-medium duty fleet vehicles. ZEV is rapidly innovating EV thermal technologies including an advanced battery cell passive thermal management system that will deliver power conservation and optimize battery cell performance.
“This is a partnership for advancing clean transportation,” said Lindsay Gorrill, KORE CEO. “KORE and ZEV bring new levels of ingenuity to the electric vehicle space. Working together at our facilities in Arizona, we’ll make the U.S. a launchpad to deliver safe, reliable, and affordable electrification to the world with price parity.”
“ZEV provides an innovative electrification solution to quickly electrify light-medium duty fleet vehicles using our proprietary configuration to minimize cost and conversion time. This joint development with KORE will produce highly configurable battery pack solutions with optimized volumetric and gravimetric energy densities to meet the power demands from vehicle powertrains to auxiliary systems, e.g., HVAC, utility services, buckets, etc., to maximize vehicle range and cycle life,” said James L. Maury, President of ZEV. “Together, we will develop the next generation of battery management systems using technologies developed and manufactured right here in the U.S.”
Under the agreement, the KORE and ZEV teams focus on three key challenges facing electric vehicle applications–thermal management, safety, and module and pack configurability towards higher energy and power densities. The joint teams will work out of the KOREPlex in Buckeye, AZ, ZEV’s HQ and Production facility in Gilbert, AZ, and at the Battery Cell Research laboratory at Arizona State University, in Mesa, AZ.
KORE will provide ZEV with battery cells and supplies for their electrification solution through 2030.
“When we announced the KOREPlex would be built in Arizona, we noted the State’s growing clean tech sector and the world class research facilities,” Gorrill said. “This agreement brings together teams that are accelerating electrification, and we are here in the Valley of the Sun.”
KORE is the leading U.S.-based developer of battery cell technology for the electric transportation and energy storage industries. The company deploys its battery cells to their global customer base by leveraging the experience of its contract manufacturing partner. The new KOREPlex facility will add to the company’s current annual production capacity of 2 GWh to expand to a total annual capacity of 18 GWh by the end of 2023 to serve the rapidly growing battery market. KORE’s U.S. facility will create more than 3,000 new advanced manufacturing jobs in Arizona and strengthen U.S. energy security by creating a new domestic battery cell supply.
ZEV is committed to reducing greenhouse gas emissions by eliminating barriers to EV adoption by advancing technologies that reduce EV costs, improve efficiency, and increasing reliability. ZEV offers fleet electrification using customizable kits to meet customer range requirements to maximize sustainability goals.
About KORE Power, Inc.
KORE Power, Inc., is a leading U.S.-based developer of battery cell technology for the clean energy industry, serving energy storage, e-mobility, utility, industrial and mission-critical markets across the globe. KORE Power designs and manufactures its proprietary NMC and LFP cells, VDA modules and packs, optimized by its battery management system. Also, through its global partnerships, KORE designs and manufactures top-tier energy storage solutions (ESS).
KORE Power’s differentiated approach provides customers with direct access, unparalleled service, superior technology, and Tier 1 product availability. We care about building sustainable communities, clean energy jobs and green economic expansion. KORE Power is proud to offer a functional solution to real-world problems that fulfill growing market demand and contribute to a zero-carbon future. For more information, visit www.korepower.com.
About Zero Electric Vehicles, Inc.
Zero Electric Vehicles (ZEV) is an Arizona based Company with deep engineering roots that strives to be the worldwide leader in electrification for light and medium duty fleet vehicles. ZEV’s proprietary powertrain (batteries and drive motor) configuration and rapid conversion turnaround of existing fleet vehicles will accelerate EV adoption globally and provide customers the support infrastructure, fleet management services and knowledge they need to transform their fleet and quickly meet sustainability goals. ZEV’s primary mission is to enable EV participation across the existing automotive and mobility ecosystem and support fleets through their electrification journey while scaling through democratized partnerships and making the ‘dream’ of EV accessible to all. For more information, visit www.zeroevcorp.com.
Cautionary Statement
Certain statements contained herein constitute forward-looking statements, including but not limited to statements about the plans, objectives and expectations. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. KORE Power, Inc. believes the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this news release should not be unduly relied upon. Forward-looking statements included in this news release are made as of the date of this news release and KORE Power disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
David Jakubiak
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Aleysha Newton
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HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) will host a conference call webcast on Tuesday, Nov. 2, 2021, at 12:00 p.m. Eastern time to discuss third-quarter 2021 financial and operating results. The company’s financial and operating results will be released before the market opens on Nov. 2.
To access the webcast, visit ConocoPhillips’ Investor Relations site, www.conocophillips.com/investor, and click on the "Register" link in the Investor Presentations section. You should register at least 15 minutes prior to the start of the webcast. The event will be archived and available for replay later the same day. A transcript will be available on the Investor Relations site.
