IRVING, Texas--(BUSINESS WIRE)--ExxonMobil and PETRONAS have discovered hydrocarbons at the Sloanea-1 exploration well on Block 52 offshore Suriname, adding to ExxonMobil’s extensive finds in the Guyana-Suriname basin. The well was drilled by operator PETRONAS, and the discovery is being evaluated to determine its resource potential.
“Our first discovery in Suriname extends ExxonMobil’s leading position in South America, building on our successful investments in Guyana,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “We will continue to leverage our deepwater expertise and advanced technology to explore frontier environments with the highest value resource potential.”
ExxonMobil said in November that it is prioritizing near-term capital spending on advantaged assets with the highest potential future value. The Suriname discovery further strengthens ExxonMobil’s industry-leading portfolio along with its other recent exploration success in the same basin in Guyana.
PETRONAS drilled the well to a total depth of approximately 15,682 feet (4,780 meters) using the Maersk Developer rig.
Block 52 covers an area of 1.2 million acres (4,749 square kilometers) and is located approximately 75 miles offshore north of Suriname’s capital city, Paramaribo. The water depths on Block 52 range from 160 to 3,600 feet (50 to 1,100 meters).
ExxonMobil Exploration and Production Suriname B.V., an affiliate of ExxonMobil, holds 50 percent interest in Block 52. PETRONAS Suriname E&P B.V., a subsidiary of PETRONAS, is operator and holds 50 percent interest.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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Cautionary Statement: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans, schedules, capacities, production rates, and resource recoveries could differ materially due to: changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments including obtaining necessary regulatory permits; restrictions in trade, travel or broader government responses to first or subsequent waves of COVID-19; reservoir performance; the outcome of future exploration and development efforts; technical or operating factors; the outcome of commercial negotiations; unexpected technological breakthroughs or challenges; and other factors cited under the caption “Factors Affecting Future Results” on the Investors page of our website at exxonmobil.com and under Item 1A. Risk Factors in our annual report on Form 10-K and quarterly reports on Form 10-Q.
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New products join long list of OPIS-referenced pricing on Intercontinental Exchange
ROCKVILLE, Md.--(BUSINESS WIRE)--The Intercontinental Exchange (ICE) has selected two benchmarks from OPIS, an IHS Markit (NYSE: INFO) company—Edmonton propane and Mont Belvieu Isom grade normal butane—as the basis for two new NGL Futures contracts, effective December 7.
OPIS is the preferred benchmark provider in U.S. natural gas liquids (NGLs), with the flagship Mont Belvieu Propane widely used in global supply contracts and financial derivatives.
“Based on market demand, ICE is pleased to launch two new futures contracts against the OPIS TET Isom Grade Butane and Edmonton Propane indexes. These new futures contracts will provide traders with additional optionality when hedging their Isom grade butane and Edmonton propane exposure,” said Kim Hurst, Senior Director, NGL and Chemicals Markets for ICE.
“Canada’s propane exports to Asia are set to increase in the coming years and the listing of the Edmonton Propane contract provides a timely addition and accurate hedging opportunity,” said Steve Tan, Vice President, Strategic Content for OPIS.
ICE’s futures and options contracts allow for hedging NGLs and other products, simplifying exposure to the NGL markets and providing ease-of-entry for market participants.
The new ICE futures and options contracts based on OPIS numbers are:
OPIS Propane and Normal Butane prices are published daily in the OPIS North America LPG Report.
For further information about the Edmonton and Mont Belvieu markets, please contact:
Diane Miller, +1 908 675 2777 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Ben Scriber, +1 832 679 7224 or This email address is being protected from spambots. You need JavaScript enabled to view it.
About OPIS (www.opisnet.com)
Oil Price Information Service (OPIS) by IHS Markit (NYSE: INFO) provides accurate pricing, real-time news and expert analysis across the global fuel supply chain. Leveraging data from its spot, rack and retail market sources, OPIS enables its customers to buy and sell oil, gas, and petrochemical products with confidence across the globe.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2020 IHS Markit Ltd. All rights reserved.
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WHITE PLAINS, N.Y.--(BUSINESS WIRE)--#RNG--Fortistar, a privately-owned investment firm that acquires, manages and grows companies and projects that address global environmental challenges, and the New River Solid Waste Association (NRSWA) in Raiford, Florida, announced the construction of a facility that will capture and convert approximately 1,900 dekatherms per day of landfill methane to renewable natural gas (RNG), which is enough to offset emissions from 7,500 passenger cars.
“As an investment firm that’s focused on implementing more decarbonization solutions across the country, funding and supporting this renewable energy project in Florida was an easy decision,” said Mark Comora, President of Fortistar. “Creating fuel for transportation is a solution available today to significantly decrease human-related greenhouse gas emissions. NRSWA maintains an excellent reputation in waste management in Florida and we’re looking forward to working with them to capture greenhouse gases, displace diesel trucks and produce cleaner fuel for a more sustainable future.”
The project, formally known as the New River RNG Project, will collect naturally occurring methane from the NRSWA municipal solid waste landfill, convert it to RNG and use it to fuel natural gas vehicles via TruStar Energy, a Fortistar portfolio company. At full output, the New River facility will extract 2,500 standard cubic feet per minute of landfill gas and produce 5.1 million gas gallon equivalents (GGE) of RNG per year. The overall project reduces emissions by 35,000 tons of CO2e per year. SCS Engineers, a California-based environmental consulting and construction firm, will build the facility under an engineering, procure and construction (EPC) contract, which will create approximately 35 to 40 construction jobs.
Perry Kent, Executive Director, New River Solid Waste Association said, “NRSWA is excited about partnering with Fortistar on this important and industry leading project. This will be the first project to convert gas from a municipal solid waste landfill to RNG in Florida and we are happy we are able to lead the way. New River has always worked to manage solid waste in a sustainable way and this project is one more step toward New River becoming a fully sustainable solid waste treatment facility.”
According to the U.S. Environmental Protection Agency (EPA), landfill gas presents a major opportunity to capture and use a significant and often-wasted energy resource. Landfill gas, which is roughly 50 percent methane, is a natural byproduct of the decomposition of organic material in landfills. Methane is a potent greenhouse gas (GHG) that traps 28 to 36 times more heat in the atmosphere than carbon dioxide over a 100-year period. The EPA also notes that municipal solid waste landfills are the third-largest source of human-related methane emissions in the U.S., accounting for 15.1 percent of these emissions in 2018. EPA data also highlights the transportation sector as one of the largest contributors to U.S. GHG emissions accounting for 28 percent in 2018.
This New River Landfill RNG Project advances an aggressive renewable fuels growth strategy at Fortistar aimed at helping businesses and public agencies dramatically reduce GHG emissions with a cost-effective and proven solution today. The project is the fifth of 12 new Fortistar RNG projects requiring nearly $500 million of new capital investment, which are all expected to enter construction over the next year. When completed, these new projects will help produce 120 million GGE of RNG and reduce U.S. transportation emissions by 2 million metric tons of CO2 annually, which is the equivalent of taking approximately 434,782 passenger cars off the road.
The New River RNG project includes the construction of a new facility that will utilize advanced, patented technology to treat landfill gas by removing carbon dioxide and other components to purify the gas and produce pipeline quality RNG. The process includes proprietary membranes provided by Air Liquide, a multinational leading company in gases, technologies and services for industry and health. The new facility will also involve a Vilter Single Screw Gas Compressor, which delivers longer life, higher reliability and better energy efficiency.
