KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP” or the “Partnership”) announced today that members of executive management will host virtual meetings during the 2021 Wells Fargo Virtual Midstream, Utility & Renewables Symposium taking place December 8-9, 2021. A copy of the Partnership’s presentation will be available by visiting the Partnership’s website at www.MMLP.com.
About Martin Midstream Partners
MMLP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP’s primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn and Facebook.
MMLP-E
Sharon Taylor – Chief Financial Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.
(877) 256-6644
HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) will hold a conference call to discuss its fourth quarter 2021 results on Friday, February 4, 2022 at 10 a.m. (Central Time). NOV will issue a press release with the Company’s results after the market closes for trading on Thursday, February 3, 2022. The call will be webcast live on www.nov.com/investors.
About NOV
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.
Visit www.nov.com for more information.
Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
This email address is being protected from spambots. You need JavaScript enabled to view it.
$1.11 dividend per share; up to $750 million available for share repurchases; $2.5 billion net income attributable to KMI; and 9% growth in DCF per share1
HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced its preliminary 2022 financial projections. “We expect 2021 to be a record year for Kinder Morgan financially, attributable to our outperformance related to winter storm Uri in the first quarter, along with solid project execution across our business units, and two important acquisitions. Our strong performance is also reflected in our debt metric, as we expect to end the year with a Net Debt-to-Adjusted EBITDA ratio of 4.0 times, much better than our budgeted ratio of 4.6 times,” said Steve Kean, KMI chief executive officer.
“For 2022, with our market fundamentals remaining robust, a full year of earnings from our Stagecoach acquisition, and the completion of several projects in the fourth quarter of 2021, we project a very strong year,” said Steve Kean, KMI chief executive officer. “We expect to generate net income attributable to KMI per share of $1.09 and distributable cash flow (DCF) per share of $2.07. Our growth will continue to be supported by an unparalleled network of interconnected assets, important energy infrastructure expansion opportunities, and new investments in the energy evolution,” continued Kean.
Below is a summary of KMI’s expectations for 2022:
Please see “Non-GAAP Financial Measures” below for definitions of DCF, Adjusted EBITDA and Net Debt, and the accompanying tables for reconciliations of 2022 budgeted net income attributable to KMI to budgeted DCF and budgeted Adjusted EBITDA.
KMI’s expectations assume average annual prices for West Texas Intermediate (WTI) crude oil and Henry Hub natural gas of $72.50 per barrel and $4.25 per MMBtu, respectively, consistent with forward pricing during the budget process. The vast majority of cash generated by KMI is fee-based and therefore is 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 2022, the company estimates that every $1 per barrel change in the average WTI crude oil price impacts DCF by approximately $8.7 million and each $0.10 per MMBtu change in the price of natural gas impacts DCF by approximately $0.6 million.
The KMI board of directors has preliminarily reviewed the 2022 budget and will take formal action on it at the January board meeting. Management will discuss the budget in detail during the company’s annual investor day conference on Jan. 26, 2022, 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 day conference. The 2022 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 144 terminals. Our pipelines transport natural gas, renewable fuels, 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. Learn more about our renewables initiatives on the low carbon solutions page at 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 express or implied statements pertaining to KMI’s expected net income attributable to KMI, DCF (in each case in the aggregate and per share), Adjusted EBITDA, expected Net Debt-to-Adjusted EBITDA ratios, and anticipated dividends for 2021 (with and without the impact of winter storm Uri, where applicable) and 2022. 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 impacts of the COVID-19 pandemic and the pace and extent of economic recovery; the timing and extent of changes in the supply of and demand for the products we transport and handle; commodity prices; and the other risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2020 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on 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 attributable to KMI 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.
Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income attributable to KMI, 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, 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 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 share is DCF divided by average outstanding shares, including restricted stock awards that participate in 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 (1) cash and cash equivalents, (2) debt fair value adjustments, and (3) 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.
Table 1 |
|||||||||||||
Kinder Morgan, Inc. and Subsidiaries |
|||||||||||||
Reconciliation of Projected Net Income Attributable to Kinder Morgan, Inc. to Projected DCF |
|||||||||||||
(In billions, unaudited) |
|||||||||||||
|
|||||||||||||
|
2021 Forecast |
2021 Forecast Excluding Uri |
2022 Projected Guidance |
||||||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
1.7 |
|
|
$ |
0.8 |
|
$ |
2.5 |
|
|||
Total Certain Items (1) |
1.2 |
|
|
|
1.2 |
|
— |
|
|||||
DD&A and amortization of excess cost of equity investments for DCF (2) |
2.6 |
|
|
|
2.6 |
|
2.4 |
|
|||||
Income tax expense for DCF (2)(3) |
0.9 |
|
|
|
0.7 |
|
0.8 |
|
|||||
Cash taxes (2) |
(0.1 |
) |
|
|
(0.1 |
) |
(0.1 |
) |
|||||
Sustaining capital expenditures (2) |
(0.9 |
) |
|
|
(0.9 |
) |
(0.9 |
) |
|||||
Other items (1) |
— |
|
|
|
— |
|
— |
|
|||||
DCF |
$ |
5.4 |
|
|
$ |
4.3 |
|
$ |
4.7 |
|
|||
Table 2 |
|||||||||||
Kinder Morgan, Inc. and Subsidiaries |
|||||||||||
Reconciliation of Projected Net Income Attributable to Kinder Morgan, Inc. to Projected Adjusted EBITDA |
|||||||||||
(In billions, unaudited) |
|||||||||||
|
|||||||||||
|
2021 Forecast |
2021 Forecast Excluding Uri |
2022 Projected Guidance |
||||||||
Net income attributable to Kinder Morgan, Inc. (GAAP) |
$ |
1.7 |
|
$ |
0.8 |
$ |
2.5 |
||||
Total Certain Items (1) |
1.2 |
|
|
1.2 |
— |
||||||
DD&A and amortization of excess cost of equity investments |
2.2 |
|
|
2.2 |
2.2 |
||||||
Income tax expense (3) |
0.9 |
|
|
0.7 |
0.7 |
||||||
JV DD&A and income tax expense (2) |
0.4 |
|
|
0.4 |
0.3 |
||||||
Interest, net (3) |
1.5 |
|
|
1.5 |
1.5 |
||||||
Adjusted EBITDA |
$ |
7.9 |
|
$ |
6.8 |
$ |
7.2 |
||||
Notes |
||
(1) |
Aggregate adjustments for Other items (such as non-cash pension expense and non-cash compensation associated with our restricted stock program and 2022 Total Certain Items are currently estimated to be less than $100 million. |
|
(2) |
Includes or represents DD&A, income tax expense, cash taxes and/or sustaining capital expenditures (as applicable for each item) from JVs. |
|
(3) |
Amounts are adjusted for Certain Items. |
|
1Compared to the 2021 forecast that excludes the largely nonrecurring outperformance related to winter storm Uri.
