WASHINGTON--(BUSINESS WIRE)--Nodal Exchange announced new trading records in power and environmental futures in August 2021. In power, Nodal set a calendar month record for August with 164 million MWh of traded power futures volume in the month, up 30% from the prior year. Nodal continues to be the market leader in North American power futures having the majority of the open interest with over 1 billion MWh.
Nodal Exchange also had its strongest ever month in environmental futures trading with record monthly volume of 31,453 lots traded, up 173% from the prior year, and record end of month open interest of 145,884 lots, up 90% from the prior year. Nodal also posted a single-day record of 6,687 lots for both futures and options traded on August 3, 2021. Among product highlights, Nodal posted record open interest in Texas CRS Wind and Texas CRS Solar REC futures and options with more than 25,000 lots and RGGI futures with more than 10,000 lots.
“Nodal Exchange is proud to have achieved these new records in power and environmental markets and appreciates the support of its community. With extreme weather conditions becoming more prevalent, environmental and power contracts are even more important to manage the associated risks and we will continue to seek to meet the market needs by expanding what are already the world’s largest sets of power and environmental futures and options contracts," said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear.
Nodal, in collaboration with IncubEx, successfully launched today ten new Renewable Energy Certificate (REC) futures and options contracts, adding to the world's largest suite of environmental products.
Nodal introduced the following first-ever listed futures:
Each NAR CRS Wind and Solar contract represents renewable energy produced from North American Renewables Registry™ (“NAR”) registered facilities listed with the Center for Resource Solutions (“CRS”) in connection with the administration of its Green-e® certification programs. These Wind and Solar REC contracts complement existing voluntary REC products on Nodal. These include Texas Compliance Wind and Solar RECs from CRS Eligible Listed Facilities and M-RETS® RECs from CRS Listed Wind Energy Facilities.
Nodal also listed new REC futures contracts from Maine, Maryland and California, which reflect evolving state based Renewable Portfolio Standards (RPS). Maine Class 2 REC futures complement the existing Maine Class 1 products on Nodal as well as the broader NEPOOL REC suite. Maryland Tier 2 REC futures complement the existing Maryland Tier I contracts as well as the broader PJM REC product complex. California PCC 3 RECs are the first exchange listed REC futures contracts in California and complement the existing Nodal Exchange California Carbon Allowance (“CCA”) contracts and California Low Carbon Fuels Standard (“LCFS”) credits contracts, which are the only physically delivered futures for LCFS credits.
Nodal also extended vintages on Texas CRS Wind REC contracts out to 2033, and New Jersey Solar REC contracts out to 2030.
With the launch of these new contracts, Nodal builds upon the world’s broadest suite of environmental futures and options contracts, which now features 96 distinct products.
ABOUT NODAL
Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and the world’s largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.
PRESS:
Nodal
Nicole Ricard
Nodal Exchange Public Relations
P: 703-962-9816
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Operator’s Flex Alert Requests Voluntary Conservation from 4 p.m. to 9 p.m. Today
Everyone Can Take Simple Actions to Save Energy and Protect Grid Reliability
SAN FRANCISCO--(BUSINESS WIRE)--With hot temperatures and high energy demand across the western region, the state’s power grid operator is asking residents statewide to voluntarily conserve electricity this afternoon and evening when the grid is most stressed due to higher demand and energy supplies are tighter.
The Flex Alert, called by the California Independent System Operator (CAISO), will be in effect today from 4 p.m. to 9 p.m. The grid operator is predicting an increase in electricity demand, primarily from air conditioning use.
The grid operator is asking all Californians to reduce electricity use during a Flex Alert to prevent further emergency measures, including rotating power outages.
Saving Energy at Home
Here are ways Pacific Gas and Electric Company (PG&E) customers can cut their power use and help keep the lights (and air conditioning) on for everyone:
Saving Energy at Your Office or Business
If you’re working in an office setting, CAISO recommends the following:
PG&E’s Demand Response programs offer incentives for business owners and residential customers who curtail their energy use during times of peak demand. PG&E has several of these programs, totaling about 245,000 enrolled PG&E customers.
PG&E’s website includes detailed information on these programs, which allow residential customers and business customers to save energy and money.
PG&E is prepared for the heat and, based on forecasts, doesn’t anticipate issues meeting increased demand for power.
Also, at this time, the grid operator has not indicated that it plans to call for rotating outages. PG&E does not project a need for a Public Safety Power Shutoff due to this weather, but the company’s meteorology team will continuously monitor conditions.
PG&E also urges customers to stay safe during extreme heat. The company funds cooling centers throughout its service area to help customers escape the heat and cool off. To find a center near you click here or call 1-877-474-3266.
About PG&E
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
Former Google Executive, Entrepreneur, and VC to Drive Product Strategy
AUSTIN, Texas--(BUSINESS WIRE)--#artificialintelligence--Pratexo Inc., the intelligent edge innovation platform, announced the addition of Peter Norwood to its executive management team as Pratexo’s first Chief Product Officer. In this role, Peter will leverage his deep technology industry experience to guide Pratexo’s strategic product direction and roadmap.
Peter is an experienced executive at both early-stage high-tech startups and large public technology companies. As a serial entrepreneur with a history of growing companies to successful acquisitions and IPOs, Peter has driven four exits from seed funding to IPO or sale to Google, Symantec, IBM, and Compuware.
Most recently, Peter was a Director of Engineering and the Austin Site Lead for Google. Before Google, Peter held the role of COO at Adometry, where he led the implementation of machine learning technologies into the platform. Prior to that, he was the SVP Products at Whole Security, and became the Austin site lead after Symantec purchased the company. Earlier in his career, Peter held significant positions at Tivoli, Tandem, and Bell Labs, followed by a successful stint as a Venture Partner at Austin-based TL Ventures.
Peter’s mandate at Pratexo includes working with the executive team, customers, and partners to refine the strategic product vision for the company’s edge computing and distributed cloud platform, with a particular eye towards further incorporating artificial intelligence and machine learning technologies. Putting the customer first with an effective user experience is also core to Peter’s work at Pratexo.
“Edge computing is a key enabler for both IoT and AI, positioning Pratexo to have a real impact in this massive market,” said Peter. “I view this opportunity as the true culmination of my experience in tech, to help Pratexo realize its full potential.”
“Peter brings tremendous assets to Pratexo just as we are accelerating our company momentum,” said Blaine Mathieu, Pratexo CEO. “He will have an immediate impact by further boosting the strategic development and market adoption of our platform.”
Peter Norwood LinkedIn: https://www.linkedin.com/in/peternorwood/
Peter Norwood Photo: https://pratexo.com/2018-08-peter-norwood-rgb-300-hires/
About Pratexo, Inc.: Pratexo is the intelligent edge innovation platform that dramatically simplifies and accelerates the design, provisioning, and management of the edge nodes and micro clouds required to host next-generation applications. Based on open and proven technologies, the Pratexo Platform is your ‘agile edge architect’ that unlocks the true power of IoT and AI by enabling you to process local data in real time.
Caroline Olsson for Pratexo
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+46 72 142 46 24
Next-generation battery materials from Sila deliver nearly 20 percent more energy density, marking the most significant battery chemistry innovation to come to market since the launch of Li-ion in 1991
ALAMEDA, Calif.--(BUSINESS WIRE)--Sila, a next generation battery materials company, is bringing to market the most significant breakthrough in battery chemistry in 30 years — the technology to replace graphite anodes — which will usher in a new era of energy storage. Sila’s silicon anode chemistry dramatically increases the energy density of batteries, reducing battery size without sacrificing safety or performance. Proven and now commercially available in WHOOP 4.0, the latest fitness and health wearable from WHOOP, the human performance company, Sila science has the ability to unlock innovations in consumer product design, the electric vehicle industry, and renewable energy.
