HALIFAX, Nova Scotia--(BUSINESS WIRE)--Emera Inc.’s (TSX: EMA) latest sustainability report, now available on the company’s website, highlights its 2020 progress toward achieving its Climate Commitment – a set of future-focused carbon reductions goals and a vision to achieve net-zero CO2 emissions by 2050.
Decarbonization has been central to Emera’s strategy for more than 15 years and the 2020 Emera Sustainability Report highlights our ongoing investment in cleaner, more reliable energy as we work toward our vision to achieve net-zero CO2 emissions by 2050. It also outlines our continued support for our communities with $16 million contributed in 2020, with $6 million directed toward COVID-19 relief efforts. We’re also focused on supporting diversity, equity and inclusion at all levels of our business and in our communities.
“ESG is core to strategy, culture and day to day operations at Emera,” Scott Balfour, President and CEO, Emera Inc. “And in many ways, our response to the pandemic has reinforced the strength and resiliency of our business, our strategy and our team.”
This year’s sustainability report highlights Emera’s continued commitment to delivering cleaner and renewable energy, while remaining focused on customer affordability and reliability. It also includes updates on other critical areas of the business including safety and Emera’s ongoing response to the COVID-19 pandemic.
Emera is also making progress on its Diversity, Equity and Inclusion strategy, strengthening its commitment to strong, diverse and inclusive workplaces and communities. The Company has focused on education, recruitment and data collection to drive its approach. In 2020, Emera also established a $5 million fund to support community initiatives to advance inclusion and diversity.
In addition to the oversight provided by Emera’s Board of Directors, in 2020 the Company also established a Sustainability Management Committee, chaired by the CEO and comprised of senior leaders from across the business. The committee oversees ESG initiatives, risks and opportunities across the company.
As with previous reports, no hard copies of the report will be printed in an effort to reduce waste. You can view, download or print the report here.
About Emera
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H and EMA.PR.J. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or at www.sedar.com.
Media:
Dina Seely
902-428-6951
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BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG) announces the appointment of David Ciesinski to the Essential board of directors. Ciesinski will serve as a member of the audit and the corporate governance committees of the board.
Ciesinski is the president, CEO and director of Lancaster Colony Corporation and the president of T. Marzetti Company where he has rebuilt the company leadership team and led the development and implementation of the company’s growth plan, which has consistently delivered top-quartile financial results and world-class workplace safety results.
“After a national search for a new director, the experience and expertise that Dave will bring to the Essential board is clear. He will be an excellent representative of the shareholders in guiding the company, particularly in matters of growth and branding. Dave’s experience in growth through acquisition will add value as we continue to execute our long-term growth strategy,” said Essential Chairman and CEO Christopher Franklin.
Prior to his appointment at T. Marzetti, Ciesinski was the EVP and president of Kraft’s Meal Solutions division, where he oversaw the turnaround of the division and the revitalization and launch of brands. He is a West Point graduate and a veteran of the U.S. Army with service during the first Gulf War in Iraq, where he earned a Bronze Star Medal. Ciesinski also earned a master’s degree in marketing and finance from the Tepper School of Business at Carnegie Mellon University.
About Essential
Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.
Forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the company’s role in the United States’ infrastructure investments; its ability to be an industry leader in protecting the environment; the guidance range of adjusted income per diluted common share for the fiscal year ending in 2021; the 3-year earnings growth from 2021 to 2023; the projected total regulated water segment customer growth for 2021; the anticipated amount of capital investment in 2021; the anticipated amount of capital investment from 2021 through 2023; and the company’s anticipated rate base growth from 2021 through 2023. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: disruptions in the global economy; financial and workforce impacts from the COVID-19 pandemic; the continuation of the company's growth-through-acquisition program; the company’s continued ability to adapt itself for the future and build value by fully optimizing company assets; general economic business conditions; the company’s ability to fund needed infrastructure; housing and customer growth trends; unfavorable weather conditions; the success of certain cost-containment initiatives; changes in regulations or regulatory treatment; availability and access to capital; the cost of capital; disruptions in the credit markets; the success of growth initiatives; the company’s ability to successfully close municipally owned systems presently under agreement; the company’s ability to continue to deliver strong results; the company’s ability to continue to pay its dividend, add shareholder value and grow earnings; municipalities’ willingness to privatize their water and/or wastewater utilities; the company’s ability to control expenses and create and maintain efficiencies; the company’s ability to acquire municipally owned water and wastewater systems listed in its “pipeline”; and other factors discussed in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential's business, please refer to Essential's annual, quarterly and other SEC filings. Essential is not under any obligation - and expressly disclaims any such obligation - to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
WTRGG
Brian Dingerdissen
Essential Utilities Inc.
Investor Relations
O: 610.645.1191
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Erin O’Donnell
Communications and Marketing
412.208.6614
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Collaborative program educates the 6th Military Fire Brigade on the benefits of deploying PV safe solar with Tigo Energy rapid shutdown.
CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, today announced a program to train firefighters on the basics of solar energy and the benefits of rapid shutdown as the residential and small commercial markets take off throughout Brazil. The initial training session in Camp Grande, Mato Grosso do Sul, covered all aspects of solar equipment selection, installation, and safety over a four-day period from June 15-18, 2021.
"The idea is to take this informational program to as many firefighters as possible, training them on the benefits of residential solar while warning them of the risks without adequate safety legislation," explains Manoel Monteiro, sales manager at Tigo. “While the United States has the National Electric Code to protect first responders, firefighters such as those in the 6th Military Fire Brigade must understand how to safely deal with solar in our neighborhoods.”
Tigo’s solar industry leading Flex MLPE (Module Level Power Electronics) gives installers the freedom to choose their preferred inverters and panels along with the right features for optimized, monitored and PV safe systems. All members of the TS4-A family of products provide the rapid shutdown feature, which is critical for PV safe systems. On a typical string inverter system, the DC conductors remain live as long as the sun is shining, even if the inverter is disabled. This means that the system will still have the high voltage of up to 600V to 1000V, impacting safety for first responders in the event of an emergency. Rapid shutdown was invented to lower the voltage in the DC system conductors to 30 volts or less within 30 seconds of rapid shutdown initiation. While a regulatory requirement in the United States and the Philippines, rapid shutdown is currently optional in other regions around the world.
“The 6th Military Fire Brigade of the Military Fire Department of Mato Grosso do Sul would like to express our appreciation to Manoel and the Tigo team,” stated Lieutenant Colonel BM Danilo Santos Moreira Leite. “This training greatly contributed to a better understanding of the operation and possible risks, as an increased number of homes and businesses install solar. With this knowledge, we can avoid submitting our military firefighters to unnecessary danger as we help the community.”
To learn more about rapid shutdown and Tigo products sold in Brazil and around the world, please attend one of the many Tigo Energy webinars, found at https://www.tigoenergy.com/webinars.
About Tigo Energy
Tigo Energy is the worldwide leader in Flex MLPE (Module Level Power Electronics) with innovative solutions that increase solar energy production, decrease operating costs, and significantly enhance safety of solar energy systems. The Tigo TS4 platform maximizes the benefit of solar and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on seven continents and produce gigawatt hours of reliable, clean, affordable, and safe solar energy daily. With a global team, Tigo Energy is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Find us online at www.tigoenergy.com.
Media Contact for Tigo in Brazil
Manoel Monteiro
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Technology enables digital transformation of offshore development project in Guyana
HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) and Halliburton Company (NYSE: HAL) today announced they received an OTC Spotlight on New Technology Award® (SONT) for their OdasseaTM Subsea Fiber Optic Solution, an advanced downhole fiber optic sensing system. ExxonMobil selected the solution for its Payara development project in Guyana. The award followed completion of front-end engineering and design studies and qualifications.
