Strongest Storm to Hit the Area in More Than a Decade
PG&E Responds with Hundreds of Electric and Tree Crews and Thousands of Employees and Contractors Assessing Damage, Making Repairs and Restoring Power Safely and as Quickly as Possible
Since Saturday, Crews Have Restored Nearly 580,000 Customers Who Were Impacted by the Early-Season Storm
SAN FRANCISCO--(BUSINESS WIRE)--Pacific Gas and Electric Company’s (PG&E) Emergency Operations Center and hundreds of crews continue assessing damage, making needed repairs and restoring power in the aftermath of a major atmospheric river storm that delivered damaging winds, record rain totals, flooding and debris flows over the course of the weekend and Monday. The storm was one of the most potent to hit Northern and Central California in over a decade.
Since the storm began early Sunday, approximately 630,000 customers lost power which is about 10% of the utility’s 5.5 million electric customers.
As of 5 p.m. Monday evening, power has been restored to approximately 92% or 580,000 of those customers. Approximately 50,000 customers remain impacted.
PG&E continues to respond with approximately 3,000 electric and tree personnel on the job, including distribution and transmission line crews and troublemen and women, who are the utility industry’s first responders to an outage. Hundreds more employees are staffing the storm centers, performing safety duties, delivering needed equipment to PG&E yards and more.
While crews were pre-positioned to be in key locations in advance of the storm, they are now being moved and redeployed to the hardest areas of damage such as Sonoma, San Mateo and Santa Clara counties which were ground zero for much of the damage.
Mutual Aid assistance crews from San Diego Gas & Electric are expected to arrive Tuesday.
Record Rain and Wind
The record-breaking rain combined with strong winds produced the most storm-related impact seen in the PG&E territory in the month of October dating back to 2009. Downtown Sacramento at 5.44 inches broke a rainfall record that dated back to 1880. Blue Canyon received 10.4 inches of rainfall surpassing a record that dated back to 1964. Mount Tamalpais received 17 inches of rain. The strongest wind gust recorded was 92 mph in Alameda County. There were a number of other gusts that exceeded 70 mph across Santa Clara, Marin, Plumas, Contra Costa, Placer, San Mateo, Butte, and Napa counties.
PG&E’s stand is simple, that everyone and everything is safe. With that in mind, crews will continue to work overnight Monday and into the week until all customers are restored.
Keeping Customers Informed
While the storm has moved out of many areas, it is still impacting areas like Fresno, Bakersfield and San Luis Obispo.
PG&E knows how important it is to keep its customers informed. Customers can view real-time outage information on its website outage center and search by a specific address, by city or by county. This site has been updated to include in-language support for 16 languages.
Additionally, customers can sign up for outage notifications by text, email or phone. PG&E will inform customers about the cause of an outage, when crews are on their way, the estimated restoration time, and when power is restored.
Storm Safety Tips
Other tips can be found at www.pge.com/beprepared.
About PG&E
PG&E, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.
MEDIA RELATIONS:
415-973-5930
SAN JOSE, Calif. & SEOUL, South Korea--(BUSINESS WIRE)--Bloom Energy (NYSE: BE), a leading energy company, and SK ecoplant, an affiliate of South Korean conglomerate SK Group, today announced the companies are expanding their existing partnership to fortify their market leadership in power generation and to establish market leadership in the hydrogen economy. The partnership includes purchasing a minimum of 500 megawatts (MW) from Bloom Energy, representing a $4.5 billion revenue commitment; co-creating two hydrogen innovation centers; and targeting an equity investment of approximately $500 million.
SK ecoplant Contracts a Minimum of $4.5 Billion in Equipment and Service Revenue Over Three Years
Since the start of their strategic partnership three years ago, Bloom Energy and SK ecoplant have transacted nearly 200 MW of projects together totaling more than $1.8 billion of equipment and expected service revenue. Over the next three years the companies will expand this existing business with contracts for at least an additional 500 MW of power between 2022 and 2025, representing approximately $4.5 billion in equipment and future service revenue.
“Bloom Energy is SK ecoplant’s largest strategic partner in clean energy,” said Kyung-II Park, CEO, SK ecoplant. “We have seen the unparalleled performance of Bloom Energy’s product over the past three years and the company’s ability to execute and deliver a superior solution. We have also had firsthand experience with Bloom’s new hydrogen fuel cells and highly efficient electrolyzers, and we are excited about the competitive advantage we will have. Our work together has established a shared commitment to sustainability, innovation, and creating value. We are demonstrating our confidence and furthering our commitment to this partnership by making this financial investment.”
“From the start of our relationship with SK ecoplant, we have recognized that working together will accelerate our growth and enable SK to become a leader in clean energy and infrastructure solutions,” said KR Sridhar, founder, chairman, and CEO, Bloom Energy. “I am thrilled that over the past three years the superior performance of our products, execution capability, and the scale of our operations have led to such a strong relationship with SK ecoplant. SK ecoplant’s confidence to invest in us is a clear validation of our products and our people. Together, we can accelerate the hydrogen economy on a global basis. This is a win, win, win, win for our company, partners, customers, and investors.”
SK ecoplant and Bloom Energy Establish Two Hydrogen Innovation Centers
Bloom Energy and SK ecoplant agreed to create Hydrogen Innovation Centers in the United States and South Korea. The intent is to significantly accelerate the global market expansion for Bloom Energy’s hydrogen fuel cell and hydrogen electrolyzer products. The agreement also reflects both Bloom Energy and SK ecoplant’s enhanced commitment to a zero-carbon future and the further implementation of environmental, social and governance practices.
In addition, Bloom Energy and SK ecoplant agreed to strengthen their strategic alliance through expanding business cooperation in global markets, which may include exclusive distribution rights in select new markets.
SK ecoplant to Invest Approximately $500 Million in Bloom Energy
SK ecoplant will invest $255 million in Bloom Energy by acquiring 10 million shares of zero coupon, non-voting redeemable convertible preferred stock at a price of $25.50 per share. SK ecoplant has the option to acquire a minimum of an additional 11 million shares of Class A common stock at a 15 percent premium to the prevailing stock price at the time, which must be no later than November 30, 2023 and is subject to a maximum ownership of 15 percent.
Upon completion of SK ecoplant’s purchase of its second tranche, SK ecoplant will add a member to the Bloom Energy Board of Directors. SK will give an irrevocable proxy to vote its shares to Bloom Energy.
Bloom Energy intends to use the proceeds for market growth, rapid commercialization of hydrogen solutions, and for general corporate purposes.
Timing and Advisors
The investment is subject to customary closing conditions and regulatory approvals and is expected to close within 45 days.
Centerview Partners LLC is serving as financial advisor to Bloom Energy.
Forward-Looking Statements
This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, expectations for a successful expansion of the partnership between the two companies; the scope and terms of the proposed partnership; ability of the companies to fortify their market leadership position in the global hydrogen economy; intention to create Hydrogen Innovation Centers; statements about Bloom’s hydrogen fuel cells and electrolyzers; potential size of investment by SK ecoplant in Bloom; and the expected timing of the closing of the investment transaction. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, the risks related to the satisfaction of the conditions to the closing of the first or second tranches; the success of the strategic partnership in United States and international markets; the risks related to the ability of the existing partnership to fortify the companies market leadership in power generation and to establish market leadership in the hydrogen economy; timing and development of an ecosystem for the hydrogen market, including in the Korean market; the emerging nature of the distributed generation market and rapidly evolving market trends; market acceptance of Bloom’s hydrogen-powered Energy Server and its electrolyzer product; the significant losses Bloom has incurred in the past; the significant upfront costs of Bloom’s Energy Servers and Bloom’s ability to secure financing for its products; Bloom’s ability to drive cost reductions and to successfully mitigate against potential price increases; Bloom’s ability to service its existing debt obligations; Bloom’s ability to be successful in new markets; the risk of manufacturing defects; the accuracy of Bloom’s estimates regarding the useful life of its Energy Servers; delays in the development and introduction of new products or updates to existing products; the impact of the COVID-19 pandemic on the global economy and its potential impact on Bloom’s business; the availability of rebates, tax credits and other tax benefits; Bloom’s reliance on tax equity financing arrangements; Bloom’s reliance upon a limited number of customers; Bloom’s lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of its Energy Servers; business and economic conditions and growth trends in commercial and industrial energy markets; global economic conditions and uncertainties in the geopolitical environment; overall electricity generation market; Bloom’s ability to protect its intellectual property; and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021, and its most recently filed Quarterly Report on Form 10-Q for the quarter ended on June 30, 2021, filed with the SEC on August 6, 2021, as well as subsequent reports filed with or furnished to the SEC from time to time. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.
About SK ecoplant
Launched in 1977 under the name SK E&C, SK ecoplant possesses the highest level of technical skills and construction capacity in sectors such as chemical and power plants, infrastructure, construction, and housing. The company recently set its new goal to become a leading global eco-friendly and new energy company that connects the environment, people, and finance through technology, ultimately contributing to sustainable lives for all. For more information, visit www.skecoplant.com/en.
