DUBLIN--(BUSINESS WIRE)--The "Sea Freight Forwarding Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Sea Freight Forwarding Market is expected to grow at a CAGR of more than 3% during the forecasted period.
Companies Mentioned
Key Market Trends
Rising Cross Broder E-Commerce driving Sea Freight Forwarding Market
In 2019, retail e-commerce sales worldwide amounted to around 3.53 trillion US dollars and e-retail revenues are projected to grow even further at a quicker pace in the coming few years. Online shopping is one of the most popular online activities worldwide, both domestic and cross-border e-commerce is booming in developing markets such as China, India, and Indonesia due to that reason. This encompasses not just direct-to-consumer retail, but also shipments of electronics, pharmaceuticals, and consumer packaged goods.
Growth in e-commerce is tied very closely to consumption growth in the region as developing economies make the gradual shift from growth by manufacturing for export to higher levels of consumption by expanding middle classes. In China, cross-border e-commerce transactions already account for up to 20 percent of total import and export trading volumes. Compared to China, in other regions, the size of e-commerce-related business is much smaller, but the growth is also rapid. One of the most preferred mode for e-commerce freight forwarding is through sea and many business are favoring that as evidenced by the growing ocean freight volumes to 11 billion tons in 2018.
Kuehne + Nagel leading the Ocean Freight Forwarders in 2019
In 2019, Kuehne + Nagel was ranked the world's leading ocean freight forwarder, with over 4.8 million twenty-foot equivalent units of ocean freight. Today headquartered in Switzerland, Kuehne + Nagel was founded in 1890 in Bremen, Germany. At the present time, Kuehne + Nagel Group has offices in more than 100 countries and employs approximately around 82,000 people.
In the year 2019, the company generated roughly around 25.3 billion Swiss francs from its worldwide operations, and about 2.7 billion Swiss francs from its operations in Asia Pacific alone. Between the fiscal year of 2013 and 2019, the operational expenses of Kuehne + Nagel increased somewhat continuously, reaching 6.25 billion Swiss francs. The company was followed by Sinotrans and DHL in the leaders ranking worldwide.
The business volume of ocean freight forwarders has been steadily increasing because in the last three decades, the seaborne trade transport volume roughly tripled, reaching 11 billion metric tons in 2018. In 2017, 1.83 billion metric tons of international seaborne trade were transported by container ships. As of January 2019, Japan possessed the second largest merchant fleet by operator domicile globally.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Current Market Scenario
4.2 Value Chain / Supply Chain Analysis
4.3 Technological Trends
4.4 Investment Scenarios
4.5 Government Regulations and Initiatives
4.6 Spotlight - Sea Freight Transportation Costs/Freight Rates
4.7 Insights on the E-commerce Industry
4.8 Impact of Covid-19 on Sea Freight Forwarding Market
5 MARKET DYNAMICS
5.1 Drivers
5.2 Restraints
5.3 Opportunities
5.4 Industry Attractiveness - Porter's Five Forces Analysis
6 MARKET SEGMENTATION
6.1 By Type
6.1.1 Full Container Load (FCL)
6.1.2 Less-than Container Load (LCL)
6.1.3 Others
6.2 By Geography
6.2.1 North America
6.2.2 Europe
6.2.3 Asia-Pacific
6.2.4 Middle East & Africa
6.2.5 South America
7 COMPETITIVE LANDSCAPE
7.1 Market Concentration Overview
7.2 Company Profiles
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
9 DISCLAIMER
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SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it will host a virtual investor day on Thursday, December 17. The two-hour video webcast will begin at 1:00 p.m. Eastern time (10:00 a.m. Pacific time).
Iteris’ 2020 Investor Day will be hosted by Iteris president and CEO Joe Bergera, and CFO Douglas Groves. Presentations by senior management will include details on:
Speakers throughout the event will include:
Management will host a real-time question and answer session at the end of the investor presentation, as well as answer select questions submitted to the company in advance of the investor day. If you would like to submit a question in advance, please do so before 5 p.m. Eastern time (2 p.m. Pacific time) on December 15, 2020 by emailing Iteris investor relations at This email address is being protected from spambots. You need JavaScript enabled to view it..
To register for the live webcast of Iteris' 2020 Investor Day, please click here. Following the event, the webcast will be available on demand in the investor relations section of the Iteris website at www.iteris.com.
About Iteris, Inc.
Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information and join the conversation on Twitter, LinkedIn and Facebook.
Iteris Contact
Douglas Groves
Senior Vice President and Chief Financial Officer
Tel: (949) 270-9643
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Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
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Data demonstrates high energy density solid-state lithium-metal battery technology that improves life, charging time, and safety
SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS, or "QuantumScape"), a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles (EVs), has released performance data demonstrating that its technology addresses fundamental issues holding back widespread adoption of high-energy density solid-state batteries, including charge time (current density), cycle life, safety, and operating temperature.
A commercially viable solid-state lithium-metal battery is an advancement that the battery industry has pursued for decades, as it holds the promise of a step function increase in energy density over conventional lithium-ion batteries, enabling electric vehicles with a driving range comparable to combustion engine-based vehicles. QuantumScape’s solid-state battery is designed to enable up to 80% longer range compared to today’s lithium-ion batteries. Previous attempts to create a solid-state separator capable of working with lithium metal at high rates of power generally required compromising other aspects of the cell (cycle life, operating temperature, safety, cathode loading, or excess lithium in the anode).
QuantumScape’s newly-released results, based on testing of single layer battery cells, show its solid-state separators are capable of working at very high rates of power, enabling a 15-minute charge to 80% capacity, faster than either conventional battery or alternative solid-state approaches are capable of delivering. In addition, the data shows QuantumScape battery technology is capable of lasting hundreds of thousands of miles, and is designed to operate at a wide range of temperatures, including results that show operation at -30 degrees Celsius.
The tested cells were large-area single-layer pouch cells in the target commercial form factor with zero excess lithium on the anode and thick cathodes (>3mAh/cm2), running at rates of one-hour charge and discharge (1C charge and 1C discharge) at 30 degrees Celsius. These tests demonstrated robust performance of these single layer pouch cells even at these high rates, resulting in retained capacity of greater than 80% after 800 cycles (demonstrating high columbic efficiency of greater than 99.97%).
“The hardest part about making a working solid-state battery is the need to simultaneously meet the requirements of high energy density (1,000 Wh/L), fast charge (i.e., high current density), long cycle life (greater than 800 cycles), and wide temperature-range operation. This data shows QuantumScape’s cells meet all of these requirements, something that has never before been reported. If QuantumScape can get this technology into mass production, it holds the potential to transform the industry,” said Dr. Stan Whittingham, co-inventor of the lithium-ion battery and winner of the 2019 Nobel prize in chemistry.
“These results blow away what was previously thought to be possible in a solid-state battery,” said Venkat Viswanathan, battery expert and professor of materials science at Carnegie-Mellon University. “Supporting high enough current density to enable fast charge without forming dendrites has long been a holy grail of the industry. This data shows the capability to charge to 80% capacity in 15 minutes, corresponding to an astonishingly high rate of lithium deposition of up to a micron per minute.”
“We believe that the performance data we’ve unveiled today shows that solid-state batteries have the potential to narrow the gap between electric vehicles and internal combustion vehicles and help enable EVs to become the world’s dominant form of transportation,” said Jagdeep Singh, founder & CEO of QuantumScape. “Lithium-ion provided an important stepping stone to power the first generation of EVs. We believe QuantumScape’s lithium-metal solid-state battery technology opens the automotive industry up to the next generation battery and creates a foundation for the transition to a more fully electrified automotive fleet.”