About Fortistar
Founded in 1993, Fortistar is a privately-owned investment firm that provides capital to build, grow and manage companies that address complex sustainability challenges. Fortistar utilizes its capital, flexibility and operating expertise to grow high-performing companies, first in power generation and now in mobility, carbon capture, the circular economy and other solutions that drive our transition to a zero-carbon future. As a team, Fortistar has financed over $3.5 billion in capital for companies and projects in the energy, transportation and industrial sectors. For more information about Fortistar or its portfolio companies, please visit: www.Fortistar.com and follow the company on LinkedIn.
Media Contact:
Lily Thieneman
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ROCKVILLE, Md.--(BUSINESS WIRE)--Argan, Inc. (NYSE: AGX) (“Argan”) announced that today its Board of Directors declared a special cash dividend of $1.00 per share of common stock in addition to the regular quarterly cash dividend in the amount of $0.25 per share of common stock, for a total declared cash dividend of $1.25 per share of common stock, payable December 29, 2020 to stockholders of record at the close of business on December 21, 2020.
Rainer Bosselmann, Argan’s Chairman and Chief Executive Officer, said, “We are confident in the future of our business and these actions that the Board of Directors have taken return some of our accumulated earnings to the shareholders. Given our strong balance sheet with significant liquidity and no debt and the increased ramp-up of construction on the largest project in our history, we believe it is the right time to return some of that accumulated value to our patient and loyal stockholders during these challenging times.”
About Argan, Inc.
Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.
Company Contact:
Rainer Bosselmann
301.315.0027
Investor Relations Contact:
David Watson
301.315.0027
DUBLIN--(BUSINESS WIRE)--The "Inert Gas Generator Systems (IGGS) - 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 280-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 Inert Gas Generator Systems (IGGS) Market to Reach $3.5 Billion by 2027
Amid the COVID-19 crisis, the global market for Inert Gas Generator Systems (IGGS), estimated at US$1.1 Billion in the year 2020, is projected to reach a revised size of US$3.5 Billion by 2027, growing at a CAGR of 17.9% over the analysis period 2020-2027.
Industrial IGGS component, one of the segments analyzed in the report, is projected to record a 17.9% CAGR and reach US$2 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 Aviation IGGS Component segment is readjusted to a revised 19.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $298.8 Million, While China is Forecast to Grow at 22.6% CAGR
The Inert Gas Generator Systems (IGGS) market in the U.S. is estimated at US$298.8 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$805.4 Million by the year 2027 trailing a CAGR of 22.6% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.9% and 16.4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 15.4% CAGR.
Marine IGGS Component Segment to Record 15% CAGR
In the global Marine IGGS Component segment, USA, Canada, Japan, China and Europe will drive the 14.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$146.1 Million in the year 2020 will reach a projected size of US$375.1 Million 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$508.8 Million by the year 2027, while Latin America will expand at a 16.3% CAGR through the analysis period.
Competitors identified in this market include, among others:
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/9vt3bs
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE:EPD) today announced it has become a member of The Alliance to End Plastic Waste, an international community of CEOs from across the plastic value chain who are committed to addressing the global plastic waste challenge. Formed in 2019, the alliance partners with a diverse and growing network of organizations, technical leaders, engineers and scientists, all dedicated to the goal of ending plastic waste. To achieve this goal, the alliance focuses on four strategic areas: infrastructure, innovation, education and clean up.
“From medical supplies, including PPE to fight COVID-19, to food packaging and electronics, plastics have transformed the world, while improving the health and quality of life for people around the globe, particularly those in developing nations,” said A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “As a vital midstream link in the plastic value chain, Enterprise recognizes its responsibility to balance the benefits of these products that are essential to our daily lives, with minimizing their impact to the environment. We are honored to join with other members of the alliance who share that same vision and commitment.”
Bob Patel, CEO of LyondellBasell and vice chairman of The Alliance to End Plastic Waste, stated, “We are very pleased to welcome Enterprise as the first member from the midstream sector. When we formed the Alliance in 2019, our vision was to create an organization that included voices and perspectives from across the value chain. Enterprise’s petrochemical expertise and proven commitment to protecting the environment and a sustainable future complements our mission extremely well.”
“It is with great pleasure that we welcome Enterprise to join our membership ranks,” said Jacob Duer, President and CEO, Alliance to End Plastic Waste. With their unique expertise and technical know-how, we are confident that Enterprise will be an invaluable partner in our mission to end plastic waste in the environment. Together with all our member companies and allies, we look forward to unlocking innovative solutions that will bring us closer to our 2025 ambition of diverting millions of tons of plastic waste in more than 100 at-risk cities across the globe.”
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and export and import terminals; crude oil gathering, transportation, storage and export and import terminals; petrochemical and refined products transportation, storage, export and import terminals and related services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership’s assets include approximately 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 Bcf of natural gas storage capacity. Please visit www.enterpriseproducts.com for more information.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745
Rick Rainey, Media Relations (713) 381-3635
DUBLIN--(BUSINESS WIRE)--The "Smart Gas Meters - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Smart Gas is projected to reach US$29.9 billion by 2025, driven by the growing need for efficient utilization of energy and rising awareness over the importance of information management technologies in enabling intelligent metering, monitoring, measurement, and control of gas resources.
Also driving growth in the market are factors such as growing global gas demand from 3,000 Mtoe in 2015 to 4,100 Mtoe by 2035 and the ensuing need for efficient distribution networks and billing system; spiraling shale gas production with technology developments promising to tap into the over 5,770 trillion cubic feet of technically recoverable shale gas reserves worldwide; robust demand for modular & integrated gas meters; increasing adoption of SCADA; increasing integration of cloud computing, IoT & artificial intelligence in advanced metering infrastructure (AMI); and rise of smart cities to over 170 cities from 85 countries and growing investments in smart distribution of utility resources such as electricity, water and gas. Utility services, interestingly is the starting point for all smart city initiatives given the fact that smarter infrastructure provision is the goal of the smart city concept.
Water, electricity and gas are the most important utility infrastructures owned by municipalities. Alongside smart grids, connected gas infrastructure is also a key focus area for governments worldwide. Smart gas technologies ensure uninterrupted gas distribution, pressure measurements, pipe corrosion protection, leak detection, remote disconnection, and smarter use and consumption. Installation of smart gas meters is just the starting point for utilities seeking to optimize the entire process by developing effective communication networks replete with sensors and big data analytics.
The scenario is driving increased investments in national smart meter programs, spatial management of transmission pipeline networks; on-site automation systems; use of intelligent metering software and cloud computing for gas leakage and outflow detection and identification of safety issues.
Few of the benefits of smart gas solutions driving investments in transformation of gas networks include operational cost benefits that accompany automation; better energy planning as it offers real-time data on energy costs and related carbon emissions; provides opportunity for voluntarily reducing household gas consumption; enables implementation of multi tariff features to allow for better demand response management; improved profitability for utilities as it reduces the 'costs to serve'; and helps governments battle climate change and achieve slated goals of energy directives.
Smart gas solutions, in AMI or AMR metering formats, establish a system-wide communications network, thereby encompassing all the service points on the gas utility grid and seamlessly connect with DNP, IEC 61850, and TCP/IP devices across the grid besides allowing the IEEE 802.15.4g connectivity over the AMI mesh. With such sophisticated attributes, smart meters equip utilities with a robust tool that can help them in realizing innovative functionalities when integrated into the conventional distribution automation infrastructure. Integration of smart gas meters enabled AMI with distribution automation potentially offers unprecedented, previously unexplored opportunities for the modernization of power grids.
