Falling battery prices have made utility-scale energy storage projects cost-competitive with fossil fuel generation and other technologies for numerous applications
BOULDER, Colo.--(BUSINESS WIRE)--A new report from Guidehouse Insights examines new utility-scale energy storage (UES) projects in terms of power capacity (MW), energy capacity (MWh), and project deployment revenue, through 2029.
UES is now considered a key component of new power system planning efforts in countries around the world. This represents a major shift from just 2 years ago when the technology was still largely considered too expensive or complex for integration into energy markets. Click to tweet: According to a new report from @WeAreGHInsights, through 2029, Asia Pacific is expected to be the largest market overall with a cumulative 60,747.4 MW of new UES capacity, representing a compound annual growth rate of 39.4%.
“UES is a multifaceted technology capable of providing a range of grid services and improving overall power system efficiency,” says Pritil Gunjan, senior research analyst with Guidehouse Insights. “Although the technology can provide operational cost savings for any power system, the single most important driver for the market’s growth is the increasing penetration of variable renewable power generation, notably solar and wind.”
According to the report, falling battery prices have made UES projects cost-competitive with fossil fuel generation and other technologies for numerous applications including peak generation capacity and frequency regulation. However, the most substantial shift has been the improving economics of combined solar-plus-storage projects which are now cheaper than natural gas generation in many countries and account for a large and growing portion of the global UES market.
The report, Market Data: Utility-Scale Energy Storage Market Update, report provides global forecasts for annual deployments of new UES projects in terms of power capacity (MW), energy capacity (MWh), and project deployment revenue. These forecasts are then segmented by global region, technology, and the application or services that the system provides. Additional insight is provided through forecasts for the top 10 largest country-level markets globally. All forecasts cover a 10-year period from 2020 – 2029. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Utility-Scale Energy Storage Market Update, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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HOUSTON--(BUSINESS WIRE)--Black Bear Transmission LLC, (“Black Bear”) today announced that it has completed the divestiture of all the assets owned by Ozark Gas Gathering, L.L.C. (“OGG”) to an undisclosed buyer.
Black Bear is a portfolio company of the second Basalt fund (“Basalt”). This divestiture follows two bolt-on acquisitions completed by Black Bear this year – the purchase of the Ozark Gas Transmission and Gathering systems from Enbridge in April 2020 and the NGT Assets from Third Coast Midstream in September 2020.
OGG owns and operates a fee-based, natural gas gathering system that connects regional production in Oklahoma and Arkansas to Ozark Gas Transmission and other long-haul pipelines. The asset sale consists of more than 220 active metered locations, approximately 330-miles of natural gas pipelines, and 19 active compressor units totaling 11,400 horsepower.
“We are very pleased with this transaction,” said Rene Casadaban, Chief Executive Officer of Black Bear. “The sale of these assets allows us to focus on our core business, which is to serve long-term, demand-driven end-user markets. We look forward to strengthening our relationships with the Ozark Gas Transmission customers while continuing to provide safe and reliable service.”
“A key part of our strategy when we purchased the Ozark assets from Enbridge was to divest the gathering system and focus on the transmission line,” added Scott Langston, Senior Vice President and Chief Commercial Officer for Black Bear. “We’re proud to execute on this goal after only six months of ownership, and we appreciate all of the hard work from everybody involved to complete this sale.”
The terms of the transaction are not being disclosed.
Morgan, Lewis & Bockius LLP served as Black Bear’s legal advisor.
About Black Bear
Black Bear Transmission LLC transports and delivers natural gas from various pipeline receipt points to utility, power generation and industrial customers in the Southeast United States. Following this sale, Black Bear owns and operates 13 regulated natural gas pipelines stretching more than 2,300 miles, with total delivery capacity of more than 2.6 Bcf per day. The pipelines are connected to 18 major long-haul pipelines, ensuring reliable gas supply to customers across Alabama, Arkansas, Louisiana, Mississippi, Missouri, Oklahoma and Tennessee. Black Bear Transmission LLC is headquartered in Houston, TX.
For more information, please visit www.blackbearllc.com
About Basalt
Basalt I and Basalt II are two of the flagship Basalt Infrastructure Partners funds. They are infrastructure equity investment funds focusing on investments in utilities, power, transport, and communications infrastructure in North America and Europe. Other investments by the Basalt funds in North America include the Upper Peninsula Power Company, Texas Microgrid, DB Energy Assets, Detroit Thermal, Hyperion and Helios Power. Black Bear Transmission is a Basalt II portfolio company.
For more information, please visit www.basaltinfra.com.
For media inquiries:
Black Bear Transmission
Rene Casadaban
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Shift Toward Lean Manufacturing will Drive the Market Growth during the Forecast Period
LONDON--(BUSINESS WIRE)--#IndustrialAutomationandInstrumentationMarketinIndia--The industrial automation and instrumentation market in India is expected to register a CAGR of over 10% during 2020-2024, as per the latest research report by Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
Request for Technavio’s market report estimates including pre- and post-COVID-19 impact on industrial automation and instrumentation market in India. Download a Free Sample Report on the impact of COVID-19 pandemic analysis.
Due to the extensive spread of the virus across the globe, the Industrials sector is anticipated to have Negative impact. However, the industrial automation and instrumentation market in India will showcase Neutral impact during 2020-2024.
Industrial Automation and Instrumentation Market in India 2020-2024: Segmentation
Industrial Automation and Instrumentation Market in India is segmented as below:
The process industry segment includes industries such as oil and gas, chemical and petrochemical, textile and apparel, mining and metals, and others. The growing energy demand has encouraged companies in India to explore new conventional and non-conventional hydrocarbon resources. Such exploration has driven the need for automation and instrumentation solutions in the oil and gas, chemical and petrochemical, and power industries. Market growth in this segment will be slower than the growth of the market in the discrete industry segment.
The Industrials market is anticipated to have an indirect impact due to the spread of COVID-19, and the industrial automation and instrumentation market demand in India will show At par growth. View market snapshot before purchasing
Simplification of manufacturing through automation has been an instrumental factor in influencing the growth of industrial automation and instrumentation market in India. Other market drivers include simplification of manufacturing through automation and need for efficient use of resources and reduction of emissions. Technavio offers custom research analysis on the crucial pointers to highlight the impact of COVID-19 on the market across the supply chain.
Key Considerations for Market Forecast:
Get more insights about the global trends impacting the future of industrial automation and instrumentation market in India, Request Free Sample @ https://www.technavio.com/talk-to-us?report=IRTNTR41572
Industrial Automation and Instrumentation Market in India 2020-2024: Vendor Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Key players in the market have been launching several initiatives and introducing innovative products and services to cater to a larger target audience during the pandemic. Major market participants include ABB Ltd., Eaton Corp. Plc, Emerson Electric Co., General Electric, Honeywell International Inc., Robert Bosch GmbH, Rockwell Automation Inc., Schlumberger Ltd., Schneider Electric SE, and Siemens AG.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform
Table of Contents:
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by End-user
Customer landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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MONHEIM AM RHEIN, Germany--(BUSINESS WIRE)--OQ Chemicals (formerly Oxea) has successfully completed a recent expansion project at its Oberhausen, Germany site resulting in a 30 percent increase in its global production capacity for isononanoic acid. The project completed at the site is part of the previously announced carboxylic acid expansions in the short and mid-term.
