DUBLIN--(BUSINESS WIRE)--The "Fuel Ethanol Market: Global Industry Analysis, Trends, Market Size, and Forecasts up to 2027" report has been added to ResearchAndMarkets.com's offering.
The report on the global fuel ethanol market provides qualitative and quantitative analysis for the period from 2019 to 2027. The report predicts the global fuel ethanol market to grow with a CAGR of 5.8% over the forecast period from 2021-2027. The study on fuel ethanol market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and RoW for the period of 2019 to 2027.
The report on fuel ethanol market is a comprehensive study and presentation of drivers, restraints, opportunities, demand factors, market size, forecasts, and trends in the global fuel ethanol market over the period of 2019 to 2027. Moreover, the report is a collective presentation of primary and secondary research findings.
Porter's five forces model in the report provides insights into the competitive rivalry, supplier and buyer positions in the market and opportunities for the new entrants in the global fuel ethanol market over the period of 2019 to 2027. Further, Growth Matrix gave in the report brings an insight into the investment areas that existing or new market players can consider.
Segment Covered
The global fuel ethanol market is segmented on the basis of product, and application.
The Global Fuel Ethanol Market by Product
The Global Fuel Ethanol Market by Application
What does this Report Deliver?
1. Comprehensive analysis of the global as well as regional markets of the fuel ethanol market.
2. Complete coverage of all the segments in the fuel ethanol market to analyze the trends, developments in the global market and forecast of market size up to 2027.
3. Comprehensive analysis of the companies operating in the global fuel ethanol market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
4. Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.
Market Dynamics
Drivers
Restraints
Opportunities
Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/fx3nps
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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AKRON, Ohio--(BUSINESS WIRE)--$BW--Babcock & Wilcox Enterprises, Inc. ("B&W") (NYSE: BW) has been invited to participate in Lake Street’s Fifth Annual Best Ideas Growth (BIG5) Conference, which is being held virtually on September 14-15, 2021.
Kenneth Young, B&W’s Chairman and Chief Executive Officer, and Louis Salamone, B&W’s Chief Financial Officer, are scheduled to hold one-on-one meetings throughout the conference. To receive additional information, request an invitation or to schedule a one-on-one meeting, please email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 612-326-1305.
About the BIG Conference
Lake Street will host its fifth annual BIG (Best Ideas Growth) institutional investor conference showcasing many interesting, dynamic public growth companies. Executives from over 100 publicly traded companies will meet institutional investors in an interactive, one-on-one meeting format. This is an invitation-only event attended by top institutional investors from across the country.
About B&W Enterprises
Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at www.babcock.com.
Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Proposed acquisition of solar photovoltaic systems distributor Segen achieves City Electrical Factors’ goal to expand its renewable energy business.
LONDON--(BUSINESS WIRE)--City Electrical Factors (CEF) and The Segen Group Limited (Segen) today announced that CEF’s parent company, Labora Holdings Limited (Labora), and Segen have entered into an agreement under which Labora will acquire 100% of Segen, a leading global distributor of residential and commercial rooftop solar photovoltaic (PV) systems, and its subsidiaries in the UK, Germany and South Africa. The transaction is expected to close October 2021 subject to regulatory and other approvals and conditions. Labora and Segen will remain separate and independent companies until closing of the proposed transaction.
Segen sells a range of renewable energy solutions, including energy storage systems (ESS) and EV charging equipment, to installers through its proprietary online portal and is a market leader in the UK and South Africa with significant and expanding operations in Europe. It has an impressive financial track record and exciting growth outlook.
“We are delighted to announce Labora’s proposed acquisition of Segen. This announcement reflects our confidence in the talented Segen team and our commitment to renewable energy,” said Thomas Hartland-Mackie, President and CEO of Labora. “Segen’s dedication to their customers and strong supplier partnerships is aligned with CEF’s culture and way of doing business. Our business is highly complementary to Segen and we are eager to explore ways to accelerate growth through new capabilities to further deliver on customer needs.”
Following the closing of the transaction, Segen will be a subsidiary of Labora, with the benefit of new scope and scale that will increase opportunities for suppliers and customers.
“There are many exciting synergies between the Segen and CEF teams,” said Andy Pegg, founder and CEO of Segen. “I am very pleased that Segen has found such a fantastic new home.”
Lincoln International acted as exclusive financial advisor to Segen and its shareholders, working closely with the founder, Andy Pegg, and his management team throughout the sale process. K&L Gates LLP acted as legal adviser.
About Segen
Segen are a leading global wholesale distributor of solar PV (photovoltaic), energy storage systems, electric vehicle charging and associated components. Founded in the UK in 2005, Segen offer an unrivalled product portfolio at everyday good prices. Segen are proud to have been recognized in both the Sunday Times PwC Fast Track 250 as one of Britain’s leading mid-market private companies and the Sunday Times International Track 200 for mid-market private companies with the fastest growing international sales.
About CEF
CEF is the expert supplier of electrical products and services for professional buyers and installers all over the UK. CEF offer the largest range of products including leading brands and value alternatives, alongside specialist knowhow, friendly advice and support that’s the best in the industry.
Established in 1951, privately owned CEF has a UK national network of 390 stores and the business now extends to the USA, Canada, Ireland, Spain and Australia. Customers can place online orders up until 8pm for next day delivery at cef.co.uk with access to more than 35,000 products from over 300 leading suppliers.
To find out more about CEF go to: cef.co.uk/
Facebook: facebook.com/cityelectricalfactors
Twitter: twitter.com/cefonline
Media Contact
Sharon Hong
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HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) announced today the completion of a replacement and refinancing of its credit agreement. The new syndicated facility agreement, which consists of a Canadian term loan and three revolving credit facilities, encompasses all of Civeo’s outstanding debt structure. In the leverage neutral transaction, the Canadian term loan was reduced to C$100 million (approximately US$80 million), compared to an outstanding balance of C$216 million (approximately US$175 million) as of June 30, 2021. This reduction was funded via a draw on the Canadian revolving credit facility in an equal and offsetting amount. The syndicated facility agreement has a maturity date of September 8, 2025. In addition, among other things, the new syndicated facility agreement:
“We are pleased to announce this new bank agreement, which provides the Company with four years of tenor on all three revolving credit facilities. This longer tenor allows Civeo even more flexibility to continue to generate free cash flow and reduce our debt levels while also evaluating other capital allocation priorities such as our recently announced share repurchase program and potential growth opportunities. We would like to thank our lending group for their continued support,” stated Bradley J. Dodson, Civeo’s President and CEO.
Additional information on the terms of the new agreement can be found in a separate Current Report on Form 8-K to be filed with the Securities and Exchange Commission today.
About Civeo
Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently operates a total of 28 lodges and villages in operation in Canada, Australia and the U.S., with an aggregate of approximately 30,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements herein include the statements regarding Civeo’s future plans and outlook, are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, among other things, risks associated with global health concerns and pandemics, including the COVID-19 pandemic and the risk that room occupancy may decline if our customers are limited or restricted in the availability of personnel who may become ill or be subjected to quarantine, risks associated with the general nature of the accommodations industry, risks associated with the level of supply and demand for oil, coal, iron ore and other minerals, including the level of activity, spending and developments in the Canadian oil sands, the level of demand for coal and other natural resources from, and investments and opportunities in, Australia, and fluctuations or sharp declines in the current and future prices of oil, natural gas, coal, iron ore and other minerals, risks associated with failure by our customers to reach positive final investment decisions on, or otherwise not complete, projects with respect to which we have been awarded contracts, which may cause those customers to terminate or postpone contracts, risks associated with currency exchange rates, risks associated with the company’s ability to integrate acquisitions, risks associated with labor shortages, risks associated with the development of new projects, including whether such projects will continue in the future, risks associated with the trading price of the company’s common shares, availability and cost of capital, risks associated with general global economic conditions, global weather conditions, natural disasters and security threats and changes to government and environmental regulations, including climate change, and other factors discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Civeo’s annual report on Form 10-K for the year ended December 31, 2020 and other reports the company may file from time to time with the U.S. Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this release. Except as required by law, Civeo expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
Carolyn J. Stone
Civeo Corporation
Senior Vice President & Chief Financial Officer
713-510-2400
Blue Hour: Ocean of Inclusion will blend art with ocean conservation in a visual journey, beginning at Angels Gate Cultural and ending next to the Korean Bell of Friendship, overlooking the Pacific Ocean.
LOS ANGELES--(BUSINESS WIRE)--AltaSea at the Port of Los Angeles, together with LA City Council District 15, is hosting its second annual Blue Hour, an event that will amplify and promote the benefits of a healthy ocean and growing blue economy, as well as educating the next generation on ocean exploration and conservation, through the work of world-class artists. Blue Hour: Ocean of Inclusion will be a two-part visual experience, with artist exhibits preceding the main event. The event will take place at Angels Gate Park in San Pedro on October 9, with the artist exhibits from 4:30-6 PM and the main event from 7-9 PM. Tickets to the event are on sale now. More information can be found here: https://altasea-project-blue.org/the-blue-hour-2021/.
AltaSea – a unique public-private ocean institute that convenes and nurtures the best and brightest pioneers and organizations in science, business, and education – hosted the first-ever Blue Hour in 2020, a drive-in experience that included a first-of-its-kind art installation projected onto the USS Iowa, a retired battleship-turned-museum moored on the San Pedro waterfront.