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.
Bloom Energy Investor Relations:
Ed Vallejo
267.370.9717
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Bloom Energy Media Contact:
Jennifer Duffourg
408.543.1566
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DUBLIN--(BUSINESS WIRE)--The "Biogas Market 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global biogas market size is expected to reach USD 81.37 billion by 2028 and is expected to expand at a CAGR of 4.4% from 2021 to 2028. Electricity was the dominant application segment in 2020 with a revenue share of 30.05%.
Shifting focus towards the use of renewable sources of energy, mainly in the electricity sector, has considerably augmented the demand for biogas in electricity applications. In addition, the growing need to reduce dependency on fossil fuels is forming lucrative prospects for biogas in applications, such as vehicle fuel. The COVID-19 pandemic is impacting product demand in heat generation applications.
Sluggish industrial activities have reduced the demand for heat consumption, thereby negatively affecting the market. The shifting priorities of consumers to focus on essentials, such as food and medicines, are further affecting the product demand in the cooking gas application segment owing to the high initial investments associated with setting up digesters.
The growing trend of the circular economy, particularly in European countries, is shifting the focus of the food and beverage industries towards proper management of food waste to attain a zero-waste economy. Therefore, companies, such as Nestle S.A., PepsiCo, Inc., and Unilever plc, have started directing some food waste to biogas production to generated power for manufacturing units.
The increasing adoption of biogas in Canada drives the market in North America. Biogas production is expected to increase owing to the high demand for fuel with low emission of harmful gases and the need for a reduction in Greenhouse Gas (GHG) emissions.
Manufacturers are adopting strategies, such as mergers and acquisitions, to increase their production capacity and market share in the region. South Africa is expected to provide ample growth opportunities to the global market on account of rising concerns regarding GHG emission levels in the country. The country is focusing on developing its market to limit carbon emissions.
Biogas Market Report Highlights
Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/a1afy
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DURHAM, N.C. & MALDEN, Mass.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology, and the Biophysical Economics Institute (BPEI), a non-profit organization dedicated to bringing the natural sciences into economic analysis and decision making, today announced the completion of a pioneering study that demonstrates the superior performance of Silicon Carbide vs. traditional silicon semiconductor devices in electric cars. When Silicon Carbide is used in the powertrain of an electric vehicle, it delivers a 13:1 energy savings vs. the incremental energy invested, as compared to traditional silicon chips. This significant energy conservation allows for longer range, lighter weight and faster charging – all of which foster lower long-term energy usage and enhanced environmental sustainability.
The study, led by BPEI partner Hedgerow Analysis, LLC, uses BPEI’s proprietary Energy Saved on Energy Invested (ESOI) metric, which allows for an apples-to-apples comparison of energy efficiency across applications and industries, taking into account the long lifespan of many advanced technologies. This analysis quantifies the energy saved over an equipment’s life cycle vs. the incremental energy used in its production – with Silicon Carbide as an illustrative use case. ESOI, a concept based in the natural sciences, offers corporations, industry organizations and non-profit groups an objective standard, based on measurable energy and material flows, for evaluating the energy efficiency of any technology.
“These methods represent a reliable, rigorous metric to quantify environmental, social and governance benefits,” said Dr. Charlie Hall, BPEI board member and co-chair, advisory board. “ESOI-anchored decision making allows us to maximize the potential of our precious natural resources, paving the way for a more effective energy transition.”
Key findings of the study include:
“We believe the next generation in power semiconductor technology will be driven by Silicon Carbide,” said John Palmour, chief technology officer at Wolfspeed. “These study results reinforce the superiority of Silicon Carbide and the direct impact a more energy-efficient technology has on the reduction of carbon emissions, which has a positive impact on the environment. As the world shifts to a more sustainable future, it will need efficient materials to power it.”
For more details on this study, please visit https://bpeinstitute.org/views.
About Wolfspeed:
Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power-switching devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.
Wolfspeed® is a registered trademark of Wolfspeed, Inc.
About Biophysical Economics Institute (BPEI):
The BioPhysical Economics Institute is a non-partisan, non-profit, multidisciplinary organization of scientists, economists, investment experts, corporate & project finance analysts and policy professionals, who are working together to bring the natural sciences into economic analysis and decision making. Specifically, BPEI aims to incorporate the analysis of energy efficiency into assessments of various strategies to reduce our reliance on fossil fuels, while supporting our natural habitats and human flourishing. Learn more at www.bpeinstitute.org.
Wolfspeed Contacts:
Media Relations
Joanne Latham
VP, Corporate Marketing
919-407-5750
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Investor Relations
Tyler Gronbach
VP, Investor Relations
919-407-4820
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BPEI Contact:
Linda Guild
Administrative Director
781-420-6551
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DUBLIN--(BUSINESS WIRE)--The "Solid Oxide Fuel Cells Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The solid oxide fuel cells market is expected to grow at a CAGR of over 14% during the forecast period of 2020 - 2025.
Companies Mentioned
Key Market Trends
Data Centers Sector to Dominate the Market Growth
Asia Pacific to Dominate the Market
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 2025
4.3 Recent Trends and Developments
4.4 Government Policies & 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 Stationary
5.1.2 Transport
5.1.3 Portable
5.2 End-user
5.2.1 Commercial
5.2.2 Data Centers
5.2.3 Military & Defense
5.2.4 Others
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/nvlbi2
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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KENNESAW, Ga.--(BUSINESS WIRE)--Marc Castillo is the new General Manager of G3® Boats, an independently operated subsidiary of Yamaha U.S. Marine Business Unit that produces aluminum and pontoon boats, effective immediately. Castillo replaces Terry Ickes, who is retiring from G3 after 21 years.
A 25-year marine industry veteran, Castillo previously served as the Director of Development, Operations, Fabrication and Engineering for SAFE® Boats International in Bremerton, Wash., where his responsibilities included research and new product development, oversight of operations and fabrication and leadership development. He also oversaw engineering and continuous improvement for the entire organization.
“The experience Marc brings fits perfectly with the culture of G3 Boats; at the same time, his skillset fits perfectly with our plan to grow and modernize G3’s products, processes and brand,” said Dean Burnett, Chief Sales and Marketing Officer, Boat Business and Marine Service Vice President, Yamaha U.S. Marine Business Unit. “I look forward to watching his leadership in action as the company continues to deliver exceptional customer experiences on the water.”
Prior to joining SAFE® Boats International, Castillo was the Operations Manager and General Manager for Palmer-Johnson™ Yachts in Sturgeon Bay, Wisconsin. He also held management positions with Burger® Boat Company in Manitowoc, Wisconsin. As well as Marinette Marine Group in Marinette, Wisconsin.
Castillo graduated from the University of Michigan® with a Bachelor of Science in Engineering, Naval Architecture and Marine Engineering. He and his family will relocate to G3’s headquarters in Lebanon, Missouri this October.
Ickes, who nearly doubled sales and sextupled revenue during his tenure, will stay on through early 2022 to facilitate a smooth transition.
Yamaha Marine products are marketed throughout the United States and around the world. Yamaha Marine U.S. Business Unit, based in Kennesaw, Ga., supports its 2,400 U.S. dealers and boat builders with marketing, training and parts for Yamaha’s full line of products and strives to be the industry leader in reliability, technology and customer service. Yamaha Marine is the only outboard brand to have earned NMMA®’s C.S.I. Customer Satisfaction Index award every year since its inception.
REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.
®2021 Yamaha Motor Corporation, U.S.A. All rights reserved.
This document contains many of Yamaha’s valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.
Brad Massey
Communications Manager
Yamaha U.S. Marine Business Unit
Office: (770) 701-3294
Mobile: (470) 277-9024
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Neal Wheaton
Wilder+Wheaton for
Yamaha U.S. Marine Business Unit
Mobile: (404) 317-0698
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DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today announced that its Board of Directors (the “Board”) amended the Company’s dividend policy pursuant to which the Company intends to pay quarterly cash dividends on its common stock of $0.05 per share, which is an increase from its prior policy of $0.025 per share initiated earlier this year. Pursuant to this revised policy, the Board declared a quarterly cash dividend of $0.05 per share of common stock payable on December 1, 2021 to shareholders of record as of November 10, 2021.
Joseph Wm. Foran, Matador’s Chairman and CEO, commented, “We are pleased to announce an increase in our quarterly cash dividend from $0.025 per share to $0.05 per share. The doubling of our quarterly cash dividend shows our continued confidence in Matador’s growing financial and operational strength and our increasing ability to return value to our shareholders. We look forward to the release of our third quarter 2021 operational and financial results after the close of trading on Tuesday, October 26, 2021 and to our discussion of those results during our conference call on Wednesday, October 27, 2021 at 9:00 a.m. Central Time. We appreciate the support and trust of our shareholders, especially those that have been shareholders for many years, and are grateful for this opportunity provided by our staff and our board to increase our quarterly cash dividend.”