Today, Sila’s materials increase the energy density of batteries by nearly 20 percent and have the potential to do so by up to 40 percent, without compromising cycle life, power, safety or other performance parameters. This innovation marks a significant step toward the electrification of everything, which has been stalled in recent years by minimal improvements to traditional Li-ion chemistry. The technology also facilitates the development of new and unique product features for mobile devices not previously possible due to energy density and battery size constraints - better cameras, augmented reality/virtual reality sensors, wireless charging, 5G speeds, and sensors for continuous health monitoring.
“After 10 years, 55,000 iterations, and over a 1,000x manufacturing scale up, the Sila team is the first to industrialize and now make commercially available a new type of lithium-ion chemistry with dramatically higher energy density. Our next-generation materials will drive radical change in product innovation, freeing consumers and device makers from having to choose between better design, more features, and battery performance,” said Gene Berdichevsky, CEO and Co-Founder of Sila. “We are running out of time to transition from the fossil fuels economy to the energy storage economy. The path to a sustainable future will be paved with great products and Sila is proud to be enabling those products today.”
WHOOP 4.0, the most advanced 24/7 fitness and health wearable, is the first product in the market to use next-generation silicon anode materials. Powered with Sila science, WHOOP 4.0 is a smaller, sleeker product with 17 percent higher energy density—enabling a 5-day battery life and enhanced sensors for improved fitness tracking. These advances were achieved without altering existing manufacturing processes, making it faster and easier for WHOOP and its battery manufacturing partner to incorporate Sila materials into its newest wearable.
“One of the greatest barriers to advancing the design of wearable technologies has been the weight and size of the battery technology available,” said John Capodilupo, Co-Founder & Chief Technology Officer at WHOOP. “With Sila, all that has changed. We’ve been able to transform WHOOP 4.0 from its previous version and load it with new features and capabilities, without battery performance compromise. Just as we have leveraged this new battery advancement to push the wearable industry forward, Sila’s technology has the potential to enable exciting design innovation in other categories and products.”
From chips to displays to cameras to connectivity, consumer electronics pave the way for significant innovations in other industries. So too, with advanced battery materials. Automakers and cell manufacturers are looking to next-generation battery technology - in the pursuit of longer driving range, faster charging, and greater affordability - to reach their electrification goals. Through partnerships with leading auto OEMs and cell makers, Sila is producing innovation at scale to unlock new product design possibilities, remove the current barriers of energy storage, and create a path to the sustainable future we need.
ABOUT SILA
Founded in 2011, Sila is a next generation battery materials company accelerating energy transformation for a more sustainable future. Sila is industrializing breakthrough science— utilizing their advanced silicon anode materials— to catalyze a new energy storage era that propels radical product innovation and alleviates the world’s dependence on fossil fuels. Through deep technical ambition, persistence, and purpose, the Sila team is delivering innovative technology to market today, moving us one step closer to the electrification of everything. Major investors include 8VC, Bessemer Venture Partners, Canada Pension Plan Investment Board, Coatue, Daimler, In-Q-Tel, Matrix Partners, Sutter Hill Ventures, and funds and accounts advised by T. Rowe Price Associates, Inc. For more information, visit www.silanano.com.
Emily Mann
SutherlandGold for Sila
916-990-7995 | This email address is being protected from spambots. You need JavaScript enabled to view it.
PARAMUS, N.J.--(BUSINESS WIRE)--Koch Modular Process Systems, LLC (Koch Modular), a market leading provider of engineered and fabricated modular mass transfer systems for the chemical processing industry, today announced it will be participating in a joint team in support of the ReGen III Oil Corporation (ReGen III) project to build a new re-refinery facility located in the U.S. Gulf Coast (“USGC”).
With Koch Project Solutions providing project execution management services leading up to the turnkey delivery of the new facility, Koch Modular will be working alongside Process Dynamics Inc. to provide the design, engineering and delivery of modular process systems to be installed within ReGen III’s new USGC re-refinery.
Upon completion of detailed design, construction, commissioning, and start-up, this new USGC re-refinery facility will clean and process approximately 78 million gallons of used motor oils per year. By doing so, ReGen III advances the circular economy making higher and better use of the materials present in the market and directly offsetting the need for virgin materials.
In support of this new USGC re-refining facility, ReGen III has signed a definitive, multi-year offtake agreement with bp for the purchase of all ReGen III’s base oil production. This USGC re-refining facility will serve as the foundation for ReGen III's future growth.
“We are honored to be part of this innovative re-refinery project with ReGen III that will be a game changer for the way future used motor oils are cleaned and re-processed,” said George Schlowsky, president of Koch Modular. “Not only are we excited to bring our knowledge and expertise to the table, but we believe that together we are making more efficient use of resources to create additional value in society,” Schlowsky added.
“Koch Project Solutions continues to help innovative companies bring superior technologies to market,” stated Paul Switzer, president of Koch Project Solutions. “Innovations like ReGen III mine value from waste products and returns them to beneficial use.”
About Koch Modular
Koch Modular has successfully designed and constructed modular systems for the global Chemical Processing Industry for over 30 years. Specializing in mass transfer, Koch Modular supports innovative technology companies on their pathway from concept to commercialization, providing pilot testing and process conceptualization services, process design package development, detailed engineering, and modular constructed systems. To learn more, visit kochmodular.com.
About ReGen III
ReGen III is a cleantech company that is building sustainable green projects with compelling economics, without relying on government subsidies. ReGen III owns a portfolio of patented technologies that enable used motor oil (“UMO”) re-refineries to produce a higher value product mix of base oils than traditional methods, including 55% Group III. For more information about the Company, please visit www.geniiiesg.com.
About Koch Project Solutions
Koch Project Solutions strives to be the preferred partner for capital project execution. Built on a foundation of safety, Koch Project Solutions partners with project owners to develop customized execution and contracting strategies designed to maximize the return on investment. Koch Project Solutions is a part of Koch Engineered Solutions providing world-class services and technologies broadly across industrial sectors. Superior Outcomes. Consistently Delivered. Learn more at our website: www.kochprojectsolutions.com.
CG Life
Emily Steinhauer
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203-218-9906
No-Capital Cost Transaction Lowers Energy Cost and Mitigates Grid Strain
SAN DIEGO--(BUSINESS WIRE)--PowerFlex - an EDF Renewables Company was recently selected by Schnitzer Steel Industries, Inc. to design, build, and operate a 1,600 kilowatt (kW)/5,567 kilowatt-hour (kWh) Battery Energy Storage System (BESS) at its Oakland, California facility to lower operational electricity costs by leveraging best practices in energy demand management.
The battery will charge during periods of the day when electricity demand on the grid is lowest and renewable energy generating assets are actively powering the grid, thereby using the cleanest available grid power supplied by East Bay Community Energy, the local Community Choice Energy provider. And likewise, the BESS will discharge during periods of high onsite consumption when less renewable energy is available on the grid. This shifting both eases the strain on the grid and mitigates spikes in energy usage thereby lowering utility demand charges for the Schnitzer facility.
The battery storage project will operate under a no-capital cost, shared savings agreement - a performance-based contract whereby PowerFlex is only paid based on the actual utility bill savings realized by Schnitzer as a result of the battery operation. Schnitzer has no fixed payments and bears no performance risk on the operation of the system.
“This is an incredibly exciting project for us,” said Robert Ellsworth, Director of Sustainability, Schnitzer Steel Industries, Inc. “It’s cutting edge, a technological innovation, and one of the first of its kind for our industry, at one of our most dynamic locations. This project serves as a prime example of our commitment to sustainability, not just from a global perspective, but more importantly at a local, community level.”
Nick Chaset, Chief Executive Officer, East Bay Community Energy commented, “In order to reduce emissions and lower electricity costs in California, we need more renewables online that can be deployed on demand. East Bay Community Energy continues to work towards that goal for our customers, having contracted 170+ MW of new battery storage projects to date.”
Chaset continued, “Schnitzer has been a valuable and like-minded customer and partner to EBCE from our start, demonstrated through their voluntary selection of our 100% carbon-free option for their electricity use in Oakland. This new 1,600 kW battery installation by PowerFlex further demonstrates their continued commitment and vision, allowing them to reduce both cost and emissions in a cutting-edge fashion. We hope this project will act as a model for other businesses, far and near.”
