As the market continues to evolve, utilities should consider time-of-use rates, vehicle-to-grid pilots, and increased stakeholder collaboration

BOULDER, Colo.--(BUSINESS WIRE)--#EVcharging--A new report from Guidehouse Insights explores the maturing EV and charging markets, along with EV grid impacts and potential utility benefits.

Electricity demand in the US and European Union has been flat or down for several years, threatening the traditional business utility model of greater demand driving higher revenue. However, projected growth in EV adoption and the electricity that EVs use represent a dramatic increase in the amount of power that utilities will likely sell to consumers, yet, intermittent charge times and geographic clustering could exacerbate peak demand issues and threaten transformers. Click to tweet: According to a new report from @WeAreGHInsights, the evolving EV market, charging infrastructure, and charge times are expected to have a significant impact on utility load shapes.

“As utilities determine investment strategies and how to incorporate a step-change in demand, they will need to consider a range of strategies including price signals and vehicle-to-grid integration,” says Scott Shepard, senior research analyst with Guidehouse Insights. “These tools can help utilities and regulators nudge EV charging behavior to minimize disruptive grid impacts, lower consumer costs, and reduce carbon emissions.”

To position for success as the EV market evolves, Guidehouse Insights recommends utilities and regulators consider shifting electricity customers to time-of-use (TOU) rates. Utilities should work with fleets and firms to foster workplace charging, partner with charging companies to run vehicle-to-grid pilots, and collaborate with automakers to reduce friction for smart charging.

The report, Optimizing EV Load Profiles to Benefit the Grid, explores the maturing EV and charging markets, the move from EV grid impacts from theoretical to practical, and potential utility benefits, including demand response, energy storage, and managed charging. The report also explores this question: how are EVs and renewables exacerbating load shape peaks and troughs? Recommendations for utilities and other stakeholders are provided along with instruments in utility and regulator toolbelts that could help shift EV load. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

* The information contained in this press release concerning the report, Optimizing EV Load Profiles to Benefit the Grid, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

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DUBLIN--(BUSINESS WIRE)--The "Project Management Software Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The Project Management Software market is expected to register a CAGR of 10.67% during the forecast period (2020 - 2025). As today's corporations increase in size and complexity, an all-inclusive solution is needed to manage and coordinate an entire organization's portfolio of different projects. These solutions help the management to shuffle between plans, workload, budgets, and resources, carefully observe the project progress and report on delivery success.

• Project management software (PMS) has now evolved into a strategic function of today's business due to the accelerating pace, technological advancements as well as the digital transformation and disruption happening across almost every industry.
• Some of the factors that are expected to enhance the growth of the Project Management Software (PMS) systems market include increasing usage of software to manage resources, rising demand for the software that minimizes project risk as well as project cost, budget and shuffle plans, help in accessing real-time dashboard anywhere and anytime. On the other hand, the increasing sophistication and rising capabilities such as reminders and setting due dates are also anticipated to provide further impetus to the growth of the market during the forecast period.
• While the factors, such as increased sophistication of software systems, growing awareness among end users, and ability to connect and integrate multiple disparate systems are anticipated to drive the demand, the high installation costs of setting up these systems coupled with high maintenance costs, are dissuading the enterprises in the end user from investing in project management software systems, thus leading to slow market penetration.
• Project management has also evolved into a means of new product development, owing to the emergence of the Internet of Things and the adoption of agile NPD, which has now merged with PMS and has led to the development of new firms like UMT360, GenSight, and Decision Lens in the field of enterprise product creation.
• With the COVID-19 pandemic lurking around, project management software is likely to provide a 360-degree view of analysis in terms of import and fare control, flexibility chain, provincial government strategy, future impact on the business, among others. Hence, the reliance on such digital solutions has greatly increased and is anticipated to witness no retreat even in the post-pandemic era.
• These software systems also help project managers to evaluate the critical ways in which the pandemic affects their teams to mitigate the negative effects and plans to recover, even remotely. It is evident that enterprises are intending to harness digital channels that could provide proper planning and scheduling, team collaboration, project budgeting, among others, and ultimately leading to supplement and further strengthen their relationships with their customers.

Key Market Trends

Oil and Gas Segment to Witness High Growth

• Digital transformation, tight budgets owing to global economic conditions, and the need to provide a growth platform cause an intense change in the Oil & Gas industry. The smallest of delays can cost millions of dollars to an oil and gas or chemical company.
• Projects are increasing in volume, size, and scope, and the need to be scalable has become even more critical. Relying on manual processes and decentralized spreadsheets expose projects to risks and require ample time to prevent errors. The need for accurate forecasts and useful progress reports is essential.
• Oil & Gas organizations are moving towards a more efficient month-end project process. Instead of manually updating information, organizations are utilizing project management software for real-time accurate project data to focus more time on data analysis over data entry. Industry players are focusing on adopting a disciplined approach to capital investment decisions and leveraging digital technologies to achieve higher capital productivity.
• The market vendors are forming partnerships to provide the best solutions with the most upgraded technology to the industry. For instance, in July 2020, AVEVA, a global engineering, and industrial software firm, announced that it had formed a digital twin alliance for the upstream oil and gas sector with engineering and project management company DORIS Group energy management and automation specialist Schneider Electric.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Increased Sophistication and Growing Awareness Among End Users

4.2.2 Ability to Connect and Integrate Multiple Disparate Systems

4.3 Market Restraints

4.4 Industry Value Chain Analysis

4.5 Industry Attractiveness - Porter's Five Forces Analysis

4.6 Assessment of Impact of Covid-19 on the Market

5 MARKET SEGMENTATION

5.1 Deployment

5.2 End-user Vertical

5.3 Geography

6 COMPETITIVE LANDSCAPE

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

• Oracle Corporation
• Microsoft Corporation
• SAP SE
• Broadcom Inc. (CA Technologies)
• Basecamp LLC
• AEC Software
• Workfront Inc.
• ServiceNow Inc.
• Unit4 NV
• Atlassian Corporation PLC

For more information about this report visit https://www.researchandmarkets.com/r/3c8z86

About ResearchAndMarkets.com

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Company’s largest project generates electricity for Fortune 500 corporate customers

DULUTH, Minn.--(BUSINESS WIRE)--ALLETE Clean Energy, a wholly owned subsidiary of ALLETE, Inc. (NYSE: ALE), announced today the start of commercial operations at its Diamond Spring wind site in southern Oklahoma.

The output from the 303-megawatt Diamond Spring site is contracted to provide renewable energy to Walmart, Smithfield Foods and Starbucks though separate renewable energy sales agreements with 12-15 year terms.

Diamond Spring is ALLETE Clean Energy’s largest wind site, producing enough energy to power about 114,000 homes and increasing the company’s total wind capacity to more than 1,000 megawatts.

“Diamond Spring will help our customers achieve their climate-action goals and bring more renewable energy onto the nation’s power grid,” said ALLETE Clean Energy President Allan S. Rudeck Jr. “I’m extremely proud of our team for developing our largest wind site and bringing it to commercial operation on schedule during a global pandemic. We intend to continue to build on our strong reputation for delivering timely, responsible and cost-effective renewable solutions. ALLETE Clean Energy will continue to innovate and drive new growth opportunities in the clean-energy sector.”

“Meaningful and lasting actions to address climate change by utilities, cities, and corporate and industrial customers are an important part of ALLETE’s sustainability in action strategy and provide an exciting market for ALLETE Clean Energy as companies embrace sustainability goals,” said ALLETE President and CEO Bethany Owen.

Smithfield Foods, a $16 billion global food and agriculture company, announced a goal in 2016 to reduce greenhouse gas emissions across its supply chain 25 percent by 2025. Earlier this year, the company furthered its commitment to emissions reduction by announcing it will become carbon negative across its company-owned operations in the United States by 2030.

“Smithfield Foods has an ambitious carbon reduction program aimed at making a real, positive impact on the climate and generating value for multiple stakeholders,” said Kraig Westerbeek, senior director of Smithfield Renewables for Smithfield Foods. “With the completion of the Diamond Spring project, the wind energy generated from this site will account for what is needed to power more than 15 percent of our total U.S. operations, marking a significant step forward in achieving our goals.”