QuantumScape’s team of scientists have worked over the past decade to create the next generation of battery technology: solid-state batteries with lithium-metal anodes. With processes and materials protected by over 200 patents and applications, QuantumScape’s proprietary solid-state separator replaces the organic separator used in conventional cells, enabling the elimination of the carbon or carbon/silicon anode and the realization of an “anode-less” architecture, with zero excess lithium. In such an architecture, an anode of pure metallic lithium is formed in situ when the finished cell is charged, rather than when the cell is produced. Unlike conventional lithium-ion batteries or some other solid-state designs, this architecture delivers high energy density while enabling lower material costs and simplified manufacturing.
Beyond its ability to function at high rates of power while delivering high energy density, other key characteristics of QuantumScape’s solid-state lithium-metal battery technology include:
About QuantumScape Corporation
QuantumScape is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles. The company's mission is to revolutionize energy storage to enable a sustainable future.
For additional information, please visit www.quantumscape.com.
Forward Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including, without limitation, regarding the development, timeline and performance of QuantumScape’s products and technology are forward-looking statements. When used in this press release, the words “is designed to,” “could,” “should,” “enables,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements, including statements about other solid-state battery systems and their limitations, and our belief that our battery solution opens the industry up to the next generation of EVs, are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside QS’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) QS faces significant barriers in its attempts to scale from a single layer pouch cell and complete development of its solid-state battery cell and related manufacturing processes, and development may not be successful, (ii) QS may encounter substantial delays in the development, manufacture, regulatory approval, and launch of QS solid-state battery cells, which could prevent QS from commercializing products on a timely basis, if at all, (iii) QS may be unable to adequately control the costs of manufacturing its solid-state separator and battery cells, and (iv) QS may not be successful in competing in the battery market. QS cautions that the foregoing list of factors is not exclusive. Additional information about factors that could materially affect QS is set forth under the “Risk Factors” section in the proxy statement/prospectus/information statement filed by Kensington Capital Acquisition Corp. with the SEC on November 12, 2020 and available on the SEC’s website at www.sec.gov.
Except as otherwise required by applicable law, QuantumScape disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.
For Investors
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The company plans to expand its solution portfolio to include network security solutions and services
ATLANTA--(BUSINESS WIRE)--#networksecurity--PDI (http://www.pdisoftware.com), a global provider of ERP, Fuel Pricing, Logistics, and Marketing Cloud solutions for the convenience retail and petroleum wholesale industries, has entered into an agreement to acquire Cybera, a leading provider of network and security solutions. PDI has also entered into an agreement with ControlScan to purchase their Managed Security Services (MSS). The transactions are expected to close by the end of the year.
According to the National Association of Convenience Stores (NACS), data breaches and payment security top the list of “major issues” affecting today's convenience industry. PDI's growth strategy has been focused on expanding and enhancing its solutions portfolio to serve the needs of convenience retailers and multi-site operators as they pursue their digital transformation strategies.
“Our customers are facing increasing complexity as they adopt new technologies and leverage data to deliver better customer experiences,” said Jimmy Frangis, CEO at PDI. “We look forward to bringing together the solutions and expertise from Cybera and ControlScan MSS to provide trusted security solutions to our customers.”
About PDI
Professional Datasolutions, Inc. (PDI) helps convenience retailers and petroleum wholesalers thrive through digital transformation and enterprise software that enables them to grow topline revenue, optimize operations and unify their business across the entire value chain. Over 1,500 customers in more than 200,000 locations worldwide count on our leading ERP, logistics, fuel pricing and marketing cloud solutions to provide insights that increase volume, margin and customer loyalty. PDI owns and operates the Fuel Rewards® loyalty program that is consistently ranked as a top-performing fuel savings program year after year. For more than 35 years, our comprehensive suite of solutions and unmatched expertise have helped customers of any size reimagine their enterprise and deliver exceptional customer experiences. For more information about PDI, visit www.pdisoftware.com.
About Cybera
Cybera cloud networks and service edge solutions empower businesses to accelerate the deployment of new technologies, services, and digital transformation strategies. As a leading provider of SD-WAN Edge solutions for the petro C-store and retail markets, Cybera solves the networking and security needs of highly distributed enterprises. Headquartered in Franklin, Tennessee, the company operates in 23 countries worldwide, serving more than 90,000 customer locations.
About ControlScan
ControlScan managed security and compliance solutions help secure IT networks and protect payment card data. Thousands of businesses throughout the U.S. and Canada partner with us for easy, cost-effective access to the expertise, technologies and services that keep cyber criminals and data thieves at bay. With highly credentialed cybersecurity and compliance experts; 24x7 managed detection and response; managed UTM firewall services; ASV vulnerability scanning; security penetration testing; PCI compliance programs and validation services; QSA and HIPAA assessments; and more, we’ve got your back. For more information, visit www.controlscan.com.
Cederick Johnson, PDI
+1 254.410.7600 I This email address is being protected from spambots. You need JavaScript enabled to view it.
Noble Midstream expects 2021 Affiliate activity in both the DJ and Delaware basins
HOUSTON--(BUSINESS WIRE)--Noble Midstream Partners LP (NASDAQ: NBLX) (Noble Midstream or the Partnership) announced that the Partnership has successfully integrated its business into its new affiliate, Chevron Corporation (NYSE:CVX) (Chevron). Chevron has announced its capital and exploratory budget for 2021, with activity planned on Noble Midstream dedicated acreage in both the DJ and Delaware basins.
On Noble Midstream’s dedicated acreage, the Partnership anticipates Chevron activity to be primarily in the DJ Basin, where there is significant backbone infrastructure in place. As a result, Noble Midstream expects to allocate the majority of its 2021 organic capital program to well connections with minimal larger-scale facility spending. Noble Midstream plans to provide a detailed 2021 investment program and guidance after its third-party customer base finalizes activity plans and the Partnership receives Board approval early in the first-quarter 2021.
In its Equity Method Investments, Noble Midstream does not anticipate any material capital outlays next year. The Partnership anticipates growing full-year run rate cash flow contribution in 2021 from the intermediate and long-haul assets brought online or acquired this year.
Robin Fielder, President and CEO of the Partnership stated, “Noble Midstream achieved significant accomplishments this year, reducing its cash operating costs by more than 20 percent, placing multiple major equity-method investment pipelines into full service, and beginning to fund our investments and distribution from cash flow from operations. Along with these wins and a 2021 organic capital program focused mainly on well connections, we expect Noble Midstream to generate sizable cash flow in excess of capital expenditures in 2021 and enable the Partnership to reduce debt and protect the balance sheet.”
About Noble Midstream
Noble Midstream is a master limited partnership originally formed by Noble Energy, Inc. and majority-owned by Chevron Corp. to own, operate, develop and acquire domestic midstream infrastructure assets. Noble Midstream currently provides crude oil, natural gas, and water-related midstream services and owns equity interests in oil pipelines in the DJ Basin in Colorado and the Delaware Basin in Texas. Noble Midstream strives to be the midstream provider and partner of choice for its safe operations, reliability, and strong relationships while enhancing value for all stakeholders. For more information, please visit www.nblmidstream.com.
Cautionary Statements
This news release contains certain “forward-looking statements” within the meaning of federal securities law. Words such as “anticipates”, “believes”, “expects”, “intends”, “will”, “should”, “may”, “estimates”, and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect the Partnership’s current views about future events. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. For further discussion of risks and uncertainties, you should refer to those described under “Risk Factors” and “Forward-Looking Statements” in the Partnership’s most recent Annual Report on Form 10-K and in other reports we file with the Securities and Exchange Commission. These reports are also available from the Partnership’s office or website, www.nblmidstream.com. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Midstream does not assume any obligation to update forward-looking statements should circumstances, management’s estimates, or opinions change.
