BALTIMORE--(BUSINESS WIRE)--Whiteford, Taylor & Preston announced that Alexander M. Giles has joined the firm in Baltimore. With more than 20 years of experience in the maritime sector, Mr. Giles has been recognized as one of the leading maritime lawyers in the region.
“Alex is a tremendous addition to an already highly regarded maritime practice,” said Managing Partner Martin Fletcher. “He has built a well-deserved industry reputation for exceptional service and commitment to an historically important and increasingly active sector of economic activity.”
Named “Lawyer of the Year for Admiralty & Maritime Law” in Baltimore by Best Lawyers in 2021, Mr. Giles has counseled clients on maritime matters of virtually every description. An experienced advocate, he has represented clients on maritime and commercial litigation matters before the U.S. Supreme Court, the U.S. Court of Appeals for the Fourth Circuit, the Maryland Court of Appeals, the Maryland Court of Special Appeals, the Federal Maritime Commission and the U.S. Coast Guard. He has been a frequent advisor to clients in the clean energy sector, who increasingly seek his counsel on matters at the intersection of maritime law and offshore wind.
“I am excited to join Whiteford,” said Mr. Giles. “It has a superb lineup of maritime lawyers and a deep, full-service bench. It’s an ideal platform for serving clients in this rapidly growing sector.”
About Whiteford, Taylor & Preston LLP: With over 175 attorneys, Whiteford, Taylor & Preston provides a comprehensive range of sophisticated, cost-effective business law and litigation services to clients ranging from innovative start-ups to middle market companies to global enterprises. Its growing Mid-Atlantic footprint includes seventeen offices in Delaware, D.C., Kentucky, Maryland, New York, Pennsylvania and Virginia. Visit www.wtplaw.com for more information.
Mindee Mosher
410.659.6437
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Market leaders in amine reclamation combine
ALVIN, Texas--(BUSINESS WIRE)--ORG Chem Group LLC (“Chem Group”) announced today it has acquired substantially all of the assets of MPR Services, Inc (“MPR”). The acquisition further expands Chem Group’s presence within the amines reclamation industry, and will introduce onsite reclamation capabilities delivered through mobile and permanent units. The combined organizations will be headquartered in Evansville, IN with additional facilities in Troy, IN, Hot Springs, AR and Alvin, TX.
Headquartered in Alvin, TX, MPR is a leading provider of reclamation services, serving customers in the U.S., Europe and beyond. MPR has been providing permanent and mobile reclamation services to the oil refining, natural gas / LNG facilities, petrochemical and ammonia / syngas industry customers since 1989, with proprietary technologies built for purifying gas treating amine solutions used for acid gas removal. Prior to the acquisition, MPR was a wholly owned subsidiary of Tessenderlo Kerley Inc.. a leader in producing and marketing specialty products used in the agriculture, mining, and chemical industries.
Chem Group is a leading fluid service provider to a diversified base of industrial sectors, as well as supplier of specialty products and technical services. Over its 40-year history, Chem Group has developed significant expertise in safe, efficient, and innovative strategies to extract significant residual value from a broad range of materials, driving sustainability in the value chains and markets the company serves. Chem Group is majority owned by an affiliate of private investment firm Owner Resource Group LLC (“ORG”).
Chem Group CEO, Dave Carson, said, “We are excited to welcome the MPR team into our organization. Combining MPR’s expertise and focus with Chem Group’s technical capabilities is a very attractive opportunity. The acquisition strengthens Chem Group’s reclamation value proposition within markets of focus.”
“MPR Services has been an integral part of Tessenderlo Kerley, Inc. for over 20 years. Their new journey as Chem Group MPR Services is destined to build on their success and chart their path to greater growth and opportunity,” said Russell Sides, Executive Vice President, Tessenderlo Kerley, Inc.
The transaction received additional financing support from Cadence Bank NA. The transaction closed on August 16, 2021.
For additional information, please visit www.orgroup.com or contact Will Burnett (This email address is being protected from spambots. You need JavaScript enabled to view it. or 512-505-4180).
Owner Resource Group, LLC
Owner Resource Group is an Austin, Texas based private investment firm founded to bring superior outcomes to privately held businesses. The company’s affiliates make investments that enable business owners and management teams to pursue their objectives and accelerate the growth of their companies in a disciplined manner. ORG appreciates an owner’s need for fairness, certainty, flexibility and confidentiality when considering a transaction. After a transaction, the ORG philosophy is to align our interests with management to support the existing culture and continued growth.
The firm is most helpful to businesses with the following aspirations:
» Business owners hoping to achieve a full or partial exit
» Businesses looking to expand their capabilities, offerings or geographic reach
» Management teams that would like to establish or increase their ownership in a business
Will Burnett
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512-505-4180
New X-Class Jack-up Vessels Will Have the Largest Jacking Capacity in the Industry
HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today announced the signing of a contract with COSCO SHIPPING Heavy Industry and Cadeler to supply two GustoMSC™ NG-20000X self-propelled wind turbine installation jack-up vessel designs, which will be known as the Cadeler X-Class.
The Cadeler X-Class is designed with 5,600 m2 of deck space and a carrying capacity of more than 17,600 tons, the largest in the industry. This new hybrid, DNV-certified, cyber-secure jack-up vessel is designed to transport and install seven complete 15 MW turbine sets or five sets of 20-plus MW turbines, a significant upgrade from prior designs. This expanded carrying capacity will reduce the number of vessel trips required per development and accelerate installation speed, thereby improving project economics while reducing the total carbon footprint of the installation process.
In addition to the overall jack-up design, NOV will supply the jacking system that lifts the vessel and cargo above the waterline to safely install wind turbines. The jacking systems will incorporate NOV’s proprietary advanced regenerative power system technology that will provide fuel savings and emission reductions.
The first NG-20000X jack-up vessel is contracted for one of the largest offshore windfarms in the world—RWE’s 1.4 GW Sofia wind park – and is scheduled for delivery in the third quarter of 2024.
Mikkel Gleerup, CEO of Cadeler A/S, says: “The expansion of our fleet is an important strategic priority for Cadeler to ensure that we can meet the demand we are seeing from clients for greater installation capacity. In order to provide energy efficient vessels with very advanced technical specifications, we need to ensure that the new vessels will be as cutting-edge as the turbines we will be installing. Therefore, we have chosen to collaborate with the best sub-suppliers in the market. NOV has proven to be a good partner in connection with other projects in the past and we are therefore confident that NOV will provide the right jacking systems for the new X-class vessels, to support the current and future demand of the industry.”
Clay Williams, Chairman, President, and CEO, added, “NOV is honored to partner with Cadeler and COSCO as we design and deliver the next generation of wind turbine installation jack-up vessels. These vessels, which will be a key part of the next stage in the evolution of offshore wind energy, are a perfect example of what comes from close collaboration with our customers and an unending desire to seek improvement.”