ALLETE Clean Energy’s strategic purchase of wind turbines that qualify for the safe harbor provision of federal production tax credits enables Diamond Spring’s low energy costs. In addition to turbines installed at Diamond Spring, ALLETE Clean Energy retains more safe harbor turbines for additional wind site development.

With Diamond Spring online, ALLETE Clean Energy has turned its attention to developing the Caddo wind site in central Oklahoma. The 303-megawatt Caddo site is fully contracted to three corporate customers, of which 200 megawatts is contracted to McDonald’s Corp., increasing ALLETE Clean Energy’s share of the corporate and industrial clean-energy market. The project is expected to be operational by the end of 2021.

ALLETE Clean Energy acquires, develops and operates clean and renewable energy projects and is well-positioned to drive additional clean-energy sector growth. ALLETE Clean Energy owns, operates, has in advanced construction and has delivered build-transfer projects totaling more than 1,450 megawatts of nameplate wind capacity across seven states.

ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, North Dakota; and has an 8 percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

Amy Rutledge
Manager - Corporate Communications
218-723-7400
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SAN FRANCISCO--(BUSINESS WIRE)--With winter months upon us and while many customers are still sheltering, working and schooling from home due to the ongoing pandemic, Pacific Gas and Electric Company (PG&E) is reminding customers to protect themselves against the dangers of carbon monoxide.

According to the Center for Disease Control, every year in the U.S. at least 430 people die from accidental carbon monoxide poisoning and approximately 50,000 people will be sent to the hospital. Carbon monoxide is especially dangerous because it is odorless and can’t be seen, and all California homes are required to have carbon monoxide detectors. Customers can take these steps to protect their homes and their families:

• Carbon monoxide can be emitted from improperly functioning gas appliances, particularly those used for heating and cooking.
• To protect your family against potential exposure, carbon monoxide detectors should be installed on every floor, near sleeping areas and common areas.
• These devices should be tested twice a year, and batteries replaced if necessary.
• Check the date that the detector was manufactured. The sensors in most carbon monoxide detectors have a useful life of five to 10 years.
• Most detectors have an audible signal, usually a series of chirps, which differs from the alarm to indicate low battery, malfunction, or device end of life. Refer to the owner's manual or the instructions on the back of the detector for more information.

Gas Safety Tips

• Never use products inside the home that generate dangerous levels of carbon monoxide, such as generators, outdoor grills, or propane heaters.
• Never use cooking devices such as ovens or stoves for home heating purposes.
• Never cover the bottom tray inside an oven with foil or an aftermarket liner.
• When using the fireplace to stay warm, make sure the flue is open so venting can occur safely through the chimney.
• Make sure water heaters and other natural gas appliances have proper ventilation.
• If you suspect carbon monoxide in your home, or if you smell the distinctive "rotten egg" odor of natural gas in or around their home or business, you should immediately evacuate and then call 911 and PG&E at 1-800-743-5000.
• Click here for more gas safety tips.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit www.pge.com/ and www.pge.com/en/about/newsroom/index.page.

MEDIA RELATIONS:
415-973-5930

DUBLIN--(BUSINESS WIRE)--The "The Global Military Simulator Systems Market to 2030" report has been added to ResearchAndMarkets.com's offering.

The report covers the industry analysis including the key market drivers, emerging technology trends, and major challenges faced by industry participants. It also offers insights regarding key factors and government programs that are expected to influence the demand for military simulator systems market over the forecast period.

The demand for military simulator systems is anticipated to be driven by high levels of expenditure by emerging economies in the Asia-Pacific region, including India and China. The North American region, supported by the US Armed Forces' multi-year procurement programs, is anticipated to register a second leading position globally, exhibiting a steady pace of growth over the forecast period. Militaries are incorporating simulators into their training programs to cut down various operating costs associated with the training involved with real equipment. Governments are also planning to shift most pilot training to simulators.

Land simulator is expected to be the largest segment in the military simulator systems market over the forecast period. The demand for land simulators is anticipated to originate from the procurement of various land platforms, such Australia's Land 400 Phase 2 - Boxer CRV, China's T-15 Light Tank, India's Arjun MK1-A, Russia's T-14 Armata, the UK's Athena C2 and the US's Joint Light Tactical Vehicles (JLTVs), among others.

The land simulator segment is expected to account for a 47.9% revenue share of the total market over the forecast period followed by flight simulator segment. The demand for this segment is driven by several high-value procurement programs worldwide, including the US's Predator Mission Aircrew Training System (PMATS), E-2D Hawkeye Integrated Training System III, AH-64 Apache Flight Simulators, Thailand's F-16A/B Block 15 Simulator, the UK's Military Flying Training System (UKMFTS) and Qatar's P5 Air Combat Training System, among others

The global military simulator systems market is expected to be led by Asia-Pacific with a revenue share of 28.0%. The growth in the Asia-Pacific market is attributed to spending by countries such as India, China, Australia, South Korea, and Japan on advanced simulators of various categories.

Key Highlights

• The global military simulator systems market is expected to grow at a CAGR of 4.49% over the forecast period.
• The global military simulator systems market is classified into four categories: Land Simulator, Flight Simulator, Maritime Simulator and Joint Force Simulator.
• The global military simulator systems market is expected to be led by Asia-Pacific with a revenue share of 28.0%. The growth in the Asia-Pacific market is attributed to spending by countries such as India, China, Australia, South Korea, and Japan on advanced simulators of various categories.
• Land simulator is expected to be the largest segment in the military simulator systems market over the forecast period.

Key Topics Covered:

Executive Summary

• Global Military Simulator Systems Market - Overview

Market Dynamics

• Demand Drivers: Cost-effectiveness of simulators to drive demand
• Trends: Growing popularity for integrated live, virtual and constructive training methods
• Technological Developments: Usage of big data and artificial intelligence
• Key Challenges: Mobility and Scalability issues pose a challenge for simulator designers

Global Military Simulator Systems Market - Segment Analysis

• Segment Analysis: Flight Simulator
• Segment Analysis: Land Simulator
• Segment Analysis: Maritime Simulator
• Segment Analysis: Joint Force Simulator

Global Military Simulator Systems Market - Regional Analysis

• Global Military Simulator Systems - Regional Overview, 2020 and 2030
• Regional Analysis: North America
• Regional Analysis: Asia-Pacific
• Regional Analysis: Europe
• Regional Analysis: Middle East
• Regional Analysis: Africa
• Regional Analysis: Latin America

Global Military Simulator Systems Market - Trend Analysis

• Leading Segments in Key Countries
• Country Analysis
• Leading Countries
• Market Size and CAGR Growth Analysis, 2020-2030
• Change in Market Share, 2020-2030
• Segmental Share (%), 2020-2030
• Country Share (%), 2020 & 2030
• Major Suppliers
• Segmental Analysis

Key Programs Analysis

• Description of Key Programs
• Delivery Period, Units and Total Expenditure

Competitive Landscape Analysis

• Competitive Analysis
• Leading Companies

Major Products and Services

• Financial Analysis covering Revenue, Operating Profit and Net Profit
• Financial Deal and Contracts

Companies Mentioned

• General Dynamics Corp
• L3 Harris Technologies Inc
• The Boeing Co
• Lockheed Martin Corp
• Rheinmetall AG
• Cubic Corporation
• Raytheon Technologies Corp
• CAE Inc.
• Northrop Grumman Corp.

For more information about this report visit https://www.researchandmarkets.com/r/w7usp9

ResearchAndMarkets.com
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LONDON--(BUSINESS WIRE)--#GlobalOilfieldDrillingDerrickandMastMarket--The oilfield drilling derrick and mast market is expected to grow by $ 5.42 mn, progressing at a CAGR of almost 3% during the forecast period.

Click & Get Free Sample Report in Minutes

The increase in oil and gas E&P activities is one of the major factors propelling the market growth. However, factors such as the adoption of alternative energy sources will hamper the market growth.

More details: https://www.technavio.com/report/oilfield-drilling-derrick-and-mast-market-size-industry-analysis

Oilfield Drilling Derrick And Mast Market: Application Landscape

Based on the application, the onshore segment is expected to witness lucrative growth during the forecast period.

