The Company presents its financial results in accordance with GAAP. However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see reconciliations in the section entitled "Reconciliation of GAAP to non-GAAP Financial Measures." Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.
*Adjusted EBITDA (a non-GAAP measure) is defined as operating income (loss) excluding depreciation & amortization and operating income adjustments.
LONDON & HOUSTON--(BUSINESS WIRE)--Baker Hughes Company (NYSE: BKR) ("Baker Hughes" or the "Company") announced results today for the second quarter of 2021.
|
Three Months Ended |
|
Variance |
||||||||||||||
(in millions except per share amounts) |
June 30, 2021 |
March 31,
|
June 30, 2020 |
|
Sequential |
Year-over-
|
|||||||||||
Orders |
$ |
5,093 |
|
|
$ |
4,541 |
|
|
$ |
4,888 |
|
|
|
12 |
% |
4 |
% |
Revenue |
5,142 |
|
|
4,782 |
|
|
4,736 |
|
|
|
8 |
% |
9 |
% |
|||
Operating income (loss) |
194 |
|
|
164 |
|
|
(52 |
) |
|
|
18 |
% |
F |
||||
Adjusted operating income (non-GAAP) |
333 |
|
|
270 |
|
|
104 |
|
|
|
23 |
% |
F |
||||
Adjusted EBITDA (non-GAAP) |
611 |
|
|
562 |
|
|
444 |
|
|
|
9 |
% |
38 |
% |
|||
Net loss attributable to Baker Hughes |
(68 |
) |
|
(452 |
) |
|
(195 |
) |
|
|
85 |
% |
65 |
% |
|||
Adjusted net income (loss) (non-GAAP) attributable to Baker Hughes |
83 |
|
|
91 |
|
|
(31 |
) |
|
|
(9 |
)% |
F |
||||
EPS attributable to Class A shareholders |
(0.08 |
) |
|
(0.61 |
) |
|
(0.30 |
) |
|
|
86 |
% |
71 |
% |
|||
Adjusted EPS (non-GAAP) attributable to Class A shareholders |
0.10 |
|
|
0.12 |
|
|
(0.05 |
) |
|
|
(16 |
)% |
F |
||||
Cash flow from operating activities |
506 |
|
|
678 |
|
|
230 |
|
|
|
(25 |
)% |
F |
||||
Free cash flow (non-GAAP) |
385 |
|
|
498 |
|
|
63 |
|
|
|
(23 |
)% |
F |
||||
"F" is used in most instances when variance is above 100%. Additionally, "U" is used in most instances when variance is below (100)%. |
“We are pleased with our second quarter results as we continued to generate significant free cash flow, execute on our strategy, and lead in the energy transition. During the quarter, TPS and OFE delivered solid orders and operating income while OFS continued to improve margins. We continued to invest and collaborate in strategic areas for new energy frontiers, advancing our partnerships in hydrogen, carbon capture, utilization and storage, and clean integrated power. I want to thank our employees and partners for their continued hard work and commitment to safety,” said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer.
“As we look ahead to the second half of 2021, we see continued signs of global economic recovery that should drive further demand growth for oil and natural gas. Although we recognize the risks presented by the variant strains of the COVID-19 virus, we expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up the industry for stronger growth in 2022.
“We remain focused on executing our strategy as the macro economy improves and our customers continue on their journey to a net-zero future. We look forward to supporting our customers, advancing our strategic priorities, and delivering for our shareholders,” concluded Simonelli.
Quarter Highlights
Supporting our Customers
The OFS segment executed an innovative Integrated Well Services tripartite agreement with bp and Odfjell Drilling to work together and transform platform drilling and completions activity in the North Sea’s Clair Field, the largest oil field in Western Europe. The five-year agreement will aim to improve production across the Field and will use Integrated Operations Level Three (IO3), the most progressive and technologically-advanced model for shaping offshore work and onshore support.
OFS continued to secure contracts for its differentiated portfolio of electrical submersible pump systems (ESPs) in multiple regions. In the Middle East, OFS secured a contract with an oil and gas operator to install over 500 ESPs across onshore operations, enhancing the customer’s capabilities to increase production and provide reliable energy. In Latin America, OFS secured an eight-year sole provider rental contract with a customer in Ecuador for ESPs, horizontal pumping systems, variable speed drives, and ProductionLink digital solutions, ensuring reliable and efficient operations.
OFS also increased its leadership position in Latin America, securing a large offshore Integrated Drilling Services contract with Petrobras in Brazil. The contract will aim to increase integration, expand remote services, and promote drilling efficiency.
The OFE segment secured multiple significant contracts with Petrobras in the second quarter and continued to gain traction with its Subsea Connect portfolio of technologies. OFE signed a frame agreement for two flexible pipe contracts across five of Petrobras’ offshore fields, totaling more than 300 kilometers of pipe to ensure reliable connections and optimal flow under high pressures, extreme temperatures and corrosive conditions. OFE was also awarded a subsea oilfield equipment contract from Petrobras as part of the Marlim and Voador field revitalization plan in the Campos Basin, including production and injection manifolds, control modules, subsea connection systems and associated services.
The TPS segment maintained its LNG leadership with several new equipment contracts in multiple regions, including the supply of main refrigerant and power generation technology for Nigeria LNG’s Train 7 project and aeroderivative gas turbine and compression technology for New Fortress Energy’s first “Fast LNG” modular offshore liquefaction project.
TPS secured a key contract for an ethylene cracker facility in India, displacing a competitor and providing compressor trains based on high efficiency steam turbine and centrifugal compression technologies. TPS also secured a key industrial win for its NovaLT12 technology for a combined heat and power application which will power a factory in the Kingdom of Saudi Arabia. TPS grew its year-over-year upgrades volume with multiple awards to support customer decarbonization efforts.
The DS segment continued to secure important contracts to advance customers’ energy transition goals, helping to reduce methane and carbon emissions as well as improve efficiencies. DS saw a number of awards in its flare.IQ advanced flare gas monitoring and optimization system, with contracts secured in the Middle East, China, North America and Europe.
DS secured a flare.IQ contract with bp, marking the first time flare.IQ will be used in the upstream oil and gas sector and continuing the two companies’ partnership to measure and reduce bp’s emissions from flaring at its global flaring operations. flare.IQ will be embedded into bp’s existing System 1 condition monitoring software from Bently Nevada, requiring no additional hardware for the customer.
DS continued to expand its industrial asset management wins across multiple end-markets. Bently Nevada secured a contract with a large corrugated paper manufacturing company for its condition monitoring and protection solutions, including wireless sensors, remote monitoring and diagnostics services to optimize production and reduce maintenance costs. The recently acquired ARMS Reliability business in Bently Nevada also grew its industrial asset management orders, including a subscription for its OnePM software to be deployed by a global chemicals customer with initial roll-out in China and Chile.
Executing on Priorities
Baker Hughes led another consecutive quarter in transforming its core operations, investing for growth in strategic areas, and positioning the Company for new frontiers.
The Company announced multiple collaborations and investments to decarbonize industries and develop low and zero-carbon technologies for the energy transition:
Baker Hughes signed a major agreement with PJSC LUKOIL to collaborate on multiple energy efficient technologies for the oil and gas sector to increase efficiencies, reduce carbon emissions, raise productivity and support the energy transition.
The companies will partner to test artificial lift systems (ALS) technology using Baker Hughes’s ESPs with LUKOIL’s leading energy efficient Permanent Magnet Motors (PMM), reducing energy consumption by 15-20% compared to existing artificial lift processes. The companies will also explore emissions mapping and abatement projects at LUKOIL’s overseas projects and a collaboration to produce Baker Hughes’ spoolable composite pipes in Russia, leveraging LUKOIL’s polymer production to provide an efficient and lower carbon alternative to traditional steel pipes.
TPS continued its focus on services growth, maintaining long-term relationships with LNG customers and achieving a major milestone by securing a six-year services contract extension in North America for a key producer. TPS also grew its year-over-year upgrades volume with significant deals across multiple regions, in particular Europe and the Middle East, for various applications including pipelines and offshore, as well as solutions to support customers’ operational decarbonization efforts.
Leading with Innovation
Baker Hughes continued to develop and deploy technologies to advance the energy transition, improve efficiencies, reduce emissions and accelerate digital transformation for industrial customers.
The BakerHughesC3.ai joint venture alliance (BHC3) announced that KBC, a wholly-owned subsidiary of Yokogawa Electric corporation, has adopted BHC3’s artificial intelligence (AI) technology to enhance its existing software portfolio for oil and gas process simulation, supply chain optimization and energy management. BHC3’s AI solutions will provide continuous automated updates to physics-based simulations through a flexible model to scale for any industrial configuration and environment. KBC expects the software deployment to generate significant annual economic value for customers, estimating that improved operations will yield more than $0.65 per barrel.
DS continued to drive digital transformation for industrial customers through its Nexus Controls and Bently Nevada product lines. In Latin America, DS secured a contract to upgrade Ecopetrol’s turbomachinery control systems for an upstream facility in Colombia. The contract includes control systems, cybersecurity, and excitation systems from Nexus Controls as well as the 3500 condition monitoring system and System 1 software from Bently Nevada.