In parallel, NOV is supplying new heavy-lift cranes for Cadeler’s existing O-Class vessels, Wind Orca and Wind Osprey, to upgrade the existing fleet’s capabilities to handle the next-generation of turbines. With the upgraded O-Class and new X-Class vessels, Cadeler’s fleet will lead the industry in both loading capacity and the ability to transport, service, and install the next-generation offshore wind turbines.
About NOV
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.
Visit www.nov.com for more information.
Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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Itron’s Premier Customer-Focused Event Will Gather Leaders from Across Energy, Water, Industrial IoT and Smart Communities
LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#Energy--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced that Itron Inspire 2021, its premier customer-focused event, will be held virtually only, Oct. 4-8, 2021. The customer-focused event will bring together leaders from across energy, water, industrial IoT (IIoT) and smart communities to share perspectives and best practices to drive the industry forward. Originally, this year’s Itron Inspire was planned as a hybrid event with both virtual and in-person components.
“Due to increasing uncertainty around the COVID-19 Delta variant and with the safety of our customers, partners and employees in mind, we made the decision to host Itron Inspire virtually. We look forward to gathering online and exchanging ideas that help move our industry forward, especially around pressing matters such as better preparing for natural disasters and managing the influx of renewables and electric vehicles,” said Marina Donovan, vice president of global marketing and public affairs. “We have an excellent lineup of speakers and thought leaders including a number of customer lead breakout sessions.”
Itron Inspire’s main event, the Knowledge Conference, will take place Oct. 4-6, 2021, and will feature two insightful keynotes, two big picture sessions and 20 breakout sessions. Post-conference forums will also take place virtually in the weeks following the Knowledge Conference. More details to come.
Keynotes & General Sessions
Big Picture Sessions:
Breakout Sessions:
Breakout sessions will take place each day of the conference following the general session in the following tracks:
For more information about Itron Inspire 2021, including details on securing a refund for your in-person registration and purchasing a virtual conference pass, please visit www.itron.com/inspire.
About Itron
Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.
Itron® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.
Itron, Inc.
Alison Mallahan
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PG&E, Operator of One of the Largest Privately-Held Hydroelectric Systems in the U.S., has Helped Power California with Water for More than 125 Years
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company’s (PG&E’s) 25,000 coworkers, operators of one of the largest privately-held hydroelectric systems in the United States, are pleased to join the National Hydropower Association (NHA) in celebrating National Hydropower Day, on Tuesday, Aug. 24.
PG&E’s hydro system, established in 1895, now is spread across 140,000 acres of land, and includes ownership of 168 dams, 64 powerhouses, with about 200 miles of canals and flumes, providing California with more than 3,800 megawatts capacity of clean, reliable and affordable electricity.
National Hydropower Day celebrates hydropower’s undeniable contributions to America’s clean energy infrastructure and future.
Jan Nimick, vice president of PG&E’s Power Generation organization, said, “As a leader in generating hydroelectric power for more than 125 years, PG&E is pleased to join the NHA in celebrating National Hydropower Day. Given that our hydro projects have been helping to keep the lights on in northern and central California for so long, the value they provide can sometimes go unnoticed. As a hydropower generator, we are proud to provide this clean, reliable source of energy to power our communities’ homes, schools and businesses.”
Nationwide, in 2019, hydropower represented nearly 6.6% of total U.S. electricity generation and 38% of renewable electricity generation. The U.S. hydropower fleet is comprised of approximately 2,200 power plants with a total capacity of roughly 80 gigawatts (GW), which includes 91% of U.S. storage capacity (23 GW) of pumped storage.
Hydropower is also a major job creator, employing approximately 66,500 workers in the U.S.
Safety is PG&E’s most important responsibility. For more information on PG&E’s hydroelectric system, including tips to keep the public safe near our water facilities, please visit pge.com and type “Hydroelectric System” into the search bar.
For more specific information on National Hydropower Day, you can browse the NHA web page at https://www.hydro.org/hydroday/.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
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DUBLIN--(BUSINESS WIRE)--The "Global Refinery Condensate Splitter Units Outlook to 2025 - Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Condensate Splitter Units" report has been added to ResearchAndMarkets.com's offering.
The global refinery condensate splitter units capacity increased from 3,119 thousand barrels per day (mbd) in 2015 to 4,121 mbd in 2020 at an Average Annual Growth Rate (AAGR) of 5.6 percent. It is expected to increase from 4,121 mbd in 2020 to 5,007 mbd in 2025 at an AAGR of 3.9 percent.
The United Arab Emirates, South Korea, Iran, the US, and Qatar are the major countries that accounted for 58 percent of the total global condensate splitter units capacity in 2020.
Report Scope:
Key Benefits:
Key Topics Covered:
1. Introduction
2. Global Refinery Condensate Splitter Units, Snapshot
3. Africa Refinery Condensate Splitter Units
4. Asia Refinery Condensate Splitter Units
5. Europe Refinery Condensate Splitter Units
6. Former Soviet Union Refinery Condensate Splitter Units
7. Middle East Refinery Condensate Splitter Units
8. North America Refinery Condensate Splitter Units
For more information about this report visit https://www.researchandmarkets.com/r/itwyf3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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MELBOURNE, Australia--(BUSINESS WIRE)--Rio Tinto and Sumitomo Corporation today announced a partnership to study the construction of a hydrogen pilot plant at Rio Tinto’s Yarwun alumina refinery in Gladstone and explore the potential use of hydrogen at the refinery.
The two global companies have signed a letter of intent that focuses on Yarwun as the location for a Gladstone hydrogen plant that Sumitomo has been studying. If the project proceeds, the pilot plant would produce hydrogen for the recently announced Gladstone Hydrogen Ecosystem.
The study supports the efforts of Australian, Queensland and local governments to establish Gladstone as a clean hydrogen hub of the future.
Rio Tinto Australia Chief Executive Kellie Parker said “Rio Tinto has a long relationship with Sumitomo and we are delighted to partner with them to explore the possibilities of hydrogen, not only for our own refinery, but for Sumitomo to supply industry more broadly in Gladstone.
“Reducing the carbon intensity of our alumina production will be key to meeting our 2030 and 2050 climate targets. There is clearly more work to be done, but partnerships and projects like this are an important part of helping us get there.”
Sumitomo Corporation’s Energy Innovation Initiative Director Hajime Mori said “We are excited about working together with Rio Tinto as our long-term partner to develop this hydrogen project in Gladstone and working toward our company’s vision of achieving carbon neutrality by 2050.
“We believe the pilot plant will play a significant role in establishing the Gladstone Hydrogen Ecosystem.
“Sumitomo has commenced the Design Study and Preliminary Master Planning to build the Gladstone hydrogen ecosystem and we will continue to work towards future hydrogen exports from Gladstone.
Deputy Premier and Minister for State Development Steven Miles said Gladstone is an industrial powerhouse and this partnership presents a great opportunity for the region and for Queensland.