Oilfield Drilling Derrick And Mast Market: Geographic Landscape

By geography, North America is going to have a lucrative growth during the forecast period. About 35% of the market’s overall growth is expected to originate from North America. The US and Canada are the key markets for oilfield drilling derrick and mast in North America.

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Companies Covered:

• Chengdu Zhonghang Machinery Co. Ltd.
• Drillmec Spa
• FABTECH International Ltd.
• Lee C. Moore, A Woolslayer Co.
• MHWirth AS
• National Oilwell Varco Inc.
• Schlumberger Ltd.
• Superior Derrick Services LLC
• Tri-Service Oilfield Manufacturing Ltd.
• TSC Group Holdings Ltd.

What our reports offer:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers market data for 2019, 2020, until 2024
• Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Key Topics Covered:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application
• Onshore - Market size and forecast 2019-2024
• Offshore - Market size and forecast 2019-2024
• Market opportunity by Application

Customer landscape

• Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Chengdu Zhonghang Machinery Co. Ltd.
• Drillmec Spa
• FABTECH International Ltd.
• MHWirth AS
• National Oilwell Varco Inc.
• Schlumberger Ltd.
• Superior Derrick Services LLC
• Tri-Service Oilfield Manufacturing Ltd.
• TSC Group Holdings Ltd.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Expanded facility with new commitments from Deutsche Bank, Helaba and NORD/LB driven by rapid growth in 8minute’s solar-plus-storage pipeline

LOS ANGELES--(BUSINESS WIRE)--#RenewableEnergy--After securing a $225 million letter of credit and revolving credit facility earlier this year, 8minute Solar Energy (8minute) has significantly upsized that facility to a total of $350 million with support from new lenders. The additional $125 million in commitments comes from the existing lenders who are joined by Deutsche Bank, Landesbank Hessen-Thüringen (Helaba), and Norddeutsche Landesbank (NORD/LB). The expanded facility will help 8minute accelerate the development of its growing pipeline, which includes more than 18-gigawatts (GW) of solar capacity and 24-gigawatt-hours (GWh) of storage throughout California, Texas, and the Southwestern United States.

“Over the last year, 8minute has been very successful in growing and contracting our best-in-class portfolio through ‘smart’ solar-plus-storage power plants that are the lowest-cost, most reliable way to decarbonize our electrical grid,” said Dr. Tom Buttgenbach, Founder and CEO of 8minute. “This additional financing is not only a strong testament to the demand for 8minute’s technological leadership, but also a sign that lenders are moving away from risky and volatile fossil fuel infrastructure, toward the predictability of clean energy.”

In May, 8minute closed the initial facility from a consortium of banks, led by CIT as sole coordinating lead arranger, with joint lead arrangers KeyBanc Capital Markets, HSBC, Rabobank and Nomura. 8minute is using the facility to cost effectively post securities for its power purchase agreements (PPAs) and interconnection agreements.

8minute has one of the largest development pipelines of solar and solar-plus-storage projects in the country, including more than 50 utility-scale projects in various stages of development, with a typical project size of 400 MW. Most of these projects will deploy 8minute’s new generation of highly efficient solar power plants with energy storage that are custom designed for each customer.

This year alone, 8minute signed about one-gigawatt of solar and 800-megawatt-hours (MWh) of storage with new customers, including its first project in New Mexico and the largest solar and storage center among California’s Community Choice Aggregators (CCAs).

Latham & Watkins LLP represented 8minute and Norton Rose Fulbright LLP represented the lenders.

ABOUT 8MINUTE SOLAR ENERGY

As a nationwide leader in solar-plus-storage, 8minute Solar Energy (8minute) is championing the clean energy transition in the United States and shaping the future of energy. Since its founding in 2009, 8minute has successfully put 2 GW of solar projects into operation and currently has over 18 GW of solar and storage projects under development. By focusing on technology and engineering innovation, 8minute’s best-in-class team has continued to set new industry records, developing the largest solar plant in the nation starting in 2011, delivering the first operational solar plant in the U.S. to beat fossil fuel prices in 2016, and setting the record for the lowest cost solar and solar-plus-storage projects in 2019. As the largest solar developer in the country with an established track record of delivering above-market profitability, 8minute is pioneering a new generation of large-scale, fully dispatchable solar power. For more information, please visit www.8minute.com, and follow 8minute on Twitter and LinkedIn.

Katie Struble
Director, Corporate Communications
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Nationally recognized leaders in finance, investing, diversity, real estate, environment, technology, health, and community provide their views on the path forward

SAN DIEGO--(BUSINESS WIRE)--#BonnieShaw--The Clearpoint Agency expert Q&A series called The Path Forward seeks to answer the questions facing us today: What will life look like post COVID-19? What are the challenges and opportunities, and what must we learn from the crisis? Are recent racial injustice protests representing an inflection point? Where should business and communities focus? Leaders in business, politics, finance, life sciences, investing, environment, technology, community and more are featured in this ongoing series.

Volume 3, published today, contains the opinions of Chris Marsh, Managing Director, UBS Financial Services, San Diego Market; Patti Perez, Author and Founder and CEO of PersuasionPoint; and Wolf Bielas, Entrepreneur, Investor and Managing Partner of Downtown Works. Volume 1 and Volume 2 are also available, with commentary from other experts.

“We’ve all experienced a turbulent 2020 together. The pandemic is an event that will influence history. But what specific and lasting changes can we anticipate post COVID-19? The economy, politics, racial justice, business, technology, family – every aspect of our lives has been impacted,” said Clearpoint Agency President Bonnie D. Shaw. “This prompted us to ask thought leaders we admire how they think we will evolve as we move forward.”

To access Clearpoint Agency’s Q&A series click here.

If you are a leader in your field or community and would like to be featured in The Path Forward Q&A series, please send an email to This email address is being protected from spambots. You need JavaScript enabled to view it. with your name, title, bio, or LinkedIn profile for consideration.

About Clearpoint Agency

Clearpoint Agency develops award-winning PR and digital marketing programs for B2B and B2C clients in technology, financial services, life sciences, healthcare, e-commerce, associations, and consumer products. From strategy and content development, to media relations and social media, the experts at Clearpoint have the experience to generate buzz for your brand, creatively communicate your message to target audiences, and generate leads. For more information visit www.clearpointagency.com or follow Clearpoint on Facebook, LinkedIn Twitter and Clearview Blog.

Hilary McCarthy
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760.230.2424

LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Energy Partners, LP (“TEP”) announced today that the tender offer (the “Tender Offer”) commenced on December 15, 2020 to purchase any and all of the outstanding 4.75% Senior Notes due 2023 (the “Notes”), co-issued by TEP and Tallgrass Energy Finance Corp., a wholly owned subsidiary of TEP (together with TEP, the “Issuers”), expired at 5:00 p.m. New York City Time on December 21, 2020 (the “Expiration Time”).

According to Global Bondholder Services Corporation, the tender agent for the offer, valid tenders had been received at the expiration of the offer in the amount and percentage set forth in the table below.

TEP expects to accept for purchase all Notes validly tendered and not validly withdrawn as of the Expiration Time and expects to make payment for any such Notes later today. The settlement date for Notes tendered pursuant to guaranteed delivery procedures is expected to be December 24, 2020.

TEP will use a portion of the proceeds from the issuance of $750 million aggregate principal amount of the Issuers’ 6.00% Senior Notes due 2030 (the “New Notes”), which is expected to close today, for the payment of all Notes to be purchased in the Tender Offer. TEP’s obligation to accept and pay for the tendered Notes is conditioned on, among other things, the closing of the offering of the New Notes (the “Notes Offering”). Subject to the completion of the Notes Offering, TEP intends to exercise its right to redeem any Notes that were not tendered in the Tender Offer. The redemption date is expected to be on or about January 21, 2021. The redemption price for the Notes will be 102.375% of the aggregate principal amount being redeemed, plus accrued and unpaid interest on the Notes redeemed to, but not including, the redemption date.

The Tender Offer was made pursuant to the terms and conditions contained in the Offer to Purchase, Letter of Transmittal and Notice of Guaranteed Delivery, copies of which may be obtained from Global Bondholder Services Corporation, by calling (866) 794-2200 (toll free) or, for banks and brokers, (212) 430-3774. Copies of the Offer to Purchase, Letter of Transmittal and Notice of Guaranteed Delivery are also available at the following web address: https://www.gbsc-usa.com/tallgrass/.