“As Jacques Cousteau once said, ‘The sea, the great unifier, is (our) only hope.’ Blue Hour: Ocean of Inclusion will celebrate that very thought in one of the most unique events in Los Angeles,” said AltaSea CEO Tim McOsker. “Art has the ability to cross barriers and unite us, and by blending art and ocean sustainability, this event will inspire and promote our mission of advancing the blue economy while preserving the ocean for future generations.”
For this year’s Blue Hour, AltaSea is partnering with the Korean Cultural Center of Los Angeles, the Korean Friendship Bell Preservation Committee, Angels Gate Cultural Center, and the Department of Recreation and Parks.
AltaSea will present three awards throughout the evening, recognizing select individuals who have both paved the way and inspired the next generation:
Accepting the Explorer Award for the Schmidt Ocean Institute will be Dr. Jyotika Virmani, Executive Director of the Schmidt Ocean Institute (SOI). Dr. Virmani, the first executive director of SOI, leads the global nonprofit in its work to advance the field of oceanographic science through innovative research and technology. Since its founding by Wendy and Eric Schmidt, the former Google CEO, in 2009, SOI has worked to advance oceanographic research, discovery, and knowledge, and catalyze sharing of information about the oceans.
Philippe Cousteau, Jr., co-founder of EarthEcho International, will accept the NextGen Award. Cousteau, inspired by the legacy of his grandfather, famed ocean explorer Jacques Cousteau, is a multi-Emmy-nominated TV host, author, speaker, and social entrepreneur. During his career, he has hosted many TV programs for BBC, CNN, Discovery, Travel Channel, and others. His organization, EarthEcho International, was founded in 2005 with his sister, Alexandra, in honor of their father, Philippe Cousteau Sr., to provide knowledge and develop tools in youth around the world that drive meaningful environmental action to protect and restore the ocean planet. With a reach of over 2 million people in 146 countries, EarthEcho supports the next generation to become environmental leaders who will transform the future.
Accepting the Innovation Award will be Rachel Kropa, Managing Director, FootPrint Coalition. FootPrint Coalition – founded by actor, producer, and activist Robert Downey Jr. – makes investments, provides grants, and creates media for the purpose of advancing and scaling environmental technology. Kropa, the former head of Creative Artists Agency Foundation, leads FootPrint Coalition’s scientific and philanthropic initiatives.
The event will feature multiple art exhibits, including a gallery from Schmidt Ocean Institute’s Artist-at-Sea program. Like the Blue Hour, the program seeks to use art to help conceptualize and broaden the awareness of the important research Schmidt Ocean Institute is doing on-board their research vessels.
Dr. Carlie Wiener, the Director of Communications and Engagement Strategy of SOI, will host a Q&A session on the Artist-at-Sea program at the VIP Salon. Dr. Wiener has over thirteen years of experience in marine science communications. Dr. Wiener has taught several courses throughout her career, specializing on communicating oceanography and marine science to the public. She has over twelve publications printed in top scientific research journals across the country.
A highlight of the evening will be a sneak preview of four-time Emmy award-winning filmmaker and marine biologist Rick Rosenthal’s upcoming nature series PLANET CALIFORNIA, offered exclusively for Blue Hour attendees. Combining the visual arts with natural history, the series celebrates California’s wildlife and wild places, especially its stunning ocean habitats.
Hosting the Blue Hour will be multi-Emmy award-winning journalist, Val Zavala. Zavala spent 30 years as a broadcast journalist at KCET in Los Angeles, winning numerous journalism awards. During her career, Zavala has covered a broad spectrum of Southern California issues, including politics, the environment, and the economy. Over the past year, Zavala has served as moderator for many webinars in AltaSea’s Project Blue webinar series.
About AltaSea at the Port of Los Angeles
AltaSea at the Port of Los Angeles, located on 35 acres at North America’s leading seaport by both container volume and cargo value, is dedicated to accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.
For more information on AltaSea, please see our website: https://altasea.org.
Jacob Scott
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412-445-7719
SAN JOSE, Calif.--(BUSINESS WIRE)--Power Integrations (Nasdaq: POWI) today announced that Balu Balakrishnan and Sandeep Nayyar, the company’s CEO and CFO, will participate in an online fireside chat at the Deutsche Bank Technology Conference on September 9 at 3:50 p.m. Eastern time. A live webcast of the event will be available via the investor page of the company’s website, investors.power.com.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power-conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.
Power Integrations and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc.
Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) today announced another oil discovery on the Stabroek Block offshore Guyana at Pinktail. The Pinktail well encountered 220 feet (67 meters) of net pay in high quality oil bearing sandstone reservoir. Pinktail is located approximately 21.7 miles (35 kilometers) southeast of the Liza Phase 1 development, which began production in December 2019, and 3.7 miles (6 kilometers) southeast of Yellowtail-1. Pinktail was drilled in 5,938 feet (1,810 meters) of water by the Noble Sam Croft.
In addition to successful appraisal of the Turbot discovery, the Turbot-2 well encountered 43 feet (13 meters) of net pay in a newly identified, high quality oil bearing sandstone reservoir separate from the 75 feet (23 meters) of high quality, oil bearing sandstone reservoir pay encountered in the original Turbot-1 discovery well. These results will be incorporated into future developments. The Turbot-2 discovery is located approximately 37 miles (60 kilometers) to the southeast of the Liza Phase 1 development and 2.5 miles (4 kilometers) from Turbot-1. Turbot-2 was drilled in 5,790 feet (1,765 meters) of water by the Noble Sam Croft.
CEO John Hess said: “We are happy to announce our 20th significant discovery on the Stabroek Block, which will add to the discovered recoverable resource estimate of more than 9 billion barrels of oil equivalent.”
Separately, the Liza Unity floating production storage and offloading (FPSO) vessel set sail from Singapore to Guyana in early September. The FPSO will be utilized for the Liza Phase 2 development, which is expected to begin production in early 2022, with a production capacity of approximately 220,000 gross barrels of oil per day. The Liza Destiny FPSO is currently producing approximately 120,000 gross barrels of oil per day.
The Stabroek Block is 6.6 million acres. At least six FPSOs are expected to be online by 2027 with the potential for up to 10 FPSOs on the block to develop the current discovered recoverable resource base. ExxonMobil affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited holds 25 percent interest.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.
Cautionary Statements
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation, the expected number, timing and completion of our development projects and estimates of capital and operating costs for these projects; estimates of our crude oil and natural gas resources and levels of production; and our future financial and operational results. Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: fluctuations in market prices or demand for crude oil, NGLs and natural gas, including due to the global COVID-19 pandemic or the outbreak of any other public health threat, or due to the impact of competing or alternative energy products and political conditions and events; potential failures or delays in increasing oil and gas reserves and in achieving expected production levels, including as a result of unsuccessful exploration activity, drilling risks and unforeseen reservoir conditions; inherent uncertainties in estimating quantities of proved reserves and resources; changes in laws, regulations and governmental actions applicable to our business, including legislative and regulatory initiatives regarding environmental concerns, such as measures to limit greenhouse gas emissions and flaring; the ability of our contractual counterparties to satisfy their obligations to us, including the operation of joint ventures which we may not control; unexpected changes in technical requirements for constructing, modifying or operating exploration and production facilities and/or the inability to timely obtain or maintain necessary permits; potential disruption or interruption of our operations due to catastrophic events, including the global COVID-19 pandemic; and other factors described in Item 1A—Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission. As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.
We use certain terms in this release relating to resources other than proved reserves, such as unproved reserves or resources. Investors are urged to consider closely the oil and gas disclosures in Hess Corporation’s Form 10-K, File No. 1-1204, available from Hess Corporation, 1185 Avenue of the Americas, New York, New York 10036 c/o Corporate Secretary and on our website at www.hess.com. You can also obtain this form from the SEC on the EDGAR system.
Investor Contact:
Jay Wilson
(212) 536-8940
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Media Contact:
Lorrie Hecker
(212) 536-8250
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Li-Cycle will Add a Fourth Spoke in Alabama as the Pace of New Battery Mega-Factory Deployment Continues to Exceed Expectations
Commercial Spoke 4 will Provide an Initial Processing Capacity Increase of up to 5,000 tonnes of Manufacturing Scrap and End-of-life Batteries per year, Bringing Li-Cycle’s North American Recycling Capacity to 25,000 tonnes per year
TORONTO--(BUSINESS WIRE)--Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or “the Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced that the Company will build a fourth commercial lithium-ion battery recycling facility, to be located in Tuscaloosa, Alabama.
With the pace of deployment of new battery mega-factories far exceeding initial expectations, Li-Cycle will construct an additional fourth Spoke in North America (“Spoke 4”). The Company previously had a base case plan for three North American Spokes (the Kingston, Ontario and Rochester, New York Spoke facilities are commercially operational; the Gilbert, Arizona Spoke facility is in advanced execution stages).
The southeastern United States is emerging as a critical region for the lithium-ion battery supply chain, as battery manufacturers and automotive OEMs establish operations in the region, which will lead to the generation of significant quantities of battery manufacturing scrap and end-of-life batteries available for recycling. Univar Solutions Inc. will be an anchor battery feed supply customer for the new facility, following on Li-Cycle’s previously announced on-site partnership with Univar Solutions to provide waste management solutions for electric vehicle and lithium-ion battery manufacturing.