Park Carrere
Investor Relations
(281) 872-3208
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Additions empower customers to access data and real-time information from a browser
OAKLAND, Calif.--(BUSINESS WIRE)--Navis, a part of Cargotec Corporation and provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain, announced the addition of new features to Master Terminal Web Portal, a real-time window that provides customers with access into terminal’s operations. Master Terminal Web Portal empowers customers and enables them to track cargo, create appointments, and run reports, giving them the information they want, when they need it.
Web Portal gives Navis customers, and their customers, access to Master Terminal via a web browser and provides users with the ability to operate certain terminal functionalities at any given time. New features allow any stakeholder at the terminal to access information with ease and without the need for terminal staff to facilitate. Customers can set up an automated email service to document and notify them of cargo events, allowing them to make faster movement decisions in real-time from the browser. With newly added capabilities, Web Portal now allows terminals’ customers to create appointments through a self-service user interface and with the ability for customers to see the information for themselves, eliminating overhead costs from fielding cargo related questions.
“With terminal workers constantly on the move and working from home in response to the pandemic, the Master Terminal Web Portal allows users to check-in on cargo movements from a computer or mobile device,” said Younus Aftab, Chief Product Officer at Navis. “As we face new challenges in the workforce and the industry, it is important to meet them head-on with innovation that streamlines operations.”
With Web Portal, administrators can configure which functions are visible to each user, allowing terminals to determine what information is available and to who. Additionally, external users will only have direct access to the content and data they are authorized to view.
For additional information on the Master Terminal Web Portal, please visit: https://www.navis.com/masterterminal.
To register for the Master Terminal webinar, please click here
About Navis, LLC
Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com
About Cargotec Corporation
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec’s business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimize global cargo flows and create sustainable customer value. Cargotec’s sales in 2019 totaled approximately EUR 3.7 billion and it employs around 12,000 people. www.cargotec.com
Jennifer Grinold
Navis, LLC
T+1 510 267 5002
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Geena Pickering
Affect
T+1 212 398 9680
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Strategic partnership expands full-service offerings, easing path to achieve green energy standards
TORONTO--(BUSINESS WIRE)--#cleanenergy--Subterra Renewables (Subterra) and Turnkey Site Solutions (Turnkey) announced the formation of a strategic collaboration today. Creating Canada’s first full-service geothermal drilling and shoring service, STS Geothermal, the alliance combines Turnkey’s extensive drilling and site execution capabilities with Subterra’s geothermal energy platform, delivering a seamless experience for builders and developers.
This alliance offers the potential to drive explosive growth in the sector. Joining forces to bring experts from all angles in-house, STS Geothermal’s new end-to-end product manages and executes every stage of the underground process for clients – from design through first excavation, installation through project completion and site cleanup. This holistic strategy creates an opportunity for developers to embrace geothermal field development, implementation, and operation with less capital expense and time commitment. The geothermal system is provided without cost, and financing for the field is available from STS Geothermal.
As the first geothermal company in Canada to offer comprehensive in-house drilling and shoring capabilities, STS Geothermal will lead the industry in delivering scalable, innovative solutions that geothermal clients can count on.
“We believe in delivering a complete building solution,” said Lucie Andlauer, CEO/Partner at Subterra. “This partnership will greatly contribute toward expanding our product offerings to our clients while creating efficiencies in pricing and resources.”
“This is a tremendous opportunity to expand our reach, addressing a serious industry bottleneck by filling the current void of reliable, quality and safety focused contractors,” said Matthew Over, President & Founder at Turnkey Site Solutions.
Developers, builders, homeowners, and the environment all stand to benefit from the new partnership and improvements in on-time, on-schedule project completion, cost-efficiencies, quality, and access to clean energy solutions. The collaboration will further enhance the quality of service experience for clients, partners, residents, and society at large as the partners continue to contribute to building a better future, one clean energy project at a time.
About Subterra Renewables (Subterra Capital Partners) (subterrarenewables.com)
Subterra Renewables develops and operates thermal district energy systems using the latest geothermal and heat recovery technology. The company helps building developers across North America reduce costs while meeting the unique energy needs and carbon reduction targets of their buildings. Over the last three years, the company has reduced approximately 1,320 tonnes of greenhouse gas.
About Turnkey Site Solutions (turnkeyss.ca)
A leader in Shoring and Renewable Energy solutions, Toronto-based Turnkey Site Solutions was founded eight years ago to deliver full-service specialty shoring solutions. Dedicated to delivering a quality and safety focused product – from engineering design to permitting, project & site management through execution – Turnkey quickly established a track record for reliability, safety, and quality. With the largest fleet of state-of-the-art drill rigs in Ontario and rights to patented new technology from Soilmec Europe, Turnkey completed 150 jobs in 2018, 185 jobs in 2019, on-time and on-budget.
Media:
Gea Koleva
Marketing & Strategic Communications Specialist
McOuat Partnership
Cell: 416-702-1223
T: 905-472-2000 ext 247
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WOODSIDE, Calif.--(BUSINESS WIRE)--Rodgers Silicon Valley Acquisition Corp. (NASDAQ: RSVAU, the “Company”) announced today that it closed its initial public offering of 23,000,000 units, which includes 3,000,000 units issued pursuant to the exercise by the underwriter of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000. Each unit consists of one share of common stock and one-half of one redeemable warrant. Each whole warrant will entitle the holder thereof to purchase one share of common stock at $11.50 per share.
The units are listed on The Nasdaq Capital Market (“Nasdaq”) and began trading under the ticker symbol “RSVAU” on December 2, 2020. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be listed on Nasdaq under the symbols “RSVA” and “RSVAW” respectively.
Oppenheimer & Co. Inc. acted as the sole book-running manager for the IPO.
The offering was made only by means of a prospectus, copies of which may be obtained by contacting Oppenheimer & Co. Inc. Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8563, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by visiting EDGAR on the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Rodgers Silicon Valley Acquisition Corp.
Rodgers Silicon Valley Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company’s mission is to provide fundamental public technology investors with early access to an excellent Silicon Valley technology company with a focus on green energy, electrification, storage, Smart Industry (IoT), Artificial Intelligence and the new automated-manufacturing wave.
Forward Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company’s initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Rodgers Silicon Valley Acquisition Corp.
Thurman J. Rodgers
CEO
(650) 722-1753
DALLAS--(BUSINESS WIRE)--Blue Racer Midstream, LLC (“Blue Racer”) and its wholly owned subsidiary, Blue Racer Finance Corp., announced today that, subject to market conditions, they intend to offer for sale $550 million in aggregate principal amount of their senior notes due 2025 (the “senior notes”) in a private offering (the “Notes Offering”) in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside of the United States pursuant to Regulation S under the Securities Act.
Blue Racer intends to use the net proceeds from the sale of the senior notes, along with borrowings under its revolving credit facility and, if necessary, cash on hand, to fund its obligations under the separately announced tender offer (the “Tender Offer”) for any and all of its outstanding 6.125% senior notes due 2022 (the “2022 Notes”), including fees and expenses in connection therewith, or redeem any of the 2022 Notes that remain outstanding thereafter. The Notes Offering is not conditioned on the consummation of the Tender Offer. The Tender Offer is conditioned on, among other things, the consummation of the Notes Offering and borrowings under Blue Racer’s revolving credit facility.
The senior notes have not been registered under the Securities Act, or any state securities laws, and unless so registered, the senior notes may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This announcement shall not constitute an offer to sell or a solicitation of an offer to buy the senior notes, except as required by law.
Forward-Looking Statements
This press release may include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Blue Racer expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by Blue Racer based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Blue Racer undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.