Waygate Technologies launched a new digital service using advanced robotics to provide safe and efficient inspection as well as cleaning of industrial boilers. The service, known as Boiler Robotic Inspection & Cleaning (BRIC), leverages sophisticated ultrasonic and visual sensors and was developed in close collaboration with BASF, a world leader in chemicals. BRIC eliminates physical risks of inspections, provides more precise data than competing technologies, and dramatically cuts costs for customers in the chemical, pulp & paper, energy and other manufacturing industries.
TPS continued to advance technologies for the energy transition. As part of a research and innovation consortium funded by the EU Horizon 2020 program, TPS is developing supercritical CO2 technologies for flexible and efficient energy storage systems, with a first of its kind compressor to be used in thermal power plants. The compressor prototype is being tested at Baker Hughes’ facilities in Italy and is expected to increase overall plant efficiency, reduce emissions and water consumption, and provide more flexibility to adapt for changing energy conditions.
Consolidated Results by Reporting Segment
Consolidated Orders by Reporting Segment |
||||||||||||||
(in millions) |
Three Months Ended |
|
Variance |
|||||||||||
Consolidated segment orders |
June 30,
|
March 31,
|
June 30,
|
|
Sequential |
Year-over-
|
||||||||
Oilfield Services |
$ |
2,359 |
|
$ |
2,200 |
|
$ |
2,411 |
|
|
7 |
% |
(2 |
)% |
Oilfield Equipment |
681 |
|
345 |
|
699 |
|
|
97 |
% |
(3 |
)% |
|||
Turbomachinery & Process Solutions |
1,513 |
|
1,447 |
|
1,313 |
|
|
5 |
% |
15 |
% |
|||
Digital Solutions |
540 |
|
549 |
|
465 |
|
|
(2 |
)% |
16 |
% |
|||
Total |
$ |
5,093 |
|
$ |
4,541 |
|
$ |
4,888 |
|
|
12 |
% |
4 |
% |
Orders for the quarter were $5,093 million, up 12% sequentially and up 4% year-over-year. The sequential increase was a result of higher order intake in Oilfield Equipment, Oilfield Services and Turbomachinery & Process Solutions, partially offset by a reduction in Digital Solutions. Equipment orders were up 15% sequentially and service orders were up 10%.
Year-over-year, the increase in orders was a result of higher order intake in Turbomachinery & Process Solutions and Digital Solutions, partially offset by a decline in Oilfield Equipment and Oilfield Services. Year-over-year equipment orders were down 6% and service orders were up 12%.
The Company's total book-to-bill ratio in the quarter was 1.0; the equipment book-to-bill ratio in the quarter was 0.9.
Remaining Performance Obligations (RPO) in the second quarter ended at $23.8 billion, an increase of $0.6 billion from the first quarter of 2021. Equipment RPO was $7.6 billion, up 1% sequentially. Services RPO was $16.2 billion, up 3% sequentially.
Consolidated Revenue by Reporting Segment |
||||||||||||||
(in millions) |
Three Months Ended |
|
Variance |
|||||||||||
Consolidated segment revenue |
June 30,
|
March 31,
|
June 30,
|
|
Sequential |
Year-over-
|
||||||||
Oilfield Services |
$ |
2,358 |
|
$ |
2,200 |
|
$ |
2,411 |
|
|
7 |
% |
(2 |
)% |
Oilfield Equipment |
637 |
|
628 |
|
696 |
|
|
1 |
% |
(8 |
)% |
|||
Turbomachinery & Process Solutions |
1,628 |
|
1,485 |
|
1,161 |
|
|
10 |
% |
40 |
% |
|||
Digital Solutions |
520 |
|
470 |
|
468 |
|
|
11 |
% |
11 |
% |
|||
Total |
$ |
5,142 |
|
$ |
4,782 |
|
$ |
4,736 |
|
|
8 |
% |
9 |
% |
Revenue for the quarter was $5,142 million, an increase of 8%, sequentially. The increase in revenue was driven by higher volume across all segments.
Compared to the same quarter last year, revenue was up 9%, driven by higher volume in Turbomachinery & Process Solutions and Digital Solutions segments, partially offset by Oilfield Equipment and Oilfield Services.
Consolidated Operating Income by Reporting Segment |
|||||||||||||||||
(in millions) |
Three Months Ended |
|
Variance |
||||||||||||||
Segment operating income |
June 30,
|
March 31,
|
June 30,
|
|
Sequential |
Year-over-
|
|||||||||||
Oilfield Services |
$ |
171 |
|
|
$ |
143 |
|
|
$ |
46 |
|
|
|
20 |
% |
F |
|
Oilfield Equipment |
28 |
|
|
4 |
|
|
(14 |
) |
|
|
F |
F |
|||||
Turbomachinery & Process Solutions |
220 |
|
|
207 |
|
|
149 |
|
|
|
6 |
% |
48 |
% |
|||
Digital Solutions |
25 |
|
|
24 |
|
|
41 |
|
|
|
3 |
% |
(39 |
)% |
|||
Total segment operating income |
444 |
|
|
379 |
|
|
221 |
|
|
|
17 |
% |
F |
||||
Corporate |
(111 |
) |
|
(109 |
) |
|
(117 |
) |
|
|
(2 |
)% |
5 |
% |
|||
Inventory impairment |
— |
|
|
— |
|
|
(16 |
) |
|
|
— |
% |
F |
||||
Restructuring, impairment & other |
(125 |
) |
|
(80 |
) |
|
(103 |
) |
|
|
(56 |
)% |
(21 |
)% |
|||
Separation related |
(15 |
) |
|
(27 |
) |
|
(37 |
) |
|
|
46 |
% |
60 |
% |
|||
Operating income (loss) |
194 |
|
|
164 |
|
|
(52 |
) |
|
|
18 |
% |
F |
||||
Adjusted operating income* |
333 |
|
|
270 |
|
|
104 |
|
|
|
23 |
% |
F |
||||
Depreciation & amortization |
278 |
|
|
292 |
|
|
340 |
|
|
|
(5 |
)% |
(18 |
)% |
|||
Adjusted EBITDA* |
$ |
611 |
|
|
$ |
562 |
|
|
$ |
444 |
|
|
|
9 |
% |
38 |
|
*Non-GAAP measure. |
"F" is used in most instances when variance is above 100%. Additionally, "U" is used in most instances when variance is below (100)%. |
On a GAAP basis, operating income for the second quarter of 2021 was $194 million. Operating income increased $30 million sequentially and increased $245 million year-over-year. Total segment operating income was $444 million for the second quarter of 2021, up 17% sequentially and favorable year-over-year.
Adjusted operating income (a non-GAAP measure) for the second quarter of 2021 was $333 million, which excludes adjustments totaling $139 million before tax, mainly related to restructuring and separation related charges. A complete list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section entitled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted operating income for the second quarter of 2021 was up 23% sequentially, driven by volume increases across all segments. Adjusted operating income was favorable year-over-year driven by volume in the Turbomachinery & Process Solutions segment, and margin expansion in the Oilfield Services and Oilfield Equipment segments, partially offset by margin contraction in the Digital Solutions segment.
Depreciation and amortization for the second quarter of 2021 was $278 million.
Adjusted EBITDA (a non-GAAP measure) for the second quarter of 2021 was $611 million, which excludes adjustments totaling $139 million before tax, mainly related to restructuring and separation related charges. Adjusted EBITDA for the second quarter was up 9% sequentially and up 38% year-over-year.
Corporate costs were $111 million in the second quarter of 2021, up 2% sequentially and down 5% year-over-year.
Other Financial Items
Income tax expense in the second quarter of 2021 was $143 million.
Other non-operating loss in the second quarter of 2021 was $63 million. Included in other non-operating loss was a non-recurring charge for a loss contingency related to certain tax matters and losses from the net change in fair value of our investment in C3.ai.
GAAP diluted loss per share was $(0.08). Adjusted diluted earnings per share was $0.10. Excluded from adjusted diluted earnings per share were all items listed in Table 1a in the section entitled "Reconciliation of GAAP to non-GAAP Financial Measures" as well as the "other adjustments (non-operating)" found in Table 1c.
Cash flow from operating activities was $506 million for the second quarter of 2021. Free cash flow (a non-GAAP measure) for the quarter was $385 million. A reconciliation from GAAP has been provided in Table 1d in the section entitled "Reconciliation of GAAP to non-GAAP Financial Measures."
Capital expenditures, net of proceeds from disposal of assets, were $121 million for the second quarter of 2021.
Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.