When completed, Li-Cycle’s Spoke 4 facility will have an initial capacity of up to 5,000 tonnes of battery manufacturing scrap and end-of-life batteries per year, bringing Li-Cycle’s total North American recycling capacity to 25,000 tonnes per year. The Tuscaloosa site is also being developed to accommodate a future, second 5,000 tonne processing line, which would increase capacity at the Tuscaloosa site to 10,000 tonnes per year, and Li-Cycle’s total North American recycling capacity to 30,000 tonnes per year. As Li-Cycle continues to build upon its position as a leading lithium-ion battery recycler and resource recovery company, the Alabama Spoke is projected to commence operations by mid-2022 and is expected to create an initial 30+ new jobs.
The execution of Spoke 4 is strongly supported by a range of local stakeholders, including but not limited to:
"Our new facility in Alabama positions us well to meet the growing demand for lithium-ion battery recycling,” said Tim Johnston, Co-founder, and Executive Chairman of Li-Cycle. “Originally, we had planned on rolling out three commercial Spoke facilities in North America over the next five years, with a total recycling capacity of 20,000 tonnes per year. However, demand for lithium-ion battery recycling has continued to outperform our forecasts and we are now forecasting total recycling capacity of 30,000 tonnes per year. This facility is essential in filling a recycling gap in the southeastern United States. Like our Arizona Spoke, we expect the new facility to have the capability to process entire vehicle battery packs, without dismantling.”
“We have a responsibility to not only manufacture vehicles and batteries, but to be good corporate citizens in the choices we make to protect our environment and the community around us,” said Michael Goebel, President and CEO, Mercedes-Benz, US International, Inc. (MBUSI), which is working together with Univar Solutions on end-of-life solutions for lithium-ion batteries. “We welcome the partnership between Univar Solutions and Li-Cycle and the strong commitment of our partners here in Tuscaloosa, Alabama to push a sustainable future for mobility.”
"At Univar Solutions, we’re committed to bringing more sustainable solutions for a better world, leveraging our expertise to help our customers and suppliers make progress toward their sustainability goals. We are thrilled to work together with industry leaders like Li-Cycle and MBUSI to make a difference in lithium-ion battery recycling," said Stephen Molica, Vice President of Services for Univar Solutions Inc. "We look forward to further assisting MBUSI with best-in-class sustainability solutions through our OnSite Services team, including supporting the addition of Li-Cycle’s new facility in Alabama."
“Li-Cycle’s decision to locate in Alabama helps position our state on the leading edge as our industry enters the era of electric vehicle production,” said Ron Davis, President of the Alabama Automotive Manufacturers Association (AAMA). “With its innovative technology and process, Li-Cycle is bringing a capability that will offer the auto industry a solution to what will become an issue of critical importance. I am very excited to see Li-Cycle's ground-breaking contributions to our growing Alabama automotive industry."
“With the popularity of electric vehicles accelerating, it’s critical that old batteries are recycled — and Li-Cycle’s technologies make that possible,” Governor Kay Ivey said. “Li-Cycle’s selection of Tuscaloosa for its network of recycling facilities means not only jobs in Alabama, but also a positive for the environment.”
“With EV production set to start in Alabama in 2022, Li-Cycle’s Tuscaloosa recycling facility will ensure that Alabama plays another important role in the lifecycle of the batteries powering electric vehicles,” said Greg Canfield, Secretary of the Alabama Department of Commerce. “This project addresses the battery repurposing proposition that must also be a part of the sustainability solution that EVs offer.”
“With a strategic focus on mobility and power, West Alabama is a prime location for Li-Cycle’s Spoke facility,” said Danielle Winningham, executive director for Tuscaloosa County Economic Development Authority. “We welcome Li-Cycle’s sustainable and environmentally friendly end-of-life solution for lithium-ion batteries, which assists meeting the demand for electric vehicle battery materials.”
About Li-Cycle Holdings Corp. (NYSE: LICY)
Li-Cycle is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained in this communication may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1993, as amended, Section 21 of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “will,” “continue,” “expect,” “would,” “plan,” “projected,” “future” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These statements are based on various assumptions, whether or not identified in this communication, which Li-Cycle believe are reasonable in the circumstances. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; Li-Cycle’s inability to develop the Rochester Hub, Arizona Spoke, Alabama Spoke and other future projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; Li-Cycle’s failure to materially increase recycling capacity and efficiency; Li-Cycle may engage in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; additional funds required to meet Li-Cycle’s capital requirements in the future not being available to Li-Cycle on commercially reasonable terms or at all when it needs them; Li-Cycle expects to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for “green” energy technologies; decreases in benchmark prices for the metals contained in Li-Cycle’s products; changes in the volume or composition of feedstock materials processed at Li-Cycle’s facilities; the development of an alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycle’s revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s heavy reliance on the experience and expertise of its management; Li-Cycle’s reliance on third-party consultants for its regulatory compliance; Li-Cycle’s inability to complete its recycling processes as quickly as customers may require; Li-Cycle’s inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycle’s operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavourable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, boycotts and geo-political events; failure to protect Li-Cycle’s intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the section entitled "Risk Factors" in its final prospectus dated August 10, 2021 filed with the Ontario Securities Commission in Canada and the Form 20-F filed with the SEC. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
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Patented System Designed to Capture ∼ 100% of CO2 & Produce Saleable Commodities
WEST SPRINGFIELD, Mass.--(BUSINESS WIRE)--ESG Clean Energy, LLC (“ESG”), developers of Net Zero Carbon Footprints and clean energy solutions for distributed power generation, announced today it has signed a licensing deal with Viking Energy Group, Inc. (“Viking”) (OTCQB: VKIN), a majority-owned subsidiary of Camber Energy, Inc. (NYSE Amex: CEI), for exclusive rights to use ESG’s CO2-free power generation technology in all of Canada.
The agreement allows Viking to use ESG's patent rights and know-how related to stationary electric power generation, including methods to utilize heat and capture carbon dioxide. The license is exclusive for all of Canada (unlimited number of systems), and non-exclusive for up to twenty-five locations in the United States.
The ESG Clean Energy System is designed to generate clean electricity from internal combustion engines and utilize waste heat to capture ⁓ 100% of the carbon dioxide (CO2) emitted from the engine without loss of efficiency, and in a manner to facilitate the production of precious commodities (e.g. distilled/ de-ionized water; UREA (NH4); ammonia (NH3); ethanol; and methanol) for sale.
“Securing a license arrangement on this scale is a major milestone for ESG Clean Energy,” said Nick Scuderi, president of ESG Clean Energy. “This agreement enables ESG to not only expand our power generation business, but also allows us to provide more effective energy solutions outside the United States by leveraging the experience, expertise and relationships within the entire Viking and Camber organization.”
The ESG system is truly unique with its ability to create a Net Zero carbon outcome from a conventional, natural gas, internal combustion engine without loss of efficiency.
Exhaust gas contains a significant amount of water vapor and CO2 as naturally occurring byproducts of the combustion process. By separating those two elements, the ESG system can produce distilled water and other commodities.
As a result, Net Zero Carbon Footprint power production is achieved.
Besides electrical power generation, the ESG system can also be utilized in a number of different environments, including:
For more information about ESG Clean Energy, please visit www.ESGcleanEnergy.com.
About ESG Clean Energy, LLC
ESG Clean Energy, LLC (ESG) develops Net Zero Carbon Footprints and clean energy solutions for businesses and power providers using natural gas. The ESG system utilizes patented, off-the-shelf technology to efficiently produce electricity while capturing and converting 100% of the carbon dioxide and water vapor, which can be used in the production of various commodities, such as distilled water, ethanol, and urea. More information about ESG Clean Energy, its technology, and its current projects can be found at www.ESGcleanEnergy.com.
Bill Wrinn
978-559-1970
SCALE-2 technology optimizes footprint, improves efficiency, performance and reliability of power inverters and converters to 3300 V
SAN JOSE, Calif.--(BUSINESS WIRE)--$POWI #PowerIntegrations--Power Integrations (Nasdaq: POWI), the leader in gate-driver technology for medium- and high-voltage inverter applications, today announced SCALE-iFlex™ Single gate-drivers for the popular “New Dual” 100 mm x 140 mm IGBT modules. The compact new drivers support modules up to 3.3 kV and are available now for design-in. The SCALE-iFlex Single gate-drivers are ideal for light-rail, renewable energy generation and other high-reliability applications that demand compact, rugged driver solutions.
Thorsten Schmidt, product marketing manager at Power Integrations commented: “SCALE-iFlex Single gate-drivers fit the outline of the latest standard IGBT power modules including the Mitsubishi LV100/HV100, Infineon xHP2 and xHP3, ABB LinPak, Hitachi nHPD² and other similar products.”
SCALE-iFlex Single gate-drivers use Power Integrations’ SCALE-2™ ASIC technology which dramatically reduces component count compared to conventional products. The ASIC also provides Advanced Active Clamping (AAC) over-voltage protection during normal operation, a substantial improvement over simple soft shut down, which adds extra protection in case of short-circuit during turn-on. Devices are conformally coated and feature reinforced isolation. Isolated housings ensure isolation between modules when they are mounted side-by-side. Devices are pre-qualified according to railway standards IEC 61373 – Class 1B (shock & vibration) and IEC 61000-4-x (EMC tests) and IEC 60068-2-x (serial environmental tests). Burn-in is optionally available.