“We are excited to win OTC’s Spotlight Award and deploy Odassea™ in Payara, the industry’s largest subsea fiber optic sensing project,” said Trey Clark, vice president of Halliburton Wireline and Perforating. “By collaborating with TechnipFMC, we combine our sensing and subsea expertise to enhance reservoir insight and to lower the total cost of ownership for our customers.”
The Odassea™ service integrates hardware and digital systems to strengthen capabilities in subsea reservoir monitoring and production optimization. Halliburton provides the fiber optic sensing technology and analysis for reservoir diagnostics. TechnipFMC provides the optical connectivity from the topside to the completions. Through this collaboration, operators can accelerate full field subsea fiber optic sensing, design, and execution.
The Payara development, located 200 kilometers offshore Guyana in 1,800 meters water depth, is the third development within the Stabroek block with current discovered recoverable resources estimated at approximately 9 billion oil-equivalent barrels.
“To win the SONT award and to help our client enable an enhanced level of reservoir understanding are great achievements,” said Christina Johansen, senior vice president of TechnipFMC Subsea Product Management. “Solutions such as Odassea™ transform our clients’ project economics and demonstrate how we are continuously driving change in the industry.”
TechnipFMC and Halliburton are delivering Odassea™ solutions to multiple other subsea projects at all stages from conceptual design to execution.
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.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
For Halliburton
Investors:
Abu Zeya
Halliburton, Investor Relations
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281-871-2633
Media:
William Fitzgerald
Halliburton, External Affairs
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713-876-0105
For TechnipFMC
Investors:
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
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Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
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MINNEAPOLIS--(BUSINESS WIRE)--On Thursday, July 29, 2021, Xcel Energy (NASDAQ: XEL) will host a conference call to review second quarter 2021 financial results. Earnings will be released prior to the opening of trading.
The call will begin at 9:00 a.m. Central Time. To participate in the conference call, please dial in at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. You will be asked for the conference ID number.
US Dial-In: 888-204-4368
International Dial-In: 400-120-9101
Conference ID: 9915304
The conference call will also be simultaneously broadcast and archived on our website, along with an MP3 download, at the following location:
http://www.xcelenergy.com
Under Company, select: Investors
If you are unable to participate in the live event, the call will be available for replay from 12:00 p.m. on July 29 through 12:00 p.m. on August 1, Central Time.
Replay Numbers
US Dial-In: 888-203-1112
International Dial-In: 719-457-0820
Replay Passcode: 9915304
Financial analysts may call:
Paul Johnson, Vice President - Treasurer & Investor Relations 612-215-4535
News media inquiries please call Xcel Energy Media Relations at 612-215-5300.
Internet: www.xcelenergy.com
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.
Xcel Energy Media Relations
(612) 215-5300
www.xcelenergy.com
HOUSTON--(BUSINESS WIRE)--BP Prudhoe Bay Royalty Trust (NYSE: BPT) announces that unitholders will receive a dividend for the quarter ended June 30, 2021. The dividend information is as follows:
Ex-Dividend Date: |
July 14, 2021 |
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Record Date: |
July 15, 2021 |
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Payable Date: |
July 20, 2021 |
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|
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Dividend Rate: |
$0.0243678 per Unit* |
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*Actual average daily production for the quarter was 70,857 BBLS. |
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As provided in the Trust Agreement, the quarterly royalty payment by Hilcorp North Slope, LLC to the Trust is the sum of the individual revenues attributed to the Trust as calculated each day during the quarter. The amount of revenue is determined by multiplying Royalty Production for each day in the calendar quarter by the Per Barrel Royalty for that day. Pursuant to the Trust Agreement, the Per Barrel Royalty for any day is the WTI Price for the day less the sum of (i) Chargeable Costs multiplied by the Cost Adjustment Factor and (ii) Production Taxes. As discussed in Item 1A "RISK FACTORS", of the Trust’s Annual Report on Form 10-K for the year ended December 31, 2020, on January 1, 2021, the "break-even" WTI price (the price at which all taxes and prescribed deductions are equal to the WTI price) for the Trust to receive a positive Per Barrel Royalty with respect to a particular day’s production was $60.72. The average daily closing WTI price was above the "break-even" point for the quarter, resulting in a quarterly payment with respect to the Royalty Interest of approximately $3.2 million to the Trust. In accordance with the Trust Agreement, the Trustee will pay all accrued expenses of the Trust, then distribute the excess, if any, of the cash received by the Trust over the Trust’s expenses, net of any additions to the cash reserve established for the payment of estimated liabilities before making a quarterly distribution to unit holders. After paying the Trust’s expenses accrued through June 30, 2021 and making an addition to the cash reserve of approximately $1.58 million, approximately $521,000 is available for distribution to unitholders. The amount added to the cash reserve takes into account that the Trust has not received any Royalty Payments attributable to 2020 or the first quarter of 2021 and therefore has been unable to make any additions to the cash reserve for the last five quarters, the increase in Trust administrative expenses and the expected expenses associated with the termination of the Trust. The Trustee continues to evaluate the adequacy of the cash reserve and may need to increase the amount of the cash reserve further in the future.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release are subject to a number of risks and uncertainties beyond the control of the Trustee. The actual results, performance and prospects of the Trust could differ materially from those expressed or implied by forward-looking statements. Descriptions of some of the risks that could affect the future performance of the Trust appear the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, the Trust’s subsequent Quarterly Reports on Form 10-Q, and the Trust’s other filings with the Securities and Exchange Commission. The Trust’s annual, quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov. Neither the Trust nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release.
Please feel free to contact Elaina Rodgers at The Bank of New York Mellon Trust Company, N.A. at 713-483-6020 with any questions.
The Bank of New York Mellon Trust Company, N.A.
Elaina Rodgers
713-483-6020
Funding enables expansion of its manufacturing supply chain at commercial scale
VANCOUVER, British Columbia--(BUSINESS WIRE)--#carboncapture--Svante Inc. announced that the Government of Canada made a CDN$25 million investment to support the industrialization and commercialization of its novel low-cost carbon capture technology within the North American market. Carbon capture is a technology that can recover up to 95% of the carbon dioxide (CO2) emissions produced from the use of fossil fuels in electricity generation and industrial processes, preventing the carbon dioxide from entering the atmosphere.
The investment announced today comes from the Strategic Innovation Fund’s Net Zero Accelerator initiative and aligns with Government of Canada’s strengthened climate plan – A Healthy Environment and a Healthy Economy, which will help Canada achieve its economic and environmental goals.
With this investment, Svante will set-up a new Centre of Excellence for Carbon Capture Use and Storage (CCUS) in Vancouver, BC that will allow the company to scale up its manufacturing operations to produce commercial scale structured absorbent filters and to test its proprietary rapid adsorption machine (RAM) designs.
“We are keen to partner with Canadian companies like Svante that are creating clean technologies that will help key industries around the world, including in Canada, significantly cut down their greenhouse gas emissions. This project will create good jobs in Burnaby and Vancouver in clean technologies, and it will grow Canada’s leadership in this increasingly important sector of our economy,” said the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry.