Oilfield Services |
||||||||||||||
(in millions) |
Three Months Ended |
|
Variance |
|||||||||||
Oilfield Services |
June 30, 2021 |
March 31,
|
June 30, 2020 |
|
Sequential |
Year-over-
|
||||||||
Revenue |
$ |
2,358 |
|
$ |
2,200 |
|
$ |
2,411 |
|
|
7 |
% |
(2 |
)% |
Operating income |
$ |
171 |
|
$ |
143 |
|
$ |
46 |
|
|
20 |
% |
F |
|
Operating income margin |
7.3 |
% |
6.5 |
% |
1.9 |
% |
|
0.8 |
pts |
5.4 |
pts |
|||
Depreciation & amortization |
$ |
195 |
|
$ |
201 |
|
$ |
248 |
|
|
(3 |
)% |
(21 |
)% |
EBITDA* |
$ |
366 |
|
$ |
344 |
|
$ |
293 |
|
|
7 |
% |
25 |
% |
EBITDA margin* |
15.5 |
% |
15.6 |
% |
12.2 |
% |
|
(0.1 |
)pts |
3.4 |
pts |
|||
Oilfield Services (OFS) revenue of $2,358 million for the second quarter increased by $158 million, or 7%, sequentially.
North America revenue was $693 million, up 11% sequentially. International revenue was $1,665 million, an increase of 6% sequentially, driven by higher revenues in Asia Pacific, Europe, and Latin America.
Segment operating income before tax for the quarter was $171 million. Operating income for the second quarter was up $28 million, or 20% sequentially, primarily driven by higher volume.
Oilfield Equipment |
||||||||||||||
(in millions) |
Three Months Ended |
|
Variance |
|||||||||||
Oilfield Equipment |
June 30, 2021 |
March 31,
|
June 30, 2020 |
|
Sequential |
Year-over-
|
||||||||
Orders |
$ |
681 |
|
$ |
345 |
|
$ |
699 |
|
|
97 |
% |
(3 |
)% |
Revenue |
$ |
637 |
|
$ |
628 |
|
$ |
696 |
|
|
1 |
% |
(8 |
)% |
Operating income (loss) |
$ |
28 |
|
$ |
4 |
|
$ |
(14 |
) |
|
F |
F |
||
Operating income margin |
4.3 |
% |
0.7 |
% |
(2.1 |
)% |
|
3.7 |
pts |
6.4 |
pts |
|||
Depreciation & amortization |
$ |
26 |
|
$ |
32 |
|
$ |
34 |
|
|
(21 |
)% |
(25 |
)% |
EBITDA* |
$ |
53 |
|
$ |
37 |
|
$ |
20 |
|
|
45 |
% |
F |
|
EBITDA margin* |
8.4 |
% |
5.8 |
% |
2.9 |
% |
|
2.5 |
pts |
5.5 |
pts |
|||
Oilfield Equipment (OFE) orders of $681 million were down $18 million, or 3%, year-over-year, driven by lower order intake in the Subsea Production Systems, and Subsea Pressure Control Projects businesses, and from the disposition of the Surface Pressure Control Flow business in the fourth quarter of 2020, partially offset by growth in Services and Flexible Pipe Systems.
Investor Relations
Jud Bailey
+1 281-809-9088
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Media Relations
Thomas Millas
+1 713-879-2862
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Reviews Project Scope and Commitment to Safety, Sustainability and Environmental Stewardship
BELMONT, N.C.--(BUSINESS WIRE)--Piedmont Lithium Inc. (Nasdaq: PLL, ASX: PLL), a pre-production business targeting the integrated production of battery quality lithium hydroxide to support a US and global electric vehicle supply chain, completed its initial public presentation to the community and Board of Commissioners of Gaston County, North Carolina on July 20, 2021. The presentation addressed how the Carolina Lithium Project could position Gaston County to be a significant part of the new U.S. electric vehicle supply chain, the bipartisan support for the development of critical minerals in the United States, and Piedmont’s commitment to protect the environment and community.
“We were honored to present at last night’s meeting, and we welcomed the opportunity to provide an update on our company, our values and our proposed project to the Gaston County commissioners and our community. We confirmed last night that we would submit our North Carolina state mining permit application in August 2021 as planned, and we look forward to addressing all of the questions that arise during the permitting and rezoning process. We are committed to building the safest, most sustainable, and environmentally responsible project of this kind in the world,” said Keith Phillips, Piedmont Lithium President and CEO.
Piedmont also addressed misunderstandings in recent media reports regarding Piedmont’s development timeline, permit applications, and commitment to the environment. “Although we received important federal permits for our project in 2019, Piedmont’s upcoming state mining permit and county rezoning applications could only advance once our definitive plans were established. Our project has evolved significantly over the past four years – we have selected more efficient and environmentally friendly technology, and fully-integrated our business plan into a single campus in Gaston County, North Carolina. These project improvements have resulted in adjustments to our plans and, with the results of our recent studies and improved lithium markets, we’re excited to move forward with the state and local approval processes,” added Phillips.
About Piedmont Lithium
Piedmont is developing a world-class integrated lithium business in the United States, enabling the transition to a net zero world and the creation of a clean energy economy in America. Our location in the renowned Carolina Tin Spodumene Belt of North Carolina, positions us to be one of the world’s lowest cost producers of lithium hydroxide and the most strategically located to serve the fast-growing U.S. electric vehicle supply chain. The unique geographic proximity of our resources, production operations and prospective customers, places Piedmont on the path to be the most sustainable producer of lithium hydroxide in the world and allow Piedmont to play a pivotal role in supporting America’s move to the electrification of transportation and energy storage. Additional information is available at www.piedmontlithium.com.
Brian Risinger, 1-704-910-9688
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ST. CATHARINES, Ontario--(BUSINESS WIRE)--Algoma Central Corporation (TSX: ALC), a leading provider of marine transportation services, today announced that it will report its financial results for the three and six months ended June 30, 2021, before market open on Thursday, August 5, 2021.
About Algoma Central
Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.
For further information please contact:
Gregg A. Ruhl
President & CEO
905-687-7890
Peter D. Winkley, CPA, CA
Chief Financial Officer
905-687-7897
Or visit
www.algonet.com or www.sedar.com
DUBLIN--(BUSINESS WIRE)--The "Turbine Air Filtration Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global turbine air filtration market is expected to grow at a CAGR of 3.27%, accounting from USD 1.92 billion in 2020 to USD 2.29 billion in 2026.
The market was severely impacted due to the COVID-19 since the prime consumers of the market, such as the oil & gas industry and power generation industry, also witnessed a decline in the market activities.
Factors such as the adoption of natural gas-fired power plants, due to increasing focus on clean power generation, are expected to experience robust growth in the coming years, and this, in turn, is expected to drive the turbine air filtration market due to its vast application in the power sector. However, The rising adoption of renewable energy, such as solar and wind energy, is likely to hinder the market growth during the study period.
The power generation segment is expected to be the largest segment for the turbine air filter market, with gas turbine power generation has evolved to be one of the most viable and environmentally-friendly methods of power production.
The governments of China, India, and other developing economies have been preferring low-polluting gas-based power stations. This, in turn, is expected to create opportunities for the regional turbine air filtration systems market in the near future.
North America is expected to register the highest growth rate for the turbine air filtration systems market, with the majority of the demand coming from the countries such as the United States and Canada.
Key Market Trends Power Generation Segment to Dominate the Market
Asia-Pacific to Dominate the Market
Competitive Landscape
The turbine air filtration market is moderately fragmented. Some of the key players are Graver Technologies LLC, Camfil AB, MANN+ HUMMEL GmbH, Donaldson Company Inc., and Nordic Air Filtration A/S.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Application
5.1.1 Power Generation
5.1.2 Oil and Gas
5.1.3 Others
5.2 Face Velocity
5.2.1 Low Velocity
5.2.2 Medium Velocity
5.2.3 High Velocity
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Daikin Industries Ltd
6.3.2 Camfil AB
6.3.3 Graver Technologies LLC
6.3.4 Parker Hannifin Corporation
6.3.5 Donaldson Company Inc.
6.3.6 Advanced Filtration Concepts
6.3.7 Koch Filter Corporation
6.3.8 MANN+ HUMMEL GmbH
6.3.9 Nordic Air Filtration A/S
6.3.10 Freudenberg Filtration Technologies SE & Co. KG
6.3.11 W. L. Gore & Associates Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/o4hto6
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) announced today that its Board of Directors elected Jay Grewal and Michael Montelongo as members of its Board of Directors effective August 15, 2021. Ms. Grewal has been appointed as a Class III Director with an initial term expiring in May 2023 and will serve on the Company’s Audit Committee and Finance and Investment Committee. Mr. Montelongo has been appointed as a Class I Director with an initial term expiring in May 2024 and will serve on the Company’s Compensation Committee and Nominating and Corporate Governance Committee. Prior to August 15, 2021, Ms. Grewal and Mr. Montelongo will serve as observers at meetings of the Board.
“On behalf of our Board of Directors, I’m very pleased to welcome Jay and Michael to Civeo. Jay brings decades of financial and executive leadership experience as well as significant experience in the energy and power industry in North America to our Board and Audit Committee. Her experience and input will be integral as we manage and grow our Canadian business. Michael brings his experience in the managed services industry as well as his expertise in governance. Michael’s experience will be valuable as we look to expand our managed services business as well as further our ESG efforts," said Richard A. Navarre, Civeo’s Chairman of the Board.