“Isononanoic acid, a higher carboxylic acid, is a key ingredient in next-generation synthetic polyol ester-based lubricants for the refrigeration industry. Demand is driven by changes in new environmental regulations and heightened energy efficiency standards,” said OQ Chemicals’ Marketing Acids, Kyle Hendrix.
“OQ Chemicals is one of the world’s leading manufacturers of carboxylic acids. The completion of the expansion project marks an important milestone in our long-term capacity strategy for carboxylic acids, which is based on expanding existing assets and adding production plants. As the expansion projects are completed, work on our projected, sixth world-scale carboxylic acid plant in Oberhausen continues,” stated Dr. Oliver Borgmeier, COO at OQ Chemicals. “The additional volume will further enhance the flexibility of our production platforms and improve reliability of supply, allowing our customers to grow their business across the whole acid portfolio for the next decade,” he added.
Carboxylic acids from OQ Chemicals are used in the production of synthetic lubricants and as building blocks for the animal feed industry.
About OQ Chemicals
OQ Chemicals, formerly Oxea, is a global manufacturer of oxo intermediates and oxo derivatives, such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These products are used for the production of high-quality coatings, lubricants, cosmetics and pharmaceutical products, flavours and fragrances, printing inks and plastics. More information is available at chemicals.oq.com. OQ Chemicals is part of OQ, an integrated energy company that delivers sustainability and business excellence. OQ operates in 16 countries and covers the entire value chain from exploration and production to the marketing and distribution of its products.
Media contact
OQ Chemicals GmbH
Thorsten Ostermann, Communications and Press Relations
Phone: +49 (0)2173 9993-3009
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DUBLIN--(BUSINESS WIRE)--The "Wind Turbine Control Systems - Global Market Outlook (2019-2027)" report has been added to ResearchAndMarkets.com's offering.
The Global Wind Turbine Control Systems market accounted for $6.79 billion in 2019 and is expected to reach $16.70 billion by 2027 growing at a CAGR of 11.9% during the forecast period.
Some of the key factors propelling market growth include advancements in blades, introduction of reliable gearboxes, digitization of processes, robust cybersecurity solutions and scalable hardware, increase in global demand for electricity, and increasing R&D. However, availability of cheaper alternate sources of energy is restraining market growth.
Wind turbine control systems are essential for the reliable, efficient and safe functioning of wind turbines. They are fitted with sensors that gather data on wind conditions, power generation, vibration, lubricants, rotor and generator speed and other parameters, which are then sent for analysis to a computer.
By application, the onshore segment is anticipated to grow at significant rate during the forecast period, due to a large number of onshore wind turbines and lower investments compared to those required for installation of offshore wind turbines. On the basis of geography, Asia Pacific is likely to have significant growth during the forecast period, owing to high investments in the wind energy industry from countries in the region such as China and India and rise in the number of wind farms in the region. Demand for electricity has increased in China, owing to steady economic growth and industrial demand. Demand for electricity has also increased in some other countries of Asia Pacific such as India, South Korea, Japan, and Indonesia.
What the report offers:
Key Topics Covered:
1 Executive Summary
2 Preface
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Product Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Wind Turbine Control Systems Market, By Installation
5.1 Introduction
5.2 Retrofits
5.3 New Installations
6 Global Wind Turbine Control Systems Market, By Component
6.1 Introduction
6.2 Software
6.3 Hardware
6.3.1 Sensors
6.3.2 Drives & Motors
6.3.3 Human Machine Interface (HMI)
6.3.4 Other Hardwares
6.3.4.1 Cables
6.3.4.2 Actuators
6.3.4.3 Switches
7 Global Wind Turbine Control Systems Market, By Type
7.1 Introduction
7.2 Main Control Systems
7.3 Condition Monitoring Systems
7.4 Yaw Systems
7.5 Pitch Systems
8 Global Wind Turbine Control Systems Market, By Application
8.1 Introduction
8.2 Offshore
8.3 Onshore
8.4 Small Turbines
8.5 Large Turbines
9 Global Wind Turbine Control Systems Market, By Product Type
9.1 Introduction
9.2 Generator Torque Control
9.3 Blade Pitch Control
10 Global Wind Turbine Control Systems Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 KK Wind Solutions
12.2 Moog Inc.
12.3 Rockwell Automation, Inc.
12.4 Bachmann electronic GmbH
12.5 ABB
12.6 CORDYNE, Inc.
12.7 Mita-Teknik
12.8 General Electric
12.9 Siemens
12.10 Pepperl+Fuchs
12.11 Emerson Electric Co.
12.12 DEIF Group
12.13 AMERICAN SUPERCONDUCTOR (AMSC)
12.14 Vestas
For more information about this report visit https://www.researchandmarkets.com/r/5hau2w
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced that it has received a notice from the New York Stock Exchange (“NYSE”) that the Trust has fallen below the NYSE continued listing requirement that the average closing price of the Trust’s units of beneficial interest be at least $1.00 per share, calculated over a period of 30 consecutive trading days. The Trust received the deficiency notice from the NYSE on September 25, 2020, and on October 1, 2020, the Trust acknowledged receipt of the notice.
Under the NYSE standards, the Trust can avoid delisting if, during the six-month period following receipt of the NYSE notice, on the last trading-day of any calendar month, the Trust’s units of beneficial interest have a closing price per unit and a 30 trading-day average closing unit price of at least $1.00. The Trust has no control at all over the trading price of the units, nor does the Trust have the authority to cause a reverse split of the units or to take similar action designed to affect the trading price of the units without a vote from the Trust unitholders.
During this period, the Trust’s units will continue to be traded on the NYSE, subject to compliance with other continued listing requirements.
Permianville Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell 1 (512) 236-6555
DALLAS--(BUSINESS WIRE)--HollyFrontier Corporation (NYSE:HFC) (“HollyFrontier”) today announced that its Board of Directors (the “Board”) appointed Manny Fernandez to the Board effective October 1, 2020. This appointment increases the size of the Board to eleven directors and increases the number of independent directors on the Board from nine to ten.
Mr. Fernandez joined KPMG LLP in 1984 and served in a number of leadership positions until his retirement in September 2020, including most recently as Managing Partner of the Dallas office and market leader for KPMG’s Southwest region across audit, tax and consulting services from October 2009 to September 2020. During his career at KPMG, he also served as National Managing Partner for Talent Acquisition, member of the National Inclusion and Diversity Board and as Co-Chair of the National Hispanic/Latino employee resource group.
Effective in October 2020, Mr. Fernandez will also serve on the board of directors of Jacobs. He has also actively engaged in a number of community and non-profit activities. Having emigrated from Cuba at the age of eight, Mr. Fernandez has a passion for advancing inclusion and diversity, and was recognized for his leadership and dedication to advancing the careers of Latino professionals by The Association of Latino Professionals for America (ALPFA) with the Lifetime Achievement Award.
With more the 36 years of experience advising public and private companies across a variety of industries and geographies, Mr. Fernandez brings to the Board extensive finance and accounting expertise, as well as executive and talent management experience.
“Manny is an accomplished business leader with extensive experience advising public companies. We welcome the experience and expertise he will bring to HollyFrontier,” said Franklin Myers, Chairman of the Board.
About HollyFrontier Corporation
HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier owns and operates refineries located in Kansas, Oklahoma, New Mexico and Utah and markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. In addition, HollyFrontier produces base oils and other specialized lubricants in the U.S., Canada and the Netherlands, and exports products to more than 80 countries. HollyFrontier also owns a 57% limited partner interest and a non-economic general partner interest in Holly Energy Partners, L.P., a master limited partnership that provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries.