Dave Conover
Media Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations
(800) 348-7320
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.kindermorgan.com
NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, is pleased to announce that CEO, Tom Einar Jensen, will participate in the delegation of His Royal Highness the Crown Prince of Norway during his official visit to New York on December 6th and 7th.
FREYR’s Tom Einar Jensen and Marte Mjøs Persen, the Norwegian Minister of Petroleum and Energy, will participate in a panel discussion entitled ‘Financing the Green Transition’ alongside Idar Kreutzer, CEO of Finance Norway, Sara Neff, Head of ESG for LendLease, Casey C. Clark, Deputy CIO and Global Head of ESG Investments at Rockefeller Management, and Francois Laborie, President, Cognite North America. The panel will be moderated by Lynn Doan, Bloomberg’s Team Leader of Power & Gas-Americas, at the New York Stock Exchange (NYSE) on December 7th.
Additionally, Jensen will meet industry leaders, UN dignitaries and investors to discuss the working relationship between Norwegian and American-based businesses.
“The FREYR team is looking forward to meeting industry leaders with a shared goal of creating clean energy solutions,” said Tom Einar Jensen, CEO of FREYR Battery. “In Norway, we are leveraging renewable energy sources to power low-carbon battery cell manufacturing, and we want to share our plans for making the same sustainable approach financially and commercially viable in the U.S.”
FREYR, listed on the New York Stock Exchange, plans to develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028 to position the company as one of Europe’s largest battery cell suppliers.
In October, FREYR announced the formation of a joint venture (“JV”) in the United States between Koch Strategic Platforms and FREYR. The JV, with a 50/50 ownership structure, has been established to develop an initial 50 GWh of Gigafactory-scale battery cell manufacturing capacity in the U.S. based on 24M’s SemiSolid™ platform technology. The JV is currently evaluating a potential Gigafactory location in the U.S.
About FREYR Battery
FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com
Forward-looking Statements
All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s ability to leverage renewable energy sources to power low-carbon battery cell manufacturing, utilize 24M’s technology, make its sustainable approach financially and commercially viable in the U.S., develop up to 43 GWh of battery cell production capacity by 2025 with an ambition of up to 83 GWh in total capacity by 2028, position the company as one of Europe’s largest battery cell suppliers, develop an initial 50 GWh of Gigafactory-scale battery cell manufacturing capacity in the U.S. based on 24M’s SemiSolid™ platform technology and commence green battery production in the U.S. over the next 12 months are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.
Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (+47) 9920 54 570
Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (+1) 281-222-0161
DALLAS--(BUSINESS WIRE)--CBRE Acquisition Holdings, Inc. (NYSE: CBAH) (“CBAH”), a publicly traded special purpose acquisition company, today announced that its stockholders voted to approve the previously announced business combination with Altus Power, Inc. (“Altus Power”), and all other proposals presented at CBAH’s special meeting of stockholders (the “Special Meeting”) held on December 6, 2021.
Approximately 90.3% of the votes cast on the business combination proposal at the Special Meeting were in favor of approving the business combination proposal, including 60.4% of the outstanding shares of CBAH common stock not owned, directly or indirectly, by CBRE Group, Inc., any of its affiliates or any executive officers of CBAH. CBAH plans to file the results of the Special Meeting on a Form 8-K with the U.S. Securities and Exchange Commission today.
The business combination is expected to close on December 9, 2021. Upon closing, post-combination Altus Power’s Class A shares and warrants are expected to commence trading on the New York Stock Exchange, under the symbols “AMPS” and “AMPS WS,” respectively, on December 10, 2021. Further, at the closing of the business combination, each CBAH unit will separate into its components, which are one CBAH Class A share and one-fourth of one warrant. The holders of CBAH Class A shares and warrants will receive equivalent securities of AMPS and AMPS WS, as applicable, in post-combination Altus Power.
As previously disclosed, the deadline for stockholders to withdraw their redemption requests has been extended to 4:00 p.m. (New York City time) on December 8, 2021. Any stockholder wishing to withdraw a redemption request may request a withdrawal by contacting CBAH’s transfer agent at the email address listed below; the Company will consider honoring such request on a case-by-case basis:
Continental Stock Transfer & Trust Company
This email address is being protected from spambots. You need JavaScript enabled to view it.
About CBRE Acquisition Holdings, Inc.
CBRE Acquisition Holdings, Inc. (“CBAH”) is a blank-check company formed solely for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CBAH is sponsored by CBRE Acquisition Sponsor, LLC, which is a subsidiary of CBRE Group, Inc.
About Altus Power, Inc.
Altus Power, based in Stamford, Connecticut, is creating a clean electrification ecosystem, serving its commercial, public sector and community solar customers with locally-sited solar generation, energy storage, and EV-charging stations across the U.S. Since its founding in 2009, Altus Power has developed or acquired over 350 megawatts from Vermont to Hawaii. Visit altuspower.com to learn more.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to the use of proceeds for the new credit facility and analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to CBAH’s and Altus Power’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning the timing of the Business Combination, the business plans, objectives, expectations and intentions of CBAH once the Business Combination and the other transactions contemplated thereby (the “Transactions”) and change of name are complete (“New Altus”), and New Altus’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on CBAH’s or Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside CBAH’s or Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; (2) the inability to complete the Transactions due to the failure to obtain approval of the stockholders of CBAH or Altus Power or other conditions to closing in the Business Combination Agreement; (3) the ability of New Altus to meet NYSE’s listing standards (or the standards of any other securities exchange on which securities of the public entity are listed) following the Business Combination; (4) the inability to complete the private placement of common stock of CBAH to certain institutional accredited investors; (5) the risk that the announcement and consummation of the Transactions disrupts Altus Power’s current plans and operations; (6) the ability to recognize the anticipated benefits of the Transactions, which may be affected by, among other things, competition, the ability of New Altus to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (7) costs related to the Transactions; (8) changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the Transactions; (9) the possibility that Altus Power and New Altus may be adversely affected by other economic, business, regulatory and/or competitive factors; (10) the impact of COVID-19 on Altus Power’s and New Altus’s business and/or the ability of the parties to complete the Transactions; (11) the outcome of any legal proceedings that may be instituted against CBAH, Altus Power, New Altus or any of their respective directors or officers, following the announcement of the Transactions; and (12) the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments.
Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Registration Statement and CBAH’s definitive proxy statement/prospectus. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and CBAH and Altus Power undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in CBAH and is not intended to form the basis of an investment decision in CBAH. All subsequent written and oral forward-looking statements concerning CBAH and Altus Power, the Transactions or other matters and attributable to CBAH and Altus Power or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
CBRE Acquisition Holdings Contacts
Cash Smith
CBRE Acquisition Holdings, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
Steven Iaco
CBRE Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
Altus Power Contacts
For Media:
Cory Ziskind
ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
For Investors:
Caldwell Bailey
ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Solar Lighting Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Solar Lighting Systems Market to Reach $11.2 Billion by 2026
The global market for Solar Lighting Systems estimated at US$5.5 Billion in the year 2020, is projected to reach a revised size of US$11.2 Billion by 2026, growing at a CAGR of 13% over the analysis period.