The new gate drivers are rated at 20 A peak output current per channel at 85 °C ambient temperature with no air flow. Higher power levels are possible with cooling or a lower ambient temperature. Both electrical and fiber-optic interfaces are available.
The SCALE-iFlex Single gate-drivers are available for sampling now. For more information, please visit www.power.com/products/scale-iflex-single/.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.
Power Integrations, SCALE-2, SCALE-iFlex and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owner.
Media Contact
Nina Hurd
Power Integrations, Inc.
(408) 414-8785
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Press Agency Contact
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BWW Communications
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Initial Partners Include One, Best Buy, SoCalGas and the State of California
LOS ANGELES--(BUSINESS WIRE)--Enervee (www.enervee.com), the leading provider of online marketplaces for energy-efficient products, has announced the rollout of Eco Financing™ (www.ecofinancing.com), an innovative program to make it easy and affordable to purchase energy-efficient appliances.
The program is launching in partnership with fintech lender One, the State of California, and Southern California Gas Company (SoCalGas). Enervee is also partnering with major retailers including Best Buy, which will provide end-to-end delivery, installation, and haul-away services.
With Eco Financing, online retail shoppers can buy energy-efficient appliances up to $5,000 with no money down, instant rebates and favorable loan terms, with no penalty for early repayment. The statewide Residential Energy Efficiency Loan (REEL) program enables One to provide Californians with longer loan terms and rates significantly lower than credit cards or other market-rate financing options. This results in low monthly payments: An energy-efficient appliance with a total cost of $1,000, for example, can be paid back with monthly installments of less than $25 while helping the borrower save on energy bills.
Eco Financing will initially be available to the 5.7 million residential customers of SoCalGas through the SoCalGas Marketplace. Access will expand within California through the REEL program and to other states later this year. Consumers can make purchases such as dishwashers, clothes washers/dryers, and kitchen ranges, as well as smart thermostats, with more categories to come.
Eco Financing marks the first microloan initiative of the REEL program, which is administered by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) housed within the State Treasurer’s Office. Since 2016, REEL has helped move California toward its ambitious climate goal of doubling energy savings by 2030. The program has facilitated $25 million in home energy efficiency improvements for Californians.
“It took close cooperation with the California State Treasurer’s Office, deep data integrations with One and national retailer Best Buy, and SoCalGas’s desire to better serve their customers to make Eco Financing a reality,” said Enervee CEO Matthias Kurwig. “The new Enervee commerce platform represents a major evolution from previous online stores provided by utilities.”
“Thanks to the credit enhancement available to REEL lenders, One is able to offer loans with favorable terms and expand access to borrowers who otherwise might not qualify,” said Brian Hamilton, CEO of One. “Eco Financing advances our mission of improving the financial lives of hard-working families in a way that doesn’t negatively impact the place we all call home.”
“As the utility lead for the State of California’s REEL program, SoCalGas is pleased to be the first to provide affordable and inclusive online retail financing to our customers,” said Gillian Wright, senior vice president and chief customer officer at SoCalGas. “Delivering financing through the high-volume marketplace channel will allow us to cost-effectively scale the impact of REEL, benefitting all Californians.”
“This partnership has the capacity to help many more Californians save energy and reduce expenses and to assist California in making progress on its fight against climate change,” said Treasurer Ma.
For additional information, please visit www.ecofinancing.com.
About Enervee
Enervee is a clean technology company that combines data science, behavioral science, and digital marketing to drive better energy-related buying decisions across dozens of consumer product categories. Our Commerce platform, featuring Choice Engine technology and Eco Financing™, eliminates longstanding market, cognitive/psychological and financial barriers that prevent consumers from following through on their ambition to buy energy-using products that save energy and money and contribute to a clean energy future. You can learn more at www.enervee.com.
About One
One, a financial technology company, was launched in 2019 and is based in San Francisco and Sacramento. With venture capital backing from Obvious Ventures, Foundation Capital, Core Innovation Capital and others, One’s mission is to help improve the financial lives of hard-working families and individuals by seamlessly combining saving, spending, sharing, and borrowing into one account. As a result, every One customer has access to high-yield savings, affordable credit that grows with them, and tools to help automate their money management. You can learn more at www.onefinance.com.
About SoCalGas
Headquartered in Los Angeles, SoCalGas® is the largest gas distribution utility in the United States. SoCalGas delivers affordable, reliable, and increasingly renewable gas service to 21.8 million consumers across 24,000 square miles of Central and Southern California. Gas delivered through the company's pipelines will continue to play a key role in California’s clean energy transition—providing electric grid reliability and supporting wind and solar energy deployment.
SoCalGas's mission is to build the cleanest, safest and most innovative energy company in America. In support of that mission, SoCalGas is committed to achieving net-zero greenhouse gas emissions in its operations and delivery of energy by 2045 and to replacing 20 percent of its traditional natural gas supply to core customers with renewable natural gas (RNG) by 2030. Renewable natural gas is made from waste created by dairy farms, landfills, and wastewater treatment plants. SoCalGas is also committed to investing in its gas delivery infrastructure while keeping bills affordable for customers. SoCalGas is a subsidiary of Sempra (NYSE: SRE), an energy services holding company based in San Diego. For more information visit socalgas.com/newsroom or connect with SoCalGas on Twitter (@SoCalGas), Instagram (@SoCalGas) and Facebook.
About the REEL Program
Administered by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) housed in the State Treasurer’s Office, the Residential Energy Efficiency Loan Program (REEL) was launched in 2016 as a pilot program under the authority of the California Public Utilities Commission (CPUC) with support from the state’s four major investor-owned utilities. REEL and its sister programs for small businesses and affordable multifamily housing were designed to leverage private capital for energy efficiency retrofits using a credit enhancement in the form of a loan loss reserve. The programs support California’s goal of doubling energy efficiency savings by 2030.
Media contacts:
Scenario Communications (for Enervee)
Ron Hofmann | Grace Hagan | Lindsay Shapiro
P: (424) 303-3998 | 610-547-8296 | 215-681-3384
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One
Meg Sloan | CMO
P: 650.799.3390
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Southern California Gas Company
Candice Lee | Office of Media and Public Information
P: (213) 709-5295
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State Treasurer’s Office
Noah Starr | Kaylee D’Amico
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HOUSTON--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) today announced that it has entered into an amendment to its asset-based revolving credit facility (the “Credit Facility”). The key elements of the amendment include: (i) the maturity has been extended, subject to certain exceptions, to September 2026; (ii) the facility size has been reduced from $250 million to $179 million; and (iii) interest rates on borrowings outstanding under the Credit Facility were modified to LIBOR plus a margin of 2.25% to 2.75%, subject to the Company’s quarterly net leverage. Wells Fargo Bank, National Association, JPMorgan Chase Bank, N.A. and Bank of America, N.A. acted as Joint Lead Arrangers and Joint Bookrunners. Wells Fargo Bank, National Association will continue to act as the administrative agent. Zions Bancorporation, N.A. DBA Amegy Bank remained a lender under the Credit Facility.
The full text of the amended Credit Facility will be filed with the U.S. Securities and Exchange Commission on a Current Report on Form 8-K.
Lyle Williams, FET’s Executive Vice President and Chief Financial Officer, commented, “The extension of the Credit Facility’s maturity date to September 2026 and the $179 million of commitments provide significant flexibility for FET to fund organic and strategic growth. As of August 30, 2021, there were no borrowings outstanding under the facility and total availability was approximately $124 million. We appreciate the long-term partnership provided by our lending syndicate.”
FET (Forum Energy Technologies) is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.
Lyle Williams
Executive Vice President and Chief Financial Officer
713.351.7920
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NEW YORK--(BUSINESS WIRE)--Blade Air Mobility, Inc. (Nasdaq:BLDE), a technology-powered global air mobility platform, today announced that CEO, Rob Wiesenthal, will attend the Deutsche Bank Virtual Technology Conference on Thursday, September 9th. The Company’s fireside chat presentation will be hosted at 4:30 PM ET. A webcast of the event will be available here.
About Blade Urban Air Mobility
Blade is a technology-powered, global air mobility platform committed to reducing travel friction by providing cost-effective air transportation alternatives to some of the most congested ground routes in the U.S. and abroad. Today, the company predominantly uses helicopters and amphibious aircraft. Its asset-light model, coupled with its exclusive passenger terminal infrastructure, is designed to facilitate a seamless transition to Electric Vertical Aircraft ("EVA" or “eVTOL”), enabling lower cost air mobility to the public that is both quiet and emission-free.
For more information, visit www.blade.com.
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New gate driver eliminates one in six modules; substantially reduces system complexity
SAN JOSE, Calif.--(BUSINESS WIRE)--$POWI #PowerIntegrations--Power Integrations (Nasdaq: POWI), the leader in gate-driver technology for medium- and high-voltage inverter applications, today announced its new plug-and-play SCALE-iFlex™ LT dual gate-drivers. The new drivers improve the performance of multiple parallel EconoDUAL modules by 20%, allowing users to eliminate one of every six modules from power inverters and converter stacks. In addition to saving the cost of the driver and module, this reduces control complexity and costs related to modules, wiring, hardware, and heatsinking. SCALE-iFlex LT targets multiple applications in renewable energy generation and storage, and is particularly applicable to offshore wind turbines in the 3 to 5 MW range.
