BRISTOL, England--(BUSINESS WIRE)--StorMagic®, simplifying storage and security from the edge to the core, announced today with HivecellⓇ, the edge-as-a-service company, the launch of Hivecell HCI with StorMagic SvSAN, the only complete, true edge-as-a-service solution to deliver edge computing on an enterprise scale.
StorMagic and Hivecell, two organizations committed to solving end users’ challenges at the edge, have partnered to deliver this joint solution. Some of the challenges Hivecell HCI addresses include deploying, managing and maintaining hundreds or thousands of sites, the lack of technical staff onsite, limited IT infrastructure (data closets, power and cooling, bandwidth) and the costly and time-consuming constraints that accompany upgrading and expanding systems and software at the edge.
Through the industry’s only complete edge-as-a-service solution, StorMagic and Hivecell provide powerful Intel® processing and highly available storage to deliver the performance and uptime customers require for running edge applications. Centralized monitoring, management, updates and upgrades are provided as a service, eliminating capital expenditures and reducing operating expenses. Hivecell HCI eliminates the need for technical staff to install or maintain hardware and there are no special requirements for power, cooling or networking.
“StorMagic software solutions are simple, robust, flexible and always cost-effective, attributes that enable us to better address pain points that our end users face at the edge,” said Brian Grainger, president of StorMagic, Inc. (US), chief revenue officer and board member. “Together with Hivecell and Intel, we’re proud to deliver a solution that eliminates the need for a large technical staff to install or maintain, while still delivering 100% uptime for the mission critical edge site. Customers can easily implement, run and scale edge sites from a few to thousands without the heavy IT infrastructure often needed to maintain the hardware.”
Deploying and upgrading software is often a key challenge for edge environments, which is why Hivecell enables three different modes for customer software deployment: cloud-based, enterprise and disconnected. Hivecell HCI with StorMagic SvSAN and Intel provides a future-proofed, comprehensive solution that can be deployed and running with just a click.
“Hivecell’s capability to process data in real time can make a tremendous difference in a company’s ability to make quick, yet informed, decisions and avert pauses in production,” said Jeffrey Ricker, co-founder and CEO at Hivecell. “It’s becoming clear that edge computing is the future for data processing and we are thrilled to partner with StorMagic and Intel to offer a fully complete, edge-as-a-service platform with a high availability storage solution that doesn’t require buying or maintaining software or hardware and can be installed with no training.”
As the world becomes increasingly more digitized and connected, more data is produced, with 50% of all new data being generated at the edge largely thanks to the rise in IoT devices. Use cases for this joint solution include ruggedized environments, retail, supply chain, oil & gas, manufacturing, healthcare, mining, shipping and utilities.
For more information, visit www.stormagic.com, www.hivecell.com, or download the joint solution whitepaper here.
About StorMagic
StorMagic is making the complex simple for edge computing environments and leading the industry in bringing the edge to the core. Our storage and security products are flexible, robust, easy to use and cost-effective, without sacrificing enterprise-class features, for organizations with one to thousands of sites. SvSAN is a highly available two-node virtual SAN designed for hyperconverged edge and small datacenter sites. SvKMS is an encryption key manager for edge, datacenter and cloud. ARQvault is the first active intelligent repository and gathers data anywhere, stores it forever, and finds it fast. StorMagic customers around the world have deployed our solutions in thousands of sites to store, protect and use edge data and significantly lower costs. Visit www.stormagic.com.
About Hivecell
Hivecell is the Edge as a Service company redefining the category of edge computing with easy-to-deploy, future-proofed, technology agnostic solutions empowering companies to scale infinitely and save massive amounts of resources in their management and processing of big data. It takes compute power out of the data center and places it at the true edge, enabling companies to efficiently manage thousands of remote locations without the use of a huge IT team and at 50 percent of the cost of traditional cloud providers. To learn more visit, http://www.hivecell.com.
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Zoe Cushman
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“7 Saturdays” Digital Video Series Introduces Californians to Cost-effective Ways to Prepare their Homes for Wildfire.
SAN FRANCISCO--(BUSINESS WIRE)--To prepare homes for the threat of wildfire, Californians across the state are looking for affordable ways to make their homes more fire safe. Making improvements to a home’s infrastructure (known as home hardening) can prevent embers from entering and starting a fire.
In the third episode of Pacific Gas and Electric Company’s (PG&E) brand-new digital video series, “7 Saturdays to a More Fire-Resistant Home,” customers will learn three simple and affordable ways to make their homes more fire resistant in just one Saturday. You can stream the show on PG&E’s preparedness website, the Safety Action Center, which provides information to help customers keep their families, homes and businesses safe during natural disasters and other emergencies.
The “7 Saturdays” series is co-hosted by Alicia Mason and David Hawks, a PG&E Senior Public Safety Specialist and former CAL FIRE Chief of the Butte Unit. According to Hawks, “Embers can travel several miles and find their way into gaps and cracks on your home and ignite a fire. By hardening your home, you improve the chances that your home will withstand a wildfire and keep embers out.” For over 31 years, Hawks has served California as a firefighter and he understands that simple home adjustments can better protect people and communities during an emergency. This episode will show customers:
You can watch the third episode now on the Safety Action Center (safetyactioncenter.pge.com). New episodes will launch every week, for seven weeks.
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.
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LONG BEACH, Calif.--(BUSINESS WIRE)--The West Coast MTO Agreement (WCMTOA) today announced that on August 1, 2021, the Traffic Mitigation Fee (TMF) at the Ports of Los Angeles and Long Beach will increase by 2.2 percent. The adjustment matches the combined 2.2 percent increase in longshore wage and assessment rates that take effect in early July.
Beginning August 1, the TMF will be $34.21 per TEU (twenty-foot equivalent unit) or $68.42 for all other sizes of container. The TMF is charged on non-exempt containers. Containers exempt from the TMF include empty containers; import cargo or export cargo that transits the Alameda Corridor in a container and is subject to a fee imposed by the Alameda Corridor Transportation Authority; and transshipment cargo. Empty chassis and bobtail trucks are also exempt.
The OffPeak program provides regularly scheduled night or Saturday shifts to handle trucks delivering and picking up containers at the 12 container terminals in the two adjacent ports. PierPass launched the OffPeak program in 2005 to reduce severe cargo-related congestion and air pollution on local streets and highways around the Los Angeles and Long Beach ports. Nearly half of all port truck trips now take place during the off-peak shifts. The container terminal operators mitigate truck traffic at their gates with appointment systems that spread truck trips out over the hours of operation.
The TMF helps offset the cost of operating extended gate hours. Labor costs are the largest single component of extended gate costs.
According to an analysis by maritime industry consultants SC Analytics, the net costs incurred by the terminals to operate the off-peak shifts in 2020 totaled $276 million. During that year, the terminals received $235 million from the TMF, offsetting about 85 percent of the OffPeak program’s costs.
About PierPass
PierPass is a not-for-profit company created by marine terminal operators at the Port of Los Angeles and Port of Long Beach to address multi-terminal issues such as congestion, air quality and security. The West Coast Marine Terminal Operator Agreement (WCMTOA) is filed with the Federal Maritime Commission, and comprises the 12 international MTOs serving the Los Angeles and Long Beach ports. For more information, please see www.pierpass.org.
PierPass Customer Service Number: 877-863-3310
Media Contact:
Paul Sherer
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WALL, N.J.--(BUSINESS WIRE)--As a part of its long-term succession planning, New Jersey Natural Gas (NJNG), the principal subsidiary of New Jersey Resources (NYSE: NJR), announced John Wyckoff will succeed Craig Lynch as Vice President-Energy Delivery following his retirement today. In addition, Kraig Sanders was promoted to a newly expanded role of Vice President-Operations.
“For nearly 37 years, Craig Lynch has been a cornerstone of our team, and we appreciate all he’s done for our company,” said Steve Westhoven, President and CEO of New Jersey Resources. "Under his leadership, we built a natural gas delivery system that is best in class, and today we operate one of the most environmentally sound pipeline networks in the country.”
“John and Kraig are talented leaders who are well respected throughout our organization and the natural gas industry,” Westhoven continued. “Throughout their tenures with New Jersey Natural Gas, both John and Kraig have distinguished themselves with proven expertise and a commitment to excellence in everything they do. We are fortunate to have them as a part of our leadership team, and I am confident that they will continue to serve our company and customers well in their new positions.”
Mr. Wyckoff will oversee Energy Delivery, with its nearly 700 employees, and the safe and reliable operation of NJNG’s delivery system, which serves over 560,000 customers throughout New Jersey. He will be responsible for all field operations, engineering, and system enhancements while leading the continued expansion and maintenance of the company’s distribution and transmission pipelines consistent with all federal, state and local regulations.
A resident of Tinton Falls, Mr. Wyckoff joined NJNG in 1989 as a systems engineer and moved into areas of increasing responsibility throughout his career. He was named Director of Engineering in 2011, where he was responsible for designing and building critical infrastructure projects to ensure the resiliency of NJNG’s pipeline network. In 2019, he was promoted to Vice President-NJNG. Today, NJNG operates the most environmentally sound delivery system in New Jersey, with the lowest leaks per mile of any natural gas utility in the state.
Mr. Wyckoff earned a Bachelor of Science degree in mechanical engineering from the University of Delaware and a Master’s degree in material science and engineering from Rutgers, the State University of New Jersey. He is a licensed Professional Engineer in the State of New Jersey. He’s been a member of the American Gas Association (AGA) for over 20 years and previously served as chair of its Engineering Committee.
In his role as Vice President-Operations, Mr. Sanders will report to Mr. Wyckoff and be responsible for NJNG’s distribution operations and customer service, in addition to his current oversight of transmission operations and gas control.
Mr. Sanders joined NJNG as a systems engineer and has been with the company for 22 years. In 2013, he was named Director of PMT, managing the safe, reliable operation of the largest intrastate natural gas transmission system in New Jersey. In 2019, he was promoted to Vice President-NJNG.
A resident of Asbury Park, Mr. Sanders is a graduate of Stanford University, where he earned a Bachelor of Science degree in civil engineering. He is a member of the Northeast Gas Association and serves on the Supplemental Gas and Transmission Measurement Committee of the AGA.
About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR consists of five primary businesses:
NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR:
www.njresources.com
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Michael Kinney
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Life cycle carbon negative RNG projects to collectively generate 89,000 metric tons of greenhouse gas credits
SAN FRANCISCO--(BUSINESS WIRE)--Brightmark, the global waste solutions provider, today broke ground on three renewable natural gas (RNG) projects in Michigan. The projects are owned by and will be operated through subsidiaries of Brightmark RNG Holdings LLC, a partnership with Chevron U.S.A. Inc. Brightmark currently owns and operates 27 RNG projects in 8 states and will operate 6 RNG projects in Michigan upon completion of these 3 projects, which is expected in the first half of 2022. Of this portfolio of RNG projects, 17 are owned by subsidiaries of the joint venture with Chevron.