“This is only the beginning of a wave of international collaborations that will lead to new industries and new jobs underpinned by the supply of renewable energy,” Mr Miles said.
“With the Palaszczuk Government’s strong commitment to creating more jobs in emerging industries, we will work to keep Queensland at the forefront of renewable hydrogen and the opportunities that come with it.”
Minister for Energy, Renewables and Hydrogen Mick de Brenni said the Palaszczuk Government was developing Queensland’s Energy Plan to reinforce our platform for international partnerships focused on new technology and a stronger Australia.
“This is a plan to create a renewable energy ecosystem that will power our low-carbon ambitions to transform industry, create thousands of jobs for Queenslanders, and decarbonise not only Queensland but the nation.”
Minister for Regional Development and Manufacturing and Minister for Water Glenn Butcher said the partnership would provide important economic opportunities for the entire Central Queensland region.
“Gladstone’s world-class deep water port, water security through Awoonga Dam, and industry attraction via the local State Development Area have set Gladstone up to become the hydrogen capital of Australia, providing massive employment and supply chain opportunities both locally and in the Central Queensland region.”
The Sumitomo partnership complements a recently announced feasibility study into using hydrogen to replace natural gas in the alumina refining process at Yarwun and provides the potential for larger-scale implementation if the studies are successful.
About Rio Tinto:
Rio Tinto produces high-quality iron ore, copper, aluminium, and minerals that have an essential role in enabling the low-carbon transition. We have publicly acknowledged the reality of climate change for over two decades and have reduced our emissions footprint by over 30 percent in the decade to 2020. We have set 2030 targets to reduce our absolute emissions by 15% and our emissions intensity by 30% relative to our 2018 baseline. These targets are consistent with a 45% reduction in absolute emissions, relative to 2010 levels, and the Intergovernmental Panel on Climate Change (IPCC) pathways to 1.5°C. They are supported by our commitment to spend approximately $1 billion on emissions reduction initiatives over the first five years of the ten-year target period. In 2020, we set new Scope 3 emissions reduction goals to guide our partnership approach across our value chain. Read more about our approach to climate change: www.riotinto.com/invest/reports/climate-change-report
About Sumitomo Corporation:
Sumitomo Corporation (“SC”) is a leading Fortune 500 global trading and business investment company with 135 locations (Japan: 22, Overseas: 113) in 66 countries and regions. The entire SC Group consists of more than 900 companies. SC conducts commodity transactions in all industries utilising worldwide networks, provides customers with financing, serves as an organiser and a coordinator for various projects, and invests in companies to promote greater growth potential. SC’s core business areas include six business units: Metal Products; Transportation & Construction Systems; Infrastructure; Media & Digital; Living Related & Real Estate; and Mineral Resources, Energy, Chemical & Electronics, and one initiative: Energy Innovation.
Sumitomo Corporation established a new business organisation entitled the Energy Innovation Initiative (EII) in April 2021 which will carry this Gladstone project. In order to greatly contribute to the achievement of our long-term goals toward climate change mitigation, "Carbon neutralisation in 2050" and "Realisation of a sustainable energy cycle", we will accelerate our efforts for the materialisation of a hydrogen society by promoting hydrogen related businesses.
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Category: General
HANOVER, Md.--(BUSINESS WIRE)--Dragos, Inc., a provider of cybersecurity for industrial controls systems (ICS)/operational technology (OT) environments, and the Downstream Natural Gas Information Sharing and Analysis Center (DNG-ISAC) have announced an initiative to strengthen security and community-wide visibility for industrial cybersecurity in the North American natural gas industry.
Dragos’s Neighborhood Keeper is scheduled to be deployed via the DNG-ISAC, enabling DNG ISAC’s analyst to gain greater visibility into industrial control system (ICS) cyber threats facing the natural gas sector. The DNG-ISAC analyst will have the ability to view anonymous and aggregated information about threat analytics and Indicators of Compromise (IOC) as they are detected by the Dragos Platform and shared with Neighborhood Keeper. Insights and trends gleaned from this information will be shared more broadly with all DNG-ISAC members. At the same time, Dragos customers in the natural gas sector will benefit from access to a larger pool of DNG-ISAC cybersecurity expert analysis providing feedback on threats and vulnerabilities.
Originally developed with the support of an award from the U.S. Department of Energy, Neighborhood Keeper is a free, opt-in, anonymized information-sharing network available to all Dragos Platform customers. “Achieving strong industrial cybersecurity in the natural gas industry requires a collaborative approach,” said Robert M. Lee, Chief Executive Officer and Co-Founder, Dragos, Inc. “Supply chains in natural gas are increasingly interconnected and interdependent, making it important to act as a community and mature together to collectively defend against attackers, from state actors to cybercriminal organizations. The DNG-ISAC will now have visibility to cyber threat activity across the industry, and in the future that will be further enhanced with capabilities such as being able to reach out to anonymous asset operators with relevant threat intelligence and even enhance that data with DNG-ISAC’s own insights.”
Cyber threats targeting ICS/OT networks continue to increase in frequency and sophistication, while data collection and analysis remain extremely limited for industrial defenders. Because adversaries can move through ICS/OT networks undetected, they are able to continually train and prepare for the next cyber attack. DNG-ISAC Executive Director Jim Linn said, “The goal of the DNG-ISAC is to provide our members with accurate, timely, actionable, and relevant information on threats to ICS/OT networks across the entire North American natural gas industry. We look forward to adding Neighborhood Keeper to our toolbox.”
About DNG-ISAC
The DNG-ISAC serves natural gas utility (distribution) companies by facilitating communications between participants, the federal government, and other critical infrastructures. Specifically, the DNG-ISAC coordinates closely with the E- ISAC (Electric Sector) and shares information back and forth between electric, combination (natural gas and electric) and natural gas utilities. The DNG-ISAC promptly disseminates threat information and indicators from government and other sources and provides analysis, coordination and summarization of related industry-affecting information.
About Dragos, Inc.
Dragos has a global mission: to safeguard civilization from those trying to disrupt the industrial infrastructure we depend on every day. The practitioners who founded Dragos were drawn to this mission through decades of government and private sector experience.
Dragos codifies the knowledge of our cybersecurity experts into an integrated software platform that provides customers critical visibility into ICS and OT networks so that threats are identified and can be addressed before they become significant events. Our solutions protect organizations across a range of industries, including power and water utilities, energy, and manufacturing, and are optimized for emerging applications like the Industrial Internet of Things (IIOT).
Dragos is privately held and headquartered in the Washington, D.C. area with regional presence around the world, including Canada, Australia, New Zealand, Europe, and the Middle East.
Bruce McConnel, Dragos Corporate Communications
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Jim Linn, Executive Director, DNG-ISAC
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LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (“FF”) (NASDAQ: FFIE), a California-based global shared intelligent mobility ecosystem company, today announced that it recently completed a 2,270-mile testing and evaluation journey following the historic Route 66, a highway that crosses numerous U.S. states as it winds its way from Chicago, Illinois to Santa Monica in Los Angeles County, California.