Richard L. Voliva III, Executive Vice President and Chief Financial Officer
Craig Biery, Vice President, Investor Relations
HollyFrontier Corporation
214-954-6510
Acquisition furthers HomeServe’s Mid-Atlantic HVAC service business footprint, enhances customer satisfaction and opportunities to achieve operational efficiencies
NORWALK, Conn.--(BUSINESS WIRE)--HomeServe USA (HomeServe), a leading provider of home emergency repair service plans, today announced the successful acquisition, through its Energy Services operation, of substantially all of the assets of UGI HVAC Enterprises, Inc. (UGI HVAC) located in Wyomissing, Pennsylvania. UGI HVAC is an indirect wholly owned subsidiary of UGI Corporation. The UGI HVAC operations include UGI Heating, Cooling & Plumbing, Berkshire Mechanical, and Denny’s Electric. This agreement gives HomeServe the opportunity to expand its footprint of HVAC installation and service businesses in eastern and central Pennsylvania.
As part of this acquisition, almost all UGI HVAC’s staff members have accepted offers of employment with HomeServe’s Energy Services operation and, as of this morning, they are part of the HomeServe team. HomeServe is integrating the business into its Energy Services division with operations in metro NY, metro Boston and South Jersey areas. With more than 500,000 households in the UGI HVAC area, HomeServe will be able to offer exceptional HVAC installation, maintenance and repair services under the familiar UGI HVAC brand that HomeServe will continue to use under a long-term licensing agreement.
“Offering a high-quality customer experience is what drives us at HomeServe, which is why we’re excited to work with our new colleagues at UGI HVAC to serve customers throughout their territory,” commented Tom Rusin, Global CEO of HomeServe Membership. “The UGI HVAC business is a natural fit for our expanding HVAC operation that continues to grow in the Mid-Atlantic and around the country.”
“I am happy that almost all of the UGI HVAC employees were offered and subsequently accepted positions with HomeServe as this will create a seamless transition for the customers” said Joe Hartz, President of UGI Energy Services, LLC.
For more information about HomeServe, please visit www.HomeServeUSA.com.
About HomeServe
HomeServe USA Corp. (HomeServe) is a leading provider of home repair solutions serving more than 4.4 million customers across the US and Canada under the HomeServe, Home Emergency Insurance Solutions, Service Line Warranties of America (SLWA), Service Line Warranties of Canada (SLWC) names, and through locally branded HVAC companies located in major metro areas.
Since 2003, HomeServe has been protecting homeowners against the expense and inconvenience of water, sewer, electrical, HVAC and other home repair emergencies by providing affordable repair coverage, installations and quality local service.
As an A+ rated Better Business Bureau Accredited Business, HomeServe is dedicated to being a customer-focused company supplying best-in-class repair plans and other services to consumers directly and through nearly 1,000 leading municipal, utility and association partners.
HomeServe has teamed up with executive producer, host, and best-selling author Mike Rowe, best known as the creator and host of the hit TV series Dirty Jobs, to work together to provide homeowners expert advice on maintaining, enhancing and protecting their homes. For more information about HomeServe, a Great Place To Work certified winner and recipient of thirty 2020 Stevie Awards for Sales & Customer Service, or to learn more about HomeServe's affordable repair plans, please go to www.homeserve.com. Connect with HomeServe on Facebook and Twitter @HomeServeUSA. For news and information follow on Twitter @HomeServeUSNews.
MEDIA:
Myles Meehan
HomeServe USA
Phone: 203-356-4259
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Claire Deneen
Hill+Knowlton Strategies for HomeServe
Phone: 312-255-3134
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Debt Reduced by 23% in 3rd Quarter; Borrowing Base Redetermination Completed
THE WOODLANDS, Texas--(BUSINESS WIRE)--Earthstone Energy, Inc. (NYSE: ESTE) (“Earthstone” or the “Company”) today provided a financial update which highlighted debt reduction achieved in the third quarter of 2020, the successful early completion of the Company’s regularly scheduled borrowing base redetermination under its senior secured revolving credit facility (“Credit Facility”), and a related amendment to its Credit Facility.
As of September 30, 2020, the Company estimates that its outstanding debt balance was $130.0 million, which represents a 23% decrease from the $168.6 million of debt outstanding as of June 30, 2020. The Company also completed a redetermination of the borrowing base under its Credit Facility (the “Redetermination”), which resulted in a 13% reduction of the borrowing base from $275 million to $240 million. In conjunction with the Redetermination, the Credit Facility was amended (the “Amendment”). Amongst other things, the Amendment provided for increased flexibility to finance and make acquisitions, a minor increase in the interest rate on outstanding borrowings, limitations on amounts of cash held, and tightened restrictions around paying dividends or making distributions.
Robert J. Anderson, President and Chief Executive Officer of Earthstone, commented, “The $38.6 million reduction in our outstanding debt balances on a quarter over quarter basis is reflective of what we expected as we continued to deliver significant free cash flow(1) during the third quarter. We continue to target a leverage ratio at or below 1x Net Debt to Adjusted EBITDAX at year-end 2020, driven by our well hedged production profile, success in achieving reduced costs and limited capital expenditures. We appreciate our lending group’s continued support in helping us achieve our goals.”
(1) As used in this news release, “free cash flow”, a non-GAAP measure, means Adjusted EBITDAX (a non-GAAP measure), less interest expense, less accrual-based capital expenditures. As used in this news release “Adjusted EBITDAX”, a non-GAAP measure means net income plus, when applicable, accretion of asset retirement obligations; impairment expense; depletion, depreciation and amortization; interest expense, net; transaction costs; loss (gain) on sale of oil and gas properties; unrealized (gain) loss on derivatives; stock-based compensation; and income tax expense.
About Earthstone Energy, Inc.
Earthstone Energy, Inc. is a growth-oriented, independent energy company engaged in development and operation of oil and natural gas properties. The Company’s primary assets are in the Midland Basin of west Texas and the Eagle Ford Trend of south Texas. Earthstone is traded on NYSE under the symbol “ESTE.” For more information, visit the Company’s website at www.earthstoneenergy.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as “expects,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “forecast,” “guidance,” “target,” “potential,” “possible,” or “probable” or statements that certain actions, events or results “may,” “will,” “should,” or “could” be taken, occur or be achieved. Forward-looking statements are based on current expectations and assumptions and analyses made by Earthstone and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Earthstone’s annual report on Form 10-K for the year ended December 31, 2019, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other Securities and Exchange Commission (“SEC”) filings. Earthstone undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.
Mark Lumpkin, Jr.
Executive Vice President – Chief Financial Officer
Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300
The Woodlands, TX 77380
281-298-4246
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Scott Thelander
Vice President of Finance
Earthstone Energy, Inc.
1400 Woodloch Forest Drive, Suite 300
The Woodlands, TX 77380
281-298-4246
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VALLEY FORGE, Pa.--(BUSINESS WIRE)--UGI Corporation (NYSE: UGI) announced today that a subsidiary, UGI Energy Services, LLC, sold its ownership stake in the Conemaugh coal-fired power generation station to Montour, LLC.
UGI held an ownership share of approximately 6%, or 102 MW of the Conemaugh facility, located near Johnstown in Western Pennsylvania. The sale of this non-core asset will reduce UGI's direct CO2 equivalent emissions by more than 30% and is consistent with our focus on growing our Midstream and Utilities businesses, as we intensify our Environmental, Social, and Governance (“ESG”) efforts.