“Vancouver is the Silicon-Valley of carbon capture technology development and we are very proud to anchor our World Headquarter, R&D and Engineering test center, and first commercial filter manufacturing plant in Canada,” said Claude Letourneau, President & CEO from Svante Inc. “Lowering the capital cost of the capture of the CO2 emitted in industrial production is critical to the world’s net-zero carbon goals required to stabilize the climate. Leaders from industry, financial sectors and government agree on the enormity of the challenge and the critical need to deploy carbon capture and carbon removal solutions at Gigatons scale. The carbon pulled from earth as fossil fuel needs to go back into the earth in safe CO2 storage.”
Decarbonization of unavoidable emissions by heavy industries, such as cement, limestone and large-scale hydrogen production, will require significant deployment of point-source carbon capture projects over the next decade. Svante innovative net-zero solution will capture CO2, concentrate it, and release it for safe storage or industrial use, all in 60 seconds, by using nano materials called “solid sorbent”. Svante is expected to be the first industrial point-source carbon capture technology provider using solid sorbents to expand its manufacturing supply chain at commercial scale within the North American market. The filter manufacturing plant will have an annual capacity to delivery filter modules capable of removing 3 million tonnes of CO2 per year or the equivalent of project delivery of 3 world-scale carbon capture plants of 1 million tonnes per year.
Svante has now attracted more than USD$195 million in funding since it was founded in 2007 to develop and commercialize its breakthrough solid sorbent technology at half the capital cost of traditional engineered solutions. Its technology is currently being deployed in the field at pilot plant-scale by industry leaders in the energy and cement manufacturing sectors. The CO2MENT Pilot Plant Project – a partnership between LafargeHolcim and TOTAL S.A. – is operating a 1 tonne per day (TPD) plant in Richmond, British Columbia, Canada that will re-inject captured CO2 into concrete, while the construction and commissioning of a 30 TPD demonstration plant was completed in 2019 at an industrial facility in Lloydminster, Saskatchewan, Canada. A 25 TPD demonstration plant is currently under design and construction at Chevron U.S.A. located near Bakersfield, California. In addition, several feasibility studies for commercial scale carbon capture projects ranging from 500 to 4,500 TPD are underway in North America and Europe.
About Svante
Svante offers companies in emissions-intensive industries a commercially viable way to capture large-scale CO2 emissions from existing infrastructure, either for safe storage or to be used for further industrial use in a closed loop. With the ability to capture CO2 directly from industrial sources at less than half the capital cost of existing solutions, Svante makes industrial-scale carbon capture a reality. Svante’s Board of Directors includes Nobel Laureate and former Secretary of Energy, Steven Chu, Chairman Steven Berkenfeld former Head of Industrial & Cleantech Practice at Barclays Capital, and CEO of OGCI Climate Investments Pratima Rangarajan. To learn more about Svante’s technology, click here or visit Svante’s website at www.svanteinc.com, LinkedIn or Twitter (@svantesolutions).
Svante
Julia McKenna
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+1 (778) 985 5722
ISTANBUL--(BUSINESS WIRE)--In line with the target of meeting its electricity demand from renewables by 2030 and becoming a carbon neutral company by 2050, Turkcell (NYSE:TKC) (BIST:TCELL) has signed a share transfer agreement to acquire Boyut Grup Enerji, which owns the İzmir Karadağ Wind Power Plant. The transfer of shares is subject to the approval of respective authorities and fulfillment of various conditions precedent.
Turkcell CEO Murat Erkan stated the following in relation to the Karadağ Wind Power Plant acquisition:
“In line with our sustainability approach, we continue to lead investments in renewable energy and target to become a company meeting its electricity need from eco-friendly resources. In accordance with this target, the energy we generated with the self-consumption model in 2020 reached a level equivalent to the annual consumption of 1,230 residences. In Northern Cyprus, Turkcell Group’s first solar power plant generates 1.2 million kWh of electricity annually and prevents 448 tons of carbon dioxide emissions. Meanwhile, the Ankara Data Center, the first in Turkey to generate its own energy via solar panels, produces 300,000 kWh of electricity annually. Furthermore, through solar power investments in our Adana Plaza, Diyarbakır Plaza and Çorlu Data Center, we have reached the capacity to generate 730,000 kWh of energy annually. Going forward, we will continue to invest in projects with respect to renewable energy generation.”
Murat Erkan pointed out the high production efficiency of Karadağ Wind Power Plant, and that this acquisition would contribute to Turkcell’s focus on sustainability and minimize its environmental footprint.
Erkan stated that the power plant commenced operations in 2016 holding a license that will expire in 2057, and concluded that:
“Turkcell Enerji, operating under the Enerjicell brand, serves individual and corporate customers in Turkey, who are eligible to choose their own electricity suppliers. In addition to our investments in renewable energy and power plants, we also continue to utilize eco-friendly methods through trading with green energy companies. Going forward, we will continue to invest in renewable energy through Turkcell Enerji Çözümleri and make Turkcell a carbon neutral company that uses electricity generated from eco-friendly resources.”
For the acquisition of Boyut Grup Enerji, an enterprise value (EV) of US$ 29.6 million has been determined. After adjusting for the net debt of Boyut Grup Enerji, Turkcell shall make a payment of US$ 11.5 million. According to the Turkcell statement, Karadağ Wind Power Plant has an 18 MW installed capacity as well as an annual electricity generation capacity of 67.5 GWh, and thereby has the potential to meet the annual electricity need of approximately 22,500 houses. The plant has state purchase guarantee until the end of 2026. The anticipated annual gross revenue of the plant during 2021-2026 period is approximately US$ 5 million.
Taner Olçum
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+90 532 2106185
Company Expands Capabilities in Internet of Things and Smart City Products
HOUSTON--(BUSINESS WIRE)--Geospace Technologies (NASDAQ: GEOS) today announced that it has acquired 100 percent of the outstanding shares of Aquana, LLC, a comprehensive wireless water monitoring and control system provider. Under terms of the agreement, Aquana will operate as a wholly owned subsidiary of Geospace Technologies. The Company intends to retain Aquana’s employees, further strengthening Geospace’s highly skilled technical workforce. Terms of the transaction include an initial cash payment of $1.4 million at closing, subject to adjustment, and additional contingent cash payments over a six-year earn-out period. The contingent cash payments will be derived from revenues generated during the earn-out period from products and services sold by Aquana, LLC.
Founded in 2017, Aquana provides a leading Internet of Things (IoT) water management platform that delivers remote shut-off valve control, remote AMI meter reading, as well as leak and burst protection for municipal water utilities, multi-dwelling properties, and commercial buildings. Aquana combines connected smart valve hardware with cloud-based software in a Software as a Service (SaaS) recurring revenue model.
Rick Wheeler, CEO and President of Geospace Technologies, said, “Building upon Geospace’s deep technology focus and targeted business diversification strategy, I’m pleased to announce the acquisition of Aquana. Aquana’s premier IoT platform offers multifunctional, modular, and enterprise-ready solutions serving the rapidly growing property management and water utility markets. Fully complementary to our existing products and market expertise, Aquana’s state-of-the-art systems incorporate sensors, are Internet connected, and use configurable algorithms to help clients maximize revenue, limit costs, and mitigate water damage.”
Steve Askew, CEO of Aquana, LLC, said, “We are excited to join the Geospace team. Backed by Geospace’s decades of technology development, manufacturing, and extensive customer service, Aquana can better serve our customers, scale more rapidly, and develop new products. Moreover, property managers and water utility operators alike will be able to deploy intelligent leak detection and remote disconnect capabilities to provide more benefits to consumers and tenants.”