In addition to collectively generating on a life cycle basis approximately 89,000 metric tons of greenhouse gas credits in accordance with the California Low Carbon Fuel Standard, the products generated in part from renewable feedstocks by the projects include biofertilizer, digested dairy fiber for use as cow bedding or as a peat moss substitute, and irrigation water.
“Michigan has been a great partner and we are excited to further expand our RNG footprint here and break ground on these lifecycle carbon negative projects,” said Bob Powell, Founder and Chief Executive Officer of Brightmark. “Transitioning to a lower carbon energy economy creates significant opportunities for Michigan to put people to work in good-paying jobs in industries that are key to addressing climate change. We are proud to be a leader in supporting more sustainable farming practices, and these new RNG projects have the potential to deliver great financial and environmental benefits to the farmers and communities that we partner with.”
In October 2020, Brightmark LLC and Chevron U.S.A. Inc. originally announced the formation of the Brightmark RNG Holdings LLC joint venture to own projects across the United States to produce and market dairy biomethane, a renewable natural gas. Equity investments by each company in the new venture fund construction of infrastructure and commercial operation of dairy biomethane projects in multiple states. Chevron purchases RNG produced from these projects and markets the volumes for use in vehicles operating on compressed natural gas.
“Working with Brightmark to add new projects in Michigan underpins our commitment to improving how affordable, reliable, ever-cleaner energy is developed and delivered,” said Andy Walz, president of Chevron Americas Fuels & Lubricants. “Chevron is seeking to advance the energy transition by leveraging our existing capabilities across the full RNG value chain – marketing, sales, distribution, brands and infrastructure – to maximize margin capture and help industries and consumers that use our products build a lower carbon future.”
Project Overviews
The Red Arrow RNG project in Hartford, Michigan will use anaerobic digestion to convert 200,000 gallons of manure per day from 5,750 dairy cows into about 128,000 MMBtu of RNG each year – which is enough fuel to enable a heavy-duty truck to circle Earth at the equator 131 times. The facility will generate approximately 34,000 metric tons of greenhouse gas credits each year. The RNG produced at Red Arrow Dairy will be injected into the ANR Pipeline.
“One of my favorite parts of the job is implementing new technologies here on the farm that enable us to run more efficiently and improve the sustainability of our operations,” said Rudolf de Jong, President of Red Arrow Dairy. “I’m excited to get our anaerobic digestor up and running to see the positive impacts it will have on farm operations.”
The SunRyz RNG project in Morenci, Michigan will convert 133,000 gallons of manure per day from 3,250 dairy cows into about 76,000 MMBtu of RNG each year – enough fuel to enable a heavy-duty truck to circle the equator 77 times. The facility will generate approximately 27,000 metric tons of greenhouse gas emissions credits. The RNG generated at SunRyz will be injected into the nearby Rover pipeline.
“Adding an anaerobic digester is just the latest sustainability upgrade we’ve made at SunRyz,” said Case Ryzebol, Manager of SunRyz Dairy. “We’re always looking for ways to reduce costs and be good stewards of the environment at the same time. Brightmark gave us an opportunity to do just that with this project.”
The Meadow Rock Renewable Natural Gas project in Greenville, Michigan will convert 75,000 gallons of manure per day from 3,020 dairy cows into nearly 67,000 MMBtu of RNG each year – which is enough fuel to enable a heavy-duty truck to circle the Earth’s equator 68 times. The facility will generate approximately 28,000 metric tons of greenhouse gas emissions credits. The RNG produced at Meadow Rock will be injected into the ANR Pipeline.
“We’re proud to be partnering with Brightmark on anaerobic digestion projects at two of our Michigan dairy farms,” added Jordan den Dulk, Manager of Meadow Rock Dairy. “The Brightmark team has been responsive to our needs from day one, and we’re looking forward to the sustainability and financial benefits of these projects.”
Anaerobic digestion systems can prevent notable quantities of methane, a potent greenhouse gas, from being released into the atmosphere. Research shows that when all climate benefits are considered together, RNG from dairy manure can reduce greenhouse gas emissions 400% when it is used to replace traditional vehicle fuels through this net lifecycle carbon-negative process. After the methane is extracted from the processed manure, the remaining soil nutrients will be returned to the farmers for use as fertilizer and water for forage crops for their cows. These partnerships will allow the farms to reduce land application of raw manure and improve odor, water quality and nutrient management practices.
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 circular plastics renewal 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.
Cory Ziskind
ICR
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646-277-1232
VANCOUVER--(BUSINESS WIRE)--Record high temperatures during the historic heat wave in B.C. have taken their toll on Lower Mainland 9-1-1 operators, who this past weekend were swamped by a record-breaking number of calls and stretched to the limit in their ability to answer them all, says the union representing workers at E-Comm Emergency Communications for BC.
“Between the heat wave, the province-wide restart, and a 9-1-1 operator staffing shortage, there simply aren’t enough of us to get to these calls as quickly as we need to,” said CUPE 8911 (Emergency Communications Professionals of BC) President Donald Grant.
“When you call 9-1-1, seconds count. Delays can lead to property damage, injuries, and even death. When you’re on hold we feel your frustration, pain and suffering. We are working as hard as we can to get to your call, but we are stretched to the limit.”
E-Comm 9-1-1 operators received close to 8,000 calls on June 26 and more than 7,300 calls on June 27—more than 55 per cent above the daily average in June. As of this morning, at one point there was a 47-minute hold time for police emergency lines and more than five-minute waits on 9-1-1 before connection with an operator.
In a video message, Grant urged members of the public who call 9-1-1 to stay on the line, know their location, and support 9-1-1 operators in their efforts to get callers the help they need.
“When you call 9-1-1, the voice you hear is a person like me or you who is answering calls as quickly as they can,” he said. “We’re the first people who answer your call and stay on the line with you until you get through to the service you need—police, fire, or ambulance—in your town or city.”
The Emergency Communications Professionals of BC (CUPE 8911) represent more than 500 9-1-1 operators, call takers, dispatchers, IT staff and support professionals employed by E-Comm. They are located in Vancouver, Burnaby and Saanich. For more information, visit www.ecpbc.ca.
cope491
Donald Grant, President CUPE 8911, Emergency Communications Professionals of BC: 778.898.9081
Dan Gawthrop, CUPE Communications Representative: 604.999.6132
Energy-saving products move APS customer experience closer to 100% clean
PHOENIX--(BUSINESS WIRE)--With more energy-saving technology available than ever before, Arizona Public Service Co. (APS) is poised to add new smart customer products to its already comprehensive customer energy efficiency and demand-side management program portfolio. APS’s newly issued Distributed Demand-side Resources (DDSR) Request for Proposals (RFP) is seeking aggregated clean energy resources that will create more residential and business customer opportunities to manage energy costs, incentivize energy use when solar resources are abundant, conserve energy when demand is high and maintain grid reliability.
“We’re passionate about delivering a high-quality customer experience and incorporating smart conservation strategies that conveniently fit customer needs,” said Daniel Haughton, APS director of Customer to Grid Solutions. “Our team is focused on increasing access to customer-sited demand-side products, planning for their seamless integration into our grid and adding resources that will help power APS toward reaching a 100% carbon-free energy mix by 2050.”
APS is seeking proposals for products that aggregate distributed technologies to provide systemwide capacity resources from 5-40 megawatts and locational resources of 1-5 megawatts. This RFP is open to all eligible distributed demand-side technologies, including both dispatchable and non-dispatchable resources, which can include products such as energy storage, smart thermostats, managed electric vehicle charging stations and connected water heater and pool pump controls. Proposed projects must begin service no earlier than June 1, 2022, and no later than June 1, 2024. APS will allow projects to be phased in during that period as long as they achieve full capacity by the latter date.
This RFP was developed with input from stakeholders to support the future development of a DDSR Aggregation Tariff, which was proposed in a recent Arizona Corporation Commission decision. The RFP will help APS gain market information on DDSR technologies and the value streams they can bring to customers and the grid, including reliability, cost savings, locational value and grid support.
APS has already successfully integrated new and emerging energy efficiency and demand-side management products into its wide-ranging portfolio of customer technology programs to provide dependable methods of load reduction. Among these customer resources is APS Cool Rewards, a nationally recognized voluntary energy conservation program that provides residential customers a way to manage energy use on hot summer days. APS Cool Rewards, now with more than 44,000 enrolled thermostats, and APS Marketplace, a one-stop online shop for competitively priced smart home products, are part of the utility’s signature programs recognized with the ENERGY STAR Partner of the Year Award by the Environmental Protection Agency (EPA) for delivering innovation in technology, customer service and energy efficiency.
The entire RFP process is monitored and reviewed by a third-party independent monitor. Important information regarding respondent registration and proposal requirements for the RFP can be found at aps.com/rfp.
APS serves more than 1.3 million homes and businesses in 11 of Arizona’s 15 counties, and is a leader in delivering affordable, clean and reliable energy in the Southwest. The company is committed to serving customers with 100% clean power by 2050. As owner and operator of Palo Verde Generating Station, the nation’s largest producer of carbon-free electricity, and with one of the country’s most substantial renewable energy portfolios, APS’s current energy mix is 50% clean. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).
This press release contains forward-looking statements based on current expectations. These forward-looking statements are identified by words such as “estimates,” “expects” and similar words. Because actual results may differ materially from expectations, we caution you not to place undue reliance on these statements. A number of factors could cause future results to differ materially from outcomes currently expected or sought by us. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and is available on our website at pinnaclewest.com, which you should review carefully before placing any reliance on our forward-looking statements or disclosures. We assume no obligation to update any forward-looking statements, except as may be required by applicable law.
Media Contact:
Yessica del Rincón, (480) 209-8513
Website:
aps.com/newsroom
CN and KCS to make next filing with STB on July 6
1,700 letters of support filed with the STB, including 967 specifically requesting STB approval of the CN voting trust as public comment period closes
Letters of support from 3 governors, 28 mayors and 11 members of Congress, including Congressmen Sam Graves and Bennie Thompson, shippers, rail labor leaders, and key business organizations as well as vital shortline partners
MONTREAL & KANSAS CITY, Mo.--(BUSINESS WIRE)--CN (TSX: CNR) (NYSE: CNI) and Kansas City Southern (NYSE: KSU) (“KCS”) today noted that the Surface Transportation Board’s (“STB”) comment period regarding the companies’ application for approval of a voting trust has closed, marking another key step toward creating the premier railway for the 21st century through the end-to-end, pro-competitive combination of the two companies.
The plain vanilla voting trust proposed by CN and KCS, which is identical to the CP trust approved by the STB, meets the test for approval: (a) it prevents premature control of KCS; (b) it allows KCS to maintain independence during the STB’s review of the ultimate combination of CN and KCS; and (c) it protects KCS’ financial health during this period. It also enables KCS shareholders to realize the full value of their shares prior to the STB’s subsequent review of the merits of the proposed combination.