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $85 billion of total assets, and approximately 10,100 employees as of June 30, 2021. Production excluding Libya averaged 1,518 MBOED for the six months ended June 30, 2021, and proved reserves were 4.5 BBOE as of Dec. 31, 2020. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements as defined under the federal securities laws. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. Words and phrases such as “anticipate," “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict," “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words can be used to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future performance and involve certain risks, uncertainties and other factors beyond our control. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in the forward-looking statements. Factors that could cause actual results or events to differ materially from what is presented include the impact of public health crises, including pandemics (such as COVID-19) and epidemics and any related company or government policies or actions; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including changes resulting from a public health crisis or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including a prolonged decline in these prices relative to historical or future expected levels; changes in expected levels of oil and gas reserves or production; potential failures or delays in achieving expected reserve or production levels from existing and future oil and gas developments, including due to operating hazards, drilling risks or unsuccessful exploratory activities; unexpected cost increases or technical difficulties in constructing, maintaining or modifying company facilities; legislative and regulatory initiatives addressing global climate change or other environmental concerns; investment in and development of competing or alternative energy sources; disruptions or interruptions impacting the transportation for our oil and gas production; international monetary conditions and exchange rate fluctuations; changes in international trade relationships, including the imposition of trade restrictions or tariffs on any materials or products (such as aluminum and steel) used in the operation of our business; our ability to collect payments when due under our settlement agreement with PDVSA; our ability to collect payments from the government of Venezuela as ordered by the ICSID; our ability to liquidate the common stock issued to us by Cenovus Energy Inc. at prices we deem acceptable, or at all; our ability to complete the acquisition of assets from Shell US E&P Investments LLC (the “Shell Acquisition”) or any announced or any future dispositions or acquisitions on time, if at all; the possibility that regulatory approvals for the Shell Acquisition or any announced or any future dispositions or acquisitions will not be received on a timely basis, if at all, or that such approvals may require modification to the terms of the transactions or our remaining business; business disruptions during or following the Shell Acquisition or any other announced or any future dispositions or acquisitions, including the diversion of management time and attention; the ability to deploy net proceeds from our announced or any future dispositions in the manner and timeframe we anticipate, if at all; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation, including litigation related to our transaction with Concho Resources Inc. (Concho); the impact of competition and consolidation in the oil and gas industry; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; general domestic and international economic and political conditions; the ability to successfully integrate the assets from the Shell Acquisition or achieve the anticipated benefits from the transaction; the ability to successfully integrate the operations of Concho with our operations and achieve the anticipated benefits from the transaction; unanticipated difficulties or expenditures relating to the Shell Acquisition or the Concho transaction; changes in fiscal regime or tax, environmental and other laws applicable to our business; and disruptions resulting from extraordinary weather events, civil unrest, war, terrorism or a cyber attack; and other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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DUBLIN--(BUSINESS WIRE)--The "Sri Lanka Fuel Catalyst Market, By Fuel Type (Diesel, Petrol, Fuel Oil), By Application (Heating & Industrial Processing, Marine, Construction, Power Generation, Automotive, Others), By Region, Competition, Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
Sri Lanka fuel catalyst market is expected to grow at a steady rate during the forecast years.
The Sri Lanka fuel catalyst market is driven by the increasing demand for fuel catalysts from various end user industries such as oil & gas, power, automotive, chemical, among others. The Sri Lanka fuel catalyst market is segmented based on fuel type, application, company and regional distribution.
Based on fuel type, the market can be categorized into diesel, petrol and fuel oil. The diesel fuel type is expected to dominate the market since it is a heavy density fossil fuel and heavy fuels are denser and oxygenating heavy fuel requires more advanced technologies to produce a clean burn such as fuel catalyst, ultra-high pressure injectors, among others, thereby propelling the market in the country.
Companies operating in the market are using both organic and inorganic strategies to increase their share in the market. Inorganic strategies employed by companies include mergers and acquisition, collaboration, among others.
Major players operating in the Sri Lanka fuel catalyst market include
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For more information about this report visit https://www.researchandmarkets.com/r/mssn6d
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Laura Wood, Senior Press Manager
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OAKLAND, Calif.--(BUSINESS WIRE)--Lilac Solutions, a lithium extraction technology company, announced today the first close of a $150 million Series B financing led by Lowercarbon Capital and funds and accounts advised by T. Rowe Price Associates, Inc. Additional new investors include Mercuria Energy Trading and Valor Equity Partners; existing investors Breakthrough Energy Ventures and The Engine also participated in the round.
Lilac has developed a new ion exchange technology to increase production of lithium from brine resources. The company has proven the technology on a variety of brines and recently completed its first field pilot, setting a new standard for rapid deployment and process performance. Lilac will use the new funds to ramp production of the company’s unique ion exchange beads, expand its teams of engineers and field operators, and deploy the technology globally.
“Electric vehicles are a low-carbon success story, but the lithium raw materials needed for batteries have become a serious bottleneck,” said Dave Snydacker, CEO of Lilac Solutions. “The lithium industry has been plagued by technical and environmental problems that have put the energy transition in jeopardy. Lilac’s technology solves these problems and will finally enable lithium production at a scale demanded for the energy transition. We are thrilled to build this supply chain with support from our investors.”
Most of the world’s lithium is contained in brine resources – naturally occurring deposits of salt water. These brines are abundant, but resource developers have struggled to bring projects into production due to a lack of cost-effective technology. Lilac’s lithium extraction technology is significantly faster to deploy and more effective than conventional processes and offers better financial returns. The technology allows brine to be returned back underground following lithium recovery; this minimizes environmental impact compared to existing lithium production methods based on evaporation ponds.
Chris Sacca, Managing Partner of Lowercarbon Capital, commented, “I’ve been doing this a long time, but before Lilac, I've never seen a company whose product is 10,000x faster than the competition. Lilac's success means much more affordable electric cars, hundreds of millions of tons less CO2 pollution, and a big step toward enhancing US national security.”
John Qian, portfolio manager at T. Rowe Price, added, “Lilac Solutions holds significant promise in unlocking the world’s latent lithium resources that are currently too low-grade to be conventionally harvested. What’s even more appealing, however, is that the environmental impact of Lilac’s extraction process is potentially orders of magnitude less than more conventional methods. We believe that Lilac is well-positioned to address this important issue facing current and future generations around the world.”
As automakers shift to battery power, concerns about national security, sustainability, and human rights have led to increased scrutiny of the lithium supply chain globally. Lilac is partnering with lithium brine resource developers to ramp production while protecting local communities and ecosystems.