Aquana’s leak detection systems serve a valuable role in the property management sector, identifying and alerting property owners of water damaging events in their initial stages. Analysts estimate that approximately two percent of U.S. properties experience leak-related damage each year, resulting in a corresponding increase in insurance claims. 2017 water damage insurance claims payments were $13 billion. The rise in such claims has facilitated the growth of leak detection systems by the more than 400 Water Utilities that serve approximately 140 million domestic customers. Aquana’s business strategy seeks to capture 5% of the remote shut-off valve market which represents a $1.4B opportunity. In addition, Aquana’s submetering, compliance, and automation features play a valuable role in helping users conserve water, ensure compliance with municipal regulations, and justify premium rents.”
Additionally, Aquana’s Internet connected remote value platform improves a utility’s ability to save time, money, and expense. Industry analysts estimate that approximately five to ten percent of water utility users don’t pay their bills, and that each time a utility is forced to disconnect and then reconnect service, significant labor and operational costs are incurred. Aquana’s sensors and actuators enable utilities to disconnect and reconnect services remotely from a secure central location.
The Aquana business division will reside in Geospace’s Adjacent Markets segment. This segment generated a 10% increase in year-over-year revenue for the six-month period ending March 31, 2021, despite the debilitating effects of the worldwide COVID-19 pandemic. Management believes that its technology focused diversification strategy will continue to pay strong dividends.
Wheeler concluded, “I’d like to welcome the highly innovative and talented Aquana personnel to our Geospace team. Through the combination of our technologies, engineering, and core manufacturing competencies, we look forward to forging a profitable and successful enterprise as we continue to drive results for our valued clients and trusted shareholders.”
About Geospace Technologies
Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment and offshore cables.
About Aquana
Aquana’s premier Internet of Things (IoT) platform offers multifunctional, modular, and enterprise ready solutions serving the rapidly growing water utility and property management markets. The Company’s water management solutions deliver remote shut-off valve control, remote AMI meter reading, as well as leak and burst protection for multi-family properties, commercial buildings, and utilities. Aquana combines connected smart valve hardware with cloud-based software in a Software as a Service (SaaS) recurring revenue model.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss our future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward-looking statements include, among others, statements that we make regarding the success of our transaction with Aquana and our diversification strategy. These forward-looking statements reflect our current judgment about future events and trends based on the information currently available to us. However, there will likely be events in the future that we are not able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10-Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Aquana transaction and our diversification strategy to yield positive operating results. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise.
Rick Wheeler
President and CEO
TEL: 713.986.4444
FAX: 713.986.4445
LONDON--(BUSINESS WIRE)--Flexion Energy, the modern utility company and energy storage infrastructure specialist, today announces that it has received £150 million of investment from GLIL Infrastructure.
Flexion intends to develop, build, own and manage energy storage systems in the UK, specifically large-scale batteries connected to and servicing the electricity grid. The company bridges the gap between the development and financing of energy storage sites.
Energy storage underpins the switch to renewable sources of energy, serving as a critical pillar in enabling electrification to help the UK meet its net-zero carbon emissions targets. Flexion’s development of storage infrastructure will help stabilise the transition to renewable energy in the UK and provide security to the grid by reducing volatility associated with the production of renewable energy.
This investment from GLIL will enable Flexion to construct and make operational an established pipeline of up to 300 MW of grid connected battery storage systems within the next 24 months. Furthermore, Flexion has an objective to deliver 1 GW of operational storage systems within five years.
Flexion benefits from the extensive track records of ion Ventures’ Co-Founders, Hassen Bali and Dan Taylor, both storage infrastructure experts who bring a unique blend of commercial and technical expertise to Flexion that spans more than 40 years. ion Ventures has been engaged by Flexion to provide development, operational and asset management services to Flexion as it develops its significant storage pipeline through to operations.
Their knowledge of the renewable energy sector and in-depth understanding of Distribution Network Operators (DNOs) is the result of achieving a number of “market firsts”, including the first Tesla grid-scale storage system in Europe, which saw one of the first uses of battery energy storage for grid-scale support in the UK, and the development of more than 200 MW of energy storage assets to date.
The deal is the eleventh investment by GLIL, the £2.5bn infrastructure fund backed by Local Pensions Partnership and Northern LGPS. In April, GLIL announced its appointment as an infrastructure investment partner for Government-established workplace pension provider Nest. Its investments to date include equity stakes in Anglian Water, Clyde Windfarm, Forth Ports, two fleets of trains with Rock Rail, a portfolio of PPP assets and investments in biomass and anaerobic digestion energy generation, and Agility Trains East (‘ATE’), a rolling stock fleet of 65 new intercity trains on the East Coast Mainline. Most recently, in April, it acquired UK energy infrastructure provider Smart Meter Assets 1 Ltd.
Dan Taylor and Hassen Bali, Co-Founders of Flexion Energy and ion Ventures, commented: “The requirement for energy storage in the UK is significant and growing as we transition to a lower carbon economy. Energy storage will play a central role in the energy transition, which is driven by the UK’s legally binding commitment for net-zero carbon emissions by 2050 and accelerated by the UK government’s recent Ten Point Plan, in addition to the rapidly evolving demand for electricity.
“The technical capabilities of our team will ensure that we stay ahead of future market shifts and that our approach remains resilient and differentiated. Flexion is technology agnostic and will take advantage of the continuing evolution of battery technology and innovation in the broader energy storage space.
“Public markets are already playing a big role in funding energy storage infrastructure, but the sector remains underserved and Flexion is seeking to address this. We welcome this investment from GLIL Infrastructure and look forward to achieving our clear long-term growth objectives that deploy cash generative assets.”
Jonathan Ord, Investment Director at GLIL Infrastructure, added: “Energy specialists like Flexion have a critical role to play in the country’s future infrastructure objectives. Our backing of the company ties in with our extensive plans to assist in the UK’s recovery and help to build a sustainable economy for the future through infrastructure investment. We look forward to working with Dan, Hassen and the team, and to providing stable, inflation-linked returns for our members.”
About Flexion Energy:
Flexion Energy is a modern utility and energy storage infrastructure specialist. Flexion Energy bridges the gap between development and finance in the energy storage sector – sourcing, developing and operating energy storage assets at scale in the UK. Founded by Dan Taylor and Hassen Bali, Flexion Energy has blended commercial and technical expertise to develop energy storage solutions which manage grid volatility during the transition to renewable energy. For more information, please visit https://flexion.energy/.
About GLIL Infrastructure:
GLIL is an Alternative Investment Fund with £2.475bn of committed capital. The fund was established in April 2015 by Greater Manchester Pension Fund and the London Pensions Fund Authority. It was relaunched in 2018 as an Alternative Investment Fund to invest in infrastructure projects and is now supported by a number of UK Local Government Pension Funds, including Greater Manchester, Merseyside and West Yorkshire Pension Funds, which are known collectively as Northern LGPS, and Lancashire County Pension Fund, Royal County of Berkshire Pension Fund and the London Pensions Fund Authority, which form Local Pensions Partnership. In March 2021, GLIL was appointed as an infrastructure investment partner for Nest, the Government-established workplace pension provider. For more information, please visit: www.glil.co.uk
About ion Ventures:
ion Ventures was established in 2018 to exploit opportunities that arise from the increasing complexity of energy systems, the shift to distributed generation and more localised networks and the need for flexible and responsive solutions. ion Ventures specialises in utilising appropriate technology, combined with commercial expertise, to identify and deliver solutions that meet these challenges. The company’s management team collectively has more than 25 years’ experience in the clean energy industry, with a proven track record financing and developing clean energy projects, including energy storage.