LED, one of the segments analyzed in the report, is projected to grow at a 15.2% CAGR to reach US$9.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Other Light Sources segment is readjusted to a revised 8.4% CAGR for the next 7-year period. This segment currently accounts for a 36.6% share of the global Solar Lighting Systems market.
Growth in the market will be driven by the growing popularity of solar street lighting. Solar street lighting has been garnering a significant traction across cities owing to its potential to accelerate the transition towards a green, low-carbon future. The demand for these systems is further propelled by increasing demand for energy in both rural and urban areas.
The technology is benefitting from declining cost of associated components like solar photovoltaic panels, making it an attractive alternative to conventional street lights. Solar street lights are capable of operating even on cloudy or rainy days. The market is also bolstered by favorable government initiatives to reduce carbon emissions through the use of eco-friendly technology.
The shift toward solar street lighting is expected to be further facilitated by numerous benefits of these systems over their counterpart traditional solutions. Solar street lighting is sustainable in nature and independent of power grid, which leads to low operating costs.
Rather than relying on utility provider, these lights are powered by solar energy, which is stored for later use. Solar street lighting has lower risk of overheating and requires lower maintenance in comparison to traditional street lights. The lack of external wires further reduces the risk of accidents like electrocution and strangulation.
Solar street lights are eco-friendly in nature and considerably reduce carbon footprint. In addition, these systems can be easily installed in remote areas that are not served by conventional systems, making them a suitable and efficient option for addressing lighting issues.
The U.S. Market is Estimated at $1.3 Billion in 2021, While China is Forecast to Reach $2.6 Billion by 2026
The Solar Lighting Systems market in the U.S. is estimated at US$1.3 Billion in the year 2021. The country currently accounts for a 23.08% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$2.6 Billion in the year 2026 trailing a CAGR of 15.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.9% and 10.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.3% CAGR while Rest of European market (as defined in the study) will reach US$3.1 Billion by the close of the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 83 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/a2bax5
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Proceeds to be used for general corporate purposes, which may include (without limitation) funding potential acquisitions, project-related capital and working capital, and to support clean energy growth initiatives
AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced the commencement of an underwritten registered public offering of $125 million aggregate principal amount of senior notes due 2026 (the “Senior Notes”). B&W expects to grant the underwriters a 30-day option to purchase additional Senior Notes in connection with the offering. The interest rate and certain other terms of the Senior Notes will be determined at the time of the pricing of the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
B&W and the Senior Notes both received a rating of BB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.
The Company expects to use the net proceeds of this offering for general corporate purposes, which may include (without limitation) funding potential acquisitions, project-related capital and working capital and to support clean energy growth initiatives. Pending any specific use, the Company may use any remaining net proceeds to invest in short-term interest-bearing accounts, securities or similar investments.
B. Riley Securities, Inc. is acting as lead book-running manager for the offering. D.A. Davidson & Co., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., William Blair & Company, L.L.C. and EF Hutton, division of Benchmark Investments, LLC are acting as joint book-running managers for the offering. Aegis Capital Corp., Boenning & Scattergood, Inc., Huntington Securities, Inc., InspereX LLC and Wedbush Securities, Inc. are acting as co-managers for the offering.
The Senior Notes will be offered under the Company's shelf registration statement on Form S-3, which was initially filed with the Securities and Exchange Commission ("SEC") on November 8, 2021 and declared effective by the SEC on November 22, 2021. The offering will be made only by means of the prospectus supplement dated December 6, 2021 and the accompanying base prospectus dated November 22, 2021, as may be further supplemented by any free writing prospectus and/or pricing supplement that the Company may file with the SEC. Copies of the preliminary prospectus supplement and the accompanying base prospectus and any free writing prospectus and/or pricing supplement for the offering may be obtained on the SEC's website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Senior Notes, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-Looking Statements
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company's public offering of the Senior Notes and intended net proceeds of the offering thereof. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable) and the prospectus supplement related to the offering of the Senior Notes. These factors should be considered carefully, and the Company cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About Babcock & Wilcox Enterprises
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.
DUBLIN--(BUSINESS WIRE)--The "Fuel Management System Market Research Report by Offering, Application, End-user, and Region - Global Forecast to 2026 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.
The Global Fuel Management System Market size was estimated at USD 534.10 million in 2020, is expected to reach USD 568.60 million in 2021, and projected to grow at a CAGR of 6.79% reaching USD 792.51 million by 2026.
Competitive Strategic Window
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.
FPNV Positioning Matrix
The FPNV Positioning Matrix evaluates and categorizes the vendors in the Fuel Management System Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Market Share Analysis
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Global Fuel Management System Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global Fuel Management System Market during the forecast period?
3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Fuel Management System Market?
4. What is the competitive strategic window for opportunities in the Global Fuel Management System Market?
5. What are the technology trends and regulatory frameworks in the Global Fuel Management System Market?
6. What is the market share of the leading vendors in the Global Fuel Management System Market?
7. What modes and strategic moves are considered suitable for entering the Global Fuel Management System Market?
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/d902pj
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Pre-Merger ACON STWO financials now updated for regulatory compliance
WILSONVILLE, Ore.--(BUSINESS WIRE)--ESS Tech, Inc. (“ESS” or the “Company”) (NYSE:GWH), a U.S. manufacturer of long-duration batteries for utility-scale and commercial energy storage applications, announced today that it has successfully completed the restatement of the legacy financial filings from Acon S2 Acquisition Corp. (“ACON”) to ensure compliance with regulatory requirements.
“The restatements required addressing certain accounting standards, specifically the reclassification of Class A shares from equity to mezzanine equity, on legacy ACON financials. Because this issue pre-dated our merger closing with ACON, the restatement had no impact on ESS’ operating company, its current operations or financial statements,” said Amir Moftakhar, CFO of ESS. “I am pleased we were able to complete and file these so quickly and am thankful for the support of ACON’s auditors in resolving this so efficiently.”
About ESS Tech, Inc.
ESS (NYSE: GWH) designs, builds and deploys environmentally sustainable, low-cost, iron flow batteries for long-duration commercial and utility-scale energy storage applications requiring from 4 to 12 hours of flexible energy capacity. The Energy Warehouse™ and Energy Center™ use earth-abundant iron, salt, and water for the electrolyte, resulting in an environmentally benign, long-life energy storage solution for the world’s renewable energy infrastructure. Established in 2011, ESS enables project developers, utilities, and commercial and industrial facility owners to make the transition to more flexible non-lithium-ion storage that is better suited for the grid and the environment. For more information, visit www.essinc.com.
Investors:
Erik Bylin
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
Gene Hunt
Trevi Communications, Inc.
978-750-0333 x.101
This email address is being protected from spambots. You need JavaScript enabled to view it.
Bruce MacInnis to Retire Following Orderly Transition
TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or “the Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced the appointment of Debbie Simpson to the role of Chief Financial Officer (CFO), effective February 1, 2022.