TEP has retained Wells Fargo Securities, LLC to serve as the exclusive Dealer Manager for the Tender Offer. Questions regarding the terms of the Tender Offer may be directed to Wells Fargo Securities, LLC at (toll free) (866) 309-6316 or (collect) (704) 410-4756.

This press release is neither an offer to purchase nor a solicitation of an offer to sell any Notes in the Tender Offer. In addition, this press release is not an offer to sell or the solicitation of an offer to buy any securities issued in connection with any contemporaneous notes offering, nor shall there be any sale of the securities issued in such offering in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute a notice of redemption under the indenture governing the Notes.

About Tallgrass Energy

Tallgrass Energy is a leading energy and infrastructure company operating across 11 states with transportation, storage, terminal, water, gathering and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.

Investor and Financial Inquiries
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SAN DIEGO--(BUSINESS WIRE)--EDF Renewables North America today announced the Space City Solar Project is progressing with critical development milestones having signed the first tranche of 55 megawatts (MWac) / 73 MWdc to BASF through a Power Purchase Agreement. The Project’s total capacity is up to 345 MWac / 455 MWdc. Space City Solar, located in Wharton County, Texas, is expected to commence construction in Summer 2021 and begin delivery of clean electricity in Summer 2022.

Approximately 300 jobs are expected to be created during the construction phase with more than $30 million generated in new tax revenue over the operating life for Wharton County taxing entities. In addition to providing stable payments to local landowners who chose to lease their land, the Louise Independent School District has the ability to receive $2.5 million in revenue, including $1.8 million in the first year of operation providing the district enacts a Chapter 313 Agreement by December 31, 2020.

Space City Solar is specially designed to generate clean energy while minimizing impacts to wildlife, habitat, and other environmental resources. The project will utilize high efficiency bifacial solar photovoltaic (PV) modules.

“This transaction demonstrates EDF Renewables’ continued commitment to helping corporate customers meet their wholesale power supply needs and sustainability initiatives,” said Matt McCluskey, Vice President, South Region Development for EDF Renewables. “Space City Solar will provide an economic boost to the local economy through construction jobs, local spend and an expanded tax base.”

With 35 years of experience and 16 gigawatts of renewable projects developed throughout North America, EDF Renewables provides a fully integrated bundle of energy solutions from grid-scale wind, solar, and solar plus storage projects to electric vehicle charging and energy storage management.

About EDF Renewables North America:

EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 16 GW of developed projects and 11 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.

About BASF:

BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has more than 20,000 employees in North America and had sales of $19.7 billion in 2018. For more information about BASF’s North American operations, visit www.basf.com.

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. The approximately 122,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of around €63 billion in 2018. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S. Further information at www.basf.com.

Sandi Briner, +1 858-521-3525
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• Nearthlab, first Korean company to enter offshore wind turbine inspection market overseas
• Nearthlab conducts first Taiwanese autonomous drone inspection

SEOUL, South Korea--(BUSINESS WIRE)--#AI--Nearthlab, an autonomous drone solution provider for wind turbine inspection, announced today that the company successfully completed an offshore wind turbine inspection off the coast of Taiwan in partnership with Siemens Gamesa Renewable Energy and Formosa I Wind Power Ltd.

The turbines inspected in Taiwan are 6MW-class turbines with blades reaching over 75 meters. While onshore blades typically measure around 50 meters, offshore wind turbines utilize longer, larger blades to maximize operational efficiency. Offshore wind turbines are harder to inspect and repair as they have lower accessibility compared to onshore wind turbines. Drone inspection has become a favorable option for farm owners and operators, and more so for those located in the offshore sites.

Nearthlab has been accelerating its market expansion overseas beginning from the first quarter of 2020 in partnership with Siemens Gamesa Renewable Energy North America. Nearthlab’s all-in-one solution includes Nearthlab’s autonomous drone, its data management platform, and a pilot training program. Nearthlab’s data management platform, Zoomable, offers a high level of compatibility with other asset management platforms. Based on this flexibility, Nearthlab offers an inspection solution optimized for the client’s workflow.

Nearthlab is expanding the scope of its partnership with Siemens Gamesa Renewable Energy beginning with onshore wind turbine inspections in North America. Nearthlab has successfully demonstrated its capability to conduct offshore wind turbine inspections with autonomous drone technology in Taiwan. Nearthlab is also providing its all-in-one inspection solution to North America, Europe, and Japan.

About Nearthlab

Founded in 2015, Nearthlab provides AI-powered O&M solutions for the infrastructure inspection market. Nearthlab combines AI and computer vision to solve inefficiencies at inspection sites and facilitate the digital transformation of industrial asset management. With extensive experience in wind turbine blade inspection, Nearthlab’s autonomous drone takes fifteen minutes of flight time to finish the inspection for one wind turbine. Data collected from the inspection is uploaded onto Nearthlab’s data management platform, Zoomable, to be analyzed into valuable insights assisting companies to optimize their operation and maintenance procedure. Nearthlab’s portfolio spans over wind energy, oil and gas, railway, bridges, dams, and telecom towers. Leading energy corporations have selected Nearthlab as their autonomous drone solution provider. Make inspection easy with drone driven data. For more information, visit our website: https://www.nearthlab.com/ and follow us on Facebook https://www.facebook.com/Nearthlab/ and LinkedIn https://www.linkedin.com/company/nearthlab.

Nearthlab
Dawon Lee, PR Manager
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Tel: +82 2 566 1574
Fax: +82 2 6935 1574

SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) (the “Company”) announced today that Todd A. Stevens, President and Chief Executive Officer, will be leaving the Company on December 31. Mark A. (“Mac”) McFarland, the Company’s Executive Chairman, will serve as interim Chief Executive Officer and James N. Chapman will serve as Lead Independent Director. The Board of Directors will launch a search process for the Company’s next CEO.

Mr. McFarland said, “Todd has led this organization through a very challenging period of time in our industry and the Company’s new board is thankful for his service and dedication. Looking forward, we will continue to focus on providing affordable energy in a safe and environmentally responsible manner and will engage proactively with our employees, regulators and stakeholders. In addition to our CEO search, we have initiated a full-scale business review and strategic repositioning effort with specific emphasis on cost reductions, capital discipline and asset rationalization to create value for our shareholders.”

Mr. Stevens said, “It has been an honor to work with the men and women of CRC over the last 6+ years. I want to express my deepest gratitude to them and wish them and the Company all the best in the future.”

Forward-Looking Statement Disclosure

All statements, except for statements of historical fact, made in this release regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements speak only as of the date of this release. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, the Company expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the Company’s business, most of which are difficult to predict and many of which are beyond the Company’s control. These risks include, but are not limited to, the risks described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and its subsequently filed Quarterly Reports on Form 10-Q.

About California Resources Corporation

California Resources Corporation is the largest oil and natural gas exploration and production company in California. The Company operates its world-class resource base exclusively within the State of California, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, the Company focuses on safely and responsibly supplying affordable energy for California by Californians.

Scott Espenshade (Investor Relations)
(818) 661-6010
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Margita Thompson (Media)
(818) 661-6005
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12^th annual California Green Innovation Index finds state must achieve five percent emissions reductions each year through 2030 as recession persists

Heavy-duty transportation, case studies of local pollution reduction projects illustrate potential of programs to be scaled

SAN FRANCISCO--(BUSINESS WIRE)--California’s stand out progress reducing greenhouse gas emissions has temporarily reversed, with pollution upticks signaling an increasingly difficult path ahead in achieving the state’s 2030 and 2050 climate targets. That’s the finding of the 12^th annual California Green Innovation Index—released by the nonpartisan nonprofit Next 10 and prepared by Beacon Economics.