For more information, please visit: https://www.ion.ventures/
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Technology enables digital transformation of offshore development project in Guyana
HOUSTON--(BUSINESS WIRE)--Regulatory News:
TechnipFMC (NYSE:FTI) and Halliburton Company (NYSE: HAL) today announced they received an OTC Spotlight on New Technology Award® (SONT) for their Odassea™ Subsea Fiber Optic Solution, an advanced downhole fiber optic sensing system. ExxonMobil selected the solution for its Payara development project in Guyana. The award followed completion of front-end engineering and design studies and qualifications.
“We are excited to win OTC’s Spotlight Award and deploy Odassea™ in Payara, the industry’s largest subsea fiber optic sensing project,” said Trey Clark, vice president of Halliburton Wireline and Perforating. “By collaborating with TechnipFMC, we combine our sensing and subsea expertise to enhance reservoir insight and to lower the total cost of ownership for our customers.”
The Odassea™ service integrates hardware and digital systems to strengthen capabilities in subsea reservoir monitoring and production optimization. Halliburton provides the fiber optic sensing technology and analysis for reservoir diagnostics. TechnipFMC provides the optical connectivity from the topside to the completions. Through this collaboration, operators can accelerate full field subsea fiber optic sensing, design, and execution.
The Payara development, located 200 kilometers offshore Guyana in 1,800 meters water depth, is the third development within the Stabroek block with current discovered recoverable resources estimated at approximately 9 billion oil-equivalent barrels.
“To win the SONT award and to help our client enable an enhanced level of reservoir understanding are great achievements,” said Christina Johansen, Senior Vice President of TechnipFMC Subsea Product Management. “Solutions such as Odassea™ transform our clients’ project economics and demonstrate how we are continuously driving change in the industry.”
TechnipFMC and Halliburton are delivering Odassea™ solutions to multiple other subsea projects at all stages, from conceptual design to execution.
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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.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 50,000 employees, representing 140 nationalities in more than 80 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
Category: UK regulatory
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DENVER--(BUSINESS WIRE)--Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty”) announced today the successful completion of the rigorous field testing of Liberty’s digiFrac™ electric pump. Developed by Liberty’s ST9 commercial equipment division, digiFrac is the industry’s first purpose-built fully integrated electric frac pump with high power density and significantly lower emissions relative to the best next generation frac technology available in the market.
Final field testing for digiFrac was completed on a three well pad with 24-hour operations for a large E&P partner in the Delaware Basin of West Texas. The digiFrac pump represented 10% of pumping capacity on location and affirmed confidence for commercial production. The system became Liberty’s preferred capacity for rate changes and adjustments with 0.1 barrel per minute micro control system ability during the completions.
The field test comes after three years of internal research and development resulting in the delivery of a state-of-the-art electric pump engineered for flexibility, from adaptable electric power sources to next generation equipment integration. The digiFrac platform will allow flexibility to incorporate electricity from central generation or the grid if available. The digiFrac pump will also anchor a fully electric frac fleet by integrating with Liberty’s existing electric wireline and backside equipment including blender, hydration, and sand handling, culminating in the industry’s first complete designed for purpose electric suite of frac technology.
“The successful development and field test of digiFrac is a milestone for the industry and reflects Liberty’s commitment to continued innovation in ESG technologies. When commercialized, digiFrac will represent the most advanced frac system available, allowing our customers to raise efficiency and control of their operations while lowering their emission profiles,” said Chris Wright, CEO of Liberty.
“Adding the digiFrac electric pump allowed for precision rate control we have not been able to accomplish before. The digiFrac pump quickly became the control center of location. This technology is going to be a game changer for future operations,” said Jesse Dees, Liberty Service Leader for Eclipse crew.
About Liberty
Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..
Michael Stock
Chief Financial Officer
303-515-2851
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VALLEY FORGE, Pa.--(BUSINESS WIRE)--#EarningsCall--UGI Corporation (NYSE:UGI) will announce the results of its third fiscal quarter earnings after the market closes on August 4. The company will hold a live internet audio webcast of its conference call to discuss results and other current activities at 9:00 AM ET on Thursday, August 5.
Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/events-and-presentations or by visiting the company website https://www.ugicorp.com and clicking on “Investors” and then “Events and Presentations.”
A telephonic replay will be available from 12:00 PM ET on August 5 through 11:59 PM ET August 12. The replay may be accessed toll free at 855-859-2056 and internationally at +1 404-537-3406, conference ID 7457165.
About UGI
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in twelve states and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.
Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.
CONTACT INVESTOR RELATIONS
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498
Shelly Oates, ext. 3202
KENNESAW, Ga. & PASADENA, Calif.--(BUSINESS WIRE)--Athena Technology Acquisition Corp. (“Athena”) (NYSE: ATHN), a special purpose acquisition company (SPAC), and Heliogen, Inc. (“Heliogen” or the “Company”), a leading provider of AI-enabled concentrated solar power, today announced that they have entered into a definitive agreement for a business combination. Following the business combination, Athena expects to be renamed “Heliogen, Inc.” and will remain listed on the New York Stock Exchange under the new ticker symbol “HLGN”.
Heliogen’s modular, AI-enabled, concentrated solar power plants have the potential to revolutionize the energy market by alleviating intermittency issues associated with renewable sources of power generation. Heliogen’s technology is designed to flatten the power generation curve by using concentrated solar power with storage to increase the availability of energy to industry. The Company’s proprietary heliostat layout and control system facilitate concentration of the sun’s rays and has the ability to generate temperatures at the point of focus that can exceed 1,000 degrees centigrade. This heat can then be captured and converted for industrial use, power generation, or to produce green hydrogen fuel, with the goal of providing near-24 hour renewable energy that could replace fossil fuels with concentrated sunlight. Heliogen is commencing the commercialization of its AI-enabled, concentrated solar power modules with internationally recognized customers in the industrial, mining, and energy sectors.
Athena, led by Chairwoman Isabelle Freidheim and CEO Phyllis Newhouse, is one of the only entirely women-led SPACs, with a diverse, all-female team of managers, advisors and investors. Athena's mission-driven management team combines extensive investment and operational expertise with a history of founding and scaling companies to positions of industry leadership. Through the Heliogen combination, Athena Chief Executive Officer Phyllis Newhouse is believed to be the first woman of color in the U.S. to take a company public through a SPAC.
Heliogen’s leadership will remain intact immediately after closing, with Bill Gross continuing as Chief Executive Officer of the combined company. Mr. Gross will work alongside Heliogen’s current executive team, including veterans of SpaceX, McKinsey & Company, Bechtel, Idealab, Deutsche Bank, and NRG Energy. Phyllis Newhouse is anticipated to join the Board of Directors of the combined company, which will include representation from both Heliogen and Athena.
“We are excited to combine with Athena to leverage our collective expertise as we execute our strategy to accelerate Heliogen’s growth and scale our groundbreaking concentrated solar technology for the global energy market,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “I have been building companies nearly my entire life, and the opportunity that Heliogen’s technology represents, to decarbonize power generation, replace other carbon-intensive sources of industrial heat, and contribute to the cost efficient production of alternative fuels such as green hydrogen, is at the head of the pack in terms of its potential to make a positive impact on society. As economies and industries worldwide continue to decarbonize, I believe Heliogen’s AI-enabled technology will play an important role in supporting and making those goals reality.”