Thorsten Schmidt, product marketing manager at Power Integrations commented: “Dynamic and static current sharing is critical for robust operation of modules arranged in parallel. For the same power output, systems using SCALE-iFlex LT require just five parallel modules whereas competitive approaches need six. This substantial saving of cost and complexity is achieved by guaranteeing less than 20 ns of variance in turn-on and turn-off commands between modules and less than 20 A of variance between modules when conducting the rated 600 A. This allows the modules to operate reliably without current derating, which is obligatory with less advanced driver solutions.”
Up to six EconoDUAL 3, or equivalent, power modules can be paralleled from the same Isolated Master Control (IMC) unit which has a more compact outline than conventional products. The Module Adapted Gate drivers (MAGs), which fit the footprint of the EconoDUAL module, each featuring two SCALE-2 ASICs – one per channel – to optimize symmetrical paralleling, efficiency and protection.
The new SCALE-iFlex LT gate-driver modules reduce switching losses by three to five percent, due to the fast turn-on and turn-off of the SCALE-2 ASIC which features an integrated booster stage. Power Integrations’ Advanced Active Clamping (AAC) protection enables higher DC link voltages to be achieved. A full suite of other protection features, including short-circuit, are provided. Drivers feature reinforced isolation to 1700 V and may be ordered naked or conformally coated.
As well as renewable energy, other applications include power quality, commercial air-conditioning units and medium-voltage drives. The new SCALE-iFlex LT gate drivers are available now. For more information, please visit www.power.com/scale-iflex-lt.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information please visit www.power.com.
Power Integrations, SCALE-2, SCALE-iFlex and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owner.
Media Contacts
Nina Hurd
Power Integrations
(408) 414-8785
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BWW Communications
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RESTON, Va.--(BUSINESS WIRE)--Bowman Consulting Group Ltd (“Bowman”) today announced that Jim Brezack has joined the company as Water Resources Director. He will be responsible for overseeing Bowman’s national water resources practice, working with clients to address water supply challenges and provide insight and solutions relating to water conservation, water reclamation and water supply planning. This includes the interpretation and application of state and federal environmental policies.
“We are thrilled to have Jim and his staff on our team,” said Mike Bruen, Bowman’s chief operating officer. “Jim’s 30 years as a recognized leader in planning and design of wastewater, water supply, and recycled water will be invaluable to our clients. He has been a leader in the industry, providing insight on the complex master planning and design of water systems. We are pleased to have this strategic hire expand our presence into the expansive California market.”
Brezack received his B.S. in Biology from Utah State University and his M.S. in Water Resources from the University of Michigan. Prior to joining Bowman, Jim was the founder and president of Brezack & Associates, based in Walnut Creek, California. The firm’s primary services included water conservation planning, water resources and environmental planning for public agencies and private entities dealing with environmental challenges. In connection with Jim’s move to Bowman, all Brezack & Associates employees joined the company.
“As water and environmental challenges rise across the U.S., the opportunity is now one of becoming more resilient in our climate control efforts,” said Brezack. “I am excited to join Bowman to help build on their solid and proven foundation in water resources planning, design and engineering. I look forward to introducing my clients to Bowman’s team of skilled professionals and continuing to advise our collective communities on the increasing importance of water resilience and conservation.”
About Bowman Consulting Group Ltd. (Bowman): Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 800 employees and more than 30 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. On May 11, 2021, Bowman completed its $51.7 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit bowman.com.
Contact: Carolyn Artman
Phone: 313.269.4729
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UCL research on the environmental impact of DLT examined six Proof-of-Stake consensus mechanisms and found that Hedera Hashgraph has the lowest energy output
LONDON--(BUSINESS WIRE)--#bitcoin--University College London (UCL), a top-10 globally ranked university, has published a significant new research paper on the varying environmental impacts of different distributed ledger technologies (DLT). The paper examined the energy consumption of second-generation consensus models such as Proof-of-Stake, which promise to provide more favourable energy consumption characteristics than their Proof-of-Work predecessors. Researcher’s at UCL’s Centre for Blockchain Technologies (UCL CBT) quantified and compared the energy demands of six second-generation systems: Algorand, Cardano, Ethereum 2.0, Hedera Hashgraph, Polkadot, and Tezos. The full paper can be found here.
The research paper found that Hedera Hashgraph had the lowest overall energy consumption of the systems studied. Dr. Paolo Tasca, Executive Director at UCL CBT, said: “At this point, the benefits of Proof-of-Stake are well-recognised and understood in the blockchain space. However, through this research we have found that not all Proof-of-Stake networks are created equally. This is something that both investors and adopters need to be wary of when selecting their network of choice. While it’s fantastic to see that Ethereum 2.0 will be Proof-of-Stake, looking at these results it’s clear that we need to remain vigilant of its potential environmental impact.”
The research was conducted by UCL CBT by formalizing a basic mathematical consumption model for validator-based Sybil attack resistance schemes. This model allows quantifying the energy consumption per transaction based on common input variables, such as the number of validators and the throughput characteristics of the system analysed.
Ultimately, the study found that the energy needs of the varying consensus protocols was dependent on the number of active validators. The UCL researchers warned that distributed ledger technology (DLT) networks need to be wary of the effect of different design choices in their architecture over energy consumption, as well as of the quality of the hardware used by the node operators. The research concluded that DLT networks must remain focused on environmental friendliness as scale increases.
Dr. Tasca concluded: “The findings of this study are a fantastic starting point for improving existing DLT design options, as well as developing new consensus protocols while keeping sustainability front of mind. We found that, through applying contemporary throughput and validator counts, Hedera Hashgraph has the most favourable energy consumption characteristics.”
For more information, download the full report at: http://blockchain.cs.ucl.ac.uk/blockchain-energy-consumption/
About University College London
Founded in 1826 in the heart of London, UCL is London's leading multidisciplinary university, with more than 13,000 staff and 42,000 students from 150 different countries. Ranked 8th in the world by QS World University Rankings in 2022, University College London is amongst the best universities in the world. It was the first university in England to welcome students of any religion and the first to welcome women on equal terms with men. UCL's founding principles of academic excellence and research aimed at addressing real-world problems continue to inform its ethos to this day through focusing its research endeavours on the Grand Challenges of Global Health, Sustainable Cities, Cultural Understanding, Human Wellbeing, Transformative Technology, and Justice & Equality. UCL’s dedication to world-class research, education and innovation is recognised through its globally recognised ranking. In the most recent Research Excellence Framework, UCL was the top-rated university in the UK for research strength.
About the UCL Centre for Blockchain Technologies (UCL CBT)
UCL CBT is the world’s largest research centre on blockchain technologies by number of associates. Founded in 2015 by Prof. Paolo Tasca and Prof. Tomaso Aste, its mission is to research the effects of Distributed Ledger Technologies and Blockchain into our socio-economic systems and to promote the safe and organic development and adoption of Blockchain-based platforms.
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Agree to demonstrate hydrogen locomotive prototype
SAN RAMON, Calif. & DEERFIELD, Ill.--(BUSINESS WIRE)--Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), and Caterpillar Inc. (NYSE: CAT) today announced a collaboration agreement to develop hydrogen demonstration projects in transportation and stationary power applications, including prime power.
The goal of the collaboration is to confirm the feasibility and performance of hydrogen for use as a commercially viable alternative to traditional fuels for line-haul rail and marine vessels. The collaboration also seeks to demonstrate hydrogen’s use in prime power. Linked to the collaboration, and facilitated by Progress Rail, a Caterpillar company, the parties also agreed to demonstrate a hydrogen-fueled locomotive and associated hydrogen-fueling infrastructure. Work on the rail demonstration will begin immediately at various locations across the United States.
“Through Chevron New Energies, Chevron is pursuing opportunities to create demand for hydrogen – and the technologies needed for its use – for the heavy-duty transportation and industrial sectors, in which carbon emissions are harder to abate,” said Jeff Gustavson, president of Chevron New Energies. “Our collaboration with Caterpillar is another important step toward advancing a commercially viable hydrogen economy.”
“As we work to provide customers with the capability to use their desired fuel type in their operations, collaborating with Chevron is a great opportunity to demonstrate the viability of hydrogen as a fuel source,” said Joe Creed, Caterpillar group president of Energy & Transportation. “This agreement supports our commitment to investing in new products, technologies and services to help our customers achieve their climate-related objectives as they build a better, more sustainable world.”
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. More information about Chevron is available at www.chevron.com.
About Caterpillar
With 2020 sales and revenues of $41.7 billion, Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Since 1925, we’ve been driving sustainable progress and helping customers build a better world through innovative products and services. Throughout the product life cycle, we offer services built on cutting-edge technology and decades of product expertise. These products and services, backed by our global dealer network, provide exceptional value to help our customers succeed. We do business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries, and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/social-media.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
Forward-Looking Statements
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “forecast,” “target,” “guide,” “project,” “intend,” “could,” “should” or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.
Caterpillar’s actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers’ needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment’s risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial’s customers; (xviii) currency fluctuations; (xix) our or Cat Financial’s compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar’s Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.