About Jay Grewal
Ms. Grewal has served as President and Chief Executive Officer (CEO) of Manitoba Hydro, one of the largest integrated electric and natural gas utilities in Canada, since February 2019. Jay is a proven leader with over 26 years of leadership and corporate management experience including at executive levels in the utility, resource, finance and consulting sectors. She joined Manitoba Hydro from the Northwest Territories Power Corporation where she held the position of President and CEO from June 2017 to February 2019. Before then, Jay held senior executive roles with Capstone Mining Corp, Accenture, Inc., BC Hydro, and CIBC World Markets. Jay earned both a B.A. (honors) from the University of British Columbia as well as an M.B.A., finance from the Richard Ivey School of Business, University of Western Ontario. Jay sits on the board of a number of industry associations. In 2019 she was named as one of the Women of the Year by Chatelaine Magazine.
About Michael Montelongo
Mr. Montelongo has served as President and Chief Executive Officer of GRC Advisory Services, LLC, a board governance firm, since July 2016, and was previously Chief Administrative Officer and Senior Vice President, Public Policy and Corporate Affairs for Sodexo, Inc., a facilities and hospitality outsourcing solutions enterprise, from January 2008 to July 2016. He is a former George W. Bush White House appointee serving as the 19th Assistant Secretary for Financial Management and Chief Financial Officer of the U.S. Air Force from August 2001 to March 2005. Mr. Montelongo is a lifetime member of the Council on Foreign Relations and was an executive with a global management consulting firm and a regional telecommunications company. He completed a career in the U.S. Army that included line and staff assignments, a Congressional Fellowship in the U.S. Senate and service as an assistant professor teaching economics and political science at West Point. Mr. Montelongo also serves on the board of Conduent Incorporated (NASDAQ: CNDT), a business process outsourcing company, and privately-held Larry H. Miller Management Corporation. He earned his B.S. from West Point and an M.B.A. from Harvard Business School.
About Civeo
Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 28 lodges and villages in Canada, Australia and the U.S., with an aggregate of approximately 30,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s future plans and outlook, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s annual report on Form 10-K for the year ended December 31, 2020 and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
Carolyn J. Stone
Civeo Corporation
Senior Vice President & Chief Financial Officer
713-510-2400
Financing Allows Phononic to Continue to Meet Explosive Market Opportunity for Sustainable Solutions in Cooling and Refrigeration
DURHAM, N.C. & NEW YORK--(BUSINESS WIRE)--#ESG--To support the global demand for Sustainable innovations that address climate change, Phononic, a global leader in solid-state cooling and heating technology, today announced that it has secured a significant growth investment led by $50 million from the Sustainable Investing business within Goldman Sachs Asset Management (Goldman Sachs). This investment allows Phononic to dramatically expand sales and marketing, domestic and international high-volume manufacturing capabilities, and expand its cooling and refrigeration product portfolio and platform.
Goldman Sachs joins previous investors Temasek, Franklin Templeton, Venrock, Oak Investment Partners, and others.
The world faces a climate warming catastrophe only exacerbated by a voracious appetite for cooling, refrigeration, and air conditioning. If left unchecked, by 2045 leaked refrigerants alone will contribute as much to CO2 emissions as automobiles. Furthermore, 3 billion people live in hot climates, yet only 8% have access to air conditioning. As standards of living continue to increase and meet that of the developed world, CO2 emissions will only worsen. Refrigerant regulations are often patchwork, eliminating some GWP refrigerants, but replacing them with toxic or flammable alternatives.
Solid-state cooling and refrigeration solutions that meet performance, cost, and sustainability metrics are key drivers behind Phononic’s explosive growth in Optolelectronics (Fiber Optic Communications/ 5G/LIDAR); Cold Chain Fulfillment (ecommerce ecosystem); and Technology Licensing (vaccine protection, cold chain and retail merchandising, and climate control).
“With millions of high-performance thermoelectric devices already in use around the globe, and tens of thousands of solid-state refrigerators and freezers in the field, Phononic’s technology and products are mission critical to the way we communicate; feed our families; safeguard and transport life-saving vaccines; and even shop for our favorite ice cream snacks,” said Tony Atti, Phononic Co-founder and CEO. “This support from Goldman Sachs is a validation of our team’s continued focus and dedication to making a transformative environmental impact.”
The investment from Goldman Sachs creates an exciting sustainability and growth opportunity for both parties. “We recognize the critical role cooling and refrigeration plays in the planet’s long term sustainability and climate viability, and we’re excited to invest in Phononic to further Goldman Sachs’ broader sustainability commitments,” said Jeff Possick, Managing Director at Goldman Sachs. “Phononic’s solid-state solutions are delivering performance and sustainability not available through legacy thermoelectric or compressor incumbents, and our investment aims to help grow and expand their capabilities to meet anticipated demand.”
About Phononic
Phononic, Inc. is an innovator of semiconductor cooling solutions that sustainably transform refrigeration and cooling. The Company's thermoelectric chips and fully integrated products are used in Optolelectronics (Fiber Optic Communications/5G/LIDAR); Cold Chain Fulfillment (ecommerce ecosystem); and Technology Licensing (licensed to leaders in the life sciences & healthcare, food & beverage and climate control sectors). Phononic’s innovations are revolutionizing the way people work and communicate, how grocers merchandize and deliver food, how life-saving vaccines and drugs are protected, and how houses and buildings are cooled – setting a new global standard of efficiency and sustainability.
For additional Company and product information visit: www.phononic.com.
About Goldman Sachs Asset Management
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of June 30, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.
Copyright © 2021 Phononic. All rights reserved. Website phononic.com. Twitter @phononic_inc. LinkedIn Phononic Inc.
Media Contact:
Theresa Pantazopoulos, VP, Marketing & Corporate Communications
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HOUSTON--(BUSINESS WIRE)--Calpine and GE Renewable Energy announced today the completion of the Santa Ana Storage Project (SASP) in Southern California. The project contains a 20MW/80MWh (4hr) standalone battery energy storage system using GE’s Reservoir energy storage technology. The system, now in commercial operation, is supported by a 20-year Resource Adequacy Power Purchase Agreement (PPA). The project will be able to provide energy to up to 12,000 households during peak events, and/or 24,000 households during normal load conditions.
This grid-connected battery energy storage system represents a major step forward in Calpine’s plans to grow the company’s energy storage footprint. The SASP facility itself will be capable of considerable expansion in future phases.
“It is critical that consumers have affordable, reliable electricity as we work to integrate more renewable energy sources into the U.S. power supply,” said Alex Makler, Senior Vice President of Calpine’s West Region. “Calpine already operates the world’s largest geothermal facility in California, and this cutting-edge battery storage project represents another major investment in meeting the clean energy demands of an increasingly electrified world. We are proud to work with GE and the community of Santa Ana to showcase the very latest in energy storage solutions.”
“The energy storage system provides targeted local capacity to enhance grid reliability during peak periods,” added Mike Bowman, Renewable Hybrids Chief Technology Officer for GE Renewable Energy. “And, as fast-acting stabilization devices, the battery energy storage systems can charge and discharge rapidly to regulate frequency and contribute to grid stability, helping to balance and facilitate the ever-growing penetration of variable renewable energy. These assets will assist with making California’s state targets of 60% by 2030 and 100% by 2045.”
GE’s Reservoir is a flexible, compact solution that combines GE’s advanced technologies and expertise in plant controls, power electronics, battery management systems and electrical balance of plant – all backed by GE’s performance guarantees.
About Calpine
Calpine Corporation is America’s largest generator of electricity from natural gas and geothermal resources with operations in major competitive wholesale and retail power markets across the U.S. Through wholesale power operations and our retail businesses, Calpine’s diverse team of approximately 2,300 employees serves customers across 22 states, Canada and Mexico. Calpine operates a fleet of 76 power plants representing nearly 26,000 MW of generation capacity. Environmental stewardship is fundamental to Calpine’s philosophy and culture; in addition to operating the largest geothermal facility in the world and the youngest, most efficient fleets of gas-fired power plants, Calpine has been a long-time advocate of the Clean Power Plan, Paris Climate Accord, carbon pricing and decarbonization.
If you would like to learn more about Calpine and our decarbonization efforts, please visit CalpineActsOnClimate.com, or follow us at Twitter.com/Calpine or Linkedin.com/Calpine.
About GE Renewable Energy
GE Renewable Energy is a $15 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons.
Follow us at www.ge.com/renewableenergy, on Linkedin.com/company/gerenewableenergy, or on Twitter.com/GErenewables.