“We very much look forward to working with Bill and the entire team at Heliogen in the pursuit of a cleaner, decarbonized world,” said Phyllis Newhouse, Chief Executive Officer of Athena. “Chairwoman Isabelle Freidheim and I co-founded Athena with a mission to work with disruptive technology companies with the potential to advance industry, and even society, through innovation. Heliogen absolutely meets that standard, not only in terms of solar-power generation, but in its ability to produce other sources of clean energy that may replace fossil fuels. The company’s pioneering use of AI and its scalable approach to project development are exciting innovations, and we couldn’t be more proud to combine with Heliogen as a publicly traded company.”
Transaction Overview
The business combination is structured as a statutory merger of Athena and Heliogen, with Heliogen surviving the merger as a wholly owned subsidiary of Athena. All of Heliogen’s stockholders are expected to rollover their equity into the combined company and to receive shares of Athena Class A common stock at closing as consideration.
The transaction is anticipated to generate gross proceeds of up to approximately $415 million of cash, assuming no redemptions by Athena’s public stockholders. The proceeds are expected to be used to scale heliostat manufacturing, to support research and development efforts on next generation heliostat technology, to support global project development, and to fund the balance sheet. These gross proceeds include investor commitments to purchase up to $165 million in shares of stock in Athena at $10.00 per share through a private investment in public equity (a “PIPE”), subject to satisfaction of customary closing conditions. Assuming no redemptions by Athena’s public stockholders and including anticipated proceeds from the PIPE, Athena estimates an initial pro forma implied enterprise value of the combined company immediately after closing of the business combination of approximately $2.0 billion.
The transaction has been unanimously approved by the boards of Heliogen and Athena. Completion of the proposed transaction is subject to customary closing conditions, including the approval of Athena’s and Heliogen’s respective stockholders and regulatory approvals, and is expected to occur in the fourth calendar quarter of 2021.
Advisors
Cohen & Company Capital Markets (a division of J.V.B. Financial Group, LLC), is serving as financial advisor to Athena. Barclays is serving as financial advisor to Heliogen. Cohen & Company Capital Markets is also serving as placement agent to Athena. DLA Piper LLP (US) is serving as legal advisor to Athena. Cooley LLP is acting as legal advisor to Heliogen.
Investor Conference Call Information
Heliogen and Athena will host a joint investor conference call to discuss the proposed transaction today, Wednesday, July 7, 2021 at 8:30AM ET.
To listen to the prepared remarks via telephone from the U.S., dial 1-877-407-9039 and an operator will assist you. International investors may listen to the call by dialing 1-201-689-8470. A telephone replay will be available by dialing 1-844-512-2921 if in the U.S, and by dialing 1-412-317-6671 from outside the U.S. The PIN for access to the replay is 13721322. The replay will be available through July 21, 2021 at 11:59PM ET.
Athena will file the investor presentation relating to the proposed transaction with the U.S. Securities and Exchange Commission (the “SEC”) as an exhibit to a Current Report on Form 8-K prior to the call, which will be available on the SEC’s website at www.sec.gov. All materials can also be found at https://www.athena1.com.
About Heliogen
Heliogen is a renewable energy technology company focused on empowering a sustainable future by eliminating the need for fossil fuels in all sectors of the economy. The company’s Sunlight Refinery™ aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, and green hydrogen fuel at scale for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996.
For more information about Heliogen, please visit Heliogen.com or @heliogeninc.
About Athena Technology Acquisition Corp.
Athena Technology Acquisition Corp. is an entirely women-led special purpose acquisition company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the technology, direct-to-consumer and fintech industries.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the business combination between Athena and Heliogen, the consideration to be paid to Heliogen’s stockholders and its closing, statements regarding Heliogen’s listing on the NYSE, statements regarding the anticipated enterprise value of the combined company at closing, statements regarding Heliogen’s expected proceeds from the business combination, use of such proceeds and expected benefits of the business combination, statements regarding Phyllis Newhouse, statements regarding the impact of Heliogen’s technology on the energy market, and statements regarding the expected proceeds from the PIPE and its closing. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on current expectations and beliefs of the management of Athena and/or Heliogen in light of their respective experience and their perception of historical trends, current conditions and expected future developments and their potential effects on Heliogen and Athena as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting Heliogen or Athena will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including changes in domestic and foreign business, market, financial, political and legal conditions, potential benefits and commercial attractiveness to its customers of Heliogen’s products and services, the potential success of Heliogen’s marketing and expansion strategies, Heliogen’s ability to scale and the timing of expected business milestones, the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required 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 proposed business combination or that the approval of the stockholders of the Company or Athena is not obtained, failure to realize the potential benefits of the business combination (including with respect to stockholder value), the effects of competition on the Company’s future business, the ability of the post-combination company to meet the NYSE listing standards, the amount of redemption requests made by Athena’s public stockholders, the ability of Athena or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future, and expectations related to the terms and timing of the potential transactions and those factors discussed in Athena’s final prospectus filed on March 18, 2021, under the heading “Risk Factors,” and other documents of Athena filed, or to be filed, including the proxy statement/prospectus expected to be filed in connection with the business combination, with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of Athena’s filings with the SEC, and in Athena’s current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to Athena and/or Heliogen as of the date hereof, and Athena and/or Heliogen assumes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Important Information for Investors and Stockholders
In connection with the proposed business combination, Athena plans to file a registration statement on Form S-4 (the “Registration Statement”) with the SEC, which includes a proxy statement to be distributed to the holders of Athena’s common stock in connection with Athena’s solicitation of proxies for the vote by Athena’s stockholders with respect to the business combination and other matters as described in the Registration Statement and a prospectus relating to the offer of the securities to be issued to the equity holders of Heliogen in connection with the business combination. This press release does not contain all the information that should be considered concerning the proposed business combination- and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Athena and Heliogen urge investors, stockholders and other interested persons to read, when available, the Registration Statement, as well as other documents filed with the SEC, because these documents will contain important information about the proposed transaction.
When available, the Registration Statement and other relevant materials for the proposed business combination will be mailed to stockholders of Athena as of the record date to be established for voting of the proposed transaction. The Registration Statement, once available, can be obtained, without charge, at the SEC’s web site (http://www.sec.gov).
Participants in the Solicitation
Heliogen, Athena and their respective directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Athena’s stockholders in respect of the proposed Business Combination and related transactions. Information regarding Athena’s directors and executive officers is available in its Form S-1 filed with the SEC on February 5, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be contained in the preliminary and definitive proxy statements/prospectus related to the proposed business combination and related transactions when it becomes available, and which can be obtained free of charge from the sources indicated above.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Heliogen Contacts
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Athena Technology Acquisition Corp. Contacts
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Technology enables digital transformation of offshore development project in Guyana
HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE:FTI) and Halliburton Company (NYSE: HAL) today announced they received an OTC Spotlight on New Technology Award® (SONT) for their Odassea™ Subsea Fiber Optic Solution, an advanced downhole fiber optic sensing system. ExxonMobil selected the solution for its Payara development project in Guyana. The award followed completion of front-end engineering and design studies and qualifications.
“We are excited to win OTC’s Spotlight Award and deploy Odassea™ in Payara, the industry’s largest subsea fiber optic sensing project,” said Trey Clark, vice president of Halliburton Wireline and Perforating. “By collaborating with TechnipFMC, we combine our sensing and subsea expertise to enhance reservoir insight and to lower the total cost of ownership for our customers.”
The Odassea™ service integrates hardware and digital systems to strengthen capabilities in subsea reservoir monitoring and production optimization. Halliburton provides the fiber optic sensing technology and analysis for reservoir diagnostics. TechnipFMC provides the optical connectivity from the topside to the completions. Through this collaboration, operators can accelerate full field subsea fiber optic sensing, design, and execution.