Tyler Kruzich, Chevron External Affairs
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t. (925) 549-8686
Kate Kenny, Caterpillar
Global Government & Corporate Affairs
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t. (309) 361-9333
DUBLIN--(BUSINESS WIRE)--The "6th Mauritanian Mining, Oil & Gas Conference and Exhibition" conference has been added to ResearchAndMarkets.com's offering.
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WHO WILL BE THERE?
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Speakers
H.E ABDESSELAM OULD MOHAMED SALEH
Minister
Ministry of Petroleum, Mines and Energy
Mauritania
ANDREW G. INGLIS
CEO
Kosmos Energy
United States
BERNARD PIALES
Mauritania Country Manager
ExxonMobil
Mauritania
MOUSTAPHA BECHIR
General Director of Hydrocarbons
Ministry of Petroleum, Mines and Energy
Mauritania
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ResearchAndMarkets.com
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ARLINGTON, Va.--(BUSINESS WIRE)--$AVAV--AeroVironment, Inc. (NASDAQ: AVAV), a global leader in intelligent, multi-domain robotic systems, today reported financial results for its first quarter ended July 31, 2021.
“We delivered results in-line with our previous guidance, while building a record backlog, including both organic and inorganic growth. Further, we continue to successfully integrate our three recently acquired businesses, which are key contributors to our future success,” said Wahid Nawabi, AeroVironment president and chief executive officer. “Our outstanding team continues to deliver on key milestones such as the recent launch of our next generation ground control station Crysalis. This new platform streamlines our customer’s small unmanned aircraft systems user experience while enabling next generation technologies and collaboration. We also deepened our customer relationships with key wins including our recent award by US Special Operations Command for SATCOM enabled beyond line of sight operations using Jump 20 medium unmanned aircraft systems.”
“As our results this quarter demonstrate, we remain well positioned to deliver long term shareholder value through our focus on key growth markets leveraging our future defining capabilities. We remain on track to meet our Fiscal Year 2022 objectives and deliver our fifth consecutive year of top-line, profitable growth.”
FISCAL 2022 FIRST QUARTER RESULTS
Revenue for the first quarter of fiscal 2022 was $101.0 million, an increase of 16% from the first quarter of fiscal 2021 revenue of $87.5 million. The increase in revenue was due to an increase in service revenue of $18.8 million, partially offset by a decrease in product sales of $5.2 million. The increase was due to revenue from our Medium Unmanned Aircraft Systems (“MUAS”) segment of $22.4 million and Unmanned Ground Vehicles of $4.6 million resulting from our recent acquisitions of Arcturus UAV and Telerob GmbH in February and May 2021, respectively. The remaining increase in revenue was primarily due to an increase in our Tactile Missile Systems (“TMS”) segment of $9.6 million, partially offset by a decrease in revenue in our Small Unmanned Aircraft Systems (“Small UAS”) segment of $16.3 million.
Gross margin for the first quarter of fiscal 2022 was $28.7 million, a decrease of 19% from the first quarter of fiscal 2021 gross margin of $35.4 million. The decrease in gross margin was primarily due to a decrease in product margin of $5.7 million and a decrease in service margin of $1.0 million. As a percentage of revenue, gross margin decreased to 28% from 40%. Gross margin was impacted by $4.0 million of intangible amortization expense and other related non-cash purchase accounting expenses in the first quarter of fiscal 2022 as compared to $0.6 million in the first quarter of fiscal 2021. Gross margin was also negatively impacted by our newly acquired businesses, which have lower margins than our historical core business as well as an unfavorable product mix.
Loss from operations for the first quarter of fiscal 2022 was $12.1 million, an increase of $24.4 million from the first quarter of fiscal 2021 income from operations of $12.3 million. The increase in loss from operations was primarily a result of an increase in selling, general and administrative (“SG&A”) expense of $15.1 million, a decrease in gross margin of $6.7 million and an increase in research and development (“R&D”) expense of $2.6 million. SG&A expense included acquisition-related expenses and intangible amortization expense of $8.3 million in the first quarter of fiscal 2022 as compared to $38 thousand in the first quarter of fiscal 2021. SG&A expense for the first quarter of fiscal 2022 also included additional headcount and support costs associated with the acquisitions of Arcturus UAV, ISG and Telerob.
Other expense, net, for the first quarter of fiscal 2022 was $1.6 million, as compared to other income, net of $0.2 million for the first quarter of fiscal 2021. The increase in other expense, net was primarily due an increase in interest expense of $1.3 million resulting from the term debt issued concurrent with the acquisition of Arcturus UAV.
Benefit from income taxes for the first quarter of fiscal 2022 was $1.0 million, as compared to a provision for income taxes of $1.2 million for the first quarter of fiscal 2021. The increase in benefit from income taxes was primarily due to the decrease in income before income taxes and an increase in certain federal income tax credits.
Equity method investment loss, net of tax, for the first quarter of fiscal 2022 was loss of $1.1 million, as compared to loss of $1.3 million for the first quarter of fiscal 2021. The equity method loss was primarily associated with our investment in the HAPSMobile joint venture.
Net loss attributable to AeroVironment for the first quarter of fiscal 2022 was $14.0 million, as compared to net income attributable to AeroVironment of $10.1 million for the first quarter of fiscal 2021.
Loss per diluted share attributable to AeroVironment for the first quarter of fiscal 2022 was $0.57, as compared to earnings per diluted share attributable to AeroVironment of $0.42 for the first quarter of fiscal 2021.
Non-GAAP loss per diluted share was $0.17 for the first quarter of fiscal 2022, as compared to Non-GAAP earnings per diluted share $0.44 for the first quarter of fiscal 2021.
BACKLOG
As of July 31, 2021, funded backlog (remaining performance obligations under firm orders for which funding is currently appropriated to us under a customer contract) was $257.7 million, as compared to $211.8 million as of April 30, 2021.
FISCAL 2022 — OUTLOOK FOR THE FULL YEAR
For fiscal year 2022 the Company continues to expect revenue of between $560 million and $580 million, net income of between $29 million and $34 million, Non-GAAP adjusted EBITDA of between $105 million and $110 million, earnings per diluted share of between $1.15 and $1.35 and non-GAAP earnings per diluted share, which excludes acquisition-related expenses and amortization of intangible assets, of between $2.50 and $2.70.
The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, subject to certain risks and uncertainties, and including certain assumptions with respect to our ability to efficiently and on a timely basis integrate our acquisitions, obtain and retain government contracts, changes in the timing and/or amount of government spending, changes in the demand for our products and services, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates.
CONFERENCE CALL AND PRESENTATION
In conjunction with this release, AeroVironment, Inc. will host a conference call today, Wednesday, September 8, 2021, at 4:30 pm Eastern Time that will be webcast live. Wahid Nawabi, president and chief executive officer, Kevin P. McDonnell, chief financial officer, and Jonah Teeter-Balin, senior director corporate development and investor relations, will host the call.
4:30 PM ET
3:30 PM CT
2:30 PM MT
1:30 PM PT
Investors may dial into the call by using the following telephone numbers, (877) 561-2749 (U.S.) or (678) 809-1029 (international) and providing the conference ID 9298599 five to ten minutes prior to the start time to allow for registration.
Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the AeroVironment, Inc. website, http://investor.avinc.com. Please allow 15 minutes prior to the call to download and install any necessary audio software.
A supplementary investor presentation for the first quarter fiscal 2022 can be accessed at https://investor.avinc.com/events-and-presentations.
Audio Replay Options
An audio replay of the event will be archived on the Investor Relations page of the company's website, at http://investor.avinc.com. The audio replay will also be available via telephone from Wednesday, September 8, 2021, at approximately 7:30 p.m. Eastern Time through September 15, 2021, at 7:30 p.m. Eastern Time. Dial (855) 859-2056 (U.S.) or (404) 537-3406 (international) and provide the conference ID 9298599.
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at the intersection of robotics, sensors, software analytics and connectivity that deliver more actionable intelligence so you can Proceed with Certainty. Headquartered in Virginia, AeroVironment is a global leader in intelligent, multi-domain robotic systems and serves defense, government and commercial customers. For more information, visit www.avinc.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from the forward-looking statements.
Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the impact of our recent acquisitions of Arcturus UAV, Telerob and ISG and our ability to successfully integrate them into our operations; the risk that disruptions will occur from the transactions that will harm our business; any disruptions or threatened disruptions to our relationships with our distributors, suppliers, customers and employees, including shortages in components for our products; the ability to timely and sufficiently integrate international operations into our ongoing business and compliance programs; reliance on sales to the U.S. government and related to our development of HAPS UAS; availability of U.S. government funding for defense procurement and R&D programs; changes in the timing and/or amount of government spending; our ability to perform under existing contracts and obtain new contracts; risks related to our international business, including compliance with export control laws; potential need for changes in our long-term strategy in response to future developments; the extensive regulatory requirements governing our contracts with the U.S. government and international customers; the consequences to our financial position, business and reputation that could result from failing to comply with such regulatory requirements; unexpected technical and marketing difficulties inherent in major research and product development efforts; the impact of potential security and cyber threats; changes in the supply and/or demand and/or prices for our products and services; the activities of competitors and increased competition; failure of the markets in which we operate to grow; uncertainty in the customer adoption rate of commercial use unmanned aircraft systems; failure to remain a market innovator, to create new market opportunities or to expand into new markets; changes in significant operating expenses, including components and raw materials; failure to develop new products or integrate new technology into current products; risk of litigation, including but not limited to pending litigation arising from the sale of our EES business; product liability, infringement and other claims; changes in the regulatory environment; the impact of the outbreak related to the strain of coronavirus known as COVID-19 on our business operations; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
NON-GAAP MEASURES
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains non-GAAP financial measures. See in the financial tables below the calculation of these measures, the reasons why we believe these measures provide useful information to investors, and a reconciliation of these measures to the most directly comparable GAAP measures.