Media contact:
Casey Nikoloric, Managing Principal, TEN|10 Group
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Monarch Tractor provides a robust platform for groundbreaking technology that empowers sustainable farming with actionable intelligence, clean energy and unparalleled safety features
LIVERMORE, Calif.--(BUSINESS WIRE)--#innovation--Monarch Tractor today introduced the world’s first fully electric, driver optional, smart tractor integrated on a single platform. Farmers today face numerous challenges including labor shortages, effects of climate change, safety concerns, increased customer scrutiny for sustainability demands, government regulations, and more. Monarch Tractor addresses these issues by combining electrification, automation, machine learning, and data analysis to enhance farmer’s existing operations, increase labor productivity and safety, and maximize yields to cut overhead costs and emissions. The company has secured several hundred working farms as preliminary customers.
To see the Monarch Tractor in action, watch this video.
“Monarch Tractor is ushering in the digital transformation of farming with unprecedented intelligence, technology and safety features,” said Praveen Penmetsa, co-founder & CEO, Monarch Tractor. “We have assembled a world-class team of farmers, engineers, and scientists to meet today’s farming demands and are empowering farmers by giving them intelligent tools to collect more predictive data to implement sustainable practices, better share their story and make more money. Hundreds of farmers have signed on to receive a Monarch Tractor and we look forward to delivering a new level of sustainability and efficiency to their existing farm operations.”
Key features of the Monarch Tractor include:
“As a fourth-generation farmer, I’ve seen firsthand the hazards that farming presents not just to workers, but to the environment as well,” said Carlo Mondavi, chief farming officer, Monarch Tractor. “Monarch Tractor is moving farming toward a safer and sustainable future by eliminating harmful emissions, reducing the need for herbicides and keeping workers out of harm’s way with its driver-optional capabilities.”
“Adopting sustainable farming practices is core to our family and company values,” said Aly Wente, director of marketing, Wente Vineyards. “We are pleased to partner with Monarch Tractor to further reduce our carbon footprint in 2021 by adding two new Monarch Tractors to our vineyard operations. We look forward to learning how Monarch can continue to help us create a more sustainable future, while also providing an efficient and safe environment for our teams.”
Monarch Tractor has received critical acclaim for its innovation. The company received “2020 Tractor of the Year” in the AgTech Breakthrough Awards, was named one of World Ag Expo’s “Top 10 Best New Products,” and recognized in Fast Company’s “Best World-Changing Ideas: North America, Energy and Food.”
“The Monarch Tractor’s autonomous features take it from just an environmental sustainability idea to a really higher productivity implement,” said Jim Hoffmann, owner, Hopville Farms. “There are a lot of ‘must do’ things on the farm that you would like to see done autonomously and not dedicating people to having them do… this tractor can do it more efficiently.”
Monarch Tractor has a starting price of $50,000 and can be reserved now with a fully refundable $500 deposit. Shipping will commence in Fall 2021.
To coincide with the launch, Monarch Tractor is hosting a virtual roundtable discussion with industry friends on the future of sustainable farming on December 8, 2020 at 10a.m. PT. To reserve your spot, click here or visit https://bit.ly/362IXGV
For more information, visit www.monarchtractor.com.
About Monarch Tractor
Monarch Tractor is working to utilize 21st-century technology to empower farmers by enabling profitable implementation of sustainable and organic practices. The Monarch tractor platform combines mechanization, automation, and data analysis to enhance farmer’s existing operations, alleviate labor shortages, and maximize yields. For more information, visit www.monarchtractor.com.
Public Relations Contact
Donna Loughlin Michaels
LMGPR for Monarch Tractor
(408) 393-5585
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DALLAS--(BUSINESS WIRE)--Blue Racer Midstream, LLC (“Blue Racer”) announced today that it has commenced a cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 6.125% senior unsecured notes due 2022 (the “2022 Notes”). As of November 30, 2020, there was $700.3 million aggregate principal amount of the 2022 Notes outstanding. The Tender Offer is being made pursuant to an offer to purchase, dated today, and a related notice of guaranteed delivery. The Tender Offer will expire at 5:00 p.m., New York City time, on December 16, 2020, unless extended (the “Expiration Time”). Tendered 2022 Notes may be withdrawn at any time before the Expiration Time.
Holders of 2022 Notes that are validly tendered (and not validly withdrawn) at or prior to the Expiration Time, or who deliver to the tender and information agent a properly completed and duly executed notice of guaranteed delivery and subsequently deliver such 2022 Notes, each in accordance with the instructions described in the offer to purchase, will receive $1,001.65 per $1,000 principal amount of the 2022 Notes accepted for purchase. In addition, all holders of 2022 Notes accepted for purchase will receive accrued and unpaid interest from and including the last interest payment date up to, but not including, the settlement date.
The Tender Offer is contingent upon, among other things, Blue Racer’s (i) successful completion of a proposed debt financing transaction, the gross proceeds of which will be at least $550 million(the “Proposed Financing”) and (ii) borrowing of at least $150.0 million under its revolving credit facility (together with the Proposed Financing, the “Financing Condition”). The Tender Offer is not conditioned on any minimum amount of 2022 Notes being tendered. Blue Racer may amend, extend or terminate the Tender Offer, in its sole discretion. Concurrently with the launch of the Tender Offer, Blue Racer has given notice of its intent to redeem, on January 7, 2021, any and all 2022 Notes not purchased in the Tender Offer, pursuant to the terms of the indenture governing the 2022 Notes, conditioned upon and subject to satisfaction of the Financing Condition.
The Tender Offer is being made pursuant to the terms and conditions contained in the offer to purchase and related notice of guaranteed delivery, copies of which are available at https://www.gbsc-usa.com/blueracer/ or may be requested from the information agent for the Tender Offer, Global Bondholder Service Corporation, by telephone at (866) 470-3700 (toll free) or for banks and brokers, at (212) 430-3774, and by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
Persons with questions regarding the Tender Offer should contact the lead dealer manager for the Tender Offer, RBC Capital Markets, LLC, at (877) 381-2099 (toll free) or (212) 618-7843.
This news release does not constitute an offer to purchase or the solicitation of an offer to sell the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This press release may include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Blue Racer expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by Blue Racer based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement. Blue Racer undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release.
Casey Nikoloric, Managing Principal, TEN|10 Group
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AUSTIN, Texas--(BUSINESS WIRE)--HUVRdata, Inc. (“HUVR”) has expanded its world-class leadership team to include Benjamin Schmuhl as Vice President of Products to continue the growth of its solution leadership of the industry. HUVR continues to grow rapidly based on the success of its platform in the Industrial Asset Management marketplace. HUVR recently closed a $5 million Series A round with Cottonwood Venture Partners to accelerate its growth.
“I’m very excited about the leadership position that HUVR holds in the market, accelerating digital transformation, and advanced analytics in companies with tough problems and environmental responsibilities. We expect to help our customers continue to enjoy operational savings by implementing HUVR and from leveraging the innovations in HUVR's platform,” said Schmuhl.
As HUVR’s VP of Products, Schmuhl is responsible for growing HUVR’s best-in-class solutions across the entire product suite. This includes overseeing an aggressive product roadmap, working closely with customers to understand and deliver on their needs, using his industry expertise to grow and mentor the product team, and increasing collaboration with engineering and other internal teams.
Schmuhl brings more than 15 years of SaaS platform experience, most recently from GoReact, named one of Utah’s Fastest-Growing Companies for three straight years, where he headed strategic product development as the company quickly grew from MVP to serving over 500 enterprises across the US and Europe. Prior to that, he led the product engineering team at Adaptive Computing, providing supercomputer scheduling and reporting for top financial institutions, as well as government and university research centers. Having grown up reading software manuals in the 80s, Schmuhl brings a passion for layering great user experiences over innovative functionality that accelerates insights and provides true value to enterprises.