This year’s Index finds that 2018 greenhouse gas emissions—the latest year for which data are available—rose overall for the first time since 2012, driven in part by increases in the power and commercial sectors. Data from the report illustrate that California now must reduce emissions by an average of 4.9 percent each year from 2020 to 2030 to cut emissions to 40 percent below 1990 levels by 2030, as mandated by SB 32. The largest one-year emissions drop California has ever achieved was at the height of the Great Recession in 2009, when climate pollution fell 6.1 percent. While 2020 may see a similar emissions drop, the state has never cut emissions more than 2.6 percent in a year while not experiencing an economic downturn since California passed AB 32 in 2006. Now the state must double that each year. In this way, the 2020 Index illustrates the many complex challenges that state leaders face in prioritizing policies to combat the climate crisis this decade.

“This year’s Index highlights just how much things need to change,” said F. Noel Perry, businessman and founder of Next 10. “Programs instituted in the past decade may not achieve the gains we need in the coming decade. The fact is, we’ve never come anywhere near cutting emissions five percent in a single year in a period of economic stability—and yet, in order to meet our climate goal by 2030, we have to. But, if any state can achieve this level of reductions while supporting a healthy economy, it’s California.”

The report emphasizes how a steady rise in commercial emissions, a surprise uptick in power sector emissions, and—for the first time in three years—a dip in transportation pollution, illustrate some of the challenges and opportunities facing policymakers. It also comes as the California Air Resources Board welcomes a new chair and several new board members who are now tasked with steadily cutting emissions in a manner that has never been achieved.

“California has a solid history of reducing emissions while growing the economy, up until this slight increase in 2018. That’s an important achievement,” said Hoyu Chong, practice lead for sustainable growth and development at Beacon Economics. “We now need to ramp up those efforts in the face of major emissions and economic challenges. Investment breeds investment—so a recovery program that includes clean energy stimulus investments may be exactly what we need for a reset that enables us to scale solutions to these competing crises together.”

Key findings of this year’s Green Innovation Index include:

• Total emissions rose 0.83 million metric tons of carbon dioxide-equivalent (MMTCO₂e) to 425.3 MMTCO₂e (+0.2%) in 2018 compared to 2017. This level is still below the state’s first climate milestone (2020’s AB 32 goal, met four years early in 2016) of reducing to 431 MMTCO₂e below 1990 levels.
• While the transportation sector saw a reduction in emissions from 2017 to 2018 (-0.9%), emissions rose in all other economic sectors in 2018: Agriculture & Forestry (+0.8%), Commercial (+2.1%), Electricity Power (+1.5%), Industrial (+0.7%), and Residential (+0.3%).
• Despite the slight increase in emissions of 0.2 percent, the state has managed to continue to reduce its carbon intensity—emissions relative to GDP— by 3.2 percent from 2017 to 2018 thanks to a strong growth in real GDP.
• At the current trajectory, the state will take significantly more time to reach the 2030 and 2050 emissions goals than it did to reach the 2020 goal. Assuming the same three-year average rate of reduction from 2015 to 2018 (-1.18%), California needs to quadruple the rate of reduction to achieve the 2030 goal and ramp up that rate of reduction even more to achieve the 2050 goal.
• California’s energy-related emissions were 9.1 MTCO₂e per person in 2017—the third-lowest among the 50 states, behind New York and Maryland.

POWER AND COMMERCIAL SECTOR EMISSIONS INCREASES WORRISOME

The electric power sectors (imports and in-state generation), which have reliably and significantly reduced emissions since 2008 (-47.4% from 2008 to 2018), actually increased slightly in 2018, driven by a decrease in electricity generated by large hydroelectric sources and an increase in generation from natural gas compared to 2017. This was especially true for merchant-owned electricity generation in-state. Imported generation from unspecified sources accounted for an even greater increase in emissions—increasing by 31 percent in 2018.

At the current pace, the state should meet the 50 percent and 60 percent RPS goals by 2026 and 2030, respectively—requiring an increase in renewable generation of 2.6 percent each year from 2019 to 2026 and by 2.5 percent annually from 2026 to 2030.

However, in March 2020, as part of the state’s next cycle for energy resource planning, the California Public Utilities Commission voted to approve a target to reduce emissions for the electric sector to 46 million metric tons carbon dioxide-equivalent (MMTCO₂e) by 2030, and instructed energy load providers in the state to also plan for an alternative scenario of a 38 MMTCO₂e reduction target by the same year. The Index finds the approved 46 MMTCO₂e scenario could hamper the momentum that California’s electric sector has gained in the last several years—and that even the 38 MMTCO₂e target may be too high, forcing the electricity sector to rely on achieving steeper emissions, and increasing the use of renewables, in later years.

“Reaching our long-term climate goals is like saving for retirement—the earlier you start to save, the more you have in the bank, and the less work you have to do down the road,” said Chong. “We can’t keep punting the emissions burden, particularly in the power sector. We need to spur innovation in this sector now—with a ramping up of renewable resources plus storage solutions like long-duration storage, so that we don’t risk forcing ourselves into a dramatic and unachievable sprint at the end.”

Replacement of ozone depleting substances causes commercial sector emissions to skyrocket

Compared to 2017, the commercial sector experienced the largest one-year emissions increase (+2.7%) of any sector, and emissions in this sector have shot up 69.3 percent since 2000, with no sign of slowing down. The continuous uptick is primarily due to adoption of carbon-intensive HVAC and refrigeration technologies that came to replace ozone-depleting substances (ODS) phased out decades ago via the Montreal Protocol.

The technologies that replaced hydrofluorocarbons (HFCs) and perfluorocarbons (PFCs) now represent the fastest-growing source of global warming pollution in California—accounting for 4.7 percent of total statewide emissions in 2018—a considerably larger share compared to 2008 (2.3%) and 2000 (1.2%). Internationally, there have been efforts to address this emissions problem (via the Kigali Amendment to the Montreal Protocol, which entered into force in January 2019) by creating market certainty to allow growth of more environmentally friendly alternatives.

The United States has not yet ratified that agreement, but president-elect Biden has indicated plans to do so. And at the state level, California has implemented a number of programs and policies to help transition away from these “super pollutant” refrigerants – including the recent announcement of a new rule that will require all new facilities to use refrigerants that can reduce their emissions by up to 90 percent beginning in 2022. While the California Air Resources Board had recently warned that the state may not be able to meet its 40 percent below 2013 levels reduction goal for these substances by 2030, this new rule could go a significant way in reducing emissions from refrigeration and commercial sector emissions overall.

“We’re encouraged that the ARB has recently announced new standards for reducing the use of these harmful “super polluting” substances,” said Perry. “Businesses have expended significant capital on these technologies that have a long life-span, so the more we can work to scale innovative programs and incentives to move to cleaner technologies, the faster we can help lead a market transformation away from these harmful pollutants.”

California’s record-breaking wildfire season also adds to the complicated picture. As of September 13, 2020, emissions from wildfires reached 83 MMTCO₂e—82.4 percent above the 45.5 MMTCO₂e recorded for wildfire emissions in 2018. While the state’s forests also serve as a carbon sink, the increasing threat of wildfires and the kind of mega-fires experienced in 2020 pose a significant emissions challenge—not to mention the impacts of particulate matter pollution, which further worsen air quality throughout the state.

TRANSPORTATION BRIGHT SPOT TACKLES DEADLY PARTICULATE POLLUTION, MORE MUST BE DONE TO TRANSITION TO ELECTRIC VEHICLES

The Transportation sector remains by far the largest emitting sector in California, but its share of emissions dropped from an all-time high of 41.3 percent in 2017 to 40.9 percent in 2018—driven by a large drop in heavy-duty vehicle pollution.

All three subsectors of on-road heavy-duty vehicles had reductions in emissions: Heavy-duty Trucks (-4.0%), Buses (-4.6%), and Motorhomes (-3.6%). This sector represents an increased area of opportunity thanks to the Advanced Clean Trucks standard that was adopted by the Air Resources Board in July 2020, which will increase the sale of zero-emission trucks in coming years. On the horizon is the Advanced Clean Fleet standard that is set to be voted on by CARB in late 2021, which will set standards for fleet electrification to align with the manufacturing targets.

But while gains have been made in heavy-duty, emissions from off-road vehicles and light-duty vehicles remain a significant challenge.