“We are thrilled to welcome Debbie to Li-Cycle,” said Ajay Kochhar, Li-Cycle’s co-founder and CEO. “Debbie will be an immediate strategic partner as a member of the Li-Cycle executive leadership team. As a proven, finance executive with global public company experience and a champion of growing and developing talent, she will contribute to our efforts to drive growth and maximize shareholder value.”
Ms. Simpson brings more than 30 years of senior financial leadership focusing on strategic and transformational investment projects and optimizing capital structures to drive returns and facilitate scalability and growth for global companies. She joins Li-Cycle at an important juncture, as the Company is rapidly scaling its business with plans to build commercial lithium-ion recycling facilities across the globe.
Prior to joining Li-Cycle, Ms. Simpson served as the CFO of Maple Leaf Foods (TSX: MFI), a carbon neutral sustainable protein company with revenues of approximately $4 billion and over 13,000 employees. At Maple Leaf Foods, she was instrumental in driving a strategic shift for the company to become a higher-value sustainable protein business, advised on successful acquisitions, and secured over $2.0 billion in funding. Prior to that, Ms. Simpson was the acting CFO of Vincor International Inc., a leading global producer and distributer of wines with operations across several countries. At Vincor International, she completed several business acquisitions, equity and debt transactions, and the successful sale of the business to Constellation Brands Inc. (NYSE: STZ).
Ms. Simpson holds her BA in Accountancy and Master of Science in Accountancy and Finance from the University of Stirling, Scotland. She is a member of The Institute of Chartered Accountants of Scotland. As a passionate advocate for women’s health and education, Ms. Simpson volunteers her time as the Board Chair of Women’s College Hospital Foundation and the Board Chair of Havergal College. She is also a Board member and the Audit Committee Chair for Shearer’s Snacks, an OTPP portfolio company.
“I am delighted to join the Li-Cycle team. I was drawn to its innovative technology, global growth plans, and dedication to enabling a circular economy,” said Ms. Simpson. “I look forward to being a part of the Li-Cycle team and contributing to their future expansion in this rapidly evolving sector.”
Ms. Simpson will succeed Li-Cycle’s current CFO, Bruce MacInnis, upon his previously indicated retirement and the two will begin working together immediately to ensure a smooth transition and succession.
“I want to personally thank Bruce for his commitment to Li-Cycle and the significant value and contributions he has delivered to our company during a period of rapid growth and transformation. Bruce has been a key member of the Li-Cycle leadership team through a critical period in Li-Cycle’s history, establishing a strong foundation for our finance team to support Li-Cycle’s continued expansion. We wish him the very best in his retirement,” said Mr. Kochhar.
“It was truly a pleasure working for Li-Cycle and I want to thank Ajay and the rest of the team for providing me the opportunity to be a part of this uniquely positioned organization,” said Mr. MacInnis. “I look forward to follow the Company’s future growth and success as they continue to revolutionize the lithium-ion battery market.”
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
Forward-Looking Statements
Certain statements contained in this communication may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1993, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “will”, “expect”, “plan”, “potential”, “future”, “continuing” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements may include, for example, statements about the future financial performance of Li-Cycle. These statements are based on various assumptions, whether or not identified in this communication, which Li-Cycle believe are reasonable in the circumstances. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the section entitled "Risk Factors" in its final prospectus dated August 10, 2021 filed with the Ontario Securities Commission in Canada and the Form 20-F filed with the U.S. Securities and Exchange Commission, and in other filings made by Li-Cycle with securities regulatory authorities. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
In addition, forward-looking statements contained in this communication reflect Li-Cycle’s expectations, plans or forecasts of future events and views as of the date of this communication. Li-Cycle anticipates that subsequent events and developments could cause Li-Cycle’s assessments, expectations, plans and forecasts to change. While Li-Cycle may elect to update these forward-looking statements at some point in the future, Li-Cycle has no intention and undertakes no obligation to do so, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle’s assessments as of any date subsequent to the date of this communication. Li-Cycle’s forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Investor Relations
Nahla A. Azmy
This email address is being protected from spambots. You need JavaScript enabled to view it.
Press
Sarah Miller
This email address is being protected from spambots. You need JavaScript enabled to view it.
PARIS--(BUSINESS WIRE)--Regulatory News:
Technip Energies (PARIS: TE) (ISIN:NL0014559478) has been awarded a substantial(1) Engineering, Procurement, and Construction (EPC) contract in consortium with TARGET Engineering by Abu Dhabi Polymers co. Ltd. (Borouge), a joint-venture between ADNOC and Borealis, for the construction of a new Ethane Cracker Unit, to be integrated in the Borouge 4 petrochemical complex in Ruwais, UAE.
The contract was signed by H.E Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC and Chairman of Abu Dhabi Polymers Co Ltd. (Borouge), and Technip Energies CEO Arnaud Pieton, in presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chairman of the Board of Directors of the Abu Dhabi National Oil Company (ADNOC) and the President of the French Republic, Emmanuel Macron during the French delegation’s visit to the UAE.
This EPC contract covers the delivery of a new Ethane Cracker Unit, in excess of 1,500 KTA(2), based on proprietary Technip Energies technology. The new Borouge 4 complex will be located in the Ruwais Industrial Area in Abu Dhabi. It is considered as one of the major strategic projects to enable ADNOC to meet its target growth, which would sustain its current market share in the growing polyolefin market.
This award follows the successful execution of FEED(3) competition, reflecting Technip Energies’ selective approach to be involved at a very early stage of any development and TARGET growth strategy to cooperate with major international contractors for projects in the country.
Arnaud Pieton, CEO of Technip Energies, stated: “We are extremely honored to have been selected by Borouge both as technology provider and EPC contractor and reconfirms Technip Energies long-standing leadership in ethylene and technology integration projects execution. This award also represents an appreciation of our strong historical presence in Abu Dhabi for over four decades and our commitment to enhance In-Country Value. The Borouge team competencies and knowledge of olefins plants together with Technip Energies expertise in technology and projects execution led to effective design and optimized project economics. We will also evaluate the carbon footprint of the Borouge 4 Ethane Cracker in order to minimize future CO2 emissions, reflecting Borouge and Technip Energies ambition to accelerate the transition towards a low-carbon future.”
(1) |
A “substantial” award for Technip Energies is a contract award representing between €500 million and €1 billion of revenue. |
|
(2) |
KTA: kilo tons per annum. |
|
(3) |
Front End Engineering and Design. |
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.
For further information: www.technipenergies.com.
Important Information for Investors and Security holders
Forward-Looking Statement
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.
For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
Investor relations
Phil Lindsay
Vice-President Investor Relations
Tel: +44 20 7585 5051
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Media relations
Stella Fumey
Director Press Relations & Digital Communications
Tel: +33 (1) 85 67 40 95
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Jason Hyonne
Press Relations & Social Media Lead
Tel: +33 1 47 78 22 89
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced that as part of the company’s executive management succession planning process, its Board of Directors appointed Mr. Neal Lux as President and Chief Executive Officer, effective February 18, 2022. Mr. Lux currently serves as Executive Vice President and Chief Operating Officer. Mr. C. Christopher Gaut, the current Chairman, President and Chief Executive Officer, will become Executive Chairman at that time. The Board has also appointed Mr. Lux as a Class II director, effective February 18, 2022.