Michael Robinson, Director of Microgrids and Strategic Market Development at PowerFlex commented, “PowerFlex is proud to partner with Schnitzer to deliver a storage solution that reduces energy costs while helping alleviate the strain on California’s grid. The BESS will optimize grid-connected operations by allowing Schnitzer to draw from the stored energy during the utility’s expensive evening on-peak period. Utility costs can further be reduced by discharging the battery to mitigate spikes in usage thereby lowering demand charges. The BESS solution is part of a portfolio of storage projects that PowerFlex is deploying with public and private entities throughout California.”
The battery leverages EDF’s Energy Management System (EMS) using real-time data to allow for improvements in energy consumption management along with advanced forecasting tools to charge and discharge in a fashion which reduces the peak levels of consumption thereby reducing overall peak demand kW and cost. Schnitzer’s Oakland facility processes and recycles ferrous and nonferrous metals, creating both substantial and variable demand for electricity.
The project is expected to leverage Pacific Gas & Electric’s (PG&E) “Option-S” pilot program, a rate tariff specifically designed to increase the adoption of energy storage and facilitate the shift of solar energy to the evening period. This model aims to mitigate California’s “Duck Curve,” a shape driven by mass adoption of solar energy and the resulting peak demand once the sun begins to set.
About PowerFlex:
PowerFlex delivers commercial and industrial customers a full range of turnkey clean energy solutions: solar, storage, smart EV charging, microgrids, and energy management systems. The Company was founded in 2017 by a Caltech research group who developed a patented Adaptive Load Management (ALM) technology to optimize power consumption across a large network of charging stations. PowerFlex Systems was acquired by EDF Renewables North America in 2019, and consolidated with EnterSolar, a leading commercial solar developer, in 2021 to expand its onsite solar offerings. For more information, visit www.powerflex.com. Connect with us on LinkedIn, Facebook and Twitter.
About Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled metal products in North America with operating facilities located in 23 states, Puerto Rico, and Western Canada. Schnitzer has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s integrated operating platform also includes 50 stores which sell serviceable used auto parts from salvaged vehicles and receive approximately 5 million annual retail visits. The Company’s steel manufacturing operations produce finished steel products, including rebar, wire rod and other specialty products. The Company began operations in 1906 in Portland, Oregon.
PowerFlex Contact:
Emily Lau
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Schnitzer Contact:
Eric Potashner, +1 415-624-9884
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NEW YORK--(BUSINESS WIRE)--From installing beehives on rooftops to assessing projected sea level rises as part of its climate and resilience programs, Clarion Partners’ newly released annual report on its environmental, social and governance (ESG) platform details efforts to increase the focus on responsible investing while providing healthy, resilient, equitable and sustainable spaces for its tenants.
Clarion is a leading U.S. real estate investment manager as well as a specialist investment manager and subsidiary of Franklin Resources, Inc. (NYSE: BEN).
Over the past year, Clarion has implemented a multitude of new initiatives related to ESG investing and management of its 1,313 commercial properties – which cover 281 million leasable square feet – as well as efforts to increase diversity, equity and inclusion (DEI) among its employees.
“Transparency and reporting are very important to us,” said David Gilbert, CEO of Clarion Partners. “As long-term real estate investors, we’re mindful of our commitment to accountability, transparency and integrity. We also aim to provide healthy and productive spaces, develop and operate assets in a manner consistent with our tradition of responsible corporate citizenship and manage buildings to maximize resource efficiency and environmental sustainability.”
Below are highlights from Clarion’s newly published ESG report, its sixth stand-alone annual version since 2015. To read the full report, click here.
Environmental efforts:
Social efforts:
Governance efforts:
About Clarion Partners
For nearly four decades, Clarion Partners has managed real estate on behalf of many of the world’s largest and most well-known institutional investors. Headquartered in New York, Clarion Partners maintains strategically located offices across the United States and Europe. With over $59 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 500 institutional investors across the globe. More information about the firm is available at www.clarionpartners.com.
About Franklin Templeton
Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and more than $1.5 trillion in assets under management as of June 30, 2021. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.
Forward-Looking Statements
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements.
Franklin Distributors, LLC (“FD, LLC”), Member FINRA, SIPC. FD, LLC and Clarion Partners are Franklin Templeton affiliated companies.
TN21-055
Lisa Tibbitts
Franklin Templeton
+1 (917) 674-8060
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HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it will participate virtually in the Barclays CEO Energy-Power Conference on Wednesday September 8, 2021.
Any investor presentation provided during the virtual conferences will be publicly available and may be accessed on the “For the Investor” page of Helix’s website, www.HelixESG.com.
About Helix
Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix, please visit our website at www.HelixESG.com.
Erik Staffeldt
Executive Vice President & CFO
281-618-0465
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ARLINGTON, Texas--(BUSINESS WIRE)--Priority Power Management, LLC (“Priority Power”), an independent energy services provider offering smart energy solutions and streamlined transitions to carbon neutrality, announced today that Joe Loner has joined as Chief Financial Officer. Priority Power is backed by funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a leader among global investment managers specializing in alternative investments, and Ara Partners Group ("Ara Partners"), a Houston-based private equity firm specializing in industrial decarbonization investments.
Mr. Loner brings over 15 years of relevant experience with a history of working with private equity-owned businesses in the power industry. Most recently, he was with GridLiance, a Blackstone-owned startup independent transmission company, where he was directly involved in its sale to NextEra Energy in 2021. Mr. Loner began his career at General Electric as part of its Financial Management Program, followed by numerous roles at AES, TPG-backed Nexeo Solutions and Panda Power Funds.
"Being on the frontlines of the energy transition, we need people who know the power industry inside and out and can help us guide our customers into this new world," said Brandon Schwertner, CEO of Priority Power. "Joe fits that description exactly, and we’re thrilled to be able to benefit from his expertise as we expand our client base and build on our strong financial position."
Mr. Loner commented, "I’m excited to join the leadership team at Priority Power and be a part of its important mission. I look forward to helping the company achieve continued success providing value and improving sustainability for our stakeholders."
About Priority Power
Priority Power is an independent energy solutions provider focused on energy infrastructure, energy transition program management, market intelligence operations, and energy structuring. Priority Power serves over 6,700 clients, totaling $2.7 billion in energy spend and 94 TWh of electricity managed across 31 states. The Company prioritizes energy efficiency and seeks to leverage its engineering, procurement, construction, and market expertise to aid in decarbonization of the industrial economy. For more information on Priority Power, please visit www.prioritypower.com.
Ara Partners
Ara Partners is a private equity firm specializing in industrial decarbonization investments. Ara Partners invests in the industrial & manufacturing, chemicals & materials, energy efficiency & green fuels and food & agriculture sectors, seeking to build businesses that are focused on sustainability and ESG principles. For more information on Ara Partners, please visit www.arapartners.com.
Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $156 billion in assets under management as of June 30, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
Katherine Tappan
Investor Relations
501-951-5282
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SAN RAMON, Calif. & MOUNTAIN VIEW, Calif. & ATLANTA--(BUSINESS WIRE)--Chevron U.S.A. Inc., through its Chevron Products Company division (Chevron), Delta Air Lines (Delta), and Google today announced a memorandum of understanding (MOU) to track sustainable aviation fuel (SAF) test batch emissions data using cloud-based technology.
Sustainable aviation fuel is produced from biofeedstocks that can reduce lifecycle carbon intensity significantly when compared to conventional jet fuel. The companies hope to create a common, more transparent model for analyzing potential greenhouse gas emissions reductions that could then be adopted by organizations considering SAF programs. Through this project, Chevron plans to produce a test batch of SAF at its El Segundo Refinery and to sell SAF to Delta at Los Angeles International Airport (LAX), a major global hub for Delta’s fleet.