About Matador Resources Company
Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations, primarily through its midstream joint venture, San Mateo, in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.
For more information, visit Matador Resources Company at www.matadorresources.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; availability of sufficient capital to execute its business plan, including from future cash flows, increases in its borrowing base and otherwise; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus, or COVID-19, on oil and natural gas demand, oil and natural gas prices and its business; the operating results of the Company’s midstream joint venture’s Black River cryogenic natural gas processing plant; the timing and operating results of the buildout by the Company’s midstream joint venture of oil, natural gas and water gathering and transportation systems and the drilling of any additional produced water disposal wells; and other important factors which could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Mac Schmitz
Capital Markets Coordinator
(972) 371-5225
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SAN JOSE, Calif.--(BUSINESS WIRE)--#VWID4USATour--Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY), a world leader in semiconductors for mobility, energy efficiency and the IoT, announced it has attained a GUINNESS WORLD RECORDS™ title, through its sponsorship of the VW ID.4 USA tour, in conjunction with drivers, Rainer Zietlow and Derek Collins. The record was set for the longest journey by an electric vehicle (EV) in a single country, crossing 35,840.67 miles between July 13, 2021 to October 18, 2021. The drive route incorporated five Infineon sites, including Livonia, MI; San Jose, CA; El Segundo, CA; Austin, TX; and Washington D.C.
The VW ID.4 contains more than 50 Infineon semiconductors, including power semiconductors, microcontrollers and driver ICs. At the heart of the electric drivetrain is a power module from the HybridPACK™ Drive product family for the conversion of energy between the battery and motor. Looking beyond the car, semiconductors from Infineon also play an important role in the electric charging infrastructure and enable faster charging.
“Making the world an easier, safer and greener world with our technology is Infineon’s mission,” said Lars Ullrich, Vice President of Automotive, Infineon Technologies Americas. “Infineon is committed to being carbon neutral by 2030, and electrical vehicles and vehicle electrification are also big steps toward less carbon emission. This world record further confirms that energy efficient EVs are not range limited and that charging infrastructure is accessible throughout the country. We are excited about this great achievement, which was enabled by dependable electronics from Infineon, and applaud the drivers and team support across the globe to make this happen.”
Infineon powers eMobility
Infineon offers the broadest automotive portfolio of products and technologies in the semiconductor industry, including power semiconductors that are at the heart of eMobility. Along with comprehensive system expertise for electric drives, Infineon offers full system solutions addressing all xEV segments including pure EVs, hybrid EVs, and EVs based on emerging hydrogen technology. Today, Infineon power semiconductors can be found in around 10 million electrified cars on the road. In 2021, nearly six million plug-in hybrids and battery electric vehicles would be produced. Infineon estimates that about half of inverters built into these vehicles are fitted with the company’s chips and modules. By the end of this decade, more than 60% of all newly registered vehicles should be partially or fully electric.
The ID.4 is Volkswagen’s first all-electric SUV and the brand’s first global EV. At launch in the U.S., it is powered by an 82 kWh (gross) battery pack and has an EPA-estimated range of 250 miles in ID.4 1st Edition and Pro S rear-wheel-drive models. At a public DC fast-charging station, with 125 kW charging, the ID.4 can go from five to 80 percent charged in about 38 minutes.
To learn about Infineon’s contribution to eMobility, go to: https://www.infineon.com/cms/en/about-infineon/mobility/electric/
About Guinness World Records
What’s the fastest game bird in Europe? This was the question that inspired the founding of Guinness World Records (GWR) back in 1955. Starting with a single book published from a room above a gym, GWR has grown to become a global multimedia brand, with offices in London, New York, Beijing, Tokyo, and Dubai. Today, GWR delivers world class content, not just through books, but via TV shows, social media, and live events. Every year, GWR’s in-house consultancy helps thousands of brands, businesses, and organizations to harness the power of record breaking and deliver award-winning campaigns and marketing solutions – engaging audiences, creating captivating, shareable content, and telling authentic stories that generate genuine media impact.
About Infineon
Infineon Technologies AG is a world leader in semiconductor solutions that make life easier, safer and greener. Microelectronics from Infineon are the key to a better future. In the 2020 fiscal year (ending 30 September), Infineon reported revenue of more than €8.5 billion with a workforce of some 46,700 people worldwide. Following the acquisition of the US company Cypress Semiconductor Corporation in April 2020, Infineon is now a global top 10 semiconductor company.
Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the over-the-counter market OTCQX International Premier (ticker symbol: IFNNY). Further information is available at www.infineon.com.
This press release is available online at www.infineon.com/press.
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Yasuyuki Kamiseki (Japan), Tel.: +81 3 5745 7413
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Investor Relations:
Tel: +49 89 234 26655
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DALLAS--(BUSINESS WIRE)--AECOM (NYSE:ACM), the world’s trusted infrastructure consulting firm, announced today that it intends to hold a conference call and webcast with analysts and investors on November 15, 2021 at noon Eastern Time, during which management will discuss the Company's fourth quarter and full year fiscal 2021 financial results, strategic accomplishments and market trends.
The live webcast and a replay will be available online at https://investors.aecom.com. The site will also host the press release announcing the financial results and the presentation slides containing additional financial and operating information on the day of the call.
The conference call can be accessed directly by dialing 844-200-6205 (U.S.) or 929-526-1599 (international) and entering passcode 273131.
About AECOM
AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.2 billion in fiscal year 2020. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.
Media:
Brendan Ranson-Walsh
Vice President, Global Communications & Corporate Responsibility
1.213.996.2367
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Investor:
Will Gabrielski
Senior Vice President, Finance & Investor Relations
1.213.593.8208
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NEW YORK--(BUSINESS WIRE)--SG Blocks, Inc. (NASDAQ: SGBX) ("SG Blocks" or the "Company"), a leading designer, innovator and fabricator of modular structures, announced today it has entered into a securities purchase agreement with a single U.S. institutional investor for the purchase and sale of 3,164,384 shares of its common stock (or common stock equivalents in lieu thereof in the form of pre-funded warrants) together with warrants to purchase up to 1,898,630 shares of common stock for gross proceeds of approximately $11.55 million. Each share of common stock and accompanying common warrant are being sold together at a combined offering price of $3.65, and each common stock equivalent and accompanying common warrant are being sold together at a combined offering price of $3.649. The common stock equivalents will be immediately exercisable at a nominal exercise price of $0.001 and will expire when exercised in full. The common warrants will have an exercise price of $4.80 per share, will be exercisable upon issuance and will expire five years from the date of an issuance.
The offering is expected to close on or about October 27, 2021, subject to customary closing conditions.
A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.
This offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-228882) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About SG Blocks, Inc.
SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel™, the structural core and shell of an SG Blocks building, and then customized to client specifications. For more information, visit www.sgblocks.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the expected closing of the offering. While SG Blocks believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to consummate the transactions described herein, the Company’s ability to expand within various verticals as planned, the Company’s ability working as a team to meet its goals, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the Nasdaq listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Investors:
Stephen Swett
(203) 682-8377
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DUBLIN--(BUSINESS WIRE)--The "Offshore Drilling Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for offshore drilling market is expected to grow at a CAGR of approximately around 1% during the forecast period of 2021 - 2026.
Companies Mentioned
Key Market Trends
Deep-Water and Ultra-Deep Water Segment to Dominate the Market
Middle-East and Africa to Witness a Significant Growth
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, until 2026
4.3 Historic and Demand Forecast of Offshore Drilling Rigs in numbers, until 2020
4.4 Historic and Demand Forecast of Offshore CAPEX in USD billion, by Region, till 2026
4.5 Key Projects Information
4.5.1 Existing Projects
4.5.2 Planned and Upcoming Projects
4.6 Recent Trends and Developments
4.7 Government Policies and Regulations
4.8 Market Dynamics
4.8.1 Drivers
4.8.2 Restraints
4.9 Supply Chain Analysis
4.10 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Type
5.2 Depth
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
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/pgxpe9
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE American: LNG) announced today that its subsidiary, Cheniere Marketing, LLC (“Cheniere Marketing”), has entered into a binding liquefied natural gas (“LNG”) sale and purchase agreement (“SPA”) with a subsidiary of Glencore plc (“Glencore”).
Under the SPA, Glencore has agreed to purchase approximately 0.8 million tonnes per annum of LNG from Cheniere Marketing on a free-on-board basis for a term of approximately 13 years beginning in April 2023. The purchase price for LNG under the SPA is indexed to the Henry Hub price, plus a fixed liquefaction fee.
“We are pleased to announce this long-term SPA with Glencore, one of the world’s largest producers and marketers of commodities and a significant player in the global LNG market,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “This agreement once again reinforces Cheniere’s position as a leading global LNG provider, and we look forward to a successful long-term relationship with Glencore. This SPA further builds upon Cheniere’s commercial momentum, marking another important milestone in contracting our LNG capacity ahead of an FID of Corpus Christi Stage 3, which we expect to occur next year.”