“Ben brings seasoned, proven leadership to HUVR, and will help us accelerate solution delivery to our customers, delivering them even more value. Also, his Enterprise SaaS solution creation and delivery expertise will put us even further ahead of our competitors in the industrial asset management solution space,” said HUVR CEO Bob Baughman.
About HUVR
HUVR provides software solutions to accelerate digital transformation in the alternative energy, oil and gas, maritime, and other energy and industrial sectors. Our technology and best practices enable our clients to transform Enterprise Asset Management into Smart Asset Governance. Our solutions empower our clients to break down data silos and integrate imagery, inspection data, and legacy enterprise asset management databases. Through powerful analytics, HUVR provides visibility and actionable insights across all asset operations. For more information, please visit www.huvrdata.com.
Jenn Starr
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Only 25% of Industrial Professionals Say Digitizing Their Entire Company at Once Was The Right Approach
PALO ALTO, Calif.--(BUSINESS WIRE)--A highly focused approach to digital transformation is challenging the traditional top-down, all-or-nothing strategy, according to a new report from Plutoshift.
The findings revealed just 25% of industrial professionals said digitizing their entire company at once was the right approach. Rather than embarking on an organizational overhaul, industrial professionals are looking at digitizing and automating specific tasks, departments and functions within their organizations.
The report was developed by Plutoshift, the leader in automated performance monitoring for industrial workflows.
The report, entitled “Instruments Of Change: Professionals Achieving Success Through Operation-Specific Digital Transformation,” details a more targeted, incremental approach to digital transformation called Operation-Specific (or Op-Specific) Digital Transformation. An Op-Specific approach focuses on implementing digitization and automation techniques to specific workflows. According to the report, two-thirds (66%) of industrial professionals believe Op-Specific Digital Transformation would be more manageable and cost-efficient.
In October 2020, Plutoshift surveyed 500 industrial professionals from various industries to better understand whether or not their digital transformation strategies are working, how they’ve had to pivot their strategies and to gauge if they were open to implementing new processes.
The report comes at a time when many organizations are reevaluating or changing their approach: 74% said their digital transformation strategy has changed over the past six months and 84% said that COVID expedited their need to digitize their workflows.
“Industrial companies have felt more pressure to digitize and operate more efficiently, especially amidst the pandemic and changing work conditions,” said Prateek Joshi, CEO and founder of Plutoshift. “A company-wide overhaul is not optimal for companies that need to quickly pivot their digital strategies in challenging market conditions. Industrial professionals are now looking for new approaches to drive ROIs on a more manageable scale. Op-Specific Digital Transformation empowers professionals with the right tools that can transform their day-to-day operations.”
Other key findings include:
To download a full copy of the report, click here.
About Plutoshift:
Prateek Joshi is a leader in AI strategy and solution design and has written 13 relevant books on the subject. He launched Plutoshift in late 2017 with the mission of connecting the constantly changing realities of the physical world with the performance monitoring power of intelligent software. This effort resulted in enabling industrial companies to harness the full potential of existing operational, financial and maintenance data (they invest in collecting and storing) spread across different systems. Plutoshift is the leader in data intelligence for industrial processes.
Plutoshift's cloud-based solution and GROUNDED AI™ delivery platform proactively monitors the performance of industrial processes and assets by empowering front line and remote workers to drive better results. Their GROUNDED AI™ platform transforms passive legacy monitoring systems and data repositories to active performance monitoring workflows in industries like Food & Beverage, Water Technology, Chemicals, Energy, Agtech, Manufacturing, Oil & Gas and Power & Renewables. Plutoshift delivers measurable outcomes supported by a formal ROI. Plutoshift supports clients globally and currently has offices in Palo Alto, CA, Denver, CO, Louisville, KY and strategic partner relationships in the UK and LATAM.
Laura Kubitz
104 West Partners for Plutoshift
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MONTREAL--(BUSINESS WIRE)--BrainBox AI, the pioneer provider of autonomous artificial intelligence (AI) technology for corporate and commercial real estate, is pleased to announce Houston-based Fortune Energy Partners as its first Master Systems Integrator, part of the company’s growing family of national and international commercial partners.
BrainBox AI offers building owners a unique technology combining deep learning, cloud-based computing and algorithms to support a self-operating building. BrainBox AI’s solution enables the HVAC (heating, ventilation and air conditioning) systems in a building to operate autonomously, in real-time, leading to a reduction of up to 25% in total energy costs in less than 3 months, a 20-40% reduction in carbon footprint and a 60% increase in occupant comfort.
With this partnership, Fortune Energy Partners can provide its clients in Texas, Oklahoma and Louisiana with access to the latest energy consumption optimization technologies and enable impactful utility bill savings for building owners. BrainBox AI technology can be installed in 2-3 hours and does not require the deployment of sensors. Fortune Energy Partners is currently deploying the technology in over 7.2 million square feet of their customer portfolio. BrainBox AI is writing back directly to the building’s controllers utilizing a bespoke suite of algorithms driven by predictive deep learning models.
“Adding the BrainBox AI solution to our service offerings allows Fortune Energy Partners to transform smart buildings to autonomous buildings,” said Kevin Murphy, Vice President of Development at Fortune Energy Partners. “As the first BrainBox AI Master Systems Integrator, we are excited to offer our clients a proven leading-edge sustainability solution that includes basic Fault Detection Diagnosis and 24/7/365 monitoring while achieving significant savings in total energy costs and a reduction in carbon-based emissions.”
“We are excited to have a company like Fortune Energy Partners as our first BrainBox AI Master Systems Integrator. Their core mission of ensuring the maximization of HVAC operating efficiency while driving cost savings aligns with BrainBox AI’s core mission of reducing CO2 emissions in the built-environment,” stated Andy McMahon, Director of Channel Sales at BrainBox AI.
Since its launch in May 2019, BrainBox AI has already teamed up with over 30 partners across the globe to deliver an industry-defining AI solution to market. Building owners located in Texas, Oklahoma and Louisiana are encouraged to contact Fortune Energy Partners to learn more about what BrainBox AI can do for your building today. To learn more about BrainBox AI’s technology, visit our website.
About BrainBox AI
Combining the leadership of Sam Ramadori, President, and the expertise of Jean-Simon Venne, CTO and Co-Founder, BrainBox AI was created in 2017 with the goal of redefining building automation through artificial intelligence to be at the forefront of a green building revolution. Headquartered in Montreal, a global AI hub, BrainBox AI has a workforce of over 60 employees and supports real estate clients in numerous sectors, including office buildings, airports, hotels, multi-residential, long-term care facilities, grocery stores and commercial retail.
BrainBox AI is one of TIME' s Best Inventions of 2020 and works in collaboration with research partners including the US Department of Energy’s National Renewable Energy Laboratory (NREL), the Institute for Data Valorization (IVADO) as well as educational institutions including Montreal’s École de technologie supérieure (ETS). Learn more about BrainBox AI.
About Fortune Energy Partners
Fortune Energy Partners is proud to be on the cutting edge of building energy optimization and stand at the precipice of the smart building revolution. Located in Houston, TX, our team is comprised of experts in the fields of HVAC, building automation and energy efficiency.
Our central purpose is to fight global climate change by bringing innovative technology to our world’s-built environment. Our core mission includes providing you with unique advantages and substantial operational savings. By integrating our unique artificial intelligence technology into your HVAC system, you can ensure maximum operating efficiency and savings while reducing the carbon footprint of your building.
Let’s optimize the world together.