“As aviation continues to define a more sustainable future, understanding the environmental impacts of our operations will be paramount as we look to mitigate climate change,” said Amelia DeLuca, Delta’s managing director of Sustainability. “On top of being the first carbon neutral airline on a global basis, we’ve pledged to replace 10 percent of our jet fuel with SAF by 2030. This partnership has the potential to help us achieve that goal while providing important data and analytics that demonstrate the environmental integrity of our commitment.”
“This MOU builds on our previously announced effort to be the first refiner in the U.S. to ratably co-process biofeedstocks in an FCC through a capital-efficient investment program,” said Andy Walz, president of Americas Fuels & Lubricants for Chevron. “The data sharing and transparency component of this partnership will help us better understand the emissions from sustainable aviation fuel production and delivery, supporting our goal to advance lower carbon fuels.”
In parallel, Google Cloud plans to build a data and analytics framework to securely ingest and analyze emissions data from Delta and Chevron related to the SAF test batch. The goal of the pilot will be to provide better visibility into data from their project, allowing for greater transparency and improved reporting of SAF emissions.
“Google Cloud has a history of pioneering emissions reduction technologies and we’re looking forward to exploring the use of data and analytics capabilities to advance renewable fuel understanding and adoption,” said Larry Cochrane, director, Global Energy Solutions, Google Cloud.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. More information about Chevron is available at www.chevron.com.
About Delta
From being the first and only U.S. airline to voluntarily cap greenhouse gas emissions at 2012 levels to last year’s commitment to be the first carbon-neutral airline globally, Delta has a longstanding commitment to sustainable air travel. Delta was the No. 1 airline named among America’s Most Sustainable Companies by Barron’s in 2020, the only U.S. airline included in the 2021 S&P Sustainability Yearbook and has received the Vision for America Award by Keep America Beautiful and Captain Planet Foundation's Superhero Corporate Award. Delta has also earned a spot on the FTSE4Good Index for six consecutive years and the Dow Jones Sustainability North America Index for ten consecutive years. For more information, visit Delta.com/sustainability.
About Google Cloud
Google Cloud accelerates organizations’ ability to digitally transform their business with the best infrastructure, platform, industry solutions and expertise. We deliver enterprise-grade solutions that leverage Google’s cutting-edge technology – all on the cleanest cloud in the industry. Customers in more than 200 countries and territories turn to Google Cloud as their trusted partner to enable growth and solve their most critical business problems.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Tyler Kruzich, Chevron
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t. (925) 549-8686
Grant Myatt, Delta
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t. (917) 597-2473
Google Cloud
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Business Intelligence Group recognizes Brightmark's Ashley, Indiana Plastics Renewal Facility as Sustainability Initiative of the Year
SAN FRANCISCO--(BUSINESS WIRE)--Today, the Business Intelligence Group named Brightmark's Ashley, Indiana Plastics Renewal Facility a Sustainability Initiative of the Year in the 2021 Sustainability Awards program. The Sustainability Awards honor those people, teams and organizations who have made sustainability an integral part of their business practice or overall mission.
When fully operational, Brightmark's Ashley, Indiana Plastics Renewal Facility will divert 100,000 tons of plastic waste each year from landfills and incinerators and convert it into 18 million gallons of ultra-low sulfur diesel fuel and naphtha blend stocks and 6 million gallons of wax; that amount is more plastic than the weight of 5,400 tractor trailers or seven Brooklyn Bridges. Through a breakthrough proprietary process, Brightmark has the unique ability to recycle all types of plastic (1-7) – including the difficult to recycle plastic types 3-7 which cannot readily be recycled, like plastic film, styrofoam, flexible packing, and children’s toys – directly into useful products, like fuels and wax, as well as new plastics to create a truly circular economy.
"Brightmark is honored to be recognized by the Business Intelligence Group amongst a diverse group of companies and individuals that are making a significant impact in sustainability and the fight against climate change," said Bob Powell, Founder and Chief Executive Officer of Brightmark. "Our plastics renewal technology is poised to scale globally as we reimagine waste and tackle one of the most pressing environmental challenges we face – solving the plastic waste crisis.”
“We are proud to reward and recognize Brightmark for their sustainability efforts,” said Maria Jimenez, Chief Nominations Officer, Business Intelligence Group. “It was clear to our judges that their vision and strategy will continue to deliver results toward a cleaner, more sustainable world. Congratulations!”
About Brightmark
Brightmark is a global waste solutions company with a mission to reimagine waste. The company takes a holistic, closed loop, circular economy approach to tackling the planet’s most pressing environmental challenges with imagination and optimism for the future. Through the deployment of disruptive, breakthrough waste-to-energy solutions focused on plastics renewal (plastic waste-to-fuel) and renewable natural gas (organic waste-to-fuel), Brightmark enables programs specifically tailored to environmental needs in order to build scalable project solutions that have a positive impact on the world and communities in which its stakeholders live and work. For more information, visit www.brightmark.com.
About Business Intelligence Group
The Business Intelligence Group was founded with the mission of recognizing true talent and superior performance in the business world. Unlike other industry award programs, business executives—those with experience and knowledge—judge the programs. The organization’s proprietary and unique scoring system selectively measures performance across multiple business domains and then rewards those companies whose achievements stand above those of their peers.
Cory Ziskind
ICR
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646-277-1232
HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE American: LNG) announced today that its Board of Directors has approved a comprehensive, long-term capital allocation plan (the “Plan”) designed to achieve an investment grade balance sheet, return significant capital to shareholders over time, and continue to invest in accretive organic growth.
With financial results for 2021 expected at the high end of the guidance ranges, and the substantial completion of Sabine Pass Train 6 now expected in the first quarter of 2022, the Company has reached a cash flow inflection point and expects to generate ~$10 billion of cumulative Distributable Cash Flow1 (“DCF”) through 2024 with annual run-rate DCF of $2.6 – $3.0 billion, enabling execution on the balance sheet, capital returns, and accretive growth priorities. The Plan is designed to achieve a run-rate DCF of $15 – $17 per share on a long-term basis, inclusive of the Corpus Christi Stage 3 Project (“Corpus Christi Stage 3”).
“Over the past five years, we have successfully executed on our operating, commercial and financial goals, which now serve as the foundation for this comprehensive capital allocation plan for Cheniere’s stakeholders. The Plan is built from our guiding principles of maintaining a strong, sustainable balance sheet, funding financially disciplined accretive growth, and returning capital to shareholders through share repurchases and dividends,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “Our accomplishments over the past five years have led us to this point, and the Plan helps ensure Cheniere’s long-term success by strengthening our financial position, commencing meaningful shareholder returns, and committing to our disciplined approach to deploying growth capital.”
Sustainable Balance Sheet and Liquidity
Capital Return to Shareholders
Accretive Growth
“This ‘all of the above’ capital allocation plan provides a long-term strategic financial framework for Cheniere. Under the Plan, we expect to achieve investment grade consolidated credit metrics while funding accretive growth in accordance with our disciplined investment parameters and returning billions of dollars to our shareholders. This Plan not only helps reinforce the long-term sustainability of the business we have built at Cheniere thus far, but significantly enhances our competitive position as we expect to FID Corpus Christi Stage 3 next year and develop further growth for years to come,” said Zach Davis, Cheniere’s Senior Vice President and Chief Financial Officer.
INVESTOR CONFERENCE CALL AND WEBCAST
Cheniere will host a conference call to discuss the capital allocation plan on Tuesday, September 7, 2021, at 5:30 p.m. Eastern time / 4:30 p.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website.
________________________________
1 Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for further details.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with expected total production capacity of approximately 45 million tonnes per annum of LNG operating or under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, filed with the Securities and Exchange Commission.
Dividends
Future amounts and payment dates of quarterly cash dividends will be subject to the determination and approval of the Company’s Board of Directors. The decision by the Board of Directors whether to pay any future dividends and the amount of any such dividends will be based on, among other things, the Company's financial position, results of operations, cash flows, capital requirements, restrictions under the Company's existing credit agreements and the requirements of applicable law.