“The sale of our ownership stake in the Conemaugh facility is another step toward achievement of our Company’s ambitious greenhouse gas emission reduction target, part of our ESG initiative,” said Robert F. Beard, Executive Vice President – Natural Gas, for UGI Corporation. “We're committed to substantially reducing the impact of our operations on our environment, contributing significantly to the health and well-being of the communities we serve, and providing our customers with renewable, affordable energy solutions,” Mr. Beard stated.
About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing in eleven states, the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
Investor Relations
Brendan Heck, 610-337-1000 ext. 6608
Alanna Zahora, 610-337-1000 ext. 1004
Shelly Oates, 610-337-1000 ext. 3202
TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE: NGL) (“NGL” or the “Partnership”) announced today that the Partnership has begun receiving produced water from XTO Energy’s (a subsidiary of ExxonMobil Corporation) Poker Lake Development in the Delaware Basin. These volumes represent full commissioning of NGL’s 30-inch pipeline, Poker Lake Express, which has been constructed to transport volumes associated with its 18-year Poker Lake acreage dedication. This dedication includes first-call rights for produced water covering approximately 70,000 contiguous acres in Eddy County, NM. The Partnership is utilizing the new Poker Lake Express Pipeline, which has an initial capacity of over 350,000 barrels per day and connects into its integrated Delaware Basin produced water pipeline infrastructure network, to service this dedication and transport these volumes. The Partnership expects to expand its takeaway capacity with an additional pipeline as the Poker Lake Development progresses, ultimately increasing total takeaway capacity to over 700,000 barrels per day from this development.
“We are pleased to announce first flows from Poker Lake, which represents a major milestone for our Water Solutions business. The construction and commissioning of this project was made possible from the hard work of the NGL team in combination with the efforts and strong collaboration from the XTO Energy team. We are extremely proud to be a part of the Poker Lake Development and the trust the XTO team has placed in us to provide safe, efficient, reliable water solutions for one of its premier assets,” stated Christian Holcomb, Senior Vice President and Chief Operating Officer - NGL Water Solutions.
NGL owns and operates the largest integrated network of large diameter produced water pipelines, recycling facilities and disposal wells in the Delaware Basin. The Partnership’s Water Solutions segment operates in a number of the most prolific crude oil and natural gas producing areas including the Delaware Basin in New Mexico and Texas, the Midland Basin in Texas, the DJ Basin in Colorado and the Eagle Ford Basin in Texas.
Forward Looking Statements
Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.
Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.
About NGL Energy Partners LP
NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.
NGL Energy Partners LP
Commercial:
Christian Holcomb, 303-815-1010
Senior Vice President & Chief Operating Officer – NGL Water Solutions
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Investor Relations:
Trey Karlovich, 918-481-1119
Executive Vice President & Chief Financial Officer
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or
Linda Bridges, 918-481-1119
Senior Vice President - Finance and Treasurer
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Industry expert will deepen company’s expertise, help clients navigate a rapidly changing power market
OVERLAND PARK, Kan.--(BUSINESS WIRE)--The rise of distributed energy resources (DER) is changing power distribution as policy makers, regulators and the public press for decarbonization, energy independence, resiliency and sustainability. Amidst this transformation, Black & Veatch, a global leader in power infrastructure services, announces Rob Wilhite has been named Vice President of Global Distributed Energy within the company’s power business.
With more than 35 years’ experience in the energy industry, Wilhite assumes a role focused on assisting electric industry clients with repowering and the continued integration of generation, transmission and distribution resources. The distributed energy market is growing at an accelerating pace, both in-front of and behind the meter. As a result, the industry is facing new questions around what the distributed grid landscape will look like, and the challenges it will present to incumbent and new service providers as the market develops and matures.
According to Black & Veatch’s upcoming 2020 Strategic Directions: Electric Report, which launches this month, one-third of the electric utility industry is actively engaged in DER investment and grid modernization. Slightly more than 39 percent are investing more money in distribution over last year, an investment trend that supports the expansion of DER as transmission and distribution loads shift network stress points and capabilities.
Wilhite, who joined the company last year as senior managing director for Black & Veatch Management Consulting, LLC’s global power industry segment, brings deep expertise in competitive energy markets, grid modernization, distributed energy and operational efficiency for utility, commercial, industrial and municipal clients.
“Clients are increasingly looking for an integrated solutions provider who can guide them through sweeping changes and help them address the fluctuations underway in the power industry, particularly when it comes to executing and delivering distributed energy projects,” said Mario Azar, President of Black & Veatch’s power business. “Rob’s knowledge of new technologies, changing regulations and integrated resource planning further enables us to meet our clients’ growing need to achieve their reliability and resiliency goals.”
Before joining Black & Veatch in 2019, Wilhite held leadership positions with Navigant Consulting, KEMA, Accenture and the Electric Power Research Institute. He has had numerous P&L responsibilities, driving growth and profitability for global consulting practices focused on business strategy, policy and regulations, grid modernization, DER and operational performance. Wilhite started his career at Florida Power & Light.
Editor’s Notes:
About Black & Veatch
Black & Veatch is an employee-owned engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people in over 100 countries by addressing the resilience and reliability of our world's most important infrastructure assets. Our revenues in 2019 were US$3.7 billion. Follow us on www.bv.com and on social media.
Media Contact Information:
MELINA VISSAT | +1 303-256-4065 P | +1 617-595-8009 M | This email address is being protected from spambots. You need JavaScript enabled to view it.
24-HOUR MEDIA HOTLINE | +1 866-496-9149
Industry veterans strengthen Avangrid Renewables’ leadership in offshore wind
PORTLAND, Ore.--(BUSINESS WIRE)--Avangrid Renewables, a subsidiary of AVANGRID, Inc. (NYSE: AGR) and a leading developer of utility-scale solar, onshore and offshore wind projects, today announced the appointment of Bill White as head of U.S. offshore wind and Sy Oytan as deputy CEO of Vineyard Wind. Through its partnership with Copenhagen Infrastructure Partners, Avangrid Renewables is jointly developing Vineyard Wind, the nation’s first large-scale offshore wind farm off the coast of Massachusetts, and Park City Wind, which will supply Massachusetts and Connecticut, respectively, with clean renewable energy.
White will lead the development and implementation of Avangrid Renewables’ overall offshore wind strategy in the U.S. Oytan will be joining White’s team and will oversee business management, finance, development and delivery for the Vineyard Wind and Park City projects.
“Throughout his career, Bill has helped lay the foundation for the U.S. offshore wind industry. His experience, expertise and relationships will further strengthen Avangrid Renewables’ position as an industry leader,” said president and CEO of Avangrid Renewables Alejandro de Hoz. “Sy’s background in offshore wind project development and delivery makes him a tremendous addition to our team. His expertise will facilitate the successful development of these two groundbreaking offshore wind projects for Massachusetts and Connecticut.”
In addition to the two southern New England projects, Avangrid Renewables is developing its wholly-owned Kitty Hawk Offshore Wind project, a proposed 2,500 megawatt offshore wind project off the coast of Virginia and North Carolina. In total, Avangrid Renewables has an offshore wind development pipeline of nearly five gigawatts, enough to power approximately two million American homes.
“I’m proud to join the pioneers of the North American offshore wind industry,” said White. “Avangrid Renewables is leading a new American energy transition that will create thousands of jobs while producing clean, affordable energy to tackle our mounting climate emergency. I am thrilled to join such a strong team dedicated to launching the future of U.S. clean energy offshore.”