Real world vehicle testing and evaluation, which followed FF’s public listing on Nasdaq last month in NYC, put the ultimate intelligent techluxury FF 91 through multiple tests in various conditions including extreme heat through the desert and on multiple road surfaces including various elevations. The completion of this testing and evaluation of the many vehicle systems, including battery and propulsion components during the 2,270-mile journey further validates FF 91 production timeline.
“This testing journey along historic Route 66 allowed us to put FF 91 through many diverse environments and conditions found only in the central and southwest portions of the U.S. and allowed us to capture real world data on FF 91,” said FF Global CEO Dr. Carsten Breitfeld. “FF’s overall testing and validation strategy will ensure best-in-market performance, safety and user confidence, and to make sure the battery, electric propulsion, chassis, suspension and other vehicle systems perform under these harsh conditions, while also ensuring a smooth and comfortable and connected experience with the driver and passengers in the FF 91.”
The long-distance road test that FF conducted is a great opportunity to evaluate FF's unique third internet living space concept in real usage scenarios before it begins production next year. Dr. Breitfeld, an engineer by trade, had an integral part of the Route 66 testing and drove much of the trip, he also used the rear intelligent internet system and in-car video conference system from the rear-seat to participate in daily FF meetings along the way.
FF 91 is equipped with interior cameras and microphones that support videoconferencing features. When the Rear Seat Display (RSD) is turned on, users can access their contacts through conferencing applications to keep connected with friends, family, or business associates while on the road. The applications will run natively on the in-vehicle computer and be mirrored to the users’ mobile devices for remote control.
During vehicle testing, engineers logged volumes of data on the vehicle’s chassis, thermal, electric propulsion performance, and all vehicle systems. They also optimized software controls performance and calibrations in real world conditions. This critical work is providing some of the final levels of development on FF 91’s systems, as FF advances to the final stages of its program and a timely launch. In the coming months, FF will build additional pre-production FF 91 vehicles for further testing, vehicle development, improvements, and final readiness for launch in 2022.
The FF 91 Futurist Alliance Edition and FF 91 Futurist models represent the next generation of intelligent internet electric vehicle (EV) products. They are high-performance EVs, all-ability cars, and ultimate robotic vehicles, allowing users to experience the third internet living space. The models also encompass extreme technology, an ultimate user experience and a complete ecosystem.
Both models have an industry-leading 1050 horsepower, a 130kWh battery pack with immersive liquid cooling technology and 0-60 mph performance in 2.4 seconds. In addition, both employ tri-motor torque vectoring and rear wheels independently driven and controlled by dual rear motors. Both models are also equipped with the industry‘s only super AP for internet connection at “light speed”, video streaming on the passenger information display, a rear intelligent internet system, an in-car video conferencing system, intelligent seamless entry, FFID face recognition, multi-touch eyes-free control, and zero gravity rear seats with the industry’s largest seating angle of 150 degrees.
Users can reserve an FF 91 Futurist model now via the FF intelligent APP or FF.com at: https://www.ff.com/us/reserve.
Download the new FF intelligent APP at: https://apps.apple.com/us/app/id1454187098?ls=1 or https://play.google.com/store/apps/details?id=com.faradayfuture.online
ABOUT FARADAY FUTURE
Established in May 2014, FF is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. Since its inception, FF has implemented numerous innovations relating to its products, technology, business model, profit model, user ecosystem, and governance structure. On July 22, 2021, FF was listed on NASDAQ with the new company name “Faraday Future Intelligent Electric Inc.”, and the ticker symbols “FFIE” for its Class A common stock and “FFIEW” for its warrants. FF has both a U.S. and China dual DNA and dual home-market advantage. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the ultimate intelligent tech luxury brand positioning, FF’s first flagship product FF 91 Futurist is equipped with unbeatable product power. It is not just a high-performance, ultra-luxury EV, an all-ability car, and an ultimate robotic vehicle, but also the third internet living space.
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NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside FF’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: costs related to the recently completed business combination; FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus and other documents previously filed by Property Solutions Acquisition Corp. and filed by Faraday Future Intelligent Electric Inc. from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FF does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For Faraday Future
John Schilling
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Acquisition provides entry into high growth renewable natural gas market
HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today closed on its previously announced acquisition of Kinetrex Energy. The $310 million acquisition includes two small-scale, domestic LNG production and fueling facilities, a 50% interest in a landfill-based renewable natural gas (RNG) facility in Indiana, and signed commercial agreements for three additional RNG facilities with construction to begin shortly. Kinetrex is the leading supplier of liquefied natural gas (LNG) in the Midwest and a rapidly growing player in producing and supplying RNG under long-term contracts to transportation service providers. The company will continue operations as Kinetrex Energy, a Kinder Morgan company.
“We are very pleased to be adding Kinetrex Energy’s business to the full suite of energy solutions and services that Kinder Morgan has to offer customers,” said Energy Transition Ventures President Jesse Arenivas. “We’re confident that additional RNG opportunities will continue to emerge in the near term and deliver attractive returns to our shareholders.”
About Kinder Morgan, Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 144 terminals and 700 billion cubic feet of working natural gas storage capacity. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel, jet fuel, chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are not historical in nature. Forward-looking statements in this news release include express or implied statements concerning the transaction; the prospects for RNG; the anticipated benefits of the transaction; and the anticipated timing and benefits of Kinetrex’s planned development projects to KMI’s business and stockholders. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize or their ultimate impact on KMI’s operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include changes in the supply of and demand for renewable natural gas; the timing, cost, and success of expansion projects; commodity prices, particularly the prices for Renewable Identification Numbers under the U.S. Environmental Protection Agency’s Renewable Fuel Standard Program; counterparty financial risk; the timing and success of business development efforts; and the other risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2020 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on KMI’s website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
Melissa Ruiz, Media Relations
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Kinder Morgan Investor Relations
(800) 348-7320
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SAN FRANCISCO--(BUSINESS WIRE)--#Trellis--Trellis Energy, software provider to the natural gas industry, today announced the promotion of Archana Srivastava to Chief Product Officer. She will have primary responsibilities of developing and executing the organization’s product and technology strategies. Most recently, Srivastava, a founding member of Trellis, was the acting Vice President of Products and Engineering.
“Archana has been a key part of our success and growth, and we are thrilled to promote her into this significant role,” said Rakesh Agrawal, Trellis Founder & CEO. “Her dedication to our customers and vision for technology transformation are second nature to her, making her an obvious choice for this position.”
In addition to developing the product and technology strategies, Srivastava will oversee both the product and technology teams, ensuring flawless execution of the plan. Her focus will be to create optimizations for the industry through technological advancements, following and understanding industry and business trends, soliciting customer feedback, and identifying market opportunities.