ABOUT LILAC SOLUTIONS
Lilac Solutions is a lithium extraction technology company based in Oakland, California. Lilac has developed a patented ion exchange technology that facilitates production of lithium from brine resources with high efficiency, minimal cost, and ultra-low environmental footprint. Lilac's mission is to scale global lithium production to support the electric vehicle industry and energy transition.
David Gelinas
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DUBLIN--(BUSINESS WIRE)--The "Europe Power-to-X Market, By Application (Decentralized Production, Seasonal Energy Storage, Decarbonization, Grid Stability), By End User (Transportation, Agriculture, Manufacturing, Industry, Residential, Others), By Type, By Country, Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
Europe Power-to-X market is expected to grow at an impressive rate during the forecast period, 2022-2026
The rise in awareness among consumers regarding the adverse effects of conventional sources of energy and their harmful contribution to the environment is leading the way for the need to generate and store renewable sources of energy. The renewable source of energy is eco-friendly energy and is considered a reliable source of energy.
The Paris Agreement goals emphasizing the increased share of renewable sources in the future energy generation is expected to fuel the demand for the energy storage systems in the forecast period.
Growing demand for energy from prominent industries for heat, transport, and energy generation purpose requires the transformation of energy from one phase to another usable form is accelerating the demand for the Power-to-X technology.
There is high demand for hydrogen and hydrogen-based products in mobility applications and re-electrification in the combined heat and power plants. The growing demand for hydrogen in industries such as in refineries or for steel production is expected to boost the Power-to-X market growth in the next five years.
The transportation segment is expected to account for major market share in the forecast period, 2022-2026 owing to the rise in the demand for eco-friendly vehicles with lower carbon emissions into the environment.
The rise in the production and sales of electric vehicles in the region which uses rechargeable batteries is the driving factor for the growth of this segment. Also, heavy duty trucking, long-haul shipping, and intercontinental aviation cannot directly convert the electricity are accelerating the demand for the Power-to-X market in the next five years.
Major companies are developing advanced technologies to stay competitive in the market. Other competitive strategies include mergers & acquisitions.
The major players operating in the Europe Power-to-X market include
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For more information about this report visit https://www.researchandmarkets.com/r/uriknc
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE:USDP) (the “Partnership”) announced today that it will post an updated investor presentation on its website. Among other information, the presentation includes an overview of the Partnership, discusses the benefits to the Partnership from its Sponsor’s Diluent Recovery Unit project and includes updated information with respect to the Western Canadian crude oil market activity.
The presentation will be made available on the Partnership’s website no later than 5:00pm Eastern Time on Wednesday, September 22, 2021, at www.usdpartners.com on the “Events & Presentations” sub-tab under the “Investors” tab.
About USD Partners LP
USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies and refiners. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.
USD, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD’s solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USD, along with its partner Gibson Energy, Inc., is progressing on a long-term solution to transport heavier grades of crude oil produced in Western Canada to the U.S Gulf Coast through a Diluent Recovery Unit at the Hardisty Terminal and USD’s destination terminal in Port Arthur, Texas. Both projects are currently operating in the start-up phase. USD is also currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on websites referenced in this release is not part of this release.
Category: Corporate
Adam Altsuler
Executive Vice President, Chief Financial Officer
(281) 291-3995
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Jennifer Waller
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CALGARY, Alberta--(BUSINESS WIRE)--#alberta--Inclusive Energy Ltd., a leader in the oil and gas services sector, is pleased to announce that it has significant private equity capital immediately available and ready to deploy as part of its ongoing initiative to diversify its investments in the North American energy and natural resource industries, including the upstream, midstream, infrastructure, oilfield services and renewables sectors. The capital fund is committed by Inclusive Energy alongside its global partners with operations in nine other countries, including the United Kingdom, Switzerland, UAE, Pakistan and China.
Inclusive Energy is actively seeking upstream investment opportunities and joint ventures with energy companies, projects and assets which offer a strong financial return and sustainable growth potential. As a financial partner, Inclusive Energy works alongside management to add value and progress their vision and growth strategy, while ensuring return on investment and optimization of commercial assets is maximized.
Bilal Hydrie, President and CEO of Inclusive Energy, confirmed his enthusiasm for investing in the North American energy sector and that his firm is open for business, “We believe strongly that the time is right to support and invest in the energy business. We see a lot of upside in the cycle and have capital immediately available for investment opportunities. The banks and traditional lenders have essentially abandoned the small energy producers, leaving them financially stranded. With a scarcity of capital in the energy markets, Inclusive can fill a market niche, add value and assist in growth for these companies. We are actively providing debt instruments and creative royalty structures and looking to further expand our participation in this space.”
Mr. Hydrie further expounded on the advantages of energy companies aligning with Inclusive, “The creation of strategic partnerships adds to the strength of Inclusive’s position in the oil and gas services sector and is in line with its diversification in the North American energy and natural resource industries.” Furthermore, he adds “There is a natural strategic alignment to create partnerships with energy companies that will benefit from access to both financial resources and equipment.”
Inclusive Energy offers a broad range of flexible, creative and accretive financing alternatives to assist companies or projects with capital requirements. Inclusive can invest at the corporate level or through direct participation in assets/projects via joint ventures, farmins or royalty arrangements.
The management team of Inclusive Energy has decades of specialized experience in the financial, banking and energy sectors, focusing on resource development and value creation. Inclusive Energy is part of the Habib Group, a global leader across a wide range of industries ranging from Banking and other financial services to manufacturing of commodities and biofuels.