Brett Kerr
Vice President, External Affairs
Calpine
+1-713-830-8809
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Agathe Lefévre De La Houplière
Communications
GE Renewable Energy
+33771448935
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NEW YORK--(BUSINESS WIRE)--EnfraGen, LLC ("EnfraGen"), a developer, owner, and operator of specialized sustainable, renewable power and grid stability assets in Latin America owned by leading global private markets firm Partners Group, on behalf of its clients, and Glenfarne Group, LLC, announced today a new multi-year partnership with GivePower, a non-profit that works to improve the quality of life of people who need it most through solar energy impact projects. EnfraGen is kicking off this partnership as the lead donor in a matching campaign with a select consortium of organizations active in Latin American business and will be announcing further partners in the coming weeks.
With more than 3.5 billion people around the world living without access to reliable electricity, GivePower’s mission is to electrify the world with clean energy and provide greater health, economic and education opportunities to developing regions. Since its founding in 2014, GivePower has completed over 2,500 projects across 23 countries, changing the lives of more than half a million people.
Over the next few years, EnfraGen, will be funding several essential impact infrastructure projects in Colombia, where EnfraGen subsidiary, Prime Energia, operates. These infrastructure projects include solar microgrids, solar water farms and other projects focused on providing access to clean water and clean energy to some of the most at-risk communities throughout the country. The first project will be a solar microgrid to power a local health post, agro-processing facility and local school for the Kogi, an indigenous group living in the Sierra Nevada de Santa Marta.
“As an active participant in Latin America’s energy transition, we are delighted to connect with GivePower, combining our local and sector expertise as well as our business relationships to help further their mission of providing access to clean energy,” said Brendan Duval, Founder & Managing Partner of Glenfarne Group, LLC and EnfraGen Chief Executive Officer. “GivePower’s history of execution success, their commitment to providing essential services to needy and developing communities, and furthering Colombia’s transition to cleaner energy sources makes them a perfect partner for EnfraGen.”
“We are incredibly grateful for EnfraGen’s generous commitment to supporting our projects in Colombia. By powering communities in need with clean energy, together we have the chance to meaningfully improve the health, economic status and overall wellbeing of those we serve,” said Michele Magee, President of GivePower.
About EnfraGen, LLC
EnfraGen is a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin American investment-grade countries. EnfraGen’s grid stability assets supply flexible capacity and energy to local and regional grids in support of renewable power plant intermittent energy production. EnfraGen’s renewable plants are smaller scale, distributed solar photovoltaic and hydroelectric assets that take advantage of unique access points to electrical infrastructure or are located in optimized geographical locations. The business’ mission is to support the transition to zero-carbon emission electric grids.
EnfraGen is jointly controlled by Glenfarne Group, LLC, and global private markets investment manager Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 1.7GW of installed capacity in operation. The company, including its affiliates and subsidiaries, is supported by a team of approximately 325 professionals. EnfraGen maintains offices and assets in Chile, Panama, Colombia, and the United States.
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 150 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With USD 119 billion in assets under management as of 30 June 2021, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
About Glenfarne Group, LLC
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Dallas, Texas, Panama City, Panama; Santiago, Chile, and Bogota, Colombia. Glenfarne's seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy and infrastructure assets throughout North and South America and Asia. For more information, please visit www.glenfarnegroup.com.
About GivePower
GivePower is a 501(c)(3) non-profit organization committed to extending the environmental and social benefits of clean, renewable energy around the globe. GivePower uses solar and battery storage technologies to deliver essential services to the developing world, including sustainable access to clean water produced by the organization’s award-winning Solar Water Farms. GivePower has helped bring clean power and clean water to underserved communities in more than 20 countries across Africa, Asia, North America, and Latin America. Visit GivePower at www.givepower.org. Follow GivePower on Facebook, Instagram, YouTube and Twitter.
Kris Cole
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(310) 652-1411
JENBACH, Austria--(BUSINESS WIRE)--#INNIO--As a key enabler and an integral part of the energy transition, today INNIO announced the launch of its “Ready for H2” portfolio that includes 100% hydrogen-fueled Jenbacher H2-engines. INNIO’s “Ready for H2” gas engine portfolio is built on a long history of innovation with more than 30 years of experience and expertise in the use of renewable fuels and hydrogen-rich fuels, such as syngas and process gases for power generation.
INNIO’s “Ready for H2” Portfolio
As of today, Jenbacher Type 4 gas engines – with an approximate output of 500 to 900 kilowatts (kW) - are available for operation with 100% hydrogen or mixtures of natural gas and hydrogen.
As of 2022, all other INNIO Jenbacher gas engines will be offered with a “Ready for H2” option, capable of running with up to 25% volume of hydrogen in pipeline gas and being able to be readily converted from natural gas to 100% hydrogen operation.
In addition, most of the currently installed INNIO Jenbacher natural gas fueled fleet can be upgraded to operate with up to 25% volume of hydrogen in pipeline gas or converted from natural gas to 100% hydrogen operation.
INNIO Jenbacher gas engines are uniquely positioned to deliver hydrogen power generation.
Building on decades of experience
Twenty years ago, the first Jenbacher 150 kW pilot engine ran on 100% hydrogen at a demonstration plant in northern Germany. Two decades later, in 2020, following several additional demonstration projects, INNIO and HanseWerk Natur collaborated on the application of industrial-scale hydrogen-fueled gas engines. The companies demonstrated a flagship project using variable hydrogen-natural gas mixes including 100% hydrogen on the world’s first 1-megawatt (MW) gas engine.
“I am proud of INNIO’s announcement of the first ‘Ready for H2’ product portfolio in the 200 kW – 10.4 MW power generation space. Our broad portfolio of innovative and fuel flexible Jenbacher gas engines - capable of operating on natural gas, carbon neutral biogas or hydrogen-rich fuels – are helping to pave the way to a greener energy future,” commented Carlos Lange, president and CEO of INNIO. “Jenbacher gas engines running on natural gas today can be converted to H2 operation when hydrogen becomes more readily available. This means that customers who invest in Jenbacher natural gas engines today, are also investing for the future.”
With about 90 hydrogen-rich fuel projects across 28 countries, INNIO has more than 30 years of experience with engines running on up to 70% volume of hydrogen in the fuel, yielding more than 250 MW. These installations can be found on all continents with various INNIO Jenbacher Type 2, Type 3, Type 4 and Type 6 gas engines.
The power of hydrogen
Green hydrogen, as an energy carrier for storage of volatile renewable energy, can store renewable energy for months or seasons. This will make renewable energy sources reliable and dispatchable and support the acceleration of fossil fuel replacement across the energy sector.
INNIO is committed to leading the deployment of H2-engines which will facilitate the acceleration and transformation from fossil fuels to renewable energy sources. Typically, INNIO Jenbacher hydrogen-fueled gas engines will be operating in a combined heat and power configuration, achieving around 90% hydrogen fuel utilization.
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In 2021, EcoVadis awarded INNIO Jenbacher a silver medal to honor its engagement for a climate-neutral, greener, and more secure energy future. This places INNIO Jenbacher in the top 17% of its peers working towards sustainability.
About INNIO
INNIO is a leading provider of renewable gas, natural gas, and hydrogen-based solutions and services for power generation and gas compression at or near the point of use. With our Jenbacher and Waukesha gas engines, INNIO helps to provide communities, industry and the public access to sustainable, reliable and economical power ranging from 200 kW to 10 MW. We also provide life-cycle support and digital solutions to the more than 53,000 delivered gas engines globally, through our service network in more than 100 countries. We deliver innovative technology driven by decarbonization, decentralization, and digitalization to help lead the way to a greener future. Headquartered in Jenbach, Austria, the business also has primary operations in Welland, Ontario, Canada, and Waukesha, Wisconsin, U.S. For more information, visit the company's website at www.innio.com. Follow INNIO on Twitter and LinkedIn.
Susanne Reichelt
INNIO
+43 664 80833 2382
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The business is expanding to meet rapidly growing demand for clean energy and community solar projects across the United States
NEW YORK--(BUSINESS WIRE)--#carbonemissions--Common Energy, one of the country’s leading community solar providers, today announced the hiring of five key members of its leadership and operations teams. The new members are John Paul (JP) Lee, as Chief Operating Officer; Suzanne Wollman, as Senior Controller; Michael Windels, as Lead Project Accountant; Winston Hoy, as Lead Software Engineer; and Sam Adlakha, as Strategy and Operations Manager.
Common Energy recently crossed 250MW of community solar projects under management. Its unique Software as a Service (SaaS) platform enables clean energy developers and owners to monitor key operational and financial metrics in one place, providing unprecedented visibility on each project’s financial performance.
“Common Energy’s goal is to provide world class service for our developer partners,” said Richard Keiser, CEO of Common Energy. “This involves subscribing and activating projects on time, managing utility interactions, and maintaining best-in-class collection rates to so that project owners meet their ROI targets. Each of these talented individuals brings valuable skills to Common Energy to help us achieve this goal.”