AeroVironment, Inc. Consolidated Statements of Operations (In thousands except share and per share data) |
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Three Months Ended |
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July 31, |
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August 1, |
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||||
|
|
2021 |
|
2020 |
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||||
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|
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|
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Revenue: |
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|
|
|
|
|
|
||
Product sales |
|
$ |
53,116 |
|
|
$ |
58,357 |
|
|
Contract services |
|
|
47,893 |
|
|
|
29,093 |
|
|
|
|
|
101,009 |
|
|
|
87,450 |
|
|
Cost of sales: |
|
|
|
|
|
|
|
||
Product sales |
|
|
32,590 |
|
|
|
32,084 |
|
|
Contract services |
|
|
39,696 |
|
|
|
19,955 |
|
|
|
|
|
72,286 |
|
|
|
52,039 |
|
|
Gross margin: |
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|
|
|
|
|
|
||
Product sales |
|
|
20,526 |
|
|
|
26,273 |
|
|
Contract services |
|
|
8,197 |
|
|
|
9,138 |
|
|
|
|
|
28,723 |
|
|
|
35,411 |
|
|
Selling, general and administrative |
|
|
27,128 |
|
|
|
12,011 |
|
|
Research and development |
|
|
13,708 |
|
|
|
11,103 |
|
|
(Loss) income from operations |
|
|
(12,113 |
) |
|
|
12,297 |
|
|
Other (loss) income: |
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|
|
|
|
|
|
||
Interest (expense) income, net |
|
|
(1,275 |
) |
|
|
208 |
|
|
Other (expense) income, net |
|
|
(346 |
) |
|
|
33 |
|
|
(Loss) income before income taxes |
|
|
(13,734 |
) |
|
|
12,538 |
|
|
(Benefit from) provision for income taxes |
|
|
(957 |
) |
|
|
1,207 |
|
|
Equity method investment loss, net of tax |
|
|
(1,141 |
) |
|
|
(1,288 |
) |
|
Net (loss) income |
|
|
(13,918 |
) |
|
|
10,043 |
|
|
Net (income) loss attributable to noncontrolling interest |
|
|
(63 |
) |
|
|
37 |
|
|
Net (loss) income attributable to AeroVironment, Inc. |
|
$ |
(13,981 |
) |
|
$ |
10,080 |
|
|
Net (loss) income per share attributable to AeroVironment, Inc. |
|
|
|
|
|
|
|
||
Basic |
|
$ |
(0.57 |
) |
|
$ |
0.42 |
|
|
Diluted |
|
$ |
(0.57 |
) |
|
$ |
0.42 |
|
|
Weighted-average shares outstanding: |
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|
|
|
|
|
||
Basic |
|
|
24,620,180 |
|
|
|
23,893,001 |
|
|
Diluted |
|
|
24,620,180 |
|
|
|
24,186,228 |
|
|
AeroVironment, Inc. Consolidated Balance Sheets (In thousands except share data) |
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July 31, |
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April 30, |
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|
2021 |
|
2021 |
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(Unaudited) |
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Assets |
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|
|
|
|
|
|
Current assets: |
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|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
93,924 |
|
|
$ |
148,741 |
|
Short-term investments |
|
|
17,953 |
|
|
|
31,971 |
|
Accounts receivable, net of allowance for doubtful accounts of $579 at July 31, 2021 and $595 at April 30, 2021 |
|
|
45,764 |
|
|
|
62,647 |
|
Unbilled receivables and retentions |
|
|
87,131 |
|
|
|
71,632 |
|
Inventories |
|
|
84,852 |
|
|
|
71,646 |
|
Income taxes receivable |
|
|
322 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
14,972 |
|
|
|
15,001 |
|
Total current assets |
|
|
344,918 |
|
|
|
401,638 |
|
Long-term investments |
|
|
10,165 |
|
|
|
12,156 |
|
Property and equipment, net |
|
|
66,563 |
|
|
|
58,896 |
|
Operating lease right-of-use assets |
|
|
27,649 |
|
|
|
22,902 |
|
Deferred income taxes |
|
|
2,534 |
|
|
|
2,061 |
|
Intangibles, net |
|
|
117,855 |
|
|
|
106,268 |
|
Goodwill |
|
|
335,029 |
|
|
|
314,205 |
|
Other assets |
|
|
3,840 |
|
|
|
10,440 |
|
Total assets |
|
$ |
908,553 |
|
|
$ |
928,566 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
18,046 |
|
|
$ |
24,841 |
|
Wages and related accruals |
|
|
20,067 |
|
|
|
28,068 |
|
Customer advances |
|
|
9,117 |
|
|
|
7,183 |
|
Current portion of long-term debt |
|
|
10,000 |
|
|
|
10,000 |
|
Current operating lease liabilities |
|
|
6,747 |
|
|
|
6,154 |
|
Income taxes payable |
|
|
549 |
|
|
|
861 |
|
Other current liabilities |
|
|
18,134 |
|
|
|
19,078 |
|
Total current liabilities |
|
|
82,660 |
|
|
|
96,185 |
|
Long-term debt, net of current portion |
|
|
185,141 |
|
|
|
187,512 |
|
Non-current operating lease liabilities |
|
|
23,048 |
|
|
|
19,103 |
|
Other non-current liabilities |
|
|
10,336 |
|
|
|
10,141 |
|
Liability for uncertain tax positions |
|
|
3,518 |
|
|
|
3,518 |
|
Deferred income taxes |
|
|
5,533 |
|
|
|
— |
|
Commitments and contingencies |
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|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.0001 par value: |
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|
|
|
|
|
|
|
Authorized shares—10,000,000; none issued or outstanding at July 31, 2021 and April 30, 2021 |
|
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value: |
|
|
|
|
|
|
|
|
Authorized shares—100,000,000 |
|
|
|
|
|
|
|
|
Issued and outstanding shares—24,811,802 shares at July 31, 2021 and 24,777,295 shares at April 30, 2021 |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
261,192 |
|
|
|
260,327 |
|
Accumulated other comprehensive (loss) income |
|
|
(394 |
) |
|
|
343 |
|
Retained earnings |
|
|
337,440 |
|
|
|
351,421 |
|
Total AeroVironment, Inc. stockholders’ equity |
|
|
598,240 |
|
|
|
612,093 |
|
Noncontrolling interest |
|
|
77 |
|
|
|
14 |
|
Total equity |
|
|
598,317 |
|
|
|
612,107 |
|
Total liabilities and stockholders’ equity |
|
$ |
908,553 |
|
|
$ |
928,566 |
|
AeroVironment, Inc. Consolidated Statements of Cash Flows (In thousands) |
|||||||||
|
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
|
||||||
|
|
July 31, |
|
August 1, |
|
||||
|
|
2021 |
|
2020 |
|
||||
Operating activities |
|
|
|
|
|
|
|||
Net (loss) income |
|
$ |
(13,918 |
) |
|
$ |
10,043 |
|
|
Adjustments to reconcile net (loss) income to cash provided by operating activities: |
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
13,654 |
|
|
|
2,779 |
|
|
Losses from equity method investments, net |
|
|
1,141 |
|
|
|
1,288 |
|
|
Amortization of debt issuance costs |
|
|
129 |
|
|
|
— |
|
|
Realized gain from sale of available-for-sale investments |
|
|
— |
|
|
|
(11 |
) |
|
Provision for doubtful accounts |
|
|
(20 |
) |
|
|
(136 |
) |
|
Other non-cash expense |
|
|
48 |
|
|
|
— |
|
|
Non-cash lease expense |
|
|
1,677 |
|
|
|
1,190 |
|
|
(Gain) loss on foreign currency transactions |
|
|
19 |
|
|
|
1 |
|
|
Deferred income taxes |
|
|
(472 |
) |
|
|
(339 |
) |
|
Stock-based compensation |
|
|
1,922 |
|
|
|
1,595 |
|
|
Loss on sale of property and equipment |
|
|
379 |
|
|
|
2 |
|
|
Amortization of debt securities |
|
|
90 |
|
|
|
(43 |
) |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
||
Accounts receivable |
|
|
17,914 |
|
|
|
30,439 |
|
|
Unbilled receivables and retentions |
|
|
(14,684 |
) |
|
|
2,046 |
|
|
Inventories |
|
|
(6,058 |
) |
|
|
5 |
|
|
Income taxes receivable |
|
|
(326 |
) |
|
|
— |
|
|
Prepaid expenses and other assets |
|
|
481 |
|
|
|
324 |
|
|
Accounts payable |
|
|
(7,997 |
) |
|
|
(7,338 |
) |
|
Other liabilities |
|
|
(9,283 |
) |
|
|
(15,004 |
) |
|
Net cash (used in) provided by operating activities |
|
|
(15,304 |
) |
|
|
26,841 |
|
|
Investing activities |
|
|
|
|
|
|
|
||
Acquisition of property and equipment |
|
|
(5,428 |
) |
|
|
(4,067 |
) |
|
Equity method investments |
|
|
(2,692 |
) |
|
|
(1,173 |
) |
|
Business acquisitions, net of cash acquired |
|
|
(46,150 |
) |
|
|
— |
|
|
Redemptions of available-for-sale investments |
|
|
17,925 |
|
|
|
41,727 |
|
|
Purchases of available-for-sale investments |
|
|
— |
|
|
|
(69,961 |
) |
|
Net cash used in investing activities |
|
|
(36,345 |
) |
|
|
(33,474 |
) |
|
Financing activities |
|
|
|
|
|
|
|
||
Principal payment of loan |
|
|
(2,500 |
) |
|
|
— |
|
|
Holdback and retention payments for business acquisition |
|
|