MEDIA CONTACT
BrainBox AI – USA
Perry Goldman
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Fortune Energy Partners
Mitzi Coil, Marketing Leader
713.530.4000 | 281.744.2446
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SCHENECTADY, N.Y. & BOSTON--(BUSINESS WIRE)--GE Renewable Energy announced today that it has signed a multi-year agreement with Veolia North America (VNA) to recycle blades removed from its US-based onshore turbines during upgrades and repowering efforts. Through this agreement, GE plans to recycle the majority of blades that are replaced during repowering efforts.
Veolia will process the blades for use as a raw material for cement, utilizing a cement kiln co-processing technology. VNA has a successful history of supplying repurposed engineered materials to the cement industry. Similar recycling processes in Europe have been proven to be effective at a commercial scale.
As a part of the agreement, blades that have been removed from turbines will be shredded at VNA’s processing facility in Missouri and then used as a replacement for coal, sand and clay at cement manufacturing facilities across the US. On average, nearly 90% of the blade material, by weight, will be reused as a repurposed engineered material for cement production. More than 65% of the blade weight replaces raw materials that would otherwise be added to the kiln to create the cement, and about 28% of the blade weight provides energy for the chemical reaction that takes place in the kiln.
Anne McEntee, CEO of GE Renewable Energy’s Digital Services business, said “Sustainable disposal of composites such as wind turbine blades has been a challenge, not only for the wind turbine industry, but also for aerospace, maritime, automotive and construction industries. VNA’s unique offering provides the opportunity to scale up and deploy quickly in North America, with minimum disruption to customers and significant benefit to the environment. We look forward to working with them on this effort to create a circular economy for composite materials.”
Wind turbine blades may be replaced through turbine improvement or ‘repowering’ efforts, when specific elements of the turbine are upgraded to improve the efficiency and lifespan of the turbine, without replacing the entire machine. Longer, lighter blades help the turbine to generate more energy every year, providing even more renewable energy to their end customers.
Bob Cappadona, COO for VNA’s Environmental Solutions and Services division, said “By adding wind turbine blades — which are primarily made of fiberglass — to replace raw materials for cement manufacturing, we are reducing the amount of coal, sand and minerals that are needed to produce the cement, ultimately resulting in greener cement that can be used for a variety of products. Last summer we completed a trial using a GE blade, and we were very happy with the results. This fall we have processed more than 100 blades so far, and our customers have been very pleased with the product. Wind turbine blade repurposing is another example of Veolia’s commitment to a circular economy and ecological transformation in which sustainability and economic growth go hand in hand.”
VNA employs 20 people from the area at the Missouri processing facility, which is located about 70 miles northwest of St. Louis.
An environmental impact analysis conducted by Quantis U.S. found that the net effect of blade recycling through cement kiln co-processing is positive in all categories. Compared to traditional cement manufacturing, blade recycling enables a 27% net reduction in CO2 emissions from cement production and a 13% net reduced water consumption. In addition, a single wind turbine blade that weighs 7 US tons recycled through this process enables the cement kiln to avoid consuming nearly 5 tons of coal, 2.7 tons of silica, 1.9 tons of limestone, and nearly a ton of additional mineral-based raw materials. Largely due to the avoided coal consumption, this type of blade recycling also has a net-positive environmental impact in the categories of human health, ecosystem quality, and resource consumption. The resulting cement has the same properties and performance as cement manufactured using traditional means, meeting all applicable ASTM standards.
Recycling decommissioned wind turbine blades into cement production will aid the cement industry in its efforts to decarbonize. Likewise, GE Renewable Energy is committed to reducing environmental impacts throughout the life cycle of its products, including by announcing an ambitious pledge in 2019 to decarbonize its operations and achieve carbon neutrality by the end of 2020. GE Renewable Energy’s businesses are regularly partnering up with other leaders across the value chain to drive innovation for improved sustainability.
About GE Renewable Energy
GE Renewable Energy is a $15 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With more than 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons.
Follow us at www.ge.com/renewableenergy, on www.linkedin.com/company/gerenewableenergy, or on twitter.com/GErenewables
About Veolia
Veolia group is the global leader in optimized resource management. With nearly 179,000 employees worldwide, the Group designs and provides water, waste and energy management solutions which contribute to the sustainable development of communities and industries. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and to replenish them.
In 2019, the Veolia group supplied 98 million people with drinking water and 67 million people with wastewater service, produced nearly 45 million megawatt hours of energy and treated 50 million metric tons of waste. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €27.189 billion in 2019 (USD 29.9 billion). www.veolia.com
GE Renewable Energy
Becky Norton
(518) 522-8832
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Veolia North America
Carrie Griffiths
(781) 491-3117
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Veolia
Sandrine Guendoul
+ 33 6 25 09 14 25
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RESTON, Va.--(BUSINESS WIRE)--#award--Assured Consulting Solutions (ACS) is pleased to announce it has been awarded a task order to support the National Geospatial-Intelligence Agency (NGA) and the Integrated Program Office for Foundation GEOINT (IPF) on the NGA Segment Engineering contract. ACS will assist the IPF by providing Systems Engineering & Integration (SE&I), acquisition, and program management services to the Foundation GEOINT mission areas, including Aeronautical Navigation, Maritime Safety, Geography, Geomatics, Data Integration and Automation.
“ACS is excited to leverage our SE&I portfolio to operate as a force-multiplier for NGA,” says ACS Managing Partner, Mandy Parmer. “By partnering with IPF, and applying our Model-Based Systems Engineering approach, known as Data-Driven Secure Agile Methodology (D2SAM), we accelerate the path towards Foundation GEOINT’s strategic mission and goals.”
This task order is a Fixed Price Level of Effort contract, with a six-month base year and four option years on the NGA Segment Engineering multiple award IDIQ Contract. Team members include RTI Consulting, FTS International, OGSystems (a Parsons Company), TriSept Corporation, and IT Veterans.
ABOUT ASSURED CONSULTING SOLUTIONS
Founded in 2011 and headquartered in Reston, Virginia, Assured Consulting Solutions is a well-respected and trusted partner, domain expert, and provider of expert-level support. ACS is a certified Woman-Owned Small Business (WOSB) that delivers advanced technology solutions and strategic support services in support of critical national security missions for Intelligence, Defense, and Federal Civilian customers. Learn more at www.assured-consulting.com.
Public Relations
(703) 662-5062
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BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, today announced that Jeffrey F. Glajch, Vice President & Chief Financial Officer, and Chris Johnston, Director of Business Development, will be presenting at the 13th annual LD Micro Main Event investor conference on Tuesday, December 15, 2020.
LD Micro Main Event Conference
Tuesday, December 15. 2020
10:40 a.m. Eastern Time
Live webcast Link and accompanying slide presentation: www.graham-mfg.com.
ABOUT GRAHAM CORPORATION
Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality. Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.
Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.
Jeffrey F. Glajch
Vice President - Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski / Christopher M. Gordon
Kei Advisors LLC
Phone: (716) 843-3908 / (716) 843-3942
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AUSTIN, Texas--(BUSINESS WIRE)--Solar Proponent LLC (“SolarPro”) today announced its formation and underlying capital commitment from EnCap Investments L.P. (“EnCap”), a leading provider of equity capital to the independent sector of the U.S. energy industry. Yorktown Partners LLC (“Yorktown”), an energy-focused private equity firm, Mercuria Energy and SolarPro management also will invest in the company by providing additional growth capital.
Headquartered in Austin, Texas, SolarPro is focused on developing high-quality utility-scale solar power projects to accelerate the U.S. transition to renewable energy and help shape a more diverse, reliable and sustainable power grid. SolarPro’s strategy is to efficiently deploy development capital to build a pipeline of high-quality, large-scale shovel-ready photovoltaic solar projects.