JP Lee joined Common Energy as its Chief Operating Officer and is leading the core operations of the business. JP brings over 20 years of operational and client service experience to Common Energy. JP was most recently a Partner and Global Head of Client Operations at Genioo, a life science consulting firm. Prior to Genioo, he served as Senior Vice President and Global Head of Surveys at GLG, a global knowledge platform. At GLG, JP grew the GLG Surveys business from a small, internal startup of 10 people to a global team of 130 and transformed the business into one of the most-profitable divisions at GLG, achieving a Net Promoter Score of 70. Prior to joining GLG, JP spent four years at McKinsey & Company, where he was an Engagement Manager and led teams across the US and Asia on technology-focused client engagements. JP completed two years of military service as Sergeant & Squad Leader with the US-Korean Joint Communications Division of the Combined Forces Command. JP received his MBA at Northwestern University’s Kellogg School of Business.
Suzanne Wollman joined Common Energy as its Senior Controller and will oversee corporate finance and accounting for the business. Susan brings over 25 years of finance and accounting experience to Common Energy. Suzanne was most recently the Vice President of Finance at Innovative Technology Electronics where she oversaw the company’s financials, budgeting and planning, annual audits, and the due diligence process for a private equity transaction. Prior to Innovative Technology Electronics, Suzanne held Controller roles in a wide range of businesses including AVA Pork Products, Albert Kemperle, Aqua America, and Changing World Technologies. Suzanne received a Master of Science in Accounting at Long Island University and is a Certified Public Accountant.
Michael Windels joined Common Energy as a Lead Project Accountant and will lead project accounting and collections for the company’s community solar clients. Michael has over ten years work experience in a range of accounting positions and brings a deep understanding of the community solar industry from his most recent role as Corporate Controller at Green Street Power Partners. Prior to working in community solar, Michael worked for Aircastle for over five years, starting as a Senior Accountant and then being promoted to Accounting Manager. Michael holds a Bachelor of Science degree in Accounting from Fairfield University, and is a Certified Public Accountant.
Winston Hoy joined Common Energy as a Lead Software Engineer and will lead and codify process improvements to enable Common Energy’s business to further scale. Winston has extensive front-end and full-stack software development experience. He has been an engineering lead and manager on development projects for a wide range of companies including AJ Madison and VenueBook. Winston has received numerous awards in recognition of his work, including the DC AIGA 50 for website design.
Sam Adlakha joined Common Energy as its Strategy & Operations Manager and will lead data analytics for the business. Sam was most recently a Senior Fellow at McKinsey & Company, where he served as an internal expert in data analytics and supported client engagements with the most demanding analysis requirements. Prior to McKinsey, Sam was a Residential Marketing Analyst at Champion Energy, where he led data analyses and pricing strategies for all sales channels. Sam holds a Bachelor of Science degree in Mathematics and Actuarial Science from the University of Texas at Austin.
To learn more about Common Energy, visit www.commonenergy.us.
About Common Energy
Common Energy is a leading community solar provider that services over 250MW of projects across the country. Common Energy’s SAAS-based energy management platform enables developers and independent power producers to subscribe and manage their community solar project, providing unprecedented visibility into project ROI. To join a community solar project, enroll at www.commonenergy.us. Companies developing community solar projects are encouraged to email This email address is being protected from spambots. You need JavaScript enabled to view it..
Haley Steinhauser
(562) 991-3170
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DUBLIN--(BUSINESS WIRE)--Gazelle Wind Power Limited has named an elite group of energy industry veterans to its board of directors, including some of the sector’s leading global policymakers, government officials, engineers, and CEOs. The distinguished group of industry experts will guide the company’s strategic growth and worldwide deployment of its disruptive hybrid floating platform, which has the ability to be a game-changing concept to support decarbonization.
“The caliber of Gazelle’s board of directors is a testament to our vision and a strong endorsement of our innovative technology,” said Jon Salazar, founder and president of Gazelle Wind Power. “We are poised to be the leader for enabling floating offshore wind, and these leaders have the expertise necessary to provide valuable guidance as we execute our strategy, drive growth, and deliver long-term solutions for a sustainable future.”
The Gazelle Wind Power board of directors includes the following:
Dr. Javier Cavada, chairman of Gazelle Wind Power, is a well-known leader in the cleantech industry. He is currently CEO and president of Highview Power where he drives the global expansion and deployment of the developer’s proprietary cryogenic energy storage technology. During Dr. Cavada’s 13-years with Wärtsilä Corporation, he led the company’s international energy business, driving its vision towards 100% renewables. He also served in executive roles in China, Italy, the Netherlands, Spain, and Finland. Dr. Cavada has chaired the boards of multiple subsidiary companies, including Greensmith Energy Management Inc., and held numerous leadership roles within the German multinational firm Robert Bosch.
Jon Salazar, founder and president of Gazelle Wind Power, has a successful track record in management consulting, R+D+i, and entrepreneurship in Europe and the Middle East. As a senior advisor with Deloitte, Salazar consulted with some of the world’s top-tier financial institutions and the largest banks in the Eurozone. He also held a senior leadership position developing Heathrow Airport, one of the world’s busiest airports, and co-owned a group of digital companies dedicated to the sustainable development of individuals and society by improving financial literacy.
Pierpaolo Mazza, CEO of Gazelle Wind Power, is an international executive with over 33 years of corporate leadership expertise with major energy companies such as GE Power Generation and Wärtsilä Corporation. During his 25-year career with GE Power Generation, Mazza grew product sales related to wind turbine generators and gas turbine technology from $60 million to more than $1 billion in the Central Eastern Europe, Russia, and CIS regions. Mazza was co-chairman of the Sakhalin Energy review committee and serves as an executive and non-executive director senior advisor to leading companies throughout the Middle East.
Connie Hedegaard, non-executive director of Gazelle Wind Power, is the former Minister of Environment to Denmark and former Commissioner for Climate Action, where she championed the negotiations towards adopting the EU 2030 Climate and Energy Framework. As commissioner, she was responsible for the 2050 Roadmap for moving to a low carbon economy and represented the EU in the international climate negotiations. Following her political career, Hedegaard spent 14 years as a respected journalist and head of Danish Radio News (DR). Hedegaard chairs numerous foundations and executive boards, including OECD’s Round Table for Sustainability, KR Foundation, Aarhus University, and Denmark’s green think tank, Concito. In addition, she serves as a board member in Danfoss, Nordex, Teknologisk Institut, and The European Climate Foundation.
David Mesonero, non-executive director of finances at Gazelle Wind Power, is the deputy director of the corporate development division at Iberdrola. His distinguished renewable energy career earned him recognition as one of the 15 most influential people in the wind industry by Wind Power Monthly magazine and as a recipient of the Recharge 4040 prize for the top 40 influential leaders in energy under the age of 40. Before his work with Iberdrola, Mesonero was CFO at Siemens Gamesa Renewable Energy. He served as a board member of Windar and Adwen and on Gamesa’s regional board in India, Mexico, and Brazil.
“Achieving the climate goals outlined in the Paris accords, along with the decarbonization goals set by individual nations, will require a broad range of clean technology solutions. I firmly believe that Gazelle Wind Power is the key to unlocking the massive deep-water offshore wind market that will help us achieve these aggressive climate goals. Gazelle’s technology enables energy providers to support power generation in deeper waters farther off the coastline at a lower cost and without damaging marine habitats,” said Dr. Cavada.
About Gazelle Wind Power Limited
Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonization. The company’s durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, and Paris. For more information, visit www.gazellewindpower.com.
For Gazelle Wind Power:
Wendy Prabhu | Mercom Communications
T: +1 512 215 4452
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HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)--Pinnacle Midstream II LLC (“Pinnacle” or (“the Company”), an independent energy infrastructure company, today announced the initiation of Phase II development of the Dos Picos System with the construction of a natural gas processing facility – totaling 200 million cubic feet per day (MMcf/d) upon completion – in the Midland Basin. The project is targeted for commercial operation during the second quarter of 2022.
The Dos Picos Plant, located in Midland County, will complement Pinnacle’s existing high pressure, large diameter gathering and compression facilities that commenced operations during the first quarter of 2021. The project will provide access to the most competitive downstream markets, maximize netback and optionality for Pinnacle’s customers, and be equipped with an integrated Nitrogen Rejection Unit (“NRU”). The system will be readily expandable based upon continued customer demand.
Pinnacle remains committed to its environmental stewardship, prioritizing the responsible use and protection of the natural environment surrounding the Company’s assets. A supporting initiative is the Company’s ongoing evaluation to develop a fully integrated solar facility adjacent to the Dos Picos Plant to supplement electrical power needs with renewable energy to reduce the carbon intensity of the system. This low-impact solution should reduce direct greenhouse gas emissions for Pinnacle as well as indirect (Scope 2) emissions for its growing customer base. Furthermore, Pinnacle intends to deploy low-impact energy sources where applicable across its asset portfolio. The Dos Picos project itself will play a pivotal role in continuing to reduce the flare intensities across the Permian Basin and further aid in the reduction of our customers’ overall carbon footprints.
“This is an exciting milestone in the growth of Pinnacle’s infrastructure platform and will enable the Company to extend its natural gas services franchise across one of the most active oil and gas producing regions in North America,” said J. Greg Sargent, Chief Executive Officer at Pinnacle. “Our continued investment in the Dos Picos asset will enable us to better service our customers and help them benefit from an improving commodities environment while continuing to maximize recoveries and limit flaring across the Basin. We expect the Phase II project to support economic development and create jobs in the Midland, Martin and Glasscock counties area.”