About Inclusive Energy
Inclusive Energy’s capital investment fund complements its existing oilfield service business, where the company has established itself as an industry leader, focused on delivering the highest standard of customer service, quality, and value to its clients. Inclusive offers flexible payment options to industry on an extensive inventory of equipment including storage tanks, separator vessels, line heaters, rig matts, compressors, pumpjacks and trailers.
Contact
For further information about Inclusive Energy and to explore potential investment and partnership opportunities or to keep updated on current equipment inventory and special offerings, contact Inclusive Energy. www.inclusivenergy.com
Bilal Hydrie, President and CEO
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Michael Kryczka, Vice President, Corporate Development
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New end-to-end charging solution to allow fleet managers to reduce carbon footprint while meeting complex reporting and cost management needs
PORTLAND, Maine & CAMPBELL, Calif.--(BUSINESS WIRE)--WEX (NYSE: WEX), a leading financial technology service provider, and ChargePoint, a leading electric vehicle (EV) charging network operating in North America and Europe, have announced plans to expand their existing relationship to provide seamless integration of EV charging for mixed fleets that include internal combustion engine vehicles (ICE). This expanded global partnership is expected to not only provide customers ready access to the largest public EV charging network for on-route charging needs, but also enable ‘depot’ and ‘at-home’ charging along with the means to facilitate employee reimbursement.
“By expanding WEX’s relationship with ChargePoint, we expect to position both companies to serve our customers’ full range of needs over the long-term, as more businesses evolve their fleets in efforts to address climate change,” said Scott Phillips, president of global fleet at WEX. “As a leader in the commercial fleet industry for nearly four decades, our customers across the globe rely on us to provide financial controls, powerful reporting, data solutions, and secure payments that keep their drivers on the road and on the job, while managing costs. WEX believes that partnering with ChargePoint will enable WEX to fully support any mix of EV and ICE vehicles that our customers operate.”
WEX and ChargePoint intend to offer a robust end-to-end solution to help mixed fleets incorporate on-route, depot and at-home charging solutions including streamlined program enrollment, centralized reporting and billing, real-time data on energy use to support driver reimbursement for commercial electric charging and installation services. The companies expect to offer at-work and fleet depot charging solutions for customers looking to install on-site charging stations at workplace facilities and integrate them into their fleet operations as well as private site charging solutions.
“Our expanded partnership with WEX is a major step in helping fleets prepare for the future of electric mobility with convenient and cost-effective expense management and wide payment acceptance. Today, WEX and ChargePoint have an EV payment system in the market that enables WEX’s fleet customers to pay for electric charging sessions at thousands of locations on the ChargePoint network on demand,” said Rich Mohr, global vice president of fleet at ChargePoint. “The enhanced end-to-end e-mobility solutions from on-route, depot and at-home easily support drivers when they need a charge in North America and Europe.”
In addition, this growing relationship will allow drivers to locate and activate EV charging stations and authorize payments while providing fleet managers with consolidated billing and reporting and greater visibility into internal combustion engine and electric vehicle usage. Integrating this data is critical for mixed fleet customers as they continue to look for opportunities to further reduce their carbon footprints and to simplify their complex reporting needs.
“As partners, WEX and ChargePoint plan to offer fleet managers the opportunity to integrate as many electric vehicles into their fleets as they desire, without any loss of visibility, financial controls or fueling flexibility,” continued Mr. Phillips. “By doing so, we will help our customers evolve their fleets as new forms of transportation are available and operating cost, environmental impact and other considerations affect their business imperatives.”
About WEX
WEX (NYSE: WEX) is a leading financial technology service provider. We provide payment solutions to businesses of all sizes across a wide spectrum of sectors, including fleet, corporate payments, travel and health. WEX has offices in 14 countries and employs approximately 5,400 people around the world. Learn more at LinkedIn, Facebook, Instagram, Twitter, and our corporate blog. For more information, visit www.wexinc.com.
About ChargePoint
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 92 million charging sessions have been delivered, with drivers plugging into the ChargePoint network every two seconds or less. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s North American or European press offices or Investor Relations.
Forward-Looking Statements made by WEX
This earnings release contains forward-looking statements, including statements regarding: expectations for the extent and breadth of the future relationship between WEX and its counterparty, ChargePoint, and future growth opportunities for the relationship between WEX and such counterparty. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this earnings release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project”, “will”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: WEX’s ability to finalize all negotiations with the counterparty with respect to certain aspects of the relationship at all or on terms that are favorable to WEX; WEX’s ability and timing to execute on the products and services to be provided under the relationship with the counterparty, as well as other risks and uncertainties identified in Item 1A of WEX’s annual report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 1, 2021 and WEX’s quarterly report on Form 10-Q for the period ended June 30, 2021, filed with the Securities and Exchange Commission on August 4, 2021. WEX's forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this release and undue reliance should not be placed on these statements. WEX disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
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Company Launches by Acquiring Two Chemical Tankers
BEVERLY, Mass.--(BUSINESS WIRE)--#CIDOShipping--Easterly Asset Management announced the formation of Maritime Logistics Equity Partners (MLEP), a new company formed to take advantage of the enormous opportunities in international shipping markets, including the chemical tanker shipping sector that is projected to be a $9.5 billion market by 2026.1
“There is a compelling opportunity to invest in pre-owned chemical tankers, given the limited supply and growing demand for the vessels, a low future orderbook for shipping construction and the expansion of chemical trade lanes,” said Darrell Crate, Managing Principal of Easterly Asset Management and MLEP’s Chief Executive Officer. “Like the oceans themselves, the opportunities are vast.”
In its first transaction, MLEP acquired two stainless steel chemical tankers, the Easterly Beech Galaxy and the Easterly Lime Galaxy, from CIDO Shipping.