Transportation Key Findings

• Within the transportation sector, emissions dropped 1.3 percent from the on-road vehicles subsector, but increased 3.6 percent from off-road vehicles, which includes airport ground equipment, construction and mining equipment, industrial equipment and oil drilling equipment.
• While the amount of transportation fuel consumed in 2018 was similar to levels from ten and fifteen years prior, emissions from transportation fuel in 2018 were 3.3 percent lower and 8.3 percent lower than 2008 and 2003, respectively. This is the result of policies promoting cleaner vehicle fuels and advanced clean vehicle standards.
• Notably, emissions of buses decreased from 2017 to 2018 despite a slight uptick in the vehicle revenue miles of buses (+0.5%). This is plausibly due to bus fleets becoming cleaner or electrified. Likewise, there exists vast opportunities to electrify heavy-duty trucks.
• California is on-track to meet its 2025 ZEV target, but at the current pace of adoption, will not meet the goal of five million zero-emission vehicle on-road by 2030.
• Light-duty vehicles emissions went down slightly from 2017 to 2018 (-0.5%), but the overall trend for the last five years is still up (+6.6%).

“Gov. Newsom’s executive order calling for 100 percent zero-emission vehicle sales by 2035 is a great market signal,” said Perry. “But obstacles to ZEV adoption remain, and new ones have arisen, with waning federal subsidies and a lack of charging stations. The good news is that the market is finally offering a full line-up of electrified vehicles. Registrations of electric pickups and SUVs increased almost 40 percent compared to 2018—almost double the increase for cars.”

GREEN STIMULUS FOR PANDEMIC RECOVERY COULD BE CALIFORNIA’S BEST BET TO GAIN GROUND

California has already demonstrated that reduction of emissions can occur alongside economic growth, and recent history suggests the inclusion of green investments in economic stimulus packages leads to employment and output growth. The report finds that the state would greatly benefit from long-term funding for programs that produce local emissions reductions while spurring jobs and economic growth, rather than relying solely on cap-and-trade revenue for these projects, given budget shortfalls of 2020.

“Our data show that we should be wary of letting the pandemic derail critical initiatives that support clean technology markets,” said Perry. “Investing in a clean energy stimulus now can play an instrumental role in jumpstarting California’s economy. Clean energy economy spending IS, in fact, economy-wide stimulus spending.”

Investment drives investment, stimulating positive ripple effects throughout local economies

The report assessed the employment, labor income, and economic outputs expected from several green stimulus projects. The model used to analyze the projects measured the market transactions between businesses, between businesses and consumers, as well as the ripple effects on downstream industries.

“Investment can become self-sustaining, creating waves of positive economic stimulus throughout the community,” said Chong. “Policymakers can do more to replicate these projects across the state to help improve the economy for all Californians.”

Stimulus project analysis findings include:

• With a total of $23.1 million in project funding, the City of Los Angeles’ BlueLA car share program, which aims to reduce emissions by extending access to electric vehicles (through carshares, vanpools, and shuttle services) in disadvantaged communities most affected by pollutants—airborne and otherwise, is expected to generate $7.1 million in labor income, $24.9 million in economic output, $1.6 million in state and local tax revenue, and support 108 jobs in the City of Los Angeles.
• With a total of $70.8 million in funding, the Sustainable Agricultural Lands Conservation Program (SALC) Program, which aims to reduce GHG emissions by protecting agricultural lands against conversion to more GHG-intensive uses through conservation easement and planning grants is expected to generate $31.7 million in labor income, $94.0 million in output, $6.2 million in state and local tax revenue, and support 514 jobs in California.
• With a total of $11.4 million in funding, the Low-Income Weatherization Program (LIWP), which provides low-income households (located in either multifamily, community - or farmworker housing) with energy efficiency upgrades and solar photovoltaic systems to help reduce residential emissions, is expected to generate $8.9 million in labor income, $22.9 million in output, $1.0 million in state and local tax revenue, and support 116 jobs in California.

The report outlines opportunities for policymakers to expand the economic potential of green stimulus projects in the coming months to reduce emissions and generate a clean economy growth post-pandemic. Example below:

• Prior to the COVID-19 outbreak, the California Energy Commission awarded a one-time $51 million payment (and up to $200 million over time) to the California Electric Vehicle Infrastructure Project (CALeVIP) to fund four large-scale EV charging infrastructure projects in Northern California (Humboldt, Shasta and Tehama counties), Sacramento County, Fresno County, and Southern California (Los Angeles, Orange, Riverside, and San Bernardino counties). These projects are projected to add nearly 3,900 EV charging stations, the construction of which would support 447 jobs, and generate $32.7 million in labor income, $92.4 million in economic output, and $4.1 million in state and local tax revenue.

Private sector investment can also drive green stimulus

Despite decreased investment in transportation and wind power, California still captured 51 percent of the U.S.’ total $6 billion in clean tech venture capital investment in 2019, as large gains were made at companies that focus on geothermal, smart grid, and hydroelectric technologies.

Clean Technology Key Findings

Clean Technology Investment

• Compared to 2018, the dollar amount investment in California clean tech firms decreased significantly in 2019 (-39%), totaling $3.1 billion —with $1.25 billion of that total investment attributed to a single deal from Faraday Future, a leading electric vehicles company.
• The average investment amount has gone down. In 2019, the average deal in California was $18.5 million (down from $27 million in 2018) compared to $11 million in the U.S. overall (down from $15 million in 2018).
• Despite the economic impacts induced by the COVID-19 pandemic, total clean tech investment through mid-August 2020 ($2.8 billion) was close to the total amount of clean tech VC investment through all of 2019 ($3.1 billion).

California Clean Technology Investment by Segment

• The largest increase in dollars between 2018 and 2019 invested was in Geothermal, which saw an increase from nothing in 2018 to over $11 million in 2019. This was followed by Smart Grid, which saw a 360 percent increase, and Hydropower, which saw an 81 percent increase.
• Though two transportation companies––Faraday Future and Joey Aviation––each represent the largest clean tech deals of 2019 and 2020 respectively, there has been an overall decline in investment in companies that specialize in transportation.
• The three largest clean tech deals in 2019 were all transportation-related: Faraday Future ($1.25 billion), RomeoPower ($92 million), and Proterra ($75 million).

Raw material potential to store California’s clean energy

The report calls special attention to the potential for California’s Salton Sea to be a new source for lithium development, noting that it could provide up to a third of the world’s current lithium demand, according to some estimates, and up to $860 million annually in revenues. The report also highlights notable investments in lithium recovery in California this year.

EMISSIONS VS. OVERALL ECONOMIC GROWTH

In summary, the 12^th annual California Green Innovation Index finds that since the passage of California's landmark climate bill, AB 32, the state has achieved a great deal of emissions reductions primarily through the power sector, but significant hurdles must be overcome to reduce emissions in harder-to-reach sectors such as transportation and buildings.

“It’s been a difficult year full of competing critical and wide-reaching challenges. We’ve been forced to look at the embedded issues in our state and across the country to reflect on how we build a better future for all our citizens,” said Perry. “When we recognize the interdependence between our environment, our health, and our economy, then we can finally prioritize the necessary progress on climate and clean energy that will help us thrive in a post-pandemic world and improve the livelihoods of all Californians.”

About Next 10

Next 10 is an independent, nonpartisan, nonprofit organization that educates, engages and empowers Californians to improve the state’s future. With a focus on the intersection of the economy, the environment, and quality of life, Next 10 employs research from leading experts on complex state issues and creates a portfolio of nonpartisan educational materials to foster a deeper understanding of the critical issues affecting our state.

Christina Heartquist
408-661-2666
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McNally Capital and Genesys Management Team Sell Aircraft Avionics Business to Moog Inc.

CHICAGO--(BUSINESS WIRE)--#aerospace--McNally Capital (“McNally”), a leader in Direct Family Capital, is pleased to announce the sale of Genesys Aerosystems (“Genesys”) to Moog Inc. (NYSE: MOG.A and MOG.B). Genesys is a leading provider of integrated avionics systems for military, special-mission, and civil operators.

McNally invested in Genesys in partnership with the company’s founders. The investment stemmed from McNally’s focus on the aerospace & defense industry and was consistent with the firm’s strategy of partnering with founders and management owners to provide them with family capital.