“SolarPro’s expertise in the solar development value chain and unique strategic vision are a natural fit with the EnCap Energy Transition portfolio of industry innovators,” said EnCap Energy Transition Managing Partner Tim Rebhorn. “We’re excited about SolarPro’s ability to develop solar projects that lead to cost-effective, high-capacity solutions that will complement the continued growth of solar power generation.”
SolarPro is taking an accelerated approach to a proven business model, delivering premier solar energy projects at a time when demand for low-cost clean energy and local economic development is increasing. SolarPro’s goals are meeting customers’ increasing demand for solar power while providing a platform for established capital partners to directly participate in the clean energy transition.
“Initially we are targeting the Electric Reliability Council of Texas (ERCOT) market in Texas, which has a demonstrated momentum toward solar power and favorable underlying solar development fundamentals. With our investors’ backing, we’re poised to acquire the largest advanced-stage solar projects in development,” said SolarPro Chief Executive Officer Cassandra Rinaldo Schultz. “We're focused on bringing economies of scale to solar investors, and we look forward to partnering with developers who have projects of at least 300 MW in size,” said Chief Development Officer Jeffrey Sabins.
The team at Solar Proponent is led by Chief Executive Officer Cassandra Rinaldo Schultz and Chief Development Officer Jeffrey Sabins, both of whom recently held leadership roles at other utility-scale solar developers in Texas. Ms. Schultz has over 25 years of experience in energy infrastructure development, mergers and acquisitions, energy trading, risk management and structured finance. Mr. Sabins has 10 years of experience leading utility-scale renewable development in ERCOT. Most recently Ms. Schultz served as Chief Financial Officer at Core Solar LLC and its utility-scale solar development joint venture with Macquarie’s Green Investment Group. Prior to that she held executive positions at several multinational energy companies, where she coordinated investment analysis and due diligence, led risk management and managed commercial support operations for gas and power trading. Prior to SolarPro, Mr. Sabins completed 1.2 GW of renewable developments. He opened the U.S. regional solar development office of Energiekontor AG, where he established a development team and commercialized solar projects. Prior to that, Mr. Sabins managed ERCOT, SPP and WECC project development teams for RES Americas.
About Solar Proponent (SolarPro)
SolarPro’s mission is to leverage the enormous potential of solar power to create sustainable electricity infrastructure. With decades of combined experience in the energy sector, the Solar Proponent team is focused on building value for investors, communities, and landowners through responsibly developed solar generation projects. For more information, visit www.solarproponent.com.
About EnCap Investments L.P.
Since 1988, EnCap Investments has been the leading provider of growth capital to the independent sector of the U.S. energy industry. The firm has raised 21 institutional investment funds totaling approximately $37 billion and currently manages capital on behalf of more than 350 U.S. and international investors. EnCap has invested capital in more than 240 companies. For more information, visit www.encapinvestments.com.
About Yorktown Partners LLC
Yorktown Partners LLC is an energy-focused private equity firm that has raised $9 billion of capital commitments across thirteen partnerships since 1991. The firm has provided financing and leadership to over 90 companies in the energy industry. Yorktown’s principals are significant investors in their partnerships. Yorktown’s limited partners include endowments, foundations, families, insurance companies, and other institutional investors. For more information, visit www.yorktownenergy.com.
About Mercuria Energy
Founded in 2004, Mercuria is one of the largest independent energy and commodity groups in the world. As an integrated group, Mercuria is present all along the commodity value chain with activities forming a balanced combination of trading flows, strategic assets and structuring solutions. With more than USD 100 billion in turnover, more than 1,000 people are operating from offices worldwide to sustain the group’s extensive business reach with their market knowledge, diversity, and experience. The company maintains a strong presence in the Americas, Asia and Europe. For more information, visit www.mercuria.com.
Media Contacts
For Solar Proponent and EnCap Investments:
Casey Nikoloric, TEN|10 Group
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303.507.0510 m
303.433.4397, x101 o
For Yorktown Partners:
Tomas LaCosta
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212.515.2114 o
For Mercuria Energy:
Matthew Lauer
+41 22.595.8855 o
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$1.08 dividend per share, $450 million available for share repurchases, $2.1 billion net income attributable to KMI, and $1.2 billion in DCF in excess of discretionary capex and dividends
HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced its preliminary financial projections for 2021. KMI remains committed to maintaining a strong balance sheet, returning value to its shareholders through dividend increases and/or share repurchases, and investing in projects with attractive returns.
“With 2020 coming to a close, we can look back on the year with pride at how our company weathered the economic downturn and energy demand reduction associated with the pandemic. We took decisive action, reducing our 2020 expenses and sustaining capital expenditures by nearly $190 million combined versus our original budget without sacrificing safety and compliance. In addition, we reduced our discretionary capital outlook for 2020 by approximately $680 million, or almost 30%,” said Steve Kean, KMI’s chief executive officer. “We expect these actions to result in an improvement to distributable cash flow (DCF) less discretionary capital expenditures of approximately $160 million compared to our original budget. We expect to end the year with a 2020 Net Debt-to-Adjusted EBITDA ratio of approximately 4.6 times. This is consistent with our long-term target of approximately 4.5 times,” continued Kean.
“In 2021, we expect to generate $2.1 billion in net income attributable to KMI, $2.0 billion more than our 2020 forecast, due primarily to asset and goodwill impairments taken during 2020. We also expect to generate $4.4 billion in DCF during 2021, approximately 3% below our current forecast for 2020 DCF. DCF will be negatively impacted by lower re-contracting rates on certain Natural Gas Pipeline segment assets (mainly Ruby and FEP pipelines, as we have noted for the last couple of years), lower crude volumes and realized prices in the CO2 segment, lower capitalized overhead as a result of lower discretionary capital expenditures, and higher sustaining capital expenditures partially offset by projects placed in service and increased refined product volumes. DCF less discretionary capital expenditures and dividends is expected to be $1.2 billion, an improvement of more than $700 million compared to our 2020 forecast. Our budget guidance includes savings from a corporate-wide organizational efficiency and effectiveness project that resulted in approximately $100 million in annual costs savings to KMI and an expected 2021 DCF benefit of $72 million, taking into account partial year savings in 2020, allocations to capital, and other items. We will go into greater detail on that process when we present our budget on January 27,” continued Kean.
“Pursuant to a recent board of directors meeting, we are also able to announce our 2021 dividend policy and expectation about the fourth quarter 2020 dividend. We expect the board to declare a fourth quarter 2020 dividend of $0.2625 per share or $1.05 annualized, consistent with previous quarters in 2020. Based on our budgeted DCF per share generation detailed below, the board expects the 2021 dividend to be $1.08 per share (annualized), a 3% increase from the 2020 dividend. With budgeted excess coverage of that dividend, we expect also to be able to engage in share repurchases on an opportunistic basis,” concluded Kean.
Below is a summary of KMI’s expectations for 2021:
Please see “Non-GAAP Financial Measures” below for definitions of DCF, Adjusted EBITDA and Net Debt, and the accompanying tables for reconciliations of 2021 budgeted net income attributable to KMI to budgeted DCF and budgeted Adjusted EBITDA.
KMI’s expectations assume the average annual prices for West Texas Intermediate (WTI) crude oil and Henry Hub natural gas of $43 per barrel and $3.00 per million British thermal units (MMBtu), respectively. This is consistent with the forward pricing at the time of the budget process. The vast majority of cash generated by KMI is fee-based and therefore not directly exposed to commodity prices. The primary area where KMI has commodity price sensitivity is in its CO2 segment, where KMI hedges the majority of its next 12 months of oil production to minimize this sensitivity. For 2021, the company estimates that every $1 per barrel change in the average WTI crude oil price impacts DCF by approximately $4 million, and each $0.10 per MMBtu change in the price of natural gas impacts DCF by approximately $1 million.