“MLEP has recently acquired two additional vessels and is actively looking to acquire more stainless-steel tonnage of all sizes aged 10-15 years,” said Crate. MLEP intends to acquire more stainless steel vessels by the end of 2021. By acquiring previously owned tankers to meet increased demand, MLEP can provide investors with an attractive level of regular, growing income as well as capital returns. “Chemical tankers may not be glamorous, but they keep the global economy humming and investors happy with a steady stream of income,” added Crate.
“We are actively looking to acquire more stainless-steel tonnage of all sizes aged 10-15 years,” said Darrell Crate, Maritime Logistics Equity Partners’ CEO.
MLEP is responding to industry trends, including a decline in the building of chemical tankers intended for the transport of bulk liquids such as palm oil, feedstock and other commodities. Following a construction boom that peaked in 2008, shipbuilders are now focused on building other tanker types and sizes. With increasing chemical production, tight ship supply and a lack of liquidity in the capital markets for new tankers, there is growing demand for such vessels. MLEP is acquiring tankers built during the boom but with years of productive life remaining and putting them out for hire through WOMAR. “A tight shipping supply, combined with increased global chemical production, is a powerful tailwind for existing vessels,” added Crate.
MLEP will place all of its acquired vessel into WOMAR’s Tanker Pools. WOMAR Chief Executive Officer Hans Van der Zijde said, “We welcome the opportunity to work with MLEP and to build a long-lasting commercial asset management relationship. Since September 2019, we have been working closely with US private equity investors and feel WOMAR has a unique product offering for institutional investors becoming ship owners.”
About the Vessels Acquired
The Easterly Beech Galaxy was built in 2007 and has a gross tonnage of 11,623 and a summer deadweight of 19,998 tons. The Easterly Lime Galaxy was built in 2008 and has a gross tonnage of 11,623 and a summer deadweight of 19,992 tons.
About Darrell Crate
In addition to serving as CEO of MLEP, Crate founded private investment firm Easterly in 2009. He holds leadership positions in ventures including multi-affiliate manager Easterly Asset Management; Easterly Government Properties, (NYSE: DEA); Easterly Funds, a mutual fund platform; value manager Easterly Investment Partners; and Easterly EAB Risk Solutions, which provides defensive equity and derivatives strategies to help clients manage portfolio risk.
About Maritime Logistics Equity Partners
Maritime Logistics Equity Partners (MLEP) is a company formed to raise capital to take advantage of various opportunities in the international shipping markets. MLEP intends to acquire and operate previously owned chemical tankers. The Company’s objective is to provide investors with an attractive level of regular, growing income and capital returns by investing in previously owned chemical tankers. The company expects a robust chemical tanker market due to a historically low order book, a lack of liquidity in the capital markets for new tankers, expanding ton-mile demand for chemical tankers and additional cargo coming online in 2021 and beyond.
About Easterly Asset Management
Easterly Asset Management (Easterly) is a multi-affiliate platform of high-performing boutique investment managers, and is also the holding company for MLEP. Founded by industry veterans with more than 20 years’ experience, Easterly is committed to bringing investors innovative and novel strategies by partnering with quality managers who are craftsman in their respective asset classes and investment processes. We provide boutique firms a partnership that delivers a foundation to scale their business with best-in-class solutions in marketing, sales, technology, operations, human resources, and finance. We also offer affiliates, through our platform partnerships, the opportunity to access our retail & institutional distribution services. Additionally, we partner with outside firms on various private placements and fund offerings as well. For more information, please visit Easterly at https://easterlyam.com/.
About WOMAR
WOMAR is an experienced tanker pool operator with industry scale to operate the acquired vessels. WOMAR is one of the largest independent pool operators in the chemical tanker space. It has five offices globally: Singapore; Rotterdam, Netherlands; Mumbai, India; Houston, Texas; and Stamford, Connecticut. WOMAR’s senior management has been with the company for over a decade and has deep industry experience. WOMAR deploys tonnage worldwide and leverages the synergies of global trade by being local in major areas of significance. For more information, please visit us at https://www.womarpools.com.
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1 “Chemical Tanker Market Size In 2021: 2.0% CAGR with Top Countries Data, Research, High Demand, Share, Industry Analysis by Top Manufactures, Growth Insights and Forecasts to 2026,” by 360 Research Reports, August 10, 2021
Media:
Loretta A. Healy
The Hubbell Group, Inc.
781-210-5014 (office)
781-718-1117 (cell)
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VANCOUVER, British Columbia--(BUSINESS WIRE)--Loop Energy (TSX: LPEN), a developer and manufacturer of hydrogen fuel cell solutions, announces that Peter Johansson has joined the Company’s Board of Directors. Johansson brings an extensive range of experience to Loop Energy, with a successful 35-year career across the aerospace, automotive and industrial sectors.
Previously he was EVP, Strategy, Business Development and Marketing at Accudyne Industries, where he was responsible for the formulation and execution of the growth, business development and M&A strategies for an extensive portfolio of industrial compressors, pumps and valves. Prior to Accudyne, Mr. Johansson led the product, market, and M&A strategy for IDEX Corporation. He has also held senior business and commercial management and engineering roles with ITT Corporation, Trane Technologies, WABCO, and AlliedSignal. Mr. Johansson is currently a consultant providing strategic and technical advice to highly engineered industrial product companies to drive their value creation and market development efforts.
“Hydrogen is a critical pathway in the clean energy transition, and I believe Loop Energy has the right combination of technology, people and products to become a leading player in this transition,” said Peter Johansson. “I am looking forward to working with the Loop Energy team, fellow board members and strategic advisors to support its successful expansion into markets around the world.”
“Peter is a true leader in the industry, with unique vision and expertise that will add tremendous value to the Company as we continue to expand globally across many sectors,” said Ben Nyland, President & Chief Executive Officer at Loop Energy. “We are thrilled to work with Peter, and we look forward to leveraging his experience in order to accelerate Loop Energy’s growth.”