Prior to joining Avangrid Renewables, White served as President and CEO of EnBW North America, the U.S. offshore wind subsidiary of the German utility. He was previously the senior director of offshore wind sector development for the Massachusetts Clean Energy Center where he led the state’s offshore wind planning efforts and directed initiatives to support the responsible siting of offshore wind projects.
Additionally, White served in the White House as a special assistant to the president and as assistant secretary at the Massachusetts Executive Office of Energy and Environmental Affairs. He is a graduate of Boston College’s School of Management and the Harvard Kennedy School.
“Vineyard Wind is breaking new ground with the first large-scale offshore wind farms in the waters of the United States,” said Oytan. “Joining the team that’s helping make this project a reality and growing a new U.S. industry is a terrific opportunity.”
Oytan joins Avangrid Renewables from Arup, where he led offshore wind development efforts for the multinational engineering firm. Previously, he worked for the New Jersey Economic Development Authority where he spearheaded a range of offshore wind port and supply chain development initiatives for the State of New Jersey. During his career, he led the development, delivery, construction and advisory on 6.5 GW of onshore and offshore wind energy projects in the US, Europe and Asia. He has also held a variety of leadership positions at Siemens Gamesa and Schlumberger. He is a mechanical engineer with a master’s degree in Industrial Management from Clemson University.
White and Oytan will be based, respectively, in Avangrid Renewables’ and Vineyard Wind’s offices in Boston, Massachusetts.
About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities primarily using wind power. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $35 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.
Morgan Pitts
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503.933.8907 (business hours)
24/7 Media Hotline
833.MEDIA.55 (833.633.4255)
DALLAS--(BUSINESS WIRE)--Holly Energy Partners, L.P. (NYSE:HEP) today announced its wholly-owned subsidiary, Frontier Aspen LLC (“Carrier”), is conducting a binding open season to assess shipper interest in committed crude oil interstate transportation service of expansion capacity that Carrier is considering developing on its existing pipeline, from origin points in and around Casper, WY to destination points in and around Frontier Station, UT (the “Expansion”). Carrier expects to commence service on the expansion capacity in the 3rd quarter of 2021.
This open season will provide an opportunity for shippers to support the Expansion by making volume commitments, thereby becoming “Committed Shippers” for the term of their transportation service agreements (“TSAs”). Subject to the terms of their TSAs, Committed Shippers will be entitled to “Committed Service” that will not be subject to prorationing in the ordinary course for a quantity up to the Committed Shipper’s volume commitment.
The binding open season will commence on October 1, 2020 and will end at 5:00 PM CDT on October 22, 2020.
About the Frontier Aspen Pipeline
The Frontier Aspen Pipeline is a 289-mile interstate crude oil pipeline that spans from Casper, Wyoming to Frontier Station, Utah which connects to Holly Energy Partners’ SLC Pipeline that ultimately delivers crude oil to refineries in the Salt Lake City, Utah area.
Open Season Process
Bona fide potential shippers that desire to receive copies of the open season documents are required to execute a Non-Disclosure Agreement that may be obtained by contacting the following representative provided below.
To execute the NDA, a potential shipper must:
(A) |
Insert its name, jurisdiction of incorporation or formation, email address, and contact information. |
|
|
(B) |
Submit two executed copies to: |
|
Steven Ratliff |
|
Business Development Specialist |
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(214) 871-3547 |
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NDAs that have been altered or amended in any way by a potential shipper, other than by the insertion of the shipper’s name, jurisdiction of incorporation or formation, e-mail address and contact information, may not be accepted by Carrier, in which case the open season documents will not be provided to that shipper.
About Holly Energy Partners, L.P.:
Holly Energy Partners, L.P., headquartered in Dallas, Texas, provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries. The Partnership, through its subsidiaries and joint ventures, owns and/or operates petroleum product and crude gathering pipelines, tankage and terminals in Texas, New Mexico, Washington, Idaho, Oklahoma, Utah, Nevada, Wyoming and Kansas as well as refinery processing units in Kansas and Utah.
Holly Energy Partners, L.P.
Trey Schonter, 214-954-6511
Investor Relations
Decline in Lithium Ion Battery Cost will Drive the Market Growth during the Forecast Period
LONDON--(BUSINESS WIRE)--#GlobalLithiumIronPhosphateBatteryMarket--The lithium iron phosphate battery market is poised to grow by USD 9.35 bn 18% during 2020-2024, as per the latest research report by Technavio. The report offers a detailed analysis of the impact of COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
Request for Technavio’s market report estimates including pre- and post-COVID-19 impact on lithium iron phosphate battery market. Download a Free Sample Report on the impact of COVID-19 pandemic analysis.
Due to the extensive spread of the virus across the globe, the Utilities industry is anticipated to have Negative impact. The lithium iron phosphate battery market will showcase Negative impact during 2020-2024.
Lithium Iron Phosphate Battery Market 2020-2024: Segmentation
Lithium Iron Phosphate Battery Market is segmented as below:
APAC was the largest market for lithium iron phosphate battery in 2019. The region is witnessing heavy industrialization activities, dense population, and shortage of fossil fuels. This will subsequently drive the need for lithium iron phosphate battery for specific applications, fueling lithium iron phosphate battery market growth. China and Japan are the key markets for lithium iron phosphate battery in APAC. Market growth in this region will be faster than the growth of the market in the other regions.
The Utilities market is anticipated to have Indirect impact and the lithium iron phosphate battery market demand will show Inferior growth. View market snapshot before purchasing
Increasing investments in the electric vehicle (EV) charging infrastructure has been an instrumental factor in influencing the growth of lithium iron phosphate battery market. Other market drivers include decline in lithium ion battery cost. Technavio offers custom research analysis on the crucial pointers to highlight the impact of COVID-19 on the market across the supply chain.
Key Considerations for Market Forecast:
Get more insights about the global trends impacting the future of lithium iron phosphate battery market, Request Free Sample @ https://www.technavio.com/talk-to-us?report=IRTNTR40130
Lithium Iron Phosphate Battery Market 2020-2024: Vendor Analysis
The market is fragmented, and the degree of fragmentation will decelerate during the forecast period. Key players in the market have been launching several initiatives and introducing innovative products and services to cater to a larger target audience during the pandemic. Major market participants include BYD Co. Ltd., Contemporary Amperex Technology Co. Ltd., DNK POWER Co. Ltd., Lithium Werks BV, Murata Manufacturing Co. Ltd., OptimumNano Energy Co. Ltd., RELiON Battery LLC, Saft Groupe SA, Tianjin Lishen Battery Co. Ltd., and Ultralife Corp.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. Register for a free trial today and gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform
Table of Contents:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY APPLICATION
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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NEW YORK--(BUSINESS WIRE)--Orion Energy Partners, the innovative middle market energy infrastructure debt investor in North America, has added three new Investment Partners in its New York and Houston offices. Chris Leary, Ethan Shoemaker, and Rui Viana were part of the founding group of professionals at Orion Energy and have earned this promotion through their dedication, creativity, sacrifices, leadership, hard work, expertise, commitment, honesty, and overall investment judgment to support the successful growth of Orion Energy in the last five years.