Such new opportunities include efficient outage management, economical fault isolation, superior transformer and feeder monitoring, and electric vehicle integration among others. Europe represents the largest market worldwide, supported by favorable regulations and funding support that encourage adoption of smart gas solutions across the entire natural gas chain comprising mining, storage, transmission, distribution and final consumption. Asia-Pacific including China ranks is a major market led by stringent energy efficiency regulations given the fact that developing countries utilize more resources partially due to energy wastages and mismanagement.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/3ifjr0
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Swell Energy, in partnership with Ares Management and Aligned Climate Capital, to finance up to 200 MWh of utility-backed distributed energy storage capacity
LOS ANGELES--(BUSINESS WIRE)--Distributed energy and grid solutions provider Swell Energy (Swell) today announced plans to finance the construction of four virtual power plants (VPPs) representing over 200 MWh of distributed energy storage paired with 100 MW of solar PV capacity.
Swell has been commissioned by utilities in three states to establish over 200 MWh of dispatchable energy capacity through the construction and aggregation of approximately 14,000 solar energy generation and storage systems, intended to provide valuable grid services to the utilities and the local grid. To support the deployment of these and other distributed energy projects, and in partnership with a fund managed by the Infrastructure and Power strategy of Ares Management Corporation and Aligned Climate Capital, Swell has created a VPP Financing Vehicle to support up to $450 million of capital investment for its nationwide VPP portfolio. The financing vehicle has been structured with Swell’s utility contracts in mind, and with the VPP capacity payments serving as a distinctive feature. Over the next twenty years, distributed energy systems in Swell’s current VPP portfolio are expected to generate over 3,000 GWh of clean solar energy, with customers potentially storing 1,000 GWh for later use, and dispatching over 200 GWh of this stored solar energy during events when the utility calls on the VPP for capacity.
“Utilities are increasingly looking to distributed energy resources as valuable ‘grid edge’ assets,” said Suleman Khan, CEO of Swell Energy. “By networking these individual homes and businesses into virtual power plants, Swell is able to bring down the cost of ownership for its customers and help utilities manage demand across their electric grids,” said Khan. “By receiving GridRevenue from Swell, customers participating in our VPP programs pay less for their solar energy generation and storage systems, while potentially reducing the risk of a local power outage, and keeping their homes and businesses securely powered through any outages.”
In conjunction with the closing of its first VPP Financing Vehicle, Swell also announced the launch of its Home Energy Subscription Agreement, which allows homeowners to finance their home energy systems through Swell, while generating, storing, and consuming their home’s energy in an optimized and transactive manner. Swell will commence delivery of energy capacity and grid services for its first utility VPP on January 1, 2021, with contracted capacity across Swell’s VPP portfolio ramping up to 200 MWh of energy storage by June 2023.
“Our coordinated investment in Swell’s 200 MWh Utility VPP portfolio signifies an evolution in how we think about funding power plants across the U.S.,” said Keith Derman, Co-Head of Ares Infrastructure and Power. “Swell has demonstrated our long-held belief that energy storage is an asset class that holds great value for homeowners, utilities, and investors.”
“This is the future of distributed solar,” said Brendan Bell, COO of Aligned Climate Capital. “Swell’s ability to network these batteries as a Virtual Power Plant unlocks the full value for both the homeowner and the utility.”
To learn more about Swell’s Virtual Power Plant programs and how to affordably increase the energy resilience of your home with Swell’s solutions, visit www.swellenergy.com. To find out how your business can join Swell Energy’s Preferred Partner Network, visit www.swellenergy.com/partners. To learn more about how Swell develops and executes Virtual Power Plant programs for Utilities, visit www.swellenergy.com/utilities.
About Swell Energy, Inc.
Swell Energy is developing a greater grid for the greater good. The distributed energy and grid solutions provider is accelerating the mass-adoption of residential and commercial clean energy technologies by making it easy for consumers to take control of their home energy use, achieve energy security and generate GridRevenue. The company provides homeowners and businesses with financing and educational resources, partnering with trusted local solar + storage companies and top technology providers for seamless, high-quality installations of the best available products. By creating a critical mass of dynamic and responsive clean energy resources within utility service areas across the United States, Swell Energy is also delivering virtual power plant networks and grid-balancing services to utilities, which are fundamental to our future distributed energy system. Learn more at www.swellenergy.com.
About Ares Management
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Estate and Strategic Initiatives. Ares Management’s investment groups collaborate to deliver innovative investment solutions and consistent, attractive investment returns for fund investors throughout market cycles. As of September 30, 2020, Ares Management's global platform had approximately $179 billion of assets under management with more than 1,400 employees operating across North America, Europe and Asia Pacific. For more information, please visit www.aresmgmt.com.
About Aligned Climate Capital
Aligned Climate Capital LLC is an asset manager that believes the global response to climate change is creating a $50 trillion market opportunity. The firm focuses exclusively on sustainable investments across clean energy, electrified transportation, resilient infrastructure, and sustainable land use. Aligned is a mission-driven firm, with offices in New York, NY and Los Angeles, CA, that applies rigorous ESG screening and reporting to all of its investments.
Camille Cater
Antenna Group for Swell Energy
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551-225-1478
DUBLIN--(BUSINESS WIRE)--The "Gas Generators - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The publisher brings years of research experience to the 6th edition of this report. The 174-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 Gas Generators Market to Reach $10.6 Billion by 2027
Amid the COVID-19 crisis, the global market for Gas Generators estimated at US$6.7 Billion in the year 2020, is projected to reach a revised size of US$10.6 Billion by 2027, growing at a CAGR of 6.7% over the analysis period 2020-2027.
Industrial, one of the segments analyzed in the report, is projected to record a 6.6% CAGR and reach US$4.8 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 Commercial segment is readjusted to a revised 6.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.8 Billion, While China is Forecast to Grow at 10.2% CAGR
The Gas Generators market in the U.S. is estimated at US$1.8 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$2.3 Billion by the year 2027 trailing a CAGR of 10.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.
Residential Segment to Record 7% CAGR
In the global Residential segment, USA, Canada, Japan, China and Europe will drive the 6.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 Billion in the year 2020 will reach a projected size of US$1.8 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$1.5 Billion by the year 2027, while Latin America will expand at a 8.3% CAGR through the analysis period.
Competitors identified in this market include, among others:
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/g96mwk
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
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LONDON--(BUSINESS WIRE)--#Generator--The new portable generator market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the portable generator market.
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"One of the primary growth drivers for this market is the unreliable power grid infrastructure in developing countries”, says a senior analyst for Industrials at Technavio. As the markets recover Technavio expects the portable generator market size to grow by USD 680.03 million during the period 2020-2024.
Portable Generator Market Segment Highlights for 2020
Regional Analysis
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Website: www.technavio.com/
DUBLIN--(BUSINESS WIRE)--The "North Sea Offshore Decommissioning Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The North Sea offshore decommissioning market is expected to register a CAGR of over 5% during the forecast period of 2020 - 2025.
Factors, such as aging offshore infrastructure in the oil and gas industry, rising offshore oil and gas production activities, and increasing oil and gas demand, are expected to be major drivers driving the market. However, the volatile nature of oil prices in recent years led to decreased capital expenditure in the upstream oil and gas industry, causing a slowdown for the market studied.
The shallow water sector is expected to maintain an edge in the decommissioning services market in the forecast period, owing to factors, like aging shallow water infrastructure.