Former STB Commissioner and Vice-Chairman, William Clyburn, Jr., wrote in a Railway Age op-ed dated June 10 that he believes the CN voting trust addresses “unlawful control” and the “public interest” under the new rules, and that as such, the voting trust should be approved.
Further, approval of the CN-KCS proposed voting trust is the essential next step for shippers and others to have their say during the Board’s consideration of what constitutes enhanced competition during its review of the merits of the combination. Without approval of the CN-KCS voting trust creating a level playing field with CP’s voting trust, shippers will not be able to discuss what constitutes enhanced competition or realize the benefits of this proposed, new, pro-competitive, single line rail-to-rail competition combination.
Benefits to shippers were highlighted in an op-ed authored by Dr. William Huneke, the former Director of the Office of Economics and Chief Economist at the STB, and published by Railway Age on June 22. Dr. Huneke described CN’s open gateways commitment as a “big deal,” stating, “This commitment ensures that shippers who today enjoy competitive joint line routings with either CN or KCS will continue to have those routings available to them in a post CN/KCS merger environment, even if a merged CN/KCS could handle the entire movement via a single-line routing.”
CN and KCS are pleased that so many stakeholders participated in the process and note the 1,700 support letters filed with the STB. Importantly, 967 of the persons who filed letters specifically request that the STB approve the proposed voting trust agreement.
Among those who filed letters of support include Congressman Sam Graves of Missouri, the Ranking Member of the House Committee on Transportation and Infrastructure. Representative Graves, “…urge[s] approval of the voting trust,” and notes that “… merging with CN will create new opportunities for trade and economic growth in the [Kansas City] metro area and beyond. From a national and international perspective, the CN/KCS merger has the potential to improve commerce and access to markets by creating a single railroad that will streamline the movement of goods among Canada, the United States, and Mexico.” Additionally, Congressman Bennie Thompson of Mississippi, the Chairman of the House Homeland Security Committee, filed a letter of support for the approval of the voting trust, noting that the combination, “…will strengthen competition by adding a stronger rail competitor in the north-south lanes in the industrial center of the country and opens markets with new single-line hauls, creating more efficient movements among Canada, the United States, and Mexico…The voting trust should be approved so the Board and the public may move forward to consider the merits of the transaction.”
In addition, short line railroad Genesee & Wyoming Inc. (“G&W”) also filed a letter stating that it, “…supports the proposed use of a voting trust by CN,” and noting that G&W, “…has used voting trusts before and recognizes the benefits to the freight rail industry associated with the voting trust process.”
CN and KCS also note the four letters of support for CN and KCS’ voting trust from three local unions affiliated with Brotherhood of Locomotive Engineers and Trainmen (“BLET”), who collectively represent over 1,700 locomotive engineers working on CN’s United States rail operating subsidiaries and approximately 200 engineers working on KCS; International Brotherhood of Boilermakers (“IBB”), one of the oldest unions in the United States representing more than 50,000 skilled craftsmen and craftswomen and industrial workers throughout the United States and Canada; and from officers including the General Chairmen of SMART-TD General Committees of Adjustment 377, 433 and 987, which collectively represent over 1,800 conductors on CN’s United States rail operating subsidiaries.
Additional supporters are elected officials and local leadership, including Governor Mike Parson of Missouri; Governor Asa Hutchinson of Arkansas; Governor John Bel Edwards of Louisiana; Congressmen Jerry Carl of Alabama, Danny Davis of Illinois, Jack Bergman of Michigan, Joe Wilson of South Carolina and Steve Cohen of Tennessee; Mayor Sharon Broome of Baton Rouge; Mayor Quinton Lucas of Kansas City, Missouri; and Chief Gary Batton of the Choctaw Nation of Oklahoma; major customers, including grain customers benefitting from our open gateways commitment and partners from various segments of the economy such as MS Worldwide Logistics, Inc., Ray-Carroll County Grain Growers, Raeford Farms and Port of Mobile; and local cities and Chambers of Commerce in partnership with CN or KCS, including the City of Winnsboro, Texas and the Baton Rouge Area Foundation.
A full list of our supporters can be found at www.ConnectedContinent.com.
Consistent with the timeline that the STB has set for reviewing the voting trust, CN and KCS will review all comments submitted and file their response on July 6, 2021.
“We believe that the STB should approve our voting trust, which is identical to the CP voting trust already approved by the Board, so that we can proceed with a full substantive review of the many compelling and innovative pro-competitive benefits this combination will provide for customers, ports, employees and communities. The public comment period allowed the STB to hear from key stakeholders about the tremendous public interest benefits a CN-KCS combination will bring by creating the premier railway for the 21st century with a single network across Canada, the United States and Mexico. We look forward to continuing to explain how this combination will enhance competition, facilitate North American trade and provide significant environmental benefits during the Board’s upcoming consideration of the merits of the combination. Approval of our voting trust allows that discussion with the Board and shippers to proceed.”
- JJ Ruest, president and chief executive officer of CN
“The proposed combination has received broad-based support from across the CN and KCS stakeholder network because the plain vanilla voting trust makes very clear that a CN-KCS combination is in the public interest and will prevent unlawful control of KCS prior to the STB’s final merger approval. Our combination will help North America’s industrial corridor while also enhancing competition and boosting the economies of all three countries.”
- Patrick J. Ottensmeyer, president and chief executive officer of KCS
CN and KCS have already committed to taking steps to ensure the pro-competitive nature of their combination. Specifically, CN will divest the sole area of overlap between the CN and KCS networks – KCS’ 70-mile line between New Orleans and Baton Rouge – thereby making the combination a true end-to-end transaction. CN has also agreed to preserve existing route options by keeping gateways open on commercially reasonable terms. The proposed CN-KCS combination represents a pro-competitive solution that offers unparalleled opportunities for customers, employees, shareholders, the environment and the North American economy.
Additional information about CN’s pro-competitive combination with KCS is available at www.ConnectedContinent.com. CN’s and KCS’ July 6, 2021 STB filing will also be made available on this site.
About CN
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.
About Kansas City Southern
Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com
Forward Looking Statements
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to KCS, regarding the proposed transaction between CN and KCS, the expected benefits of the proposed transaction and future opportunities for the combined company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, or the combined company, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: the outcome of the proposed transaction between CN and KCS; the parties’ ability to consummate the proposed transaction; the conditions to the completion of the proposed transaction; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule or at all; CN’s indebtedness, including the substantial indebtedness CN expects to incur and assume in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; CN’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the possibility that CN may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate KCS’ operations with those of CN; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of KCS may be difficult; the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; the adverse impact of any termination or revocation by the Mexican government of KCS de México, S.A. de C.V.’s Concession; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN. Additional risks that may affect KCS’ results of operations appear in Part I, Item 1A “Risks Related to KCS’ Operations and Business” of KCS’ Annual Report on Form 10-K for the year ended December 31, 2020, and in KCS’ other filings with the U.S. Securities and Exchange Commission (“SEC”).
Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
No Offer or Solicitation
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information and Where to Find It
In connection with the proposed transaction, CN has filed with the SEC a registration statement on Form F-4 to register the shares to be issued in connection with the proposed transaction. The registration statement includes a preliminary proxy statement of KCS which, when finalized, will be sent to the stockholders of KCS seeking their approval of the merger-related proposals. The registration statement has not yet become effective. This news release is not a substitute for the proxy statement or registration statement or other documents CN and/or KCS may file with the SEC or applicable securities regulators in Canada in connection with the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY PROXY STATEMENT, THE REGISTRATION STATEMENT, THE PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CN, KCS AND THE PROPOSED TRANSACTIONS. Any definitive proxy statement(s), registration statement or prospectus(es) and other documents filed by CN and KCS (if and when available) will be mailed to stockholders of CN and/or KCS, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC and applicable securities regulators in Canada by CN free of charge through at www.sec.gov and www.sedar.com. Copies of the documents filed by CN (if and when available) will also be made available free of charge by accessing CN’s website at www.CN.ca. Copies of the documents filed by KCS (if and when available) will also be made available free of charge at www.investors.kcsouthern.com, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’ Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
Participants
This news release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC and applicable securities regulators in Canada. Nonetheless, CN, KCS, and certain of their directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about CN’s executive officers and directors is available in its 2021 Management Information Circular, dated March 9, 2021, as well as its 2020 Annual Report on Form 40-F filed with the SEC on February 1, 2021, in each case available on its website at www.CN.ca/investors/ and at www.sec.gov and www.sedar.com. Information about KCS’ directors and executive officers may be found on its website at www.kcsouthern.com and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021, available at www.investors.kcsouthern.com and www.sec.gov. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements or other documents filed with the SEC and applicable securities regulators in Canada if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at www.sec.gov and from www.sedar.com, as applicable.
Media: CN
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Mathieu Gaudreault
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Brunswick Group
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Media: KCS
C. Doniele Carlson
KCS Corporate Communications & Community Affairs
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Joele Frank, Wilkinson Brimmer Katcher
Tim Lynch / Ed Trissel
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Investment Community: CN
Paul Butcher
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Investor Relations
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Investment Community: KCS
Ashley Thorne
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MacKenzie Partners, Inc.
Dan Burch / Laurie Connell
(212) 929-5748 / (212) 378-7071
DUBLIN--(BUSINESS WIRE)--The "Global Offshore Support Vessel Market by Type (AHTS, PSV, MPSV, Standby & Rescue Vessel, Crew Vessel, Chase Vessel, Seismic Vessel), Application (Shallow water and Deepwater), End-User (Oil & Gas and Offshore Wind), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The offshore support vessel market is projected to grow from an estimated USD 22.0 billion in 2021 to USD 26.8 billion by 2026, at a CAGR of 4.0%, from 2021 to 2026.
The growth of the market is also attributed to the increase in exploration activities in ultra-deepwaters and the Arctic region, in countries such as the US, Canada, and Norway.
Also, a growing focus on the European Union's (EU) renewable energy targets would result in increasing the demand for offshore wind energy in Europe.
Thus, the growth in deployment of offshore wind farms would be the opportunity for the offshore support vessel market during the forecast period. Oversupply of offshore vessels acts as a restraint for the growth of the market during the forecast year.
The AHTS segment is expected to hold the largest share of the offshore support vessel market, by type, during the forecast period
Anchor-handling tug supply (AHTS) vessels constitute the largest segment of the offshore support vessel market, by type, in terms of volume as well as value. AHTS vessels are designed to provide anchor-handling and towage services and are also used for supplying deck cargo, water, fuel, dry bulk, and mud-to-oil rigs and platforms. These vessels can also be used for emergencies and are well equipped for firefighting, rescue, and oil recovery operations.