(5,991 |
) |
|
|
— |
|
|
Tax withholding payment related to net settlement of equity awards |
|
|
(1,176 |
) |
|
|
(1,756 |
) |
|
Exercise of stock options |
|
|
119 |
|
|
|
86 |
|
|
Other |
|
|
(8 |
) |
|
|
— |
|
|
Net cash used in financing activities |
|
|
(9,556 |
) |
|
|
(1,670 |
) |
|
Effects of currency translation on cash and cash equivalents |
|
|
(111 |
) |
|
|
— |
|
|
Net decrease in cash, cash equivalents, and restricted cash |
|
|
(61,316 |
) |
|
|
(8,303 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
157,063 |
|
|
|
255,142 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
95,747 |
|
|
$ |
246,839 |
|
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
|
|
||
Cash paid, net during the period for: |
|
|
|
|
|
|
|
||
Income taxes |
|
$ |
— |
|
|
$ |
10 |
|
|
Non-cash activities |
|
|
|
|
|
|
|
||
Unrealized loss on available-for-sale investments, net of deferred tax benefit of $0 and $4 for the three months ended July 31, 2021 and August 1, 2020, respectively |
|
$ |
4 |
|
|
$ |
52 |
|
|
Change in foreign currency translation adjustments |
|
$ |
(733 |
) |
|
$ |
75 |
|
|
Issuances of inventory to property and equipment, ISR in-service assets |
|
$ |
6,881 |
|
|
$ |
— |
|
|
Acquisitions of property and equipment included in accounts payable |
|
$ |
821 |
|
|
$ |
643 |
|
|
AeroVironment, Inc. Reportable Segment Results (In thousands) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended July 31, 2021 |
||||||||||||||||||
|
Small UAS |
TMS |
MUAS |
All other |
Total |
||||||||||||||
Revenue |
$ |
39,924 |
$ |
19,176 |
|
$ |
22,379 |
|
$ |
19,530 |
|
$ |
101,009 |
|
|||||
Gross margin |
|
16,920 |
|
5,989 |
|
|
3,181 |
|
|
2,633 |
|
|
28,723 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Income (loss) from operations |
|
1,958 |
|
(463 |
) |
|
(6,381 |
) |
|
(7,227 |
) |
|
(12,113 |
) |
|||||
Acquisition-related expenses |
|
424 |
|
251 |
|
|
1,384 |
|
|
1,195 |
|
|
3,254 |
|
|||||
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
707 |
|
— |
|
|
5,191 |
|
|
3,226 |
|
|
9,124 |
|
|||||
Adjusted income (loss) from operations |
$ |
3,089 |
$ |
(212 |
) |
$ |
194 |
|
$ |
(2,806 |
) |
$ |
265 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended August 1, 2020 |
||||||||||||||||||
|
Small UAS |
TMS |
MUAS |
All other |
Total |
||||||||||||||
Revenue |
$ |
56,202 |
$ |
9,534 |
|
$ |
— |
|
$ |
21,714 |
|
$ |
87,450 |
|
|||||
Gross margin |
|
27,483 |
|
1,920 |
|
|
— |
|
|
6,008 |
|
|
35,411 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Income (loss) from operations |
|
15,197 |
|
(4,145 |
) |
|
— |
|
|
1,245 |
|
|
12,297 |
|
|||||
Acquisition-related expenses |
|
— |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|||||
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
661 |
|
— |
|
|
— |
|
|
— |
|
|
661 |
|
|||||
Adjusted income (loss) from operations |
$ |
15,858 |
$ |
(4,145 |
) |
$ |
— |
|
$ |
1,245 |
|
$ |
12,958 |
|
|||||
AeroVironment, Inc. Reconciliation of non-GAAP Earnings per Diluted Share (Unaudited) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Three Months
|
|
Three Months
|
|||
|
|
July 31, 2021 |
|
August 1, 2020 |
|||
|
|
|
|
|
|
|
|
(Loss) earnings per diluted share |
|
$ |
(0.57 |
) |
|
$ |
0.42 |
Acquisition-related expenses |
|
|
0.11 |
|
|
|
— |
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
0.29 |
|
|
|
0.02 |
(Loss) earnings per diluted share as adjusted (Non-GAAP) |
|
$ |
(0.17 |
) |
|
$ |
0.44 |
Reconciliation of Forecast Earnings per Diluted Share (Unaudited) |
|||
|
|
|
|
|
|
Fiscal year ending |
|
|
|
April 30, 2022 |
|
Forecast earnings per diluted share |
|
$ |
1.15 - 1.35 |
Acquisition-related expenses |
|
|
0.17 |
Amortization of acquired intangible assets and other purchase accounting adjustments |
|
|
1.18 |
Forecast earnings per diluted share as adjusted (Non-GAAP) |
|
$ |
2.50 - 2.70 |
Reconciliation of Fiscal Year 2021 Actual and 2022 Forecast Non-GAAP adjusted EBITDA (Unaudited) |
||||||
|
|
|
|
|
|
|
|
|
Fiscal year ending |
|
Fiscal year ending |
||
(in millions) |
|
April 30, 2022 |
|
April 30, 2021 |
||
Net income |
|
$ |
29 - 34 |
|
$ |
23 |
Interest expense, net |
|
|
5 |
|
|
1 |
Provision for income taxes |
|
|
1 |
|
|
1 |
Depreciation and amortization |
|
|
65 |
|
|
19 |
EBITDA (Non-GAAP) |
|
|
100 - 105 |
|
|
44 |
HAPSMobile Inc. JV impairment of investment in Loon LLC |
|
|
— |
|
|
10 |
Legal accrual related to our former EES business |
|
|
— |
|
|
9 |
Acquisition-related expenses |
|
|
5 |
|
|
9 |
Adjusted EBITDA (Non-GAAP) |
|
$ |
105 - 110 |
|
$ |
72 |
Statement Regarding Non-GAAP Measures
The non-GAAP measures set forth above should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies. Management believes that these measures provide useful information to investors by offering additional ways of viewing our results that, when reconciled to the corresponding GAAP measures, help our investors to understand the long-term profitability trends of our business and compare our profitability to prior and future periods and to our peers. In addition, management uses these non-GAAP measures to evaluate our operating and financial performance.
Non-GAAP Adjusted Operating Income
Adjusted operating income is defined as operating income before intangible amortization, amortization of non-cash purchase accounting adjustments, and acquisition related expenses.
Non-GAAP Earnings per Diluted Share
We exclude the acquisition-related expenses, amortization of acquisition-related intangible assets and one-time non-operating items because we believe this facilitates more consistent comparisons of operating results over time between our newly acquired and existing businesses, and with our peer companies.
AeroVironment, Inc.
Jonah Teeter-Balin
+1 (805) 520-8350 x4278
https://investor.avinc.com/contact-us
Manufacturers and stakeholders must consider battery design, warranties, and standards that incentivize environmentally friendly practices to boost confidence in new battery technology
BOULDER, Colo.--(BUSINESS WIRE)--#EV--A new report from Guidehouse Insights analyzes the growing rate of electric vehicle (EV) and energy storage adoption, as well as developments in battery technology and the measures that regulatory bodies are taking to increase their safety.
Even in conservative estimations, EV sales are expected to experience aggressive growth by 2030. As a result, consumers, integrators, and policymakers are turning their attention to battery performance, with special consideration given to safety and risk. According to a new report from Guidehouse Insights, building confidence in the technology is contingent on battery technology that is reliable, cost-effective, and safe to transport, use, and dispose of.
“The market is being flooded with new battery chemistries, configurations, applications, and capabilities that all have the potential to be the leading solution for EVs and energy storage,” says Maria Chavez, research analyst with Guidehouse Insights. “As regulators and consumers try to take stock of the various options being introduced to the market, it becomes more difficult to assess the safety and reliability of these systems.”
In the report, recommendations for improved safety are made. These include battery design that facilitates reuse or recycling, flexible warranties tailored to a battery system’s intended ambient conditions, updated safety information, and standards for manufacturers that incentivize environmentally friendly practices.
The report, Key Developments in Battery Energy Storage Safety, discusses key trends in battery safety, including recent technological developments, battery chemistry profiles, and current initiatives to improve battery safety across the industry. The report recommends a multilayered approach for manufacturers, integrators, regulatory bodies, and policymakers. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Key Developments in Battery Energy Storage Safety, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
Lindsay Funicello-Paul
+1.781.270.8456
This email address is being protected from spambots. You need JavaScript enabled to view it.
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