With over 25 years of experience building enterprise software solutions in energy and financial services organizations, Srivastava is a strong technology and business strategy leader with deep experience in driving business roadmaps, building high-performing operations and delivery organizations, and developing new products that transform the way companies conduct business. She is adept at staying apprised of technology innovations, market trends, customer feedback, and keeping her finger on the pulse of the ever-changing natural gas industry.
“I am, of course, excited to take this next step in my career. We are launching several new and exciting solutions this quarter that will fundamentally transform how market participants conduct business across the entire natural gas supply chain,” Srivastava said. “Our next series of upcoming product innovations is geared towards continued digitalization and transformation of the industry.”
Srivastava is a leader of growth in her organization. She works to elevate and empower her employees to excel in their areas of expertise. Srivastava leans in to listen to customers and market experts, supporting them with their industry challenges. She is well positioned in her new role to advance the Trellis B2B platform and suite of products to the next level.
Srivastava spent the first decade of her career building complex enterprise solutions for financial services firms, including EquiLend where she built a B2B securities lending trading platform and Charles Schwab where she built the financial advisor platform to serve their retail clients. She holds a bachelor’s degree in Computer Science from City University of New York. She is a member of Chief, a highly sought-after private network of women leaders. Srivastava is passionate about promoting women and spends time mentoring girls in STEM programs and promotes women within Trellis. In her free time, Srivastava loves to garden and cook. She is also a workout enthusiast, yoga practitioner, and loves being outdoors hiking, running, biking, or walking her dog.
About Trellis Energy
Trellis Energy, headquartered in San Francisco, CA, provides the industry’s first cloud-based B2B marketplace for the entire natural gas supply chain. The Trellis platform transforms the way natural gas industry participants transact mission critical business. Participants can easily access aggregated market data, analytics, and actionable operational intelligence—all within a single platform while connecting with all of their business partners.
More information about Trellis is available at www.trellisenergy.com. Follow Trellis Energy on LinkedIn and Twitter.
Trellis Energy
Shannon Albright
Director, Marketing
832-465-7319 | This email address is being protected from spambots. You need JavaScript enabled to view it. | trellisenergy.com
HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC Pink–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on August 30, 2021 based on the Trust’s calculation of net profits generated during June 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $1.1 million. Revenues from the Developed Properties were approximately $2.8 million, lease operating expenses including property taxes were approximately $1.7 million, and development costs were approximately $26,000. The average realized price for the Developed Properties was $70.39 per Boe for the Current Month, as compared to $64.97 per Boe in May 2021. Oil prices generally have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to June 2020. The cumulative net profits deficit amount for the Developed Properties declined slightly to approximately $25.5 million in the Current Month versus approximately $26.0 million in the prior month.
The Current Month’s calculation included approximately $73,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $67.59 per Boe in the Current Month, as compared to $62.43 per Boe in May 2021. The cumulative net profits deficit for the Remaining Properties increased by approximately $66,000 and was approximately $2.7 million for the Current Month.
The monthly operating and services fee of approximately $96,000 payable to PCEC and Trust general and administrative expenses of approximately $75,000, together exceeded the payment of approximately $73,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $98,000.
PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $98,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $2,567,600, plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:
Underlying Properties |
||||
Sales Volumes |
Average Price |
|||
(Boe) |
(Boe/day) |
(per Boe) |
||
Developed Properties (a) |
40,449 |
1,348 |
$70.39 |
|
Remaining Properties (b) |
15,060 |
502 |
$67.59 |
|
(a) Crude oil sales represented 99% of sales volumes |
||||
(b) Crude oil sales represented 100% of sales volumes |
||||
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $28.2 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of the first quarter of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re‑evaluated the estimated ARO, which resulted in an increase to the ARO accrual for the Developed Properties by approximately $4.2 million, net to the Trust’s interest, and an increase to the ARO accrual for the Remaining Properties by approximately $186,000, net to the Trust’s interest. PCEC also has informed the Trustee that following the end of the second quarter of 2021, in light of such accounting guidance under Accounting Standards Codification 410-20-35-3, PCEC re‑evaluated the estimated ARO, which resulted in an increase to the ARO accrual for the Developed Properties by approximately $0.4 million, net to the Trust’s interest, and an increase to the ARO accrual for the Remaining Properties by approximately $51,000, net to the Trust’s interest.
Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.
Production Update
PCEC has informed the Trustee that production continues to lag compared to historical periods, while PCEC strategically deploys capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. PCEC has informed the Trustee that unless a substantial number of wells return to production, or oil prices improve significantly or both, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.
Overview of Trust Structure
Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.
Cautionary Statement Regarding Forward-Looking Information
This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.
Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555
SWINDON, England--(BUSINESS WIRE)--Sensata Technologies (NYSE: ST), a leading industrial technology company and provider of sensor-rich solutions and insights for customers, today announced the acquisition of Spear Power Systems, a leader in lithium-ion based energy storage solutions for mission-critical and demanding end user applications.
Since its founding in 2013, Spear Power Systems has been a leader in electrification solutions by developing next generation scalable lithium-ion battery storage systems for demanding land, sea and air applications. Spear Power Systems’ energy storage systems are cell-agnostic and include proprietary battery management and monitoring for all lithium-ion chemistries from multiple battery suppliers offering high energy density, modular architecture, light weight, and extreme safety and reliability.
The acquisition of Spear Power Systems advances Sensata’s electrification portfolio and strategy into new clean energy markets. Spear Power Systems expands on Sensata’s acquisition of Lithium Balance in battery management systems and provides energy storage solutions for OEMs and system integrators in fast-growing end markets that offer significant growth opportunities.
“We are pleased that the talented Spear Power Systems team, including over 40 highly experienced engineers, will be joining Sensata,” said Vineet Nargolwala, Executive Vice President, Sensing Solutions at Sensata Technologies. “Spear Power Systems enables us to deliver more comprehensive energy storage solutions to help enable the electrification and replacement of combustion applications in support of OEM customers in diverse end-markets. These capabilities will be strong additions to our product portfolio and will help drive our electrification growth vector and accelerate our clean energy strategy.”
Spear’s co-founder and CEO, Jeff Kostos, expressed excitement about the deal: “Since our inception in 2013, Spear has had a goal of developing technically differentiated solutions in energy storage to address the growing demand in the niche e-mobility markets within which we operate. This deal will mean increased resources so that our incredible team can expand our development, commercial, and operational activities at a pace to meet the rapidly growing need for clean energy solutions. We are very excited to play a meaningful role in contributing towards Sensata’s electrification strategy.”
Timing and Required Approvals
Financial terms of the transaction were not disclosed. The transaction is subject to clearance under the Hart-Scott-Rodino Act and other customary closing conditions. Sensata and Spear Power expect to complete the transaction during the fourth quarter of 2021.