“Orion Energy is very excited and proud to promote Chris, Ethan, and Rui to be Investment Partners whose values and business acumen, coupled with impressive leadership, investment instincts and willingness to do what it takes, have had a profound impact on the success of our firm to date,” said Nazar Massouh, CEO and co-Managing Partner of Orion Energy. “We welcome Chris, Ethan, and Rui to the partnership and are confident that they will continue to make a very strong contribution to Orion Energy, and will bring about an even stronger and more successful partnership while delivering for our investors and other stakeholders.”
Chris Leary, Investment Partner
Chris is responsible for evaluating, structuring, and monitoring investments and is based in New York where he leads the origination, structuring, and other investment-related functions. He has also been instrumental in leading the firm’s growth and mentoring program. Chris recently led the Nautilus Data Technologies and CarbonLITE Holdings investments and fully realized Midland Basin Partners last year. He serves as an observer to the board of directors for Future Energy Solutions, Mohegan Energy Trustees, Evolution Well Services, and CarbonLITE. He is also a member of the firm’s Valuation Committee.
Ethan Shoemaker, Investment Partner and Houston Office Head
Ethan is responsible for originating, evaluating, structuring, and monitoring investments. He also leads Orion Energy's office in Houston and is a key member of the ESG Committee, championing ESG excellence and implementation into the investment process. He recently led the Highland Pellets and Bakersfield Renewable Fuels investments and fully realized Keystone Terminal Holdings. Ethan serves as an observer to the board of directors for Tiger Rentals Group, American Natural Supply, Origin Americas, MidCentral Energy Partners, Bakersfield Renewable Fuels, and Highland Pellets. Ethan also co-manages the Investment Performance and Optimization group together with Rui Viana.
Rui Viana, Investment Partner, Head of Risk and Investment Strategists
Rui has a unique role with responsibilities for developing enhanced deal structures, risk mitigation approaches, and customized hedging activities. He leads a team of three Investment Strategists and has been instrumental in extracting value though complex deal structures and protecting Orion Energy’s portfolio across sixteen individual deals to date. Rui also co-manages the Investment Performance and Optimization group together with Ethan Shoemaker and plays a key role in the firm’s technology and modeling capabilities. Rui is a member of the Investment Committee and is based in New York.
“Chris, Ethan, and Rui have demonstrated best in class performances year after year since joining Orion Energy Partners. All three are respected by our investors and clients alike and are considered among the most capable and brightest thought leaders in our business. I enthusiastically welcome them as leaders of the partnership,” said Gerrit Nicholas, co-Founder and co-Managing Partner of Orion Energy.
About Orion Energy Partners
Orion Energy Partners is a private capital partner to middle market energy infrastructure and related companies, primarily in North America, with greater than $2.0 billion of assets under management. We provide non-control and non-dilutive capital in flexible, senior secured loan structures as an alternative to equity investment and traditional loans. Our target investment sectors include downstream, renewable and alternative energy, power generation, energy efficiency, midstream, digital infrastructure, asset-heavy services and other industrial energy opportunities. Orion Energy manages long-term, committed capital across multiple investment funds, allowing us to forge transformational relationships across a diverse group of companies and to be patient and supportive as these organizations execute on their business plans. We aim to have more than 50% of our capital partnerships support a transition to sustainable, environmentally innovative energy businesses and practices. Please visit www.OrionEnergyPartners.com to learn more about our capital partnerships.
Reyno Norval
Managing Director, Investor Relations and Business Development
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~Accretive Acquisition of SkipperBud’s & Silver Seas Drives Meaningful Growth~
~Combined Operation Produced $220 Million in Calendar 2019~
~Strategically Grows Higher Margin Revenue – Significantly Grows Its Marina Portfolio~
CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the nation's largest recreational boat and yacht retailer, today announced the acquisition of SkipperBud’s and its affiliate, Silver Seas Yachts (collectively SkipperBud’s), significantly growing its presence in the Great Lakes region and the West Coast of the United States. SkipperBud’s is one of the largest sales, brokerage, service and marina/storage groups in the world. Fiscal 2019 revenue for SkipperBud’s was $220 million, making this the largest acquisition for the Company to date. The shareholders of SkipperBud’s will remain as its operators. The acquisition is expected to be accretive in its first full year.
SkipperBud’s was founded over 60 years ago with the realization that the growth and success of the company depended on its team members. Under Michael Pretasky Sr., SkipperBud’s demonstrated a commitment to customers by delivering the dream of the boating lifestyle while evolving the Company to increase its focus on marinas and storage income making it one of the industry’s largest dealership and marina operators. Led for the past 14 years by Michael Pretasky Jr., the Company has seen significant growth and expansion of locations and brands. With the acquisition, MarineMax adds 20 locations in Wisconsin, Michigan, Illinois, Ohio, California, Washington and Florida. Additionally, the acquisition strengthens MarineMax’s premium real estate holdings with the addition of 11 marina and storage facilities, nearly doubling the Company’s marina portfolio.
W. Brett McGill, Chief Executive Officer and President of MarineMax stated, "We are very excited to expand with such a great organization as SkipperBud’s, who we have known for many years and who share our values and culture. The acquisition adds greatly to our geographic reach in the Great Lakes and the West Coast. It also provides us the opportunity to fully leverage our business and brand infrastructure across the country, better enabling us to serve customers in all markets. The acquisition aligns with our long-term strategy to grow our cycle resilient higher margin businesses, especially marina and storage income, by nearly doubling our marina operations. We are excited to have Mike Pretasky Jr. join our management team and continue to lead the operations. Mike has a proven track record in the marine industry and will help lead the Company to further growth.”
Mike Pretasky, Jr., President of SkipperBud’s stated, “We have been long-time industry partners of MarineMax and have similar values of taking care of our customers and our team with a focus on our higher margin businesses. We are excited about joining the MarineMax team. Gaining access to their exclusive brands will further drive our growth, especially in larger yachts. The combination of both organizations enables SkipperBud’s to take advantage of multiple growth opportunities in the future.”
The Company will provide additional details on the acquisition when it reports its fiscal year 2020 results.
About MarineMax
Headquartered in Clearwater, Florida, MarineMax is the nation’s largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Hatteras, Azimut Yachts, Benetti, Ocean Alexander, Galeon, Grady-White, Harris, Bennington, Crest, MasterCraft, MJM Yachts, NauticStar, Scout, Sailfish, Scarab Jet Boats, Tige, Yamaha Jet Boats, Aquila, Aviara, and Nautique. MarineMax sells new and used recreational boats and related marine products and services, as well as provides yacht brokerage and charter services. MarineMax currently has 77 retail locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, South Carolina, Texas, Washington and Wisconsin. MarineMax also owns Fraser Yachts Group and Northrop & Johnson, leading superyacht brokerage and luxury yacht services companies with operations in multiple countries. The Company also owns and operates MarineMax Vacations in Tortola, British Virgin Islands. MarineMax is a New York Stock Exchange-listed company. For more information, please visit www.marinemax.com.
Forward Looking Statement
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the shareholders of Skipper Bud’s remaining as operators, the acquisition being accretive, the Company’s long-term strategy to grow its cycle resilient higher margin businesses, the Company’s continued growth, the future growth of Skipper Bud’s, and the future opportunities for Skipper Bud’s. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within our industry, the level of consumer spending, the Company’s ability to integrate acquisitions into existing operations, the continued recovery of the industry, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2019 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Michael H. McLamb
Chief Financial Officer
727-531-1700
Media:
Abbey Heimensen
MarineMax, Inc.