Share Repurchase Authorization
Under the share repurchase authorization, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The timing and amount of any shares of the Company’s common stock that are repurchased under the share repurchase authorization will be determined by the Company’s management based on market conditions and other factors. The share repurchase authorization does not obligate the Company to acquire any particular amount of common stock, and may be modified, suspended or discontinued at any time or from time to time at the Company’s discretion.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to the amount and timing of share repurchases, statements relating to Cheniere’s ability or plans to pay or increase dividends to its shareholders, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Reconciliation of Non-GAAP Measures
Regulation G Reconciliations
The accompanying news release contains non-GAAP financial measures. Consolidated Adjusted EBITDA, Distributable Cash Flow, and Distributable Cash Flow per share are non-GAAP financial measures that we use to facilitate comparisons of operating performance across periods. These non-GAAP measures should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated.
Consolidated Adjusted EBITDA represents net income attributable to Cheniere before net income attributable to the non-controlling interest, interest, taxes, depreciation and amortization, adjusted for certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, as detailed in the following reconciliation. Consolidated Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
We believe Consolidated Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of business performance. We believe Consolidated Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization which vary substantially from company to company depending on capital structure, the method by which assets were acquired and depreciation policies. Further, the exclusion of certain non-cash items, other non-operating income or expense items, and items not otherwise predictive or indicative of ongoing operating performance enables comparability to prior period performance and trend analysis.
Consolidated Adjusted EBITDA is calculated by taking net income attributable to common stockholders before net income attributable to non-controlling interest, interest expense, net of capitalized interest, changes in the fair value and settlement of our interest rate derivatives, taxes, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items, and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense and loss on disposal of assets, changes in the fair value of our commodity and foreign currency exchange derivatives and non-cash compensation expense. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance.
Distributable Cash Flow is defined as cash received, or expected to be received, from Cheniere’s ownership and interests in Cheniere Partners and Cheniere Corpus Christi Holdings, LLC, cash received (used) by Cheniere’s integrated marketing function (other than cash for capital expenditures) less interest, taxes and maintenance capital expenditures associated with Cheniere and not the underlying entities. Management uses this measure and believes it provides users of our financial statements a useful measure reflective of our business’s ability to generate cash earnings to supplement the comparable GAAP measure.
Distributable Cash Flow per share is calculated by dividing Distributable Cash Flow by the weighted average number of common shares or units outstanding.
We believe Distributable Cash Flow is a useful performance measure for management, investors and other users of our financial information to evaluate our performance and to measure and estimate the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as common stock dividends, stock repurchases, retirement of debt, or expansion capital expenditures. Management uses this measure and believes it provides users of our financial statements a useful measure reflective of our business’s ability to generate cash earnings to supplement the comparable GAAP measure. Distributable Cash Flow is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.
Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of our results as reported under GAAP and should be evaluated only on a supplementary basis.
We have not made any forecast of net income for fiscal years 2022-2024 or on a run rate basis, which would be the most directly comparable financial measure under GAAP, and we are unable to reconcile differences between run rate Consolidated Adjusted EBITDA and Distributable Cash Flow and net income.
Cheniere Energy, Inc.
Investors
Randy Bhatia, 713-375-5479
Media Relations
Eben Burnham-Snyder, 713-375-5764
Jenna Palfrey, 713-375-5491
Tom Carlson Joins the Firm as a Managing Director in Houston
HOUSTON--(BUSINESS WIRE)--Houlihan Lokey (NYSE:HLI), the global investment bank, announced today that Tom Carlson has joined the firm as a Managing Director in the Oil & Gas Group. He is based in Houston.
Mr. Carlson joins Houlihan Lokey with more than two decades of experience advising clients across the oil and gas sector on a broad range of transactions. He most recently was a Managing Director in BMO Capital Markets’ Energy Group, where he executed mergers and acquisitions, debt and equity capital raises, and asset divestitures for leading energy companies, particularly in the upstream and midstream sectors. Prior experience also includes banking roles in Citigroup’s Global Energy Group and Jefferies & Company’s Energy Group.
“Tom’s expertise and transaction experience spans the full spectrum across key sectors of the U.S. oil and gas industry, and this breadth of experience in meeting clients’ strategic needs and objectives amid any situation or market condition make him a perfect fit with our client-service-oriented, cross-product Oil & Gas Group. We’re excited to introduce him to our clients around the world as they strategically position themselves in the ever-shifting energy landscape,” said J.P. Hanson, Head of Houlihan Lokey’s Oil & Gas Group.
“The combination of Houlihan Lokey’s suite of products and services across M&A, A&D, capital markets, restructuring, and valuation, combined with the deep oil and gas industry knowledge, market relationships, and technical team, is a very powerful value proposition for clients,” said Mr. Carlson. “I look forward to partnering with my new colleagues to deliver successful outcomes and solutions as the Oil & Gas Group continues to build on its success,” he added.
Mr. Carlson holds a B.A. in Economics and Managerial Studies with honors from Rice University.
With more than 70 industry-dedicated professionals in six offices around the world, Houlihan Lokey’s global Oil & Gas Group provides superior service and achieves outstanding results for its clients in M&A, A&D, capital markets, capital formation, corporate finance, and recapitalizations throughout the upstream, midstream and downstream sectors of the oil and gas sector. The group has advised on more than 100 transactions over the past three years across every key global region.
About Houlihan Lokey
Houlihan Lokey (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. Houlihan Lokey is the No. 1 M&A advisor for the past six consecutive years in the U.S., the No. 1 global restructuring advisor for the past seven consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 20 years, all based on number of transactions and according to data provided by Refinitiv.
Investor Relations
212.331.8225
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Media Relations
John Gallagher
917.331.1580
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WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control and water treatment in utility and industrial applications, today announced that President & CEO Vince Arnone is scheduled to present at the 23rd Annual H.C. Wainwright Global Investment Conference, taking place virtually September 13-15, 2021. Management will also host one-on-one meetings with investors throughout the event.
The virtual presentation will be available starting at 7:00 a.m. Eastern Time on September 13, 2021, and a copy of the presentation materials will be available at www.ftek.com. Registration for the event is accessible via www.hcwevents.com/annualconference.
About Fuel Tech
Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NOx) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented nozzle to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.
Vince Arnone
President and Chief Executive Officer
(630) 845-4500
Devin Sullivan
Senior Vice President
The Equity Group Inc.
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HOUSTON--(BUSINESS WIRE)--#CCS--Milestone Environmental Services, LLC (“Milestone”), one of the largest independent providers of energy waste sequestration services in the U.S., today announced the creation of a new Carbon Sequestration business unit focused on carbon capture and sequestration for middle market emitters. The business unit will be led by Chris Davis, who joined Milestone as Vice President of Carbon Sequestration on July 14, 2021, after a long career at ExxonMobil.
Applying Milestone’s vast knowledge and experience of developing complex injection operations, the Carbon Sequestration business unit will offer turnkey storage management solutions — including concept, permitting, design, development, funding, and operations — for midstream and other significant industrial emitters. Customers will benefit from the reliable and effective management and monetization of their carbon dioxide emissions through Class VI injection.
“Today marks a momentous occasion for Milestone with the creation of our Carbon Sequestration business unit, which will expand our reach and allow us to provide secure carbon sequestration solutions to customers outside of the upstream energy market,” said Milestone President and CEO Gabriel Rio. “The aggressive global push for reduced greenhouse gas emissions and more environmentally conscious solutions is driving organizations to rethink their operations in profound ways. Milestone’s proven track record of building and managing patented carbon-negative technology positions us as a partner of choice for middle market companies looking to quickly achieve their sustainability goals.”
Joining the Milestone executive leadership team to direct the new Carbon Sequestration business unit is Chris Davis. In his role as Vice President of Carbon Sequestration, Davis is responsible for all areas of strategy, design, development, and implementation of the business unit and related carbon capture project development.