The demand from Asia Pacific and Europe is projected to drive the market for AHTS vessels during the forecast period. Countries such as Vietnam, Malaysia, Thailand, and Australia increased their E&P activities in offshore areas in the recent past.
Malaysia is the largest contributor to the short-term oil & gas production growth mainly due to the Kebabangan Gas Project. The global AHTS market dominated the global offshore support vessel market owing to increasing shallow-water activities in the Asia Pacific region.
North America: The fastest market for offshore support vessels
The North American market is projected to be the fastest-growing market, during the forecast period, owing to the continued production and exploration activities, particularly in the US and the Gulf of Mexico. As oil prices remain stable, the North American market will grow at the highest pace, as it will witness the fastest rise in exploration and production spending in response to any future recovery in oil prices, with its well-developed offshore industry.
Moreover, significant reserves and a comparatively stable political environment have further supported the growth of the offshore support vessel market in the region.
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Program provides solar energy benefits and savings to qualified customers
ROCKFORD, Ill.--(BUSINESS WIRE)--The Mayor of Rockford, Ill., today joined community solar provider Nexamp and ComEd to launch Give-A-Ray, a new 15-year program to provide solar energy benefits and savings to low and moderate income customers in Rockford and the surrounding area for free. With the help of local support services, including the Rockford Housing Authority, outreach to potential participants is underway and requirements are available at ComEd.com/GiveARay.
“Rockford places a high priority on using more renewable energy to generate electricity and on making sure the many benefits are available to customers regardless of income level,” said Mayor Tom McNamara. “We thank Nexamp and ComEd for bringing this innovative offering to Rockford and we look forward to working with them to increase access to solar among residents who are most in need.”
Community solar allows all customers to participate in the benefits of clean solar energy without installing panels on their own homes. Participants subscribe to a solar energy project and earn credits on their monthly utility bills for their portion of the energy the solar project produces.
The first program of its kind in Illinois, Give-A-Ray will enable about 650 ComEd customers per year to enroll and receive community solar credits at no cost. ComEd will pay for the community solar credits on behalf of customers and manage the identification and enrollment of subscribers to the project.
Eligible customers can earn credits on 75% of their average annual energy usage, resulting in a savings of about $250 annually. Credits will vary monthly based on the amount of energy produced by the community solar project and the seasonal impact on energy generation. Give-A-Ray is enabled by the Illinois Solar for All Program, which was established by the Future Energy Jobs Act enacted by the Illinois General Assembly in 2016.
“We worked closely with ComEd to develop a strong partnership and design a joint program that delivers significant savings to qualified community solar subscribers,” said Allan Telio, senior vice president of community solar at Nexamp. “We credit ComEd for their vision, leadership and enthusiasm in jointly developing this program with us to ensure it will deliver maximum benefits to customers. I hope other utilities will follow their lead.”
“Give-A-Ray offers income eligible customers in the Ogle and Winnebago communities the opportunity to take advantage of community solar without paying for community solar credits,” said Scott Vogt, vice president, strategy and energy policy, ComEd. “This long-term program demonstrates ComEd’s and Nexamp’s shared commitment to lifting up communities in need by ensuring equitable access to clean energy.”
Nexamp’s Rockford community solar farm will add more solar energy to the local grid when it begins operation in the fall of 2021 and will bring immediate benefits to hundreds of residents in surrounding communities. Located just north of downtown Rockford, the project is sited on a former city landfill, giving new life to an otherwise unusable plot of land. The project features more than 6,600 solar panels with 2.6 megawatts of solar generation capacity.
About Nexamp
Nexamp is leading the transformation to the new energy economy with proven solutions for the deployment and operation of solar and energy storage assets. Our comprehensive capabilities span the entire solar project lifecycle—including project development, design and construction, financing, operations and maintenance, and customer acquisition and management. Our integrated, best-in class solutions make solar and energy storage simple and profitable for our clients and partners and make an impact every day. With a rapidly expanding network of property owners, businesses, communities and residents benefitting from our growing portfolio of solar and energy storage assets across the US, Nexamp and our partners are laying the groundwork for a cleaner, more secure energy future. Visit us at www.nexamp.com.
About ComEd
ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter and YouTube.
Keith Hevenor, This email address is being protected from spambots. You need JavaScript enabled to view it., 978-496-0098
ComEd Media Relations: 312-394-3500
HOUSTON--(BUSINESS WIRE)--Taurus Industrial Group, LLC (“Taurus”), a SCF Partners portfolio company, is pleased to announce the acquisition of Amber LP (“Amber”), an electrical and instrumentation services provider to the downstream and industrial sectors. Amber’s addition boosts Taurus’ current electrical and instrumentation capabilities by providing a broader customer base and increased synergies with Taurus’ current engineering, electrical testing, and construction businesses.
Founded in 1978, Amber provides highly specialized industrial electrical and instrumentation services to downstream, industrial and utility customers along the Gulf Coast. The company is headquartered in Houston, Texas.
Ernest “Rocky” Revia, CEO of Taurus, said, “Amber has a stellar reputation in our industry for quality and safety, which are the most important factors in our work. They are a premier service provider in the electrical and instrumentation arena along the Texas Gulf Coast. For the past 40+ years, our companies have worked alongside Amber in many facilities where we have seen their commitment to safety and quality, attention to detail, and superior project performance. We would like to thank the Shrum family for their stewardship of Amber and look forward to their continued leadership as we continue to provide and expand electrical and instrumentation services.”
Raymond Shrum, who will continue as President of Amber, said, “Joining forces with Taurus was a natural fit. They have a long history in our industry and provide complimentary services to create a one-stop solution for our customers.”
About Taurus Industrial Group
Taurus Industrial Group brings together familiar and highly regarded service providers with an outstanding combination of people and knowhow, safely delivering high-performance solutions to operators in the ever-growing industrial landscape. From engineering to implementation, the Taurus companies provide services for electrical and power systems, automation and control instrumentation, civil and mechanical projects, rotating and reciprocating equipment maintenance, refractory, scaffolding, insulation, paint and plant turnarounds. With principal offices in Houston, Texas, and localized service facilities in Corpus Christi, Port Lavaca, Freeport, Deer Park, Orange, Baton Rouge and Decatur, Illinois, the Taurus companies cover the US Gulf Coast and Midwest with capability, reliability, and strength. Learn more at www.taurusig.com.
About SCF Partners
For over 30 years, SCF Partners has supported entrepreneurs by providing equity capital and strategic growth assistance to build leading companies in the energy services and equipment industries operating around the world. SCF Partners is headquartered in Houston, with additional investments administered through Calgary, Aberdeen, and Singapore. To learn more, visit www.scfpartners.com.
Daniel Frayne
713-676-1201
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HOUSTON--(BUSINESS WIRE)--$TELL #LNG--Tellurian Inc. (Tellurian) (NASDAQ: TELL) announced today that its wholly owned subsidiary Driftwood LNG LLC has exercised its long-term lease option with the Lake Charles Harbor and Terminal District on the 477 acre site in Sulphur, Louisiana. The ground lease agreement has an initial term of 20 years with extension options of up to 50 years.
Executive Vice President and Chief Operating Officer Keith Teague said, “Tellurian is taking necessary steps to prepare for Driftwood LNG construction by entering into this long-term lease and executing certain projects such as road improvements and utility relocation. We have an active and productive relationship with Port of Lake Charles officials and they have been helpful partners from the early development and site selection of our liquefied natural gas export terminal. Tellurian appreciates and thanks the Lake Charles Harbor and Terminal District Board of Commissioners for their hard work and the ongoing role they will play in the success of Driftwood LNG.”
Carl J. Krielow, President of the Board of Commissioners of the Lake Charles Harbor and Terminal District commented, “Driftwood LNG will bring over 6,500 construction jobs, about 400 operational jobs and millions of dollars in tax revenue and spending to Southwest Louisiana. As a Board, we will continue to support key developments in our dynamic deepwater seaport that enhance our community and citizens.”
About Tellurian Inc.
Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL.” For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG
About the Port of Lake Charles/ Lake Charles Harbor and Terminal District
The Port of Lake Charles is one of America’s top dozen ports, as measured by U.S. Commerce Department tonnage statistics. It imports and exports more than 4.3 million tons of cargo annually and trades with more than 70 nations worldwide.
The Port also leases property for gaming, LNG, industrial and other business purposes —and, with the Calcasieu Ship Channel, forms “America’s Energy Corridor,” an anchor of the Southwest Louisiana economy.
The Port’s new leadership team is headed by Richert L. Self, executive director.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “continue,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein relate to, among other things, construction and pre-construction activities at Driftwood. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2020, and other Tellurian filings with the Securities and Exchange Commission, all of which are incorporated by reference herein. Full construction of Driftwood LNG is subject to, among other things, a final investment decision with respect to Driftwood LNG; and reaching a final investment decision will require Tellurian to obtain significant amounts of additional capital. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
Media:
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SAN JOSE, Calif.--(BUSINESS WIRE)--#IoT--Cloudleaf, Inc. and 7PSolutions, LLC are pleased to announce their strategic supply chain asset monitoring and tracking partnership. Cloudleaf provides a SaaS digital intelligence platform that leverages IoT and digital twin technology to bring enhanced solutions that provide end-to-end supply chain visibility across the globe. 7PSolutions provides global real-time GPS monitoring and tracking solutions, including 24/7 monitoring, maintaining product integrity, inventory management and cargo security with law enforcement escalation.
Together, Cloudleaf and 7PSolutions are providing organizations with the ability to make intelligent real-time decisions based on actual events as raw materials, components and finished product move through their complex global supply chains. Decisions that can ensure schedules are maintained, product remains viable, and customers updated to any changes in order status.
“7P is excited to partner with Cloudleaf. Our unique real-time GPS solutions combined with Cloudleaf’s digital visibility platform provide actionable data for our customers,” says Jeff Clark, Founder and CEO of 7PSolutions. “Leveraging 7P’s 24/7 global monitoring and escalation for recovering sensitive commodities or dispatching of law enforcement creates a solution that helps ensure product integrity and protects our customers’ brands.”
“The combination of Cloudleaf’s data platform-based operations, analytics, and visibility with 7P’s products portfolio brings greater risk assurance and flexibility to monitoring and reacting to supply chain excursions and uncertainty. Together we shine a light on more supply chain blind spots than ever before, especially in security of assets,” says Ken Carpenter, Cloudleaf’s Head of Partnerships.
For more information, please go to www.cloudleaf.com and www.7Pgps.com.
About Cloudleaf
Cloudleaf powers next-generation digital supply chains with insights from ground truth and real-time decision-making. Our SaaS platform leverages hyper-scale cloud, digital twin, AI/ML, and IoT technologies to deliver continuous visibility and intelligence. We enable business leaders to make the right decisions in real time to increase revenues, avoid disruptions, deliver better business outcomes, improve customer satisfaction and increase sustainability. For more information, visit: https://www.cloudleaf.com/.