The market is expected to see a significant increase see in the forecast period, as it was one of the earliest offshore regions to be explored and developed. The infrastructure installed 30-40 years ago at the peak of exploration in the region, are now being abandoned and decommissioned, which is expected to great a huge opportunity for the decommissioning market in the region.
The United Kingdom is expected to dominate the market growth, owing to factors, like aging offshore infrastructure, declining production from mature oilfields, and stringent environmental policies.
Key Market Trends
Shallow Water to Dominate the Market
The shallow water segment is expected to maintain its dominance in the forecast period, owing to factors, like low operational cost and recovering oil prices in the oil and gas market.
United Kingdom to Dominate the Market
The United Kingdom is expected to dominate the market in the forecast period due to the region being one of the first markets to use offshore oil and gas infrastructure, most of which are at decommissioning age in recent years and forecast period.
Competitive Landscape
The North Sea offshore decommissioning market is consolidated. Some of the major companies operating in the market being studied are Aker Solutions, AF Gruppen SA, John Wood Group PLC, and Able UK.
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2025
4.3 North Sea Offshore Active Rig Count, till 2019
4.4 Recent Trends and Developments
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Water Depth
5.1.1 Shallow Water
5.1.2 Deepwater and Ultra-deepwater
5.2 Geography
5.2.1 United Kingdom
5.2.2 Norway
5.2.3 Rest of North Sea
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Able UK
6.3.2 Aker Solutions ASA
6.3.3 AF Gruppen SA
6.3.4 John Wood Group PLC
6.3.5 DNV GL
6.3.6 Heerema Marine Contractors (HMC)
6.3.7 Allseas Group
6.3.8 TechnipFMC PLC
6.3.9 DeepOcean Group Holding BV
6.3.10 Equinor ASA
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ihwc2g.
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced that it has priced a public offering of $750,000,000 in aggregate principal amount of 8.0% senior unsecured notes due 2027. The offering was upsized from the previously announced $550,000,000 in aggregate principal amount of the notes. The price to investors will be 100% of the principal amount of the notes. The notes will be co-issued with our subsidiary, Genesis Energy Finance Corporation, and will be guaranteed, with certain exceptions, by substantially all of our existing and future subsidiaries other than our unrestricted subsidiaries. We intend to use a portion of the net proceeds from the offering to fund the purchase price and accrued and unpaid interest for all of our 6.000% senior unsecured notes due 2023 that are validly tendered and accepted for payment in our concurrent tender offer and the redemption price and accrued and unpaid interest for any 6.000% senior unsecured notes due 2023 that remain outstanding after the completion or termination of our concurrent tender offer and the remainder for general partnership purposes, including repaying a portion of the borrowings outstanding under our revolving credit facility. The offering of the notes is expected to settle and close on December 17, 2020, subject to customary closing conditions.
RBC Capital Markets, LLC, Wells Fargo Securities, LLC, SMBC Nikko Securities America, Inc., BofA Securities, Inc., BNP Paribas Securities Corp., Capital One Securities, Inc., Citigroup Global Markets, Inc., Scotia Capital (USA) Inc., BBVA Securities Inc., Fifth Third Securities, Inc. and Regions Securities LLC are acting as joint book-running managers for the offering. A copy of the final prospectus supplement and accompanying base prospectus relating to this offering, when available, may be obtained from:
RBC Capital Markets
Attn: HY Capital Markets
200 Vesey St – 8th Floor
New York, NY 10281
Telephone: (212) 428 6200
Wells Fargo Securities, LLC
550 S. Tryon Street, 5th Floor
Charlotte, NC 28202
Attn: Leveraged Syndicate
SMBC Nikko Securities America, Inc.
277 Park Avenue
New York, NY 10172
Tel: 888-868-6856
Attention: Debt Capital Markets
BofA Securities
NC1-004-03-43
200 North College Street
3rd floor, Charlotte NC 28255-0001
Attn: Prospectus Department
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
BNP Paribas Securities Corp.
787 Seventh Avenue
New York, NY 10019
Attention: Syndicate Desk
Tel: 212-841-2871
Capital One Securities, Inc.
201 St. Charles Ave., Suite 1830
New Orleans, Louisiana 70170
Attention: Gabrielle Halprin
Citigroup Global Markets Inc.
Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Scotia Capital (USA) Inc.
250 Vesey Street
New York, New York 10281
BBVA Securities Inc.
1345 6th Avenue
New York, NY 10105
Fifth Third Securities, Inc.
38 Fountain Square Plaza
Cincinnati, OH 45263
Attn: Syndicate Department
Tel: 866-531-5353
Regions Securities LLC
1180 West Peachtree St. NW, Suite 1400
Atlanta, GA 30309
Attention: Debt Capital Markets
Telephone: (704) 940-5066
You may also obtain these documents for free, when they are available, by visiting the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offer is being made only through the prospectus supplement and accompanying base prospectus, each of which is part of our effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
This press release includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, no assurance can be given that our goals will be achieved, including statements regarding our ability to successfully close the offering and to use the net proceeds as indicated above. Actual results may vary materially. We undertake no obligation to publicly update or revise any forward-looking statement.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
MINNEAPOLIS--(BUSINESS WIRE)--#DataExposureReport--Code42, the insider risk detection and response leader, today released its latest Data Exposure Report on Insider Risk. The study, conducted by Ponemon Institute, found that both business and security leaders are allowing massive Insider Risk problems to fester in the aftermath of the significant shift to remote work in the past year. During that same time, three-quarters (76%) of IT security leaders said that their organizations have experienced one or more data breaches involving the loss of sensitive files and 59% said insider threat will increase in the next two years primarily due to users having access to files they shouldn’t, employees’ preference to work the way they want regardless of security protocols and the continuation of remote work. Despite these forces, more than half (54%) still don’t have a plan to respond to Insider Risks.
“Insider Risk affects every organization. It is a byproduct of employees getting their work done everyday – how they create, access and share files in today’s collaboration culture. However, security teams are at a disadvantage: there is a lack of understanding of Insider Risk, which is leading to complacency, failing technologies and inadequate processes. The severity of the Insider Risk problem is being consistently overlooked, evidenced by the sharp rise in risky behavior this year,” said Joe Payne, Code42’s president and CEO. “Our findings show that organizations are not even measuring the efficacy of their Insider Risk mitigation programs. Inattention to Insider Risk Management, as demonstrated in this report, will threaten the future of the digital enterprise.”
COVID-19 exacerbated an already growing threat
Prior to the pandemic, cloud-based collaboration technologies and workforce turnover had become major drivers of data exfiltration as insider threat programs were failing to keep pace with today’s digital workplace. Insider Risk is not a new threat vector, but with our new work-from-home normal and rising employee burnout rates, employees are 85% more likely to leak sensitive files now, than before COVID. And the leaking of sensitive files isn’t just theoretical – since COVID-19, 61% of IT security leaders said their remote workforce was the cause of a data breach.
Additionally, the study found:
Organizations face challenges on all fronts when dealing with Insider Risk
Today IT security leaders say it takes an average of 118 days to identify a data breach and 55 days to contain one – a nearly six month process. Why is that? Less than half of organizations (46%) have an insider risk response plan (IRRP). Of those with an IRRP, 71% apply it inconsistently or on an ad hoc basis. In addition to insufficient response planning, the majority of security tools for insider risk are not adapted to the way we work. Seventy-one percent (71%) of IT security leaders lack complete visibility to sensitive data movement.