The Payara development, located 200 kilometers offshore Guyana in 1,800 meters water depth, is the third development within the Stabroek block with current discovered recoverable resources estimated at approximately 9 billion oil-equivalent barrels.
“To win the SONT award and to help our client enable an enhanced level of reservoir understanding are great achievements,” said Christina Johansen, Senior Vice President of TechnipFMC Subsea Product Management. “Solutions such as Odassea™ transform our clients’ project economics and demonstrate how we are continuously driving change in the industry.”
TechnipFMC and Halliburton are delivering Odassea™ solutions to multiple other subsea projects at all stages, from conceptual design to execution.
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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.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 50,000 employees, representing 140 nationalities in more than 80 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
For Halliburton
Investors:
Abu Zeya
Halliburton, Investor Relations
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281-871-2633
Media:
William Fitzgerald
Halliburton, External Affairs
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713-876-0105
For TechnipFMC
Investors:
Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations
Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
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Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
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AKRON, Ohio--(BUSINESS WIRE)--$BW #renewableenergy--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced that on June 30, 2021, it entered into agreements (the “Financing Agreements”) with PNC Bank, N.A. (“PNC”) and an affiliate of MSD Partners, L.P. (“MSD Partners”) under which PNC has provided an up to $50 million asset-based revolving credit facility and availability for up to $125 million of letters of credit to B&W, and MSD Partners will provide cash collateral to support the letter of credit availability. The Financing Agreements have a maturity date of June 30, 2025.
All obligations under the Company’s prior Credit Agreement with Bank of America N.A. as administrative agent have been discharged, and the Credit Agreement has been terminated. Under the terms of the prior Credit Agreement, approximately $9 million in deferred fees have been waived due to the Company’s successful refinancing prior to July 1, 2021.
“The closing of this new facility is a significant accomplishment that demonstrates the strength of our company going forward and reflects the confidence of our lenders and our shareholders in our business and its future growth,” said Kenneth Young, B&W Chairman and Chief Executive Officer. “With financing in place through June 2025, and long-term availability to support multi-year projects, we have a new start to build on our strong global growth strategy, continue to invest in our renewable, environmental, thermal and decarbonization technologies and evaluate potential acquisitions. The new senior facility will directly support new projects this year and ongoing projects as we leverage the strength of our experienced management team, improved balance sheet and robust pipeline to increase shareholder value while driving a worldwide industrial transformation to a green environmental future.”
Evercore served as the exclusive financial advisor to B&W.
About Babcock & Wilcox Enterprises
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets.
About MSD Partners, L.P.
MSD Partners, L.P., an SEC-registered investment adviser located in New York, was formed in 2009 by the principals of MSD Capital, L.P. to enable a select group of investors to invest in strategies that were developed by MSD Capital. MSD Capital was established in 1998 to exclusively manage the capital of Michael Dell and his family. MSD Partners utilizes a multi-disciplinary investment strategy focused on maximizing long-term capital appreciation by making investments across the globe in the equities of public and private companies, credit, real estate and other asset classes and securities. For further information about MSD Partners, please see www.msdpartners.com.
Forward-Looking Statements
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company’s strength and future growth going forward, global growth strategy, future investments and the impact of and support provided by the credit facility. Factors that could cause such actual results to differ materially from these contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and the Company cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Enriching Subsurface Digital Twins through Electromagnetic Remote Sensing for Water, Environmental, and Infrastructure Resilience
EXTON, Pa.--(BUSINESS WIRE)--Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced that its Seequent business unit has acquired Danish company Aarhus GeoSoftware, a developer of geophysical software. The acquisition extends Seequent’s solutions for operational ground water management, and for sustainability projects involving exploration, contaminants, and infrastructure resilience.
Aarhus GeoSoftware, a spinoff company from Aarhus University in Denmark, develops the software packages AGS Workbench, SPIA, Res2DInv, and Res3DInv for the processing, inversion, and visualization of geophysical data from ground-based and airborne electromagnetic (EM), electrical resistivity tomography (ERT) remote sensing, and other sources. AGS software enables users to create 2D and 3D images of subsurface electrical resistivity. The outputs of the software can be used to distinguish and differentiate subsurface materials and can subsequently be modeled in Seequent’s Leapfrog to aid in various subsurface investigations.
The software uses electric field measurements, collected at ground level or with airborne sensors, to map the subsurface distribution of certain materials such as water, mineral deposits, and clays. Electrical resistivity allows a better understanding of the distribution of materials such as water, mineral deposits, and clays, and when the water contains other compounds such as salt, researchers and industry professionals can infer the distribution.
The genesis of AGS software was to ensure clean drinking water for future generations by mapping groundwater across Denmark. It is now used in many different areas, including locating subsurface faults and cavities to mitigate construction risk, in mining for investigating orebodies and waste rock and tailing processes, monitoring movements of groundwater and contaminants to help understand environmental impacts, modeling dam and tunnel stability, and assessing landslide risk to gauge asset resilience or construction plan impacts. Seequent will continue its tradition of collaborating with universities and research organizations worldwide through ongoing engagement with Aarhus University for the development of AGS geophysical solutions.
Graham Grant, chief executive officer of Seequent, said, “The acquisition will add new geophysical data processing capabilities to our workflows to help advance subsurface investigation and modeling. AGS software, coupled with Seequent’s advanced geologic modeling and analysis software, creates a key tool in helping understand and manage groundwater and assessing risk in infrastructure such as dams and canals. We’re excited about the new possibilities this opens up for our collective users worldwide, improving life-time digital twins.”
Toke Højbjerg Søltoft, chief executive officer of Aarhus GeoSoftware, said, “Seequent’s global reach will allow AGS software to positively impact more projects worldwide. As we continue to develop solutions, our users will benefit from our tools being in Seequent’s ecosystem and workflow. We’re excited to join Seequent and to work together on our shared vision of helping organizations make more informed and sustainable decisions through a better understanding of the subsurface.”
For more information, please visit https://www.aarhusgeosoftware.dk/.
Image 1: https://www.bentley.com/-/media/Images/Press%20Release%20Images/2021/Aarhus_Workbench
Caption: AGS Workbench is a comprehensive software package for processing, inversion, and visualization of geophysical and geological data. The AGS Workbench package is based on a GIS interface and includes dedicated data processing modules for various geophysical data types. The package integrates all workflow steps from processing the raw data to the final visualization and interpretation of the inversion models.
Image 2: https://www.bentley.com/-/media/Images/Press%20Release%20Images/2021/Aarhus_Workbench_TEM_Workflow
Caption: Airborne Electromagnetic (AEM) remote sensing is used to collect extensive volumes of data from an aircraft. A sensor loop below a helicopter or small plane transmits an electromagnetic signal to the earth. Based on the subsurface properties, a secondary field is created and measured at the aircraft. These data are then processed to estimate subsurface electrical properties. The AGS Workbench software is used for processing, inversion, and visualization of the data collected by AEM and other geophysical methods.
Airborne Electromagnetic (AEM) remote sensing uses electromagnetic induction to collect extensive volumes of data from an aircraft. It is a fast and cost-effective way of subsurface mapping, can cover large areas (10s-1000s of km2) in a few days, requires no new drilling or ground access, and, using 3D modeling and visualization software, has a quick turnaround for mapping the subsurface.
The technique involves a helicopter or a small airplane towing a sensor loop approximately 100 feet (30 meters) above the ground. This generates an electromagnetic signal transmitted into the earth based on the subsurface properties, thereby a secondary field is created and measured at the aircraft. These data are then processed to estimate subsurface electrical properties. Depending on resistivity or conductivity, the returned signal helps geoscientists establish the nature of the subsurface.