Cris Gaut commented, “It has been an honor to lead FET since its inception. I was pleased to recommend Neal’s appointment to the Board of Directors, and I look forward to this next phase in our company’s journey. Neal joined FET as part of our investment in Global Tubing in 2013 and since that time he has gained the respect and trust of our Board of Directors and management. I have the highest level of confidence in the executive management team’s leadership and business judgment. I look forward to the continued growth and prosperity of the company under this team’s leadership.”
“I want to thank Cris for his distinguished leadership and the Board of Directors for its confidence in me,” said Neal Lux. “Cris has set a high standard of excellence and established a firm foundation from which we will grow FET’s product portfolio. I look forward to working together with FET’s management team to execute our business strategy and usher in the next generation of energy leaders. Together we will focus on developing our traditional energy equipment and grow our non-oil and gas portfolio, especially new energy products. “
Neal has held various operations roles of increasing responsibility with the Company and its subsidiaries, including Executive Vice President - Operations; Senior Vice President - Completions; Managing Director - Global Tubing; and President - Global Tubing. He holds a B.S. in Industrial Engineering from Purdue University.
FET (Forum Energy Technologies) is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.
Lyle Williams
Executive Vice President and Chief Financial Officer
713.351.7920
This email address is being protected from spambots. You need JavaScript enabled to view it.
Gaussin aims to establish a modern manufacturing facility for hydrogen vehicles “Made in Saudi Arabia”
Aramco sponsors first hydrogen-fueled truck to compete in Dakar Rally, in the January 2022 Dakar Rally in Saudi Arabia
DHAHRAN, Saudi Arabia & HERICOURT, France--(BUSINESS WIRE)--$ALGAU #Befastersaferandcleaner--ARAMCO, one of the world’s leading integrated energy and chemicals companies, and GAUSSIN (ALGAU - FR0013495298), a pioneer in the clean and intelligent transport of goods and people, have started a partnership in the hydrogen vehicles business.
The signing of this agreement took place in the presence of H.E. Khalid Al Falih, Saudi Arabia's Minister of Investment and H.E. Franck Riester, France's Minister Delegate for Foreign Trade and Economic Attractiveness, as well as Aramco's President and CEO, Amin H. Nasser.
Christophe Gaussin, CEO of Gaussin, was personally invited to participate in the delegation of French CEOs accompanying French President Emmanuel Macron on his state visit from December 2-4, 2021, to Qatar, the United Arab Emirates, and Saudi Arabia. The business delegation included organizations such as Airbus, Ardian, Egis, Air Liquide, Engie, GL events, HSBC and EDF.
The agreement between Aramco and Gaussin aims to establish a modern manufacturing facility for hydrogen-powered vehicles in the Kingdom of Saudi Arabia. As a first step, Gaussin and Aramco will study the feasibility of a manufacturing facility and a hydrogen distribution business to serve the Middle East region.
The two companies also agreed that Aramco’s new Advanced Innovation Center (LAB7) will be closely involved in Gaussin’s development of hydrogen-powered vehicles and the development of a remote controlled/autonomous hydrogen racing truck. LAB7 aims to integrate Aramco’s composite materials into Gaussin’s existing range of products to reduce the weight, energy consumption and cost of these vehicles.
Aramco will also be sponsoring the world’s first hydrogen-fueled racing truck, which has been developed by Gaussin and which will compete in the January 2022 Dakar Rally in Saudi Arabia – the Gaussin H2 Racing Truck (see press release, November 9, 2021) which will run as an experimental new energy vehicle. Aramco’s sponsorship of Gaussin’s participation in the Dakar Rally continues to promote low-emission transportation technology developments.
Aramco SVP of Technical Services, Ahmad Al-Sa’adi, said: “The agreement is the start of an exciting collaboration to advance and promote hydrogen as a low carbon transportation fuel. It also allows us to advance economic growth and sustainability in the Kingdom as part of the Namaat industrial investment program. Aramco is excited to be the exclusive sponsor of the Dakar Rally’s first hydrogen-fueled truck, which is a milestone for motorsports and global transportation.”
Gaussin CEO, Christophe Gaussin, said: “The Middle East is a key region for Gaussin and Saudi Arabia is crucial to transfer our technologies and know how there. It will host the next edition of the Dakar Rally and the country shares with Gaussin an ambitious determination to decarbonize mobility and to address global warming. This is why we are very proud to announce this collaboration with Aramco, one of the world’s leading integrated energy and chemicals companies. This collaboration is going to help Gaussin compete in the Dakar Rally with the world’s first hydrogen-powered race truck. It is a testimony to our shared commitment to achieving net zero carbon emissions.”
About Aramco
Aramco is a global integrated energy and chemicals company. We are driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com
About GAUSSIN
GAUSSIN is an engineering company that designs, assembles and sells innovative products and services in the transport and logistics field. Its know-how encompasses cargo and passenger transport, autonomous technologies allowing for self-driving solutions such as Automotive Guided Vehicles, and the integration all types of batteries, electric and hydrogen fuel cells in particular. With more than 50,000 vehicles worldwide, GAUSSIN enjoys a strong reputation in four fast-expanding markets: port terminals, airports, logistics and people mobility. The group has developed strategic partnerships with major global players in order to accelerate its commercial penetration: Siemens Postal, Parcel & Airport Logistics in the airport field, Bolloré Ports and ST Engineering in ports and Bluebus for people mobility. GAUSSIN has broadened its business model with the signing of license agreements accelerating the diffusion of its technology throughout the world. The acquisition of METALLIANCE confirms the emergence of an international group present in all segments of intelligent and clean vehicles.
In October 2021, GAUSSIN won the Dubai World Challenge for Self-Driving Transport.
GAUSSIN has been listed on Euronext Growth in Paris since 2010.
More information on www.gaussin.com.
International Media Relations: This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations: This email address is being protected from spambots. You need JavaScript enabled to view it.
Aramco
GAUSSIN
Christophe Gaussin, This email address is being protected from spambots. You need JavaScript enabled to view it.
+33(0)3.84.46.13.45
LHA Investor Relations – USA
Jody Burfening, This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (212) 838-3777
Ulysse Communication
Nicolas Daniels, This email address is being protected from spambots. You need JavaScript enabled to view it.
+33(0)6.63.66.59.22
Charles Courbet, This email address is being protected from spambots. You need JavaScript enabled to view it.