The study also found:
With Insider Risks predicted to increase, security teams need to mature their capabilities – and DLP is not the answer
Productivity demands are requiring the use of tools that enable speed and collaboration across organizations, but security teams are largely limited in their ability to monitor those tools for risky behavior due to an over-reliance on traditional, blocking technologies. Security teams are missing the right context for the problem, and instead continue to deploy technologies that block file sharing, inevitably impacting productivity both for employees and security teams. At the same time that trends around remote work are expected to continue, budget for insider risk programs remains a concern.
The study found:
Download the Report: For more details, download a free copy of the 2021 Data Exposure Report here.
Methodology: The research for this report was conducted by Ponemon Institute. The survey was completed by 623 IT security leaders and 586 business decision makers from the U.S. All respondents were familiar with their organizations’ approach to securing sensitive information.
Additional Resources
About Code42
Code42 is the leader in insider risk detection and response. Native to the cloud, Code42 rapidly detects data loss, leak, theft and sabotage as well as speeds incident response – all without lengthy deployments, complex policy management or blocking employee productivity. With Code42, security professionals can protect corporate data and reduce insider risk while fostering an open and collaborative culture for employees. Backed by security best practices and control requirements, Code42’s insider risk solution can be configured for GDPR, HIPAA, PCI and other regulatory frameworks.
More than 50,000 organizations worldwide, including the most recognized brands in business and education, rely on Code42 to safeguard their ideas. Founded in 2001, the company is headquartered in Minneapolis, Minnesota, and backed by Accel Partners, JMI Equity and Split Rock Partners. Code42 was recognized by Inc. magazine as one of America’s best workplaces in 2020. For more information, visit code42.com.
© 2020 Code42 Software, Inc. All rights reserved. Code42, the Code42 logo and Incydr are registered trademarks or trademarks of Code42 Software, Inc. in the United States and/or other countries. All other marks are properties of their respective owners.
Kristin McKenzie
Public Relations Principal, Code42
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844-333-4242
NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today announced that it has issued its inaugural Environmental, Social, and Governance (“ESG”) report for 2019. The report outlines the Company’s ESG metrics and performance, as well as its vision and goals for the future.
“Our inaugural ESG report reflects our commitment to responsible corporate citizenship, consistent with the core philosophy that has driven our business since our predecessor’s founding more than 60 years ago,” said Lois K. Zabrocky, International Seaways’ President and CEO. “ESG principles are at the forefront of our culture, and we will continue to prioritize the safe and efficient transportation of energy through diligent and environmentally compliant operations of well-maintained assets, employing well-trained crews and adhering to strict ethical standards.”
Ms. Zabrocky continued, “As we position Seaways to operate in a rapidly changing world, we have taken important steps to meet our sustainability goals. These include reducing greenhouse gas emissions through our ‘Get to Green’ initiative, becoming the first NYSE-listed shipowner to include a sustainability-linked pricing mechanism in a credit facility and having our corporate governance program recognized by both capital markets and governance groups. International Seaways is moving forward with purpose and we look forward to publishing updated versions of this report, as we continue implementing policies and initiatives to help ensure a more sustainable and equitable future for all of our stakeholders.”
International Seaways’ 2019 ESG report is available on its website at https://www.intlseas.com.
About International Seaways, Inc.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 36 vessels, including 11 VLCCs, two Suezmaxes, four Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.
Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2019 for the Company, the Quarterly Report on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.
Investor Relations & Media Contact:
David Siever, International Seaways, Inc.
(212) 578-1635
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Total Debt Raise Includes US$710 Million Bond Offering and US$1.05 Billion Bank Debt Package
NEW YORK--(BUSINESS WIRE)--EnfraGen Energía Sur, S.A.U., Prime Energía SpA, and EnfraGen Spain, S.A.U., (the “Issuers”) announced today that they will issue US$710 million 5.375% senior secured notes (the "Notes") on December 17, 2020 pursuant to a Rule 144A/Regulation S transaction. The Notes mature in 2030 and pay an interest rate of 5.375%. The Issuers are indirect subsidiaries of EnfraGen, LLC (“EnfraGen”), a developer, owner, and operator of grid stability and renewable energy infrastructure businesses in Latin America. The primary use of proceeds from the Notes, combined with a pari passu US$1.05 billion bank debt package for a total of US$1.76 Billion, will be to refinance EnfraGen's existing debt portfolio and to fund EnfraGen's additional growth.
Disclaimer: This is not an offer of securities for sale in the United States. The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About EnfraGen, LLC
EnfraGen is a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin American investment-grade countries. EnfraGen’s grid stability assets supply flexible capacity and energy to local and regional grids in support of renewable power plant intermittent energy production. EnfraGen’s renewable plants are smaller scale, distributed solar photovoltaic and hydroelectric assets that take advantage of unique access points to electrical infrastructure or are located in optimized geographical locations. The business’ mission is to support the transition to zero-carbon emission electric grids.
EnfraGen is jointly controlled by Glenfarne Group, LLC and global private markets investment manager Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 1.4 GW of installed capacity. The company, including its affiliates and subsidiaries, is supported by a team of approximately 275 professionals. EnfraGen maintains offices and assets in Chile, Panama, Colombia, and the United States.
About Glenfarne Group
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Panama City, Panama; Santiago, Chile and Bogota, Colombia. Glenfarne's seasoned executives, asset managers and operators develop, acquire, manage and operate energy and infrastructure assets throughout North and South America and Asia. For more information, please visit www.glenfarnegroup.com.
About Partners Group
Partners Group is a leading global private markets investment manager. Since 1996, the firm has invested over USD 135 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group is a committed, responsible investor and aims to create broad stakeholder impact through its active ownership and development of growing businesses, attractive real estate and essential infrastructure. With over USD 96 billion in assets under management as of 30 June 2020, Partners Group serves a broad range of institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
Kris Cole
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(310) 652-1411
LOVELAND, Colo.--(BUSINESS WIRE)--Lightning eMotors (“Lightning eMotors” or the “Company”), a leading provider of complete electrification solutions for commercial fleets, and GigCapital3, Inc. (“GIK” or “GigCapital3”) (NYSE: GIK), a Technology, Media and Telecom (TMT) Private-to-Public Equity (PPE)™ corporation, today announced they have entered into a definitive agreement for a business combination that will result in Lightning eMotors becoming a publicly listed company. Upon closing of the transaction, the combined operating company will be named Lightning eMotors, Inc. and will be listed on the New York Stock Exchange under the ticker symbol ZEV.
Lightning eMotors is a high-growth electric vehicle manufacturer focused on urban commercial zero-emission vehicles. Lightning eMotors is the only operator with a full range of Class 3-7 battery-electric and fuel cell electric vehicles in production today, addressing the large and growing fleet electrification market. The Company’s unique modular architecture, software-enabled platform, and integration capabilities provide a scalable, cost-effective solution to a highly segmented and customized market. Lightning eMotors’ complete electrification solutions cover medium- and heavy-duty vocational vehicles including ambulances, delivery trucks, bucket trucks, food trucks, school buses and coach buses, among others. Lightning eMotors’ significant time-to-market advantages over competitors have enabled the Company to capture a diverse base of blue-chip fleet customers, including Fluid Trucks, ABC Companies, ACE Parking and California State Hospitals. Currently, Lightning eMotors has a contracted order backlog of approximately 1,500 vehicles for delivery in 2021 and 2022, including the world’s first fuel cell electric Class 6 truck. Lightning eMotors has the country’s largest commercial zero-emission fleet vehicle manufacturing facility in the U.S. with annual production capacity of 1,000 vehicles today and expanding to 3,000 in 2021 and over 20,000 by 2025.