Investors:
Brad Cohen or Dawn Francfort
ICR, LLC
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Saliva Tests Can Be Administered Anywhere, Helping the Shipping and Cruise Line Industries Return to Sea
JERSEY CITY, N.J. & SAN FRANCISCO--(BUSINESS WIRE)--Future Care, Inc., an international medical management and cost containment service provider exclusively to the maritime industry, today announced it has partnered with 1Health.io, the leading technology company that provides precision testing as a service, to provide saliva-based COVID-19 tests to ship owners, managers and crew members traveling to United States ports.
1Health.io empowers partners with the ability to offer convenient, non-invasive, and remote options for precision diagnostic testing. Partners can offer patients, customers or employees diagnostic testing that eliminates inconvenient or even risky visits to testing centers while also eliminating long wait times for results. 1Health.io’s platform allows partners, like Future Care, to launch their private, secure and scalable testing portal quickly, and to have tracking and reporting that is essential for supporting a large distributed team.
“Given that many of our clients are not based in the United States and their ships spend only a brief time in a US port our ability through 1Health.io to have the crew self-administer the test while here and see their results onboard ship or at home via the individual secure portal in 48 hours is a welcome resource for our clients,” said Christina DeSimone, Future Care’s President and CEO. “The 1Health.io testing platform has proved to be a gamechanger in maritime COVID-19 testing, and we fully expect that it will help the cruise ship crews return to work, safely, when the time comes.“
1Health.io provides testing as a service, enabling partners to easily deploy, manage, and personalize testing at scale. The company pioneered the concept first in the field of DNA testing with a simple self-administered COVID-19 saliva test that was authorized by the FDA under EUA earlier this year.
Early in the pandemic, cruise ships sitting in United States ports were identified as a high-risk environment due to the high density of passengers and crew. As cruise lines prepare for reopening in late 2020 and 2021, Future Care is prepared to assist the industry through the use of 1Health.io’s test kits both in promoting infection-free re-boarding through easy to administer self-testing conducted prior to boarding.
“We aim to make precision testing easy and accessible for everyone and have developed the first technology infrastructure that makes precision testing into a service that our partners can use to launch testing in days to any of their customers anywhere in the country,” said Mehdi Maghsoodnia, CEO of 1Health.io. “Crew members in the maritime industry, both of private cruise lines and commercial shipping, are often dispersed across the country before they meet for departure. Our saliva-based COVID-19 tests allow the crew to take the test wherever they are in the United States, so they can get back to work quickly and safely, without any delays from trying to find a testing site in a new city or lab lag times.”
The tests can be taken from anywhere in the United States - at home, at work, in a hotel, or on-the-go. Saliva is collected in a tube, sealed with reagents, and shipped to a qualified lab in a secure envelope. Test results are delivered digitally to the person within 48 hours of the lab receiving the sample or can also be viewed on the secure patient dashboard on the 1Health.io online platform.
For more information about Future Care’s COVID-19 testing for your crewmembers please contact Krista Welch This email address is being protected from spambots. You need JavaScript enabled to view it. or FC Info This email address is being protected from spambots. You need JavaScript enabled to view it..
About Future Care, Inc.
Future Care is an international medical management and cost containment service provider exclusively to the maritime industry, serving shipowners and P&I Clubs in fulfilling the medical needs of seafarers, aboard ship and on land. The Company was founded in 1998 by CEO and President Christina DeSimone, who brought her unique brand of medical case management for land-based employees directly to shipowners and ship managers, to better manage the medical care of their crews. Future Care has grown rapidly since then, filling a need in the maritime community for expert management of seafarers’ medical treatment and services around the globe, including telemedical advice and Covid-19 response solutions to the ship’s captain/medical officer while at sea.
About 1Health.io
1Health.io is the pioneer in enabling precision testing as a service, making diagnostic testing easy and accessible for everyone. Its platform powers engaging health applications for telehealth companies, hospital systems, corporations and government agencies, school systems, and consumer brands, allowing them to easily deploy, manage, and personalize testing at scale. 1Health.io’s cloud-based architecture allows for seamless management and tracing of tests, providing distribution across the country for faster testing, and an easy-to-read dashboard with actional next steps after testing. 1Health.io keeps more than seven million people healthy and informed through its partners and direct-to-consumer brand, and supports compliance with applicable privacy and security requirements of its partners and their customers. To learn more, go to www.1Health.io.
Krista Welch
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Telephone: 985-969-0628
Samantha Lutz
SutherlandGold for 1Health.io
908-380-6797
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NEW YORK--(BUSINESS WIRE)--New York, October 1, 2020 – Barclays Bank PLC (the “Issuer”) announced today the results of its previously announced cash tender offer (the “Offer”) to purchase any and all of its iPath® S&P GSCI® Crude Oil Total Return Index ETNs due August 14, 2036 (Ticker: OILNF / CUSIP: 06738C760 / ISIN: US06738C7609) (the “Notes” or the “ETNs”) and solicitation of consents (the “Consent Solicitation”) from holders of the Notes (the “Noteholders”) to amend certain provisions of the Notes as described below (the “Proposed Amendment”), subject to the conditions and restrictions set out in the Amended and Restated Offer to Purchase and Consent Solicitation Statement dated September 2, 2020 (the “Statement”).
The Offer and Consent Solicitation expired at 5:00 p.m., New York City time, on September 30, 2020 (the “Expiration Deadline”). The Issuer has received and accepted 190,215 Notes validly tendered and not validly withdrawn prior to the Expiration Deadline, representing approximately 25.30% of the outstanding Notes as of the Expiration Deadline. All conditions to the Offer were deemed satisfied or waived by the Issuer as of the Expiration Deadline. The aggregate purchase price of the Notes accepted by the Issuer is $9,510,750, reflecting the previously announced purchase price of $50 per $2,000 principal amount of Notes (the “Purchase Price”). On October 2, 2020 (the “Settlement Date”), Noteholders whose Notes have been accepted for purchase pursuant to the Offer will receive the previously announced Purchase Price.
Pursuant to the Consent Solicitation, the Issuer has not obtained the requisite consents to the Proposed Amendment and accordingly, the Proposed Amendment will not be effectuated. Notes purchased by the Issuer pursuant to the Offer will be cancelled on the Settlement Date. Notes that were not validly tendered and/or accepted for purchase pursuant to the Offer will remain outstanding after the Settlement Date.
Capitalized terms used and not otherwise defined in this announcement have the meanings given in the Statement.
For Further Information
A complete description of the terms and conditions of the Offer is set out in the Statement. Further details about the transaction can be obtained from:
The Dealer Manager
Barclays Capital Inc.
745 Seventh Avenue
New York, New York 10019
United States
Attn: ETN Desk
Telephone: 1-212-528-7990
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
The Tender Agent and Information Agent
D.F. King & Co., Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
Attention: Andrew Beck
Fax: 212-709-3328
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
DISCLAIMER
This announcement must be read in conjunction with the Statement. No offer or invitation to acquire or exchange any securities is being made pursuant to this announcement. This announcement and the Statement contain important information, which must be read carefully before any decision is made with respect to the Offer and Consent Solicitation. If any Noteholder is in any doubt as to the action it should take, it is recommended to seek its own legal, tax and financial advice, including as to any tax consequences, from its stockbroker, bank manager, lawyer, accountant or other independent financial adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to participate in the Offer and Consent Solicitation. None of the Issuer, the Dealer Manager, the Tender Agent or the Information Agent (or any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons) makes any recommendation as to whether Noteholders should participate in the Offer and Consent Solicitation.