+33(0)6.28.93.03.06
Rooney Partners - USA
Jeanene Timberlake, This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (646) 770-8858
Veritone brings AI expertise and leadership to industry organizations to help their members solve complex challenges resulting from rise of renewable energy sources, new legislation, and the global push towards decarbonization
DENVER--(BUSINESS WIRE)--Veritone, Inc. (NASDAQ: VERI), creator of aiWARE, a hyper-expansive enterprise AI platform, announced today that it has joined the Smart Electric Power Alliance (SEPA) and the Utility Analytics Institute (UAI), leading industry organizations focused on the transformation of utilities. As a member, Veritone will add its strong AI leadership and deep machine learning expertise to help utility decision-makers solve complex challenges resulting from the rise of renewable energy sources, new legislation, climate change, and the global push towards decarbonization.
“Like many other industries, utilities’ decision-makers and organizations like SEPA and UAI recognize the game-changing capabilities of AI, machine learning, automation, and analytics,” said Sean McEvoy, SVP, Energy Solutions, Veritone. “Particularly with the Federal Energy Regulatory Commission’s (FERC) Order No. 2222 fostering competition in the wholesale energy market taking effect February 2022, there is no better time than now for Veritone to join these forward-thinking organizations. With our AI-driven energy solutions, together, we can fast-track our collective mission to make power delivery greener, cheaper, and more reliable as the nation transitions to a decarbonized future.”
Globally, we are going through an energy transition, shifting from fossil-based energy production and consumption systems to renewable energy sources. Unreliable green energy sources, new forms of energy storage and energy supply, and demand imbalances, however, may impact customer satisfaction and company profitability. And with such exponential growth in power system complexity, utilities will find it increasingly challenging to maintain day-to-day reliability, as well as resilience to many types of grid disruptions.
“AI is essential to address the increasingly-complex system of energy generation, transmission, storage, and distribution in a net-zero carbon economy,” said Julia Hamm, President & CEO of SEPA. “We are thrilled to welcome Veritone and its energy solutions to the SEPA community as we collectively work to realize a carbon-free energy system by 2050.”
Veritone’s AI-powered energy solutions—built on its proven, open and future-proof aiWARE platform— help utilities and independent power producers increase reliability, decrease operational costs, and reduce carbon footprint by accurately predicting, synchronizing, optimizing, and controlling integrated distributed energy resources. Using a reinforcement learning approach, Veritone's modules continuously adapt and auto-retrain to make optimal decisions, even with a high number of possible constraints. System and hardware agnostic, Veritone offers its energy solutions on-premise, in a hosted environment, or as a service to give its customers the ultimate flexibility without sacrificing performance.
“One of the most difficult transitions a utility will have in the new energy economy is transforming into a data decision-based company,” said Mark Johnson, VP of Energy Group at Endeavor Business Media/UAI. “Equally challenging is choosing the right tools and technology. As a new association member, Veritone will not only be instrumental in helping the utility industry tackle the challenges of today and tomorrow but also help further UAI’s mission to enable utility transformation through analytics.”
To learn more, read the Understanding FERC Order 2222 blog and listen to the Adventures in AI Podcast episode on The Role of Intelligent DERMS in the Clean Energy Transition.
About Veritone
Veritone (NASDAQ: VERI) is a leader in enterprise artificial intelligence (AI) solutions. Serving organizations in both commercial and regulated sectors, Veritone’s software, services, and industry applications simplify data management, empowering the largest and most recognizable brands in the world to run more efficiently, accelerate decision making and increase profitability. Veritone’s hyper-expansive Enterprise AI platform, aiWARE™, orchestrates an ever-growing ecosystem of machine learning models to transform audio, video and other data sources into actionable intelligence. Through its robust partner ecosystem and professional and managed services, Veritone develops and builds AI solutions that solve the problems of today and tomorrow.
About SEPA
The Smart Electric Power Alliance (SEPA) is dedicated to helping electric power stakeholders address the most pressing issues they encounter as they pursue the transition to a clean and modern electric future and a carbon-free energy system by 2050. We are a trusted partner providing education, research, standards, and collaboration to help utilities, electric customers, and other industry players across three pathways: Electrification, Grid Integration, Regulatory and Business Innovation. Through educational activities, working groups, peer-to-peer engagements and advisory services, SEPA convenes interested parties to facilitate information exchange and knowledge transfer to offer the highest value for our members and partner organizations. For more information, visit www.sepapower.org.
Follow SEPA on Twitter, Facebook and LinkedIn
About Utility Analytics Institute
Utility Analytics Institute (UAI) enables utility transformation through analytics. Transforming into a data decision-based company is one of the most difficult transitions a utility will have to make to thrive in the new energy economy. It’s more than just managing massive amounts of data, implementing the right tools and technology, and people and process management. It’s ensuring you have proper change management processes in place to address cultural challenges, as well as data management and governance plans, and best practice and compliant security strategies in place. It’s implementing the best organizational structure for your utility, and hiring and retaining talented staff, plus so much more! UAI brings together the leading utilities who are serious about tackling these challenges and together we concentrate on utility analytics. Visit utilityanalytics.com.
Safe Harbor Statement
This news release contains forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Assumptions relating to the foregoing involve judgments and risks with respect to various matters which are difficult or impossible to predict accurately and many of which are beyond the control of Veritone. Certain of such judgments and risks are discussed in Veritone’s SEC filings. Although Veritone believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by Veritone or any other person that their objectives or plans will be achieved. Veritone undertakes no obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Global Results Communications for Veritone, Inc.
Lora Wilson or Valerie Christopherson
+1 949-608-0276
Rich media charging stations electrify retail and real estate industries by increasing on-site revenue
BERLIN & PARIS & ZURICH--(BUSINESS WIRE)--Volta Inc. ("Volta"), the industry leader in commerce-centric electric vehicle (“EV”) charging, announced its expansion into the European market, with an initial focus on Germany, Austria, Switzerland, and France. The announcement was made today at the NOAH Conference in Zurich.
With unique charging stations that feature high-impact, large-format digital screens located near the entrances of premier commercial locations, Volta’s network is among the most utilized in the U.S. For consumers, Volta provides seamless, reliable charging that complements their daily lives and routines. For site partners, the eye-catching displays and premium station locations help drive business by attracting more customers for longer periods of time. For advertisers, Volta stations double as an innovative, digital out-of-home advertising platform, allowing brands to reach shoppers seconds before they enter a store to make a purchase.
The build-out of Volta’s network is powered by best-in-class behavioral science and machine learning technology, allowing the company to deploy infrastructure intelligently and efficiently.
“We believe in a regenerative energy future that is clean, connected, and custom-fit to how we live our lives,” said Chris Wendel, Co-founder and President of Volta. “We’ve been honing our expertise over the past decade in the U.S., helping to catalyze one of the most significant macroeconomic shifts of our lifetime. We’re proud to see the company we’ve built extend into Europe and look forward to the many opportunities that lay ahead.”
“Volta continues to anticipate and guide the rapidly-evolving changes in consumer behavior around fueling and commerce - proving businesses can thrive while building a more sustainable future,” said Vincent Grena, Head of Volta Europe. “Our local teams of industry veterans look forward to delivering measurable commercial advantages for our site partners, and maximum convenience for EV drivers.”
Volta’s Europe expansion is driven by experienced local teams of EV charging hardware and software engineers, SaaS experts, and digital outdoor media sales leaders operating out of initial offices in Berlin and Paris.