Pinnacle’s midstream infrastructure is anchored by long-term acreage dedications with top-tier, investment-grade Permian operators currently continuing full-scale, multi-pad development. The Company’s facilities were designed to support high intensity pad development, which is anticipated to accelerate throughout 2021 and beyond.
“With the increasing development of multi-well pads and higher production rates in the Midland Basin, we want to ensure our current and future customers will continue to receive reliable flow assurance as well as access to the best commercial markets,” said Drew Ward, Chief Commercial Officer at Pinnacle. “This further emphasizes the opportunistic and critical importance of our strategically-located platform.”
About Pinnacle Midstream II, LLC
Pinnacle Midstream II, LLC is an independent midstream energy company headquartered in Houston, Texas. The Company is focused on providing high-quality natural gas services to producer customers throughout the Midland Basin. For more information, please visit www.pinnaclemidstream.com.
About Energy Spectrum Capital
Pinnacle Midstream II is backed by Energy Spectrum Capital, a Dallas, Texas-based venture capital firm that makes direct investments in well managed, lower-middle-market companies that acquire, develop and operate energy infrastructure assets in North America. The senior management team invested alongside Energy Spectrum and remains a significant shareholder of the Company. For more information, please visit www.energyspectrum.com.
Business:
Drew Ward
Chief Commercial Officer
713-751-2352
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Media:
Nick Rust
Prosek Partners
646-818-9252
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#38 Ranking, Up from #59 a Year Earlier
BURLINGTON, Vt.--(BUSINESS WIRE)--$isun #cleanenergy--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, announced its ranking as one of the top solar contractors in the United States by Solar Power World, the industry’s leading source for technology, development and installation news.
iSun was ranked 38th overall, and 3rd amongst all commercial & industrial EPC contractors in the United States.
Published annually, Solar Power World’s list ranks applicants according to their influence in the U.S. solar industry and includes over 400 companies. To see the list in entirety, please visit: https://www.solarpowerworldonline.com/2021-top-solar-contractors/.
iSun’s Chief Executive Officer, Jeffrey Peck, commented, “We are honored to be recognized by Solar Power World for our efforts to advance the adoption of solar energy. The increase in our rank from 2020 to 2021 reflects our attention to customer relationships and our ability to execute against the strategic growth plan we outlined at our public listing, despite the challenges of the COVID pandemic. Following our three-pronged approach, we have organically grown our EPC business and expanded into large utility scale projects, enhanced our pipeline and access to innovation through accretive M&A activity, and grown our recurring revenue and cash flows by investing in solar energy assets. We expect this growth to continue as we deploy our strategy across the residential, commercial, industrial, utility, and solar EV charging segments of our business.”
About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.
IR Contact:
Tyler Barnes
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802-289-8141
New initiative with SK ecoplant in South Korea marks Bloom’s first foray into CHP, with recovered heat benefiting a local community center
SAN JOSE, Calif.--(BUSINESS WIRE)--$BE--Bloom Energy (NYSE: BE) today announced its first Combined Heat and Power (CHP) project in collaboration with SK ecoplant (formerly known as SK Engineering and Construction). The new 4.2-megawatt (MW) installation marks South Korea’s first-ever utility-scale solid oxide fuel cell (SOFC) CHP initiative.
CHP technology simultaneously utilizes both the electricity it generates and the excess thermal energy it emits to recover and reuse the heat that would have otherwise been lost during the power generation process. Coupled with a heat recovery system designed by SK ecoplant, the captured thermal energy will provide heat and warm water to the communities nearby Bukpyung Recreational and Sports Center, improving the building’s energy efficiency. The project is also intended to reduce CO2 emissions compared to relying on the local grid alternative.
With construction expected to begin later this year, the new 4.2 MW utility-scale CHP installation will leverage Bloom’s SOFC technology configured in an innovative Power Tower format. Designed for maximum power density in a condensed footprint, the Power Tower will vertically stack 1.8 MW of Bloom Energy Servers in a pillar architecture.
To be located in Donghae City, the power generated by Bloom Energy will produce 35,000-megawatt hours per year of highly efficient, clean and resilient electricity, while capturing 4 million megacalories of thermal energy through the Power Tower and SK ecoplant’s heat recovery system.
“We are thrilled to partner with SK ecoplant to bring this innovative and exciting project to life, marking a new milestone for Bloom Energy,” said Venkat Venkataraman, executive vice president and chief technology officer, Bloom Energy. “Not only can we efficiently generate clean and reliable energy for an important utility, Korea East-West Power, but also we are eager and humbled to supply heat to the local community center so that residents can enjoy activities during harsh winter months.”
Bloom Energy’s highly efficient solid oxide technology uses a non-combustion, electrochemical process to produce electricity with reduced carbon emissions compared to the grid alternative and with virtually no harmful smog-forming particulate matter.
"This project marks significant ‘firsts’ for us all – for SK, for Bloom and for South Korea,” said Justin Wangjae Lee, executive vice president and head of the hydrogen biz center, SK ecoplant. “We look forward to working with Bloom to continue to advance thermally-supplied SOFC solutions. In addition to our existing eco-friendly distributed power generation, we’re excited to explore entry into new, attractive global markets, such as Southeast Asia."
Bloom Energy intends to make CHP available in all markets where the company currently operates, subject to its applicability for each specific project.
About Bloom Energy
Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. The company’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “projects,” “believes,” “seeks,” “estimates,” “can,” “may,” “will,” “would” and similar expressions identify such forward-looking statements. These statements include, but are not limited to, expectations regarding the collaboration efforts between the two companies; the timing of new construction; the ability to reduce CO2 emissions and other harmful smog-forming particulate matter; CHP’s availability in the markets in which Bloom Energy operates; and expectations related to the technical solution offered by Bloom Energy’s SOFC technology. These statements should not be taken as guarantees of results and should not be considered an indication of future activity or future performance. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including those included in the risk factors section of Bloom Energy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 and other risks detailed in Bloom Energy’s SEC filings from time to time. Bloom Energy undertakes no obligation to revise or publicly update any forward-looking statements unless if and as required by law.
Media Contact
Jennifer Duffourg
Bloom Energy
480.341.5464
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FORT WORTH, Texas--(BUSINESS WIRE)--FTS International, Inc. (NYSE American: FTSI) announced today that it will release its financial results for the second quarter ended June 30, 2021 on Thursday, August 5, 2021 after the market closes. FTS International will hold a conference call that will also be webcast on its website on Friday, August 6, 2021 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss the results.
Presenting the Company’s results will be Michael Doss, Chief Executive Officer, who will then be joined by Buddy Petersen, Chief Operating Officer and Lance Turner, Chief Financial Officer, for Q&A.
Please see below for instructions on how to access the conference call and webcast.
By Phone: |
Dial (212) 271-4615 at least 10 minutes before the call. A replay will be available through August 27 by dialing (402) 977-9140 and using the conference ID 21996047#. |
|
By Webcast: |
Connect to the webcast via the Events page of FTS International’s website at www.FTSI.com/investor-relations/events. Please join the webcast at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call. |
About FTS International, Inc.
Headquartered in Fort Worth, Texas, FTS International is a pure-play hydraulic fracturing service company with operations across multiple basins in the United States.
To learn more, visit www.FTSI.com.
Lance Turner
Chief Financial Officer
817-862-2000
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BOSTON--(BUSINESS WIRE)--Veolia North America (VNA), a leading provider of environmental solutions in the U.S., today announced that it is the recipient of two elite Top Project of the Year Awards, handed out every year by Environment + Energy Leader in recognition of outstanding contributions to the fields of energy and environmental management. The two projects won awards in their individual categories, one for environmental sustainability and the other for energy solutions.
The two VNA projects to be singled out for recognition are:
The Environment + Energy Leader Awards are meant to recognize excellence in products and services that provide companies with energy and environmental benefits, and in projects implemented by companies that improved environmental or energy management and increased the bottom line. “With a very experienced and critical judging panel and a strict set of judging criteria, entrants faced an extremely high bar to qualify for an award in 2021,” said Sarah Roberts, Environment + Energy Leader publisher.
About Veolia: The Veolia Group's ambition is to be the benchmark company for the ecological transition. With operations on every continent and almost 179,000 employees, the Group designs and distributes useful, concrete solutions for the management of water, waste, and energy, which help bring about radical change. Through its three complementary activities, Veolia is growing access to resources, preserving the resources available, and renewing them. In 2020, the Veolia Group provided 95 million people with drinking water and 62 million with sanitation; it generated almost 43 million megawatt hours and recycled 47 million tons of waste. Veolia Environnement (Paris Euronext: VIE) posted consolidated sales of €26.010 billion in 2020.