General
Neither this announcement, the Statement nor the electronic transmission thereof constitutes an offer to buy or the solicitation of an offer to sell Notes (and tenders of Notes for purchase pursuant to the Offer will not be accepted from Noteholders) in any circumstances in which the Offer or solicitation is unlawful. In those jurisdictions where the Notes, blue sky or other laws require the Offer to be made by a licensed broker or dealer and the Dealer Manager or any of its affiliates is such a licensed broker or dealer in any such jurisdiction, the Offer shall be deemed to be made by such Dealer Manager or such affiliate, as the case may be, on behalf of the Issuer in such jurisdiction. None of the Issuer, the Dealer Manager, the Tender Agent or the Information Agent (or any director, officer, employee, agent or affiliate of, any such person) makes any recommendation as to whether Noteholders should tender Notes in the Offer. In addition, each Noteholder participating in the Offer will be deemed to give certain representations in respect of the other jurisdictions referred to below and generally as set out in the Statement under the section entitled “Procedures for Participating in the Offer.” Any tender of Notes for purchase pursuant to the Offer from a Noteholder that is unable to make these representations will not be accepted.
About Barclays
Barclays is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 83,500 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com.
Selected Risk Considerations
An investment in the iPath ETNs described herein involves risks. Selected risks are summarized here, but we urge you to read the more detailed explanation of risks described under “Risk Factors” in the applicable prospectus supplement and pricing supplement.
You May Lose Some or All of Your Principal: The ETNs are exposed to any decrease in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index is insufficient to offset the negative effect of the investor fee and other applicable costs, you will lose some or all of your investment at maturity or upon redemption, even if the value of such index level has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and other applicable costs, the return on the ETNs will always be lower than the total return on a direct investment in the index components. The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.
Credit of Barclays Bank PLC: The ETNs are unsecured debt obligations of the issuer, Barclays Bank PLC, and are not, either directly or indirectly, an obligation of or guaranteed by any third party. Any payment to be made on the ETNs, including any payment at maturity or upon redemption, depends on the ability of Barclays Bank PLC to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of Barclays Bank PLC will affect the market value, if any, of the ETNs prior to maturity or redemption. In addition, in the event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
Market and Volatility Risk: The market value of the ETNs may be influenced by many unpredictable factors and may fluctuate between the date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you sell your ETNs in the secondary market. Factors that may influence the market value of the ETNs include prevailing market prices of the U.S. stock markets, the index components included in the underlying index, and prevailing market prices of options on such index or any other financial instruments related to such index; and supply and demand for the ETNs, including economic, financial, political, regulatory, geographical or judicial events that affect the level of such index or other financial instruments related to such index.
Concentration Risk: Because the ETNs are linked to an index composed of futures contracts on a single commodity or in only one commodity sector, the ETNs are less diversified than other investments. The ETNs can therefore experience greater volatility than other investments.
A Trading Market for the ETNs May Not Develop: Although the ETNs are listed on a U.S. national securities exchange, a trading market for the ETNs may not develop and the liquidity of the ETNs may be limited, as we are not required to maintain any listing of the ETNs.
No Interest Payments from the ETNs: You may not receive any interest payments on the ETNs.
Uncertain Tax Treatment: Significant aspects of the tax treatment of the ETNs are uncertain. You should consult your own tax advisor about your own tax situation.
The ETNs may be sold throughout the day on the exchange through any brokerage account. Commissions may apply and there are tax consequences in the event of sale, redemption or maturity of ETNs.
The S&P GSCI® Total Return Index and the S&P GSCI® Crude Oil Total Return Index (the “S&P GSCI Indices”) are products of S&P Dow Jones Indices LLC (“SPDJI”), and have been licensed for use by Barclays Bank PLC. S&P® and GSCI® are registered trademarks of Standard & Poors’ Financial Services LLC (“SPFS”). These trademarks have been licensed to SPDJI and its affiliates and sublicensed to Barclays Bank PLC for certain purposes. The S&P GSCI® Indices are not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies. The ETNs are not sponsored, endorsed, sold or promoted by SPDJI, SPFS, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the S&P GSCI® Indices to track general market performance.© 2020 Barclays Bank PLC. All rights reserved. iPath, iPath ETNs and the iPath logo are registered trademarks of Barclays Bank PLC. All other trademarks, servicemarks or registered trademarks are the property, and used with the permission, of their respective owners.
NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE |
Danielle Popper
+1 212 526 5963
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ORLANDO, Fla.--(BUSINESS WIRE)--#cyberdefense--Siemens Energy today announced a new artificial intelligence (AI)-based industrial cybersecurity service, Managed Detection and Response (MDR), powered by Eos.ii, to help small and medium-sized energy companies defend critical infrastructure against cyberattacks. MDR’s technology platform, Eos.ii, leverages AI and machine learning methodologies to gather and model real-time energy asset intelligence. This allows Siemens Energy’s cybersecurity experts to monitor, detect and uncover attacks before they execute. Armed with actionable insights from MDR’s technology platform, Siemens Energy’s cybersecurity experts implement precise defense measures in the company’s state-of-the-art operational technology-security operations center (OT-SOC) to defend power generation, oil and gas, renewable energy, and transmission and distribution customers.
“As the digital revolution transforms the energy industry, industrial operating environments are becoming increasingly vulnerable to cyberattacks,” said Leo Simonovich, Head of Industrial Cybersecurity at Siemens Energy. “MDR, powered by Eos.ii, is the first AI-driven cybersecurity monitoring solution to proactively detect and prevent cyberattacks targeting critical infrastructure for all operating environments before attackers strike.”
With the industrial cybersecurity expertise and proprietary detection technologies from Siemens Energy, MDR is able to collect raw information technology (IT) and operational technology (OT) data from across an industrial operating environment, and then translate – and contextualize – it in real time.
This provides a unified picture of anomalous behavior for defenders with actionable insights to stop attacks. Siemens Energy’s MDR system goes beyond conventional monitoring by achieving a deeper understanding of how digital systems relate to the real world. With its unified OT and IT data stream, MDR’s Eos.ii technology platform uses AI and digital twin technology to compare billions of real-time data points against a correctly functioning asset. This provides context for Siemens Energy’s analysts to determine not only which events are abnormal, but which are consequential. The technical achievement of unified data streams and machine learning make an unprecedented platform for targeted, in-depth analysis.
Siemens Energy’s MDR solution addresses the energy industry’s need for more sophisticated solutions to put security experts ahead of attackers as each digitally connected energy asset represents a new, possible vulnerability for attackers to strike. Energy companies and utilities are increasingly becoming a prime target for cyberattacks by state and non-state actors launching sophisticated scatter shot, sleeper strike and ransomware attacks against energy and critical infrastructure in broader geo-political or adversarial conflicts.
Last year, the Ponemon Institute and Siemens Energy conducted a joint study surveying global utilities to assess the industry’s readiness to address the growing threat of cyberattacks. The study found that 64% of respondents said that sophisticated attacks are a top challenge and 54% of those surveyed expected an attack on critical infrastructure in the next 12 months. Additionally, 25% of respondents reported being impacted by mega-attacks with expertise developed by nation-state actors.
This press release and a press picture / press pictures / further material is available at www.siemens-energy.com/press
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Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. More than 50 percent of the portfolio has already been decarbonized. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs 91,000 people worldwide in more than 90 countries and generated revenue of around €29 billion in fiscal year 2019. www.siemens-energy.com.
Stacia Licona
Phone: 281-721-3402
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
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