Ward McNally, Managing Partner and Founder of McNally Capital, stated, “I’m proud of the partnership we’ve built with the Genesys management team. The sale of Genesys is a further proof point of our ability to create value for our investors and management teams through a full transaction lifecycle. It is also a testament to our track record of successfully bringing family capital and industry expertise to founder-owned businesses.”

McNally Capital partnered on the acquisition with Robert (“Rob”) Wilson, former President of Business Aviation & General Aviation at Honeywell, who brought his extensive aerospace expertise to Genesys. Rob worked alongside the management team and McNally to develop a long-term strategic plan and served on the Board of Directors of Genesys.

“McNally’s history of investing family capital alongside founders and management owners made us the right partner for the management team at Genesys. Our internal expertise in the Aerospace & Defense industry, alongside the knowledge and experience of Rob Wilson, enabled us to further establish Genesys as a leader in the aircraft avionics sector,” stated Ravi P. Shah, Principal at McNally Capital.

Roger Smith, Genesys President and CEO, stated, “Our decision to partner with McNally Capital was based on their tremendous industry expertise, track record of partnering with founders and management teams to drive growth, and capital resources. We greatly appreciate the support McNally has provided us. The firm, and their partnership with Rob [Wilson], has enabled us to further establish Genesys as a mission-critical systems provider and provide a fulfilling work environment. We are excited to have found a new partner in Moog, which positions us to continue to develop our team and to serve our customers with industry-leading avionics solutions.”

McNally Capital invests capital on behalf of the McNally family, who owned and operated Rand McNally & Company, as well as family offices and other like-minded investors. The firm is currently investing out of a committed fund. McNally makes thesis-driven investments in the U.S. and looks for businesses where family capital can benefit owners and management teams. The firm targets founder- and management-owned companies and partners in their acquisitions with a bench of Industry Partners, who provide incremental industry and operating knowledge and expertise.

McNally Capital is focused on combining the best of family capital values with institutional capabilities and sophistication. The firm targets lower middle market businesses with $5 to $30 million in EBITDA.

Stephens Inc. served as the sell-side advisor to Genesys Aerosystems. Ropes & Gray LLP served as legal counsel.

About McNally Capital

McNally Capital is a family-owned private equity firm targeting thesis-driven investments in the U.S., specifically founder and management-owned companies. Formed by the McNally family, who owned and operated Rand McNally & Company, McNally Capital is dedicated to upholding a 140+ year legacy as a family-owned and operated company. We look for businesses where flexible capital can provide a benefit to owners and management teams. Our mission is to harness the financial, intellectual, and human capital of our family office and investor ecosystem to build value for our investors, management teams, and portfolio companies. For more information, please visit www.mcnallycapital.com.

About Genesys Aerosystems

Genesys Aerosystems is a leading provider of integrated avionics systems for military, special-mission, and civil operators. Product lines include flight displays, radios, autopilots, and sensors. For more information, visit www.genesys-aerosystems.com.

About Moog Inc.

Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com.

Beth Rahn, Principal & Head of Family Capital, (312) 357-3717, This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Compressed Air Energy Storage - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

The publisher brings years of research experience to the 9th edition of this report. The 125-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Global Compressed Air Energy Storage Market to Reach US$6.6 Billion by the Year 2027

Amid the COVID-19 crisis, the global market for Compressed Air Energy Storage estimated at US$1.5 Billion in the year 2020, is projected to reach a revised size of US$6.6 Billion by 2027, growing at a CAGR of 24% over the analysis period 2020-2027.

Renewable Energy Integration, one of the segments analyzed in the report, is projected to grow at a 24.3% CAGR to reach US$2.9 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Grid Optimization segment is readjusted to a revised 20.6% CAGR for the next 7-year period. This segment currently accounts for a 28.8% share of the global Compressed Air Energy Storage market.

The U.S. Accounts for Over 29.9% of Global Market Size in 2020, While China is Forecast to Grow at a 23.4% CAGR for the Period of 2020-2027

The Compressed Air Energy Storage market in the U.S. is estimated at US$438 Million in the year 2020. The country currently accounts for a 29.92% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.1 Billion in the year 2027 trailing a CAGR of 23.4% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 21.5% and 20.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 16.8% CAGR while Rest of European market (as defined in the study) will reach US$1.1 Billion by the year 2027.

T&D Deferral Segment Corners a 28.3% Share in 2020

In the global T&D Deferral segment, USA, Canada, Japan, China and Europe will drive the 26.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$331.6 Million in the year 2020 will reach a projected size of US$1.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$777.5 Million by the year 2027.

Competitors identified in this market include, among others:

• AES Energy Storage LLC
• ALMiG Kompressoren GmbH
• Alstom Power, Inc.
• Ambri, Inc.
• American Precision Industries (API)
• American Vanguard Corporation
• Ansaldo Energia SpA
• Atlas Copco Energas GmbH - Atlas Copco Gas and Process Division
• Babcock Power Inc.
• Bauer Kompressoren Group
• Brayton Energy, LLC
• BTEC Turbines LP
• Dresser-Rand Group, Inc.
• Elliott Company
• GE Energy
• General Compression Limited
• Hydrostor Inc.
• LightSail Energy
• MAN Diesel & Turbo SE
• Maxwell Technologies, Inc.
• Pacific Gas and Electric Company
• Parker Hannifin India Pvt. Ltd.
• R&D Dynamics Corporation
• Siemens Energy
• Solar Turbines, Inc.
• SSS Gears Limited

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Impact of COVID-19 and a Looming Global Recession
• Global Competitor Market Shares
• Compressed Air Energy Storage Competitor Market Share Scenario Worldwide (in %): 2018E

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

• Total Companies Profiled: 46

For more information about this report visit https://www.researchandmarkets.com/r/eegsib

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) today announced that it has appointed G. Larry Lawrence to its Board of Directors (the “Board”) effective December 17, 2020. Mr. Lawrence is an oilfield business leader with extensive experience across finance, accounting and operations. He brings an extensive accounting background along with decades of experience in the energy industry.

“We are excited about the future of ProPetro with the addition of Larry as an independent Director,” said Phillip Gobe, Chief Executive Officer of the Company. “His experience as a director and financial acumen will strengthen key functions at ProPetro, and his appointment demonstrates our commitment to strong governance principles.”

“I am honored to join ProPetro’s Board and look forward to contributing to the Board’s governance and oversight initiatives. In addition, I look forward to the opportunity to support a premier service provider operating in the premier oil-producing Permian Basin,” said Mr. Lawrence.

About G. Larry Lawrence

Mr. Lawrence previously served as Audit Committee Chair of Legacy Reserves, LLP’s Board of Directors, a role he held from 2006 to 2019. Mr. Lawrence previously served as Chief Financial Officer of Natural Gas Services Group for nine years, as Chief Financial Officer for Lynx Operating Co. Inc. for three years and as Chief Financial Officer for Pure Resources, Inc. for two years. He has also held finance and management consulting positions for Parson Group, ARCO and Crescent Consulting. Mr. Lawrence earned his bachelor’s degree with an accounting major from Dillard University in New Orleans.

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit www.propetroservices.com.

ProPetro Holding Corp
Sam Sledge, 432-688-0012
Chief Strategy and Administrative Officer
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Project 11 included in Water Resources Development Act Legislation

HOUSTON--(BUSINESS WIRE)--On Monday, Congress passed the 2020 Water Resources Development Act. The bill formally authorized the expansion of the Houston Ship Channel, which was recently ranked the #1 U.S. Port in total waterborne tonnage. The channel is the busiest waterway in the nation averaging 50 deep-draft vessel transits every day. These are just the latest milestones reached by the busiest waterway in the nation, averaging 50 deep-draft vessel transits every day.

“Today’s announcement is BIG. The authorization to widen and deepen the Houston Ship Channel is BIG for our region, the state of Texas, and our nation,” said Executive Director Roger Guenther. “It is BIG for economic prosperity and growth of industry that is served by the busiest waterway in the country.”

The Houston Ship Channel and the public and private terminals along it moved nearly 285 million tons of cargo in 2019. That was almost 47 million tons more than any other U.S. port and a 6% increase compared to the previous year. To support this vital waterway’s continued growth, planning for the deepening and widening of the Houston Ship Channel has been Port Houston’s top priority for nearly a decade.