About Veolia North America: A subsidiary of Veolia group, Veolia North America (VNA) offers a full spectrum of water, waste and energy management services, including water and wastewater treatment, commercial and hazardous waste collection and disposal, energy consulting and resource recovery. VNA helps commercial, industrial, healthcare, higher education and municipality customers throughout North America. Headquartered in Boston, Mass., Veolia North America has more than 7,000 employees working at more than 250 locations across the continent. www.veolianorthamerica.com
About the Environment + Energy Leader Awards
For nearly a decade, the Environment + Energy Leader Awards have celebrated excellence in the world of environmental, sustainability and energy management. Award winners are truly buzz-worthy, and companies that sport a Top Project or Top Product of the Year Award badge are known to be the best of the best. When other companies are seeking a sustainability or energy management solution, they know that E+E Product of the Year Award winners offer a significant group of products, vetted by experts, to peruse for help in making their decisions. Project of the Year Award winners are known to illustrate how sustainability and energy management projects can successfully help other companies improve the bottom line.
Matt Burgard (203) 859-4168; This email address is being protected from spambots. You need JavaScript enabled to view it.
NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, will host its second-quarter 2021 financial results conference call on Wednesday, August 4, 2021 at 9:00 a.m. ET.
On the call, Chairman, President and Chief Executive Officer Alan S. McKim, Executive Vice President and Chief Financial Officer Michael L. Battles, and Senior Vice President of Investor Relations Jim Buckley will discuss Clean Harbors’ financial results, business outlook and growth strategy.
Those who wish to listen to the conference call webcast should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 877.709.8155 or 201.689.8881. Please dial in at least 10 minutes prior to the start of the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.
Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
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DUBLIN--(BUSINESS WIRE)--The "Small-scale LNG Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The small-scale LNG market was estimated to be USD 6.85 billion in 2019 and is expected to grow at a CAGR of 12.63% during the forecast period of 2021-2026.
The COVID-19 pandemic has severely impacted the market due to disruption in supply chain, reduction in energy consumption and discouraging investments in newer technologies. However, with increasing pressure on large-scale LNG plants to showcase returns to investors, the operating companies are increasingly backing small-scale LNG initiatives.
The small-scale LNG plant with a capacity of less than 1 MTPA can be constructed within three years, compared to large-scale LNG plants, which can take up to 10 years. Moreover, factor, such increasing demand for LNG in bunkering, road transportation, and off-grid power are expected to drive the small-scale LNG market in the coming years.
However, factors such as high operation cost of small-scale LNG and lack of supporting infrastructure in the regions such as the Middle-East and Africa and high CAPEX requirement, along with a long payback period of more than 12 years, are expected to hinder the growth of the market studied.
Transportation application is expected to dominate the small-scale LNG market, owing to the increasing demand for LNG as a fuel source for ships and heavy-duty trucks.
Owing to the high capital expenditure required for a small-scale LNG infrastructure, development of cost-efficient small-scale LNG infrastructure are expected to provide significant opportunities to the small-scale LNG technology providers and transporters in the future.
Europe dominated the market across the world, with the majority of the demand coming from countries, such as Norway, Spain, and the United Kingdom.
The small-scale LNG market is moderately fragmented. Some of the major players include the Linde Group, Wartsila Oyj Abp, Royal Dutch Shell PLC, Engie SA, and PJSC Gazprom.
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Liquefaction Terminal
5.1.2 Regasification Terminal
5.2 Mode of Supply
5.2.1 Truck
5.2.2 Transshipment and Bunkering
5.2.3 Pipeline and Rail
5.3 Application
5.3.1 Transportation
5.3.2 Industrial Feedstock
5.3.3 Power Generation
5.3.4 Other Applications
5.4 Geography (Market Size for Regions Only)
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Small-scale LNG Technology Providers
6.3.1.1 The Linde Group
6.3.1.2 Wartsila Oyj Abp
6.3.1.3 Baker Hughes Company
6.3.1.4 Honeywell International Inc.
6.3.1.5 Chart Industries Inc.
6.3.1.6 Black & Veatch Corp
6.3.2 Small-scale LNG Marine Transporter
6.3.2.1 Anthony Veder Group NV
6.3.2.2 Engie SA
6.3.2.3 Evergas A/S
6.3.3 Small-scale LNG Operators
6.3.3.1 Royal Dutch Shell PLC
6.3.3.2 Eni SpA
6.3.3.3 PJSC Gazprom
6.3.3.4 TotalEnergies SE
6.3.3.5 Gasum Oy
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/swizcr
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Companies to evaluate Universal Hydrogen’s modular hydrogen fuel logistics solution for the zero-emissions derivative of the Dornier 328
LOS ANGELES--(BUSINESS WIRE)--#aerospace--Universal Hydrogen, the company fueling carbon-free flight, and Deutsche Aircraft, the new purpose-driven German aircraft Original Equipment Manufacturer (OEM), today announced a technical collaboration to advance the decarbonization of aviation, a global imperative in the fight against climate change. Together, the two companies will complete a design study to incorporate Universal Hydrogen’s modular capsule technology into the Dornier 328 program.
“We see hydrogen as the only realistic approach for aviation to meet the goals of the Paris Agreement,” said Paul Eremenko, co-founder and CEO of Universal Hydrogen. “We are tackling the biggest obstacle to near-term hydrogen adoption: its delivery and distribution to airports and aircraft globally without costly infrastructure. This partnership with Deutsche Aircraft will accelerate our shared goal to put aviation on a trajectory toward true zero carbon emissions.”
The joint effort will analyze the size and integration of the modular capsule technology for hydrogen storage into the aircraft structure and systems (including loading and unloading considerations); aircraft weight and balance; hydrogen cost (infrastructure and fuel); mission performance; and the hydrogen logistics network design. In addition, both Universal Hydrogen and Deutsche Aircraft will work closely with regional and federal German government and European Union entities regarding the development, production, and implementation of the study and project.
“Deutsche Aircraft is committed to enter the new era of climate-neutral aviation. Partnering with companies that share our passion for climate-friendly design like Universal Hydrogen allow us to accelerate our vision for decarbonization,” said Martin Nüsseler, chief technology officer for Deutsche Aircraft. “We are excited to leverage Universal Hydrogen’s technical expertise to assess the safe and affordable use of hydrogen onboard our aircraft as part of our journey to zero emissions.”
About Universal Hydrogen
Universal Hydrogen is making hydrogen-powered commercial flight a near-term reality. The company takes a flexible, scalable, and capital-light approach to hydrogen logistics by transporting it in modular capsules over the existing freight network from green production sites to airports around the world. To accelerate market adoption, Universal Hydrogen is also developing a conversion kit to retrofit existing regional airplanes with a hydrogen-electric powertrain compatible with its modular capsule technology.
About Deutsche Aircraft
Founded on the proud heritage of Dornier and upholding Germany's reputation for engineering design, quality and innovation, Deutsche Aircraft is the new purpose-driven German Original Equipment Manufacturer (OEM). As Dornier 328 type certificate holder, Deutsche Aircraft enables development of the D328® aircraft platform toward an efficient, economic and environmentally friendly aircraft, driving the future of aviation toward climate-neutral flight. With the government of Germany as partner, Deutsche Aircraft is leading the way in a new era of a cleaner, safer and more efficient aviation.
Kate Gundry
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617-797-5174
SEATTLE--(BUSINESS WIRE)--#industrialtelemedicine--Remote Medical International (RMI), announced the launch of two new services RMI Access™ Telemedicine and Case Management, to address health and safety challenges found in demanding industrial environments. These services provide direct anytime, anywhere access to licensed medical providers trained in industrial injury management in all 50 states.
With RMI Access Telemedicine, employees have 24/7/365 access to licensed medical providers and care at work or away from the job site. For companies with multiple locations, this service assures safety teams that all employees receive a consistent quality of care. Uniquely, RMI Access providers are trained in industrial injury management who understand the special medical and care challenges facing remote workers. The Telemedicine service features a web application that gives patients access via chat or video.
In addition to comprehensive worker care, RMI Access Case Management helps employers improve outcomes with effective planning, fast response, ongoing injury management, and detailed reporting. RMI Access medical providers are trained in evidence-based conservative treatment, ensuring optimal outcomes for patients and employers. This service gives patients the option to connect to the service via telephone, which is especially important in remote areas where internet service may be unavailable.
The Case Management service saves valuable time by pre-identifying clinical resources, so employees receive the proper care and advice at every worksite. Equally important, the program tracks and manages clinical visits, appointments, and ongoing treatment for injured employees from the time of the trauma or illness until they return to work or their case transitions to the workers’ compensation team. Complementing this service, RMI InSights provides real-time reports, alerts, and analytics like patient interactions, the types of injuries, and the sites where they occur - within HIPPA guidelines - from a customizable customer accessible, web-based dashboard. The dashboard keeps safety teams informed with the data needed to improve their health and safety programs continuously.
For more information on RMI Access, visit https://www.remotemedical.com/services/assistance-services/telemedicine/ or call +1 (206) 686-4878.
Media:
Bonnie Quintanilla
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877-887-7611
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