The Corpus Christi Stage 3 project is being developed to include up to seven midscale liquefaction trains with a total expected nominal production capacity of approximately 10 mtpa. It has received all necessary regulatory approvals.
About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (LNG) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with expected total production capacity of approximately 45 million tonnes per annum of LNG operating or under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.
For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, filed with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, and share repurchases, and (viii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.
Cheniere Energy, Inc.
Investors
Randy Bhatia, 713-375-5479
Media Relations
Eben Burnham-Snyder, 713-375-5764
HOUSTON--(BUSINESS WIRE)--Expro Group Holdings N.V. (NYSE: XPRO) (“Expro” “the Company”) will hold a conference call on November 8, 2021 to discuss results for the third quarter ended September 30, 2021. The conference call is scheduled to begin at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). A press release regarding the results will be issued before the market opens on November 8 and the press release, together with associated presentation slides, will be posted to the investor relations section of the Expro website in advance of the conference call.
Given the recently announced completion of Expro’s merger with Frank’s International N.V. (“Frank’s) on October 1, 2021, Expro’s earnings release and conference call will include discussion of both standalone Expro and Frank’s financial results for the period ended September 30, 2021.
We encourage those who plan to dial into the conference to pre-register: pre-registration link. Callers who pre-register will be given a dial-in number and unique PIN via email to gain immediate access to the call.
Participants may also join the conference call by dialing:
US: +1 (844) 200-6205
International: +1 (929) 526-1599
Access ID: 648921
To listen via live webcast, please visit the Investor section of www.expro.com.
An audio replay of the webcast will be available in the Investor section of the Company’s website approximately 3 hours after the conclusion of the call and remain available for a period of 12 months.
To access the audio replay telephonically:
Dial-In: US +1 (866) 813- 9403 or +44 (204) 525-0658
Access ID: 183236
Start Date: November 8, 2021, 2:00 p.m. CT
End Date: November 15, 2021, 11:00 p.m. CT
ABOUT EXPRO
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and best-in-class safety and service quality. The company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well integrity and intervention.
Founded in 1938, Expro has more than 6,600 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries with over 100 locations.
For more information, please visit: expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.
Investor contact:
Karen David-Green – Chief Communications, Stakeholder & Sustainability Officer
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+1 281 994 1056
WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) announced today that the Board of Directors of its general partner, Global GP LLC, has declared a quarterly cash distribution of $0.5750 per unit ($2.30 per unit on an annualized basis) on all of its outstanding common units for the period from July 1 to September 30, 2021. The distribution will be paid November 12, 2021 to unitholders of record as of the close of business on November 8, 2021.
Non-U.S. Withholding Information
This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of GLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, GLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
About Global Partners LP
With approximately 1,550 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.
Forward-looking Statements
Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, uncertainty around the impact of the COVID-19 pandemic to our counterparties and our customers and their corresponding ability to perform their obligations and/or utilize the products we sell and/or services we provide, uncertainty around the impact and duration of federal, state and municipal regulations related to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.
For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800
Sean T. Geary
Acting General Counsel, Secretary and Vice President – Mergers & Acquisitions
Global Partners LP
(781) 894-8800
TULSA, Okla.--(BUSINESS WIRE)--Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported increased financial and operating results for the quarter ended September 30, 2021 (the "2021 Quarter") compared to the quarter ended June 30, 2021 (the "Sequential Quarter"). Primarily on the strength of increased coal sales volumes and price realizations, total revenues for the 2021 Quarter rose 14.6% to $415.4 million. Increased total revenues, partially offset by higher total operating expenses, drove net income for the 2021 Quarter up by 30.7% to $57.5 million, or $0.44 per basic and diluted limited partner unit, while EBITDA climbed 14.6% to $135.9 million. Increased coal sales volumes and prices for the 2021 Quarter led coal sales revenues and Segment Adjusted EBITDA for our coal operating segments higher by 11.1% and 10.9%, respectively. Increased royalty volumes sold and higher sales prices for the 2021 Quarter also drove total royalty revenues and Segment Adjusted EBITDA for our royalties segments up by 18.5% and 27.6%, respectively. (Unless otherwise noted, all references in the text of this release to "net income (loss)" refer to "net income (loss) attributable to ARLP." For definitions of EBITDA and Segment Adjusted EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release.)
Financial and operating results for the 2021 Quarter and the nine months ended September 30, 2021 (the "2021 Period") were also significantly improved compared to the quarter ended September 30, 2020 (the "2020 Quarter") and the nine months ended September 30, 2020 (the "2020 Period"), both of which were negatively impacted by reduced global energy demand and weak commodity prices as a result of lockdown measures imposed in response to the COVID-19 pandemic.
Total revenues in the 2021 Quarter increased by 16.8% to $415.4 million compared to $355.7 million in the 2020 Quarter as a result of higher coal sales volumes, which rose 10.3%, and significantly higher oil & gas prices. Revenue growth, partially offset by increased total operating expenses, led net income higher by $30.3 million to $57.5 million for the 2021 Quarter, or $0.44 per basic and diluted limited partner unit, compared to $27.2 million, or $0.21 per basic and diluted limited partner unit, for the 2020 Quarter. EBITDA also increased 14.4% in the 2021 Quarter to $135.9 million compared to $118.8 million in the 2020 Quarter.
Results for the 2021 Period were also sharply higher compared to the 2020 Period as net income increased to $126.3 million, or $0.97 per basic and diluted limited partner unit, compared to a net loss of $164.2 million, or $(1.29) per basic and diluted limited partner unit, for the 2020 Period. The increase in net income resulted from higher revenues and lower depreciation in the 2021 Period and $157.0 million of non-cash impairment charges in the 2020 Period. Excluding the impact of impairment charges, net income of $126.3 million for the 2021 Period compares to an Adjusted net loss of $7.2 million for the 2020 Period, while EBITDA increased 31.5% to $348.9 million in the 2021 Period compared to Adjusted EBITDA of $265.3 million in the 2020 Period. Increased coal sales volumes and oil & gas prices in the 2021 Period drove total revenues higher by 14.0% to $1.10 billion, compared to $961.6 million for the 2020 Period. Ongoing cost control and efficiency initiatives at our mining operations as well as increased production drove Segment Adjusted EBITDA Expense per ton for our coal operations lower by 11.1% to $28.82 per ton for the 2021 Period, compared to $32.43 per ton for the 2020 Period. (For definitions of Adjusted net income (loss), Adjusted EBITDA and Segment Adjusted EBITDA Expense and related reconciliations to comparable GAAP financial measures, please see the end of this release.)
ARLP also announced today that the Board of Directors of its general partner (the "Board") declared a cash distribution to unitholders of $0.20 per unit (an annualized rate of $0.80 per unit) for the 2021 Quarter, payable on November 12, 2021 to all unitholders of record as of the close of trading on November 5, 2021. The announced distribution represents a 100.0% increase over the cash distribution of $0.10 per unit for the Sequential Quarter.
"ARLP’s strong performance this year continued during the 2021 Quarter as we again posted sequential increases to total revenues, net income, EBITDA and free cash flow," said Joseph W. Craft III, Chairman, President and Chief Executive Officer. "Reflecting robust demand, coal sales volumes and price realizations increased by 650,000 tons and $1.10 per ton, respectively, over the Sequential Quarter and ARLP continued to add commitments to its coal contract book, entering into new agreements for the delivery of approximately 15.3 million tons over the balance of this year through 2024. The performance of our royalties segments also improved over the Sequential Quarter as higher energy prices and increased royalty volumes propelled Segment Adjusted EBITDA from royalties to a record $28.3 million." (For a definition of free cash flow and related reconciliation to the comparable GAAP financial measure, please see the end of this release.)
Mr. Craft continued, "Year-to-date performance from all of ARLP’s business segments has exceeded our initial expectations for 2021. Since the beginning of the year, ARLP has generated $222.3 million of free cash flow, reduced total debt and finance lease obligations by $156.9 million, committed $40.8 million to attractive growth investments, increased liquidity by $110.2 million and improved total leverage to 0.95 times. Based on these results, favorable market fundamentals and expectations for continued strong performance through next year, our Board elected to support management’s view that a significant increase to ARLP’s cash distribution to unitholders was appropriate."