About Loop Energy Inc.
Loop Energy is a leading designer and manufacturer of fuel cell systems targeted for the electrification of commercial vehicles, including, light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop’s products feature the Company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. eFlow™ was designed to enable commercial customers to achieve performance maximization and cost minimization. Loop works with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information about how Loop is driving towards a zero-emissions future, visit www.loopenergy.com.
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflect management’s current expectations and projections regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward-looking information. Such risks and uncertainties include, but are not limited to, the ability of the Company to execute on its strategy and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated March 30, 2021. Loop disclaims any obligation to update these forward-looking statements.
Loop Energy Media Contact: Ashley Eisner | Tel: +1.212.697.2600 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Loop Energy Business Contact: George Rubin | Tel: +1.604.828.8185 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Collaboration with Baker Hughes and University of Oklahoma advances path-breaking SuperHot Rock geothermal resource development near Bend, OR; Project paves the way scalable low-cost geothermal energy everywhere.
SEATTLE--(BUSINESS WIRE)--AltaRock Energy today announced the results of a path-breaking comprehensive technical and economic feasibility study, completed in collaboration with Baker Hughes, an energy technology company, and the University of Oklahoma, demonstrating the superior energy density and competitive economics of an engineered geothermal system (EGS) resource in high temperature (>400 °C) impermeable rock at the Newberry Volcano near Bend, Ore. This result is a major step in developing the first SuperHot Rock (SHR) geothermal resource in the United States.
AltaRock defines SuperHot Rock as EGS in high-temperature rock above 400 °C. SuperHot Rock development targets energy densities per well as high as five to 10 times that of both conventional EGS and hydrothermal developments in the 200-250 °C range.
Details of the study will be presented at the World Geothermal Conference, Iceland, October 2021, the Geothermal Rising Conference, San Diego, Calif., October 2021, and the Society of Petroleum Engineers Geothermal Workshop, the Netherlands, December 2021.
For nearly a decade, AltaRock has performed extensive geological, hydrological, and geochemical site characterization at Newberry Volcano to evaluate its potential for EGS development. AltaRock determined that economically viable geothermal development requires greater energy density per well not attainable with conventional EGS temperature targets. As part of this study, historical data was incorporated into coupled hydrogeomechanical models that evaluated the impact of new technologies and methods needed to develop such high temperature resources that are located near the brittle-ductile transition zone. Accessing deeper, hotter rock is the key to SHR economic viability and these conditions can be reached using conventional drilling at <5km depths at Newberry.
The analysis concluded that SuperHot Rock resources could achieve a competitive Levelized Cost of Electricity (LCOE) of <$0.05/kilowatt-hour. In comparison, a conventional EGS resource target of 200-230 °C would ─ with the same net power output ─ produce power at an LCOE >$0.10/kilowatt-hour. The significant cost difference between the two systems results from much higher energy density ─ SuperHot Rock being five to 10 times higher per well than conventional ESG wells ─ with one-tenth the water requirements and surface area, and infrastructure based on conventional EGS use cases.
“The next generation of geothermal power, SuperHot Rock geothermal, will require development of engineered reservoirs in deep basements where hotter ‘supercritical’ temperatures can yield up to 10 times more energy than a conventional geothermal well,” said Geoff Garrison, vice president of research and development at AltaRock. “Once proven in the field, SuperHot Rock geothermal resources will ultimately provide competitively priced, carbon-free power to far greater markets than can currently be reached by affordable geothermal power. SuperHot Rock geothermal has the smallest environmental footprint of any renewable energy resource, sharply reduces the need for transmission infrastructure, and we believe it has the potential to meet a significant portion of global energy demand by 2050. We are fortunate to collaborate with Baker Hughes and University of Oklahoma to explore this exciting geothermal frontier.”
Ajit Menon, geothermal leader at Baker Hughes, said his company’s participation underscores its commitment to new energy sources.
“As an energy technology company, Baker Hughes has supported the geothermal sector for more than 40 years, providing technology and expertise for some of the world’s most ground-breaking projects,” he said. “The results of our reservoir modelling software show the technical and economic feasibility of SuperHot Rock development. Our collaboration with AltaRock is another example of our strategic focus on new energy frontiers and underlines how our subsurface expertise and digital technologies are accelerating geothermal projects globally.”
Professor Ahmad Ghassemi of the University of Oklahoma added:
“With AltaRock and Baker Hughes, we have developed quantitative models based on years of empirical testing data to confirm the technical performance of flowing an engineered geothermal reservoir in the brittle ductile transition zone ─ where the high heat makes the rock easier to stimulate and create reservoirs for heat extraction.”
These promising results also provide tremendous insight into the advancement of both reservoir development and management, as well as power conversion technologies that AltaRock and its technical collaborators are developing. AltaRock Energy anticipates formal demonstration of the first SHR EGS well system by 2025 at Newberry Volcano, followed with commercial development by 2030.
About AltaRock
AltaRock Energy (ARE), technology leaders in Enhanced Geothermal Systems (EGS) development, is raising EGS to massive scale — making clean, affordable, renewable geothermal energy available anywhere and everywhere.
The next generation of geothermal power, we call Superhot Rock Geothermal (SHR), taps into the massive stores of very high-temperature heat deep in the earths’ crust to yield up to 10 times more energy than a conventional geothermal well and allow geothermal to scale globally. We believe SHR is one of the best solutions for replacing and repurposing fossil fueled power plants and meeting the future global demand for clean energy. ARE’s team and partners are focused on the innovating the key technologies needed to massively scale SHR resources around the world. Our journey is starting at our site in Newberry Oregon. For more information, please visit: http://altarockenergy.com.