Lightning eMotors’ co-founder and chief executive officer Mr. Tim Reeser said, “Today marks an important step forward in Lightning eMotors’ mission to lead the commercial medium-duty zero-emission vehicle market. Over the last 12 years, Lightning eMotors has built its modular hardware and software platform, partnering with fleets all over the U.S. to develop best-in-class zero-emission battery-electric and fuel cell electric commercial solutions. With an estimated worldwide annual total addressable market opportunity of $67 billion for Class 3-7 vehicles, we see tremendous demand from fleets to transition their commercial vehicles from internal combustion engines to zero-emission solutions at an attractive total cost of ownership, even without state and federal grants. With municipal regulations creating zero-emission zones in 30-plus cities worldwide and corporate mandates for zero emissions at many of the largest fleet operators in the world, Lightning eMotors is poised to capitalize on the regulatory and social shift to environmentally friendly commercial vehicles. We are excited to partner with GigCapital3 and leverage their extensive entrepreneurial, operational, and capital markets expertise, as we scale the business as a public company. The capital raised in this transaction will enable Lightning eMotors to accelerate its growth plans and fulfill significant demand from our customers, including some of the most recognizable transportation, public safety, and e-commerce companies in the United States.”
“GigCapital3 is thrilled to partner with Lightning eMotors, using our Private-to-Public Equity (PPE)™ platform, where GigCapital3 brings its management’s well-recognized and decades-long technology public-market operational and entrepreneurial expertise to enable the successful transition of a high-growth EV company like Lightning eMotors to a publicly traded entity,” said Dr. Raluca Dinu, founding managing partner of GigCapital Global and board member of GigCapital3. "Tim and his exceptional management team have successfully built out a proprietary, cost-efficient modular architecture, which is scalable and protected by robust IP that is far ahead of its competition. As a public company, Lightning eMotors will have a stronger capital structure to invest in capacity expansion, develop additional technology—both organically and through acquisitions. The combination of Lightning eMotors and GigCapital3 brings unique, attractive, and promising opportunities to all stockholders and stakeholders, while substantiating our commitment to support one of the highest impact mega-trends of our lifetime, electrification of mobility solutions. We look forward to working with the Lightning eMotors team to build the industry leading zero-emission commercial EV company.”
Leadership Team
The combined company will be led by Mr. Tim Reeser, who has founded and managed multiple technology and cleantech companies; Mr. Bill Kelley, Lightning eMotors’ chief technology officer and chief operating officer, an automotive industry veteran with more than 35 years of automotive engineering and manufacturing experience at Borg Warner; and Ms. Teresa Covington, who will be its chief financial officer and who has 25 years of public company finance experience at automotive, defense and aerospace companies. The Lightning eMotors team has already shown its ability to deliver by successfully bringing products to market and capturing a dominant share in a nascent but rapidly growing industry. Mr. Robert Fenwick-Smith and Dr. Avi Katz will serve as co-chairmen of the board of directors of the combined company, which will include an additional seven members, including Mr. Reeser, Dr. Raluca Dinu, Mr. Ted Senko, Mr. Neil Miotto and a member to be named by BP Technology Ventures at a later date. Mr. Senko and Mr. Miotto, who is the current chairman of the GigCapital3 audit committee, will serve as independent directors and audit committee members. Collectively, these seven individuals will nominate the remaining two independent members of the board.
Transaction Overview
Pursuant to the business combination, GigCapital3 will acquire Lightning eMotors through a reverse merger. The business combination values Lightning eMotors at approximately $823 million pro forma equity value, at $10.00 per share. The transaction will be funded by (i) the issuance of approximately $539 million in new common stock of GigCapital3 to current holders of Lightning eMotors securities, (ii) cash from the GigCapital3 trust account of approximately $202 million, assuming no redemptions by GigCapital3’s stockholders, and (iii) Transaction supported by $125 million of gross proceeds from the issuance of equity and convertible financings in a Private Investment in Public Equity (PIPE) transaction, including a commitment from BP Technology Ventures and other leading institutional investors. Following the transaction and after the payment of transaction expenses, Lightning eMotors is expected to add over $270 million of cash to its balance sheet. Assuming no redemptions of GigCapital3 shares, the current holders of Lightning eMotors securities will hold approximately 66% of the issued and outstanding shares of common stock immediately following the close of the transaction.
The boards of directors of both Lightning eMotors and GigCapital3 have unanimously approved the proposed business combination, which is expected to be completed in the first half of 2021, subject to, among other things, the approval by GigCapital3’s stockholders, satisfaction of the conditions stated in the definitive agreement, including regulatory approvals, and other customary closing conditions, including a registration statement being declared effective by the U.S. Securities and Exchange Commission (the “SEC”).
Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by GigCapital3 with the SEC and available at www.sec.gov. Additional information about the proposed transaction will be described in GigCapital3’s registration statement relating to the merger, which it will file with the SEC.
Advisors
BofA Securities, Inc. is serving as exclusive financial advisor, and King & Spalding LLP is serving as legal advisor to Lightning eMotors. Oppenheimer & Co. Inc., Nomura Securities International, Inc., and BofA Securities, Inc. are serving as joint placement agents on the equity and convertible financing, and Mayer Brown is serving as legal counsel to the placement agents. Oppenheimer & Co. Inc. and Nomura Greentech are serving as joint financial advisors to GigCapital3. DLA Piper LLP (US) is serving as legal advisor to GigCapital3. ICR, LLC is serving as communications advisor for Lightning eMotors.
Investor Webcast
Lightning eMotors and GigCapital3 will host a joint webcast today, December 10, 2020 at 4:15pm ET to discuss the business and transaction. To listen to the webcast, go to https://lightningemotors.com.
About Lightning eMotors
Lightning eMotors provides complete electrification solutions for commercial fleets – from Class 3 cargo and passenger vans to Class 6 work trucks, Class 7 city buses, and Class 8 motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures electric vehicles to support the wide array of fleet customer needs, with a full suite of telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency.
For more information, please visit https://lightningemotors.com and follow us at @LightningeMtrs on Twitter, Lightning eMotors on LinkedIn and @LightningeMotors on Instagram.
About GigCapital Global and GigCapital3, Inc.
GigCapital Global (“GigCapital”) is a Private-to-Public Equity (PPE) technology, media, and telecommunications (TMT) focused investment group led by an affiliated team of technology industry corporate executives and entrepreneurs, and TMT operational and strategic experts in the private and public markets, including substantial, success-proven M&A and IPO activities. The group deploys a unique Mentor-Investors™ methodology to partner with exceptional TMT companies, managed by dedicated and experienced entrepreneurs. The GigCapital Private-to-Public Equity (PPE) companies (also known as blank check companies or Special Purpose Acquisition Companies (SPACs)) offer financial, operational and executive mentoring to U.S. and overseas private, and non-U.S. public companies, in order to accelerate their path from inception and as a privately-held entity into the growth-stage as a publicly traded company in the U.S. The partnership of GigCapital with these companies continues through an organic and roll-up strategy growth post the transition to a public company. GigCapital was launched in 2017 with the vision of becoming the lead franchise in incepting and developing TMT Private-to-Public Equity (PPE) companies. For more information, visit www.gigcapitalglobal.com or https://www.GigCapital3.com/.
GigCapital3, Inc. (NYSE: GIK, GIK.U, and GIK.WS), is one of GigCapital’s Private-to-Public Equity (PPE) companies.
“Private-to-Public Equity (PPE)” and “Mentor-Investor” are trademarks of GigFounders, LLC, used pursuant to agreement.