About Sensata Technologies
Sensata Technologies is a leading industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end users. For more than 100 years, Sensata has provided a wide range of customized, sensor-rich solutions that address complex engineering requirements to help customers solve difficult challenges in the automotive, heavy vehicle & off-road, industrial and aerospace industries. With more than 21,000 employees and operations in 12 countries, Sensata’s solutions help to make products safer, cleaner and more efficient, electrified, and connected. For more information, please visit Sensata’s website at www.sensata.com.
About Spear Power Systems
Founded in 2013 by experienced energy storage entrepreneurs Jeff Kostos, President & CEO, and Dr. Joon Kim, CTO, Spear designs and manufactures safe, high performance energy storage systems (ESS) for clients with some of the world's most demanding marine, industrial, and defense applications. Based in Kansas City, Missouri, Spear takes a chemistry agnostic approach towards integrating its in-house designed, scalable electronics, software, and mechanical systems with the most application-appropriate chemistry in order to maximize the value for its clients. For more information, visit www.spearpowersystems.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. The Company also may provide forward-looking statements in oral statements or other written materials released to the public. All statements contained or incorporated in this press release or in any other public statements that address operating performance, events or developments that the Company expects or anticipates may occur in the future are forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, and its other Securities and Exchange Commission filings. Future operating results will be based on various factors, including actual industry production volumes, the impact of COVID-19 on the Company’s business and the global economy, commodity prices, the impact of restructuring actions and the Company's success in implementing its operating strategy. The forward-looking statements in this press release are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.
Investor Contact:
Jacob Sayer
+1 (508) 236-1666
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Media Contact:
Alexia Taxiarchos
+1 (617) 259-8172
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HOUSTON--(BUSINESS WIRE)--Mesa Royalty Trust (the “Trust”) (NYSE: MTR) announced today that there will be no distribution paid for the month of August 2021 to holders of record as of the close of business on August 31, 2021, as costs, charges and expenses attributable to the Trust’s royalty properties, and applicable reserves, exceeded the revenue received from the sale of oil, natural gas and other hydrocarbons produced from such properties, as reported by the working interest owners.
The Trust was formed to own an overriding royalty interest of the net proceeds attributable to certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust's public filings, the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the Trust as a result of production, oil and natural gas prices and the amount of the Trust’s administrative expenses, among other factors. In addition, as further described in the Trust’s most recent filing on Form 10-Q, unitholders may not receive any material distributions during the remainder of 2021 and beyond, because the Trust expects to increase cash reserves to provide added liquidity.
Proceeds reported by the working interest owners for any month are not generally representative of net proceeds that will be received by the Trust in future periods. As further described in the Trust’s Form 10-K and Form 10-Q filings, production and development costs for the royalty interest have resulted in substantial accumulated excess production costs, which will decrease Trust distributions, and in some periods may result in no Trust distributions. The amount of proceeds, if any, received or expected to be received by the Trust (and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by volatility in the industry and revenues and expenses reported to the Trust by working interest owners. Any additional expenses and adjustments, among other things, will reduce proceeds to the Trust, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.
This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions by the Trust. Other important factors that could cause these statements to differ materially include delays in actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, and other factors described in the Trust’s Form 10-K for the year ended December 31, 2020 under “Part I, Item 1A. Risk Factors.” Statements made in this press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release. Each unitholder should consult its own tax advisor with respect to its particular circumstances.
Mesa Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
713-483-6020
http://mtr.q4web.com/home/default.aspx
- New social paradigm shift "QX" is right around the corner -
TOKYO--(BUSINESS WIRE)--#AirMobility--Sumitomo Corporation Quantum Transformation (QX) Project will present at the IEEE Quantum AI Sustainability Symposium on September 1st, 2021. The QX Project was launched in March 2021 by Sumitomo Corporation, a global Fortune 500 trading and investment company, with the intent to provide new value to society by applying quantum computing technology to the wide-ranging industries in which the company operates. This is the world’s first project that defines “Quantum Transformation (QX)” as the next social paradigm shift, beyond “Digital Transformation (DX)”.
The founder and head of the QX Project, Masayoshi Terabe, will present about the vision and activities of QX at the IEEE Quantum AI Sustainability Symposium. The organizer “IEEE” is the world's largest technical professional organization for the advancement of technology. In this talk, he will show how quantum computing can contribute to sustainability. For example, he will introduce the Quantum Sky project, which is a pilot experiment for developing flight routes for numerous air mobility vehicles by quantum computing. Also you can find other concepts like Quantum Smart City and Quantum Energy Management.
The objective of the QX Project is to create new value to the society by combining vast business fields of Sumitomo Corporation throughout its more than 900 consolidated companies, from underground to space, and an extensive number of business partners around the world.
A broad and deep ecosystem is necessary to achieve QX. This is because combining a wide range of technologies, not limited to quantum, and working with a crossover of various industries, is essential. If you are interested in this project, let’s take on the challenge of creating a new business, and a new society together!
[information]
[Appendix]
Contact info:
Luke Hasumura, responsible for Vision & Ecosystem on Quantum Transformation.
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+81-3-6285-7489
HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE): DXP Enterprises, Inc. (the “Company”) today announced that it has received a written notice (the “Notice”) on August 17, 2021, from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”), as a result of its failure to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 (the “Form 10-Q”) in a timely manner. The Notice advised the Company that it was not in compliance with Nasdaq’s continued listing requirements under the Nasdaq Listing Rule 5250(c)(1) (the “Rule”) because it has not timely filed the Form 10-Q with the Securities and Exchange Commission (the “SEC”).
As previously reported by the Company in its Form 12b-25 filed with the SEC on August 9, 2021, and its Current Report on Form 8-K filed with the SEC on August 16, 2021, the Company was unable to file its Form 10-Q within the prescribed time period without unreasonable effort or expense.
Nasdaq has informed the Company that, under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice or until October 18, 2021, to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, then Nasdaq may grant an exception of up to 180 calendar days from the due date of the Form 10-Q (August 9, 2021, extended until August 16, 2021 pursuant to the Form 12b-25 filing), or until February 14, 2022, to regain compliance. However, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq or maintain compliance with the other continued listing requirements set forth in the Nasdaq Listing Rules. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel. The Notice has no immediate effect on the listing or trading of the Company’s securities.
The Company is working diligently to complete its Form 10-Q. The Company intends to file the Form 10-Q with the SEC on or before September 15, 2021.