Operating Results and Analysis
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% Change |
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2021 Third |
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2020 Third |
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Quarter / |
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2021 Second |
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(in millions, except per ton and per BOE data) |
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Quarter |
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Quarter |
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Quarter |
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Sequential |
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Coal Operations (1) |
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Illinois Basin |
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Tons sold |
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5.750 |
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5.219 |
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10.2 |
% |
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5.425 |
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6.0 |
% |
Coal sales price per ton sold |
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$ |
37.85 |
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$ |
39.54 |
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(4.3) |
% |
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$ |
38.74 |
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(2.3) |
% |
Segment Adjusted EBITDA Expense per ton |
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$ |
26.03 |
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$ |
25.10 |
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3.7 |
% |
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$ |
25.84 |
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0.7 |
% |
Segment Adjusted EBITDA |
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$ |
69.3 |
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$ |
75.6 |
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(8.3) |
% |
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$ |
70.6 |
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(1.9) |
% |
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Appalachia |
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Tons sold |
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2.744 |
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2.483 |
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10.5 |
% |
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2.421 |
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13.3 |
% |
Coal sales price per ton sold |
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$ |
52.71 |
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$ |
52.12 |
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1.1 |
% |
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$ |
47.84 |
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10.2 |
% |
Segment Adjusted EBITDA Expense per ton |
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$ |
33.64 |
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$ |
34.92 |
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(3.7) |
% |
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$ |
30.75 |
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9.4 |
% |
Segment Adjusted EBITDA |
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$ |
52.7 |
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$ |
43.1 |
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22.3 |
% |
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$ |
41.6 |
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26.6 |
% |
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Total Coal Operations |
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Tons sold |
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8.494 |
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7.702 |
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10.3 |
% |
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7.846 |
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8.3 |
% |
Coal sales price per ton sold |
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$ |
42.65 |
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$ |
43.59 |
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(2.2) |
% |
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$ |
41.55 |
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2.6 |
% |
Segment Adjusted EBITDA Expense per ton |
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$ |
28.95 |
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$ |
28.84 |
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0.4 |
% |
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$ |
27.90 |
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3.8 |
% |
Segment Adjusted EBITDA |
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$ |
126.3 |
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$ |
117.5 |
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7.5 |
% |
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$ |
113.9 |
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10.9 |
% |
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Royalties (1) |
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Oil & Gas Royalties |
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BOE sold (2) |
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0.414 |
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0.468 |
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(11.5) |
% |
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0.391 |
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5.9 |
% |
Oil percentage of BOE |
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51.2 |
% |
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49.4 |
% |
3.6 |
% |
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45.7 |
% |
12.0 |
% |
Average sales price per BOE (3) |
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$ |
48.64 |
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$ |
20.71 |
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134.9 |
% |
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$ |
43.73 |
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11.2 |
% |
Segment Adjusted EBITDA Expense |
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$ |
2.6 |
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$ |
0.8 |
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210.8 |
% |
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$ |
2.4 |
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9.1 |
% |
Segment Adjusted EBITDA |
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$ |
19.1 |
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$ |
8.9 |
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114.4 |
% |
|
$ |
15.4 |
|
24.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coal Royalties (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Royalty tons sold |
|
|
5.344 |
|
|
5.098 |
|
4.8 |
% |
|
|
4.707 |
|
13.5 |
% |
Revenue per royalty ton sold |
|
$ |
2.52 |
|
$ |
2.24 |
|
12.5 |
% |
|
$ |
2.48 |
|
1.6 |
% |
Segment Adjusted EBITDA Expense |
|
$ |
4.3 |
|
$ |
5.2 |
|
(17.5) |
% |
|
$ |
4.9 |
|
(12.6) |
% |
Segment Adjusted EBITDA |
|
$ |
9.2 |
|
$ |
6.3 |
|
46.3 |
% |
|
$ |
6.8 |
|
35.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Royalties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total royalty revenues |
|
$ |
34.6 |
|
$ |
21.2 |
|
63.7 |
% |
|
$ |
29.2 |
|
18.5 |
% |
Segment Adjusted EBITDA Expense |
|
$ |
6.9 |
|
$ |
6.0 |
|
14.8 |
% |
|
$ |
7.3 |
|
(5.4) |
% |
Segment Adjusted EBITDA |
|
$ |
28.3 |
|
$ |
15.2 |
|
86.2 |
% |
|
$ |
22.2 |
|
27.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Total (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
415.4 |
|
$ |
355.7 |
|
16.8 |
% |
|
$ |
362.4 |
|
14.6 |
% |
Segment Adjusted EBITDA Expense |
|
$ |
239.4 |
|
$ |
216.8 |
|
10.4 |
% |
|
$ |
214.5 |
|
11.6 |
% |
Segment Adjusted EBITDA |
|
$ |
154.6 |
|
$ |
132.7 |
|
16.5 |
% |
|
$ |
136.1 |
|
13.6 |
% |
| ________________________ | |||||||||||||||
(1) For definitions of Segment Adjusted EBITDA Expense and Segment Adjusted EBITDA and related reconciliations to comparable GAAP financial measures, please see the end of this release. Segment Adjusted EBITDA Expense per ton is defined as Segment Adjusted EBITDA Expense – Coal Operations (as reflected in the reconciliation table at the end of this release) divided by total tons sold. As noted in the reconciliation table at the end of this release, Segment Adjusted EBITDA and Segment Adjusted EBITDA Expense for our Coal Operations segments in the 2020 Quarter are adjusted to retroactively reflect the impact of intercompany royalties earned by our Coal Royalties segment (see footnote (4) below). (2) Barrels of oil equivalent ("BOE") for natural gas volumes is calculated on a 6:1 basis (6,000 cubic feet of natural gas to one barrel). (3) Average sales price per BOE is defined as oil & gas royalty revenues excluding lease bonus revenue divided by total BOE sold. (4) ARLP's subsidiary, Alliance Resource Properties, LLC ("Alliance Resource Properties") owns or controls coal reserves that it leases to some of our mining subsidiaries. Beginning in 2021, we restructured our reportable segments to include the coal royalty activities of Alliance Resource Properties as a new Coal Royalties reportable segment. This activity was previously included in our Illinois Basin and Appalachian reportable segments as well as our other and corporate activities. (5) Reflects total consolidated results, which include our other and corporate activities and eliminations in addition to the Illinois Basin, Appalachia, Oil & Gas Royalties and Coal Royalties reportable segments highlighted above. |
|||||||||||||||
ARLP's coal sales volumes increased in all regions compared to both the 2020 and Sequential Quarters. Improved coal demand primarily in the export markets during the 2021 Quarter drove coal sales volumes higher by 10.2% and 10.5% in the Illinois Basin and Appalachian regions, respectively, compared to the 2020 Quarter. Compared to the Sequential Quarter, Illinois Basin coal sales volumes increased 6.0% in the 2021 Quarter primarily as a result of increased volumes from our Hamilton and Gibson South mines. In Appalachia, coal sales volumes increased 13.3% compared to the Sequential Quarter primarily due to increased quarterly sales volumes from our Tunnel Ridge longwall operation in the 2021 Quarter. Coal sales price per ton sold in the 2021 Quarter decreased in the Illinois Basin by 4.3% compared to the 2020 Quarter reflecting the expiration of higher-priced sales contracts. In Appalachia, coal sales prices increased by 10.2% compared to the Sequential Quarter due to improved price realizations at our Mettiki and MC Mining operations. Total coal inventory fell to 0.9 million tons at the end of the 2021 Quarter, a decrease of 0.3 million tons and 0.5 million tons compared to the end of the 2020 and Sequential Quarters, respectively, as a result of higher coal sales volumes as discussed above, partially offset by increased production volumes.
Segment Adjusted EBITDA Expense per ton in the Illinois Basin increased by 3.7% compared to the 2020 Quarter due to increased roof support and maintenance expenses as well as higher labor costs per ton across the region. In Appalachia, Segment Adjusted EBITDA Expense per ton decreased 3.7% compared to the 2020 Quarter as a result of increased volumes and reduced longwall subsidence expense in the 2021 Quarter and a longwall move in the 2020 Quarter at our Tunnel Ridge mine, the production benefits from MC Mining’s transition of mining operations to a new reserve area in the second half of 2020 and the benefits of ongoing expense control and efficiency initiatives. Compared to the Sequential Quarter, Segment Adjusted EBITDA Expense per ton in Appalachia increased 9.4% in the 2021 Quarter due to increased selling and maintenance expenses, reduced recoveries at our Mettiki and Tunnel Ridge mines and sales of high-priced purchased coal tons.
For our Oil & Gas Royalties segment, significantly higher sales price realizations per BOE in the 2021 Quarter compared to the 2020 Quarter more than offset lower volumes and higher Segment Adjusted EBITDA Expense resulting in Segment Adjusted EBITDA increasing by $10.2 million. Compared to the Sequential Quarter, Segment Adjusted EBITDA increased by $3.7 million in the 2021 Quarter driven primarily by increased oil & gas prices and a 23.2% growth in our oil volumes produced in the Permian basin.
Segment Adjusted EBITDA for our Coal Royalties segment increased to $9.2 million for the 2021 Quarter compared to $6.3 million and $6.8 million for the 2020 and Sequential Quarters, respectively, as a result of increased royalty tons sold and, higher average royalty rates per ton.