Forward Looking Statements
This press release contains 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, including statements regarding the proposed transactions and GigCapital3. Such forward-looking statements include, but are not limited to, statements regarding the closing of the combination and the expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding the business combination, and future business plans of the Lightning eMotors and GigCapital3 management teams, including Lightning eMotors’ revenue growth and financial performance, facilities, product expansion and services. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of GigCapital3 and/or Lightning eMotors in light of their respective experience and their perception of historical trends, current conditions and expected future developments and their potential effects on Lightning eMotors and GigCapital3 as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting Lightning eMotors or GigCapital3 will be those that the parties have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including that the GigCapital3 stockholders will approve the transaction, the ability of the post-combination company to meet the NYSE listing standards, product and service acceptance and that Lightning eMotors will have sufficient capital upon the approval of the transaction to operate as anticipated. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of GigCapital3’s filings with the SEC, and in GigCapital3’s current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to GigCapital3 and/or Lightning eMotors as of the date hereof, and GigCapital3 and Lightning eMotors assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Additional Information and Where to Find It
In connection with the proposed business combination, GigCapital3 intends to file with the SEC a registration statement on Form S-4 containing a preliminary proxy statement and a preliminary prospectus of GigCapital3, and after the registration statement is declared effective, GigCapital3 will mail a definitive proxy statement/prospectus relating to the proposed business combination to its stockholders. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Additional information about the proposed business combination and related transactions will be described in GigCapital3’s Current Report on Form 8-K and combined proxy statement/prospectus relating to the proposed business combination and the respective businesses of GigCapital3 and Lightning eMotors, which GigCapital3 will file with the SEC. The proposed business combination and related transactions will be submitted to stockholders of GigCapital3 for their consideration. GigCapital3’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with GigCapital3’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination and related transactions, because these materials will contain important information about Lightning eMotors, GigCapital3 and the proposed business combination and related transactions. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of GigCapital3 as of a record date to be established for voting on the proposed business combination and related transactions.
Stockholders may also obtain a copy of the preliminary or definitive proxy statement/prospectus, once available, as well as other documents filed with the SEC by GigCapital3, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Brad Weightman, Vice President and Chief Financial Officer, GigCapital3, Inc., 1731 Embarcadero Rd., Suite 200, Palo Alto, CA 94303, or by telephone at (650) 276-7040.
Participants in the Solicitation
Lightning eMotors, GigCapital3 and their respective directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from GigCapital3’s stockholders in respect of the proposed business combination and related transactions. Information regarding GigCapital3’s directors and executive officers is available in its final prospectus filed with the SEC under Rule 424(b)(4) on May 15, 2020. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the preliminary and definitive proxy statements/prospectus related to the proposed business combination and related transactions when it becomes available, and which can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
For Lightning eMotors
Joe Koenig
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Katie Creaser
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Investor Relations
Ashish Gupta / Michael Callahan
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For GigCapital3 Investor / Media Relations:
Darrow Associates
Jim Fanucchi, (408) 404-5400
Jordan Darrow, (512) 551-9296
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SAN DIEGO--(BUSINESS WIRE)--Terra-Gen, a leading renewable energy developer and operator, today announced an agreement with Mortenson to proceed on the Edwards & Sanborn solar and energy storage project located in Kern County, California. The project consists of 1,118 megawatts of solar and 2,165 megawatt-hours of energy storage. It is currently the largest single solar and battery energy storage project to reach this milestone.
“Selecting the right partner to execute a project of this scale coupled with cutting edge battery experience was paramount for Terra-Gen, and Mortenson was a natural fit,” said Brian Gorda, Terra-Gen’s vice president of Engineering. “Terra-Gen is excited to push the industry to new heights and build a plant that provides energy for all hours of demand.”
The Edwards & Sanborn project is located near several operating wind and solar projects in Kern County, California. Mortenson is the full Engineering, Procurement, and Construction (EPC) contractor on both the solar and energy storage scopes. Site construction will commence in Q1 2021 with expected completion in Q4 2022.
Solar production on the site will utilize more than 2.5 million modules to produce enough energy to power 260,000 homes in California and energy storage will utilize more than 110,000 lithium-ion battery modules.
Mortenson is one of the top contractors in power with industry-leading experience in wind, solar, transmission and distribution, repowering and battery energy storage. The project is Mortenson’s 78th solar project and 11th energy storage project.
“The Edwards & Sanborn solar and energy storage project is industry-changing and during this challenging 2020 will redefine the impact these systems will have on our clean energy future,” said Trent Mostaert, Mortenson’s vice president and general manager of Solar. “We are proud to combine our solar and energy storage design and construction expertise with Terra-Gen’s development capabilities to deliver a world-class energy facility.”
At peak construction, more than 700 people will be employed on-site at the project.
About Terra-Gen, LLC
As a leading renewable energy developer that operates over 1.3 GW of wind, solar, and geothermal facilities, Terra-Gen specializes in development, construction, and operation of utility-scale wind, solar, energy storage, and geothermal generation facilities. ECP is a private equity firm focused on investing in North America’s energy infrastructure and acquired Terra-Gen in 2015. Since 2005, ECP has raised over $20 billion in commitments, utilizing this capital to build and acquire investment platforms across the renewable, power generation and environmental infrastructure sub-sectors.
About Mortenson
Mortenson is a U.S.-based, top-20 builder, developer, and engineering services provider serving the commercial, institutional, and energy sectors. Mortenson’s expanding portfolio of integrated services helps its customers move their strategies forward, ensuring their investments result in high-performing assets. The result is a turnkey partner, fully invested in the business success of its customers. For additional information, visit www.mortenson.com.
Cameron Snyder, Mortenson, This email address is being protected from spambots. You need JavaScript enabled to view it.
NEW YORK--(BUSINESS WIRE)--RMG Acquisition Corp. (“RMG”) announced that the virtual stockholder meeting to approve the proposed transaction between RMG and Romeo Systems, Inc., a Delaware corporation (“Romeo Power”) has been set for Monday, December 28, 2020 at 10:00 a.m., Eastern Time. Holders of record of RMG common stock at the close of business on December 1, 2020 will be entitled to vote at the virtual meeting to approve the proposed transaction and may cast their vote electronically by visiting https://web.lumiagm.com/233514185. If you hold your shares through a bank or broker then you should reach out to your bank or broker for assistance in voting your shares.
RMG has also announced that the Securities and Exchange Commission (“SEC”) today has declared effective its registration statement on Form S-4, which includes a definitive proxy statement in connection with the stockholder meeting. RMG has filed its definitive proxy statement for the stockholder meeting, which will be mailed together with a proxy card to RMG’s stockholders of record as of the record date.
About RMG Acquisition Corp.
RMG Acquisition Corp is a special purpose acquisition company whose management and board has deep experience in power, renewable energy, environmental services, energy technology and corporate governance. RMG’s team includes top level executives from Goldman Sachs, Carlyle Group, Cogentrix Energy, Deloitte & Touche, Access Industries, Calpine Corporation (CPN) and Riverside Management Group. For additional information, please visit http://www.rmgacquisition.com/.