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production (“MROP”) services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. These forward-looking statements include without limitation those about the Company's expectations regarding the filing of the Form 10-Q. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to inability of the Company or its independent auditors to complete the work necessary in order to file the Form 10-Q, in the expected time frame; unanticipated changes to the Company's operating results in the Form 10-Q as filed or in relation to prior periods, and unanticipated impact of such changes and its materiality. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
Kent Yee 713-996-4700
Senior Vice President, CFO
www.dxpe.com
Recognized for Groundbreaking and Innovative Building Maintenance Technologies
SOLON, Ohio--(BUSINESS WIRE)--#2021VisionAward--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies including its UV™ by Energy Focus series of UVC disinfection products, has been honored with a FacilitiesNet.com “2021 Vision Award” for the Company’s mUVe™ autonomous surface disinfection robot. The mUVe™ robot delivers chemical-free and rapid surface disinfection, destroying molds, bacteria, viruses and other pathogens with UVC light at the 254 nanometer wavelength, which has been proven highly effective in breaking the DNA and RNA bonds of pathogens, rendering them inactive and unable to replicate. Following the “Top Product of the Year” award from E+E for the Company’s Suncycle™ autonomous circadian lighting system, this is the second prestigious award Energy Focus has received this year for its technological innovations surrounding HCL.
The FacilitiesNet.com “2021 Vision Awards” honor innovation and excellence in products contributing to the efficient, profitable operations and management of institutional and commercial buildings in the United States. The mUVe™ robot received the award in the building maintenance category, having been evaluated by independent judges for its technological advancements, efficiency, productivity, cost savings and tenant satisfaction.
The mUVe™ robot incorporates patent-pending technology with an extremely powerful 475-watt UVC 254nm amalgam lamp. With 1-million-square-feet mapping capability, machine-vision-powered sensors and voice warning systems, mUVe™ can be operated easily and safely by a trained operator. It is designed to deliver 99.9%+ disinfection effectiveness against common pathogens, including viruses, bacteria and molds, within the range of 1 meter (or 3.3 feet). Moving at a speed of 18 inches per second, mUVe™ disinfects approximately 10,000 square feet of space within one hour without using noxious, time-consuming, and hit-or-miss chemicals.
“We are pleased and humbled to receive this timely technology award from a leading publication and voice for the facility management industry as we are planning to launch mUVe™ sales later this year,” said James Tu, Chairman and Chief Executive Officer of Energy Focus. “The mUVe™ robot was born out of the COVID-19 pandemic as part of our overall UVC disinfection product portfolio strategy to provide effective, comprehensive, and chemical-free disinfection solutions for spaces of all kinds. Given the advanced capabilities of mUVe™, we expect it will help facilities with heavy traffic, such as universities, hospitals, factories, warehouses, and hubs plus other uses such as transportation vehicles, to disinfect public spaces in a precise, cost effective, and energy efficient manner. The mUVeTM robot, provides a powerful, additional layer of safety measures to help prevent contagions in the post-pandemic world.”
About Energy Focus, Inc.
Energy Focus is an industry-leading innovator of sustainable LED lighting and lighting control technologies and solutions, as well as UVC Disinfection (“UVCD”) technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocusTM lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVTM by Energy Focus technologies and products, announced in late 2020, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com .
Forward Looking Statements
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) disruptions and a slowing in the U.S. and global economies and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related impacts on travel, trade and business operations; (ii) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their appeal compared to other products; (iii) our ability to extend our product portfolio into commercial services and consumer products; (iv) market acceptance of our LED lighting, control and UVCD technologies, services and products; (v) our need for additional financing in the near term to continue our operations; (vi) our ability to refinance or extend maturing debt on acceptable terms or at all; (vii) our ability to continue as a going concern for a reasonable period of time; (viii) our ability to implement plans to increase sales and control expenses; (ix) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (x) our ability to add new customers to reduce customer concentration; (xi) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality, and the impact of our fluctuating demand on the stability of such suppliers; (xii) our ability to timely and efficiently transport products from our third-party suppliers to our facility by ocean marine and other logistics channels; (xiii) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (xiv) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (xv) our ability to compete effectively against companies with lower prices or cost structures, or greater resources, or more rapid development efforts, and new competitors in our target markets; (xvi) our ability to successfully scale our network of sales representatives, agents, distributors and other channel partners to match the sales reach of larger, established competitors; (xvii) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xviii) the impact of any type of legal inquiry, claim or dispute; (xix) general economic conditions in the United States and in other markets in which we operate or secure products; (xx) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxi) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics or pandemics or other contagious outbreaks; (xxii) our ability to respond to new lighting technologies and market trends; (xxiii) our ability to fulfill our warranty obligations with safe and reliable products; (xxiv) any delays we may encounter in making new products available or fulfilling customer specifications; (xxv) any flaws or defects in our products or in the manner in which they are used or installed; (xxvi) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims made by others; (xxvii) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxviii) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxix) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxx) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.
DGI Comm
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212-825-3210
The Acquisition of Smarter Grid Solutions Bolsters Mitsubishi Electric’s Solutions to the Distributed Energy Resources (DER) Market
WARRENDALE, Pa.--(BUSINESS WIRE)--Mitsubishi Electric Power Products, Inc. (MEPPI) and Mitsubishi Electric Corporation (MELCO) today announced that the deal to acquire U.K.‑based Smarter Grid Solutions (SGS) has closed. SGS is a leading developer of software management solutions for the distributed energy resources (DER) market. Financial terms of the transaction were not disclosed.
Globally, the power electric market has been trending toward decentralized generation sources, including DER and SGS’ enterprise software solutions are used to manage power grids and market participation in energy systems with high penetrations of distributed, clean and flexible energy assets.
SGS will report into Mitsubishi Electric Corporation’s North American power systems subsidiary, Mitsubishi Electric Power Products, Inc., and will maintain operations in Glasgow, Scotland.
About Smarter Grid Solutions
Smarter Grid Solutions (SGS) is a U.K.-based energy management enterprise software company that operates internationally with offices in Glasgow, Scotland, and New York City. The company’s products are used to manage power grids and market participation in energy systems with high volumes of distributed, clean and flexible energy assets. SGS’ customers use its DER management system (DERMS) products to integrate DER into markets and grids to deliver grid capacity management, flexible interconnection, virtual power plant, microgrid, fleet energy asset operations, energy as a service (EaaS) and local energy applications. For more information, visit www.smartergridsolutions.com.
About Mitsubishi Electric Power Products, Inc.
Headquartered in Warrendale, Pennsylvania, Mitsubishi Electric Power Products, Inc. (MEPPI) is a U.S. affiliate of Mitsubishi Electric Corporation serving the North American power systems, data center, rail transportation, and large visual display markets. MEPPI products include gas circuit breakers, vacuum circuit breakers, power transformers, gas-insulated substations, FACTS, high voltage DC systems, battery energy storage systems, electric generators, nuclear power plant control systems, uninterruptible power supplies, rail transportation equipment, rail signaling systems, and high-definition LED displays. Information on MEPPI’s complete line of products and services can be found at www.MEPPI.com.