About Volta
Volta Inc. (NYSE: VLTA) is an industry leader in commerce-centric EV charging networks. Volta’s vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into drivers’ daily routines, Volta’s goal is to benefit consumers, brands and real-estate locations while helping to build the infrastructure of the future. As part of Volta’s unique EV charging offering, its stations allow it to enhance its site hosts’ and strategic partners’ core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the EV charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta’s digital displays; risks, cost overruns and delays associated with construction and installation of Volta’s charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the risk that Volta’s shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta’s ability to retain driver interest, content partners and site hosts; the EV market may not continue to grow as expected; and the ability to protect its intellectual property rights; and those factors discussed in Volta’s Registration Statement on Form S-1, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Media / Press
Volta Europe
This email address is being protected from spambots. You need JavaScript enabled to view it.
Volta U.S.
Jette Speights
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor / Analyst
Katherine Bailon
This email address is being protected from spambots. You need JavaScript enabled to view it.
Andrew Eich, President and Chief Executive Officer
INDEPENDENCE, Ohio--(BUSINESS WIRE)--Covia, a leading provider of mineral-based and material solutions for the Industrial and Energy markets, today announced that Andrew Eich has been promoted to President and Chief Executive Officer, effective January 1, 2022. In addition, Mr. Eich will also join the Board of Managers of Covia.
Mr. Eich has served as President of Covia since May 31, 2021, and previously served as Executive Vice President and Chief Financial Officer from June 1, 2018. Mr. Eich has been with Covia and its predecessor companies since 2012, with prior roles including Senior Vice President and Chief Commercial Officer and Chief Financial Officer. Prior to Covia, Mr. Eich was a private equity executive at Aetos Capital and he began his career at KPMG LLP. He received a Bachelor of Arts in Economics Management from Ohio Wesleyan University, is a CPA (inactive) and CFA charterholder. In addition to his role at Covia, Mr. Eich serves on the Board of Directors for Boys Hope Girls Hope of Northeastern Ohio.
Commenting on the transition to CEO, Mr. Eich stated, “It is a great honor to be taking on the role of CEO at Covia. The company’s leading assets, blue chip customer base and importantly, the outstanding Covia Team, position us well for a bright future as we execute on our growth strategy.”
In a separate release today, it was announced that Shawn Williams, Chairman of the Board and Acting Chief Executive Officer, will continue in this role through December 31, 2021, after which he will become Executive Chairman of the Board, ensuring an effective transition of leadership.
Commenting on the promotion of Mr. Eich, Mr. Williams stated, “I am pleased to have Andrew transition to President and Chief Executive Officer, leading our Covia Team. The Board unanimously selected Andrew based on his industry, commercial and financial expertise as well as his strong and determined leadership. It is an exciting time for our company.”
About Covia
Covia is a leading provider of diversified mineral solutions to the oil and gas, glass, ceramics, coatings, metals, foundry, polymers, construction, water filtration, sports and recreation markets. The Company serves its Industrial customers through a broad array of high-quality products, including high-purity silica sand, nepheline syenite, feldspar, clay, kaolin, resin systems and coated materials, delivered through its comprehensive distribution network. Covia offers its Energy customers an unparalleled selection of proppant solutions, additives, and coated products to enhance well productivity and to address both surface and down-hole challenges in all well environments. Covia has built long-standing relationships with a broad customer base consisting of blue-chip customers. Underpinning these strengths is an unwavering commitment to safety and to sustainable development, further enhancing the value that Covia delivers to all its stakeholders. For more information, visit CoviaCorp.com.
Bob Falkowski
216-905-5411
This email address is being protected from spambots. You need JavaScript enabled to view it.
TORONTO--(BUSINESS WIRE)--$DYA #HydroCarbons--dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce the implementation of its flagship HydraGEN™ Technology and its Telematics HydraLytica™ Technology with some global mining industry participants.
H2 Tek, a third-party arm’s length dealer of the Company, has indicated to dynaCERT that it has aggressively pursued its potential clients in the mining industry. H2 Tek has issued purchase orders to dynaCERT for the placement of certain HydraGEN™ Technology models suited for the mining industry, including the large engine series of HG4-C and HG6-C units.
H2 Tek has advised dynaCERT that HydraGEN™ Technology has been or is now scheduled to be delivered and installed at certain mining operations located in Russia, Chile, Peru, Brazil, Argentina, and Australia. These installations are expected to be pilot trials which will test the benefits and impacts of the HydraGEN™ units with the intent that successful pilots will result in the adoption of HydraGEN™ Technology for mining equipment fleet applications. Each pilot deploys between 2 and 3 HydraGEN™ units operating under a thorough methodology lasting up to six months.
About H2 TEK
H2 Tek™ is focused exclusively on selling and servicing dynaCERT’s HydraGEN™ Technology. H2 Tek indicates that it markets to mining companies, diesel power generation, on-road applications and off-road applications. With international partners, including Marubeni Corporation (Construction & Mining Equipment Dept.), H2 Tek currently has reached out to mining companies located in 11 countries.
David Van Klaveren VP Global Sales/Partner of H2 Tek and Joao Araujo, VP Global Operations/Partner of H2 Tek™, a third-party arm’s-length dealer of dynaCERT, collectively stated: “Our focus on large engine applications, like in mining, has the opportunity to significantly contribute to the reduction of carbon emissions and pollution in their environment. Certain large mining vehicles can consume more than 1,000,000 litres of fuel per year, which, with assumed fuel and emission reductions of 12%, could offset up to 300 tonnes of CO2e per year. We look forward to playing an important role in helping mine operators achieve their carbon emission reduction targets.”
Ed Cordeiro, Director of Sales, Americas, of dynaCERT stated, “H2 Tek, our dealer, has made dynaCERT’s HydraGEN™ Technology a possible leading solution for some mining companies in their effort to reduce the carbon footprint of mine operations. Our Carbon Emission Reduction Technology systems produce hydrogen gas from distilled water for mining operations which have shown to simultaneously target economic benefits of reduced fuel consumption and the resulting environmental benefits of emissions reductions of customers.”
About dynaCERT Inc.
dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology along with its proprietary HydraLytica™ Telematics, a means of monitoring fuel consumption and calculating GHG emissions savings designed for the tracking of possible future Carbon Credits for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, which has shown to lower carbon emissions and improve fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment. Website: www.dynaCERT.com.
READER ADVISORY
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
Murray James Payne, CEO
Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com
Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com
FORT WORTH, Texas--(BUSINESS WIRE)--FTS International, Inc. (NYSE American: FTSI) (the “Company” or “FTSI”) today announced the expiration of the 45-day “go-shop” period under the terms of the previously announced merger agreement (the “Merger Agreement”), pursuant to which FTSI will be acquired by ProFrac Holdings, LLC (“ProFrac”), a leading oilfield services company. Under the terms of the Merger Agreement, FTSI and its representatives were permitted to solicit, initiate and engage in discussions or negotiations with respect to alternative acquisition proposals from third parties during the “go-shop” period until 11:59 p.m. EST on December 5, 2021 (the “Go-Shop Period End Date”).