About Romeo Power
Romeo Power, founded in 2016 in California by Michael Patterson, is an industry leading energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles. Through its energy dense battery modules and packs, Romeo Power enables large-scale sustainable transportation by delivering safer, longer lasting batteries with shorter charge times. With greater energy density, Romeo Power is able to create lightweight and efficient solutions that deliver superior performance, and provide improved acceleration, range, safety and durability. Romeo Power’s modules and packs are customizable and scalable, and they are optimized by its proprietary battery management system. The company has approximately 100 employees and more than 60 battery-specific engineers and a 113,000 square foot manufacturing facility in Los Angeles, California with key battery development capabilities performed in-house. On October 5, 2020, Romeo Power and RMG announced a definitive agreement for a business combination that would result in Romeo Power becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Romeo Power, Inc. and is expected to remain listed on the NYSE and trade under the new ticker symbol “RMO.” For additional information on Romeo Power, please visit https://romeopower.com
Important Information and Where to Find It
This press release relates to a proposed transaction between RMG and Romeo Power. RMG has filed with the SEC a registration statement on Form S-4 that includes a proxy statement/consent solicitation statement/prospectus, which was declared effective on Thursday, December 10, 2020 by the SEC. The proxy statement/consent solicitation statement/prospectus will be mailed to stockholders of RMG as of a record date to be established for voting on the proposed business combination. RMG also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF RMG ARE URGED TO READ THE PROXY STATEMENT/CONSENT SOLICITATION STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY RMG FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and other documents containing important information about RMG and Romeo Power once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by RMG when and if available, can be obtained free of charge on RMG’s website at www.rmgacquistion.com or by directing a written request to RMG Acquisition Corp., 50 West Street, Suite 40-C, New York, New York 10006.
Participants in the Solicitation
RMG and Romeo Power and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of RMG’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of RMG’s directors and officers in RMG’s filings with the SEC, including RMG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on April 1, 2019. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to RMG’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination is included in the proxy statement/consent solicitation statement/prospectus relating to the proposed business combination.
No Offer or Solicitation
This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Forward Looking Statements
This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside RMG’s or Romeo Power’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by RMG stockholders; the ability to meet the NYSE’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; Romeo Power’s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power’s products; the success of other competing technologies that may become available; Romeo Power’s ability to identify and integrate acquisitions; the performance of Romeo Power’s products; potential litigation involving RMG or Romeo Power; and general economic and market conditions impacting demand for Romeo Power’s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of RMG’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed below and other documents filed by RMG from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither RMG nor Romeo Power undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Romeo Power
For Investors
ICR, Inc.
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RMG Acquisition Corp.
Philip Kassin
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212-785-2579
BSNL and Skylo Poised to Connect Billions of Sensors and Machines in Maritime, Agriculture, Railway, Logistics, and Disaster Management
PALO ALTO, Calif.--(BUSINESS WIRE)--Skylo, the first satellite-based IoT solution that turns machines into always-connected smart objects, today announced an exclusive partnership with BSNL, India’s government-owned telecommunications provider.
“For centuries, industries including agriculture, railways, and fisheries, have been operating in the physical world and haven’t had the opportunity to take full advantage of modern digital technologies like AI, machine learning, IoT, and space connectivity, regardless of their geography -- until today,” said Skylo CEO and co-founder Parth Trivedi. “With Skylo and BSNL, fishermen, farmers, and truck drivers can access the benefits of an affordable, reliable satellite network and connected sensors, giving them up to the minute information. As a result, they’ll be able to make better decisions, save time and money, radically improve operations, and even save the lives of their workers.”
Together, Skylo and BSNL will advance Prime Minister Modi’s vision of a true Digital India by connecting millions of sensors and machines from space, so that business owners anywhere can understand, manage, and predict what is happening in order to make smart and timely decisions. The network is accessible across the sub-continent and is being rolled out with select customers in government and private sectors.
“BSNL’s vision is to leverage technology to provide affordable and innovative telecom services and products across customer segments,” said Sh. P. K. Purwar, CMD, BSNL. “With our pan-India presence and Skylo’s new, disruptive satellite-based IoT data mobility solution, we now have an unparalleled opportunity to serve previously underserved industries by bringing an affordable and easy way to connect IoT sensors anywhere in India. We are confident that this will lead to tremendous efficiencies and new ‘connected’ business models for players in these industries and with their progress, India's growth story will get a boost.”
Skylo is currently being integrated and tested on trucks, commercial vehicles, railways, and fishing vessels in India. Manufactured under the “Make in India” initiative, Skylo has leveraged cellular-grade hardware to communicate over satellite, resulting in highly affordable, easy to install rugged hub devices, and an immersive dashboard to be able to access information from remote locations on mobile devices or desktops. Skylo leverages existing satellites to bring reliable connectivity without the need to add new infrastructure in space.
“Being able to affordably connect IoT devices, vehicles and vessels across the country is a transformative capability for India,” said Trivedi. “We are completely invested in the Government of India’s vision for a ‘Digital India’ and inspired by the Hon’ble Prime Minister, Shri Narendra Modi’s recent call of ‘Vocal for Local.’ We recognize NITI Aayog’s enormous contribution in creating a conducive environment for rapid innovation in India and remain grateful for their support. This is the world’s first 5G NB-IoT network over satellite, and we’re proud to be launching it initially in India.”
Whether equipping tractors or fishing boats, train cars or trucks, mining equipment or electrical grids, Skylo connects machines so they can start sharing data through the Skylo Hub. A small, smart, incredibly rugged box, the Skylo Hub reads sensors and transmits data to the Skylo Satellite Network which then sends data where it belongs: into people’s hands. The immersive Skylo Platform provides a visualized experience via mobile and desktop and gives users the ability to take immediate and appropriate action.
Please refer to today’s BSNL press release: BSNL, in partnership with Skylo, to introduce worlds' first, satellite-based narrowband-IoT network in India.
BSNL is an Indian state owned telecommunications company, headquartered in New Delhi India. It was incorporated by the Department of Telecommunications (DOT), Ministry of Communications, Government of India in 2000. It provides mobile voice and internet services through its nationwide network across India. It is the largest telecoms company in India with more than 60% market share and is the fourth largest wireless provider in the world.
About Skylo
Skylo delivers the world’s first disruptively affordable, satellite-based solution that connects machines and sensors, from slow moving tractors to fast moving trucks, from fishing boats at sea to railcars, from pipelines to livestock, no matter where in the world they are. Skylo continuously collects and shares this valuable data through an intuitive and immersive user platform so people can make smarter decisions faster. The first company to leverage the cellular Narrowband Internet of Things (NB-IoT) protocol for satellite communications, Skylo connects remote areas to serve a wide range of industries including farming, fishing, railways, logistics, and disaster preparedness. Skylo has offices in Palo Alto, CA; Bangalore, India; Tel Aviv, Israel; Espoo, Finland, and is growing globally to support its customers. To learn more about Skylo, visit www.skylo.tech, or find us on Twitter, LinkedIn, and YouTube.
Media Contact | Kelly Brieger | This email address is being protected from spambots. You need JavaScript enabled to view it. | 650-704-1748 | www.skylo.tech
ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC), a leading provider of aftermarket distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets in the public and private sectors, announced that the Company's Board of Directors has declared a regular quarterly cash dividend of $0.09 per share of VSE common stock. The dividend is payable on February 10, 2021 to stockholders of record at the close of business on January 27, 2021.
ABOUT VSE CORPORATION
VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include maintenance, repair and overhaul (MRO) services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE’s services and products, visit us at www.vsecorp.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE’s actual results to vary materially from those indicated or anticipated by such statements. Many factors could cause actual results and performance to be materially different from any future results or performance, including, among others, the risk factors described in our reports filed or expected to be filed with the SEC. Any forward-looking statement or statement of belief speaks only as of the date of this press release. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
INVESTOR RELATIONS CONTACT: Noel Ryan | 720.778.2415 | This email address is being protected from spambots. You need JavaScript enabled to view it.
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