Image 3: https://www.bentley.com/-/media/Images/Press%20Release%20Images/2021/AEM_slice
Caption: Sensing data processed and inverted in AGS Workbench software can then be combined in Seequent’s Leapfrog Works to create a 3D model that gives a detailed overview of resources. The above image is a hydrogeological map of the subsurface of the Principal Aquifer (and parts of the Ogallala Aquifer) in Nebraska, United States. Airborne Electromagnetic (AEM) remote sensing was used to capture data from the 4,000-square-mile study area. The color-coded volumes represent eight resistivity categories. Higher resistivity values are represented as yellow to red (sand and gravel), lower resistivity values are represented as blue to green (clay and silt), and brown represents bedrock.
About Seequent
Seequent, a Bentley company, is a world leader in the development of powerful geoscience analysis, modeling, and collaborative technologies for understanding geoscience and engineering design solutions. Our solutions enable people to analyze complex data, manage risk, and ultimately make better decisions about earth, environment, and energy challenges.
Seequent software is used on large-scale projects globally, including road and rail tunnel construction, groundwater detection and management, geothermal exploration, subsea infrastructure mapping, resource evaluation, and subterranean storage of spent nuclear fuel.
Seequent’s global footprint includes its Christchurch-based HQ and R&D centers in Christchurch and Canada, with a network of offices across Asia/Pacific, Africa, South America, North America, and Europe servicing organizations with leading subsurface solutions in over 100 countries. For more information, please visit www.seequent.com or follow Seequent on LinkedIn or Twitter.
About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $800 million in 172 countries. www.bentley.com
© 2021 Bentley Systems, Incorporated. Bentley, the Bentley logo, AGS Workbench, AssetWise, iTwin, Leapfrog, MicroStation, ProjectWise, Res2DInv, Res3DInv, Seequent, and SPIA are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.
Press Contact:
Christine Byrne
+1 203 805 0432
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Follow us on Twitter:
@BentleySystems
ISS Report Notes That Dissident Has Not Made a Compelling Case for Change
BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, today announced that the leading independent proxy advisory firm, Institutional Shareholder Services (“ISS”), has revised its initial recommendation and now recommends that all GeoPark shareholders vote “FOR” all eight of GeoPark’s highly qualified Director nominees at the Company’s Annual General Meeting of Shareholders, scheduled for July 15, 2021.
In its original report, ISS recommended that shareholders vote FOR seven of eight of GeoPark’s Director nominees. The change in ISS’ recommendation follows Mr. Pedro Aylwin Chiorrini’s resignation from the Board’s Nomination and Corporate Governance Committee, which accelerated the Board’s transition to maintain fully independent Board committees, consistent with GeoPark’s ongoing Board refreshment and corporate governance enhancements. Following Mr. Aylwin’s resignation, the Nomination and Corporate Governance Committee, the Audit Committee and the Compensation Committee now consist solely of independent Directors.
In making its recommendation, ISS notes1:
“We are gratified that ISS recognizes the Board’s commitment to evolving in line with corporate governance best practices and has revised its recommendation to support the re-election of all eight of GeoPark’s highly qualified Director nominees. We regularly review the mix of skills and experience of our Directors to ensure our Board is evolving in line with the increasing scale and demands of the business, and we are committed to continuous Director refreshment and further governance enhancements. We encourage GeoPark shareholders to follow ISS’ recommendation and vote “FOR” all of GeoPark’s nominees on the WHITE proxy card,” said Sylvia Escovar, Independent Chair of GeoPark’s Board of Directors.
WE STRONGLY URGE YOU TO VOTE “FOR” ALL 8 OF OUR BOARD NOMINEES
TO PROTECT THE VALUE OF YOUR INVESTMENT
VOTE USING THE WHITE CARD TODAY
Your vote is important. Please discard any blue proxy cards you may receive from Mr. Gerald O’Shaughnessy. If you have already returned a blue proxy card, you can change your vote simply by voting by telephone or via the Internet by following the instructions on the enclosed WHITE proxy card or by signing, dating and returning a WHITE proxy card today. Only your latest-dated proxy card will be counted.
If you have questions about how to vote your shares, please contact:
INNISFREE M&A INCORPORATED
Shareholders, Call Toll-Free: (877) 750-8166
Banks and Brokers, Call Collect: (212) 750-5833
NOTICE
A copy of GeoPark’s proxy statement and related materials as furnished to the SEC is available at no charge on the SEC website at www.sec.gov. In addition, copies of the proxy statement and other documents may be obtained free of charge by accessing the Company’s website at www.geo-park.com or at www.envisionreports.com/GPRK/2021/1B327AP21E/default.htm?voting=true.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.
Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including the composition of the Board of Directors, the Board’s evolution and diversification, GeoPark’s positioning to continue delivering consistent value and free cash flow and GeoPark’s focus on value creation for shareholders. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).
1 Permission to use quotations neither sought nor obtained from ISS.
INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
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Miguel Bello
Market Access Director
T: +562 2242 9600
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Diego Gully
Investor Relations Director
T: +5411 4312 9400
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Innisfree M&A Incorporated
Scott Winter / Gabrielle Wolf
T: +1-212-750-5833
MEDIA:
Sard Verbinnen & Co.
Jared Levy / Kelsey Markovich
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) announced today that it has been awarded a 183-day extension to its contract with Aramco for VALARIS JU-140, a standard-duty modern jackup. The extension is in direct continuation of the existing contract and, as a result, the VALARIS JU-140 is now expected to be under contract through the end of 2021.
About Valaris Limited
Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.
Cautionary Statements
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "could," "may," "might," “should,” “will” and similar words. Such statements are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including the Company’s liquidity and ability to access financing sources, debt restrictions that may limit our liquidity and flexibility, the COVID-19 outbreak and global pandemic, the related public health measures implemented by governments worldwide, the volatility in oil prices caused in part by the COVID-19 pandemic and the decisions by certain oil producers to reduce export prices and increase oil production, and cancellation, suspension, renegotiation or termination of drilling contracts and programs. In particular, the unprecedented nature of the current economic downturn, pandemic, and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact the Company’s business and financial condition. In addition to the numerous factors described above, you should also carefully read and consider “Item 1A. Risk Factors” in Part I and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II of our most recent annual report on Form 10-K, as updated in our subsequent quarterly reports on Form 10- Q, which are available on the Securities and Exchange Commission’s website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement and we undertake no obligation to update or revise any forward-looking statements, except as required by law.
Investor & Media Contact:
Darin Gibbins
Vice President - Investor Relations and Treasurer
+1-713-979-4623
TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today it has acquired the assets of a retail propane distribution company based in North Carolina, operating under the tradename, Williams Energy Group (“Williams Energy”).
“The acquisition of Williams Energy is Superior’s fifth acquisition in 2021 and supports our Superior Way Forward growth strategy initiative of executing on accretive acquisitions in our operational areas. This acquisition scales our existing footprint in North Carolina, and provides us with a strong customer base and synergy opportunities from combining our existing operations and the recent Freeman Gas acquisition,” said Luc Desjardins, Superior’s President and CEO. “Williams Energy is a well-run, customer-focused business and we look forward to welcoming the team and customers to Superior.”
Founded in 1998, Williams Energy is an established independent retail propane distributor delivering approximately ~7 million gallons of propane annually to 12,000 retail and commercial customers in North Carolina.
About the Corporation
Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.
For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).
Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran, Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587)
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