During the “go-shop” period, FTSI and its financial advisor, Ducera Securities LLC, reached out to nine potential strategic counterparties and 37 potential financial counterparties, and did not receive any alternative acquisition proposals. In connection with such outreach, FTSI entered into confidentiality agreements with two potential strategic counterparties, each of which subsequently withdrew from consideration. As of the Go-Shop Period End Date, FTSI is not involved in active discussions with any counterparty with respect to an alternative acquisition proposal. Upon the expiration of the “go-shop” period, FTSI became subject to customary “no-shop” restrictions that limit the ability of FTSI and its representatives to solicit, initiate and engage in discussions or negotiations regarding alternative acquisition proposals from third parties, except as otherwise permitted by the Merger Agreement.
FTSI’s Board of Directors has unanimously approved the Merger Agreement with ProFrac and recommends that FTSI stockholders vote in favor of the transaction at the special meeting of stockholders to be called in connection with the transaction, the date of which will be announced in due course.
The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including approval by FTSI stockholders and receipt of regulatory approvals. The Company’s obligation to close the transaction is also conditioned upon approval by a majority of the Company’s stockholders, excluding its largest stockholder THRC Holdings, which is an affiliate of ProFrac. Upon closing of the transaction, the Company’s common stock will no longer be listed on any public market.
About FTS International, Inc.
Headquartered in Fort Worth, Texas, FTS International is a pure-play hydraulic fracturing service company with operations across multiple basins in the United States.
To learn more, visit www.FTSI.com.
Important Information For Investors And Stockholders
This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This communication relates to a proposed transaction between FTSI and ProFrac. In connection with this proposed transaction, FTSI may file one or more proxy statements or other documents with the Securities and Exchange Commission (the “SEC”), including a definitive proxy statement on Schedule 14A (the “definitive proxy statement”) which will be mailed or otherwise disseminated to the Company’s stockholders when it becomes available. This communication is not a substitute for any proxy statement or other document FTSI may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF FTSI ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by FTSI through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by FTSI will be available free of charge on FTSI’s internet website at https://www.ftsi.com/investor-relations/sec-filings/default.aspx or by contacting FTSI’s primary investor relation’s contact by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at 817-862-2000.
Participants in Solicitation
FTSI, ProFrac, their respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of FTSI is set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 5, 2021, its Amendment No. 1 to its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on April 30, 2021, certain of its Quarterly Reports on Form 10-Q and certain of its Current Reports filed on Form 8-K.
These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the definitive proxy statement and other relevant materials to be filed with the SEC when they become available.
Forward Looking Statements
This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements about FTSI’s ability to consummate the proposed transaction, the expected benefits of the proposed transaction and the expected impact of the coronavirus pandemic (COVID-19) on FTSI's businesses may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of FTSI based on current expectations and assumptions relating to FTSI’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: the failure to obtain the required vote of FTSI’s stockholders, the timing to consummate the proposed transaction, the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated, the diversion of management time on transaction-related issues, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of FTSI, the risk that the proposed transaction and its announcement could have an adverse effect on the ability of FTSI to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, economic or political changes that affect the markets that FTSI’s businesses serve which could have an effect on demand for FTSI’s products and impact FTSI’s profitability, disruptions in the credit and financial markets, including diminished liquidity and credit availability, disruptions in the Company's businesses from the coronavirus pandemic (COVID-19), cyber-security vulnerabilities, supply issues, retention of key employees, and outcomes of legal proceedings, claims and investigations, future changes, results of operations, domestic spending by the onshore oil and natural gas industry, continued volatility or future volatility in oil and natural gas prices, deterioration in general economic conditions or a continued weakening or future weakening of the broader energy industry, federal, state and local regulation of hydraulic fracturing and other oilfield service activities, as well as exploration and production activities, including public pressure on governmental bodies and regulatory agencies to regulate our industry, and the price and availability of alternative fuels, equipment and energy sources. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in FTSI’s filings with the Securities and Exchange Commission, including the risks and uncertainties identified in Part I, Item 1A - Risk Factors of FTSI’s Annual Report on Form 10-K for the year ended December 31, 2020.
These forward-looking statements speak only as of the date of this communication, and FTSI does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of the Company.
FTSI
Lance Turner
Chief Financial Officer, FTSI
817-862-2000
This email address is being protected from spambots. You need JavaScript enabled to view it.
Pat Tucker / Will Braun
Abernathy MacGregor
212-371-5999
This email address is being protected from spambots. You need JavaScript enabled to view it. / This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the following investor conferences:
The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.
Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.
Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521
Shawn Williams Elected Executive Chairman of the Board
Don Sheets Elected Vice Chair of the Board
Dan Hecht Appointed to the Board
INDEPENDENCE, Ohio--(BUSINESS WIRE)--Covia, a leading provider of mineral-based and material solutions for the Industrial and Energy markets, today announced that Shawn Williams has been elected Executive Chairman and Don Sheets has been elected Vice Chair of the Board of Managers, effective January 1, 2022. In addition, Dan Hecht has been appointed to the Board of Managers, effective November 18, 2021.
Mr. Williams has served as Chairman of the Board since December 31, 2020, and as Chairman of the Board and Acting Chief Executive Officer since June 1, 2021, and will continue in that position through December 31, 2021. In addition to his new assignment, Mr. Williams also serves on the Audit and Compensation Committees of the Board. Mr. Sheets has served as a Member of the Board of Managers since December 31, 2020, and is Chair of the Audit Committee.
Mr. Hecht is a Principal of Golden Gate Capital and focuses on investments in the Industrials sector, including the engineered materials and healthcare sub-sectors. He sits on the boards of Antylia Scientific and Active Minerals. "We are pleased to welcome Dan to our Board of Managers," said Shawn Williams, Chairman of the Board and Acting Chief Executive Officer of Covia. "His experience with Golden Gate Capital, specifically in the Industrials sector, will provide benefits through his contributions to our Board and Management Team."
About Covia
Covia is a leading provider of diversified mineral solutions to the oil and gas, glass, ceramics, coatings, metals, foundry, polymers, construction, water filtration, sports and recreation markets. The Company serves its Industrial customers through a broad array of high-quality products, including high-purity silica sand, nepheline syenite, feldspar, clay, kaolin, resin systems and coated materials, delivered through its comprehensive distribution network. Covia offers its Energy customers an unparalleled selection of proppant solutions, additives, and coated products to enhance well productivity and to address both surface and down-hole challenges in all well environments. Covia has built long-standing relationships with a broad customer base consisting of blue-chip customers. Underpinning these strengths is an unwavering commitment to safety and to sustainable development, further enhancing the value that Covia delivers to all its stakeholders. For more information, visit CoviaCorp.com.
Bob Falkowski
216-905-5411
This email address is being protected from spambots. You need JavaScript enabled to view it.
Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.
Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.