The KMI board of directors will review the 2021 budget for approval at its January board meeting, and management will discuss the budget in detail during the company’s annual investor conference on January 27, 2021 in Houston, Texas. Kinder Morgan remains committed to transparency and will continue to publish its budget on the company’s website as presented at the investor conference. The 2021 budget will be the standard by which KMI measures its performance next year and will be a factor in determining employee compensation.
About Kinder Morgan, Inc.
Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines and 147 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include, among others, express or implied statements pertaining to: the long-term demand for KMI’s assets and services; the future impact on our business of the global economic consequences of the COVID-19 pandemic, KMI’s expected net income, DCF and Adjusted EBITDA; expected Net Debt-to-Adjusted EBITDA ratios; and anticipated dividends. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize nor their ultimate impact on our operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include the risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2019 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
Non-GAAP Financial Measures
The non-generally accepted accounting principles (non-GAAP) financial measures of distributable cash flow (DCF), both in the aggregate and per share; Adjusted EBITDA; and Net Debt are presented herein.
Our non-GAAP measures described further below should not be considered alternatives to GAAP net income or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP measures may differ from similarly titled measures used by others. You should not consider these non-GAAP measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of these non-GAAP measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.
Due to the impracticality of predicting certain amounts required by GAAP such as unrealized gains and losses on derivatives marked to market and potential changes in estimates for certain contingent liabilities, KMI is not providing 2020 budgeted net income attributable to KMI, the GAAP financial measure most directly comparable to the non-GAAP financial measures of DCF and Adjusted EBITDA or budgeted metrics derived therefrom.
Certain Items, as adjustments used to calculate our non-GAAP measures, are items that are required by GAAP to be reflected in net income, but typically either (1) do not have a cash impact (for example, asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures” below).
DCF is calculated by adjusting net income attributable to KMI for Certain Items, depreciation, depletion and amortization (DD&A), amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures” below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as common stock dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to KMI. DCF per common share is DCF divided by average outstanding common shares, including restricted stock awards that participate in common share dividends.
Adjusted EBITDA is calculated by adjusting net income attributable to KMI before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures” below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to KMI.
Net Debt is calculated by subtracting from debt (i) cash and cash equivalents, (ii) the preferred interest in the general partner of Kinder Morgan Energy Partners L.P. (which was redeemed in January 2020), (iii) debt fair value adjustments and (iv) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents.
Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests,” respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated JVs.
Our guidance for 2021 includes a forecast of net income attributable to KMI, which we previously have not provided due to the impracticability of predicting certain components of net income required by GAAP. As a result of changes to GAAP rules and guidance and our 2019 sale of Kinder Morgan Canada Limited, the impact of components related to commodity and interest rate hedge ineffectiveness and foreign currency fluctuations will be inconsequential. In addition, based on our current circumstances, we do not expect that changes in unrealized gains and losses on derivatives marked to market and potential changes in estimates for certain contingent liabilities will materially impact our ability to forecast net income for 2021. If the circumstances relating to these items or other GAAP requirements change and we determine that the difficulty of predicting components required by GAAP makes it impracticable for us to forecast net income attributable to KMI, we will cease to provide a forecast of net income attributable to KMI and will disclose the factors affecting our ability to do so.
Table 1 |
|||||
|
|
||||
Kinder Morgan, Inc. and Subsidiaries |
|||||
Preliminary Reconciliation of Budgeted Net Income Attributable to Kinder Morgan, Inc. to Budgeted DCF |
|||||
(in billions) |
|||||
|
2021B |
||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
2.1 |
|||
Total Certain Items (1) |
|
- |
|||
DD&A and amortization of excess cost of equity investments for DCF (2) |
|
2.5 |
|||
Income tax expense for DCF (2)(3) |
|
0.7 |
|||
Cash taxes (4) |
|
(0.1) |
|||
Sustaining capital expenditures (4) |
|
(0.8) |
|||
Other items (1) |
|
- |
|||
DCF |
$ |
4.4 |
|||
Table 2 |
|||||
Kinder Morgan, Inc. and Subsidiaries |
|||||
Preliminary Reconciliation of Budgeted Net Income Attributable to Kinder Morgan, Inc. to Budgeted Adjusted EBITDA |
|||||
(in billions) |
|||||
|
|
2021B |
|||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
2.1 |
|||
Total Certain Items (1) |
|
- |
|||
DD&A and amortization of excess cost of equity investments |
|
2.2 |
|||
Income tax expense (3) |
|
0.6 |
|||
JV DD&A and income tax expense (5) |
|
0.4 |
|||
Interest, net (3) |
|
|
1.5 |
||
Adjusted EBITDA |
|
$ |
6.8 |
||
Notes: |
|||||
(1) |
Aggregate adjustments for Total Certain Items and Other items (such as non-cash pension expense and non-cash compensation associated with our restricted stock program) are currently estimated to be less than $100 million. |
||||
(2) |
Includes DD&A or income tax expense, as applicable, from unconsolidated JVs, reduced by consolidated JV partners' DD&A. |
||||
(3) |
Amounts are adjusted for Certain Items. |
||||
(4) |
Includes cash taxes or sustaining capital expenditures, as applicable, from unconsolidated JVs, reduced by consolidated JV partners' sustaining capital expenditures. |
||||
(5) |
Represents unconsolidated JV DD&A and income tax expense, reduced by consolidated JV partners' DD&A. |
||||
Media Relations
Dave Conover
(713) 420-6397
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Investor Relations
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www.kindermorgan.com
National leading solar developer continues to grow despite economic and industry slowing
DENVER--(BUSINESS WIRE)--Colorado’s largest community solar developer and national solar provider, Pivot Energy, has announced major company growth results during 2020 while the solar industry experienced uncertainty and slowing. The company’s growth is highlighted by a 34% increase in staff and a 180% increase in installed solar capacity this year.
In 2020, Pivot Energy hired 13 new positions, including the addition of essential new staff to its leadership and executive teams, and the promotion of key staff members internally. The company completed 116 solar projects across six states, totaling 64 megawatts of commercial and community solar capacity — nearly tripling the installed capacity from the previous year. Pivot also expanded into the Mid-Atlantic market, with plans to continue development nationwide in 2021.
SunCentral, Pivot’s proprietary community solar software also experienced significant growth thanks to industry demand for new and innovative software solutions. The community solar management platform increased the amount of solar capacity it manages by 55%, exceeding growth expectations for the year.
“Our growth and success are without question attributed to the passionate and dedicated team we have that works tirelessly towards achieving a cleaner energy future,” said Tom Hunt, CEO of Pivot Energy. “Despite the obstacles the solar industry has faced this year, demand remains high for more clean energy and we are confident that our growth will continue well into 2021.”
The company will continue its growth plans in both the commercial and community solar sectors, expanding into additional new markets in 2021, and continuing the pursuit of its important mission to accelerate the rapid transition taking place in the energy industry to a more decentralized and cleaner approach to power generation.
About Pivot Energy
Pivot Energy is a Denver-based solar energy company that is accelerating the rapid transition in the energy industry to a more decentralized and cleaner approach to power generation. Pivot offers a distributed energy platform that includes a range of services and software aimed at serving the full commercial solar ecosystem, including retail customers, project developers, system operators, utilities, and financiers. The company develops, finances, builds, and manages community and commercial solar projects around the country. Learn more at pivotenergy.net.
Nate Watters
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720-628-3132
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