About Mitsubishi Electric Corporation
With 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its “Changes for the Better.” The company recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal year ended March 31, 2021. For more information, please visit www.MitsubishiElectric.com *U.S. dollar amounts are translated from yen at the rate of ¥111=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021
Tim Kovach
Marketing Communications Manager
Mitsubishi Electric Power Products, Inc. (MEPPI)
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Phone: (724) 778-5275
Partnership Underscores Advantage of Unique Technology
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--#BWUAS--PteroDynamics, an aircraft design and manufacturing company that develops innovative vertical take-off and landing (VTOL) aircraft, is today announcing it has secured a contract with Naval Air Warfare Center Aircraft Division (NAWCAD) to deliver 3 VTOL prototypes for the Blue Water Maritime Logistics UAS (BWUAS) program.
In 2018, Military Sealift Command and Fleet Forces Command identified a need for the United States Navy to develop a capability to autonomously deliver cargo with an unmanned aerial system (UAS) to and from ships at sea. Their analysis found that 90% of critical repair cargo delivered at sea by helicopters and V-22 aircraft weighed less than 50 pounds. A VTOL UAS can fill this critical need and free the manned aircraft to perform other higher priority missions.
“We are honored to be selected for this important project,” said Matthew Graczyk, PteroDynamics’ CEO. “This contract is the start of an important partnership, and we look forward to delivering the prototypes to NAWCAD.”
“This is an exciting milestone for our distinctive VTOL aircraft,” added Val Petrov, PhD, PteroDynamics’ founder and CTO. “Our design is well suited for operations on ships where windy conditions and tight spaces challenge other VTOL aircraft during takeoffs and landings.”
“Using unmanned, autonomous aircraft for delivery of these critical payloads is an important capability for the Navy to have,” said Blue Water’s project lead, Bill Macchione. “The innovative design of PteroDynamics offers significant potential for both military and civilian missions.”
About PteroDynamics
PteroDynamics is an aircraft design and manufacturing company that has developed a novel VTOL aircraft design that folds its wings during flight to transition between rotorcraft and fixed-wing configurations. Protected by three issued and five pending U.S. and international patents, Transwing® aircraft have improved controllability in takeoff and landing and typically require 1/3 of the ground footprint as compared to other aircraft with the same wingspan. Transwing®’s clean aerodynamic shape also allows it to fly faster and further than competitive designs. PteroDynamics is venture-backed by Kairos Ventures.
About NAWCAD
NAWCAD conducts research, development, test, evaluation, and sustainment for all United States Navy and United States Marine Corps aircraft and aircraft systems. Its diverse workforce of more than 10,000 military, civilian, and contractor engineers, scientists, testers, and other professionals support an evolving battlespace through research, development, test, and evaluation of both fielded and not-yet fielded naval and marine corps platforms and technology. Headquartered in Patuxent River, Maryland, the warfare center collaborates across its sites in St. Inigoes, Maryland; Lakehurst, New Jersey; and Orlando, Florida to ensure America’s warfighter always goes into conflict with significant advantage.
Kayla Jones
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Xos Announces Completion of Merger with NextGen Acquisition Corporation
LOS ANGELES--(BUSINESS WIRE)--Xos, Inc. (“Xos”), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, today announced that it has completed its previously announced business combination with NextGen Acquisition Corporation (NASDAQ: NGAC, “NextGen”) to take Xos public. The combined company has been renamed “Xos, Inc.” and its shares will commence trading on the Nasdaq Capital Market on August 20, 2021 under the ticker symbol “XOS”. NextGen’s shareholders approved the business combination at a special meeting of stockholders on August 18, 2021.
“We are thrilled to bring Xos public and advance our purpose-built zero-emission electric solutions alternative for fleet owners and operators and to capitalize on the significant market opportunity for electrification in the last-mile commercial vehicle market,” Dakota Semler, Co-Founder, Chairman and CEO of Xos, commented. “We founded Xos to provide a technology platform for our customers that aligns with their sustainability goals and climate change mitigation efforts and also delivers significant total cost of ownership savings. This transaction will fund our delivery commitments and our strong growth well into the future.”
Xos develops purpose-built electrification solutions for medium- and heavy-duty last-mile commercial vehicles. Xos’ proprietary X-Platform is a modular battery powertrain and chassis system designed to be customized for each vehicle, enabling maximum flexibility of applications. Xos has delivered fully electric trucks built upon the X-Platform to large commercial fleets including FedEx Ground operators, Loomis, Thompson Cat, Lonestar and UniFirst.
“As a well-capitalized public company with a 6,000-unit backlog of contracted and optional orders and a product validated by customers, Xos is ideally positioned to address a $100 billion total addressable market for medium- and heavy-duty last-mile commercial electric vehicles,” said George Mattson, Co-Chairman of NextGen and lead independent director of Xos. “My partner Greg Summe and I are delighted to have partnered with Xos. I look forward along with our world class board of directors to working with the Xos team as they continue to execute on the Company’s strategic growth plans as a public company, buoyed by a global movement toward the electrification of commercial fleets to address climate change and the continued growth of e-commerce.”
BofA Securities served as exclusive financial advisor to Xos, and Cooley LLP served as legal advisor to Xos. Goldman Sachs & Co. LLC served as exclusive financial advisor and lead capital markets advisor to NextGen and as sole placement agent for the PIPE transaction. Rothschild & Co acted as additional financial advisor to NextGen. Credit Suisse LLC served as additional capital markets advisor to NextGen. Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to NextGen.
About Xos, Inc.
Xos, Inc. is an electric mobility company dedicated to making fleets more efficient. Xos designs and develops fully electric battery mobility systems specifically for commercial fleets. The company’s primary focus is on medium- and heavy-duty commercial vehicles that travel on “last mile” routes (i.e. predictable routes that are less than 200 miles per day). The company leverages its proprietary technologies to provide commercial fleets zero emission vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine and commercial EV counterparts. For more information, please visit www.xostrucks.com.
About NextGen
NextGen Acquisition Corporation is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. NextGen is led by George Mattson, a former Partner at Goldman, Sachs & Co., and Gregory Summe, former Chairman and CEO of PerkinElmer and Vice Chairman of the Carlyle Group. NextGen is listed on NASDAQ under the ticker symbol "NGAC." For more information, please visit www.nextgenacq.com.
IMPORTANT LEGAL INFORMATION
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the financial position, business strategy and the plans and objectives of management for future operations and the products, customers and markets of Xos. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the effect of the announcement of the business combination on Xos’ business relationships, operating results, and business generally, (ii) risks that the business combination disrupts current plans and operations of Xos and potential difficulties in Xos employee retention as a result of the transaction, (iii) the outcome of any legal proceedings that may be instituted against Xos, (iv) the ability to maintain the listing of Xos’ securities on a national securities exchange, (v) the price of Xos’ securities may be volatile due to a variety of factors, including changes in the industries in which Xos operates, variations in operating performance across competitors, changes in laws and regulations affecting Xos’ business, Xos’ inability to implement its business plan or meet or exceed its financial projections and changes in the capital structure, (vi) the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, and (vii) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section in the other documents filed by Xos from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward looking statements, and Xos assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations.
Xos Investor Relations
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