AltaRock
Steven Gottlieb
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206.427.9591
Baker Hughes
John A. Barnes
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832.206.0841
Gross Margins improved to 22.1%
VISTA, Calif.--(BUSINESS WIRE)--$FLUX #GSE--Flux Power Holdings, Inc. (Nasdaq: FLUX), a developer of advanced lithium-ion battery packs for commercial and industrial equipment, today reported financial results for its fourth quarter (Q4’21) and fiscal year (FY‘21) ended June 30, 2021.
Financial Highlights:
Strategic Highlights:
“Our 2021 Fiscal Year was quite a challenge, with supply chain disruptions and continuing effects from the COVID pandemic,” Flux Power CEO Ron Dutt commented. “Despite these challenges, we delivered substantial revenue growth and gross margin improvements, while launching new products and obtaining UL listings.”
Q4’21 Financial Results
Revenue: Q4’21 revenue increased 33% to $8.3M compared to $6.3M in Q4’20, driven by sales of larger LiFT Packs. Q4’21 represented the 12th consecutive quarter of year-over-year revenue increases.
Gross Profit: Q4’21 gross profit improved to $1.8M compared to a gross profit of $1.1M in Q4’20 principally reflecting higher sales volumes and benefits from Flux Power’s revenue growth and gross margin improvement program.
Selling & Administrative: Expenses increased to $3.4M in Q4’21 from $2.7M in Q4’20, principally reflecting increased staffing to support expanded operations and growth.
Research & Development: Expenses increased to $2.0M in Q4’21, compared to $1.1M in Q4’20 reflecting continued product range evolution and optimization, including high voltage battery packs (400 Volts), and developed adaptions of battery packs for “second sourcing” of battery cells.
Net Loss: Q4’21 net loss increased to $3.7M from a loss of $3.3M in Q4’20, principally reflecting higher operating costs and interest expense.
FY’21 Financial Results
Revenue: FY’21 revenues rose 56% to $26.3M compared to $16.8M in FY’20, reflecting the continued momentum rolling out full lineup of large LiFT Packs and adding large new Fortune 500 customers with large fleets having multi-year ordering demands.
Gross Profit: FY’21 gross profit improved to $5.8M compared to $2.2M in FY’20, based on higher sales and improved gross margins reflecting the benefit of sourcing initiatives, lower prices from higher volume purchasing, and specific design cost reductions.
Selling & Administrative: Expenses increased to $12.6M in FY’21 from $9.8M in FY’20, principally due to additional cash and stock-based compensation expense related to new hires across the business to facilitate production and market growth, and legal fees supporting debt and equity issuances.
Research & Development: Expenses increased to $6.7M in FY’21 from $5.0M in FY’20, reflecting development costs supporting expanded product offering as well as third party certification efforts such UL Listing and UN38.3 (transportation) requirements.
Net Loss: Net loss decreased to $12.8M (a loss of $1.08 per share) in FY’21 from a net loss of $14.3M (a loss of $2.80 per share) in FY’20 mainly due to higher operating expenses and increased interest expense. Per share results are based on 11.8M and 5.1M weighted average basic shares outstanding at the end of FY’21 and FY’20, respectively.
Capital Structure
Flux Power completed equity private placements during Q1’21 totaling $3.2M. Additionally, a total debt conversion to equity of $5.2M, combined with debt repayment of $2.6M was achieved resulting in a debt free condition at year-end.
On August 18, 2020, Flux Power closed an underwritten public offering of its common stock priced at a public offering for gross proceeds of approximately $12.4 million, which included the full exercise of the underwriter's over-allotment option to purchase additional shares, prior to deducting underwriting discounts and commissions and offering expenses payable by Flux Power. A total of 3,099,250 shares of common stock were issued in the offering, including the full exercise of the over-allotment option.
Flux Power raised additional gross proceeds of $12.7M in an ATM Offering, prior to deducting commissions and other offering related expenses, and issued an aggregate of 978,782 shares of common stock at an average price of $12.93 per share in the offering.
Fiscal Year 2022 Outlook
Flux Power anticipates revenue growth to continue its FY’21 momentum in FY’22 reflecting: (i) acquisition of new Fortune 500 customers; (ii) launching new product innovations; (iii) and continued mitigation of supply chain challenges.
The supply chain disruption in the global marketplace has impacted Flux Power in past months reflecting delays in shipments from Asia, higher steel prices, scarcity of electronic components, and higher shipping costs. While Flux Power customer deliveries of battery packs have been delayed in some cases, no customer orders have been lost, only deferred. To that point, total backlog, or open sales orders, total $18M as of this date. Mitigation actions have been implemented to address the impact to supply chain disruption, while anticipating continued impact but with a gradual recovery.
The first quarter (Q1’22) of the fiscal year is a seasonally slower revenue quarter, reflecting customers not purchasing or installing new equipment over the historically slower summer months of July and August. However, Flux Power anticipates significant year over year growth for the quarter, but a lower growth quarter compared with the prior two quarters Flux Power also expects to further enhance gross margins across its product lines through implementation of pricing actions and a series of clearly defined initiatives to advance technology, design, production and purchasing efficiencies, as well as benefiting from growing economies of scale.
About Flux Power Holdings, Inc. (www.fluxpower.com)
Flux Power designs, develops, manufactures, and sells advanced lithium-ion energy storage solutions for lift trucks, and other industrial equipment including airport ground support equipment (GSE), solar energy storage, and other commercial applications. Our “LiFT Pack” battery packs, including our proprietary battery management system (BMS) and telemetry, provide our customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions.