About 7PSolutions
7PSolutions was founded in 2010 to provide real-time visibility to the global supply chain. Our independent reusable and disposable GPS devices are designed for use in all modes of global transportation. In addition, our unique hardwired solutions manage and monitor assets around the world. Solutions that enable our customers to make real-time decisions, enhance internal and external customers experience, increase productivity and reduce loss. For more information, please email This email address is being protected from spambots. You need JavaScript enabled to view it..
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Mac Hess
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ARLINGTON, Va.--(BUSINESS WIRE)--$AVAV--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today reported financial results for its fourth quarter and full fiscal year ended April 30, 2021.
“Our team again delivered record fourth quarter and full fiscal year 2021 revenue, representing a fourth consecutive year of profitable topline growth,” said Wahid Nawabi, AeroVironment president and chief executive officer. “In addition to producing solid financial and operational results despite the continued macroeconomic challenges our industry and economy are experiencing, we expanded our total addressable markets with the strategic acquisitions of Arcturus UAV, Progeny Systems ISG and Telerob. We continued our momentum over the course of the year securing a key initial contract for our new anti-armor Switchblade 600 loitering missile system, completing the fifth successful test flight of the Sunglider solar HAPS and demonstrating broadband LTE communication from the stratosphere. The AeroVironment team also made aviation history by developing critical propulsion and structural elements of the Ingenuity Mars Helicopter, the first aircraft to take flight in the atmosphere of another world.”
“We executed our growth strategy effectively in fiscal year 2021 and are well positioned to achieve significant revenue and adjusted EBITDA growth in fiscal year 2022 with our expanded team, geographic footprint and broad portfolio of intelligent, multi-domain robotic systems,” Mr. Nawabi added.
FISCAL 2021 FOURTH QUARTER RESULTS
Revenue for the fourth quarter of fiscal 2021 was $136.0 million, representing an increase from the fourth quarter of fiscal 2020 revenue of $135.2 million. The increase was due to an increase in revenue in our Medium Unmanned Aircraft Systems (MUAS) segment of $15.8 million resulting from our acquisition of Arcturus UAV in February 2021, partially offset by a decrease in revenue in our Unmanned Aircraft Systems (UAS) segment of $15.0 million. The decrease in UAS segment revenue was due to a decrease in service revenue of $14.2 million and a decrease in product sales of $0.8 million. Our UAS segment consists of our existing small UAS, tactical missile systems and HAPS product lines and the recently acquired Progeny Systems Corporation’s Intelligent Systems Group (“ISG”).
Gross margin for the fourth quarter of fiscal 2021 was $59.7 million, an increase of 12% from the fourth quarter of fiscal 2020 gross margin of $53.2 million. The increase in gross margin was primarily due to an increase in product margin of $8.8 million, partially offset by a decrease in service margin of $2.3 million. As a percentage of revenue, gross margin increased to 44% from 39%. The increase in gross margin percentage was primarily due to a favorable product and services mix. Cost of sales for the fourth quarter of fiscal 2021 included $2.6 million of intangible amortization expense and other related non-cash purchase accounting expenses as compared to $0.6 million in the fourth quarter of fiscal 2020.
Income from operations for the fourth quarter of fiscal 2021 was $17.8 million, a decrease of $3.5 million from the fourth quarter of fiscal 2020 income from continuing operations of $21.3 million. The decrease in income from operations was primarily a result of an increase in selling, general and administrative (“SG&A”) expense of $8.5 million and an increase in research and development (“R&D”) expense of $1.5 million, partially offset by an increase in gross margin of $6.5 million. The increase in SG&A expense for the fourth quarter of fiscal 2021 was primarily due to an increase in acquisition-related expenses of $3.3 million associated with the acquisitions of Arcturus UAV, ISG and Telerob GmbH (“Telerob”), and an increase in intangible amortization expense of $2.8 million.
Other expense, net, for the fourth quarter of fiscal 2021 was $9.4 million, as compared to other income, net of $1.2 million for the fourth quarter of fiscal 2020. The increase in other expense, net was primarily due to a legal accrual related to our former EES business, an increase in interest expense of $0.9 million resulting from the term debt issued concurrent with the acquisition of Arcturus UAV, and a decrease in interest income due to a combination of a decrease in the average interest rates earned on our investment portfolio and a decrease in the average investment balances.
(Benefit) provision for income taxes for the fourth quarter of fiscal 2021 was a benefit of $2.2 million, as compared to a provision of $2.6 million for the fourth quarter of fiscal 2020. The increase in benefit from income taxes was primarily due to the decrease in income before income taxes and an increase in certain federal income tax credits.
Equity method investment income (loss), net of tax, for the fourth quarter of fiscal 2021 was income of $0.4 million, as compared to loss of $2.1 million for the fourth quarter of fiscal 2020. The equity method income during the fourth quarter of fiscal 2021 resulted from our investment in a limited partnership fund.
Net income attributable to AeroVironment for the fourth quarter of fiscal 2021 was $10.9 million, as compared to $17.5 million for the fourth quarter of fiscal 2020. The fourth quarter of fiscal 2021 included a $9.3 million legal accrual related to our former EES business.
Earnings per diluted share from continuing operations attributable to AeroVironment for the fourth quarter of fiscal 2021 was $0.44, as compared to $0.73 for the fourth quarter of fiscal 2020.
Non-GAAP earnings per diluted share from continuing operations was $1.04 for the fourth quarter of fiscal 2021, as compared to $0.75 for the fourth quarter of fiscal 2020.
FISCAL 2021 FULL YEAR RESULTS
Revenue for fiscal 2021 was $394.9 million, an increase of 8% from fiscal 2020 revenue of $367.3 million. The increase in revenue was due to an increase in product sales of $22.1 million and an increase in service revenue of $5.5 million. Fiscal 2021 revenue in our UAS segment increased $11.8 million from fiscal 2020. Fiscal 2021 included revenue in our MUAS segment of $15.8 million resulting from our acquisition of Arcturus UAV in February 2021.
Gross margin for fiscal 2021 was $164.6 million, an increase of 7% from fiscal 2020 gross margin of $153.1 million. The increase in gross margin was primarily due to an increase in product margin of $11.5 million. As a percentage of revenue, gross margin of 42% was consistent with that of fiscal 2020. Cost of sales for fiscal 2021 included $4.5 million of intangible amortization expense and other related non-cash purchase accounting expenses as compared to $2.4 million for fiscal 2020.
Income from operations for fiscal 2021 was $43.3 million, a decrease of $3.8 million from fiscal 2020 income from operations of $47.1 million. The decrease in income from operations was primarily a result of an increase in SG&A expense of $8.0 million and an increase in R&D expense of $7.3 million, partially offset by an increase in gross margin of $11.5 million. The increase in SG&A expense for fiscal 2021 was primary due to an increase in acquisition-related expenses of $6.5 million associated with the acquisitions of Arcturus UAV, ISG and Telerob, and an increase in intangible amortization expense of $2.8 million.
Other expense, net, for fiscal 2021 was $8.9 million, as compared to other income, net of $5.5 million for fiscal 2020. The increase in other expense, net was primarily due to a legal accrual related to our former EES business, a decrease in interest income due to a combination of a decrease in the average interest rates earned on our investment portfolio and a decrease in the average investment balances, and an increase in interest expense of $0.9 million resulting from the term debt issued concurrent with the acquisition of Arcturus UAV.
Provision for income taxes for fiscal 2021 was $0.5 million, as compared to $5.8 million for fiscal 2020. The decrease in provision for income taxes was primarily due to a decrease in income before income taxes and an increase in certain federal income tax credits.
Equity method investment loss, net of tax, for fiscal 2021 was $10.5 million, as compared to $5.5 million for fiscal 2020. Equity method investment loss, net of tax, for fiscal 2021 included a loss of $8.4 million for our proportionate share of the HAPSMobile Inc. joint venture’s impairment of its investment in Loon LLC.
Net income attributable to AeroVironment for fiscal 2021 was $23.3 million, as compared to $41.1 million for fiscal 2020. Fiscal 2021 included the impairment loss of $8.4 million related to HAPSMobile Inc.’s investment in Loon LLC and a $9.3 million legal accrual related to our former EES business.
Earnings per diluted share from continuing operations attributable to AeroVironment for fiscal 2021 was $0.96, as compared to $1.72 for fiscal 2020. Fiscal 2021 included the impairment loss of $8.4 million related to HAPSMobile Inc.’s investment in Loon LLC and $9.3 million related to a legal accrual related to our former EES business.
Non-GAAP earnings per diluted share from continuing operations was $2.10 for fiscal 2021, as compared to $1.84 for fiscal 2020.
BACKLOG
As of April 30, 2021, funded backlog (remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $211.8 million, as compared to $208.1 million as of April 30, 2020.
FISCAL 2022 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2022 the Company continues to expect revenue of between $560 million and $580 million, net income of between $32 million and $37 million, adjusted EBITDA of between $105 million and $110 million, earnings per diluted share of between $1.31 and $1.51 and non-GAAP earnings per diluted share, which excludes acquisition-related expenses and amortization of intangible assets, of between $2.50 and $2.70.
The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, subject to certain risks and uncertainties, and including certain assumptions with respect to our ability to efficiently and on a timely basis integrate our acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates.
CONFERENCE CALL AND PRESENTATION
In conjunction with this release, AeroVironment, Inc. will host a conference call today, Tuesday, June 29, 2021, at 1:30 pm Pacific Time that will be webcast live. Wahid Nawabi, president and chief executive officer, Kevin P. McDonnell, chief financial officer and Steven A. Gitlin, chief marketing officer and vice president of investor relations, will host the call.
4:30 PM ET
3:30 PM CT
2:30 PM MT
1:30 PM PT
Investors may dial into the call by using the following telephone numbers, (877) 561-2749 (U.S.) or (678) 809-1029 (international) and providing the conference ID 5370008 five to ten minutes prior to the start time to allow for registration.
Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.
A supplementary investor presentation for the fourth quarter and full fiscal 2021 can be accessed at https://investor.avinc.com/events-and-presentations.
Audio Replay Options
An audio replay of the event will be archived on the Investor Relations page of the company's website, at http://investor.avinc.com. The audio replay will also be available via telephone from Tuesday, June 29, 2021, at approximately 4:30 p.m. Pacific Time through July 6, 2021, at 4:30 p.m. Pacific Time. Dial (855) 859-2056 (U.S.) or (404) 537-3406 (international) and provide the conference ID 5370008.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Celebrating 50 years of innovation, AeroVironment is a global leader in intelligent, multi-domain robotic systems, and serves defense, government and commercial customers. For more information, visit www.avinc.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.
Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our recent acquisitions of Arcturus UAV, Telerob and ISG and our ability to successfully integrate them into our operations; the risk that disruptions will occur from the transactions that will harm our business; any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government and related to our development of HAPS UAS; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; our ability to perform under existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; the extensive regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; failure to remain a market innovator, to create new market opportunities or to expand into new markets; changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; risk of litigation, including but not limited to pending litigation arising from the sale of our EES business; product liability, infringement and other claims; changes in the regulatory environment; the impact of the outbreak related to the strain of coronavirus known as COVID-19 on our business operations; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. See in the financial tables below the calculation of these measures, the reasons why we believe these measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures.
AeroVironment, Inc. |
|||||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||||
(In thousands except share and per share data) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Year Ended |
|
||||||||||||
|
|
April 30, |
|
April 30, |
|
April 30, |
|
April 30, |
|
||||||||
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
||||
|
|
(Unaudited) |
|
|
|
||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product sales |
|
$ |
96,655 |
|
|
$ |
97,101 |
|
|
$ |
278,888 |
|
|
$ |
256,758 |
|
|
Contract services |
|
|
39,360 |
|
|
|
38,122 |
|
|
|
116,024 |
|
|
|
110,538 |
|
|
|
|
|
136,015 |
|
|
|
135,223 |
|
|
|
394,912 |
|
|
|
367,296 |
|
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product sales |
|
|
47,675 |
|
|
|
56,887 |
|
|
|
149,714 |
|
|
|
139,131 |
|
|
Contract services |
|
|
28,685 |
|
|
|
25,168 |
|
|
|
80,640 |
|
|
|
75,063 |
|
|
|
|
|
76,360 |
|
|
|
82,055 |
|
|
|
230,354 |
|
|
|
214,194 |
|
|
Gross margin: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product sales |
|
|
48,980 |
|
|
|
40,214 |
|
|
|
129,174 |
|
|
|
117,627 |
|
|
Contract services |
|
|
10,675 |
|
|
|
12,954 |
|
|
|
35,384 |
|
|
|
35,475 |
|
|
|
|
|
59,655 |
|
|
|
53,168 |
|
|
|
164,558 |
|
|
|
153,102 |
|
|
Selling, general and administrative |
|
|
24,841 |
|
|
|
16,344 |
|
|
|
67,481 |
|
|
|
59,490 |
|
|
Research and development |
|
|
17,054 |
|
|
|
15,529 |
|
|
|
53,764 |
|
|
|
46,477 |
|
|
Income from continuing operations |
|
|
17,760 |
|
|
|
21,295 |
|
|
|
43,313 |
|
|
|
47,135 |
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest (expense) income, net |
|
|
(1,035 |
) |
|
|
1,111 |
|
|
|
(618 |
) |
|
|
4,828 |
|
|
Other (expense) income, net |
|
|
(8,398 |
) |
|
|
75 |
|
|
|
(8,330 |
) |
|
|
707 |
|
|
Income before income taxes |
|
|
8,327 |
|
|
|
22,481 |
|
|
|
34,365 |
|
|
|
52,670 |
|
|
(Benefit from) provision for income taxes |
|
|
(2,235 |
) |
|
|
2,645 |
|
|
|
539 |
|
|
|
5,848 |
|
|
Equity method investment income (loss), net of tax |
|
|
410 |
|
|
|
(2,077 |
) |
|
|
(10,481 |
) |
|
|
(5,487 |
) |
|
Net income from continuing operations |
|
|
10,972 |
|
|
|
17,759 |
|
|
|
23,345 |
|
|
|
41,335 |
|
|
Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Loss on sale of business, net of tax benefit of $76 |
|
|
— |
|
|
|
(265 |
) |
|
|
— |
|
|
|
(265 |
) |
|
Net loss from discontinued operations |
|
|
— |
|
|
|
(265 |
) |
|
|
— |
|
|
|
(265 |
) |
|
Net income |
|
|
10,972 |
|
|
|
17,494 |
|
|
|
23,345 |
|
|
|
41,070 |
|
|
Net (income) loss attributable to noncontrolling interest |
|
|
(26 |
) |
|
|
(23 |
) |
|
|
(14 |
) |
|
|
4 |
|
|
Net income attributable to AeroVironment, Inc. |
|
$ |
10,946 |
|
|
$ |
17,471 |
|
|
$ |
23,331 |
|
|
$ |
41,074 |
|
|
Net income (loss) per share attributable to AeroVironment, Inc.—Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Continuing operations |
|
$ |
0.45 |
|
|
$ |
0.74 |
|
|
$ |
0.97 |
|
|
$ |
1.74 |
|
|
Discontinued operations |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
Net income per share attributable to AeroVironment, Inc.—Basic |
|
$ |
0.45 |
|
|
$ |
0.73 |
|
|
$ |
0.97 |
|
|
$ |
1.73 |
|
|
Net income (loss) per share attributable to AeroVironment, Inc.—Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Continuing operations |
|
$ |
0.44 |
|
|
$ |
0.73 |
|
|
$ |
0.96 |
|
|
$ |
1.72 |
|
|
Discontinued operations |
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
|
Net income per share attributable to AeroVironment, Inc.—Diluted |
|
$ |
0.44 |
|
|
$ |
0.72 |
|
|
$ |
0.96 |
|
|
$ |
1.71 |
|
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
24,434,344 |
|
|
|
23,849,575 |
|
|
|
24,049,851 |
|
|
|
23,806,208 |
|
|
Diluted |
|
|
24,779,877 |
|
|
|
24,133,809 |
|
|
|
24,362,656 |
|
|
|
24,088,167 |
|
|
AeroVironment, Inc. |
|||||||
Consolidated Balance Sheets |
|||||||
(In thousands except share data) |
|||||||
|
|
|
|
|
|
|
|
|
|
April 30, |
|
||||
|
|
2021 |
|
2020 |
|
||
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
148,741 |
|
$ |
255,142 |
|
Short-term investments |
|
|
31,971 |
|
|
47,507 |
|
Accounts receivable, net of allowance for doubtful accounts of $595 at April 30, 2021 and $1,190 at April 30, 2020 |
|
|
62,647 |
|
|
73,660 |
|
Unbilled receivables and retentions |
|
|
71,632 |
|
|
75,837 |
|
Inventories |
|
|
71,646 |
|
|
45,535 |
|
Prepaid expenses and other current assets |
|
|
15,001 |
|
|
6,246 |
|
Total current assets |
|
|
401,638 |
|
|
503,927 |
|
Long-term investments |
|
|
12,156 |
|
|
15,030 |
|
Property and equipment, net |
|
|
58,896 |
|
|
21,694 |
|
Operating lease right-of-use assets |
|
|
22,902 |
|
|
8,793 |
|
Deferred income taxes |
|
|
2,061 |
|
|
4,928 |
|
Intangibles, net |
|
|
106,268 |
|
|
13,637 |
|
Goodwill |
|
|
314,205 |
|
|
6,340 |
|
Other assets |
|
|
10,440 |
|
|
10,605 |
|
Total assets |
|
$ |
928,566 |
|
$ |
584,954 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
24,841 |
|
$ |
19,859 |
|
Wages and related accruals |
|
|
28,068 |
|
|
23,972 |
|
Customer advances |
|
|
7,183 |
|
|
7,899 |
|
Current portion of long-term debt |
|
|
10,000 |
|
|
— |
|
Current operating lease liabilities |
|
|
6,154 |
|
|
3,380 |
|
Income taxes payable |
|
|
861 |
|
|
1,065 |
|
Other current liabilities |
|
|
19,078 |
|
|
10,778 |
|
Total current liabilities |
|
|
96,185 |
|
|
66,953 |
|
Long-term debt, net of current portion |
|
|
187,512 |
|
|
— |
|
Non-current operating lease liabilities |
|
|
19,103 |
|
|
6,833 |
|
Other non-current liabilities |
|
|
10,141 |
|
|
250 |
|
Liability for uncertain tax positions |
|
|
3,518 |
|
|
1,017 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
Preferred stock, $0.0001 par value: |
|
|
|
|
|
|
|
Authorized shares—10,000,000; none issued or outstanding at April 30, 2021 and April 30, 2020 |
|
|
— |
|
|
— |
|
Common stock, $0.0001 par value: |
|
|
|
|
|
|
|
Authorized shares—100,000,000 |
|
|
|
|
|
|
|
Issued and outstanding shares—24,777,295 shares at April 30, 2021 and 24,063,639 shares at April 30, 2020 |
|
|
2 |
|
|
2 |
|
Additional paid-in capital |
|
|
260,327 |
|
|
181,481 |
|
Accumulated other comprehensive income |
|
|
343 |
|
|
328 |
|
Retained earnings |
|
|
351,421 |
|
|
328,090 |
|
Total AeroVironment, Inc. stockholders’ equity |
|
|
612,093 |
|
|
509,901 |
|
Noncontrolling interest |
|
|
14 |
|
|
— |
|
Total equity |
|
|
612,107 |
|
|
509,901 |
|
Total liabilities and stockholders’ equity |
|
$ |
928,566 |
|
$ |
584,954 |
|
AeroVironment, Inc. |
|||||||||||||
Consolidated Statements of Cash Flows |
|||||||||||||
(In thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Year Ended April 30, |
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
|||
Operating activities |
|
|
|
|
|
|
|
|
|||||
Net income |
|
$ |
23,345 |
|
|
$ |
41,070 |
|
|
$ |
47,419 |
|
|
Loss (gain) on sale of business, net of tax |
|
|
— |
|
|
|
265 |
|
|
|
(8,490 |
) |
|
Loss from discontinued operations, net of tax |
|
|
— |
|
|
|
— |
|
|
|
2,964 |
|
|
Net income from continuing operations |
|
|
23,345 |
|
|
|
41,335 |
|
|
|
41,893 |
|
|
Adjustments to reconcile net income from continuing operations to cash provided by operating activities from continuing operations: |
|
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
19,262 |
|
|
|
9,888 |
|
|
|
7,669 |
|
|
Losses from equity method investments, net |
|
|
10,481 |
|
|
|
5,487 |
|
|
|
3,944 |
|
|
Amortization of debt issuance costs |
|
|
145 |
|
|
|
— |
|
|
|
— |
|
|
Realized gain from sale of available-for-sale investments |
|
|
(11 |
) |
|
|
(180 |
) |
|
|
— |
|
|
Impairment of long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
4,398 |
|
|
Provision for doubtful accounts |
|
|
(114 |
) |
|
|
388 |
|
|
|
(39 |
) |
|
Other non-cash gain, net |
|
|
(449 |
) |
|
|
(703 |
) |
|
|
— |
|
|
Non-cash lease expense |
|
|
5,150 |
|
|
|
4,574 |
|
|
|
— |
|
|
Loss on foreign currency transactions |
|
|
1 |
|
|
|
1 |
|
|
|
38 |
|
|
Deferred income taxes |
|
|
(1,694 |
) |
|
|
3,419 |
|
|
|
4,792 |
|
|
Stock-based compensation |
|
|
6,932 |
|
|
|
6,227 |
|
|
|
6,985 |
|
|
Loss (gain) on sale of property and equipment |
|
|
123 |
|
|
|
(71 |
) |
|
|
76 |
|
|
Amortization of debt securities |
|
|
309 |
|
|
|
(1,423 |
) |
|
|
(1,506 |
) |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
|
|||
Accounts receivable |
|
|
17,177 |
|
|
|
(42,869 |
) |
|
|
25,821 |
|
|
Unbilled receivables and retentions |
|
|
8,381 |
|
|
|
(22,790 |
) |
|
|
(36,175 |
) |
|
Inventories |
|
|
(5,179 |
) |
|
|
8,855 |
|
|
|
(16,631 |
) |
|
Income tax receivable |
|
|
— |
|
|
|
821 |
|
|
|
(821 |
) |
|
Prepaid expenses and other assets |
|
|
(6,104 |
) |
|
|
831 |
|
|
|
(2,401 |
) |
|
Accounts payable |
|
|
2,565 |
|
|
|
3,127 |
|
|
|
(7,054 |
) |
|
Other liabilities |
|
|
6,212 |
|
|
|
8,180 |
|
|
|
(4,043 |
) |
|
Net cash provided by operating activities |
|
|
86,532 |
|
|
|
25,097 |
|
|
|
26,946 |
|
|
Investing activities |
|
|
|
|
|
|
|
|
|
|
|||
Acquisition of property and equipment |
|
|
(11,263 |
) |
|
|
(11,220 |
) |
|
|
(8,896 |
) |
|
Equity method investments |
|
|
(2,675 |
) |
|
|
(14,498 |
) |
|
|
(7,598 |