Outlook
"The financial futures for oil, natural gas and coal indicate market conditions should remain robust across the entire global energy complex into 2023," said Mr. Craft. "Coal demand in our primary U.S. markets is extremely strong. Reflecting continued post-COVID economic recovery, increased power usage and high natural gas prices, domestic utilities have leaned on coal-fired generation to meet rising demand for electricity. Eastern U.S. coal generation has increased 23% year-to-date over 2020 levels, capacity utilization of the domestic coal fleet recently reached a three-year high and utility stockpiles have declined to critical levels heading into the winter heating season. International coal demand and fundamentals are also extremely strong, pushing recent API 2 prices to record highs and the forward curve signals favorable pricing for the next several years. In the face of increased coal demand, lack of global supply response, and transportation challenges, fuel buyers are scrambling to secure necessary coal supply. We believe the recent rise in coal prices will continue over the intermediate term and ARLP expects to benefit from these markets opportunities."
Mr. Craft continued, "The future also looks bright for our royalty businesses. Oil, gas and natural gas liquids prices have increased significantly since the beginning of the year and the forward price curve remains favorable. While still below pre-pandemic levels, oil & gas production from our existing acreage continues to increase as drilling and completion activity modestly improves. We also recently completed the purchase of approximately 1,500 net royalty acres in the Permian basin, increasing ARLP’s already attractive position in the Delaware portion of this basin to approximately 10,000 net royalty acres. This newly acquired acreage currently has four producing wells and is under active development by a well-capitalized operator who has two rigs on location drilling eight new wells with the potential for up to 90 wells to be ultimately completed on our acreage. With continued expansion in our oil & gas royalties and confidence in steady growth from our coal royalties, we anticipate that the contribution of our royalty segments to ARLP’s consolidated results will continue to increase in the future."
ARLP is updating its full-year 2021 guidance for the following selected items:
|
|
|
|
|
|
|
|
|
|
|
|
2021 Full Year Guidance |
|||||
|
|
|
|
|
|
Coal Operations |
|
|
|
|
|
Volumes (Million Short Tons) |
|
|
|
|
|
Illinois Basin Sales Tons |
|
|
|
|
22.0 — 22.3 |
Appalachia Sales Tons |
|
|
|
|
10.1 — 10.3 |
Total Sales Tons |
|
|
|
|
32.1 — 32.6 |
|
|
|
|
|
|
Committed & Priced Sales Tons |
|
|
|
|
|
2021 — Domestic/Export/Total |
|
|
|
|
28.4/4.0/32.4 |
2022 — Domestic/Export/Total |
|
|
|
|
27.0/2.4/29.4 |
|
|
|
|
|
|
Per Ton Estimates |
|
|
|
|
|
Coal Sales Price per ton sold (1) |
|
|
|
|
$42.10 — $44.10 |
Segment Adjusted EBITDA Expense per ton sold (2) |
|
|
|
|
$28.00 — $30.00 |
|
|
|
|
|
|
Royalties |
|
|
|
|
|
Oil & Gas Royalties |
|
|
|
|
|
Oil (000 Barrels) |
|
|
|
|
775 — 825 |
Natural gas (000 MCF) |
|
|
|
|
2,875 — 3,075 |
Liquids (000 Barrels) |
|
|
|
|
310 — 340 |
Segment Adjusted EBITDA Expense (% of Oil & Gas Royalties Revenue) |
|
|
|
|
~ 12.5% |
|
|
|
|
|
|
Coal Royalties |
|
|
|
|
|
Royalty tons sold (Million Short Tons) |
|
|
|
|
19.5 — 20.0 |
Revenue per royalty ton sold |
|
|
|
|
$2.50 — $2.60 |
Segment Adjusted EBITDA Expense per royalty ton sold |
|
|
|
|
$0.85 — $0.95 |
|
|
|
|
|
|
Consolidated (Millions) |
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
|
|
$250 — $260 |
General and administrative |
|
|
|
|
$68 — $70 |
Net interest expense |
|
|
|
|
$38 — $39 |
Capital expenditures |
|
|
|
|
$125 — $130 |
| ____________________ | |||||
(1) Sales price per ton is defined as total coal sales divided by total tons sold. (2) For a definition of Segment Adjusted EBITDA Expense and related reconciliation to the comparable GAAP financial measure please see the end of this release. |
|||||
A conference call regarding ARLP's 2021 Quarter financial results is scheduled for today at 10:00 a.m. Eastern. To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the "investor information" section of ARLP’s website at http://www.arlp.com.
An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13723742.
This announcement is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b), with 100% of the partnership’s distributions to foreign investors attributable to gross income, gain or loss that is effectively connected with a United States trade or business. Accordingly, ARLP's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Alliance Resource Partners, L.P.
ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins.
ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States.
In addition, ARLP also generates income from a variety of other sources.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission ("SEC"), are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..
***
The statements and projections used throughout this release are based on current expectations. These statements and projections are forward-looking, and actual results may differ materially. These projections do not include the potential impact of any mergers, acquisitions or other business combinations that may occur after the date of this release. We have included more information below regarding business risks that could affect our results.
FORWARD-LOOKING STATEMENTS: With the exception of historical matters, any matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projected results. Those forward-looking statements include expectations with respect to coal and oil & gas consumption and expected future prices, optimizing cash flows, reducing operating and capital expenditures, preserving liquidity and maintaining financial flexibility, among others. These risks to our ability to achieve these outcomes include, but are not limited to, the following: the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses' and governments' responses to the pandemic on our operations and personnel, and on demand for coal, oil and natural gas, the financial condition of our customers and suppliers, available liquidity and capital sources and broader economic disruptions; changes in macroeconomic and market conditions and market volatility arising from the COVID-19 pandemic, including coal, oil, natural gas and natural gas liquids prices, and the impact of such changes and volatility on our financial position; decline in the coal industry's share of electricity generation, including as a result of environmental concerns related to coal mining and combustion and the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels; changing global economic conditions or in industries in which our customers operate; changes in coal prices and/or oil & gas prices, demand and availability which could affect our operating results and cash flows; actions of the major oil producing countries with respect to oil production volumes and prices could have direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests; the effectiveness or lack of effectiveness in distributed vaccines to reduce the impact of COVID-19; changes in competition in domestic and international coal markets and our ability to respond to such changes; potential shut-ins of production by operators of the properties in which we hold mineral interests due to low oil, natural gas and natural gas liquid prices or the lack of downstream demand or storage capacity; risks associated with the expansion of our operations and properties; our ability to identify and complete acquisitions; dependence on significant customer contracts, including renewing existing contracts upon expiration; adjustments made in price, volume, or terms to existing coal supply agreements; recent action and the possibility of future action on trade made by the United States and foreign governments; the effect of changes in taxes or tariffs and other trade measures; legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, mining, miner health and safety, hydraulic fracturing, and health care; deregulation of the electric utility industry or the effects of any adverse change in the coal industry, electric utility industry, or general economic conditions; investors' and other stakeholders' increasing attention to environmental, social and governance matters; liquidity constraints, including those resulting from any future unavailability of financing; customer bankruptcies, cancellations or breaches to existing contracts, or other failures to perform; customer delays, failure to take coal under contracts or defaults in making payments; our productivity levels and margins earned on our coal sales; disruptions to oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in raw material costs; changes in the availability of skilled labor; our ability to maintain satisfactory relations with our employees; increases in labor costs including costs of health insurance and taxes resulting from the Affordable Care Act, adverse changes in work rules, or cash payments or projections associated with workers' compensation claims; increases in transportation costs and risk of transportation delays or interruptions; operational interruptions due to geologic, permitting, labor, weather-related or other factors; risks associated with major mine-related accidents, mine fires, mine floods or other interruptions; results of litigation, including claims not yet asserted; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; difficulty maintaining our surety bonds for mine reclamation as well as workers' compensation and black lung benefits; difficulty in making accurate assumptions and projections regarding post-mine reclamation as well as pension, black lung benefits, and other post-retirement benefit liabilities; uncertainties in estimating and replacing our coal reserves; uncertainties in estimating and replacing our oil & gas reserves; uncertainties in the amount of oil & gas production due to the level of drilling and completion activity by the operators of our oil & gas properties; the impact of current and potential changes to federal or state tax rules and regulations, including a loss or reduction of benefits from certain tax deductions and credits; difficulty obtaining commercial property insurance, and risks associated with our participation in the commercial insurance property program; evolving cybersecurity risks, such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, malware, social engineering, physical breaches or other actions; and difficulty in making accurate assumptions and projections regarding future revenues and costs associated with equity investments in companies we do not control.
Brian L. Cantrell
Alliance Resource Partners, L.P.