“As society rallies around the dual objectives of reducing greenhouse gas emissions and delivering reliable, affordable energy essential to modern life, CCS is uniquely suited to address both goals, at scale, today and well into the future,” said Davis. “Successful carbon capture projects require a broad understanding of technical, commercial, and regulatory matters across the value chain, and I’ve been fortunate to have worked in all these areas over my career. In contrast to companies focused on large regional carbon sequestration projects that may take up to a decade or more to develop, Milestone is aggressively pursuing right-sized CCS opportunities in response to our customers’ near-term GHG reduction priorities.”
Davis has more than 15 years of experience in the global energy industry, serving in a number of roles that include engineering, project development, and commercial manager. Most recently Davis has participated in several CCS projects and other GHG reduction initiatives at ExxonMobil and its subsidiary, XTO Energy. Davis earned his bachelor’s degree in Electrical Engineering and his master’s degree in Petroleum Engineering from Texas A&M University. He earned his MBA from London Business School.
The announcement of Milestone’s Carbon Sequestration business unit comes just two months after the release of the company’s inaugural Sustainability Report. The Report highlights Milestone’s sequestration of 279,000 metric tons of CO2e in 2020 through the injection of hydrocarbon-rich waste streams from the upstream oil and gas industry, assisting its customers in avoiding emissions of a similar magnitude. The report further illustrates Milestone’s commitment to continued focus on ESG initiatives and provides opportunity for energy companies to further reduce their GHG intensity.
About Milestone Environmental Services
Milestone is an energy waste sequestration company with assets throughout the Permian Basin and the Eagle Ford Shale. We are one of the largest independent energy waste sequestration companies in the United States, and a key business partner to energy companies looking to reduce their carbon footprint through cost-efficient waste management solutions. Our network of slurry injection sites and best-in-class E&P landfills provides a new avenue for management and sequestration of hydrocarbon-rich energy waste streams. We are committed to protecting the environment and our communities by offering a better way to manage waste and play a key role in a forward-looking carbon agenda. Milestone is a partner in the transition to a sustainable energy future. For more information, please visit www.Milestone-ES.com.
Media Contact: Jessica Clements, This email address is being protected from spambots. You need JavaScript enabled to view it.
ROCKVILLE, Md.--(BUSINESS WIRE)--Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announced financial results for its second quarter ended July 31, 2021. For additional information, please read the Company’s Quarterly Report on Form 10-Q, which the Company intends to file today with the U.S. Securities and Exchange Commission (the “SEC”). The Quarterly Report can be retrieved from the SEC’s website at www.sec.gov or from the Company’s website at www.arganinc.com.
Summary Information (dollars in thousands, except per share data)
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July 31, |
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2021 |
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2020 |
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Change |
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For the Quarter Ended: |
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Revenues |
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$ |
133,008 |
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$ |
87,492 |
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$ |
45,516 |
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Gross profit |
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27,652 |
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15,630 |
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12,022 |
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Gross margin % |
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20.8 |
% |
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17.9 |
% |
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2.9 |
% |
Net income attributable to the stockholders of the Company |
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$ |
12,870 |
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$ |
5,609 |
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$ |
7,261 |
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Diluted per share |
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0.81 |
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0.36 |
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0.45 |
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EBITDA attributable to the stockholders of the Company |
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18,145 |
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8,153 |
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9,992 |
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Diluted per share |
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1.14 |
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0.52 |
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0.62 |
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Cash dividends per share |
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0.25 |
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1.25 |
(1) |
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(1.00) |
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July 31, |
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January 31, |
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As of: |
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2021 |
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2021 |
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Change |
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Cash, cash equivalents and short-term investments |
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$ |
491,480 |
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$ |
456,726 |
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$ |
34,754 |
Net liquidity (2) |
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290,309 |
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270,133 |
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20,176 |
RUPO (3) |
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467,877 |
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552,531 |
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(84,654) |
(1) |
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The Company declared and paid a $1.00 per share special dividend during the three months ended July 31, 2020. |
(2) |
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Net liquidity, or working capital, is defined as total current assets less total current liabilities. |
(3) |
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The amount of remaining unsatisfied performance obligations (“RUPO”) represents the project backlog related to active contracts with customers, as determined under revenue recognition rules. |
“We are pleased to announce our most profitable quarter since 2018 with $0.81 in earnings per share, which is our fourth consecutive quarter of earnings per share equal to or in excess of $0.60,” Rainer Bosselmann, Chairman and Chief Executive Officer of Argan, said. “All of our business segments generated gross profit margins in excess of 20% and we are on pace to generate over $0.5 billion in revenues for the fiscal year. These successes during the ongoing COVID-19 pandemic reflect the talent and adaptability of our employees. We have reached peak construction on the Guernsey Power Station, which is the largest single-phase gas-fired power plant construction project in the US. Additionally, we started work on an EPC services contract to build one of the largest solar power plants in Pennsylvania, which complements our core gas-fired power plant business.”
Consolidated revenues for the quarter ended July 31, 2021 were $133.0 million, which represented an increase of $45.5 million, or 52.0%, from consolidated revenues of $87.5 million reported for the three months ended July 31, 2020. The increase was primarily due to increasing revenues at Gemma Power Systems associated with the ongoing construction of the Guernsey Power Station and the initial construction activities on the Maple Hill solar energy facility which began in May 2021. The combined revenues associated with these two projects represented 67.3% of consolidated revenues for the three months ended July 31, 2021. Additionally, revenues at The Roberts Company, our industrial fabrication and field services segment, increased by $13.5 million, or 80.7%, to $30.2 million for the period compared to revenues of $16.7 million for the three months ended July 31, 2020. Our businesses were adversely impacted by the COVID-19 outbreak during the three months ended July 31, 2020; the effects were minimized during the current quarter.
Consolidated gross profit for the three-month period ended July 31, 2021 was $27.7 million, which is primarily a reflection of increased consolidated revenues. The gross profit percentages of corresponding revenues for the power industry services, industrial services and the telecommunications infrastructure segments were 20.7%, 20.9% and 21.8%, respectively, for the quarter ended July 31, 2021.
Selling, general and administrative expenses for the three months ended July 31, 2021 and 2020 were $10.3 million, or 7.8% of corresponding consolidated revenues, and $9.1 million, or 10.4% of corresponding consolidated revenues, respectively.
Due primarily to the consolidated pre-tax book income reported for the three-month period ended July 31, 2021 in the amount of $17.1 million, we reported income tax expense in the amount of $4.2 million, which represents an effective income tax rate of 24.6% for the period. For the three-month period ended July 31, 2020, we recorded an income tax expense of $1.4 million which represented an effective income tax rate of approximately 20.0% for the three-month period.
For the three months ended July 31, 2021, our improved overall operating performance resulted in net income attributable to our stockholders in the amount of $12.9 million, or $0.81 per diluted share, compared to $5.6 million, or $0.36 per diluted share, in the prior year quarter.
For the six months ended July 31, 2021, our improved overall operating performance resulted in net income attributable to our stockholders in the amount of $23.6 million, or $1.48 per diluted share, compared to $4.8 million, or $0.31 per diluted share, in the prior year period.
As of July 31, 2021, cash, cash equivalents and short-term investments totaled $491 million and net liquidity was $290 million; furthermore, the Company had no debt. The Company’s consolidated amount of RUPO was approximately $0.5 billion as of July 31, 2021.
About Argan, Inc.
Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including but not limited to the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, the Company’s ability to successfully complete the projects that it obtains and the resurgence of the COVID-19 pandemic due to the spread of the Delta variant. The Company has several signed EPC contracts that have not started and may not start as forecasted due to market and other circumstances beyond its control. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings.
ARGAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) |
||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
July 31, |
|
July 31, |
||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
REVENUES |
|
$ |
133,008 |
|
$ |
87,492 |
|
$ |
259,349 |
|
$ |
147,640 |
Cost of revenues |
|
|
105,356 |
|
|
71,862 |
|
|
207,983 |
|
|
128,001 |
GROSS PROFIT |
|
|
27,652 |
|
|
15,630 |
|
|
51,366 |
|
|
19,639 |
Selling, general and administrative expenses |
|
|
10,331 |
|
|
9,085 |
|
|
20,223 |
|
|
19,429 |
INCOME FROM OPERATIONS |
|
|
17,321 |
|
|
6,545 |
|
|
31,143 |
|
|
210 |
Other (expense) income, net |
|
|
(260) |
|
|
451 |
|
|
452 |
|
|
1,539 |
INCOME BEFORE INCOME TAXES |
|
|
17,061 |
|
|
6,996 |
|
|
31,595 |
|
|
1,749 |
Income tax (expense) benefit |
|
|
(4,191) |
|
|
(1,397) |
|
|
(7,959) |
|
|
3,057 |
NET INCOME |
|
|
12,870 |
|
|
5,599 |
|
|
23,636 |
|
|
4,806 |
Net loss attributable to non-controlling interests |
|
|
— |
|
|
(10) |
|
|
— |
|
|
(40) |
NET INCOME ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. |
|
|
12,870 |
|
|
5,609 |
|
|
23,636 |
|
|
4,846 |
Foreign currency translation adjustments |
|
|
(139) |
|
|
(83) |
|
|
(257) |
|
|
(329) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. |
|
$ |
12,731 |
|
$ |
5,526 |
|
$ |
23,379 |
|
$ |
4,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME PER SHARE ATTRIBUTABLE TO THE STOCKHOLDERS OF ARGAN, INC. |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.82 |
|
$ |
0.36 |
|
$ |
1.50 |
|
$ |
0.31 |
Diluted |
|
$ |
0.81 |
|
$ |
0.36 |
|
$ |
1.48 |
|
$ |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
15,769 |
|
|
15,653 |
|
|
15,748 |
|
|
15,648 |
Diluted |
|
|
15,982 |
|
|
15,788 |
|
|
15,978 |
|
|
15,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH DIVIDENDS PER SHARE |
|
$ |
0.25 |
|
$ |
1.25 |
|
$ |
0.50 |
|
$ |
1.50 |
ARGAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) |
||||||
|
|
July 31, |
|
January 31, |
||
|
|
2021 |
|
2021 |
||
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
451,415 |
|
$ |
366,671 |
Short-term investments |
|
|
40,065 |
|
|
90,055 |
Accounts receivable, net |
|
|
43,120 |
|
|
28,713 |
Contract assets |
|
|
25,377 |
|
|
26,635 |
Other current assets |
|
|
37,679 |
|
|
34,146 |
TOTAL CURRENT ASSETS |
|
|
597,656 |
|
|
546,220 |
Property, plant and equipment, net |
|
|
19,209 |
|
|
20,361 |
Goodwill |
|
|
27,943 |
|
|
27,943 |
Other purchased intangible assets, net |
|
|
3,644 |
|
|
4,097 |
Deferred taxes |
|
|
— |
|
|
249 |
Right-of-use and other assets |
|
|
3,537 |
|
|
3,760 |
TOTAL ASSETS |
|
$ |
651,989 |
|
$ |
602,630 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Accounts payable |
|
$ |
44,317 |
|
$ |
53,295 |
Accrued expenses |
|
|
49,308 |
|
|
50,750 |
Contract liabilities |
|
|
213,722 |
|
|
172,042 |
TOTAL CURRENT LIABILITIES |
|
|
307,347 |
|
|
276,087 |
Deferred taxes |
|
|
751 |
|
|
— |
Other noncurrent liabilities |
|
|
3,356 |
|
|
4,135 |
TOTAL LIABILITIES |
|
|
311,454 |
|
|
280,222 |
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Preferred stock, par value $0.10 per share – 500,000 shares authorized; no shares issued and outstanding |
|
|
— |
|
|
— |
Common stock, par value $0.15 per share – 30,000,000 shares authorized; 15,772,673 and 15,706,202 shares issued at July 31, 2021 and January 31, 2021, respectively; 15,769,440 and 15,702,969 shares outstanding at July 31, 2021 and January 31, 2021, respectively |
|
|
2,366 |
|
|
2,356 |
Additional paid-in capital |
|
|
155,904 |
|
|
153,282 |
Retained earnings |
|
|
181,862 |
|
|
166,110 |
Accumulated other comprehensive loss |
|
|
(1,338) |
|
|
(1,081) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
338,794 |
|
|
320,667 |
Non-controlling interests |
|
|
1,741 |
|
|
1,741 |
TOTAL EQUITY |
|
|
340,535 |
|
|
322,408 |
TOTAL LIABILITIES AND EQUITY |
|
$ |
651,989 |
|
$ |
602,630 |
ARGAN, INC. AND SUBSIDIARIES Reconciliation to EBITDA (In thousands) (Unaudited) |
||||||
|
|
Three Months Ended |
||||
|
|
July 31, |
||||
|
|
2021 |
|
2020 |
||
Net income, as reported |
|
$ |
12,870 |
|
$ |
5,599 |
Income tax expense |
|
|
4,191 |
|
|
1,397 |
Depreciation |
|
|
859 |
|
|
921 |
Amortization of purchased intangible assets |
|
|
225 |
|
|
226 |
EBITDA |
|
|
18,145 |
|
|
8,143 |
EBITDA of non-controlling interests |
|
|
— |
|
|
(10) |
EBITDA attributable to the stockholders of Argan, Inc. |
|
$ |
18,145 |
|
$ |
8,153 |
Company:
Rainer Bosselmann
301.315.0027
Investor Relations:
David Watson
301.315.0027
FRESNO, Calif.--(BUSINESS WIRE)--#ERI--ERI, the nation’s largest fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company, announced today that it has launched its industry’s first Environmental, Social, and Governance (ESG) Impact Report and Calculator service.
Effective immediately, ERI’s proprietary ESG Impact Report will now be offered by ERI as a value-added service to its customers, providing key data points on the impact that each customer’s electronics are having on the planet. The report is available to ERI customers via request and via Optech, ERI's proprietary technology tracking and evaluation solution.
The new ESG Impact Report details data points on how the devices provided to ERI are impacting the environment. The data takes into consideration the final disposition of each item and what impact recycling or repurposing those electronics have on the environment. Data points include total pounds recycled, total pounds reused, CO2 equivalents and how the data translates into meaningful, real-world metrics. The Report also provides a detailed breakdown of commodities produced through recycling, including glass, metals, plastics, and more.
“From working with many of the world’s largest brands, who turn to us to help them achieve their sustainability and cybersecurity/data destruction goals, we know that ESG is an area receiving laser focus across all industries,” said John Shegerian, ERI’s Chairman/CEO.
“Our new proprietary ESG Impact Report – just the latest game-changing innovation by ERI, and one we are extremely proud of – further demonstrates our commitment to people, the planet, and privacy,” said Shegerian. “We understood that this tool is critically needed right now, and we are extremely proud and excited to be the first to provide it. With ERI’s ESG Impact Report and Calculator, our customers can now easily see how the electronics they bring to ERI are positively impacting the environment – and how their actions are helping them to achieve their ESG goals."
ERI is the largest fully integrated IT and electronics asset disposition provider and cybersecurity-focused hardware destruction company in the United States. ERI is certified at the highest level by all leading environmental and data security oversight organizations to de-manufacture, recycle, and refurbish every type of electronic device in an environmentally responsible manner. ERI has the capacity to process more than a billion pounds of electronic waste annually at its eight certified locations, serving every zip code in the United States. ERI’s mission is to protect people, the planet and privacy. For more information about e-waste recycling and ERI, call 1-800-ERI-DIRECT or visit https://eridirect.com.
Media contact: Paul Williams, 310/569-0023, This email address is being protected from spambots. You need JavaScript enabled to view it.