) |
|
Business acquisitions, net of cash acquired |
|
|
(385,614 |
) |
|
|
(18,641 |
) |
|
|
— |
|
|
Proceeds from sale of business |
|
|
— |
|
|
|
— |
|
|
|
31,994 |
|
|
Proceeds from sale of property and equipment |
|
|
— |
|
|
|
81 |
|
|
|
— |
|
|
Redemptions of held-to-maturity investments |
|
|
— |
|
|
|
185,917 |
|
|
|
260,918 |
|
|
Purchases of held-to-maturity investments |
|
|
— |
|
|
|
(176,757 |
) |
|
|
(267,122 |
) |
|
Redemptions of available-for-sale investments |
|
|
146,425 |
|
|
|
200,892 |
|
|
|
2,250 |
|
|
Purchases of available-for-sale investments |
|
|
(125,644 |
) |
|
|
(106,607 |
) |
|
|
— |
|
|
Net cash (used in) provided by investing activities |
|
|
(378,771 |
) |
|
|
59,167 |
|
|
|
11,546 |
|
|
Financing activities |
|
|
|
|
|
|
|
|
|
|
|||
Principal payments of capital lease obligations |
|
|
— |
|
|
|
— |
|
|
|
(161 |
) |
|
Payment of contingent consideration |
|
|
— |
|
|
|
(868 |
) |
|
|
— |
|
|
Tax withholding payment related to net settlement of equity awards |
|
|
(1,992 |
) |
|
|
(1,062 |
) |
|
|
(1,094 |
) |
|
Holdback and retention payments for business acquisition |
|
|
(1,492 |
) |
|
|
— |
|
|
|
— |
|
|
Exercise of stock options |
|
|
1,522 |
|
|
|
100 |
|
|
|
71 |
|
|
Payment of debt issuance costs |
|
|
(3,878 |
) |
|
|
— |
|
|
|
— |
|
|
Proceeds from long-term debt |
|
|
200,000 |
|
|
|
— |
|
|
|
— |
|
|
Net cash provided by (used in) financing activities |
|
|
194,160 |
|
|
|
(1,830 |
) |
|
|
(1,184 |
) |
|
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|||
Operating activities of discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
(7,686 |
) |
|
Investing activities of discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
(431 |
) |
|
Net cash used in discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
(8,117 |
) |
|
Net (decrease) increase in cash, cash equivalents, and restricted cash |
|
|
(98,079 |
) |
|
|
82,434 |
|
|
|
29,191 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
255,142 |
|
|
|
172,708 |
|
|
|
143,517 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
157,063 |
|
|
$ |
255,142 |
|
|
$ |
172,708 |
|
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
|
|
|
|||
Cash paid, net during the period for: |
|
|
|
|
|
|
|
|
|
|
|||
Income taxes |
|
$ |
2,405 |
|
|
$ |
532 |
|
|
$ |
6,780 |
|
|
Non-cash activities |
|
|
|
|
|
|
|
|
|
|
|||
Unrealized (loss) gain on investments, net of deferred tax expense of $1, $14 and $51 for the fiscal years ended 2021, 2020 and 2019, respectively |
|
$ |
(60 |
) |
|
$ |
50 |
|
|
$ |
57 |
|
|
Issuance of common stock for business acquisition |
|
$ |
72,384 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Change in foreign currency translation adjustments |
|
$ |
75 |
|
|
$ |
276 |
|
|
$ |
(34 |
) |
|
Issuances of inventory to property and equipment, ISR in-service assets |
|
$ |
769 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Acquisitions of property and equipment included in accounts payable |
|
$ |
756 |
|
|
$ |
1,425 |
|
|
$ |
810 |
|
|
AeroVironment, Inc.
Steven Gitlin
+1 (805) 520-8350
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Paperless Process Delivers Time and Cost Savings Without Compromising Safety
HOUSTON, Texas--(BUSINESS WIRE)--The first commercial U.S. vessel designed, built and verified using an end-to-end 3D design process is now under construction in a pioneering project by ABS, Robert Allan Ltd. (RAL), Signet Maritime Corporation (Signet) and the United States Coast Guard (USCG).
Designed by RAL, the Advanced Rotortug® (ART), which is designed to escort vessels and offshore assets at the Port of Corpus Christi, will receive its Certificate of Inspection from the USCG and will now be built and operated by Signet to ABS Class, making it the first commercial vessel in U.S. history to be produced using only 3D models in design and construction for all structures.
A purely 3D process reduces costs and time investment, while streamlining interaction between all stakeholders throughout the design, verification and construction phases, without compromising safety.
“This landmark achievement sets the bar for future projects both in the U.S. and internationally. Together with our forward-looking partners, we have realized a long-held dream of the industry to leave behind 2D paper plans and move to the next generation of vessel production. ABS is proud to help unlock this capability and to be genuinely leading the industry in this area, once again delivering the advantages of digital classification today. The advantages are significant, and we are confident that once the industry develops the infrastructure to handle 3D models in shipyards, a pure 3D process will become the default approach,” said Christopher J. Wiernicki, ABS Chairman, President and CEO.
“As Naval Architects, we find ourselves developing ship structure in 3D more than ever, even at the basic design stage for new vessels. We believe that delivering 3D models instead of traditional 2D drawings benefits all stakeholders – us as the designer, Class societies, clients, shipyards, and equipment suppliers. ‘Direct Design’ of structure in 3D not only streamlines the transition to production design modeling for the shipyard, but also gives us as naval architects earlier estimates of weights and centers, steel quantities as well as the means to check for structural interferences.
“We are very pleased that ABS has taken the initiative to work with us on a process to review and approve 3D structural models on our project with Signet Maritime Corp. Not only has it become easier to exchange complex structural design information this way, but the time from the basic design stage to the production design stage is shortened, allowing the shipyard to start cutting steel earlier,” said Mike Fitzpatrick, CEO of Robert Allan Ltd.
“The understanding and fidelity of this construction model represents a major milestone in the history of the U.S. maritime industry. 3D design review ensures the designer, engineer, production manager, fitter, welder, and surveyor all work from the same complete model. Each individual has access to both the micro (component) and macro (complete assembly) with which they are working to better understand the bracket, frame, or bulkhead as it relates to the module, section, and ship. Providing that level of awareness to all participants in the process will give ABS, Robert Allan, and Signet a superior finished product and contribute to an overall safer waterway through technological advancement,” said Timothy S. McCallum, Signet Vice President, Engineering and Dynamics.
The milestone is just the latest in a succession of ABS firsts in 3D Model-based Class. ABS was the first to develop a process for ingesting 3D models into class software to allow 3D model-based reviews in 2018. ABS then became the first classification organization to accept 3D models for class surveys in April 2020.
More information about ABS 3D Model-based Class services is available here.
About ABS
ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, is committed to setting standards for safety and excellence in design and construction. Focused on safe and practical application of advanced technologies and digital solutions, ABS works with industry and clients to develop accurate and cost-effective compliance, optimized performance and operational efficiency for marine and offshore assets.
For more information, contact
ABS Media Relations
Gareth Lewis
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LONDON & HOUSTON--(BUSINESS WIRE)--Regulatory News:
TechnipFMC (NYSE: FTI) (PARIS: FTI) announced today that it has been awarded a substantial(1) subsea contract by Petrobras for the Búzios 6-9 fields. Located in the Santos basin offshore Brazil, these fields are part of the pre-salt area, with a water depth of 2,000 meters.
TechnipFMC will supply subsea trees with controls, electrical and hydraulic distribution units, topside systems, and installation and intervention support services with rental tooling. Delivery is expected to begin in the first quarter of 2023.
Jonathan Landes, President, Subsea, at TechnipFMC, commented, “The Búzios 6-9 fields are major developments in Brazil, and we are very honored to support Petrobras in this subsea project, which further strengthens our long-term partnership. This contract demonstrates TechnipFMC’s unique ability to deliver comprehensive solutions that meet clients’ needs and leverages our expertise in the pre-salt field.
“Sustainability will be at the core of our project delivery. All of the subsea trees will be manufactured at our facilities in Brazil, which are powered entirely from renewable energy sources.
“This contract arrives only weeks after achieving our recent milestone of manufacturing and delivering 700 trees in-country – a further testament to our long-term commitment in Brazil, where local content makes up over 97 percent of our workforce.”
TechnipFMC’s demonstrated history of project and technology delivery for Petrobras helped solidify the Lean manufacturing methodologies employed at its Rio Manufacturing Hub, improving safety and quality, while reducing waste and costs.
(1) For TechnipFMC, a “substantial” contract is between $250 million and $500 million.
Important Information for Investors and Securityholders
Forward-Looking Statement
This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “expect”, “estimated” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
About TechnipFMC
TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.
With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.
Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.
Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.
TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.
Category: UK regulatory
Investor relations
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Media relations
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DUBLIN--(BUSINESS WIRE)--The "North America Hydrographic Survey Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component and End User" report has been added to ResearchAndMarkets.com's offering.
The North America hydrographic survey market is expected to grow from US$ 35.90 million in 2019 to US$ 56.55 million by 2027; it is estimated to grow at a CAGR of 6.0 % from 2020 to 2027.