(918) 295-7673
CARSON CITY, Nev.--(BUSINESS WIRE)--Vidler Water Resources, Inc. (“Vidler”) announced that it has entered into a sale and option contract with an affiliate of one of the world’s largest producers of wind and solar energy for a minimum of 28,000 and a maximum of 55,000 Long Term Storage Credits (“LTSC”) at the Company’s recharge facility in the Harquahala Valley, Arizona. The contract provides for the following:
The contract also provides that if the buyer exercises either purchase option and purchases the minimum amount of LTSC but less than the maximum quantity of LTSC under either purchase option, the buyer may, on or before January 31, 2022, make an additional payment of $200,000 to secure the right to purchase, on or before April 30, 2022, any remaining LTSC up to the maximum quantity at $450 per LTSC.
Vidler’s President and Chief Executive Officer, Dorothy Timian - Palmer, commented:
“We are extremely pleased to enter into a contract with this highly respected alternative energy producer for a significant quantity of our LTSC in the Harquahala basin in Arizona. We have previously worked with this company on certain of our properties in Nevada and Arizona, and we have found them to be an excellent partner with first rate innovative and sustainable energy solutions for the communities they serve. The affiliate’s parent company is actively involved in the Data Center and Green Hydrogen power space and, on the closing of this transaction, our water will provide them with the scarce resource required to manufacture clean energy. We look forward to further opportunities our business relationship may bring and potentially allow us to utilize some of our remaining Harquahala LTSC in the basin where they are stored.
“The contemplated sale of a significant portion of our current inventory of approximately 250,000 LTSC is vindication of our business plan to build a recharge and storage site in the Harquahala Valley for Colorado River water. Our investment has allowed water, which may not have been able to be stored when originally available - and potentially wasted – to be preserved for use when needed for projects that provide benefit to the citizens of Arizona. Given the well documented drought conditions in the Western U.S. – and the Tier 1 shortage on the Colorado River declared earlier this year – we are also working hard to allow our stored water to have the ability to be conveyed to end–users in Arizona outside the Harquhala Valley who require assured and sustainable supplies of water in these times of water shortage. We are currently in discussions with a number of commercial and residential developers and municipalities regarding the sale of our LTSC not only from our recharge facility in Harquahala but also from our current inventory of approximately 27,000 LTSC in the Phoenix Active Management Area.”
About Vidler Water Resources, Inc.
As of June 30, 2021, our primary holding was Vidler Water Company, Inc. (“Vidler”), a water resource and water storage business, with assets and operations primarily in the Southwestern U.S.
Our business is to source, develop and provide sustainable potable water resources to fast-growing communities throughout the Southwest U.S. that lack, or are running short of, available water resources.
We conduct our business by working closely with many constituents in these communities: regulators, utilities, Native North American tribes, community leaders, residential and commercial developers and alternative energy companies. We ensure the water resources we develop and sell are sustainable and provide benefit to the citizens of the communities and regions we serve.
Currently, we believe the highest potential return to shareholders is from a return of capital. As we monetize our water and real estate assets, rather than reinvest the proceeds, we intend to return capital to shareholders through a stock repurchase program or by other means such as special dividends. Nonetheless, we may, from time to time, reinvest a portion of proceeds from asset monetizations in further development of existing assets, if we believe the returns on such reinvestment outweigh the benefits of a return of capital.
OTHER INFORMATION
At June 30, 2021, we had a market capitalization of $244.0 million, and 18,346,863 shares outstanding.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains statements that may constitute forward-looking statements, which are based on information currently available, usually identified by words such as "anticipates," "believes," "estimates," "plans,'' "projects," "expects," "hopes," "intends," "strategy," ''focus," "outlook," "will," "could," "should," "may," "continue," or similar expressions, which speak only as of the date the statement was made. Such statements are forward-looking statements and are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those provisions and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements, including without limitation, statements regarding our business objectives, our ability to monetize our water resources, the future demand for our water resources, our ability to reduce net operating cash use, our ability to source additional revenue streams, our ability to preserve and utilize NOLs to offset taxable income and reduce our federal income liability, and our ability to monetize assets and return capital to shareholders through stock repurchases or through other means. Our forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties.
A number of other factors may cause actual results to differ materially from our expectations, such as: any slow down or downturn in the housing or in the real estate markets in which Vidler operates; fluctuations in the prices of water and water rights; physical, governmental and legal restrictions on water and water rights; a downturn in some sectors of the stock market; general economic conditions; the impacts of the COVID-19 global pandemic on the demand for real estate, the pace of real estate development, and demand for water resources to support residential and commercial real estate development; prolonged weakness in the overall U.S. and global economies; the performance of the businesses in which Vidler operates; the continued service and availability of key management personnel; and potential capital requirements and financing alternatives.
For further information regarding risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, copies of which may be obtained by contacting us at (775) 885-5000 or at http://vidlerwater.com.
We undertake no obligation to (and we expressly disclaim any obligation to) update our forward-looking statements, whether as a result of new information, subsequent events, or otherwise, in order to reflect any event or circumstance which may arise after the date of this press release, except as may otherwise be required by law. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Dorothy Timian-Palmer
President and Chief Executive Officer
(775) 885-5000
WESTMINSTER, Colo.--(BUSINESS WIRE)--Loenbro LLC, a leading provider of mechanical, electrical, midstream, and inspection services, announces its acquisition of Switch Electric Inc. Based in Phoenix, AZ, Switch is a premier electrical contractor serving mission-critical data center construction and maintenance customers throughout the Arizona market.
“We’re proud to join Loenbro,” said John Fleury, Switch Electric’s Founder & CEO. “Loenbro’s robust geographic footprint, excellent reputation as a contractor-of-choice within the industrial services market, and established back-office support capabilities greatly enhance Switch’s ability to service our customers on a national basis.”
Mr. Fleury will remain with Loenbro as President of its Switch Electric subsidiary, leading all data center contracting operations nationally for Loenbro.
“Switch Electric is the company logo that many data center providers want to have on their construction sites,” said Daniel Cowan, Loenbro’s President & CEO. “Not only does Switch bring a wealth of proven mission-critical project delivery expertise and a team of dedicated individuals, but we also found our values align, and they share in our mission to change for the better the way our customers think about contractors. We look forward to working with John and the Switch team to help them scale to meet the national demands for their services.”
For more information: please contact This email address is being protected from spambots. You need JavaScript enabled to view it., visit Loenbro at www.loenbro.com, or Loenbro’s new partner, Switch Electric at www.switchelectric.com.
About Loenbro LLC
Loenbro LLC (www.loenbro.com) has been a trusted provider of industrial services for over 20 years, delivering superior single-source solutions for customers in diversified industrial markets. Loenbro offers mechanical services (including industrial construction), midstream services, instrumentation, electrical services, scaffolding, insulation, and abatement services, and inspection services. Headquartered in Westminster, CO, Loenbro has locations across the western United States.
About Switch Electric
Switch Electric Inc. (www.switchelectric.com) is an industry leading electrical contractor for the data center industry. Switch Electric provides solutions for every step of the electrical system data center building process: preconstruction, virtual construction, prefabrication, and electrical construction. Switch Electric is headquartered in Phoenix, AZ.
Media:
Lindsay Molk/TJ White
Sard Verbinnen & Co
This email address is being protected from spambots. You need JavaScript enabled to view it.
ADM Columbus and Cedar Rapids dry mills as well as ethanol assets from Decatur operations would transition from fuel ethanol to serving growing demand for lower-carbon aviation fuel
CHICAGO & ENGLEWOOD, Colo.--(BUSINESS WIRE)--ADM (NYSE: ADM), a global leader in nutrition and agricultural origination and processing, and Gevo, Inc., (NASDAQ: GEVO), a pioneer in transforming renewable energy into low carbon, energy-dense liquid hydrocarbons, announced today that they have signed a memorandum of understanding (MoU) to support the production of sustainable aviation fuel (SAF) and other low carbon-footprint hydrocarbon fuels.
The MoU contemplates the production of both ethanol and isobutanol that would then be transformed into renewable low carbon-footprint hydrocarbons, including SAF, using Gevo’s processing technology and capabilities. About 900 million gallons of ethanol produced at ADM’s dry mills in Columbus, Nebraska, and Cedar Rapids, Iowa, as well as its Decatur, Illinois, complex, is expected to be processed utilizing this technology, resulting in approximately 500 million gallons of SAF and other renewable hydrocarbons. The isobutanol is expected to be produced at a proposed new facility in Decatur that would employ ADM’s carbon capture and sequestration capabilities.
“The potential conversion of 900 million gallons of ethanol – more than half of our production capacity – to serve growing demand for sustainable aviation fuel would represent a major step in the continued evolution of our Carbohydrate Solutions business to focus increasingly on new, high-growth opportunities,” said ADM Chairman and CEO Juan Luciano. “Carbohydrate Solutions is unlocking new value and meeting customer needs through the growth of our BioSolutions platform, with agreements like our LG Chem MoU; sustainable solutions supported by our carbon capture capabilities, like our net-zero carbon milling footprint in the U.S.; and the completion of our dry mill review, with the sale of our Peoria facility and this exciting collaboration with Gevo. Equally important, we’re continuing to live our purpose, with our entry into SAF representing another step in our strategic efforts to advance decarbonization and use our integrated value chain to deliver more sustainable, environmentally friendly products and services.”