The Houston Ship Channel expansion, known as Project 11, will widen and deepen the channel for safer and more efficient navigation of vessels calling the port.

The project also includes new environmental features to benefit channel users. “Project 11 is expected to improve regional air quality by increasing the efficiency of vessel movements and reducing potential congestion along the Houston Ship Channel. New bird islands and oyster reefs will be created as part of the project,” Port Houston Chairman Ric Campo said. “The bottom line is an expanded channel that will positively impact the flow of goods in and out of our region.”

The Houston Ship Channel supports 3.2 million jobs in the nation, with 1.35 million in Texas, and nationwide economic impact totaling $802 billion.

As the Houston Ship Channel’s non-federal sponsor, Port Houston has been the waterway’s advocate and strategic leader working in partnership with the United States Army Corps of Engineers. Expansion of the channel has been Port Houston’s top priority for nearly a decade.

“Today’s WRDA success didn’t happen overnight – it took many years of planning,” Guenther said, in appreciation to all partners and stakeholders for their support of the effort.

Along with Port Houston’s eight public terminals, there are more than 200 private facilities along the channel, and many of these stakeholders have actively participated in driving the expansion project forward.

Chairman Campo added his congratulations to everyone “for driving this change forward and for leading the way toward progress that will help the Houston Ship Channel remain the economic powerhouse it is today.”

Guenther said that steps remain to reach the start of construction and emphasized that passage of the WRDA bill is significant, “but our work is not done.”

Guenther explained that after WRDA is enacted, the next step in the project delivery process will be to secure a ‘New Start’ designation from the Administration and discretionary funding from the Corps of Engineers. “Over the next couple of months, our teams will be advocating to achieve this next benchmark,” he said.

“As the advocate and a strategic leader of the Houston Ship Channel, we are a steward of progress. But we aren’t doing it alone,” Guenther said. “It takes a lot of support to be included in a WRDA bill, and this exciting step would not have been possible without the support of so many, and we are especially grateful to all the elected officials who have been vital to this effort.”

Port Houston produced a special video on the importance of the channel expansion project and appreciation to all the elected officials, partners, and stakeholders involved in bringing Project 11 to this milestone https://protect-us.mimecast.com/s/VizBCQWgmzIyjMPhxLuCt?domain=youtu.be.

About Port Houston

For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel – the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. nation. The more than 200 private and eight public terminals along the federal waterway supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6% of Texas’ total gross domestic product (GDP) – and a total of $801.9 billion in economic impact across the nation. For more information, visit www.PortHouston.com.

Lisa Ashley, Director, Media Relations, Office: 713-670-2644; Mobile: 832-247-8179; E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. (“ProPetro” or the “Company”) (NYSE: PUMP) today announced that David Sledge, the current Chief Operating Officer (“COO”), will be succeeded in his role by Adam Muñoz at the end of 2020.

“We are very appreciative of David’s service to ProPetro over the past nine years,” said Chairman and Chief Executive Officer Phillip Gobe. “David has had a long and distinguished career in oilfield services. David’s career in the Permian Basin spans over 41 years and multiple service lines where he has seen success at every stop. We are proud for David to have been such a large part of our success and growth, and we wish him well in his future endeavors.”

David Sledge stated, “I am extremely proud to have been a part of the ProPetro team for the past nine years and I am looking forward to retirement. During my time with the Company, I had the opportunity to work alongside some of the most talented people in our industry, and I wish the team continued success.”

David’s tenure with ProPetro spanned a period where the company grew from just a single operating hydraulic fracturing fleet to as many as 27 active fleets. David also oversaw an operational and safety record that is well regarded across the industry. He previously served on the Board of Directors of Comstock Resources, Inc. from 1996 to 2018. Prior to joining ProPetro, Mr. Sledge was Vice President - Drilling for Basic Energy Services from 2007 to 2009 and was President and Chief Operating Officer of Sledge Drilling Corp., which was sold to Basic Energy Services in 2007. David also spent 25 years working with his father, Gene Sledge, at Gene Sledge Drilling Corporation before the company sold to Patterson Drilling in 1996.

Upon his departure, David will be succeeded in the role of Chief Operating Officer by the Company’s current Senior Vice President of Operations Adam Muñoz. Adam Muñoz joined the Company in 2010 to initiate ProPetro’s Permian pressure pumping operation. Prior to joining ProPetro, Adam held sales and operations roles at Frac Tech Services and Weatherford International. Since joining ProPetro, Adam has served as the Director of Business Development and Technical Services where he was responsible for overseeing the growth of the hydraulic fracturing operations as well as managing the department’s day-to-day technical services. Prior to his current role, Adam served as the Vice President of Frac Services where his duties included leading the hydraulic fracturing division through specific efforts to increase operational efficiencies and maximize financial productivity.

“We are also pleased to see Adam advance his career here at ProPetro,” commented Gobe. “Adam has played an instrumental role in the ProPetro culture of safe, superior performance at the wellsite in addition to developing strong and collaborative relationships with our customers. In his new role, Adam will continue this commitment to excellence and customer satisfaction.”

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information visit www.propetroservices.com.

ProPetro Holding Corp
Sam Sledge, 432-688-0012
Chief Strategy and Administrative Officer
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Adds to $10 million bill credit already benefiting customers in month of December

WALL, N.J.--(BUSINESS WIRE)--New Jersey Natural Gas (NJNG), the principal subsidiary of New Jersey Resources (NYSE: NJR) today notified the New Jersey Board of Public Utilities (BPU) it will provide residential and small commercial customers with a bill credit of $12.5 million for the month of January. The credit comes on top of a $10 million credit issued for December, a total of $22.5 million delivered to customers over the two-month period.

This one-time additional bill credit will save the typical residential heating customer using 197 therms during the month of January $24.03, or a decrease of 11.3% on their monthly bill.

When combined with the previous credit issued in December, NJNG will have saved the average customer $43.34 over the two-month period.

“With the arrival of winter snowfall and colder temperatures across the state, we are pleased to be able provide another timely bill credit to our customers during the heating season, when bills are typically at their highest,” said Steve Westhoven, President and CEO of New Jersey Natural Gas. “We will continue to utilize our market expertise and prudently manage our costs to identify savings wherever possible for our customers.”

NJNG is able to provide this additional bill credit at this time due to lower natural gas prices. NJNG does not earn a return on the price of natural gas used to serve its customers. This bill credit does not affect NJNG’s profitability.

While delivering this type of direct, broad-based relief benefits all of its customers, NJNG recognizes many customers are still struggling under the economic pressures of the pandemic and has additional resources to help. Any customer who is having trouble paying their bills should contact NJNG to be connected with Energy Assistance programs that can provide other relief, including: deferred payment arrangements, budget plans, utility bill payment assistance, one-time grants, and low- or no-cost energy efficiency programs to reduce consumption and lower bills.

If you or someone you know is a NJNG utility residential customer in need of assistance, call 800-221-0051 and say "energy assistance" at the prompt to speak with an NJNG customer service representative or email us at This email address is being protected from spambots. You need JavaScript enabled to view it..

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
• NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 350 megawatts, providing residential and commercial customers with low-carbon solutions.
• NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
• Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project.
• NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.

Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

Media Contact:
Michael Kinney
732-938-1031
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Investor Contact:
Dennis Puma
732-938-1229
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HOUSTON--(BUSINESS WIRE)--National Oilwell Varco, Inc. (the “Company”) (NYSE: NOV) announced today plans to change its corporate name to “NOV Inc.”, effective January 1, 2021. The Company’s ticker symbol, “NOV”, will remain unchanged.

“Our Company has a long and proud legacy of innovation and technology dating back to the earliest days of the oilfield. We are committed to continuously improving the drilling and production operations of our customers,” stated Clay Williams, Chairman, President and CEO. “As the world looks to expand its energy portfolio to lower-carbon sources, we find our core engineering, manufacturing and project management expertise is providing new and exciting opportunities within this transition. The corporate name change reflects the Company’s broadening mission within energy to continue to drive economic efficiency and safety, as we have done for decades within traditional oil and gas.”

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.

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995

Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by National Oilwell Varco with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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