The increasing maritime commerce and transport accelerates the market growth. Maritime commerce and transport is a key to trade and globalization; moreover, it is essential for ensuring national security. The movement of passengers and cargo demand an efficient marine transportation system. Government agencies, such as the US Army Corps of Engineers, NOAA, US Department of Transportation (DOT), US Coast Guard, US Customs and Border Protection, and Environmental Protection Agency (EPA) regulate marine commerce and transportation. These government agencies are responsible for national security, marine safety, vessel traffic management, waterway maintenance, and environmental protection. Commercial shipping is crucial for the regional and domestic coastal trade of any country. Ships transporting dry and liquid bulk goods, containers, and passengers need efficient and safe shipping lanes and ocean routes as well as suitable port facilities and infrastructure.
The ocean planning activities must ensure that the allotment of ocean space to other activities is compatible with safe maritime commerce and transport. North America is heavily investing in hydrographic surveys to have properly charted waters that can aid a rising need for maritime commerce and transportation. Optimized charts enable faster transits of ships with deeper drafts, allowing the movement of huge goods through navigational chokepoints and ports. Precise hydrographic software and services are vital for ensuring the navigation safety as well as supporting and boosting safe maritime commerce and transport, which would contribute to the constant sustainable growth of the North America economy, thereby escalating the demand for hydrographic survey software and services, ultimately driving the North America market.
Countries in North America, especially the US, are highly affected due to COVID-19 outbreak. North America is one of the most important regions for adopting and developing new digital technologies due to favorable government policies to boost innovation, a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any negative impact on the growth of industries adversely affects the economic growth of the region. Presently, the US is the world's worst-affected country due to the COVID-19 outbreak. The country is a prominent market for the hydrographic survey in the oil & gas and marine sectors. The factory and business shutdowns across the US, Canada, and Mexico impact the adoption of the hydrographic survey services or software. The shortage in the workforce and the practical difficulties due to social distancing hindered the oil & gas activities in the US, which leads to a halt in various ongoing projects. It also impacted the integration of hydrographic survey software. The ongoing COVID-19 crisis and critical situation in the US would hinder the growth of the North America hydrographic survey market for the next few months.
Based on component, the software segment led the North America hydrographic survey market in 2019. Hydrographic survey software products help process hydrographic data, and the processed data are used for hydrography map creation, target detection, new and old survey analysis, and comparison, and so on. The introduction of custom-designed software has enabled the complete automation of these surveys. Hydrographic survey software products are used in industries such as engineering, dredging, construction, environmental, and fishing. The rising innovations in technology and surging demand for oil and gas exploration are significant factors driving the growth of the market for the software segment. For instance, HYPACK/Xylem Inc. offers hydrographic survey software for planning and conducting surveys. The software assists in data collection and processing by providing navigational and dredging support and offers reports for performance and data statistics. The advantages of software such as fast processing of data, customization, and easy to use are propelling its demand, thereby driving the growth of the North America hydrographic survey market.
Market Dynamics
Drivers
Restraints
Opportunities
Future Trends
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/qeywix
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SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) announced today that the Company’s executives will be participating in the 2021 TD Securities Virtual Energy Conference on July 6-8.
CRC’s presentation materials will be available the day of the event on the Earnings and Presentations page in the Investor Relations section on www.crc.com.
About California Resources Corporation (CRC)
California Resources Corporation (CRC) is an independent oil and natural gas exploration and production company, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, CRC focuses on safely and responsibly supplying affordable energy.
Joanna Park (Investor Relations)
818-661-3731
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GRAZ, Austria--(BUSINESS WIRE)--#EVs--Fisker Inc. (NYSE: FSR) (“Fisker”) – passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions – today took another significant step forward towards the start of production for the Fisker Ocean SUV with the official opening of several Fisker-dedicated operational areas at Magna’s world-class manufacturing facility in Graz, Austria. Fisker CEO and Chairman, Henrik Fisker, was onsite in Graz with teams from engineering, manufacturing, purchasing and quality to review the new facilities, the progress being made on the path to volume production and to commence a countdown clock timed to the start of production.
“The Ocean program continues to progress exactly how we forecast,” says CEO and Chairman, Henrik Fisker. “Seeing areas such as prototype manufacturing and testing facilities ready for the Ocean was a motivating sight for everyone at Fisker and Magna. Having the confidence that the Ocean will launch on time with outstanding quality continues to validate our asset-lite strategy and specifically, our partnership with Magna.”
Co-located teams from Fisker and Magna covering areas including manufacturing engineering and purchasing are now situated in a dedicated program office, ideally situated close to engineering, the prototype shop and the future production areas for Body-in-White (BIW), the paint shop and general assembly. The engineering center and prototype shop will drive the first build phases for the Ocean. The prototype facility, which has a capacity of approximately 1,500 vehicles per year, will enable the prototype build phase to be carried out using serial production conditions, helping to train the production team and ensure a smooth transfer to the serial production line. The Ocean will also benefit from the extensive testing facilities at Graz, including those for durability, NVH, climate extremes and a test track – all of which help drive program integration across manufacturing and engineering.
Fisker and Magna recently signed their long-term manufacturing agreement and confirmed that production of the all-electric Fisker Ocean SUV is projected to start on Nov. 17, 2022, in Graz. The manufacturing agreement between the two companies covers planned volumes, manufacturing costs and quality metrics over the program’s lifecycle through 2029. It covers all stages, including the critical planning and launch phases. This agreement underpins all facility investments, including body shop, a clear path to start manufacturing in Nov. 2022 and rapid ramp-up to full run-rate production.
The Fisker Ocean SUV will use a version of a Magna-developed electric vehicle architecture modified by Fisker to create the FM29 platform, and in the process, create new intellectual property (“IP”). Combined with Fisker-developed IP, the new aluminum-intensive FM29 platform is projected to deliver class-leading range and interior space at a Bill of Materials and manufacturing cost that enables the Ocean to enter the market at a starting MSRP of $37,499 in the United States (excluding EV-related subsidies) and below €32,000 in Germany (including taxes and EV-related subsidies) – as well as offer compelling, high-value option packages to customers across the Ocean’s entire price range.
“Seeing the countdown clock show 506 days until we start manufacturing was a timely reminder of the work ahead,” added Mr. Fisker. “However, also seeing the quality of the facilities and the teamwork between the Fisker and Magna teams gave me tremendous confidence that we can continue to achieve our program milestones on our way to the start-of-production.”
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About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world's most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker's social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotation of our Chief Executive Officer and statements regarding the Company’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Annual Report on Form 10-K, as amended, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Fisker Inc.
Simon Sproule, SVP, Communications
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NEW YORK--(BUSINESS WIRE)--Climate Change Crisis Real Impact I Acquisition Corporation (NYSE: CLII) (“CLII”), a publicly-traded special purpose acquisition company, today announced that its stockholders voted to approve the previously announced business combination with EVgo Services, LLC (“EVgo”) at CLII’s special meeting of stockholders (the “Special Meeting”) held on June 29, 2021.
More than 99% of the votes cast at the Special Meeting were in favor of the approval of the business combination. CLII stockholders also voted overwhelmingly to approve all other proposals presented at the Special Meeting. CLII plans to file the results of the Special Meeting, as tabulated by an independent inspector of elections, on a Form 8-K with the Securities and Exchange Commission (the “SEC”) today.
Subject to the satisfaction of certain other closing conditions, the business combination is expected to close on July 1, 2021 and CLII will change its name to from “Climate Change Crisis Real Impact I Acquisition Corporation” to “EVgo Inc.” EVgo Inc.’s Class A common stock and EVgo Inc.’s warrants are expected to commence trading on The Nasdaq Global Select Market LLC under the symbols “EVGO” and “EVGOW,” respectively, on July 2, 2021.
About CLII
CLII is a special-purpose acquisition company (“SPAC”) formed to identify and acquire a scalable company making significant contributions to the fight against the climate crisis. CLII is co-sponsored by private funds affiliated with Pacific Investment Management Company LLC (“PIMCO”), which has more than $640 billion in sustainability investments across its portfolios. CLII is led by a seasoned operations and leadership team that has decades of experience at the intersection of climate change and capitalism, and includes veterans from NRG, Credit Suisse, General Electric and Green Mountain Power. For more information, please visit www.climaterealimpactsolutions.com.
About EVgo
EVgo is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 65 metropolitan areas across 34 states, and more than 250,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet. EVgo’s parent company is LS Power, a New York-headquartered development, investment and operating company focused on leading edge solutions for the North American power and energy infrastructure sector. On January 22, 2021, EVgo announced that it entered into a definitive business combination agreement with CLII (NYSE: CLII). For more information visit evgo.com and lspower.com.
Forward Looking Statements
Certain statements in this press release that are not historical facts may constitute forward-looking statements are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, regarding CLII’s proposed business combination with EVgo, CLII’s ability to consummate the transaction, the benefits of the transaction and the combined company’s future financial performance, as well as the combined company’s strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of CLII and EVgo and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of CLII or EVgo. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the business combination, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the business combination; failure to realize the anticipated benefits of business combination; risk relating to the uncertainty of the projected financial information with respect to EVgo; the overall level of consumer demand for EVgo’s products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of EVgo’s customers; EVgo’s ability to implement its business strategy; changes in governmental regulation, EVgo’s exposure to litigation claims and other loss contingencies; disruptions and other impacts to EVgo’s business, as a result of the COVID-19 pandemic and government actions and restrictive measures implemented in response; stability of EVgo’s suppliers, as well as consumer demand for its products, in light of disease epidemics and health-related concerns such as the COVID-19 pandemic; the impact that global climate change trends may have on EVgo and its suppliers and customers; EVgo’s ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, CLII’s information systems; fluctuations in the price, availability and quality of electricity and other raw materials and contracted products as well as foreign currency fluctuations; changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect CLII’s or EVgo’s financial results is included from time to time in CLII’s public reports filed with the SEC, as well as the definitive proxy statement that CLII has filed with the SEC in connection with CLII’s solicitation of proxies for the meeting of stockholders held to approve, among other things, the proposed business combination. If any of these risks materialize or CLII’s or EVgo’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither CLII nor EVgo presently know, or that CLII and EVgo currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect CLII’s and EVgo’s expectations, plans or forecasts of future events and views as of the date of this press release. CLII and EVgo anticipate that subsequent events and developments will cause their assessments to change. However, while CLII and EVgo may elect to update these forward-looking statements at some point in the future, CLII and EVgo specifically disclaim any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing CLII’s or EVgo’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
CLII
For Investors:
Dan Gross
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For Media:
Isaac Steinmetz
Director of Media Relations
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646-883-3655
EVgo
For Investors:
Ted Brooks
VP of Investor Relations
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310-954-2943
For Media:
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LS Power
Steven Arabia
Director, Government Affairs & Media Relations
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609-212-3857
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