IDR elimination modernizes capital structure and aligns interests of sponsor and KNOP unitholders
ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (NYSE:KNOP) (“the Partnership”) announced today that the Partnership has entered into an exchange agreement with its sponsor, Knutsen NYK Offshore Tankers AS (“Knutsen NYK”), and its general partner whereby Knutsen NYK will contribute to the Partnership all of Knutsen NYK’s incentive distribution rights (“IDRs”), in exchange for the issuance by the Partnership to Knutsen NYK of 673,080 common units and 673,080 Class B Units, whereupon the IDRs will immediately be cancelled and cease to exist (the “IDR Exchange”). The Class B Units are a new class of limited partner interests which will not be entitled to receive cash distributions in any quarter unless common unitholders receive a distribution of at least $0.52 for such quarter (the “Distribution Threshold”). When common unitholders receive a quarterly distribution at least equal to the Distribution Threshold, then Class B unitholders will be entitled to receive the same distribution as common unitholders. At the current quarterly common unit distribution level of $0.52, the total combined quarterly distribution for the newly issued common units and Class B Units is equivalent to the quarterly distribution to the IDRs prior to the IDR Exchange.
For each quarter (starting with the quarter ending September 30, 2021) that the Partnership pays distributions on the common units that are at or above the Distribution Threshold, one-eighth of the Class B Units will be converted to common units on a one-for-one basis until such time as no further Class B Units exist. The Class B Units will generally vote together with the common units as a single class.
Following the IDR Exchange, and on a Class B Unit fully-converted basis, Knutsen NYK will beneficially own 10,004,028 common units, which would represent approximately 29.2% of KNOP’s outstanding common units. The IDR Exchange is expected to close on September 10, 2021.
Gary Chapman, Chief Executive Officer and Chief Financial Officer of KNOT Offshore Partners LP, commented, “This cash flow neutral elimination of KNOP’s IDRs is an important step forward for the Partnership, further aligning the interests of our sponsor and our common unitholders and enhancing the attractiveness and accessibility of KNOP as an equity investment opportunity. The supportive terms of this transaction reflect a recognition by both the Partnership and our sponsor, which is itself the largest holder of KNOP common units, that elimination of the IDRs removes a longstanding overhang with respect to the Partnership’s capital structure. The Partnership is committed to introducing a growing investor audience to the Partnership’s attractive distribution, our leadership position in the shuttle tanker sector, and the supportive fundamentals underlying our long-term growth prospects.”
The board of directors of each of the Partnership, its general partner and Knutsen NYK, as well as the Conflicts Committee of the Partnership’s board, unanimously approved the IDR Exchange. Evercore served as financial advisor and Richards, Layton & Finger, P.A. served as legal advisor to the Conflicts Committee. Baker Botts L.L.P. served as legal advisor to the Partnership.
About KNOT Offshore Partners LP
KNOT Offshore Partners LP owns, operates and acquires shuttle tankers under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly traded master limited partnership. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP”.
Forward-Looking Statements
This press release contains certain forward-looking statements concerning future events and the Partnership’s operations, performance and financial condition, including the expected impact and benefits of the IDR Exchange. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words “believe”, “anticipate”, “expect”, “estimate”, “project”, “will be”, “will continue”, “will likely result”, “plan”, “intend” or words or phrases of similar meanings. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Partnership’s control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to:
All forward-looking statements included in this release are made only as of the date of this release. New factors emerge from time to time, and it is not possible for the Partnership to predict all of these factors. Further, the Partnership cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. The Partnership does not intend to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Partnership’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.
Media:
KNOT Offshore Partners LP
Gary Chapman
Chief Executive Officer and Chief Financial Officer
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +44 1224 618 420
http://knotoffshorepartners.com/
Ameresco will install over 4,100 water meters to replace the city’s aging infrastructure and save the city over $50,000 per year
FRAMINGHAM, Mass. & SEABROOK, Texas--(BUSINESS WIRE)--#ami--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced its partnership with the City of Seabrook, Texas. The renewable energy company was selected to install a comprehensive smart metering infrastructure improvement project that includes the installation of solid-state water meters and an advanced metering infrastructure (AMI) system.
As part of the project, Ameresco will install more than 4,100 water meters in place of the city’s existing meters. When mechanical meters age, their accuracy degrades as well, which results in the under-reporting of consumption data. Currently, Seabrook replaces existing water meters and accessories on an as-needed basis. By replacing the water meters proactively, Ameresco and the City of Seabrook will restore accuracy to its reporting data.
The improvement of meter accuracy and long-term sustainability will enable Seabrook to better capture lost water that may have previously gone unmetered. Following implementation of the proposed upgrades, the city will amass a significant annual cost savings of over $50,000.
“Working with Ameresco has been a truly refreshing experience. Their team continues to be committed to enhancing sustainability in our city and making our infrastructure as accurate and as cost-effective as possible,” said director of public works Kevin Padgett. “We thrilled to work with this team implementing cutting-edge solutions that will benefit Seabrook for years to come.”
The planned upgrades will provide the City of Seabrook with a variety of benefits including enhanced customer service support to local community members, as well as a reduction in overall operational costs and an increase in IT infrastructure support at a more advanced level.
“By helping the City of Seabrook reduce its spending, we can ensure that the city has the resources necessary to reinvest their time and energy back into better serving the surrounding community. It’s been such a pleasure to work with a group that is so committed to fostering a sustainable future for all,” said Bob Georgeoff, executive vice president, Ameresco.
Construction is scheduled to be completed by the end of 2021 and the new water smart customer portal will launch by spring 2022.
To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.
About Ameresco, Inc.
Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and the United Kingdom. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.
About City of Seabrook, Texas
Seabrook, Texas… the name alone beckons visitors. Seabrook is a small town on the Texas coast just 30 minutes south of downtown Houston. Residents and visitors alike treasure this vibrant community for its resort-style experiences along Clear Lake and Galveston Bay. Over 12,000 people call Seabrook home, and why not? Seabrook’s relaxed lifestyle, business-friendly climate, and affordable waterfront property make it one of the country’s most attractive areas to live, work, and visit.
The announcement of a customer’s entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported contracted backlog as of June 30, 2021.
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (“Cactus”) (NYSE: WHD), a leading provider of wellhead and pressure control equipment, and National Energy Services Reunited Corp. (“NESR”) (NASDAQ: NESR) (NASDAQ: NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa (“MENA”) region, announced that they have entered into an agreement to provide and deploy Cactus frac rental equipment in the Middle East, as well as other initiatives in the key markets.
Scott Bender, President and CEO of Cactus stated, “The differentiated nature of Cactus’ products and service execution has enabled us to significantly expand our presence across U.S. unconventional basins over the last several years. Through this new agreement with NESR, we are extending this model to customers in the MENA region. We have highlighted the Middle East as an area of potential future growth and we are pleased to have officially deployed assets and personnel in the region, working together with NESR. We are excited about the expansion of unconventional oil & gas development activities in the Middle East and hope to leverage NESR’s extensive footprint and excellent customer relationships to grow the business.”
“I am quite pleased to see this agreement with Cactus take concrete shape and the progress we have made with our customers in this sphere. As Scott mentioned, this has been a significant effort on the part of both companies to reach the execution phase given the stringent requirements around pressure equipment,” said Sherif Foda, Chairman of the Board and CEO of NESR. “I believe our partnership with Cactus will bring together two premier names which will give our customers the ability to leverage the efficiencies and expertise of Cactus with the execution capabilities and market access of NESR. I look forward to expanding this relationship and bringing significant value to our customers in the region.”
About Cactus, Inc.
Cactus designs, manufactures, sells and rents a range of highly engineered wellhead and pressure control equipment. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for all its products and rental items to assist with the installation, maintenance and handling of the wellhead and pressure control equipment. Cactus operates service centers in the United States, which are strategically located in the key oil and gas producing regions, including the Permian, Marcellus, Utica, Haynesville, Eagle Ford, Bakken and SCOOP/STACK, among other areas, and in Eastern Australia.
About National Energy Services Reunited Corp.
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 5,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Forward-looking statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” “potential,” “will,” “hope” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by known risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement.
Cactus, Inc.
John Fitzgerald, 713-904-4655
Director of Corporate Development and Investor Relations
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