“Our potential customer contract pipeline has grown to over 1 billion gallons,” said Gevo CEO Patrick Gruber, Ph.D. “By working with ADM, who already has committed to reducing their carbon footprint, we have the opportunity to accelerate scale. The technology to convert low carbon ethanol and isobutanol into SAF by Gevo is well developed and ready for world scale-commercialization. We look forward to working with ADM in the pursuit of Net-Zero fuels.”
Demand for SAF is expected to increase as major U.S. airlines, airports, shippers and the U.S. government have agreed to work together to advance the use of cleaner sustainable fuels. The U.S. and the EU have set goals that together would support almost 4 billion gallons of annual SAF production in 2030, and more than 45 billion by 2050.
The companies intend to work together to determine full commercialization plans and enter into definitive agreements enabling a timeline such that production of SAF can begin in the 2025-2026 timeframe.
About ADM
At ADM, we unlock the power of nature to provide access to nutrition worldwide. With industry-advancing innovations, a complete portfolio of ingredients and solutions to meet any taste, and a commitment to sustainability, we give customers an edge in solving the nutritional challenges of today and tomorrow. We’re a global leader in human and animal nutrition and the world’s premier agricultural origination and processing company. Our breadth, depth, insights, facilities and logistical expertise give us unparalleled capabilities to meet needs for food, beverages, health and wellness, and more. From the seed of the idea to the outcome of the solution, we enrich the quality of life the world over. Learn more at www.adm.com.
About Gevo
Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo also plans to take advantage of decarbonization via geological sequestration in the future. Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions.
Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build- out of a multi-billion-dollar business.
Gevo believes that the Argonne National Laboratory GREET model is the best available standard of scientific-based measurement for life cycle inventory or LCI.
Learn more at Gevo’s website: www.gevo.com
Forward-Looking Statements Regarding ADM
Some of the above statements constitute forward-looking statements. ADM’s filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements.
Forward-Looking Statements Regarding Gevo, Inc.
Certain statements in this press release may constitute “forward-looking statements” regarding Gevo, Inc. (“Gevo”) within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, statements related to the MOU, the demand for SAF and other hydrocarbon fuels contemplated by the MOU, whether Gevo and ADM will enter into legally binding, definitive agreements to effect the transactions contemplated by the MOU, Gevo’s potential customer contract pipeline, Net-Zero fuels, the gallons of SAF contemplated to be produced under the MOU, and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2020, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.
Source: Corporate release
ADM
Jackie Anderson
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312-634-8484
Gevo, Inc.
Heather L. Manuel
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720-418-0085
For the second year, the leader in nickel-zinc battery-based solutions was recognized for its BC Series Battery Cabinets
PORTLAND, Ore.--(BUSINESS WIRE)--For the second year in a row, ZincFive has been named a finalist for the S&P Global Platts Global Energy Awards, with its BC Series Battery Cabinets competing for the prestigious title of Commercial Technology of the Year. S&P Global Platts, the leading global provider of energy and commodities information and news, selected Energy Award finalists from over 300 nominees for their exemplary innovation, leadership, and performance.
ZincFive’s BC Series Battery Cabinet, which was also selected as a finalist in 2020 for the Emerging Technology of the Year Award, utilizes nickel-zinc batteries to provide uninterruptible power solutions for mission critical applications in data centers and intelligent transportation infrastructure. This power-dense, sustainable, fail-safe battery energy storage solution has a lower total cost of ownership (TCO) than conventional lead-acid or lithium battery storage systems. The company’s BC Series Battery Cabinets are the first nickel-zinc (NiZn) battery energy storage systems to include both backward and forward compatibility with megawatt class inverters, allowing users to easily retrofit existing lead-acid uninterruptible power and energy storage cabinets without the need for modifications.
“We’re honored that ZincFive’s BC Series Battery Cabinets were named as a finalist for the S&P Global Platts Global Energy Awards,” said ZincFive CEO and Co-Founder Tim Hysell. “This is a recognition that the capability of nickel-zinc batteries is a paradigm shift in battery string reliability and uptime, bringing high performing and sustainable battery and power solutions to global energy markets.”
The batteries that power the BC Series Battery Cabinet use widely available, environmentally friendly nickel and zinc. This chemistry enables higher power-density, reliability and safety, making it an attractive option for companies that want to reduce their carbon footprint and operating costs without sacrificing safety or performance. Additionally, an independent third-party expert analysis has verified that ZincFive’s nickel-zinc batteries have a significantly lower end-to-end climate impact than lead-acid and lithium battery chemistries.
“This year’s complement of 196 finalists truly indicates the outstanding innovation and supreme leadership occurring in so many sectors across our industries,” said Jenny Salinas, Vice President of Marketing at S&P Global Platts.
Winners for each of the 21 categories will be announced at the S&P Global Platts Global Energy Awards’ black-tie gala December 9, 2021, in New York City. To view the complete list of Award categories and finalists, as well as more information on the Awards and upcoming ceremony, visit www.globalenergyawards.com.
About ZincFive, Inc.
The modern electrified world requires safe, reliable, powerful and green battery storage to realize the potential of technology for society. ZincFive’s nickel-zinc batteries are the high-power, fail-safe, fully recyclable battery technology powering the future. ZincFive is the world leader in innovation and delivery of nickel-zinc battery-based uninterruptible power solutions for mission critical applications in Data Centers and Intelligent Transportation as well as providing batteries and storage solutions for Electric Grid reliability and Motive applications. With over 100 patents awarded, ZincFive leverages safe, green nickel-zinc chemistry within its solutions to provide high power density and performance simultaneous with superior safety and environmental advantages. ZincFive is a privately held company based in Tualatin, Oregon. zincfive.com.
About S&P Global Platts
At S&P Global Platts, we provide the insights; you make better-informed trading and business decisions with confidence. We’re the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping.
S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for companies, governments and individuals to make decisions with confidence. For more information, visit http://spglobal.com/platts.
Carlos Villacis This email address is being protected from spambots. You need JavaScript enabled to view it.
Over Half Say Paying Ransom Encourages More Crime and Want Their Data Better Protected
SAN JOSE, Calif.--(BUSINESS WIRE)--New research from Cohesity, a leader in next-gen data management, reveals how Americans feel about corporations giving in to the demands of ransomware attackers – and the bottom line is that Americans don’t feel good about it.
This research is based on an August 2021 survey commissioned by Cohesity and conducted by Propeller Insights of more than 1,000 adult U.S. consumers between the ages of 18 through 75 and older, all of whom have heard of ransomware.
“Ransomware attacks are so prevalent that they are now part of our collective consciousness,” said Brian Spanswick, chief information and security officer, Cohesity. “And our research indicates that when businesses pay the ransom, they run the risk of losing consumer confidence and prompting people to take their business elsewhere.”
Consumer Awareness on Ransomware is High
More than three-fourths of US consumers (81%) said that they were familiar with the recent ransomware attacks on Colonial Pipeline, JBS Holdings, Kaseya, SolarWinds, and U.S. hospitals.
21% said they believe or are aware that their company has been impacted by ransomware attacks, while 22% said that a company they do business with was hit by a ransomware attack.
Consumers surveyed believe the top five industries most vulnerable to ransomware attacks include, respectively, government, financial services and insurance, oil and energy, healthcare and pharmaceutical, and technology.
What Would Cause Consumers to Lose Confidence
When asked what would cause consumers to lose confidence in a company that was hit by ransomware:
Many Consumers Believe Companies Can Do More to Protect Data
When asked if consumers believe organizations are doing enough to protect their data, 42% answered either “it’s unlikely” or “no.”
Consumers are quick to point out what organizations can do to improve data protection.
“No organization is immune from ransomware attacks,” said Spanswick. “But enterprises that implement modern security and next-gen data management strategies and can quickly recover if they are attacked – without having to pay the ransom – are the ones that will win favor with consumers over those that can’t.”
About Cohesity
Cohesity radically simplifies data management. We make it easy to protect, manage, and derive value from data – across the data center, edge, and cloud. We offer a full suite of services consolidated on one multicloud data platform: backup and recovery, disaster recovery, file and object services, dev/test, and data compliance, security, and analytics – reducing complexity and eliminating mass data fragmentation. Cohesity can be delivered as a service, self-managed, or provided by a Cohesity-powered partner.
© 2021 Cohesity, Inc. All rights reserved. Cohesity, the Cohesity logo, Helios, and other Cohesity marks are trademarks or registered trademarks of Cohesity, Inc. in the US and/or internationally. Other company and product names may be trademarks of the respective companies with which they are associated.
Media Contacts
Doug Free
Director of Corporate Communications
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650-868-3252
Bospar Communications for Cohesity
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