Cautionary Statement Regarding Forward-Looking Statements
This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified by the use of "believes," "expects" or similar expressions. Forward-looking statements involve a number of estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include the development and success of new products, projected sales, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of operations, financial condition and performance will not differ materially from the results of operations, financial condition and performance reflected or implied by these forward-looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.
Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.
Follow us at:
Blog: Flux Power Blog
News Flux Power News
Twitter: @FLUXpwr
LinkedIn: Flux Power
FLUX POWER HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS |
||||||||
|
Years Ended June 30, |
|||||||
|
|
2021 |
|
2020 |
||||
|
|
|
|
|
||||
ASSETS |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash |
|
$ |
4,713,000 |
|
|
$ |
726,000 |
|
Accounts receivable |
|
|
6,097,000 |
|
|
|
3,069,000 |
|
Inventories |
|
|
10,513,000 |
|
|
|
5,256,000 |
|
Other current assets |
|
|
417,000 |
|
|
|
787,000 |
|
Total current assets |
|
|
21,740,000 |
|
|
|
9,838,000 |
|
|
|
|
|
|
|
|
||
Right of use asset |
|
|
3,035,000 |
|
|
|
3,435,000 |
|
Other assets |
|
|
131,000 |
|
|
|
174,000 |
|
Property, plant and equipment, net |
|
|
1,356,000 |
|
|
|
528,000 |
|
|
|
|
|
|
|
|
||
Total assets |
|
$ |
26,262,000 |
|
|
$ |
13,975,000 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
7,175,000 |
|
|
$ |
4,648,000 |
|
Accrued expenses |
|
|
2,583,000 |
|
|
|
1,400,000 |
|
Deferred revenue |
|
|
24,000 |
|
|
|
4,000 |
|
Customer deposits |
|
|
171,000 |
|
|
|
1,563,000 |
|
Due to factor |
|
|
- |
|
|
|
469,000 |
|
Short-term loans – related party |
|
|
- |
|
|
|
2,057,000 |
|
Line of credit - related party |
|
|
- |
|
|
|
5,290,000 |
|
Financing lease payable, current portion |
|
|
- |
|
|
|
28,000 |
|
Office lease payable, current portion |
|
|
435,000 |
|
|
|
288,000 |
|
Accrued interest |
|
|
2,000 |
|
|
|
50,000 |
|
Total current liabilities |
|
|
10,390,000 |
|
|
|
15,797,000 |
|
|
|
|
|
|
|
|
||
Long term liabilities: |
|
|
|
|
|
|
||
Paycheck Protection Program loan payable |
|
|
- |
|
|
|
1,297,000 |
|
Office lease payable, less current portion |
|
|
2,866,000 |
|
|
|
3,301,000 |
|
|
|
|
|
|
|
|
||
Total liabilities |
|
|
13,256,000 |
|
|
|
20,395,000 |
|
|
|
|
|
|
|
|
||
Stockholders’ equity (deficit): |
|
|
|
|
|
|
||
Preferred stock, $0.001 par value; 500,000 shares authorized; none issued and outstanding |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par value; 30,000,000 shares authorized; 13,652,164 and 7,420,487 shares issued and outstanding at June 30, 2021 and June 30, 2020, respectively |
|
|
14,000 |
|
|
|
7,000 |
|
Additional paid-in capital |
|
|
79,197,000 |
|
|
|
46,985,000 |
|
Accumulated deficit |
|
|
(66,205,000 |
) |
|
|
(53,412,000 |
) |
Total stockholders’ equity (deficit) |
|
|
13,006,000 |
|
|
|
(6,420,000 |
) |
Total liabilities and stockholders’ equity (deficit) |
|
$ |
26,262,000 |
|
|
$ |
13,975,000 |
|
FLUX POWER HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
|
|
Three Months Ended
|
|
Years Ended
|
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Net revenue |
|
$ |
8,325,000 |
|
|
$ |
6,257,000 |
|
|
$ |
26,257,000 |
|
|
$ |
16,842,000 |
|
Cost of sales |
|
|
6,574,000 |
|
|
|
5,162,000 |
|
|
|
20,467,000 |
|
|
|
14,656,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross profit |
|
|
1,751,000 |
|
|
|
1,095,000 |
|
|
|
5,790,000 |
|
|
|
2,186,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling and administrative expenses |
|
|
3,422,000 |
|
|
|
2,686,000 |
|
|
|
12,599,000 |
|
|
|
9,761,000 |
|
Research and development |
|
|
2,045,000 |
|
|
|
1,085,000 |
|
|
|
6,669,000 |
|
|
|
4,973,000 |
|
Total operating expenses |
|
|
5,467,000 |
|
|
|
3,771,000 |
|
|
|
19,268,000 |
|
|
|
14,734,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating loss |
|
|
(3,716,000 |
) |
|
|
(2,676,000 |
) |
|
|
(13,478,000 |
) |
|
|
(12,548,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income |
|
|
- |
|
|
|
- |
|
|
|
1,307,000 |
|
|
|
- |
|
Interest expense |
|
|
(4,000 |
) |
|
|
(574,000 |
) |
|
|
(622,000 |
) |
|
|
(1,788,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss |
|
$ |
(3,720,000 |
) |
|
$ |
(3,250,000 |
) |
|
$ |
(12,793,000 |
) |
|
$ |
(14,336,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss per share - basic and diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.63 |
) |
|
$ |
(1.08 |
) |
|
$ |
(2.80 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares outstanding - basic and diluted |
|
|
13,146,732 |
|
|
|
5,157,184 |
|
|
|
11,796,217 |
|
|
|
5,118,713 |
|
Media & Investor Relations:
Justin Forbes
877-505-3589
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.